12月5日，位于越南顺化市的玉柴越南工厂建成投产。这是玉柴继泰国工厂之后，在海外建 成的第二个发动机工厂，是玉柴国际化战略的又一个重要里程碑和战略支点，标志着中越两 国企业在高端装备制造领域携手合作取得丰硕成果。 越共中央委员、顺化市人民议会主席、顺化市国会代表团团长黎长流，越共中央委员、顺化 市委书记阮廷忠，越南FUTA集团董事会主席阮友论，越南金龙汽车总经理陶曰映，玉柴集 团党委书记、董事长、玉柴股份董事长李汉阳等领导及业界嘉宾，共同见证了工厂投产仪式 这一历史时刻。 玉柴越南工厂是由玉柴与越南金龙汽车顺化股份有限公司合作建设的发动机工厂。它是越南 本土第一家专业的汽车发动机厂，也是提升金龙汽车和玉柴在越南乃至整个东盟市场地位与 品牌价值的战略支点。 该工厂于2024年8月开工建设，玉柴依托在发动机制造领域数十年的深厚积淀，为该工厂 建设提供涵盖产线建设、技术服务、技术许可、数字化系统建设等全方位解决方案。工厂的 建成充分彰显了"中国速度"与"玉柴效率"。工厂配备全球领先、高自动化的发动机装配生 产线，主要生产玉柴全系列柴油和天然气发动机，涵盖商用车、工程机械、农用机械、船 舶、发电等应用领域。该工厂首批 ...

12月5日，位于越南顺化市的玉柴越南发动机制造厂建成投产。这是玉柴继泰国工厂之后，在海外建成的第二个发动机工厂，是玉柴国际化战略的又一 个重要里程碑和战略支点，标志着中越两国企业在高端装备制造领域携手合作取得丰硕成果。越共中央委员、顺化市人民议会主席、顺化市国会代表团 团长黎长流，越共中央委员、顺化市委书记阮廷忠，越南FUTA集团董事会主席阮友论，越南金龙汽车总经理陶曰映，玉柴集团党委书记、董事长、 玉柴股份董事长李汉阳等领导及业界嘉宾，共同见证了工厂投产仪式这一历史时刻。 玉柴越南发动机制造厂是由广西玉柴机器股份有限公司与越南金龙汽车顺化股份有限公司合作建设的发动机工厂。它是越南本土第一家专业的汽车发动 机制造厂，也是提升金龙汽车和玉柴在越南乃至整个东盟市场地位与品牌价值的战略支点。 该工厂于2024年8月开工建设，玉柴依托在发动机制造领域数十年的深厚积淀，为该工厂建设提供涵盖产线建设、技术服务、技术许可、数字化系统建 设等全方位解决方案。工厂建设历时15个月，充分彰显了"中国速度"与"玉柴效率"。工厂配备全球领先、高自动化的发动机装配生产线，主要生产玉柴全系 列柴油和天然气发动机，涵盖商用车、工程机械、农 ...

Core Viewpoint - The real estate industry is undergoing a significant adjustment, with many companies facing challenges in inventory reduction, debt reduction, and transformation. Companies with strong financial health and a long-term vision are becoming industry benchmarks [1][3]. Financial Performance - New World Development reported a revenue of HKD 27.681 billion and a core operating profit of HKD 6.016 billion for the fiscal year ending June 30, 2025. The company completed bank refinancing of HKD 88.2 billion, with total debt and net debt both decreasing [3][17]. - The company achieved a positive cash flow of HKD 11.916 billion, with total debt reduced by approximately HKD 5.7 billion and net debt reduced by approximately HKD 3.5 billion during the fiscal year [17]. Market Performance - New World Development set a property sales target of HKD 26 billion for the fiscal year 2025, achieving strong performance in both Hong Kong and mainland markets. The Hong Kong property development revenue was HKD 2.696 billion, while mainland property development revenue was HKD 12.344 billion [5][9]. - The company’s projects in Hong Kong, such as the "滶晨" project, have seen significant sales, with total contract sales exceeding HKD 11.4 billion since its launch in May [5][7]. Strategic Focus - The company emphasizes high-quality development strategies, balancing short-term gains with long-term growth through quality sales projects and operational assets [1][3]. - New World Development plans to increase its sales target for fiscal year 2026 to HKD 27 billion, focusing on both Hong Kong and mainland markets, with strategic projects in key areas [9][10]. Investment and Innovation - The investment segment, particularly the K11 brand, continues to provide stable cash flow, with property investment revenue reaching HKD 5.055 billion. K11's performance in Hong Kong and mainland markets has shown growth, with a 4% year-on-year increase [10][11]. - K11 has adapted to changing consumer demands by enhancing the shopping experience through cultural and artistic elements, achieving record foot traffic and sales during peak periods [10][14]. Debt Management - The company has implemented a "seven measures to reduce debt" strategy, resulting in a decrease in debt levels and improved liquidity, which supports core business development [15][17]. - The focus on debt reduction and cash flow management is crucial for maintaining daily operations and financial health [17].

Core Insights - The company is optimistic about the future of the real estate market, emphasizing the importance of quality in products and services to seize development opportunities [2][3] - The company has successfully secured a record refinancing of HKD 88.2 billion, marking the largest loan of its kind in Hong Kong's history [1] - The company aims to enhance cash flow stability by increasing sales, driven by favorable market conditions such as interest rate cuts and a stabilizing Hong Kong property market [1] Financial Performance - The company achieved a contract sales amount of over HKD 11.4 billion for the Yau Chan project, making it the top performer in Hong Kong's new housing market for 2025 [1] - The company projects a total contract sales amount of approximately HKD 14 billion in mainland China for the 2025 fiscal year, with the southern region, particularly the Greater Bay Area, contributing nearly 52% [3] Strategic Focus - The company is implementing a dual strategy of "sales properties + operating assets" to balance short-term revenue and long-term growth [5] - The company is focusing on urban renewal projects to acquire land, particularly in the Greater Bay Area and Yangtze River Delta regions, which are seen as having strong development potential [2][3] Market Outlook - The company expresses confidence in the demand support from both the Hong Kong and mainland markets, with a particular focus on the ongoing talent attraction initiatives in Hong Kong [2] - The company plans to concentrate investments in residential properties, aiming for a balance between cash input and output for long-term and short-term returns [3] Operational Strategy - The company is enhancing its operational management by integrating the operations of its Hong Kong and mainland subsidiaries, focusing on cost control and profit maximization [5][7] - The company is committed to improving cash flow, managing debt, and optimizing operational efficiency in the upcoming fiscal year [7]

Core Viewpoint - New World Development is struggling to return to profitability amid significant losses and ongoing debt issues, with a focus on debt reduction and asset sales to stabilize its financial situation [1][3][5]. Financial Performance - For the fiscal year 2025, New World Development reported a shareholder loss of HKD 16.3 billion, a 38% increase year-on-year [1]. - Revenue decreased by 23% to HKD 27.681 billion, gross profit fell by 10% to HKD 11.626 billion, and core operating profit declined by 13% to HKD 6.016 billion [3]. - Total assets shrank by 5.6% to HKD 420.265 billion [3]. Debt Management - The company has a total debt of HKD 146 billion and a net debt of HKD 120.1 billion, despite a reduction in total debt by HKD 5.7 billion and net debt by HKD 3.6 billion compared to the previous year [5][6]. - New World Development has implemented a "seven debt reduction plans" strategy and continues to prioritize debt reduction in the new fiscal year [1][3]. Asset Sales and Financing - The company has sold several assets, including properties in Beijing and Ningbo, as part of its debt reduction strategy [1]. - New World Development secured HKD 88.2 billion in financing at the end of the last fiscal year and has recently signed a loan agreement with Deutsche Bank for up to HKD 5.9 billion [1][6]. Market Outlook - The Hong Kong property market has shown signs of recovery, with the successful launch of the Kowloon City project, which sold out on its opening day [4]. - The company aims to increase its contract sales target for fiscal year 2026 to HKD 27 billion, up from HKD 26 billion in the previous year [3]. Leadership Changes - The company has undergone significant leadership changes, with the previous leader, Zheng Zhigang, being marginalized and establishing a new investment company outside the family business [2][6]. - New World Development has clarified its relationship with the K11 brand, stating that it remains fully owned by the company, despite Zheng's new ventures [7][8].

Core Insights - K11 is a fully owned trademark and brand of New World Group, with no current management of third-party developed properties [1] - The former CEO of New World, Zheng Zhigang, has permission to use the "K11 by AC" brand, but it operates independently from New World Group [1] - K11 division reported a 4% growth in performance during the reporting period [1]

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]

Group 1 - The K11 division of New World Development achieved a 4% growth in performance during the reporting period [1] - K11 is a registered trademark and brand fully owned by New World Group [1] - The former CEO of New World, Zheng Zhigang, has permission to use the "K11 by AC" brand, but it operates independently from New World Group [1] Group 2 - New World Group does not manage any properties developed by third parties outside of its own companies [1] - The latest financial report indicates a 4% growth in the K11 division's performance [1]

Group 1 - New World Development confirmed that K11 is a wholly owned trademark and brand of the group, and K11 by AC has no relationship with it [1] - K11 by AC, established by former New World CEO Dr. Zheng Zhigang, operates independently and has obtained permission to use the K11 brand [1] - The K11 division of New World Development reported a 4% growth in performance for the fiscal year 2025 [1] Group 2 - In early September, Zheng Zhigang announced a partnership with Qingdao West Coast New Area Management Committee and Changkun Group to build a multifunctional complex [2] - Zheng Zhigang also founded ALMAD Group, under which K11 by AC operates as a cultural brand [2]