Core Insights - New City Holdings (601155) demonstrates counter-cyclical growth amidst deep adjustments in the commercial real estate sector, indicating a profound change in its business operation logic [1] - The company introduced the "Wuyue Management Five-Step Method" and the "Yuelian Plan" during its annual conference, signaling a strategic shift from scale expansion to quality symbiosis [1][3] Industry Trends - The annual conference featured key insights from industry leaders, highlighting the need for commercial real estate to accurately grasp consumer demand changes amid a backdrop of consumption upgrading and segmentation [2] - Data analysis presented at the conference indicated that leading commercial operators have seen rental fee scales grow, with rental growth rates outpacing market expectations [2] Company Performance - In the first half of the year, New City Holdings achieved a total commercial operating revenue of 6.944 billion yuan, marking an 11.8% year-on-year increase [3] - The gross profit from property leasing and management reached 4.573 billion yuan, increasing its share of total gross profit from 57.21% to 77.06% compared to the same period last year, underscoring the commercial segment's role as a vital profit pillar [3] Strategic Initiatives - The "Wuyue Management Five-Step Method" focuses on five dimensions: building good spaces, organizing content, finding brands, increasing sales, and sharing profits, systematically constructing New City's operational framework [4] - The company has invested 400 million yuan in 88 projects for space renovation and quality enhancement, emphasizing the importance of quality space experiences for consumer retention and brand empowerment [5] New Business Models - The "Yuelian Plan" aims to create a sustainable resource connection and value co-creation platform by selecting quality brands and core agents, shifting from one-way recruitment to a three-way win model [5][6] - The first phase of the "Yuelian Plan" will involve the careful selection of 10 certified brands and 80 core agents, reflecting a focus on partnership quality rather than quantity [6] Future Growth Strategies - New City Holdings has established a presence in 141 cities with 205 integrated projects, with 175 already opened, covering over 16 million square meters [7] - The company is transitioning from a focus on scale growth to quality symbiosis, with plans for further refinement in residential and commercial operations [8] Regional Development - The launch of the "Gold Standard Wuyue Plaza" in Changzhou marks a significant step in enhancing commercial quality, with high foot traffic and sales figures reported shortly after opening [8] - Regional deepening strategies, such as the introduction of new Wuyue Plazas in Shandong, are expected to drive future growth through scale effects and brand synergy [9]

中国银河在近期研报中分析指出，新城控股2025年上半年公司销售均价提高，全口径资金回笼率超过 100%，实现高效运转；商管强者恒强，商业收入同比双位数增长，出租率维持高位；控制负债规模， 融资渠道通畅。 值得一提的是，依托于良好的业绩表现以及安全稳定的财务结构，今年6月，国际信用评级机构穆迪公 司还宣布将新城发展评级展望上调至正面。 9月25日，新城控股（601155.SH）成功发行2025年度第二期中期票据，发行规模9亿元，认购倍数1.5 倍，期限为5年，票面利率为3.29％，中诚信国际给予发行人主体和本期债项双AAA评级，并获得中债 增全额担保。 根据2025年半年报，上半年新城控股实现营业收入221亿元，归属于上市公司股东的净利润8.95亿元， 扣非归母净利润9.47亿元；毛利率为26.85%，同比增长5.25个百分点；公司在手现金余额102.96亿元， 在手现金充裕；净负债率为52.44%，继续保持较低水平；经营性现金流净额为15.12亿元。 商业方面，新城控股上半年实现商业运营总收入为69.44亿元，同比增长11.8%；物业出租及管理业务毛 利45.73亿元，占公司总毛利由去年同期的57.21%提升 ...

9月24日-25日，新城控股（601155）"2025第八届商业年会暨吾悦商管第一届悦链计划合伙人大会"在上 海西岸美高梅酒店举行，新城控股集团董事长王晓松及公司高管，与数千余位合作伙伴共同参与。年会 以"双向奔赴·共绘幸福"为主题，旨在汇聚行业力量，把握合作机遇。 本次会议，新城控股对外公布了迭代焕新后的"吾悦经营五步法"，深度展示了公司在商业运营方面的独 特思考；推出的"悦链计划"旨在联合长期合作的优质品牌及代理商伙伴，共同构建一个开放、共生的商 业生态系统。 吾悦经营五步法 深度聚焦精细化和专业化 随着线下商业的饱和供应叠加线上零售的冲击，商业地产面临着前所未有的挑战。在此背景下，立足于 对商业板块多年的经验沉淀，新城控股在此次活动中分享了迭代焕新后的"吾悦经营五步法"，即"建好 空间、组对内容、找到品牌、做高销售、分享收益"，深度聚焦商业精细化与专业化运营。 "建好空间"，指的是打造优质的空间体验，让每个消费者愿意为品质空间停留。对此，新城控股不仅建 立了对每个项目、每个铺位可视可达的空间分析，还构建了包括宣发、经营、工程、物业与安全五大方 面的全面检查体系，并将其深度纳入各区域KPI考核范畴，以标准 ...

Group 1 - The core theme of the annual conference is "Two-way Pursuit, Co-drawing Happiness," aimed at enhancing industry chain collaboration and resource integration capabilities [1] - The company introduced the "Five Steps of Wuyue Management," which includes building space, organizing content, finding brands, increasing sales, and sharing profits, to systematically improve operational efficiency [2] - The "Yuelian Plan" was launched to create a resource symbiosis platform, emphasizing a win-win and link model among agents, Wuyue, and brands [3] Group 2 - In the first half of 2025, the company's commercial operations revenue reached 6.944 billion, a year-on-year increase of 11.8%, with a gross profit margin of 71.20% [4] - The company has established 205 comprehensive projects in 141 cities, with a total opening area of 16.0814 million square meters and an average occupancy rate of 97.81% [4] - The introduction of the "Five Steps of Wuyue Management" and the "Yuelian Plan" reflects the company's strategic focus on deepening commercial operations and enhancing ecological collaboration [4]

9月25日，新城控股(601155.SH)成功发行2025年度第二期中期票据，发行规模9亿元，认购倍数1.5倍， 期限为5年，票面利率为3.29％。中诚信国际给予发行人主体和本期债项双AAA评级。主承销商为中信 证券，联席主承销商为邮储银行和招商银行。 中债信用增进投资股份有限公司(简称"中债增")为该笔中票提供全额无条件不可撤销连带责任保证担 保。这也是自2022年9月发行首笔中债增全额担保中票后，新城控股成功发行的第八笔中期票据，连续 四年持续获得民企债券融资支持工具的政策支持。而此次中期票据的成功发行，进一步巩固了 "中债增 增信 + 民营房企融资" 的良性循环模式，成为"第二支箭"政策以来中票到期后的首单续发。这一 "继往 开来" 的实践，印证了优质民营房企通过规范经营与政策支持相结合，能够持续获得资本市场青睐。 自 政策落地以来，"第二支箭" 始终聚焦民营企业合理融资需求，政策效能持续释放，助力修复市场对民 营企业的信用预期，为民营企业拓宽融资渠道、降低融资成本搭建了核心桥梁。 而这一切成果的背后，离不开人民银行与监管机构的持续支持。人民银行始终将民营房企融资环境改善 作为重要工作方向；同时，监管层 ...

9月24日-25日，新城控股（601155.SH）"2025第八届商业年会暨吾悦商管第一届悦链计划合伙人大 会"在上海西岸美高梅酒店盛大启幕，董事长王晓松携集团高管、与数千余位合作伙伴相聚与此。活动 以"双向奔赴·共绘幸福"为主题，旨在汇聚行业力量，把握合作机遇。新城控股期待与各方伙伴加强协 作、链接资源、携手促进行业稳步迈向新篇章。 直面商业存量化竞争，新城控股凭借规模化优势和持续进阶的商业精细化和专业化运营能力，始终保持 吾悦商管的竞争优势。基于对商业的系统性思考，本次新商会上，新城控股对外公布了迭代焕新后 的"吾悦经营五步法"，深度展示了公司在商业运营方面的独特思考。 新城控股立足当下，持续推动招商服务的进阶升级，于本次活动中全新推出"悦链计划"，旨在联合全国 范围内长期合作的优质品牌及代理商伙伴，共同构建一个开放、共生的商业生态系统，从"空间运营"迈 向"生态协作"。 吾悦经营五步法深度聚焦精细化和专业化 据悉，今年的新城商业年会将实现"多方力量"的全景式汇聚。在过往新商会仅合作品牌方及行业嘉宾的 规模基础上，今年则战略性纳入代理商、轻资产合作方与资本方，这一转变也是新城商业年会进阶为行 业资源整合与 ...

9月24日-25日，新城控股（601155.SH）"2025第八届商业年会暨吾悦商管第一届悦链计划合伙人大 会"在上海西岸美高梅酒店盛大启幕，董事长王晓松携集团高管、与数千余位合作伙伴相聚与此。活动 以"双向奔赴·共绘幸福"为主题，旨在汇聚行业力量，把握合作机遇。新城控股期待与各方伙伴加强协 作、链接资源、携手促进行业稳步迈向新篇章。 直面商业存量化竞争，新城控股凭借规模化优势和持续进阶的商业精细化和专业化运营能力，始终保持 吾悦商管的竞争优势。基于对商业的系统性思考，本次新商会上，新城控股对外公布了迭代焕新后 的"吾悦经营五步法"，深度展示了公司在商业运营方面的独特思考。 新城控股立足当下，持续推动招商服务的进阶升级，于本次活动中全新推出"悦链计划"，旨在联合全国 范围内长期合作的优质品牌及代理商伙伴，共同构建一个开放、共生的商业生态系统，从"空间运营"迈 向"生态协作"。 吾悦经营五步法 深度聚焦精细化和专业化 据悉，今年的新城商业年会将实现"多方力量"的全景式汇聚。在过往新商会仅合作品牌方及行业嘉宾的 规模基础上，今年则战略性纳入代理商、轻资产合作方与资本方，这一转变也是新城商业年会进阶为行 业资源整合 ...

Core Insights - The event held by New城控股 focused on collaboration and resource integration within the commercial real estate sector, emphasizing the theme "Two-way Journey, Co-creating Happiness" [1] - The company introduced the "Five Steps of Wuyue Management," which aims to enhance operational efficiency and competitive advantage in the face of market challenges [2][3] - The launch of the "Yuelian Plan" signifies a shift towards creating a collaborative ecosystem among high-quality brands and agents, moving from "space operation" to "ecological collaboration" [1][4] Group 1: Wuyue Management Five Steps - The "Five Steps of Wuyue Management" includes: "Build Good Space," "Group Content," "Find Brands," "Achieve High Sales," and "Share Profits," focusing on refined and professional operations [2][3] - "Build Good Space" emphasizes creating quality experiences for consumers, supported by a comprehensive inspection system and a significant investment of 400 million yuan in 88 projects for space upgrades this year [2] - "Group Content" utilizes internal tools and scientific analysis to ensure effective project planning and brand placement, aiming to eliminate mismatched content [2] Group 2: Sales and Profit Sharing - The "Achieve High Sales" step introduces the "V8 Model," which provides brands with a sales performance evaluation tool, with a commitment to maintain marketing expenses annually [3] - The "Share Profits" step promotes a joint profit-sharing model, reinforcing the focus on sales performance and creating a positive feedback loop for marketing investments and brand incentives [3] - The company aims to align the operational goals of partner brands and investment capabilities, enhancing the overall vitality of the Wuyue commercial content [5] Group 3: Yuelian Plan and Ecosystem - The "Yuelian Plan" aims to create a sustainable resource connection platform by selecting ten compatible brands and eighty strong agents, focusing on mutual trust and efficiency [5][4] - The plan transforms traditional "one-way leasing" into a "three-way win" model, linking high-potential brands with capable agents to facilitate resource matching [4] - The vision of the Yuelian Plan is to establish a collaborative ecosystem among agents, Wuyue, and brands, fostering a sustainable strategic partnership [4] Group 4: Business Performance and Growth - New城控股 reported a total commercial operating revenue of 6.944 billion yuan in the first half of the year, reflecting an 11.8% year-on-year growth [6] - The gross profit from property leasing and management reached 4.573 billion yuan, increasing its contribution to total gross profit from 57.21% to 77.06% [6] - The company has established a presence in 141 cities with 205 integrated projects, maintaining a high occupancy rate of 97.81% for Wuyue Plaza, showcasing its operational efficiency [6][7]

"组对内容"是重要的第二步，新城控股通过内部多年积累的工具方法，通过"市场洞察6因子"、"项目定 位4要素"、"业态规划4方面"的科学分析，最终形成"品牌落位7阶模型"来指导每个项目形成科学合理的 业态规划。没有绝对的空铺，只有不适配的内容，新城控股希望"让感性的定位变成选择题，让抽象的 规划变成计算题！" 在"找到品牌"方面，为实现品牌间的互补共生与高效协同，新城控股根据"4M"框架构建专业化的品牌 链接与服务体系。据悉，吾悦商管组建了一支覆盖项目、区域至总部三级架构的高素质招商团队，并搭 建起囊括所有合作品牌的"吾悦品牌库"，总结提炼"招商服务八步法"，并通过信息化工具自动计算招商 积分据此发放佣金。新城控股要帮品牌找到相互补位的邻居，而不是相互拆台的对手。 9月24日-25日，新城控股(601155.SH)"2025第八届商业年会暨吾悦商管第一届悦链计划合伙人大会"在上 海西岸美高梅酒店盛大启幕，董事长王晓松携集团高管、与数千余位合作伙伴相聚与此。活动以"双向 奔赴·共绘幸福"为主题，旨在汇聚行业力量，把握合作机遇。新城控股期待与各方伙伴加强协作、链接 资源、携手促进行业稳步迈向新篇章。 直面商业存量化 ...

Core Insights - New City Holdings' subsidiary, New City Construction Management, has achieved significant recognition in the real estate sector, winning multiple awards for its comprehensive capabilities and brand value in 2025 [1][2][4] Group 1: Awards and Recognition - New City Construction Management received accolades such as "Top 10 Comprehensive Ability in Real Estate Construction Management" and "Outstanding Commercial Construction Project" at the 2025 China Real Estate Brand Value Evaluation Conference [1] - The company was also recognized as a "Leading Brand in Real Estate Construction Management" and "Leading Government Construction Brand" at another industry forum, highlighting its strong brand value [1][2] Group 2: Business Growth and Strategy - Since its establishment in 2022, New City Construction Management has rapidly expanded, signing over 3.05 million square meters in new contracts in the first half of the year and managing a total of 1.9 million square meters across 115 projects nationwide [2][4] - The company focuses on a "light asset" construction management model, leveraging its operational efficiency and brand advantages to provide comprehensive solutions for clients [2][6] Group 3: Project Success and Market Position - The "He Mei Xi Yue" project exemplifies New City Construction Management's ability to create high-quality residential products, achieving sales of 120 million yuan despite premium pricing compared to competitors [5] - The company emphasizes collaboration with clients to enhance project value, focusing on quality control and innovative product design to meet the needs of high-net-worth individuals [4][6] Group 4: Industry Trends and Future Outlook - The construction management sector is evolving, with a shift towards brand, professional, and differentiated strategies, positioning companies like New City Holdings as key players in the market [6] - New City Holdings aims to integrate its commercial management and real estate development strengths to enhance its competitive edge in the current market landscape [6]