据悉，本次持有型ABS发行，还被业内视为新城控股从"地产开发销售"向"资产运营"战略转型的重要实 践，既打通了持有型商业地产通过权益型ABS盘活资产、拓宽融资的核心路径，更以标杆姿态为民营房 企提供了可借鉴的实践范本。 1月9日，新城控股（601155.SH）披露2025年12月及四季度经营简报，交出一份业绩稳定向好的成绩 单。 《中国经营报》记者了解到，根据简报，2025年新城控股累计实现销售金额192.7亿元，销售面积约 253.58万平方米；商业板块持续进阶，全年商业运营总收入同比增长10%至140.9亿元。 值得一提的是，作为示范民营房企，新城控股始终保持高度自律的信用管理，确保债务结构安全稳定。 四季度经营简报显示，第四季度新城控股已偿还境内外公开市场债券37.88亿元，据此统计，2025年全 年公司已如期偿还境内外公开市场债券58.55亿元，持续保持"零违约"纪录，牢筑市场和投资者信任基 石。截至2025年年末，新城控股合联营公司权益有息负债降至23.85亿元。 回顾2025年，新城控股始终秉持"骆驼精神"，在复杂的行业环境中保有经营韧性、聚焦长期主义和可持 续发展。公司坚持双轮驱动战略，多措并举 ...

迈入2026年，各大房企陆续迎来2025年度经营成果的年终验收。1月9日，新城控股（601155.SH）披露 2025年12月及四季度经营简报，以稳定向好的业绩表现交出一份高质量成绩单。 根据简报，2025年新城控股累计实现销售金额192.7亿元，销售面积约253.58万平方米；商业板块持续进 阶，全年商业运营总收入同比增长10%至140.9亿元。 回顾2025年，新城控股秉持"骆驼精神"，在复杂的行业环境中保有经营韧性、聚焦长期主义和可持续发 展。公司坚持双轮驱动战略，多措并举强化运营，在融资端也屡屡突破创新，不断拓宽融资渠道。此 外，新城控股坚守品质和责任初心，将保交付作为企业发展的重中之重，全年累计交付房源超3.8万 套，近三年累计交付量已突破27.8万套物业。 商业深耕致远，全年增收140.9亿 依托"住宅+商业"双轮驱动战略，新城控股正构建更具确定性的发展空间。 根据经营简报，2025年，新城控股实现商业运营总收入约140.9亿元，比上年同期增长10%，继续保持 稳步增长势头。 商业板块积淀的雄厚实力，为新城控股融资端创新提供核心支撑。2025年，新城控股以优质商业资产为 依托，创新运用持有型不动产 ...

Core Viewpoint - New City Holdings has successfully issued the first consumption-type real estate asset-backed securities (ABS) in China, marking a significant milestone in the industry with a total issuance scale of 616 million yuan and a debt portion of 410 million yuan, with a term of approximately 25 years [2][3][4]. Group 1: Asset and Market Position - The underlying asset for the ABS is the Wuyue Plaza located in the core area of the Qingpu District, which benefits from a large customer base of over 400,000 residents from more than 160 surrounding communities [3]. - Since its opening in 2014, Wuyue Plaza has maintained a high occupancy rate and has seen steady growth in key metrics such as foot traffic, revenue, and profit, establishing itself as a regional commercial leader [3][4]. - New City Holdings has a strategic presence in 141 cities with 205 comprehensive projects, achieving a high occupancy rate of 97.7% across 176 operational and managed properties [5][6]. Group 2: Financial Performance and Growth - In the first three quarters of the year, New City Holdings reported a total commercial operating revenue of approximately 10.511 billion yuan, reflecting a year-on-year growth of 10.82% [6]. - The total foot traffic at Wuyue Plaza reached 950 million visits, a year-on-year increase of 16%, with total sales exceeding 51.5 billion yuan, also up by 16.5% [6]. Group 3: Strategic Initiatives and Future Outlook - The issuance of the ABS aligns with New City Holdings' strategic shift from "real estate development and sales" to "asset operation," optimizing its asset-liability structure and enhancing the management of commercial real estate [4]. - The company has established a robust mechanism for continuous fundraising through the ABS, allowing for the acquisition of quality assets and promoting sustainable product development [5]. - The successful issuance of this ABS serves as a benchmark for private real estate companies, showcasing New City Holdings' leading capabilities in asset operation and innovative financing [4].

Core Insights - The future of commercial real estate will focus on operational excellence, where the value of assets is primarily determined by cash flow generation rather than initial investment costs [2] - There is a trend among commercial real estate companies to deepen capital operations alongside development and management [3] Group 1: Operational Focus - Wang Lei, Executive Director and Vice President of China Resources Vientiane Life, emphasized that operational capability is crucial for creating cash flow, which directly influences asset value [2] - The shift towards operational excellence indicates that companies must prioritize effective management to enhance their financial performance [2] Group 2: Capital Operations and Market Trends - The sample provided by the Viewpoint Index shows that there are 42 companies managing less than 2 million square meters, 32 companies managing between 2 to 5 million square meters, 10 companies managing between 5 to 10 million square meters, and 6 companies managing over 10 million square meters [3] - Leading companies in the commercial real estate sector are transitioning from a "development and operation" model to an "asset operation + capital operation" model, aiming for both scale growth and cash flow optimization [3] - Many top-tier companies are expanding their portfolios through project investments and asset-light strategies, which necessitates a robust product line and talent development system to ensure efficient project execution nationwide [3]

Core Insights - The financing leasing industry is at a transformative crossroads in 2025, facing challenges such as asset scarcity and narrowing interest margins, which limit growth and efficiency [2] - The industry is transitioning into an "AI-driven era," with companies like Wuxi Caizheng Leasing Co., which has assets exceeding 53 billion yuan, leading the way in adopting AI for operational transformation [3][4] - The shift from a "funding provider" to an "asset operator" is essential for companies to thrive in the evolving landscape [3][6] Industry Challenges - Traditional financing leasing relies heavily on human resources and interest margins, leading to intense competition and operational inefficiencies [2][5] - The prevalent debt-centric mindset has resulted in homogenized competition, compressing profit margins and concentrating risks on client credit rather than asset management [5][6] Strategic Shifts - Companies are recognizing the need to delve deeper into asset operations and move towards a more industrialized and internationalized understanding of financing leasing [6] - AI is seen as a critical tool for enhancing operational efficiency, automating processes, and improving risk management through real-time data analysis [6][7] AI Implementation - The introduction of AI involves three core functions: processing vast amounts of heterogeneous asset data, automating internal processes, and enhancing risk management through real-time monitoring [6][7][8] - The integration of AI is not merely about technology but requires a deep embedding into existing workflows and addressing data sensitivity and compliance [8][11] Future Vision - The "Intelligent Agent Square" platform aims to evolve from an internal management tool to an open ecosystem that connects various stakeholders in the leasing industry [10][11] - The ultimate goal is to transform financing relationships into comprehensive, long-term partnerships that extend beyond mere funding [10][17] Competitive Advantage - By leveraging AI, companies can transition from being mere service providers to becoming essential operational advisors for their clients, addressing broader business challenges [19][20] - The focus on creating a strategic asset from accumulated operational data opens new avenues for value creation and industry collaboration [19][20] Conclusion - The journey towards AI integration in the financing leasing sector is ongoing, with companies like Wuxi Caizheng Leasing setting benchmarks for others to follow [20] - The transformation is driven by a fundamental desire to break through traditional value ceilings and redefine business models in the industry [20]

Core Viewpoint - Company maintains a "buy" rating for China Resources Land (01109) despite a double-digit decline in property sales due to ongoing challenges in the national real estate market [1] Sales Performance - In August 2025, the company achieved a contract sales amount of 13.2 billion yuan, a year-on-year decrease of 13.2%; the contract sales area was 539,000 square meters, down 26.7% [1] - From January to August 2025, the company recorded a contract sales amount of 136.8 billion yuan, a decline of 12.0% year-on-year, with a sales area of 5.12 million square meters, down 23.3% [1] - The average sales price increased significantly, with a signed sales average of 26,800 yuan per square meter in the first half of 2025, up 11.9% [2] Market Positioning - The company focuses on core cities, maintaining a top-three position in the industry sales ranking, with a strategy of "investing according to income" [2] - In the first half of 2025, the company made equity investments of 32.28 billion yuan and added land reserves of 1.48 million square meters, effectively supplementing quality land reserves in core cities [2] Asset Operations - The asset operation segment showed steady growth, contributing significantly to performance and stable cash flow, with revenue of 12.11 billion yuan in the first half of 2025, a year-on-year increase of 5.5% [3] - As of June 30, 2025, the total area of shopping centers was 11.85 million square meters, with 94 operational centers and a retail revenue of 110.15 billion yuan, up 20.2% [3] Financial Strength - The company maintains a cash reserve of 120.24 billion yuan and a net interest-bearing debt ratio of 39.2%, with an average financing cost of 2.79%, down 32 basis points from the end of 2024, maintaining the lowest level in the industry [4]

Core Viewpoint - Company maintains a "buy" rating for China Resources Land (01109) despite a double-digit decline in property sales due to ongoing challenges in the national real estate market [1] Sales Performance - In the first eight months of 2025, the company achieved a contract sales amount of 136.8 billion yuan, a year-on-year decrease of 12.0%, with a sales area of 5.12 million square meters, down 23.3% [1][2] - The average sales price increased significantly, with a signed sales price of 26,800 yuan per square meter, reflecting an 11.9% year-on-year increase [2] Asset Operations - The asset operation segment showed steady growth, contributing significantly to performance and stable cash flow, with revenue of 12.11 billion yuan in the first half of 2025, a 5.5% increase year-on-year [3] - The total area of shopping centers reached 11.85 million square meters, with a retail revenue of 110.15 billion yuan, marking a 20.2% increase [3] Financial Strength - The company maintains a strong cash reserve of 120.24 billion yuan, with a net interest-bearing debt ratio of 39.2% and an average financing cost reduced to 2.79%, the lowest in the industry [4]

Core Viewpoint - The company is experiencing a significant decline in short-term sales, with pressure on settlement gross margins, while asset operations show steady growth [4][5]. Sales Performance - In August 2025, the company achieved a contract sales amount of 4.73 billion (equity sales amount of 3.39 billion) and a contract sales area of 414,000 square meters (equity sales area of 310,000 square meters) [4]. - From January to August 2025, the company reported a contract sales amount of 45.74 billion, a contract sales area of 3.496 million square meters, and an operating income of approximately 17.69 billion (excluding tax) [4]. - The sales amount for January to August 2025 decreased by 29.8% year-on-year, and the sales area decreased by 26.3% year-on-year, with an average sales price of 13,100 per square meter, down 4.7% year-on-year [4]. Gross Margin Analysis - In the first half of 2025, the company reported operating income of 58.75 billion, a year-on-year increase of 25.4%, but gross profit decreased by 23% to 7.42 billion, resulting in a comprehensive gross margin of 12.6%, down from 20.6% in the same period of 2024 [5]. - The real estate development settlement segment was the main drag, with segment revenue of 45.48 billion (up 34.7% year-on-year) and segment gross profit of 98 million, down from 3.19 billion in 2024, leading to a settlement gross margin of 0.2% [5]. Asset Operations - As of June 2025, the company operated 89 shopping malls (75 heavy assets and 14 light assets) with a total operating area of 12.56 million square meters and an overall occupancy rate of 96.8%, with total sales increasing by 17% [5]. - The company has opened 127,000 long-term rental apartments with an occupancy rate of 95.6% and manages approximately 2,200 property management projects covering about 400 million square meters [5]. - In the first half of 2025, the property investment segment reported revenue of 7.01 billion (up 2.5% year-on-year) with a gross margin of 77.7%, while the property service segment reported revenue of 6.26 billion with a gross margin of 30%, both remaining stable compared to 2024 [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Insights - The company achieved a core net profit that doubled in the first half of 2025, continuing to deliver a competitive dividend policy within the industry [3][11]. - The company reported a revenue of RMB 199.66 billion in 1H25, representing a year-on-year increase of 41.3%, and a core net profit of RMB 31.21 billion, up 119.4% year-on-year [11]. - The company is focusing on four main business segments: "Development Services, Property Management Services, Asset Operations, and Real Estate Technology" to drive synergy among its operations [11]. Financial Summary - Total revenue projections for the company are as follows: - 2023A: 74,155 million HKD - 2024A: 3,726 million HKD - 2025E: 4,043 million HKD - 2026E: 4,392 million HKD - 2027E: 4,763 million HKD - The net profit figures are projected as follows: - 2023A: 914 million HKD - 2024A: -2,058 million HKD - 2025E: 600 million HKD - 2026E: 818 million HKD - 2027E: 1,065 million HKD - The company’s PE ratio is projected to be 10.60 for 2025E, with a PB ratio of 1.16 [6][12]. Business Development - The company has optimized its business structure, achieving significant breakthroughs in property management services, with revenues of RMB 92.99 billion in 1H25, a year-on-year increase of 8.7% [11]. - The company has signed seven new projects exceeding RMB 10 million in non-residential sectors, focusing on park and healthcare core sectors [11]. - Following a restructuring in October 2024, the company is managing the full chain of development resources from its controlling shareholder, emphasizing technology, health, and energy efficiency [11].

Group 1 - The board of directors of Jinfu Technology Co., Ltd. held its third temporary meeting of the fourth session on September 1, 2025, via communication methods, with all 7 directors present [1] - The board agreed to enhance overall asset operation efficiency and increase asset returns by leasing part of its owned properties, provided that self-use conditions are met [1][2] - The company will sign relevant lease contracts with tenants to create greater benefits for the company and its shareholders [1]