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]