Financial Performance - Revenue was approximately RMB 22,637 million, a decrease of about 12.1% compared to the same period in 2024[2] - The company reported a net loss of RMB 6,844,866 thousand for the year, compared to a net loss of RMB 5,498,452 thousand in 2024[8] - Operating loss was RMB 4,582,584 thousand, compared to RMB 2,651,927 thousand in the previous year[8] - The company reported a loss attributable to owners of approximately RMB 5,887 million for the year ending December 31, 2025, compared to a loss of RMB 5,761 million in the previous year, indicating an increase in losses[16] - The basic loss per share attributable to owners was RMB 142.2 for the year ending December 31, 2025, compared to RMB 139.2 in the previous year[16] - The company reported a total annual loss of RMB (6,844,866) for 2025, compared to a loss of RMB (5,498,452) in 2024, reflecting a worsening financial position[28][29] - The company’s revenue from the sale of subsidiaries amounted to RMB 75,351 in 2025, with no comparable figure for 2024, indicating new revenue streams[43] - The group recorded total revenue of approximately RMB 22,637 million for the year ending December 31, 2025, a decrease of about 12.1% compared to RMB 25,757 million in 2024, primarily due to a decline in property sales revenue[72] Assets and Liabilities - Total assets decreased from RMB 192,016,874 thousand in 2024 to RMB 168,536,168 thousand in 2025[6] - Total liabilities decreased from RMB 142,618,195 thousand in 2024 to RMB 128,381,471 thousand in 2025[7] - The company’s cash and cash equivalents decreased from RMB 6,103,770 thousand in 2024 to RMB 5,368,987 thousand in 2025[5] - The total liabilities of the group amounted to approximately RMB 55,055 million, with RMB 34,223 million classified as current liabilities[16] - The total borrowings as of December 31, 2025, were RMB 55,054,936, down from RMB 57,721,058 in 2024, indicating a reduction of approximately 2.9%[40] - The total borrowings due within one year amount to RMB 34,223 million, while borrowings due after one year are approximately RMB 20,832 million[88] - The net debt ratio as of December 31, 2025, is approximately 119.1%, an increase from 101.6% as of December 31, 2024[89] Cash Flow and Financing - The group had a total cash balance of approximately RMB 7,242 million as of December 31, 2025[16] - The company has outstanding debts that include approximately RMB 23,569 million of defaulted or cross-defaulted debts, including senior notes and corporate bonds[16] - The net financing cost for 2025 was RMB 1,038,036, significantly lower than RMB 1,994,601 in 2024, indicating a decrease of about 47.9%[44] - Interest expenses on borrowings were RMB 3,207,070 in 2025, compared to RMB 3,565,932 in 2024, showing a reduction of approximately 10%[44] - The income tax expense for 2025 was RMB 560,777, down from RMB 838,524 in 2024, representing a decrease of approximately 33.1%[45] Property Development and Sales - Contract sales amounted to approximately RMB 7,272 million, with a sales area of about 667,082 square meters[2] - Property sales contributed RMB 17,532,604 in 2025, down from RMB 20,543,711 in 2024, representing a decline of 14.6%[27] - The segment loss for property development was RMB (2,623,759) for 2025, compared to a loss of RMB (455,466) in 2024, indicating a significant increase in losses[28][29] - The average selling price for residential properties was RMB 11,789 per square meter, while commercial properties averaged RMB 8,289 per square meter for the year ended December 31, 2025[58] - The real estate development segment remained the primary source of revenue for the company, despite challenges in the market[56] Investment Properties - Investment property rental income was RMB 1,828,222 in 2025, slightly down from RMB 1,907,744 in 2024, a decrease of 4.1%[27] - The total segment income for property investment was RMB 2,065,210 in 2025, compared to RMB 2,150,525 in 2024, a decline of 4.0%[28][29] - The fair value loss for completed investment properties for the year ending December 31, 2025, was RMB 4,193,334 thousand, compared to RMB 3,326,616 thousand in 2024, indicating an increase in losses[36] - The company maintained a stable investment property portfolio with a total gross floor area of approximately 8,322,130 square meters as of December 31, 2025, compared to 8,312,181 square meters in 2024[59] Corporate Governance and Compliance - The external auditor confirmed that the consolidated financial statements for the year ended December 31, 2025, were prepared in accordance with applicable accounting standards[110] - The audit committee, composed of four independent non-executive directors, reviewed the audited consolidated annual results and found them compliant with applicable accounting standards[109] - The company has adopted corporate governance practices in line with the listing rules to enhance investor confidence[107] - The company has been listed on the Hong Kong Stock Exchange since October 14, 2009[12] Future Strategies and Market Outlook - The group anticipates a transition in the real estate market from "stabilization" to "quality improvement and efficiency enhancement" in 2026[64] - The group will focus on debt restructuring and optimizing asset structure to create space for development in the real estate sector[66] - The "1+N" development strategy will continue, emphasizing deepening in the Yangtze River Delta while exploring other quality regions[67] - The group aims to enhance sales capabilities and promote significant inventory turnover in 2026[66] - The group plans to implement a five-year development strategy titled "Recreate Baolong, Start a New Era" focusing on a dual-core business system[66] Employee and Operational Efficiency - The total employee cost for the year ended December 31, 2025, is approximately RMB 1,424 million, with a total of 7,446 full-time employees[98] - The company’s employee costs, including director remuneration, decreased to RMB 1,332,292 in 2025 from RMB 1,426,548 in 2024, a reduction of approximately 6.6%[42] - The group emphasizes talent development and organizational efficiency, aiming to create a collaborative environment that fosters individual growth and value enhancement[70] Market Conditions and Economic Environment - The overall economic environment in China showed resilience, with policies aimed at stabilizing the real estate market and promoting recovery[55] - The company is committed to ensuring timely delivery of real estate projects to protect buyers' interests and maintain cash flow for sustainable development[57]

Financial Performance - Revenue was approximately RMB 22,637 million, a decrease of about 12.1% compared to the same period in 2024[2] - The company reported a net loss of RMB 6,844,866 thousand for the year, compared to a net loss of RMB 5,498,452 thousand in 2024[8] - Operating loss was RMB 4,582,584 thousand, compared to an operating loss of RMB 2,651,927 thousand in the previous year[8] - The company reported a loss attributable to owners of approximately RMB 5,887 million for the year ending December 31, 2025, compared to a loss of RMB 5,761 million in the previous year, indicating an increase in losses[16] - Total revenue for the year ended December 31, 2025, was RMB 22,637,190, a decrease of 12.3% from RMB 25,757,351 in 2024[27] - The company reported a total annual loss of RMB (6,844,866) for 2025, compared to a loss of RMB (5,498,452) in 2024, reflecting a worsening financial position[28][29] - The basic loss per share attributable to owners was RMB 142.2 for the year ending December 31, 2025, compared to RMB 139.2 in the previous year[16] Assets and Liabilities - Total assets decreased from RMB 192,016,874 thousand in 2024 to RMB 168,536,168 thousand in 2025[6] - Total liabilities decreased from RMB 142,618,195 thousand in 2024 to RMB 128,381,471 thousand in 2025[7] - The company’s cash and cash equivalents decreased from RMB 6,103,770 thousand in 2024 to RMB 5,368,987 thousand in 2025[5] - The total borrowings as of December 31, 2025, were RMB 55,054,936, down from RMB 57,721,058 in 2024, indicating a reduction of approximately 2.9%[40] - The total cash balance of the group was approximately RMB 7,242 million as of December 31, 2025[16] - The total borrowings due within one year amount to RMB 34,223 million, while borrowings due after one year are approximately RMB 20,832 million[88] Revenue Sources - Rental income and income from commercial operations and residential property management services were approximately RMB 4,213 million, down by about 1.9% year-on-year[2] - Property sales contributed RMB 17,532,604 in 2025, down from RMB 20,543,711 in 2024, representing a decline of 14.6%[27] - Revenue from investment property rental was RMB 1,828,222 in 2025, slightly down from RMB 1,907,744 in 2024, a decrease of 4.1%[27] - The company’s external customer revenue for property management services was RMB 2,384,713 in 2025, nearly unchanged from RMB 2,386,694 in 2024[27] - The total segment income for the group in 2025 was RMB 23,103,323, down from RMB 26,234,179 in 2024, a decline of 12.0%[28][29] Debt and Restructuring - The company has outstanding debts that include approximately RMB 23,569 million of defaulted or cross-defaulted debts, including senior notes and corporate bonds[16] - A restructuring support agreement was signed on October 10, 2025, involving over 85.48% of the holders of the planned debts, aimed at addressing liquidity issues[17] - The group has approved a restructuring plan for domestic corporate bonds and asset-backed special plans as of January 2026[18] - The restructuring plan includes the proposed sale of Baolong Commercial Shares[19] Operational Strategy - The company plans to accelerate the development and sales of pre-sold and completed properties, aiming to recover outstanding sales proceeds and other receivables[18] - The group will continue to seek opportunities to sell stakes in certain project development companies to generate additional cash flow[18] - The company is focused on controlling administrative expenses and avoiding unnecessary capital expenditures to maintain liquidity[18] - The group aims to enhance its core competitiveness and market attractiveness by focusing on "extreme operations" and leveraging "content ecosystem + intelligent technology" as a driving force[68] Market and Industry Outlook - The real estate industry in China is gradually stabilizing, with policies aimed at supporting demand and easing restrictions on home purchases, contributing to a recovery in the market[55] - The group anticipates a transition in the real estate market from "stabilization" to "quality improvement and efficiency enhancement" in 2026[64] - The group will focus on debt restructuring and optimizing asset structure to create space for development in the real estate sector[66] Corporate Governance and Compliance - The external auditor confirmed that the consolidated financial statements for the year ended December 31, 2025, were prepared in accordance with applicable accounting standards[110] - The audit committee, composed of four independent non-executive directors, reviewed the audited consolidated annual results and found them compliant with applicable accounting standards[109] - The company has adopted corporate governance practices in line with the listing rules to enhance investor confidence[107] Employee and Operational Metrics - The total employee cost for the year ended December 31, 2025, is approximately RMB 1,424 million, with a total workforce of 7,446 employees, down from 8,152 employees in 2024[98] - The company has implemented a financing coordination mechanism to effectively support quality projects and alleviate liquidity pressure in the real estate sector[55]

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佈的內容概不 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 佈 全部或任何部分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。 POWERLONG REAL ESTATE HOLDINGS LIMITED 於 本 公 佈 日 期，本 公 司 仍 在 編 製 及 落 實 本 集 團 截 至2025年12月31日止年度的年 度 業 績。本 公 佈 所 載 資 料 僅 根 據 本 公 司 管 理 團 隊 經 參 考 本 集 團 截 至2025年12 月31日止年度的未經審核管理賬目及其他目前所得資料後進行的初步評估得 出，並 未 經 本 公 司 核 數 師 或 本 公 司 審 核 委 員 會 審 核 或 審 閱，且 或 會 作 進 一 步 調 整 或 修 訂。本 公 司 股 東 及 潛 在 投 資 者 務 請 細 閱 預 期 將 不 遲 於2026年3月底刊發 的本集團截至2025年12月31日 止 年 度 的 年 度 業 績 公 佈。 股 東 及 潛 在 投 資 者 於 買 賣 ...

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佈的內容概不 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 佈 全部或任何部分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。 許健康 香 港，2026年3月18日 寶龍地產控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 責 任 公 司） （股 份 代 號：1238） 董事會會議召開日期 寶龍地產控股有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於二零二六年三月三十日（星 期 一）於中華人民共和國上海市閔行區新鎮路1399 號寶龍大廈7樓701會 議 室 舉 行，藉 以（其 中 包 括）(i)考慮並批准本公司及其附屬 公 司 於 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 年 度 業 績 及 其 發 佈；及(ii)考 慮任何其他交易及事項（如 有）。 承董事會命 寶龍地產控股有限公司 主 席 POWERLONG REAL ESTATE HOLDINGS LIMITED 於 本 公 佈 日 期，本 ...

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佈的內容概不 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 佈 全部或任何部分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。 POWERLONG REAL ESTATE HOLDINGS LIMITED 寶龍地產控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 責 任 公 司） （股 份 代 號：1238） 茲提述寶龍地產控股有限公司（「本公司」）日期為2026年2月25日之通函（「通 函」）。 除 另 有 指 明 者 外，本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 董 事 會 欣 然 宣 佈，於2026年3月18日 舉 行 的 股 東 特 別 大 會 上，於2026年2月25日 的股東特別大會通告（「通 告」）所載之提呈決議案已獲股東以投票方式正式通 過。於 股 東 特 別 大 會 提 呈 的 決 議 案 的 投 票 結 果 如 下： 董 事 會 欣 然 宣 佈，通 告 所 載 之 提 呈 決 議 案 已 於2026年 ...

POWERLONG REAL ESTATE HOLDINGS LIMITED 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佈的內容概不 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 佈 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 寶龍地產控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本集團」）董事會（「董 事 會」）謹此公佈本集團截至2026年2月28日 止 月 份 若 干 未 經 審 核 營 運 數 據。 本集團於2026年2月的合約銷售額（連 同 共 同 控 制 實 體 及 聯 營 公 司 的 合 約 銷 售 額）及合約銷售面積分別約為人民幣431百萬元及37,981平 方 米。本 集 團 截 至2026 年2月28日止兩個月的合約銷售總額（連 同 共 同 控 制 實 體 及 聯 營 公 司 的 合 約 銷 售 額）及合約銷售總面積分別約為人民幣901百萬元及80,793平 方 米。 上 述 銷 售 數 據 未 經 審 核，乃 根 據 本 集 團 初 步 內 部 資 料 編 ...

Report Summary 1. Investment Rating The provided content does not mention the investment rating of the industry. 2. Core View - The market sentiment is dominated by risk - aversion, leading to a significant decline in US Treasury yields. The 10 - year and 2 - year US Treasury yields decreased by 15 and 10 basis points respectively last week to 3.94% and 3.37%. Although recent data shows a rebound in US inflation pressure, risk - aversion sentiment has overshadowed this, causing the yields to drop [1][2][3]. - The geopolitical conflict between the US, Israel and Iran has escalated, with the US and Israel launching military actions against Iran and Iran counter - attacking and blocking the Strait of Hormuz. This has led to a sharp rise in crude oil prices, which may affect inflation. The military action may last for four weeks, and in the short term, US Treasuries may remain volatile under the resonance of risk - aversion and rising inflation expectations. Higher - than - expected inflation data and the rise in energy prices triggered by geopolitical conflicts have further reduced the possibility of the Fed cutting interest rates in March [1][3]. - Driven by the significant decline in US Treasury yields, Chinese dollar - denominated bonds performed well last week, with the Bloomberg Barclays Chinese dollar - denominated bond total return index rising 0.4% for the week. Among them, the high - rating index rose 0.5% and the high - yield index rose 0.2% [1][3]. - In the on - shore market, after the Spring Festival, the central bank net - withdrew short - term liquidity of 611.4 billion RMB through reverse repurchase operations and net - injected long - term funds of 300 billion RMB through MLF over - renewal. Bank - to - bank funding rates have rebounded significantly compared to before the Spring Festival. The 3 - year and 10 - year Treasury yields were flat and up 2 basis points respectively compared to before the Spring Festival, reaching 1.38% and 1.82%. The domestic interest - rate bond market was also boosted by risk - aversion sentiment on Monday, with yields on Treasury bonds of various maturities generally declining. The Two Sessions will be held this week, and the 2026 economic targets, fiscal support, and possible release of more monetary policy signals will be priced in the bond market [1][4]. 3. Summary by Category Off - shore Market - The issuance of Chinese dollar - denominated bonds remained light, with only one new issuance of over $100 million for the whole week. In contrast, the issuance of off - shore RMB bonds was quite active, with a total issuance of 65.5 billion RMB for the whole week, mainly driven by the issuance of 50 billion RMB central bank bills by the People's Bank of China [2]. - The significant decline in US Treasury yields was due to the market being dominated by risk - aversion sentiment. Although recent inflation data in the US has rebounded, the geopolitical risk has significantly escalated, and the US Treasury market has priced in the war risk in advance [2][3]. On - shore Market - After the Spring Festival, funds flowed back to the banking system. The central bank adjusted the liquidity through reverse repurchase operations and MLF. Bank - to - bank funding rates increased, and the yields of 3 - year and 10 - year Treasury bonds changed compared to before the Spring Festival. The domestic interest - rate bond market was affected by risk - aversion sentiment, and the yields of Treasury bonds of various maturities declined. The upcoming Two Sessions may bring new economic and policy signals to the bond market [1][4]. List of Chinese Dollar - denominated Bonds The documents provide a detailed list of Chinese dollar - denominated bonds, including information such as issuers, guarantors, coupon rates, issuance amounts, maturities, and ratings [7][17][23].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 寶龍地產控股有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01238 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD 30 ...

POWERLONG REAL ESTATE HOLDINGS LIMITED 寶龍地產控股有限公司 （於開曼群島註冊成立之有限責任公司） | | 普通決議案 | 贊成4 | 反 對4 | | --- | --- | --- | --- | | 1. | 「動 議 | | | | | (a) 一 般 及 無 條 件 在 各 方 面 批 准、確 認 及 追 認 該 協 議（定義見通函），及其項 | | | | | 下擬進行的所有交易及其所有其他事宜以及所附帶及與其有關的事宜； | | | | | (b) 一般及無條件授權任何一名董事（或如需加蓋本公司的公司印鑑，則為任 | | | | | 何兩名董事）代表本公司，按其╱彼等酌情認為就或有關實施該協議及其 | | | | | 項下擬進行的任何交易並使之生效而言屬必要、適宜或權宜者，作出一 | | | | | 切有關行動及事宜並簽署、同意、追認或簽立一切有關文件，並就有關上 | | | | | 述各項相關事宜而有關董事認為符合本公司利益的有關變動、修訂或豁 | | | | | 免授出同意。」 | | | 簽 署5： 日期： 附註： （股份代號：1238） 於2026年 ...

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佈的內容概不 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 佈 全部或任何部分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。 POWERLONG REAL ESTATE HOLDINGS LIMITED 寶龍地產控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 責 任 公 司） （股 份 代 號：1238） 股東特別大會通告 茲通告 寶龍地產控股有限公司（「本公司」）謹訂於2026年3月18日（星 期 三）上午十 時正於中國上海市閔行區新鎮路1399號寶龍大廈716會議室舉行股東特別大會 （「股東特別大會」），以 考 慮 並 酌 情 通 過 以 下 決 議 案 為 本 公 司 普 通 決 議 案。除 非 另 有 界 定，否 則 本 通 告 中 使 用 的 詞 彙 應 與 本 公 司 日 期 為2026年2月25日的通函 （「通 函」）中 所 賦 者 具 有 相 同 涵 義。 承董事會命 寶龍地產控股有限公司 主 席 許健康 香 港，2026年2月25日 – ...