2月27日，新世界发展公布2026财年上半年业绩。报告显示：新世界中期核心盈利36亿港元，合约销售 达138亿港元，超过全年目标的一半；投资物业板块录得5%同比增长。 内地市场方面，32亿元人民币合约销售的背后，位于珠江新城CBD核心的凯旋新世界，以21.8万元/平 方米的网签单价登顶全国榜首；广州耀胜尊府首期顺利完成交付，二期产品将加推；地处白鹅潭商圈的 新世界‧天馥，推出可望烟花江景的新品，吸引改善买家关注，项目更于新春期间荣登中心区热门板块 榜首。 商业方面，新世界的核心商业及写字楼项目租务市场出租率稳步攀升。据介绍，截至2025年12月31日， K11 Art Mall商业出租率保持近100%，K11 MUSEA出租率升至98%，K11 Atelier Victoria Dockside办公 楼楼维持99%出租率；83琼林街办公楼出租率从50%提升至74%。内地核心投资项目方面，广州云门 NEW PARK、广粤天地商业出租率均超出90%，当中广粤天地出租率高达96%。 下半财年，新世界在香港计划推出超过1300个住宅单位；与招商蛇口、华润置地合作开发的北部都会区 项目已于2025年动工，预计最早202 ...

期内，毛利按年下降25%至50.3836.36亿港元；核心经营利润同比下降约18%至约36.36亿港元；归母净 亏损约37.3亿港元，同比收窄44%。 期内，新世界发展来自物业发展及资产出售的应占合约销售合共约138亿港元。其中，在香港的应占合 约销售额约为103亿港元，主要来自住宅项目，包括滶晨、瑧博、柏蔚森、天瀧、柏傲莊、皇都及天 御，以及若干资产出售。在中国内地的应占合约销售额约为人民币32亿元，其中以大湾区为首的南部地 区贡献最大，占比约60%。 新世界发展发布截至2025年12月31日止六个月中期业绩公告。 2月27日，新世界发展发布截至2025年12月31日止六个月中期业绩公告。 报告显示，期内新世界发展收入同比下降约50%至约83.91亿港元，主要由於建筑收入減少，以及中国 内地物业交付減少。 ...

内地市场方面，新世界上半财年合约销售约32亿人民币，核心项目运营成效斐然。其中，位于广州 CBD核心的凯旋新世界，以21.8万/平方米的网签单价登顶全国榜首；广州耀胜尊府首期顺利完成交 付，客户口碑持续攀升，二期产品将加推以满足市场需求；地处广州地标商圈白鹅潭的新世界‧天馥于 新春期间荣登中心区热板块榜首。沈阳悦景‧新世界凭借硬核产品品质与优质服务，持续稳居区域销售 额榜首，成为公司在内地市场的标杆项目，为后续业务拓展奠定坚实基础。 新盘加速入市 土储蓄力赋能 夯实中长期发展底气 2月27日，新世界发展发布2026财年上半年财报。报告显示，公司核心经营指标持续向好，中期核心盈 利36亿港元，总债务缩减17亿港元。合约销售劲达138亿港元，超过全年目标的一半，其中香港市场创 2021年以来新高。新世界发展执行董事兼行政总裁黄少媚表示："公司减债策略见成效，业务发展态势 持续向好。" 新世界发展执行董事兼行政总裁黄少媚 合约销售录得138亿港元 香港销售业绩创2021年新高 2026上半财年，新世界物业销售板块展现强劲表现，上半年合约销售达138亿港元，超过270亿港元全年 目标的一半。其中香港市场表现尤为亮眼， ...

于2025年12月31日，集团在香港持有应占总楼面面积约695万平方尺之土地储备可作即时发展，其中物 业发展应占总楼面面积约318万平方尺。 于2025年12月31日，集团于中国内地持有不包括车库的土地储备总楼面面积约289.0万平方米可作即时 发展，约155.4万平方米为住宅用途。核心物业发展项目主要分布于广州、深圳、佛山、武汉、上海、 杭州、北京及渖阳等城市，不包括车库的土地储备总楼面面积约228.4万平方米，住宅约为95.7万平方 米。 格隆汇2月27日丨新世界发展(00017.HK)公布中期业绩，截至2025年12月31日止六个月，集团收入按年 下降约50%至8,391百万港元，主要由於建筑收入减少，以及中国内地物业交付减少。毛利按年下降25% 至5,038百万港元。?核心经营溢利为3,636百万港元，按年下降18%。股东应占亏损为3,730百万港元， 主要由一次性亏损所致，包括投资物业重估亏绌约1,146百万港元，发展物业减值约2,126百万港元，以 及其他减值约611百万港元。股东应占亏损按年收窄44%，主要由于上述的一次性亏损减少、融资成本 下降，以及物业交付减少令中国内地项目的税项开支下降所致 ...

Core Insights - New World Development (00017) reported a solid performance for the fiscal year 2025, achieving a core operating profit of HKD 6 billion and setting a sales target of HKD 27 billion for fiscal year 2026 [1][2] Financial Performance - The company successfully completed bank refinancing of HKD 88.2 billion, extending the earliest loan maturity to June 30, 2028, which significantly improved liquidity [2] - Total debt and net debt both decreased during the reporting period, with capital expenditures (CAPEX) down 15% and operating expenditures (OPEX) down 16% year-on-year [2] - The average interest rate and total financing costs decreased due to interest rate cuts in the US and Hong Kong, contributing to a more favorable financial structure [2] Real Estate Business - The core real estate business performed strongly, achieving contract sales of HKD 26 billion, with HKD 11 billion from Hong Kong and RMB 14 billion from mainland China [3] - Notable projects included the "滶晨" project in Hong Kong, which became the top seller with over HKD 10.7 billion in sales, and the "广粤观邸" project in Guangzhou, which sold RMB 2 billion upon opening [3] Future Development Plans - The company has a robust land bank and plans to launch over 2,100 units in Hong Kong for fiscal year 2026, including projects in Kowloon City and West Kowloon [4] - Ongoing collaborations with partners like China Merchants Shekou and China Resources Land will yield additional residential units, enhancing the company's project pipeline [4] - New investment properties, including the second K11 in Guangzhou and upcoming projects in Shanghai and Hangzhou, are set to expand the company's portfolio [4]

Core Viewpoint - New World Development has reported a solid performance for the fiscal year 2025, achieving a core operating profit of HKD 6 billion and setting a sales target of HKD 27 billion for fiscal year 2026, indicating a positive outlook for the company's financial health and operational efficiency [1] Financial Performance - The company successfully completed bank refinancing of HKD 88.2 billion, extending the maturity of bank loans to June 30, 2028, which significantly enhances liquidity [2] - Average interest rates and total financing costs have decreased due to interest rate cuts in the US and Hong Kong, alongside a reduction in debt levels [2] - Capital expenditures (CAPEX) decreased by 15% year-on-year, while operating expenditures (OPEX) fell by 16%, reflecting improved operational efficiency [2] Real Estate Business - The core real estate business performed strongly, achieving contract sales of HKD 26 billion, with contributions of HKD 11 billion from Hong Kong and RMB 14 billion from mainland China [3] - Notable projects include the "滶晨" project in Hong Kong, which achieved sales of over HKD 10.7 billion, and the "广粤观邸" project in Guangzhou, which sold RMB 2 billion on opening day [3] Future Development Plans - The company has a robust land bank and plans to launch over 2,100 units in Hong Kong for fiscal year 2026, including projects in Kowloon City and West Kowloon [4] - Collaborative projects with partners such as China Merchants Shekou and China Resources Land are underway, aiming to provide thousands of residential units [4] - The investment property segment is also set for expansion, with new K11 projects opening in Guangzhou and Shanghai, contributing to future revenue growth [4]

Market Overview - In July, Hong Kong's new property market remained active with over 2,000 transactions, representing a month-on-month increase of over 30% [2] - New World Development reported strong business momentum at the beginning of the new fiscal year, with excellent sales results from various projects in mainland China and Hong Kong, leading to steady cash flow [2] Mainland Business - The high-end residential project Tianhui Xi in Shanghai successfully delivered all 448 units, selling out after two rounds of sales [5] - In Guangzhou, the new landmark project Yaosheng New World Plaza is delivering residential, commercial, and Grade A office spaces, showcasing New World's strong delivery capabilities [5] - The K11 ECOAST in Shenzhen launched multiple summer activities and added nearly 20 new brands, enhancing tenant diversity and customer experience [5] Awards and Recognition - Shanghai K11 ELYSEA and Ningbo THEPARK by K11Select won multiple awards at the BETTER FUTURE Hong Kong Design Awards 2025 for their architectural excellence [6] - New World Development's sustainability efforts were recognized with awards for the Hangzhou New World City Art Center and the "2030+ Sustainable Development Vision" [6] Hong Kong Business - The luxury residential project DEEP WATER PAVILIA滶晨II in Hong Kong sold 82 out of 88 units in its first round, achieving a sales rate of 93% [8] - The new landmark luxury residential project 柏蔚森 in Kai Tak has sold over 600 units since its launch, generating over HKD 4.2 billion in sales [9] - The core cultural landmark luxury project STATE PAVILIA皇都 sold out all units in the "皇都维港珍藏大宅" series, with an average price of nearly HKD 40 million [9] Events and Promotions - New World Development hosted two major international events at K11 MUSEA during the summer, including the "CHIIKAWA DAYS" exhibition and the CR7® LIFE Museum, attracting significant visitor traffic [10]

Core Viewpoint - New World Development has achieved remarkable sales results in various projects in mainland China and Hong Kong at the beginning of the new fiscal year, steadily accelerating cash flow and actively promoting residential project deliveries [1][2][3] Group 1: Mainland Business Performance - Several projects are leading the regional market, with two benchmark projects successfully delivered, including Shanghai Tianhui Xi and Guangzhou Yaosheng New World Plaza [1] - Guangzhou Yaosheng Zunfu has launched the second phase of distinctive units, with areas ranging from approximately 88 to 245 square meters, while Guangzhou New World Guanghui Zunfu has launched duplex units ranging from 92 to 125 square meters [1] - Shenzhen K11 ECOAST has attracted nearly 20 new brands through summer activities, enhancing its business offerings [1] - Shanghai K11 ELYSEA and Ningbo THE PARK by K11 Select have won gold awards at the BETTER FUTURE Hong Kong Design Awards 2025 in their respective categories [1] Group 2: Hong Kong Business Performance - The first round of sales for the South Island Phase 5 "DEEP WATER PAVILIA滶晨II" saw 82 out of 88 units sold, with total sales reaching nearly 8.8 billion HKD as of July 30 [2] - The new landmark luxury residence "THE PAVILIA FOREST柏蔚森" has sold over 600 units, generating sales exceeding 4.2 billion HKD, with the first delivery of units starting in September [2] - The luxury project "STATE PAVILIA皇都" has sold out all "皇都维港珍藏大宅" units, with an average price close to 40 million HKD [2] Group 3: Future Outlook - With ongoing business development and more new projects entering the market, New World is expected to see further performance progress in the new fiscal year [3] - The continuous launch of "滶晨II" and "THE PAVILIA FOREST柏蔚森" in the Hong Kong market is anticipated to maintain recent market momentum [3] - In the mainland market, projects in Guangzhou and Shenyang are continuing their strong sales momentum, with the first K11 Select project in Guangzhou set to debut [3] - The company will continue to adhere to a high-quality development strategy, focusing on its core business and pursuing stable growth in performance [3]

Group 1 - New World Development Company Limited has reached a new bank financing and unified bank financing agreement covering approximately HKD 88.2 billion of existing unsecured financial debt [1] - The company's financial management strategy focuses on reducing liabilities and improving cash flow, while continuing to fulfill existing financial responsibilities [1] - The recovery of the real estate market in Hong Kong and mainland China, along with the growth in demand for high-end residential properties, has led to the successful launch of several "phenomenal" hot-selling projects [1] Group 2 - As of June 25, the company has achieved its contract sales target of HKD 26 billion for the fiscal year 2024/2025 [1] - In the mainland market, projects in Guangzhou and Shenyang have led sales, with Shenyang's project topping the residential sales chart in May [1] - In Hong Kong, the super luxury project "滶晨" has sold over 330 units at a maximum price of over HKD 538,000 per square meter, attracting both local and overseas buyers [2]

Core Viewpoint - New World Development, owned by the Cheng Yu-tung family, faces significant financial challenges following the announcement of delayed interest payments on its perpetual bonds, leading to a sharp decline in its stock price and bond values [1][3][4]. Group 1: Financial Impact - New World Development's stock price dropped over 10% in a single day, closing at HKD 4.43, with a trading volume of 33.85 million shares, amounting to HKD 148 million [1][4]. - The company announced a total deferral of USD 77.2 million in debt obligations, with specific perpetual bonds hitting historical lows, such as the 6.15% perpetual bond dropping to 23 cents and the 4.8% bond falling to 15.5 cents [3][4]. - Analysts from Morningstar and Morgan Stanley indicated that while the deferral does not trigger a default, it poses long-term risks due to accumulating repayment obligations [4][6]. Group 2: Business Performance - New World Development reported contract sales of approximately HKD 24.8 billion this fiscal year, achieving over 95% of its annual sales target, with notable sales from projects in Hong Kong [6][7]. - Despite improvements in property sales, HSBC Global Research maintains a "reduce" rating on the company, citing low visibility in business turnaround and potential financial strain affecting dividend payments [6][7]. Group 3: Debt Management - The company is actively working on refinancing its HKD 87.5 billion bank loans and has secured commitments for refinancing, including a new loan of HKD 15.6 billion against its Victoria Dockside property [7]. - New World Development has successfully refinanced approximately HKD 17.76 billion of existing bank loans since July 2024, indicating ongoing efforts to manage its financial obligations [7].