2月27日，新世界发展(00017)披露了2026财年中期业绩。财报显示，报告期内公司核心经营指标延续向 好态势。报告期内，核心盈利录得36亿港元，总债务减少17亿港元；经调整净利重回正数区间。得益 于"双轮驱动"战略的深化落地，公司2026上半财年合约销售达138亿港元，超越全年目标半数，其中香 港市场表现创2021年以来新高；投资物业板块业绩录得5%同比增长。新世界发展执行董事兼行政总裁 黄少媚表示："公司减债策略已见成效，业务发展态势持续向好。" 合约销售突破138亿港元 香港市场贡献突出 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，合约销售录得103亿港元，创下2021年以来最高纪录，充分 展现了公司深耕香港高端住宅市场的核心产品实力与品牌竞争力。 自2025年以来，随着多项利好因素叠加，香港楼市情绪逐步回暖。新世界发展精准把握市场窗口，积极 推盘应市，旗下多个项目取得热烈反响。报告期内，旗下多个项目包括新世界滶晨（DEEP WATER PAVILIA）、柏蔚森（THE PAVILIA FOREST） 、瑧 ...

智通财经APP获悉，2月27日，新世界发展(00017)披露了2026财年中期业绩。财报显示，报告期内公司核心经营指标延续向好态势。报告期内，核心盈利录 得36亿港元，总债务减少17亿港元；经调整净利重回正数区间。得益于"双轮驱动"战略的深化落地，公司2026上半财年合约销售达138亿港元，超越全年目 标半数，其中香港市场表现创2021年以来新高；投资物业板块业绩录得5%同比增长。新世界发展执行董事兼行政总裁黄少媚表示："公司减债策略已见成 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（左二）、新世界发展执行董事兼物业发展主管薛南海（右二）、新世界发展执行董事、首席财务总监兼联席公司秘 书刘富强（右一）、新世界发展执行董事兼新世界中国行政总裁陈耀豪（左一） 合约销售突破138亿港元 香港市场贡献突出 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，合约销售 录得103亿港元，创下2021年以来最高纪录，充分展现了公司深耕香港高端住宅市场的核心产品实力与品牌竞争力。 自2025年以来，随着多项利好因素叠 ...

FY2026 INTERIM PRESENTATION ANALYST BRIEFING 27 February 2026 SECTION ONE FINANCIAL HIGHLIGHTS RESULT HIGHLIGHTS SUSTAINED BUSINESS IMPROVEMENT PRIORITIZE ON REDUCING INDEBTEDNESS ENHANCED SHAREHOLDERS' FUNDS ON BACK OF DEBT EXCHANGE NARROWED LOSS WITH LOWER FINANCING COST 3 FINANCIAL HIGHLIGHTS PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKET | Core Operating Profit | Segment Results | | Loss Attributable To Shareholders | | | | --- | --- | --- | --- | --- | --- | | HK$3.6B | HK$3.2B -24% YoY | | HK$3.7B One- ...

2月17日是农历正月初一，"国泰新春国际汇演之夜"在香港尖沙咀上演，吸引众多民众到场观赏。(资料 图)中新社记者 陈永诺 摄 春节假期期间，"国泰新春国际汇演之夜"、维多利亚港烟花汇演、农历新年赛马日、贺岁杯等活动接连 在港举办，吸引大批市民与旅客参与。其间，共有约2400个内地入境旅行团接近8.4万人次访港，过夜 行程占约74%，旅行团数目较去年春节假期上升约9%。今年春节假期期间，香港酒店入住率普遍达到 90%。 中新社香港2月24日电 香港特区政府政务司司长陈国基领导的节庆安排跨部门工作小组24日公布，2026 年中国内地春节假期(2月15日至23日)期间，访港旅客共有约177万人次，较去年同期上升14%。其中内 地访港旅客共约150万人次，较去年上升14%，非内地访港旅客共约27万人次，同比亦上升14%。 数据显示，假期期间，平均每日内地旅客入境人次约17万。内地旅客入境最高峰日子为2月18日(正月初 二)，当天约有21万人次内地旅客访港。最多内地旅客使用的入境口岸为高铁西九龙站，其次为落马洲 支线。 文旅业畅旺带动香港零售业增长。新世界发展有限公司表示，今年春节假期集团旗下的文化零售地 标"K11 ...

Core Insights - The K11 ELYSEA project in Shanghai has achieved a pre-leasing rate of over 50% for its K11 ATELIER Huaihai office building, indicating strong demand in the commercial real estate sector [2][4] - K11 projects across China have seen significant increases in foot traffic and sales during the holiday season, with overall sales up nearly 20% and foot traffic up over 10% compared to the previous year [5][10] - The K11 brand continues to enhance its cultural and luxury positioning, with successful events and partnerships driving consumer engagement and sales growth [7][10] Group 1: Shanghai K11 ELYSEA - The K11 ATELIER Huaihai office building, part of the K11 ELYSEA project, is located in a prime area of Shanghai and has a total construction area of 130,000 square meters (approximately 1.4 million square feet) [2] - The project has attracted major tenants, including Marsh Group, which has leased 6,000 square meters, reflecting long-term trust in the K11 brand [2] - The office building is expected to be gradually available in the second half of 2026, contributing to the business ecosystem in Shanghai's core commercial district [2][4] Group 2: Holiday Performance - During the double holiday period, K11 locations in mainland China experienced a significant increase in customer traffic, with Guangzhou K11 reporting over 650,000 visitors, a rise of over 50% compared to the previous month [9][7] - Sales in the collectible toy category surged nearly 44%, while electronics sales more than doubled, showcasing the effectiveness of K11's innovative "art + commerce" model [5] - K11 MUSEA in Hong Kong saw foot traffic increase by nearly 50% during the New Year holiday, with member spending rising over 40%, particularly in luxury brands [10][12] Group 3: Sustainability Achievements - New World Development has been recognized for its sustainability efforts, achieving a top score in the CDP climate project and ranking in the top 4% globally among over 20,000 rated companies [13] - The company’s performance in environmental disclosure reflects its commitment to addressing climate risks and maintaining trust with investors and stakeholders [13]

Core Viewpoint - The real estate industry is undergoing a prolonged adjustment phase, entering a "bottoming" stage, with tightening external financing conditions and accelerated deleveraging processes posing significant challenges [1] Group 1: Company Performance - New World Development (0017.HK) reported strong performance in both Hong Kong and mainland markets, with a 12% year-on-year increase in foot traffic at K11 MUSEA during the National Day holiday, setting a record since its opening [1] - The company achieved a revenue of HKD 27.68 billion and a core operating profit of HKD 6.01 billion for the fiscal year 2025, demonstrating resilience amid market fluctuations [2] - New World has raised its sales target for fiscal year 2026 to HKD 27 billion, reflecting a proactive approach to market conditions and a commitment to high-quality development [2][3] Group 2: Sales and Market Dynamics - The company successfully completed its sales target of HKD 26 billion for fiscal year 2025, with contract sales contributions of HKD 11 billion from Hong Kong and RMB 14 billion from mainland China [3] - In the mainland market, projects like "Guangyue Guandi" achieved sales of RMB 2 billion upon opening, indicating strong market demand [4] - The "PAVILIA COLLECTION" series in Hong Kong has outperformed the market, with significant sales figures reported for various projects [3][4] Group 3: Investment Properties - New World Development's investment properties generated stable income, with total investment property revenue of HKD 5.055 billion, supported by high occupancy rates at K11 MUSEA and office buildings [6][7] - The company is expanding its investment property portfolio, with new projects like the second K11 commercial complex in Guangzhou expected to contribute to future revenue [7][8] Group 4: Debt Management and Financial Health - New World is actively implementing a "seven-pronged debt reduction plan," significantly reducing its short-term debt from HKD 73.8 billion to HKD 29 billion over two years [9][11] - The company secured a commitment for a loan of up to HKD 5.9 billion from Deutsche Bank, enhancing its financial flexibility [2][11] - Average financing costs have decreased to 4.8%, resulting in a reduction of total financing costs from HKD 8.7 billion to HKD 7.4 billion [11]

Group 1: Tourism Consumption - During the National Day and Mid-Autumn Festival holiday, Guangdong received over 65.17 million tourists, generating tourism revenue exceeding 61.3 billion yuan, both showing an increase of over 10% compared to last year [1] - Shenzhen welcomed approximately 9.2 million tourists, marking a 12.4% increase from the previous year, with total tourism revenue reaching 8.94 billion yuan, up 17.6% [2] - Over 1.4 million mainland tourists visited Hong Kong during the holiday, reflecting a growth of about 15% year-on-year [3] Group 2: New Attractions and Events - New landmarks in Shenzhen, such as the "Bay Area Eye" bookstore and the Qianhai Ice World, contributed to the tourism surge, with the bookstore attracting significant foot traffic shortly after its opening [2] - The Qianhai Ice World, the largest indoor ski resort globally, became a popular destination among younger tourists during the holiday [2] Group 3: Retail Performance - Hong Kong's hotel industry saw revenue growth of over 10% during the holiday, with an average occupancy rate exceeding 90% [3] - Retail sales in Hong Kong showed stable performance, with jewelry and cosmetics sales experiencing low double-digit growth, attributed to rising gold prices and new smartphone releases [4] - The K11 MUSEA shopping mall reported a 12% increase in foot traffic compared to last year, achieving a record high since its opening [4]

Group 1 - The core viewpoint indicates that New World Development's fiscal year 2025 performance aligns with expectations, with a revenue of HKD 27.68 billion, a 23% decrease from HKD 35.78 billion in 2024, primarily due to the nearing completion of construction projects, reduced income from property development in mainland China, and loss of revenue from sold businesses [1] - Gross profit for fiscal year 2025 was HKD 11.63 billion, down 10% year-on-year, while core operating profit from continuing operations was HKD 6.02 billion, a 13% decline, with an estimated core profit of approximately HKD 0.5 billion, slightly below expectations [1] - The board has decided not to declare a final dividend for the fiscal year [1] Group 2 - The sales target for fiscal year 2026 has been raised to HKD 27 billion, benefiting from the easing of property market restrictions and anticipated interest rate cuts, with expected contract sales of approximately HKD 11 billion in Hong Kong, mainly from luxury projects and office developments [2] - In mainland China, the company achieved contract sales of RMB 14 billion, with 52% coming from the Greater Bay Area, and the investment properties performed well, with increased foot traffic and sales at K11 MUSEA and K11 ArtMall [2] Group 3 - The company continues to prioritize debt reduction, with total debt decreasing from approximately HKD 151.6 billion at the end of fiscal year 2024 to about HKD 146 billion, and net debt reduced by approximately HKD 4.5 billion [3] - Short-term debt significantly decreased to around HKD 6.6 billion, and the company successfully completed HKD 88.2 billion in loan refinancing in June 2025, enhancing financial flexibility [3] - For fiscal year 2026, the company has proposed seven debt reduction measures, including accelerating sales, unlocking agricultural land value, expediting the sale of non-core assets, reducing capital expenditures, and suspending dividends to improve cash flow and reduce debt [3] - The company maintains a buy rating and has raised the target price to HKD 9.70, believing that the current price-to-book ratio of approximately 0.13 reflects market concerns about its debt, with expectations of further interest rate declines and a gradual recovery in the Hong Kong property market [3]

Core Insights - New World Development reported a significant loss of 16.302 billion HKD from continuing operations for the fiscal year 2025, primarily due to impairment provisions related to development properties totaling approximately 8.5 billion HKD and a valuation revision loss of 2.7 billion HKD from the 11SKIES project [2][3] - The company secured a financing agreement with Deutsche Bank AG for up to 5.9 billion HKD, with an initial commitment of 3.95 billion HKD, using the Victoria Dockside property as collateral [2][3] - The company has made progress in reducing its debt, with total debt decreasing from 146.5 billion HKD at the end of 2024 to 146 billion HKD by June 2025, and net debt reduced from 124.6 billion HKD to 120.1 billion HKD [4][5] Financial Performance - For the fiscal year 2025, New World Development recorded total revenue of 27.681 billion HKD and a gross profit of 11.626 billion HKD, with core operating profit at 6.016 billion HKD [2] - The company achieved a contract sales target of 26 billion HKD, with 11 billion HKD from Hong Kong and 14 billion RMB from mainland China [6][8] - Investment property income for the fiscal year was 50.55 billion HKD, with a stable performance in both Hong Kong and mainland properties [21][23] Debt Reduction Strategy - The company is actively implementing a "Seven Measures to Reduce Debt Plan," which includes selling development projects and non-core assets, releasing agricultural land value, and improving rental returns [5][13] - The company has successfully reduced short-term debt significantly, with debts due within two years decreasing from 73.8 billion HKD to 29 billion HKD, and debts due within one year dropping from 41.6 billion HKD to 6.6 billion HKD [4][5] Property Development and Sales - New World Development plans to launch several key projects in Hong Kong for the fiscal year 2026, including the "Bauhinia" project in Kowloon City and multiple luxury residential projects [7][9] - In mainland China, the company has a rich pipeline of projects, including Guangzhou and Shenzhen developments, with plans to continue selling these properties [8][9] Rental Income and Property Performance - The company reported a rental income of 3.234 billion HKD from its Hong Kong investment properties, contributing 40% to the group's core profit, driven by high occupancy rates at K11 MUSEA and office buildings [15][21] - K11 MUSEA has seen a surge in international luxury brands, enhancing its rental yield and overall revenue [15][16] - The K11 Art Mall in Hong Kong achieved a 100% occupancy rate, with significant sales growth in the anime and outdoor sports segments [19][20]

Group 1 - The company reported a revenue of HKD 27.681 billion from continuing operations for the fiscal year ending June 30, 2025, with a gross profit of HKD 11.626 billion and a core operating profit of HKD 6.016 billion, indicating strong performance and profitability in its core business [1] - In the core real estate segment, the company achieved contract sales of HKD 26 billion, with contributions of HKD 11 billion from Hong Kong and RMB 14 billion from mainland China, where the southern region, led by the Greater Bay Area, accounted for nearly 52% of sales [1] - The company raised its sales target for fiscal year 2026 to HKD 27 billion, reflecting optimism about market prospects and confidence in its sales capabilities [1] Group 2 - The company reported property development revenue of HKD 2.696 billion from Hong Kong and HKD 12.344 billion from mainland China, with segment profits of HKD 0.877 billion and HKD 4.703 billion, respectively [1] - In the investment property sector, rental rates and sales for office buildings and shopping malls in both Hong Kong and mainland China showed steady growth, with recurring income continuing to rise [1] - The company generated HKD 3.234 billion in investment property revenue from Hong Kong and HKD 1.821 billion from mainland China, with segment profits of HKD 2.401 billion and HKD 0.843 billion, respectively [1] Group 3 - The CEO expressed confidence in the company's ability to capitalize on market improvements, driven by declining interest rates and a recovering real estate market, and emphasized the commitment to accelerate sales and cash flow [2]