Core Insights - New City Holdings (601155.SH) reported stable and positive operational performance driven by its "residential + commercial" dual strategy as of September 2025 [1] Financial Performance - In September, New City Holdings achieved total commercial operating revenue of approximately 1.173 billion yuan, a year-on-year increase of 10.13% [1] - From January to September, the company accumulated total commercial operating revenue of approximately 10.511 billion yuan, reflecting a year-on-year growth of 10.82% [1] - Analysts suggest that the company is likely to exceed its annual target of 14 billion yuan in commercial operating revenue [1] - In terms of residential sales, the company recorded a contract sales amount of approximately 1.484 billion yuan in September, with a sales area of about 211,300 square meters [1] - For the first nine months, the cumulative contract sales amount reached approximately 15.050 billion yuan, with a total sales area of about 1,959,100 square meters [1] Financing Activities - New City Holdings has successfully achieved results in both domestic and international financing markets this year [1] - On September 23, the wholly-owned subsidiary New City Global issued $160 million in senior secured notes under the guarantee of New City Holdings and its parent company [1] - Earlier in June, New City Development issued $300 million in senior unsecured bonds, becoming the first private real estate enterprise to restart overseas capital market financing in nearly three years [1] - In August, the company successfully issued the first phase of medium-term notes for 2025 with a scale of 1 billion yuan, achieving a subscription multiple of 2.28 times and a coupon rate of only 2.68% [2] - On September 25, the company issued another medium-term note of 900 million yuan, both notes received full guarantee from China Bond and a dual AAA rating from China Chengxin International [2] - In the third quarter, the company repaid 1 billion yuan of public market bonds, maintaining a good record of early or on-time repayment of all debts [2]

Core Viewpoint - New City Holdings demonstrates resilience with continuous positive profitability and steady expansion of its business scale, highlighted by strong financial performance and innovative commercial operations [2][3][4]. Financial Performance - In the first half of 2025, New City Holdings reported revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, with a net profit excluding non-recurring items of 0.947 billion yuan, and a gross margin of 27%, an increase of 5.25 percentage points year-on-year [3][4]. - The company achieved a contract sales amount of 10.33 billion yuan and a collection amount of 11.88 billion yuan, resulting in a collection rate of 115% [3][4]. - As of the end of the reporting period, the company had a cash balance of 9.2 billion yuan and a net debt ratio of 53% [4][9]. Commercial Operations - New City Holdings' commercial operations generated revenue of 6.944 billion yuan in the first half of 2025, representing a year-on-year growth of 12% [4][5]. - The gross profit from property leasing and management reached 4.573 billion yuan, with a gross margin of 71.2%, increasing its contribution to total gross profit from 57.21% to 77.06% year-on-year [5][6]. - The company has established a presence in 141 cities with 205 comprehensive projects, with a total operational area of 16.0814 million square meters and a stable occupancy rate of 97.8% [5][6]. Financing and Debt Management - In June 2025, New City Holdings successfully issued $300 million in senior unsecured bonds, becoming the first private real estate company to resume overseas financing in three years [8][9]. - The company also issued a 1 billion yuan medium-term note in August 2025, with a subscription multiple of 2.28 times and a coupon rate of 2.68% [8][9]. - The overall financing cost for the first half of 2025 decreased to 5.55%, with a total financing balance of 52.276 billion yuan, down 1.374 billion yuan from the beginning of the year [9]. Strategic Initiatives - New City Holdings has adopted a "residential + commercial" dual-drive strategy, which has led to significant performance improvements and the development of its construction management business, achieving a signed area of over 3.05 million square meters in the first half of 2025 [9]. - The company has also engaged in deep partnerships with local events, such as the "Su Super" football league, to enhance consumer engagement and drive sales growth [6][7].