Group 1 - The core viewpoint of the article highlights the stable and positive performance of New城控股 in 2025, with a total sales amount of 19.27 billion and a sales area of approximately 2.5358 million square meters [2] - The commercial sector of New城控股 has shown continuous improvement, with total annual commercial operating revenue increasing by 10% to 14.09 billion [2] - New城控股 has maintained a high level of credit management, ensuring a safe and stable debt structure, with a total repayment of 5.855 billion in domestic and foreign public market bonds for the year [2] Group 2 - In November 2025, New城控股 successfully issued a real estate asset-backed security (ABS) with a scale of 616 million, marking it as the first consumer-type holding real estate ABS in the country and the first issued by a private enterprise listed on A-shares [3] - The issuance of this holding-type ABS is seen as a significant step in New城控股's strategic shift from "real estate development and sales" to "asset operation," providing a practical model for private real estate companies [3] - Throughout 2025, New城控股 has actively engaged in both domestic and foreign markets, successfully issuing various bonds and notes, including a 300 million senior unsecured bond and multiple medium-term notes with low interest rates [3]

Group 1 - New City Group completed the issuance of the third phase of medium-term notes for 2025, with a scale of 1.75 billion yuan and a term of 5 years at a coupon rate of 4% [2] - The company has issued a total of 3.65 billion yuan in medium-term notes this year, all backed by full guarantees from China Bond and rated AAA [2] - In the overseas market, New City Development issued $300 million in senior unsecured bonds in June, marking the first private real estate company to restart overseas capital market financing in three years [2] Group 2 - New City Group innovated financing paths by issuing a real estate asset-backed special plan based on the Shanghai Qingpu Wuyue Plaza, with a scale of 616 million yuan, setting records in the industry [3] - The company has established a mechanism for expansion, reserving a channel for public REITs, which lays a solid foundation for the long-term value release of held commercial assets [3] - The financing breakthroughs of New City Group reflect the continuous improvement of the financing environment for private real estate companies, driven by policy support and corporate efforts [3]

Group 1 - New City Holdings completed the issuance of the third phase of medium-term notes for 2025, with a scale of 1.75 billion yuan and a term of 5 years at a coupon rate of 4% [1] - The company has issued a total of 3.65 billion yuan in medium-term notes this year, all receiving full guarantee from China Bond and a dual AAA rating, maintaining relatively low interest rates [1] - In the overseas market, New City Development issued $300 million in senior unsecured bonds in June, marking the first private real estate company to restart overseas capital market financing in three years [1] Group 2 - New City Holdings innovatively financed through high-quality commercial assets, issuing a real estate asset-backed special plan with a scale of 616 million yuan, setting records in the industry [2] - The company established a mechanism for expansion and reserved a channel for public REITs, laying a solid foundation for the long-term value release of held commercial assets [2] - The financing breakthroughs of New City Holdings reflect the continuous improvement of the financing environment for private real estate companies, driven by policy support and corporate efforts [2]

Core Viewpoint - New City Holdings has launched the "Wuyue Plaza Holding Real Estate Asset-Backed Special Plan," marking the first issuance of consumer-type holding real estate ABS in China and the first by a private A-share listed company, setting a dual record in the industry [1][2]. Group 1: Issuance Details - The issuance scale of the ABS is 616 million yuan, with a corresponding debt portion of 410 million yuan, and a product term of approximately 25 years [1][4]. - The underlying asset for this ABS is the Wuyue Plaza located in the core area of the Qingpu District, which serves over 400,000 residents from more than 160 surrounding communities [2]. Group 2: Market Impact and Significance - This issuance is expected to enhance New City Holdings' asset liquidity and optimize its capital structure, providing a new financing pathway for the commercial real estate sector [2][3]. - The ABS includes a continuous fundraising mechanism, allowing for the ongoing acquisition of quality assets, thus promoting sustainable development of the product [2]. Group 3: Financial Performance - As of Q3 2025, New City Holdings has established 205 comprehensive projects across 141 cities, with 176 operational and a high occupancy rate of 97.7% [2]. - The total foot traffic at Wuyue Plaza reached 950 million, with total sales exceeding 51.5 billion yuan, both showing a year-on-year increase of 16% [3]. Group 4: Broader Financing Strategy - The issuance is part of a broader direct financing plan approved in May 2025, allowing for up to 20 billion yuan in various financing instruments, including ABS and REITs [5][6]. - New City Holdings has engaged in multiple financing activities this year to bolster liquidity, including issuing bonds and restarting dollar bond issuance to manage upcoming debt obligations [6].

Investment Rating - The report assigns an "Outperform" rating to the company, forecasting EPS for 2025, 2026, and 2027 to be RMB 0.37, RMB 0.51, and RMB 0.61 respectively, with a target price set at RMB 18.34 based on a moderate PB premium of 0.65x for 2025 [3][10]. Core Insights - The company has successfully launched the first consumer holding real estate ABS in China, marking a significant milestone in innovative financing. This ABS, managed by Sinolink Securities, has an issuance size of RMB 616 million and a term of approximately 25 years [3][10]. - The company reported a total commercial operation revenue of approximately RMB 10.51 billion for the first nine months of 2025, reflecting a year-on-year increase of 10.82% and maintaining a high occupancy rate of 97.7% [3][10]. - The company has expanded its presence to 143 cities with 205 Wuyue Plazas, achieving a total foot traffic of 950 million, which is a 16.0% increase year-on-year, and a membership base of 49.17 million [3][10]. - The company has made significant strides in both domestic and foreign financing, successfully issuing USD 300 million in senior unsecured bonds and USD 160 million in senior secured notes, alongside medium-term notes in the domestic market [3][10]. Financial Summary - The company’s total revenue for 2023 is projected at RMB 119.17 billion, with a decline expected in subsequent years, reaching RMB 58.48 billion in 2025, a decrease of 34.3% [2][4]. - Net profit attributable to the parent company is forecasted to be RMB 737 million in 2023, with a gradual increase to RMB 1.38 billion by 2027 [2][4]. - The company’s net asset return is expected to improve from 1.2% in 2023 to 2.0% in 2027, indicating a positive trend in profitability [2][4].

Core Viewpoint - New City Holdings has successfully issued the first consumption-type real estate asset-backed securities (ABS) in China, marking a significant milestone in the industry with a total issuance scale of 616 million yuan and a debt portion of 410 million yuan, with a term of approximately 25 years [2][3][4]. Group 1: Asset and Market Position - The underlying asset for the ABS is the Wuyue Plaza located in the core area of the Qingpu District, which benefits from a large customer base of over 400,000 residents from more than 160 surrounding communities [3]. - Since its opening in 2014, Wuyue Plaza has maintained a high occupancy rate and has seen steady growth in key metrics such as foot traffic, revenue, and profit, establishing itself as a regional commercial leader [3][4]. - New City Holdings has a strategic presence in 141 cities with 205 comprehensive projects, achieving a high occupancy rate of 97.7% across 176 operational and managed properties [5][6]. Group 2: Financial Performance and Growth - In the first three quarters of the year, New City Holdings reported a total commercial operating revenue of approximately 10.511 billion yuan, reflecting a year-on-year growth of 10.82% [6]. - The total foot traffic at Wuyue Plaza reached 950 million visits, a year-on-year increase of 16%, with total sales exceeding 51.5 billion yuan, also up by 16.5% [6]. Group 3: Strategic Initiatives and Future Outlook - The issuance of the ABS aligns with New City Holdings' strategic shift from "real estate development and sales" to "asset operation," optimizing its asset-liability structure and enhancing the management of commercial real estate [4]. - The company has established a robust mechanism for continuous fundraising through the ABS, allowing for the acquisition of quality assets and promoting sustainable product development [5]. - The successful issuance of this ABS serves as a benchmark for private real estate companies, showcasing New City Holdings' leading capabilities in asset operation and innovative financing [4].