Core Viewpoint - New City Holdings successfully issued its second tranche of medium-term notes for 2025, raising 900 million yuan with a subscription multiple of 1.5 times and a coupon rate of 3.29% [1] Financing and Market Environment - The issuance of medium-term notes is supported by the "Second Arrow" policy, which focuses on the reasonable financing needs of private enterprises, enhancing market confidence in their creditworthiness [1][2] - The People's Bank of China and regulatory bodies have continuously improved the financing environment for private real estate companies, emphasizing support for compliant and stable enterprises [2][3] Company 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 895 million yuan, with a gross profit margin of 26.85%, up by 5.25 percentage points year-on-year [3] - The company maintained a cash balance of 10.3 billion yuan and a low net debt ratio of 52.44%, indicating a solid financial structure [3] Commercial Operations - The commercial segment generated total revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.8%, with a gross profit margin of 71.20% [3] - The occupancy rate of Wuyue Plaza remained high at 97.81%, showcasing the operational efficiency of the commercial sector [3] Market Recognition - Moody's upgraded the rating outlook for New City Development to positive, reflecting market recognition of the company's strong performance and stable financial structure [4] - The successful issuance of medium-term notes and the supportive policies signify a positive trend for private real estate companies in regaining access to capital markets [4]