Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company is implementing a dual-wheel drive strategy, focusing on both commercial operations and residential development, which has strengthened its competitive position and financial stability [12][16] - The commercial property segment has become the main source of profit, with a gross profit margin of 71.20% in the first half of 2025, contributing 77.06% to the overall gross profit [7][29] - The company has a national commercial layout with stable rental income growth, achieving a rental income of 6.9 billion yuan in the first half of 2025, a year-on-year increase of 12% [7][44] - The residential development segment is focused on inventory reduction, with a contract sales amount of 10.3 billion yuan in the first half of 2025, a year-on-year decrease of 56.4% [7][60] - The financial structure is continuously optimized, with a debt ratio of 65.6% after excluding advance receipts, and a significant reduction in short-term debt [7][72] Summary by Sections 1. Dual-Wheel Drive Strategy - The company operates under a dual-wheel drive model, integrating residential development and commercial operations [16][19] - The management team has extensive industry experience, contributing to stable governance and operational efficiency [17][19] 2. Commercial Operations - The company has expanded its national footprint, with 174 operational "Wuyue Plaza" shopping centers covering 1,608 million square meters [37][42] - The rental income and occupancy rates remain robust, with an occupancy rate of 97.8% [44][49] - The light-asset model is being adopted, with 26 light-asset projects contributing 11% to total rental income [53][58] 3. Residential Development - The company is focused on inventory reduction, with a significant portion of its inventory located in second- and third-tier cities [67][70] - The average contract sales price has stabilized at 10,072 yuan per square meter [64][66] 4. Financial Analysis - The company has reduced its interest-bearing debt to 52.3 billion yuan, with a debt ratio of 65.6% [72][74] - The financing cost has decreased to 5.55%, indicating improved financial conditions [79][81] - The company has successfully issued multiple bonds and maintains a stable credit rating, facilitating ongoing financing [81][82]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company is implementing a dual-wheel drive strategy, focusing on both commercial operations and residential development, which has strengthened its competitive position and financial stability [12][16]. - The commercial property segment has become the main source of profit, with a gross profit margin of 71.20% in the first half of 2025, contributing 77.06% to the overall gross profit [7][29]. - The company has a robust national commercial layout, with 174 operational "Wuyue Plaza" locations and a rental income of 6.9 billion yuan, reflecting a year-on-year growth of 12% [7][44]. - The residential development segment is focused on inventory reduction, with a contract sales amount of 10.3 billion yuan in the first half of 2025, down 56.4% year-on-year [60]. - The financial structure is continuously optimized, with a debt ratio of 65.6% after excluding advance receipts, and a significant reduction in short-term debt [72][73]. Summary by Sections 1. Dual-Wheel Drive Strategy - The company operates under a dual-wheel drive model, integrating residential development and commercial operations, which has proven effective during industry adjustments [12][16]. - The management team has extensive industry experience, contributing to stable governance and operational efficiency [19]. 2. Commercial Operations - The company has expanded its national footprint, with a total operational area of 16.08 million square meters and a rental rate of 97.8% [35][44]. - The commercial operations have shown resilience, with a total customer flow of 950 million visits in the first half of 2025, up 16% year-on-year [49]. 3. Residential Development - The company is focusing on inventory reduction, with a significant portion of its inventory located in second and third-tier cities [67]. - The average contract sales price has stabilized at 10,072 yuan per square meter, reflecting a shift towards maintaining price and profitability [64]. 4. Financial Analysis - The company has reduced its interest-bearing debt to 52.3 billion yuan, with a debt ratio of 65.6% [72][73]. - The average financing cost has decreased to 5.55%, indicating improved financial conditions [79]. - The company has successfully issued multiple bonds and asset-backed securities, ensuring a stable financing channel [81].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 海外監管公告 截 至2025年6月30日止半年度報告 本公告乃由新城發展控股有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條 而 作 出。茲 載 列 本 公 司 旗 下 一 間 於 上 海 證 券 交 易 所 上 市 的A股 附 屬 公 司，新 城 控 股 集 團 股 份 有 限 公 司（股 份 代 號：601155），在 上 海 證 券交易所網站(www.sse.com.cn)刊登的《新 城 控 股 集 團 股 份 有 限 公 司2025年半年度 報 告》，僅 供 參 閱。 承董事會命 新城發展控股有限公司 董事長 王曉松 中 國，2025年8月29日 於 ...