Core Viewpoint - The semi-annual report of New Town Holdings for 2025 highlights a clear development path amidst the ongoing adjustment period in the real estate sector, showcasing a transition from "high turnover" to "high repurchase" and from "heavy development" to "heavy operation" [1] Financial Performance - In the first half of 2025, New Town Holdings achieved operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 895 million yuan, with a net cash inflow from operating activities of 286 million yuan [1] - The commercial operation segment stood out with an operating revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8% [2] - The company reported a gross profit margin of 71.2% in property leasing and management, contributing 77.1% to the overall gross profit [2] Commercial Operations - The total foot traffic at Wu Yue Plaza reached 950 million visits, a year-on-year increase of 16.0%, with total sales exceeding 51.5 billion yuan, up 16.5% year-on-year [3] - As of June 30, 2025, the company operated 205 Wu Yue Plazas across 141 cities, with an occupancy rate of 97.81% [2] Financial Stability - New Town Holdings maintained positive operating cash flow, with interest coverage ratio exceeding 4 times based on commercial operation revenue [4] - The company reduced its average financing cost to 5.55%, a decrease of approximately 37 basis points compared to 2024 [4] - As of June 30, 2025, the company’s net debt ratio was 53.4%, with total interest-bearing debt at 52.276 billion yuan [4] Strategic Initiatives - The company is deepening its "pentagon management philosophy" to enhance core competitiveness through diversified operational strategies [6] - The membership program has grown to 49.17 million members, contributing to stable revenue and increased customer loyalty [7] Social Responsibility - New Town Holdings completed the delivery of 2.49 million square meters and over 16,000 properties in the first half of 2025, emphasizing its commitment to delivery [9] - The company has invested 2.786 million yuan in public welfare and participated in 188 charitable activities, engaging over 110,000 participants [10] Future Outlook - The report indicates a solid foundation for future growth, with several institutions projecting an increase in earnings per share and net profit for the years 2025-2027 [11] - The company is expected to benefit from its dual-driven strategy of "residential + commercial" and the ongoing recovery of the consumption market [11]

Core Viewpoint - The semi-annual report of New Town Holdings for 2025 highlights a clear development path amidst the ongoing adjustment period in the real estate sector, showcasing a transition from "high turnover" to "high repurchase" and from "heavy development" to "heavy operation" [2][4]. Financial Performance - In the first half of 2025, New Town Holdings achieved operating revenue of 22.1 billion yuan, net profit attributable to shareholders of 895 million yuan, and a net cash inflow from operating activities of 286 million yuan [2]. - The commercial operation segment was a standout, generating revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8% [4]. - The company maintained a positive operating cash flow, with a net debt ratio of 53.4% and an average financing cost reduced to 5.55%, down approximately 37 basis points from 2024 [7][8]. Commercial Operations - The commercial operations segment showed strong growth, with key metrics such as sales, foot traffic, and member consumption all experiencing year-on-year increases [4]. - As of June 30, 2025, the company operated 205 Wuyue Plazas across 141 cities, with an occupancy rate of 97.81% and a total operating area of 16.0814 million square meters [4]. - Foot traffic at Wuyue Plazas reached 950 million visitors, a 16% increase, while total sales exceeded 51.5 billion yuan, marking a 16.5% growth [5]. Financial Stability and Leverage - The company has optimized its debt structure, with interest coverage ratios exceeding 4 times based on commercial operation revenue [7]. - New Town Holdings successfully issued a $300 million senior unsecured bond, marking a significant return to the offshore capital market for private real estate firms [8]. Strategic Initiatives - The company is committed to a "five-sided business philosophy," enhancing its competitive edge through diversified brand offerings and improved customer experiences [9]. - The membership program has seen growth, with 49.17 million members contributing to stable revenue streams [9]. Social Responsibility and Long-term Vision - New Town Holdings emphasizes its commitment to social responsibility, completing the delivery of 2.49 million square meters and over 16,000 properties in the first half of 2025 [11]. - The company has invested 2.786 million yuan in public welfare and participated in 188 charitable activities, reflecting its dedication to community engagement [12]. - The firm aims to balance social and commercial value, establishing itself as a model for sustainable development in the industry [12].

"商业运营是一个可以穿越周期的行业，每一个成功的运营者都有其成功的关键要素、价值主张、经营 理念，它让企业形成统一的管理语言，并最终指引企业将核心优势转化为持续的经营业绩。" 近日，新城控股发布2024年年度报告，公司实现营业收入890亿元，归属于上市公司股东的净利润7.52 亿元，同比增长2.07%；扣非归母净利润8.70亿元，同比增长183.07%。 报告期内，公司实现商业运营总收入128.08亿元，同比增长13.10%，不仅超额完成125亿元的年度目 标，而且对整体业绩的贡献比例进一步提升；物业出租及管理毛利率达70.17%，为公司利润提供有力 支撑。 面对行业挑战，新城控股凭借"地产开发+商业运营"双轮驱动战略，发挥运营优势，正展现出良好的生 长韧性。 净利润水平稳步提升 报告期内，新城控股实现营业收入889.99亿元，其中主营业务收入中，房地产开发销售本期实现营业收 入760.41亿元，物业出租及管理实现营业收入120.29亿元；归属于上市公司股东的扣除非经常性损益的 净利润8.70亿元，较去年同期增长183.07%。 针对市场的变化，公司通过制定合理的经营战略，把握市场窗口，进行营销推广，提升货值 ...