2025.07. 10 本文字数：1105，阅读时长大约2分钟 作者 | 第一财 经 孙梦凡 重点城市中，7月10日，北京市出台《北京市深化改革提振消费专项行动方案》，其中提到，要优化 住房消费新供给，完善"保障+市场"住房供应体系，进一步发挥住房公积金促进作用，研究制定公积 金贷款"带押过户"政策。 房企层面也出现积极动态。7月10日，龙光集团公告称，境内债务重组方案获债权人批准，全面覆盖 21笔存量的交易所债券，涉及本金余额合计219.6亿元。据中指院统计，目前融创、富力等14多家 房企债务重组或重整获批。 在业内机构看来，今年楼市延续了"止跌企稳"的趋势，并再次来到政策关键期。 广发证券表示，2025年上半年，新房及二手房交易呈现前高后低的趋势，小阳春延续了去年四季度 后的市场趋势，交易热度维持高位，4月份后市场热度有所消退。下半年，地产或具备强拐点机会。 从23年定调缓和，到24年"止跌回稳"，目前市场表现再一次推进到了重大政策表态的临界点。 7月10日，地产股集体拉升，A股及港股上市房企股价纷纷异动。 截至收盘，A股房地产板块成分股中，华夏幸福（600340.SH）盘中涨停，涨幅10.22%，深深房 ...

（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：行情君 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，地产行业市盈率（TTM）平均值为10.06倍，行业中值-0.15倍。宝龙地产市盈率-0.2 倍，行业排名第228位；其他百仕达控股（01168.HK）为0.75倍、恒达集团控股（03616.HK）为1.71 倍、中国新城市（01321.HK）为2.22倍、瑞森生活服务（01922.HK）为2.82倍、鑫苑服务 （01895.HK）为3.03倍。 资料显示，宝龙地产控股有限公司于1990年在澳门成立。秉承"让空间有爱"的企业使命,宝龙产业经营 不断拓展,形成地产、商业、酒店、文化艺术等多元产业协同发展的格局,旨在成为受人尊敬的百年企业, 全球领先的城市商业运营商。截至目前,宝龙集团总资产超两千亿,有万余名员工活跃在海内外200多家公 司,累计慈善捐赠逾14亿元。宝龙地产自2003年起专注开发运营综合性商业地产项目,2009年在香港成功 上市(股票代码:HK.1238),并连续十七年获得"中国房地产百强企业"、连续十一年获"中国商业地 ...

资金流向方面，当日主力流入181.560万港元，流出200.269万港元，净流出18.71万港元。 宝龙地产控股有限公司于1990年在澳门成立。秉承"让空间有爱"的企业使命,宝龙产业经营不断拓展,形 成地产、商业、酒店、文化艺术等多元产业协同发展的格局,旨在成为受人尊敬的百年企业,全球领先的 城市商业运营商。截至目前,宝龙集团总资产超两千亿,有万余名员工活跃在海内外200多家公司,累计慈 善捐赠逾14亿元。宝龙地产自2003年起专注开发运营综合性商业地产项目,2009年在香港成功上市(股票 代码:HK.1238),并连续十七年获得"中国房地产百强企业"、连续十一年获"中国商业地产公司品牌价值 TOP10"等荣誉。目前在长三角、粤港澳大湾区、海西经济区等区域打造了近300个高品质物业项目。商 业项目涵盖宝龙一城、宝龙城、宝龙广场三大产品系列,住宅项目涵盖从中高档商品房到别墅等各类业 态,加之服务配套齐全、高标准定位的办公楼、酒店、公寓项目,宝龙正以多元立体的业态,满足国内不断 增长的复合型房地产需求。宝龙商业于2007年开始向零售商业物业的开发商、租户及业主提供商业运营 服务,并于2019年在香港上市(股票代码 ...

1 Disclaimer This presentation has been prepared by Powerlong Real Estate Holdings Limited (the "Company") for your reference only. The information contained in this presentation has not been independently verified. The Company does not make any representation, warranty or undertaking, whether express or implied, on and no reliance should be placed on, the fairness, accuracy, suitability, completeness or correctness of the information or opinions contained herein. Any summary does not purport to be complete ...

2022 Annual Results Presentation 1 | Section | I | Highlights Review | 4 | | --- | --- | --- | --- | | Section II | | Property Development Business Updates | 6 | | Section | III | Commercial Operation Business Updates | 10 | | Section | Ⅳ | FY2022 Financial Review | 15 | | Section | V | Appendix | 20 | This presentation has been prepared by Powerlong Real Estate Holdings Limited (the "Company") for your reference only. The information contained in this presentation has not been independently verified. The C ...

2023 Interim Results Presentation 1 Disclaimer This presentation has been prepared by Powerlong Real Estate Holdings Limited (the "Company") for your reference only. The information contained in this presentation has not been independently verified. The Company does not make any representation, warranty or undertaking, whether express or implied, on and no reliance should be placed on, the fairness, accuracy, suitability, completeness or correctness of the information or opinions contained herein. Any summa ...

Disclaimer 2023 Annual Results Presentation 1 This presentation has been prepared by Powerlong Real Estate Holdings Limited (the "Company") for your reference only. The information contained in this presentation has not been independently verified. The Company does not make any representation, warranty or undertaking, whether express or implied, on and no reliance should be placed on, the fairness, accuracy, suitability, completeness or correctness of the information or opinions contained herein. Any summar ...

Company News - TaiLing Pharmaceutical (01011.HK) proposed to split the assets of its joint venture company while ensuring the protection of all shareholders' rights, dissolving the joint venture relationship for independent operations [2] - China Evergrande (03333.HK) has filed a joint application with the liquidators of CEG Holdings to the Hong Kong court on May 12 [2] - Yanzhou Coal Mining (01171.HK) plans to invest approximately $300 million in cash to acquire shares of Highland Resources, becoming its largest shareholder [2] - Baolong Properties (01238.HK) has postponed the hearing for its liquidation application to July 21 [2] - Sunny Optical Technology (02382.HK) reported a smartphone lens shipment of 103 million units in April, a month-on-month increase of 9.2% and a year-on-year increase of 1.3%; vehicle lens shipments reached 11.566 million units, with a month-on-month increase of 17.8% and a year-on-year increase of 28.9%, driven by increased customer demand and improved product structure [2] Industry News - CK Hutchison (00001.HK) issued a statement regarding port transactions, asserting that it will never engage in any illegal or non-compliant activities [3] - Contemporary Amperex Technology (CATL) saw its Hong Kong public offering portion oversubscribed by 21 times, attracting HKD 51.7 billion in financing subscriptions [3] - Kweichow Moutai has no current plans for a Hong Kong listing [3] - China Merchants Securities (06099.HK) announced the resignation of Vice President Zhang Haochuan due to personal reasons, effective May 12, 2025 [3] - Rongchang Biopharmaceutical (09995.HK) received a notice of acceptance for its clinical trial application for the antibody-drug conjugate RC278 [3] - China CNR Corporation (01766.HK) and its subsidiaries have recently signed several major contracts worth approximately CNY 54.74 billion [3]

Financial Performance - For the fiscal year ending December 31, 2024, the group achieved a contract sales amount of approximately RMB 12,787 million, with a contract sales area of 1,152,192 square meters[14]. - The group achieved a contract sales amount of approximately RMB 12,787 million for the year ending December 31, 2024, a decrease from RMB 27,524 million in 2023[81]. - The total sales area for the group was 1,152,192 square meters in 2024, down from 1,979,982 square meters in 2023[81]. - The sales distribution for the year ending December 31, 2024, included commercial sales of 401,184 square meters amounting to RMB 3,147,349 thousand and residential sales of 751,008 square meters amounting to RMB 9,639,675 thousand[82]. - The average selling price for commercial properties was RMB 7,845 per square meter, while residential properties averaged RMB 12,836 per square meter[82]. - As of December 31, 2024, the group recorded total revenue of approximately RMB 25,757 million, an increase of about 12.5% compared to RMB 22,904 million in 2023, primarily due to increased property sales revenue[86]. - The property sales revenue for the year ended December 31, 2024, was approximately RMB 20,543 million, up about 15.8% from RMB 17,737 million in 2023, driven by an increase in residential and commercial property deliveries[87]. - The gross profit for the year ended December 31, 2024, was approximately RMB 2,347 million, a decrease of about 4.3% from RMB 2,453 million in 2023, with a gross profit margin of 9.1%[92]. - The group recorded a fair value loss on investment properties of approximately RMB 3,327 million for the year ended December 31, 2024, compared to RMB 1,709 million in 2023, reflecting a significant increase in losses due to ongoing industry downturns[93]. - The investment property rental income for the year ended December 31, 2024, was approximately RMB 1,908 million, a 5.2% increase from RMB 1,814 million in 2023[89]. - The group reported a loss attributable to the owners of approximately RMB 5,765 million for the fiscal year ending December 31, 2024[151]. - The basic loss per share was approximately RMB 1.392 (2023: RMB 0.641)[98]. - The core loss for the year ended December 31, 2024, was approximately RMB 2,594 million (2023: RMB 904 million)[98]. Market Strategy and Development - The company continues to focus on high-quality development and aims to ensure timely delivery of real estate projects to protect buyers' interests[14]. - The overall policy environment remains supportive, with measures such as the gradual removal of purchase restrictions and reductions in down payments and mortgage rates to stimulate housing demand[13]. - The group is committed to enhancing cash resources for sustainable development amid the challenges posed by the deep adjustment period in the real estate industry[14]. - The company emphasizes its mission of "Letting Space Have Love" and adheres to values of simplicity, authenticity, and mutual benefit[7]. - The group is strategically aligned with national macroeconomic policies and focuses on urban clusters with high economic vitality[6]. - The company is actively involved in the urbanization process in China, providing numerous job opportunities and enhancing urban quality[6]. - The group aims to contribute to the stable and healthy development of the real estate market while fulfilling its corporate responsibilities[13]. - The company is focused on innovative development strategies to adapt to the evolving market landscape and maintain competitive growth[7]. - The group plans to continue its "1+N" development strategy, focusing on the Yangtze River Delta while exploring other high-quality regions for land reserves[85]. - The group aims to enhance its market tracking and research in key regional cities to refine product positioning and adhere to value investment principles in land acquisition[85]. Project Development and Land Reserves - As of December 31, 2024, the company has laid out 197 projects nationwide, with 146 projects (approximately 74.1%) located in the Yangtze River Delta region[15]. - The total building area of the company's quality land reserves is approximately 14.7 million square meters, expected to support project development for the next three to five years[15]. - 56.0% of the company's land reserves are distributed in the Yangtze River Delta region, with 78.1% of reserves located in first-tier, new first-tier, and second-tier cities[15]. - The company has 63 projects under development or planned for future development, with a significant number located in Jiangsu and Zhejiang provinces[27]. - The company has a land reserve of 3,655 thousand square meters for future development[39]. - The total area for commercial and residential projects in Guangdong province is 2,083 thousand square meters, with 731 thousand square meters completed and 693 thousand square meters under development[37]. - The company has ongoing projects in Ningbo, including a commercial/residential project with a total area of 668 thousand square meters, of which 487 thousand square meters are completed[34]. - The company is developing a new project in Wenzhou with a total area of 520 thousand square meters, currently under development[34]. - The company has multiple projects in Shaoxing, with a total area of 572 thousand square meters, all completed[35]. - The company is expanding its presence in Hangzhou with a commercial project of 160 thousand square meters, fully completed[33]. Financial Management and Liquidity - The company is implementing liquidity management measures to address liquidity pressure, including extending loan terms and optimizing financing structures[18]. - The group is implementing liquidity management measures to address liquidity pressure, including extending debt maturities and optimizing financing structure[22]. - The total cash and cash equivalents as of December 31, 2024, amounted to approximately RMB 7,535 million, a decrease of about 18.5% from RMB 9,246 million in 2023[99]. - The total borrowings as of December 31, 2024, were approximately RMB 57,721 million, a decrease of about 1.9% from RMB 58,820 million in 2023[100]. - The net debt ratio as of December 31, 2024, was approximately 101.6%, up from 89.6% in 2023[102]. - Total interest expenses for the year ended December 31, 2024, were approximately RMB 3,740 million, a decrease of about 17.2% from RMB 4,518 million in 2023[103]. - The group is actively pursuing the acceleration of sales and pre-sales, as well as expediting the collection of receivables to improve cash flow[157]. - The group has successfully obtained several special funds and loan extensions in 2024 to ensure timely property delivery[157]. - The group is in the process of restructuring its offshore debt, which is expected to enhance liquidity and provide financial flexibility in the coming years[157]. Corporate Governance and Management - The company emphasizes strong governance with a diverse board of independent non-executive directors, enhancing its strategic decision-making capabilities[122][125][126][127]. - The company emphasizes maintaining high levels of corporate governance to achieve sustainable development and enhance performance[136]. - The board is committed to adhering to corporate governance principles and implementing good practices to ensure transparency and accountability[136]. - The company has complied with the corporate governance code principles and all applicable provisions during the year ending December 31, 2024[136]. - The management team includes experienced professionals with backgrounds in finance and real estate, enhancing the company's operational capabilities[130][131][132]. - The company aims to maximize shareholder returns through effective leadership and continuous improvement of governance practices[136]. - The board consists of ten directors, including five executive directors, one non-executive director, and four independent non-executive directors, ensuring a balance of skills and experience for effective leadership and independent decision-making[139]. - The board held six meetings during the year, with all directors attending 100% of the meetings[140]. - The company has adopted a nomination policy to ensure a structured process for selecting suitable candidates for the board, considering factors such as integrity, experience, and diversity[143]. - The board diversity policy aims to achieve measurable targets for diversity, including gender, age, and professional experience, with a current composition of three female and seven male directors[145][147]. Challenges and Future Outlook - The outlook for 2025 anticipates a focus on stabilizing the real estate market, promoting demand, and preventing risks, with policies aimed at revitalizing housing demand[19]. - The group remains focused on timely delivery of real estate projects to ensure cash resources for sustainable development amid challenges in the real estate sector[81]. - The independent auditor expressed a disclaimer of opinion regarding the group's financial statements due to significant uncertainties related to going concern[150]. - The board believes that the plans and measures in place will allow the group to meet its financial obligations over the next 12 months[152]. - The company continues to explore opportunities for market expansion and potential acquisitions to drive growth[116].

Core Viewpoint - The commercial real estate industry in 2024 faces a dual challenge, with sales-driven developers experiencing significant profit declines and asset impairments, while operation-oriented companies see stable rental growth and improved financial structures [1] Group 1: Profit Divergence and Cash Flow - The financial reports of commercial real estate in 2024 show a stark contrast, with some companies facing substantial losses while others maintain profitability through consistent rental income [2][3] - Sales-driven companies like Vanke and Baolong are struggling, with Vanke reporting a net loss of 49.4 billion yuan, marking its first significant loss since listing, and Baolong's loss expanding to 5.5 billion yuan [3] - In contrast, companies like China Resources Land and Longfor Group are maintaining profitability, with China Resources Land achieving a net profit of 25.42 billion yuan, despite an 8.5% year-on-year decline [3] Group 2: Rental Income and EBITDA - Rental income has become a critical cash flow source, with China Resources Land reporting rental income of 23.3 billion yuan, a year-on-year increase of 8.4% [4] - EBITDA is emerging as a new valuation anchor, with Longfor Group's operating cash flow exceeding 6 billion yuan, indicating strong operational stability [5][6] - Companies like Baolong and New Town Holdings show weaker EBITDA coverage, relying on asset disposals or financing to sustain operations [5] Group 3: Financial Structure and Risk Resistance - The net debt ratio has become a key indicator of a company's ability to withstand risks, with companies like Swire Properties maintaining a low net debt ratio of 4.4% [8] - A cash-to-short-debt ratio above 1.2x indicates a strong ability to cover short-term liabilities, while ratios below 0.8x may lead to credit rating changes [11] - Companies with a net debt ratio above 70% face high risks and may rely on asset sales for survival [8] Group 4: Strategic Models and Organizational Capability - The industry is witnessing a shift from project-based thinking to systematic capabilities, with companies needing to establish replicable cash flow models to enhance future valuations [23][30] - Three strategic models are emerging: long-term operational, mixed development and holding, and transitioning from heavy to light asset structures [24] - Companies like Swire and Hang Lung are exemplifying pure operational strategies, while others like Vanke and Baolong are struggling to find a clear path in their transitions [25][27] Group 5: Valuation Logic and Market Perception - The valuation logic in commercial real estate is shifting from land appreciation expectations to the sustainability of cash flows, with investors focusing on the ability to generate predictable cash [31][35] - Shopping centers are becoming the few assets still attracting positive valuation expectations, with China Resources Land's shopping center rental income reaching 19.3 billion yuan, a year-on-year increase of 8.4% [32] - The ability to securitize rental income is becoming crucial for future valuations, with companies needing to demonstrate clear cash flow structures and exit mechanisms [35][36] Group 6: Future Outlook and Recommendations - The future of companies in the commercial real estate sector will depend on their ability to convert properties into predictable cash flows and establish robust organizational capabilities [45][46] - Companies are advised to shift focus from project-centric strategies to developing standardized cash flow and asset securitization models [43] - Investors should prioritize evaluating EBITDA, rental recovery cycles, and interest coverage capabilities over traditional metrics like sales and profit margins [43]