截止2025年12月末，集团实现经营性收入约人民币267.7亿元(含税金额约人民币285.4亿元)；其中运营 收入约人民币141.9亿元(含税金额约人民币151.9亿元)，服务收入约人民币125.8亿元(含税金额约人民币 133.5亿元)。约人民币121.8亿元)。 格隆汇1月12日丨龙湖集团(00960.HK)公告，截止2025年12月末，集团累计实现总合同销售金额人民币 631.6亿元，合同销售面积518.6万平方米，十二月单月实现总合同销售金额人民币37.7亿元，合同销售 面积44.7万平方米；十二月单月实现归属公司股东权益的合同销售金额人民币23.8亿元，归属公司股东 权益的合同销售面积28.6万平方米。 ...

Core Viewpoint - Longfor Group (00960) reported a total contract sales amount of RMB 63.16 billion and a contract sales area of 5.186 million square meters by the end of December 2025 [1] Group 1: Sales Performance - The total contract sales amount for December alone reached RMB 3.77 billion, with a contract sales area of 447,000 square meters [1] - The contract sales amount attributable to shareholders for December was RMB 2.38 billion, with an area of 286,000 square meters [1] Group 2: Land Acquisition - In December 2025, the company added a new land reserve with a total construction area of 63,600 square meters and an equity construction area of 63,600 square meters [1] - The equity land price for this new acquisition was RMB 766 million [1] Group 3: Revenue Generation - By the end of December 2025, the company achieved operating revenue of approximately RMB 26.77 billion (tax-inclusive amount approximately RMB 28.54 billion) [1] - The operating revenue was approximately RMB 14.19 billion (tax-inclusive amount approximately RMB 15.19 billion), while service revenue was approximately RMB 12.58 billion (tax-inclusive amount approximately RMB 13.35 billion) [1]

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的內容概不負責，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份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 LONGFOR GROUP HOLDINGS LIMITED 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） （股份代號：960） 上述數據未經審核，乃根據本集團初步內部資料編製，鑒於收集該等數據過程中存在各種不確定 因素，該等數據與本公司按年度或半年度刊發的經審核或未經審核綜合財務報表中披露的數字 可能存在差異，因此上述數據僅供投資者參考。投資者買賣本公司證券時務須謹慎行事，避免不 恰當地依賴該等資料。如有任何疑問，投資者應尋求專業人士或財務顧問的專業意見。 承董事會命 龍湖集團控股有限公司 主 席 陳序平 香港，二零二六年一月十二日 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」）董 事 會（「董事會」）公 佈，截 止 二零二五年十二月末，本集團累計實現總合同銷售金額人民幣631.6億元，合同銷售面積518.6萬平 方米，十二月單月實現總 ...

Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting that the industry is entering a phase of stable structure and profitability, with a focus on quality over quantity in land acquisition [61]. Core Insights - The 2025 land market is characterized by a "quality over quantity" approach, with a significant decrease in land supply and transaction volumes, while average transaction prices have increased [25][61]. - Central state-owned enterprises (SOEs) and leading real estate companies are becoming more active in land acquisition, with a notable increase in land acquisition intensity among major firms [48][61]. - The average premium rate for land transactions in national sample cities has risen, indicating strong competition for prime land in first and second-tier cities [31][61]. Summary by Sections Land Market Overview - In 2025, the total land supply in national sample cities decreased by 16.9% year-on-year to 1,172.42 million square meters, with first, second, and third-fourth tier cities experiencing declines of 27.6%, 6.4%, and 19.2% respectively [25][28]. - Land transaction volumes also fell by 12.5% to 986.63 million square meters, with transaction values dropping by 11.4% to RMB 28,488 billion, while the average transaction floor price increased by 3.4% to RMB 2,887 per square meter [25][28]. Premium Rates and City Focus - The average premium rate for land transactions in 2025 was 5.3%, up 1.1 percentage points year-on-year, with first-tier cities averaging 10.7% and second-tier cities at 6.2% [31][61]. - Major cities like Shanghai, Shenzhen, Hangzhou, and Chengdu saw premium rates exceeding 10%, indicating a strong demand for quality land [31][61]. Investment Strategies of Key Players - In 2025, 12 real estate companies exceeded RMB 10 billion in land acquisition, with 11 being central SOEs, highlighting the dominance of state-owned enterprises in the market [48][61]. - The land acquisition intensity for the top 100 real estate companies was 0.29, reflecting a 70.6% increase year-on-year, with Hangzhou Binjiang Real Estate Group leading at 81.9% [48][61]. Investment Recommendations - The report suggests focusing on key players in the real estate sector, including Poly Developments, China Merchants Shekou, and China Resources Land, among others, as they are well-positioned to benefit from the current market dynamics [61][65].

Policy News - The State Council held a meeting on January 9 to implement a package policy for fiscal and financial coordination to boost domestic demand, emphasizing the need to guide social capital in promoting consumption and expanding investment, particularly in supporting resident consumption upgrades and private investment development [1] - The People's Bank of China emphasized the continuation of moderately loose monetary policy during its 2026 work meeting, aiming to support stable growth in the real economy and financial market, while also addressing financial risks in key areas [1] - Recent adjustments to the real estate financing coordination mechanism allow projects on the "white list" to extend loans for up to five years, compared to the previous maximum of two and a half years [1] Market News - In 2025, the total land transfer fees for residential land in 300 cities decreased by 10.6% year-on-year, with a total of 2.3 trillion yuan, and the planned building area for residential land transactions fell by 13.5% to 620 million square meters [4] - The top 20 cities accounted for 52% of the national residential land transfer fees, indicating a concentration of land acquisition by major enterprises in core cities [4] Real Estate Company News - Vanke announced that Yu Liang has retired due to age, resigning from his positions as director and executive vice president, with no impact on the board's operation [8] - Country Garden's four bonds resumed trading on January 9 after early cash repayment was completed on December 26, 2025 [12] - Sunac China reported three new overdue debts totaling approximately 640 million yuan, with the main reasons being unpaid principal [13] - R&F Properties disclosed that as of November 30, 2025, the total overdue debt reached 38.7 billion yuan, primarily due to various financial obligations not being repaid [14] - Several real estate companies reported their 2025 sales performance, with Poly Developments achieving a signed sales amount of 253.03 billion yuan and China Overseas Development reaching 251.23 billion yuan [15]

Investment Rating - The report indicates a pessimistic outlook for the real estate market, with expectations of a 10%-15% decline in second-hand housing prices over the next two years [1][3][12] Core Insights - The overall real estate sales are projected to decline moderately, with new housing sales decreasing but a slight rebound in the absorption rate anticipated [1][5] - Land sales are expected to slow down after a brief recovery in the first half of 2025, with new construction area potentially dropping below 500 million square meters by the end of 2027 [1][6] - Developers are facing significant financing challenges, with interest burdens rising, particularly for private developers, leading to increased repayment pressures [1][8] - The liquidity situation for 28 developers under pressure has worsened, with a significant reduction in sales contribution and a high proportion of short-term debt [1][9] Summary by Sections Real Estate Market Outlook - The forecast for the real estate market in 2026 and 2027 has been updated, with a delay in the stabilization of housing prices due to unclear policy support [2][12] - Second-hand housing prices are expected to decline by 10%-15%, with transaction volumes stabilizing around 600 million square meters [3][12] New Housing Market - New housing sales are anticipated to decline, but a slight rebound in the absorption rate is expected due to a decrease in available inventory [5][6] Land Sales and New Construction - Land sales are projected to concentrate in first and second-tier cities, with new construction area potentially decreasing significantly by 2027 [6][7] Developer Challenges - Developers are facing increased interest expenses, with the interest coverage ratio for many private companies dropping significantly, raising concerns about their ability to manage debt [8][9] - The report categorizes developers into three groups based on their financial health, highlighting the challenges faced by private developers [13][15] Property Management Sector - The property management sector is viewed as relatively defensive, with expectations of stable fundamentals and potential marginal recovery [14][16]

Core Insights - The 2025 Yunnan real estate market is under pressure, but leading companies have achieved performance breakthroughs through efficient new project launches and marketing innovations [1][4] - The strategic focus of real estate companies is shifting, with contributions from cities gradually decreasing and market differentiation becoming more pronounced [1][7] Group 1: Sales Rankings and Performance - The top 20 real estate companies in Yunnan for 2025 have a sales threshold of 9.05 billion yuan, a 17% decrease year-on-year, indicating increased competitive pressure in the industry [4] - Bangtai Group leads the rankings with a sales amount of 62.55 billion yuan, showing a 25% year-on-year increase and a remarkable 164% growth compared to 2024 [4][5] - Vanke Real Estate and Yunnan Kanglv follow in second and third place with sales of 36.90 billion yuan and 35.13 billion yuan, respectively, with Vanke showing a two-position improvement in the rankings [4][5] Group 2: Market Trends and Dynamics - The overall market for commodity housing in Yunnan faces challenges, with new construction area down 3% and real estate investment down 5% year-on-year [4] - The land market shows a significant decline in supply area by 19%, while transaction area increased by 8%, and floor prices rose by 37.85% year-on-year [4] - The contribution of city-level performance has decreased to 18%, down 6 percentage points from the first half of the year, as national brands adjust their regional strategies [7] Group 3: City-Level Insights - Kunming remains the main support for land transactions, accounting for 22% of the total transaction area in the province, with both transaction volume and prices rebounding despite overall supply declines [8] - Other cities like Dali, Lijiang, and Zhaotong are experiencing localized structural recoveries, benefiting from the sales of quality residential projects [8] - The tourism and cultural sectors in cities like Xishuangbanna are facing price declines due to promotional discounts, while Dali and Lijiang show healthy market conditions with rising volumes and prices [8] Group 4: Future Outlook - Future policies are expected to focus on more precise and actionable measures to stimulate demand, as the effectiveness of housing purchase subsidies diminishes [9] - The market is anticipated to become more refined and differentiated, with leading companies leveraging their strengths to seize opportunities amid structural adjustments and regional differentiation [9]

2025年，是中国房地产行业深化转型、构建发展新模式的关键之年。中央明确提出"持续用力推动房地产市场止跌回稳"，政策核心聚焦"需求提振、供给 优化、金融协同"，通过因城施策调减限制性措施、推广"好房子"建设、加力城中村改造、收购存量商品房等一系列举措，推动行业向民生导向的高质量 发展转型。 紧跟国家战略部署，贵州省及贵阳市积极落实相关要求，出台优化供给、促进消费、稳定市场的政策组合拳，为房地产行业稳健发展注入强劲动力。在此 背景下，龙湖集团紧抓政策机遇，凭借穿越周期的战略定力、卓越的产品营造能力与稳健的长周期运营模式，在贵阳市场交出一份亮眼答卷。 据铭腾机构数据显示，截至2025年12月31日，龙湖集团贵阳公司以约21.1亿元的网签销售金额，稳居贵阳市商品房销售额首位。这份成绩，既是企业综合 实力的硬核彰显，更是其深度践行国家与地方房地产发展政策、与城市共生共进的生动实践。 龙湖入黔八载，始终与城市发展同频共振，持续深耕高端人居领域，先后打造龙湖景粼天著、湖山原著、龙湖天曜、舜山府等标杆项目，连续多年跻身贵 阳市房地产销售排行榜前列。其中，别墅产品线尤为市场青睐，已连续五年斩获全市销售套数、销售金额双料冠军， ...

Core Insights - The current stock of housing that meets the "good house" standard is less than 5%, with an annual demand for housing improvement projected to reach 700 million to 1 billion square meters, indicating a shift towards a "product certainty era" in the industry [1] - The real estate sector is transitioning from quantity expansion to quality enhancement, making product strength the core competitive advantage for companies in this new development phase [1] - The current housing prices are at a low point, while product standards have reached historical highs, presenting an optimal time for buying and upgrading homes, with expectations for the next five years to be the "year of products" in Chinese real estate [1] Industry Trends - According to the latest report by CRIC, leading real estate companies are excelling in product strength by focusing on safety, comfort, sustainability, and intelligence, as reflected in the "2025 China Real Estate Enterprise Product Strength TOP 100" rankings [2] - The rankings include traditional categories such as top enterprises and products, along with new categories like "Top 10 Good House Enterprises" and "Top 20 Good House Works," showcasing the industry's focus on quality [2] - Despite challenges such as market saturation and structural declines in purchasing power, the relationship between good products and sales is not direct, necessitating a deep integration of market analysis, customer insights, and product refinement to overcome these challenges [2] Product Development - CRIC's CEO highlighted the importance of selecting unique market opportunities, with projects like Shenzhen Bay and Shanghai Gao Fu achieving strong sales due to their prime locations [3] - Emphasizing product uniqueness and differentiation is crucial, as seen in projects like Zhengzhou Jinmao and Puyang Zhuyou, which have achieved competitive advantages through differentiated offerings [3] - The industry is expected to evolve by 2026 from a focus on individual product competition to a more integrated approach involving product, customer research, and operational strategies [3]

Core Viewpoint - In 2025, the real estate industry is transitioning from quantity expansion to quality enhancement, with the concept of "good housing" becoming a national strategy, marking a new development stage focused on product strength as the core competitive advantage [2]. Group 1: Rankings Release - The "Top 100 Real Estate Companies by Product Strength" list has been published, highlighting leading companies in the industry [4][5]. - The list includes prominent companies such as Greentown China, Poly Developments, and China Overseas Land & Investment, among others [5][6]. Group 2: Product Series and Works - The "Top 10 Product Series" and "Top 10 Works" lists have been introduced, showcasing the best residential product series and projects in the industry [8][12]. - The top luxury product series include offerings from companies like New Hope Real Estate and China Overseas Land & Investment [8]. - The top high-end works feature projects such as Beijing Run Garden and Chengdu China Merchants Xi [13][15]. Group 3: Good Housing Strategy Characteristics - Major real estate companies like Poly, China Resources, and Yuexiu have launched "good housing" strategies focusing on safety, comfort, green living, and smart technology [29]. - These strategies extend to refined values such as craftsmanship, service, low carbon, and health, implemented through quantifiable technical standards [29][33]. - Companies are establishing comprehensive technical standard systems that cover physical space and service ecology, reflecting a meticulous management approach [33]. Group 4: Trends in Residential Projects - There is a trend towards high aesthetic appeal and high performance in residential projects, with a focus on features like full-house water purification, noise reduction, and safety [37][50]. - The use of environmentally friendly materials is emphasized, with projects achieving near-zero pollution standards [51]. - Different project tiers exhibit unique characteristics, with high-end projects focusing on cultural integration and personalized services [52][63].