Core Viewpoint - Longfor Group (00960) announced a significant decline in profit expectations for the six months ending June 30, 2025, primarily due to the downturn in the real estate industry affecting the gross profit margin of its property development business [1] Financial Performance - For the six months ending June 30, 2024, the profit attributable to the company's owners is reported at RMB 5.87 billion, while the expected profit for the same period in 2025 is projected to decline by approximately 45% [1] - The core profit, excluding the impact of fair value changes in investment properties and other derivative financial instruments, is RMB 4.75 billion for the six months ending June 30, 2024, with an anticipated decline of around 70% for the same period in 2025 [1] Operational Insights - The group's operational and service businesses continue to grow, contributing stable profits [1] - The operating cash flow, including capital expenditures, remains positive, and the company is steadily reducing its debt levels while optimizing its debt structure [1] - The company has fulfilled all debt obligations due in 2025 as of the announcement date [1] Strategic Focus - Moving forward, the company aims to enhance product and service capabilities centered around customer needs, actively promote inventory reduction in development business, and ensure steady growth in operational and service sectors [1] - The focus is on sustainable development across various business channels driven by positive operating cash flow [1]

Core Viewpoint - Longfor Group (00960) announced a significant decline in profit expectations for the upcoming fiscal periods, primarily due to the downturn in the real estate industry affecting its development business margins [1] Financial Performance - For the six months ending June 30, 2024, the profit attributable to the company's owners is reported at RMB 5.87 billion, with an expected decline of approximately 45% for the six months ending June 30, 2025 [1] - The core profit, excluding the impact of fair value changes from investment properties and other derivative financial instruments, is RMB 4.75 billion for the six months ending June 30, 2024, with an anticipated decline of around 70% for the same period in 2025 [1] Business Operations - The group's operational and service businesses continue to grow, contributing stable profits to the overall performance [1] - The operating cash flow, including capital expenditures, remains positive, and the company is steadily reducing its debt levels while optimizing its debt structure [1] Debt Management - The company is committed to fulfilling all debt obligations either ahead of schedule or on time, having fully repaid domestic credit bonds due within 2025 as of the announcement date [1] Future Strategy - Looking ahead, the company will focus on enhancing customer-centric product and service capabilities, actively promoting inventory reduction in development business, and ensuring steady growth in operational and service sectors to drive sustainable development across all business lines through positive operating cash flow [1]

龍湖集團控股有限公司 （於開曼群島註冊成立之有限責任公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴 該等內容而引致之任何損失承擔任何責任。 LONGFOR GROUP HOLDINGS LIMITED （股份代號：960） 內幕消息－盈利警告 此 乃 龍 湖 集 團 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部內幕消 息 條 文（定 義 見 上 市 規 則）而 作 出 的 公 告。 本 公 司 董 事 會（「董事會」）謹 此 知 會 本 公 司 股 東 及 潛 在 投 資 者，經 初 步 審 閱 本 集 團 截 至2025年6月 30日止六個月之未經審核綜合管理帳目及根據本公司現時可得的資料，對比截至2024年6月30日 止六個月本公司擁有人應佔溢利人民幣58.7億元，截至2025 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a decline in new housing transaction volume and value, with a year-on-year decrease of 4.0% in sales area and 6.5% in sales value for the first seven months of 2025 [5][14] - The report indicates a continued downward trend in sales data, with July showing a significant drop of 7.8% in sales area and 14.1% in sales value compared to the previous year [5][14] - The report notes that the construction data shows a narrowing decline, with new construction area down 19.4% year-on-year, while completion area decreased by 16.5% [6][20] - The report emphasizes that the investment in real estate development has seen an increasing decline, with a 12.0% drop in investment amount for the first seven months of 2025 [7][24] - The report mentions that the funding available to real estate developers has decreased by 7.5%, with only personal mortgage loans showing a month-on-month increase [7][27] Summary by Sections Sales Data - In the first seven months of 2025, the total sales area of commercial housing was 516 million square meters, down 4.0% year-on-year, with residential sales area down 4.1% [5][14] - The sales value for the same period was 4.96 trillion yuan, a decrease of 6.5% year-on-year, with residential sales value down 6.2% [5][14] Construction Data - The new construction area for the first seven months was 352 million square meters, down 19.4% year-on-year, with residential new construction down 18.3% [6][20] - The completion area was 250 million square meters, down 16.5% year-on-year, with residential completion down 17.3% [6][20] Investment Trends - Real estate development investment for the first seven months was 5.36 trillion yuan, down 12.0% year-on-year, with residential investment down 10.9% [7][24] - The funding available to developers was 5.73 trillion yuan, down 7.5% year-on-year, with domestic loans and personal mortgage loans showing slight increases [7][27] Investment Recommendations - The report suggests that the traditional off-season in July and August will see continued weakness in supply and demand, with a recommendation for strong credit real estate companies that can capture improvement-driven customer demand [8][33] - It also highlights companies benefiting from both residential and commercial real estate recovery, as well as those with high-quality property management services [8][33]

消息面上，北京近期发布楼市新政策，明确符合条件家庭在北京市五环外不再限制购房套数，并从从住 房套数认定、可贷款额度、贷款提取等方面加大了住房公积金支持力度。东方证券指出，北京此轮楼市 新政在节奏上超出预期，信号意义明显，深圳、上海限购政策松绑预期提升。 智通财经APP获悉，内房股涨幅居前，截至发稿，建发国际集团(01908)涨4.22%，报18.53港元；华润置 地(01109)涨3.51%，报33.5港元；龙湖集团(00960)涨3.03%，报10.88港元；新城发展(01030)涨2.6%，报 2.76港元。 国信证券指出，考虑到当前地产基本面转弱，房价持续下跌，地产股很难有趋势性行情，但北京新政或 是新一轮放松的开始，意味着地产股的博弈窗口有望开启。整体上，房价走势基本决定了地产股中期超 额收益的变化。但2022年至今，地产股超额收益经历了8次较为明显的脉冲，大多来自政策面，且政策 说法越新颖，反应越大。4月和7月中央政治局会议淡化地产，但若房价保持跌幅，可以期待政策"新说 法"。 ...

数据统计显示，中证港股通地产指数近一个月上涨3.85%，近三个月上涨11.21%，年至今上涨18.11%。 金融界8月14日消息，上证指数高开低走，中证港股通地产指数 (港股通地产，931025)报1690.69点。 作者：行情君 从中证港股通地产指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通地产指数持仓样本的行业来看，房地产占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入相应的行业主题指数中。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 当港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 据了解，中证港股通地产投资指数从港股通范围合资格证券中选取符合地产主题的不超过50家香港市场 上市公 ...

Core Viewpoint - Longfor Group's subsidiary, Chongqing Longfor Enterprise Development Co., Ltd., has received approval from bondholders for the early redemption of its "2022 Second Tranche Medium-Term Notes" [1] Group 1: Bond Details - The bond, identified as "22 Longfor Development MTN002," has a total issuance amount of 2 billion yuan [1] - The bond's interest rate is set at 3.00%, with a maturity date of November 30, 2025 [1] - The bond's interest commencement date is November 29, 2022, and the redemption is scheduled for August 28, 2025 [1]

记者丨张敏 编辑丨张伟贤 在各项稳楼市政策的推动下，市场趋稳，房地产企业的销售业绩也出现止跌迹象。 近日，多家房企发布2025年前7月销售业绩。虽然多数房企的销售规模仍低于去年同期，但跌幅普遍收 窄。 根据中指研究院的统计，2025年1~7月，TOP100房企销售总额为2.07万亿元，同比下降13.3%。与去年 同期约四成的销售跌幅相比，收窄明显。 保利暂列"销冠"。今年前7月，保利发展实现签约面积804.53万平方米，同比减少26.81%；签约金额 1631.85亿元，同比减少17.85%。此外，绿城、中海、华润、招商均迈入千亿阵营。 从已经公布销售单价的房企来看，企业的销售均价普遍低于去年，体现出以价换量的策略。 分析人士指出，房企销售降幅收窄，侧面反映出楼市正出现筑底迹象。政策仍有加力空间，从而推动市 场进一步止跌回稳。 以价换量是主流 今年前7月，央国企继续占据销售榜前列。从已公布销售业绩的房企来看，除保利外，绿城以1368亿元 的销售业绩位居第二，中海、华润、招商的销售规模分别为1320亿元、1236亿元、1046亿元。 这也是前7月仅有的五家迈入千亿阵营的企业。中指研究院指出，与去年同期相比，千亿 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [6][8]. Core Views - The real estate fundamentals are weakening, but the reshuffling of property companies is nearing completion [4]. - New home sales have turned negative again, with a 4% year-on-year decline in sales area for new residential properties in the first half of 2025 [1][16]. - The proportion of existing home sales is increasing, with second-hand homes accounting for 46% of total residential transactions in 2024, up 16 percentage points from the lowest point in 2021 [2][92]. - The competition landscape is becoming clearer, with major state-owned enterprises dominating sales rankings [4]. Summary by Sections New Home Sales and Market Dynamics - In the first half of 2025, the total sales area of new homes was 4.6 billion square meters, down 4% year-on-year, while the sales area of new residential properties was 3.8 billion square meters, accounting for 84% of total sales [1][16]. - The average selling price of existing homes was 0.8 million yuan per square meter, while the average price for new homes was 1.1 million yuan per square meter [1][37]. Second-Hand Housing Market - The transaction volume of second-hand homes has been steadily increasing, with a 13% year-on-year growth in the first half of 2025 [2][112]. - The average ratio of second-hand to new home transactions in major cities has risen to 2.3, indicating a shift towards second-hand homes [2][112]. Land Transaction and Competition - The structure of land transactions is changing, with a 28% year-on-year increase in total transaction value for residential land in the first half of 2025, despite a 3% decline in transaction area [3][65]. - Major state-owned enterprises continue to lead in sales and land acquisition, with the top four companies maintaining their positions [4][4]. Investment Recommendations - Given the current weakening fundamentals in the real estate sector, the report suggests that while there may not be a strong upward trend in real estate stocks, recent policy changes in Beijing could signal the beginning of a new round of easing [5][5]. - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and Wo Ai Wo Jia [5][8].

Group 1 - The core viewpoint of the article indicates that the real estate market in major cities is experiencing a traditional off-season in July, with a general decline in second-hand housing transaction volumes and a continuation of the "price for volume" phenomenon [1][60] - On the policy front, the central government is shifting its focus from large-scale expansion to improving existing stock, with key tasks outlined in the recent Central Urban Work Conference [1] - The State Council has introduced the "Housing Rental Regulations" to encourage the use of private housing for rental purposes and to support the revitalization of old properties for rental [1] Group 2 - In July, the average price of second-hand residential properties in 100 cities fell by 0.77% month-on-month and 7.32% year-on-year, while the top ten cities saw a month-on-month decline of 0.64% and a year-on-year decline of 5.10% [5] - Major cities like Wuhan and Nanjing experienced significant price drops, with Wuhan's month-on-month decline at 1.17% and year-on-year at 9.66% [5][36] - Beijing's second-hand housing transactions decreased by 15.6% month-on-month and 17.9% year-on-year, with prices down 0.61% month-on-month and 4.91% year-on-year [8][6] Group 3 - In Shanghai, second-hand housing transactions fell by 7.9% month-on-month and 6.7% year-on-year, with prices down 0.57% month-on-month and 4.41% year-on-year [13] - Guangzhou's second-hand housing prices decreased by 0.82% month-on-month and 5.52% year-on-year, with significant downward pressure on prices [20] - Shenzhen's second-hand housing market showed a slight increase in transaction volume, with 4,656 units sold, reflecting a 3.4% month-on-month growth [28] Group 4 - Chengdu's second-hand housing market remained active with 20,202 transactions in July, a 5.1% month-on-month increase, while prices fell by 0.20% month-on-month [43] - The overall sentiment in the real estate market is cautious, with high inventory levels leading to continued price pressures, despite some cities showing resilience [60][1] - The political bureau meeting on July 30 provided a positive outlook for the macroeconomic situation, which may help stabilize the market [60]