Core Viewpoint - New城控股 demonstrates strong operational resilience during the deep adjustment period of the real estate industry through a "commercial + development" dual-driven model, achieving continuous growth in commercial operating income and maintaining positive cash flow [1][7]. Financial Performance - In the first half of 2025, New城控股 reported operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, with a gross profit margin of 26.85%, an increase of 5.25 percentage points year-on-year [1][2]. Commercial Operations - The commercial operating income reached 6.944 billion yuan, reflecting a year-on-year growth of 11.8%, establishing itself as a stabilizer for the company's performance [2]. - As of June 30, 2025, New城控股 has established a presence in 141 cities with 205 comprehensive projects, with the 吾悦广场's opening scale reaching 16.0814 million square meters and a stable occupancy rate of 97.81% [2]. Strategic Focus - The company emphasizes a "five-sided management philosophy" focusing on quality space, customer satisfaction, professional craftsmanship, green intelligence, and mutual engagement, aiming to create a differentiated advantage in offline commerce [3]. - New城控股 has built a professional management team of thousands, covering the entire cycle from commercial planning to operational promotion, enhancing resource coordination and operational capabilities [4]. Cash Flow and Debt Management - The company aims to balance cash flow preservation, delivery assurance, and value protection, with a sold but unrecognized area of 11.7919 million square meters [5]. - In the first half of 2025, contract sales area reached 1.335 million square meters, with a contract sales amount of 10.33 billion yuan and a collection amount of 11.884 billion yuan, achieving a collection rate of 115.05% [5]. Financing and Market Position - New城控股 has successfully re-entered the offshore financing market, issuing a $300 million senior unsecured bond and a 1 billion yuan medium-term note, indicating strong investor confidence [6]. - The company has delivered over 16,000 high-quality properties in the first half of 2025, reinforcing its commitment to homeowners [6]. Future Outlook - With the recovery of financing channels and continuous growth in commercial operating income, New城控股 is expected to establish a sustainable management system and create new profit growth points, supported by favorable policies in the consumer market [7].