新城发展(01030)发布2025年中期业绩，营业收入221亿元(人民币，下同)，同比减少34.82%;归母净利润 8.95亿元，同比减少32.11%;基本每股收益0.4元。 公司根据市场变化和自身优势，积极调整经营策略，相比签约规模，更看重资产价值的守护。公司 在"保现金流"、"保交付"和"守价值"之间寻求最佳平衡点;秉持"量价平衡"基本原则，有效销售促循环、 积极化债守价值，力求平稳穿越本轮周期，通过精细化管理，实现资金回笼和资产经营的高效运转，逐 步重启增长。报告期内，公司实现合同销售面积133.50万平方米，同比下降59.08%;完成合同销售金额 103.30亿元，同比下降56.15%。报告期内，公司实现118.84亿元的全口径资金回笼，全口径资金回笼率 为115.05%(全口径资金回笼率=全口径资金回笼/合同销售金额)。自2022年7月中共中央政治局会议首次 提出"保交楼"工作任务以来，"保交楼"持续成为各地稳楼市的关键词，同时也成为衡量房地产企业的重 要指标。2025年上半年，公司上下齐心，共同努力，实现全国超1.6万套物业高品质交付。 公司践行社会责任，坚持商业品质，用一座座吾悦广场用心服务消费 ...

Core Viewpoint - The company is focused on maintaining operational stability and enhancing its business model in response to the evolving real estate market and economic conditions, while also emphasizing sustainable development and community engagement. Meeting Information - The annual shareholders' meeting is scheduled for May 26, 2025, at 14:00, with both on-site and online voting options available [1][1]. Company Performance - In 2024, the company achieved a contract sales area of 5.3882 million square meters, a decrease of 44.38% year-on-year, and a contract sales amount of 40.171 billion yuan, down 47.13% year-on-year [1][1]. - The company maintained a full-caliber fund recovery of 41.129 billion yuan, with a recovery rate of 102.38% [1][1]. - The company completed over 100,000 property deliveries during the reporting period, emphasizing quality and customer satisfaction [1][1]. Business Strategy - The company employs a dual-driven strategy of "real estate development + commercial operation" to adapt to market changes and seize structural opportunities [1][1]. - The company has established a strong presence with 200 "Wuyue Plaza" projects across 136 cities, achieving an occupancy rate of 97.97% [2][2]. - The total commercial operation revenue reached 12.808 billion yuan, reflecting a year-on-year growth [2][2]. Financial Health - As of the reporting period, the company's total assets amounted to 307.193 billion yuan, with net assets attributable to shareholders of 60.869 billion yuan [6][6]. - The average financing cost decreased to 5.92%, down 0.28 percentage points from the previous year [5][5]. - The company has secured a total credit line of 84.9 billion yuan from major banks, with 25.2 billion yuan utilized [5][5]. Industry Context - The real estate market is experiencing a downturn, with total sales amounting to 9.68 trillion yuan, a year-on-year decline of 17.1% [6][6]. - The government has introduced various policies to stabilize the real estate market, including reducing down payment ratios and interest rates [10][10]. - The commercial sector is adapting to consumer demands for experiential and emotional value, leading to innovations in business models [15][15]. Future Outlook - The company plans to open 16 new projects in 2025, with a total construction area of 1.6955 million square meters [22][22]. - The company aims to achieve a total commercial operation revenue of 14 billion yuan in 2025, with five new Wuyue Plaza projects planned [24][24]. - The company is committed to enhancing its operational efficiency and exploring new investment opportunities while maintaining a focus on risk management [21][21].