Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [6]. Core Insights - The company reported a revenue of 53.01 billion yuan for 2025, a year-over-year decline of 40.4%, and a net profit attributable to shareholders of 680 million yuan, down 9.6% year-over-year [1][5]. - The decline in revenue and profit is primarily attributed to a decrease in the scale of development project completions, while the sales price per square meter has shown a recovery, increasing by 1.9% to 7,599.4 yuan/m² [2]. - The company has successfully reduced its accounts payable from 45.69 billion yuan at the beginning of the year to 36.81 billion yuan by the end of 2025, alleviating financial pressure [2]. - The operational performance of the company's "Wuyue Plaza" has improved, with rental income reaching 13.15 billion yuan, maintaining a double-digit growth rate of 10% [3]. - The company has established a solid financing channel, successfully issuing medium-term notes totaling 3.65 billion yuan, and has a total bank credit line of 62.9 billion yuan, with only 24.1 billion yuan utilized [4]. Financial Summary - The company’s projected revenues for 2026, 2027, and 2028 are estimated at 38.72 billion yuan, 34.24 billion yuan, and 31.02 billion yuan, respectively, with net profits expected to be 970 million yuan, 1.25 billion yuan, and 1.29 billion yuan [5][33]. - The average financing cost has decreased to 5.44%, down by 0.48 percentage points from the previous year, indicating improved debt structure [4]. - The company’s net profit margin for 2025 is projected at 1.3%, with a return on equity of 1.11% [33].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 53.01 billion yuan in 2025, a decrease of 40.4% year-on-year, while the net profit attributable to shareholders was 680.11 million yuan, down 9.6% year-on-year [7] - Despite revenue pressure, the profit structure is improving, with a gross margin increase to 27.4%, up 7.6 percentage points year-on-year, supported by a higher proportion of commercial income [7] - The company’s commercial management revenue grew by 8.4% year-on-year to 13.04 billion yuan, maintaining strong profitability with a gross margin of 69.8% [7] - The company’s leverage ratio decreased to 70.8%, down 2.3 percentage points year-on-year, and the average financing cost fell to 5.44%, a decrease of 48 basis points [7] - The forecast for net profit attributable to shareholders for 2026 and 2027 is adjusted to 757 million yuan and 926 million yuan, respectively, with a new estimate for 2028 at 1.07 billion yuan [7] Financial Summary - Total revenue forecast for 2024 is 88.99 billion yuan, with a projected decline in subsequent years [1] - The net profit attributable to shareholders is expected to be 680.11 million yuan in 2025, with a gradual increase in the following years [1] - The earnings per share (EPS) for 2025 is projected at 0.30 yuan, with an expected increase to 0.48 yuan by 2028 [1] - The company’s total assets are projected to decrease from 265.64 billion yuan in 2025 to 205.76 billion yuan by 2028 [8] - The operating cash flow for 2025 is expected to be 1.43 billion yuan, continuing a positive trend for eight consecutive years [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 53.01 billion yuan in 2025, a decrease of 40.4% year-on-year, while the net profit attributable to shareholders was 680.11 million yuan, down 9.6% year-on-year [7] - Despite revenue pressure, the profit structure has improved, with the gross profit margin increasing to 27.4%, up 7.6 percentage points year-on-year, supported by a higher proportion of commercial income [7] - The company’s commercial management income grew by 8.4% year-on-year to 13.04 billion yuan, with a stable gross margin of 69.8% [7] - The company’s leverage ratio decreased to 70.8%, down 2.3 percentage points year-on-year, and the average financing cost fell to 5.44%, a decrease of 48 basis points [7] - The forecast for net profit attributable to shareholders for 2026 and 2027 is adjusted to 757 million yuan and 926 million yuan, respectively, with a new forecast for 2028 at 1.07 billion yuan [7] Financial Summary - Total revenue forecast for 2024 is 88.99 billion yuan, with a projected decline in subsequent years [1] - The net profit attributable to shareholders is expected to be 680.11 million yuan in 2025, with a gradual increase in the following years [1] - The earnings per share (EPS) for 2025 is projected at 0.30 yuan, with an expected increase to 0.48 yuan by 2028 [1] - The company’s total assets are projected to decrease from 265.64 billion yuan in 2025 to 205.76 billion yuan by 2028 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a significant decline in revenue and profit due to a decrease in transfer scale, but its commercial management business has shown robust growth. The forecast for net profit for 2026-2028 has been adjusted downwards, with expected figures of 1.12 billion, 1.61 billion, and 2.43 billion yuan respectively. The earnings per share (EPS) are projected to be 0.50, 0.72, and 1.08 yuan, with corresponding price-to-earnings (PE) ratios of 29.2, 20.2, and 13.5 times [3][4][7] Financial Performance Summary - In 2025, the company achieved operating revenue of 53.01 billion yuan, a year-on-year decrease of 40.4%. The net profit attributable to the parent company was 680 million yuan, down 9.61% year-on-year. The operating cash flow was 1.425 billion yuan, a decline of 5.79% year-on-year. The gross margin improved to 27.4%, up 7.6 percentage points year-on-year [4][7] - The company’s commercial operation revenue reached 14.09 billion yuan in 2025, reflecting a 10% year-on-year growth. The occupancy rate of its shopping centers remained high at 97.86%, with total sales of 97 billion yuan, an increase of 7.18% year-on-year [5][6] - The company’s contract sales area decreased by 52.94% in 2025, with a total contract sales amount of 19.27 billion yuan, down 52.03% year-on-year [6] Financial Forecast Summary - The financial forecast for the company indicates a continued decline in revenue for 2026, with expected operating revenue of 42.61 billion yuan, a decrease of 19.6% year-on-year. The net profit is expected to rebound significantly in 2026, with a year-on-year growth of 64.4% [7][10] - The gross margin is projected to improve to 31.1% in 2026, with a net margin of 2.6% [10]

Investment Rating - The report maintains a "Recommend" rating for the company [1][9]. Core Views - The company has shown steady commercial expansion and maintains smooth financing channels [1][9]. - In 2025, the company achieved operating revenue of 53.01 billion yuan, a year-on-year decrease of 40.4%, while net profit attributable to shareholders was 680 million yuan, down 9.6% year-on-year [5][8]. - The company’s gross margin improved by 7.6 percentage points to 27.4%, which helped mitigate the decline in net profit compared to revenue [8]. - The company plans to open five new "Wuyue Plaza" locations in 2026, aiming for a total of 183 plazas by the end of that year [8]. - The company successfully issued a pure credit offshore bond and launched a REITs product, indicating strong financing capabilities [8]. Financial Summary - **Revenue and Profit Forecasts**: - 2025: Revenue of 53.01 billion yuan, net profit of 680 million yuan - 2026: Projected revenue of 32.44 billion yuan, net profit of 857 million yuan, with a year-on-year growth of 26% [7][11]. - **Margins**: - Gross margin is expected to improve to 29.5% in 2026, with net margin rising to 2.6% [11]. - **Debt and Financing**: - The company’s average financing cost decreased to 5.44% by the end of 2025, down 0.48 percentage points from the previous year [8]. - **Valuation Metrics**: - The projected P/E ratios for 2026, 2027, and 2028 are 37.2, 30.5, and 26.1 respectively [8][11].

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 18.01 CNY [7][37]. Core Insights - The company achieved a total revenue of 53.01 billion CNY in 2025, a year-on-year decrease of 40.44%. The real estate development segment contributed 39.00 billion CNY, down 48.71%, while property leasing and management generated 13.04 billion CNY, up 8.37%, accounting for 24.6% of total revenue [3][17]. - The company's net profit attributable to shareholders was 680 million CNY, a decline of 9.61%. The overall gross margin improved by 7.61 percentage points to 27.42%, with the gross margin for real estate development increasing by 1.31 percentage points [17][19]. - The company is deepening its dual-wheel drive strategy, achieving commercial operation revenue of 14.09 billion CNY, a year-on-year increase of 10.00%. By the end of 2025, the company had established 207 Wuyue Plazas across 141 cities, with an occupancy rate of 97.86% [20][21]. - The financing channels remain smooth, with the company repaying 5.855 billion CNY in bonds and securing 12.5 billion CNY in new financing backed by Wuyue Plaza. The average financing cost decreased to 5.44% by the end of 2025 [36]. Financial Summary - The company’s total revenue is projected to decline from 88.99 billion CNY in 2024 to 53.01 billion CNY in 2025, with further decreases expected in subsequent years [5]. - The net profit attributable to shareholders is expected to recover from 680 million CNY in 2025 to 905 million CNY in 2026, reflecting a growth of 33.0% [5][37]. - The company’s net asset return (ROE) is projected to improve from 1.1% in 2025 to 2.1% by 2028 [5][19]. Investment Recommendations - The report suggests that due to the ongoing decline in industry prices and sales, the current net profit may not reflect potential future earnings. The valuation method using price-to-book (PB) is deemed more appropriate under current market conditions, with projected EPS of 0.40, 0.50, and 0.61 CNY for 2026, 2027, and 2028 respectively [37].

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） 截 至2025年12月31日止年度 海外監管公告 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，2026年3月27日 於 本 公 ...

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].

Core Insights - The retail sales of consumer goods in Henan are projected to reach 2.9 trillion yuan in 2025, with a year-on-year growth of 5.6%, surpassing the national average by 1.9 percentage points [1] - The concentrated commercial market in Henan is entering a phase of "well-known enterprises sinking and quality upgrading," with 13 new projects expected to open in 2025, totaling approximately 1,002,900 square meters [1][2] - Zhengzhou leads the new project openings with 5 projects, accounting for 38.5% of the total, and a total construction area of 422,000 square meters [1][2] Retail Market Development - The average commercial area of new projects in Henan is 77,000 square meters, with about 83% of projects being under 100,000 square meters [2] - Notable operators such as Wanda, Wuyue, and Longfor are expanding their presence in Henan, with 7 new projects managed by well-known commercial operators [2] - The new projects aim to enhance community daily consumption and reshape urban functional highlights, contributing to the evolution of Henan's commercial ecosystem [2] Project Highlights - Zhengzhou Zhengdong Wanda Plaza, with a total area of 241,000 square meters, aims to fill the high-end commercial gap in the region and drive consumption upgrades [3][5] - Zhengzhou Baidu New Image integrates cultural elements into its design, featuring 15 courtyards that reflect traditional Zhengzhou architecture [6][9] - Zhengzhou Songnan Impression City focuses on creating a youth-friendly community with a commercial area of approximately 50,000 square meters [10][12] Economic Impact - The new commercial projects are expected to create thousands of jobs and stimulate local economies, with significant employment opportunities generated by various projects [19][25] - The introduction of over 550 well-known brands in Zhengdong Wanda Plaza and 231 brands in Shangqiu Wuyue Plaza highlights the focus on enhancing consumer experience and driving economic growth [5][22] Summary of New Projects - A total of 13 new concentrated commercial projects are set to open in Henan in 2025, with notable projects including Zhengzhou Zhengdong Wanda Plaza, Zhengzhou Songnan Impression City, and Shangqiu Wuyue Plaza, among others [31]