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]

Core Viewpoint - Shanghai New World Co., Ltd. is set to hold a Q3 2025 earnings presentation on November 11, 2025, to discuss its operational results and financial status with investors [2][5]. Group 1: Meeting Details - The earnings presentation will take place on November 11, 2025, from 16:00 to 17:00 [3][4]. - The venue for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [2][3]. - The meeting will be conducted in an interactive online format, allowing for real-time communication with investors [2][4]. Group 2: Investor Participation - Investors can submit questions for the presentation from November 4 to November 10, 2025, via the Roadshow Center website or through the company's email [2][4]. - The company will address commonly asked questions during the earnings presentation [2][4]. Group 3: Contact Information - The contact department for inquiries is the company's board office, reachable by phone or email [4].

Core Insights - The increasing electrification of human life and rapid advancements in big data and AI technologies are driving unprecedented growth in global energy demand. Space-based solar power (SBSP) may offer a new path toward a truly clean and abundant energy future [1][3]. Technological and Economic Feasibility - With decreasing launch costs and advancements in large-scale manufacturing technologies, SBSP has become technically and economically feasible. However, key technical challenges remain, such as further reducing launch costs and improving the efficiency of power transmission to Earth [3][8]. Advantages of Space-Based Solar Power - SBSP can provide stable and reliable baseload power, which was previously only achievable through fossil fuels or nuclear energy. The intensity of sunlight in space is 5-10 times greater than on Earth, allowing for higher energy generation efficiency and significant land resource savings [4][5]. - A recent NASA study predicts that a model of SBSP could generate power 99% of the time in a year. This high energy density could also reduce material consumption, enhancing sustainability and alleviating resource pressure [5]. Global Competition and Developments - A "space race" for sustainable energy is underway, with countries and private enterprises increasing investments in SBSP. In August 2023, Caltech's SBSP prototype successfully demonstrated wireless energy transmission in space [6]. - China is advancing its kilometer-scale array construction, aiming for breakthroughs by 2028, with ongoing projects in Chongqing and Xi'an [6]. - The European Space Agency launched the SOLARIS pre-research program in January 2023, planning to invest €60 million over three years to tackle core technologies [6]. - The UK has adopted the CASSIOPeiA concept for SBSP demonstration projects, with plans to deliver commercial systems within six years [6]. - Japan is focusing on SBSP as a key development direction, successfully conducting long-distance microwave transmission experiments [7]. Technical Challenges - Despite the promising outlook for SBSP, several key technical hurdles must be overcome. The challenge of launch costs remains significant, as constructing larger SBSP stations will require numerous launches [8]. - Current wireless power transmission has achieved distances of several kilometers, but efficiently and stably transmitting gigawatt-level power back to Earth presents major technical bottlenecks [8]. - The need for autonomous robots to accurately assemble and maintain large space structures in orbit is another critical technical challenge that needs to be addressed [8].

证券代码：600628 简称：新世界 公告编号：临 2025-022 上海新世界股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 11 日(星期二)下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 4 日(星期二)至 11 月 10 日(星期一)下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 newworld@newworld-china.com 进行提问。公司将在 2025 年第三季度业绩 说明会上对投资者普遍关注的问题进行回答。 上海新世界股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日在上海证券交易所网站（http://www.sse.com.cn ...

Core Viewpoint - New World Development (0017.HK) proposes to exchange part of its bonds to optimize the maturity structure of its debt, enhancing the flexibility and liquidity of its balance sheet, which will result in the issuance of new perpetual bonds and notes totaling no more than $1.9 billion (approximately HK$14.82 billion) [1] Group 1 - The company aims to improve its overall financial condition through this bond exchange [1] - The proposed issuance will include new perpetual bonds and new notes [1] - The total principal amount involved in the issuance will not exceed $1.9 billion [1]

Core Viewpoint - New World Group has launched an exchange offer that includes $700 million of perpetual capital securities [1] Group 1 - The exchange offer is aimed at enhancing the company's capital structure [1] - The perpetual capital securities are designed to provide flexibility in financing [1] - This move reflects the company's strategy to optimize its funding sources [1]

Core Insights - The "World Open Report 2025" was introduced at a media briefing in Beijing, highlighting its significance in analyzing global openness trends and practices [1] - The report is a flagship publication of the Hongqiao International Economic Forum, co-authored by the Chinese Academy of Social Sciences and the Hongqiao International Economic Forum Research Center [1] Summary by Sections Section 1: Global Openness Trends - The first part of the report focuses on the global openness landscape since 2024, exploring mechanisms for enhancing governance and openness levels [1] Section 2: Key Issues in Global Openness - The second part delves into critical issues such as the tension between free trade and protectionism, the impact of cross-border data flows on collaborative AI and digital trade, and the relationship between global cooperation and economic security [1] Section 3: Successful Practices in Global Openness - The third part showcases practical measures and significant achievements of China's openness in the new era [1] Highlights and Features - The report has increased international influence compared to previous editions [2] - It features a more diverse and robust research dimension, extending the measurement of the World Openness Index back to 1990, providing a 35-year data span for analysis [2] - The topics covered are more cutting-edge, reflecting contemporary global challenges [2] - The report emphasizes the importance of early involvement from scholars and policymakers in its development, ensuring a deep international perspective [2] - Constructive academic exchanges have enriched the report's depth and breadth, embodying the spirit of openness [2] - Transparency in methodology and data is highlighted as essential for building trust among participants and ensuring the report's credibility [2]

Core Insights - New World, established in November 1996 and listed on the Shanghai Stock Exchange in January 1993, is a well-known commercial enterprise in Shanghai, primarily engaged in department store and healthcare businesses, benefiting from brand and location advantages [1] Financial Performance - In Q3 2025, New World reported revenue of 791 million yuan, ranking 13th out of 22 in the industry, significantly lower than the top competitor Tianhong's 8.88 billion yuan and second-place Wangfujing's 7.71 billion yuan, as well as below the industry average of 1.87 billion yuan and median of 1.07 billion yuan [2] - The revenue breakdown shows that the healthcare sector contributed 266 million yuan (50.32%), commercial operations contributed 118 million yuan (22.40%), hotel services contributed 96.25 million yuan (18.23%), and other sectors contributed 36.22 million yuan (6.86%) [2] - The net profit for the same period was 64.28 million yuan, ranking 9th in the industry, with the top performer Hangzhou Jiebei earning 316 million yuan and the second East Hundred Group earning 162 million yuan, both exceeding the industry average of 39.28 million yuan and median of 53.55 million yuan [2] Financial Ratios - As of Q3 2025, New World's debt-to-asset ratio was 25.04%, up from 24.42% year-on-year, which is significantly lower than the industry average of 48.09%, indicating strong debt repayment capability [3] - The gross profit margin for the same period was 42.70%, an increase from 41.18% year-on-year, but still slightly below the industry average of 45.34% [3] Management Compensation - The total compensation for General Manager Shen Weimin was 922,500 yuan, reflecting an increase of 36,000 yuan year-on-year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.22% to 43,200, while the average number of circulating A-shares held per account increased by 10.15% to 15,000 [5] - Among the top ten circulating shareholders, the CSI Shanghai State-owned Enterprise ETF ranked as the ninth largest, holding 4.6278 million shares, a decrease of 595,000 shares from the previous period [5]

Core Viewpoint - New World (600628.SH) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 791 million yuan, representing a year-on-year decrease of 1.90% [1] - The net profit attributable to shareholders was 64.48 million yuan, down 1.46% year-on-year [1] - The net profit after deducting non-recurring items was 40.68 million yuan, reflecting a significant decline of 23.55% compared to the previous year [1] - Basic earnings per share stood at 0.10 yuan [1]

根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》附件《第四号 —零售》、《关于做好主板上市公司 2025 年第三季度报告披露工作的重要提醒》等有关规定 的要求，上海新世界股份有限公司（以下简称"公司"）现将 2025 年第三季度主要经营数 据披露如下： | 业态 | 经营模式 | 2025 年 7-9 | 月（单位：万元） | | 2024 年 7-9 | 月（单位：万元） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 营业收入 | 营业成本 | 毛利率% | 营业收入 | 营业成本 | 毛利率% | | 百货商场 | 联营销售 | 5,355 | 2,613 | 51.20 | 6,505 | 3,065 | 52.88 | | | 自营销售 | 188 | 155 | 17.55 | 243 | 194 | 20.16 | | 医药销售 | 联营销售 | 74 | 5 | 93.24 | 85 | 19 | 77.65 | | | 自营销售 | 5,683 | 2,927 | 48.50 | 4,573 | 2,5 ...