新世界发展近期公布的2025财年业绩显示，过去一年公司的持续经营业务的股东应占亏损额仍达到163 亿港元，亏损幅度同比扩大38%。 同时，营收、毛利、核心经营利润等核心经营数据仍在下滑，其被打破的20年不亏损局面仍未得以扭 转。 就在今年2月，公司管理层在中期财报中曾提出"七项减债计划"的新世界发展，截至期末仍有千亿港元 债务，因此在同期的业绩会上，公司管理层仍然将降债作为新财年的重点工作。 在陆续出售了北京新景写字楼、宁波新世界写字楼、启德体育园有限公司股权等资产之后，新世界发展 的管理层在业绩会上表示，2026财年的仍会继续推行出售计划。资产的出售，也是降债的重要方式。 过去一年频繁动荡的新世界发展，仍在试图将公司业绩拉回正轨。 上一财年新世界发展最受关注的举措，便是在财年期末压线拿下了882亿巨额融资，以缓解公司债务压 力。 实际上，新世界的融资举措还在继续。就在财报发布前夕，新世界发展还以Victoria Dockside（维港文 化汇）物业作为抵押，和Deutsche Bank AG（德意志银行）签订了一份最高可达59亿港元的定期贷款融 资，其中初始承诺部份最高达39.5亿港元。 从目前降债、融资的 ...

Core Viewpoint - Longfor Group's financial stability is improving, with a significant reduction in debt pressure expected after the peak in 2025, as the company focuses on financial safety and strategic land acquisition opportunities [2][5]. Financial Performance - For the first half of 2025, Longfor Group reported revenue of 58.75 billion yuan, a year-on-year increase of 25.4%. The real estate development segment generated 45.48 billion yuan, up 34.7%, while operational and service segments saw revenues of 7.01 billion yuan and 6.26 billion yuan, respectively [3]. - The company achieved a contract sales amount of 35.01 billion yuan, with a repayment rate exceeding 100%, and added land reserves totaling 249,000 square meters [3]. Debt Management - As of June 30, 2025, Longfor Group's total borrowings amounted to 169.8 billion yuan, a decrease of 6.53 billion yuan from the previous year. The net debt ratio stood at 51.2%, with an average financing cost of 3.58% [5][6]. - The company plans to reduce interest-bearing debt by over 30 billion yuan in 2025, stabilizing the total debt at around 100 billion yuan in the future [6]. Strategic Focus - Longfor Group aims to prioritize financial safety and maintain a disciplined investment approach, focusing on high-tier cities and optimizing investment precision [4][6]. - The company is exploring innovative business models, including AI applications, and has redefined its strategy from "space as a service" to "intelligent creation of space, intelligent enjoyment of services" [7].