Core Viewpoint - The real estate industry is undergoing a deep adjustment period, shifting focus from "scale" to "operation," with an emphasis on quality as a competitive advantage. Companies must adapt to this transformation to thrive in the market [1]. Financial Performance - New City Holdings reported a revenue of 22.1 billion yuan and a net profit of 0.895 billion yuan for the first half of 2025, with total contract sales reaching 10.33 billion yuan and a total cash recovery of 11.884 billion yuan, achieving a cash recovery rate of 115.05% [1]. - The company maintained positive operating cash flow for eight consecutive years, with a cash balance of 9.183 billion yuan and a net debt ratio of 53.40% as of the reporting period [5][6]. Commercial Operations - The commercial operations segment generated a total revenue of 6.944 billion yuan, reflecting a year-on-year growth of 11.78%, highlighting the resilience of the company's nationwide commercial operations [2]. - The total foot traffic at Wu Yue Plaza reached 950 million, with total sales exceeding 51.5 billion yuan, marking a year-on-year increase of 16.0% and 16.5%, respectively [2]. Strategic Initiatives - The company adopted a "five-sided" operational philosophy focusing on quality space, customer satisfaction, craftsmanship, green intelligence, and mutual engagement to enhance customer experience and asset returns [3]. - New City Holdings successfully issued a $300 million senior unsecured bond and a 1 billion yuan medium-term note, demonstrating its ability to access diverse financing channels [6][7]. Social Responsibility - The company has delivered over 16,000 properties across 36 projects, with a total completion area of 2.7765 million square meters, while actively participating in various public welfare activities [9]. - New City Holdings has planted 205,000 trees and contributed to greening efforts over 2.05 million square meters, aligning with its commitment to sustainable development and ESG principles [10]. Market Position - As of the reporting period, the company operated 205 Wu Yue Plaza complexes, with an occupancy rate of 97.81%, solidifying its position as a leader in the commercial real estate sector [4]. - New City Holdings received multiple accolades, including rankings in the top 10 for comprehensive strength and financing capability among China's real estate companies [10].

Core Viewpoint - New City Holdings demonstrates strong resilience amid the ongoing adjustment cycle in the real estate market, leveraging a dual-driven business model of "commercial operations + real estate development" and adhering to a "1+3" strategic layout [1][2] Financial Performance - In the first half of the year, New City Holdings achieved operating revenue of 22.1 billion yuan and a net profit attributable to shareholders of 0.895 billion yuan, with a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [2] - The company reported a contract sales amount of 10.33 billion yuan and a contract sales area of 1.335 million square meters, with a collection amount of 11.884 billion yuan and a collection rate of 115.05% [2] Commercial Operations - The "Wuyue" brand, launched in 2012, has expanded to 205 urban comprehensive projects, with 174 operational Wuyue plazas across 141 major cities in China [3] - In the first half of the year, Wuyue plazas attracted 950 million visitors, generating total sales exceeding 51.5 billion yuan, a year-on-year increase of 16.5% [3] Debt Management - As of June 30, 2025, the company's financing balance was 52.276 billion yuan, reduced by 1.374 billion yuan since the beginning of the year, indicating ongoing optimization of the debt structure [4] - The company has maintained a low net debt ratio of 53.40% and a positive operating cash flow of 286 million yuan [3][4] Market Position and Strategy - The company has successfully issued 1 billion yuan in medium-term notes at a historical low interest rate of 2.68%, extending the debt maturity to five years, which supports stable operations and reduces financing costs [5] - New City Holdings is actively pursuing multi-level REITs products and has completed the application for holding-type real estate ABS in the first half of 2025 [5] Creditworthiness and ESG Commitment - New City Holdings is one of the few private real estate companies maintaining a "zero default" record, having repaid 1.067 billion yuan in domestic and foreign bonds in the first half of 2025 [6] - The company integrates sustainable development into its operations, achieving a green building coverage rate of 100% for new and ongoing projects, and has received 71 domestic and international green certifications [6]

公 司 报 告 房地产 2025年08月31日 新城控股(601155.SH) 商业运营稳健，融资成本下行 推荐 ( 维持) 股价:14.83元 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 事项： 公司公布2025年半年报，上半年实现营业收入221亿元，同比下降34.8%，归 母净利润8.9亿元，同比下降32.1%。 行情走势图 相关研究报告 【平安证券】新城控股（601155.SH）*季报点评*利 润呈现增长，商业运行稳健*推荐20250430 平安观点： 公 司 半 年 报 点 评 证 券 研 究 报 告 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 119,174 | 88,999 | 61,943 | 44,103 | 32,813 | | YOY(%) | 3. ...