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: 2025年7月31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: 2025年8月1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 ...

Core Viewpoint - The real estate sector is experiencing a significant rally in both A-shares and Hong Kong stocks, driven by positive policy signals and market dynamics [1][2][3]. Group 1: Market Performance - On July 10, A-share real estate stocks saw a collective surge, with notable gains including a 10.22% increase for Huaxia Happiness and multiple stocks hitting the daily limit [1]. - In the Hong Kong market, Longguang Group's stock rose over 80% at one point, with other companies like Yuanyang Group and Hongyang Real Estate also showing substantial gains [1]. Group 2: Policy Developments - The Ministry of Housing and Urban-Rural Development emphasized the importance of promoting stable and healthy development in the real estate market, urging local governments to implement tailored policies [2]. - Various cities are actively adjusting policies to stabilize the housing market, including easing purchase restrictions and increasing housing subsidies [2]. Group 3: Company Dynamics - Longguang Group announced that its domestic debt restructuring plan was approved, covering 21 existing exchange bonds with a total principal balance of 21.96 billion [2]. - Over 14 real estate companies, including Sunac and R&F, have received approval for debt restructuring or reorganization [2]. Group 4: Market Outlook - Industry analysts suggest that the real estate market is stabilizing, with a potential turning point expected in the second half of the year [3]. - The central government's focus on stabilizing both the real estate and stock markets is seen as crucial for boosting social expectations and facilitating domestic demand [3].

Group 1 - The Hang Seng Index rose by 0.57% to close at 24,028.37 points on July 10 [1] - Baolong Properties (01238.HK) closed at HKD 0.365 per share, up 19.67%, with a trading volume of 8.278 million shares and a turnover of HKD 2.8702 million, showing a volatility of 31.15% [1] - Over the past month, Baolong Properties has seen a cumulative decline of 3.17%, and a year-to-date decline of 31.46%, underperforming the Hang Seng Index by 19.1% [1] Group 2 - For the fiscal year ending December 31, 2024, Baolong Properties reported total revenue of RMB 25.757 billion, a year-on-year increase of 12.46%, while the net profit attributable to shareholders was a loss of RMB 5.765 billion, a decrease of 117.3% [1] - The gross profit margin stood at 9.11%, and the debt-to-asset ratio was 74.27% [1] Group 3 - Currently, there are no institutional investment ratings for Baolong Properties [2] - The average price-to-earnings (P/E) ratio for the real estate industry is 10.06 times, with a median of -0.15 times; Baolong Properties has a P/E ratio of -0.2 times, ranking 228th in the industry [2] - Other companies in the industry have P/E ratios such as Baishi Holdings (01168.HK) at 0.75 times, Hengda Group Holdings (03616.HK) at 1.71 times, and others [2] Group 4 - Baolong Properties Holdings Limited was established in Macau in 1990, focusing on diversified operations including real estate, commercial, hotel, and cultural arts [3] - The company aims to become a respected century-old enterprise and a global leader in urban commercial operations, with total assets exceeding RMB 200 billion and over 10,000 employees across more than 200 companies [3] - Since 2003, Baolong Properties has specialized in developing and operating comprehensive commercial real estate projects, and has been listed in Hong Kong since 2009 [3] - The company has developed nearly 300 high-quality property projects in key regions such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area [3] - Baolong Commercial began providing commercial operation services in 2007 and has signed management agreements for over 15 million square meters of commercial space [3] - The hotel division has developed partnerships with several international hotel groups and operates 21 hotels with a total of over 5,046 rooms [3]

Group 1 - The stock price of Baolong Real Estate (01238.HK) closed at HKD 0.280 on June 20, down 5.08% from the previous trading day, with an intraday low of HKD 0.265, marking a new low for the past year [1] - On the same day, the net capital flow showed an inflow of HKD 1.8156 million and an outflow of HKD 2.00269 million, resulting in a net outflow of HKD 187,100 [1] Group 2 - Baolong Real Estate Holdings Limited was established in Macau in 1990, with a mission to create spaces filled with love, and has diversified into real estate, commercial, hotel, and cultural industries [2] - The company aims to become a respected century-old enterprise and a global leader in urban commercial operations, with total assets exceeding RMB 200 billion and over 10,000 employees across more than 200 companies [2] - Since 2003, Baolong has focused on developing and operating comprehensive commercial real estate projects, successfully listing in Hong Kong in 2009 [2] - The company has received numerous accolades, including being recognized as one of China's top 100 real estate companies for 17 consecutive years and as a top 10 brand value company in commercial real estate for 11 years [2] - Baolong has developed nearly 300 high-quality property projects in key regions such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The commercial projects include three main product series: Baolong Yicheng, Baolong City, and Baolong Plaza, while residential projects range from mid-to-high-end apartments to villas [2] - Baolong Commercial began providing commercial operation services in 2007 and has signed management agreements covering over 15 million square meters of commercial space [2] - The hotel division has developed partnerships with several international hotel groups and operates 21 hotels with a total of over 5,046 rooms [2]

Financial Performance - Total revenue reached RMB 169 billion, with property development contributing RMB 1455 billion and mall operation RMB 192 billion[9] - Gross profit margin stood at 310%[9] - Profit attributable to owners amounted to RMB 169 billion[9] - Net profit was RMB 1213 billion, a decrease of 761% compared to the previous year[55] - Basic EPS was RMB 169 cents, a decrease of 821%[55] Land Bank and Sales - Total land bank GFA reached 3152 million square meters, with a saleable value of RMB 3377 billion[10] - Contracted sales reached RMB 2324 billion, with a total contracted sales GFA of 153 million square meters and an average sales price of RMB 15170 per square meter[10] - 743% of contracted sales were in the Yangtze River Delta[10] - Land bank in the Yangtze River Delta accounted for 653% of the total[19] Commercial Operations - Average occupancy rate was 934%[10] - Newly contracted projects from third-party expansion with GFA 330000 square meters[10] - Online sales revenue increased 155% compared with 2021, reaching RMB 505 million[50] Debt Structure - Total debt was RMB 66568 million[64] - Cash to short term debt ratio was 10106%[63]

Financial Performance - Total revenue reached RMB3138 billion, with property development contributing RMB2648 billion and mall operations RMB385 billion[9] - The gross profit margin was 315%[9] - Profit attributable to owners amounted to RMB245 billion[9] - Total debt was RMB63092 million, broken down by debt type, onshore/offshore, and debt maturity[51, 52] - Cash and bank balance was RMB11808 million[49] Land Bank and Sales - Total land bank GFA reached 274 million sq m, with a saleable value of RMB2828 billion[10] - Contracted sales reached RMB4095 billion, with an average selling price of RMB15032/sq m[10, 13] - 740% of contracted sales were in the Yangtze River Delta region[10, 13] - Land bank in the Yangtze River Delta accounted for 671% of the total[15] Commercial Operations - 8 new commercial projects opened in 2022, with a total GFA of 650000 sq m[10, 27] - 11 newly contracted projects from third-party expansion with GFA 104 million sq m[10, 34] - Average occupancy rate of commercial properties was 926%[10]

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 ...

Financial Performance - Total revenue reached RMB 22904 million[10,42], with property development revenue contributing RMB 17740 million[10] and mall operation revenue at RMB 4082 million[10,42] - Property sales revenue decreased by 33% to RMB 17737 million[42], while rental income increased by 6% to RMB 4082 million[42] - The company reported a net loss of RMB 2577 million[42] and core earnings attributable to owners were RMB -1148 million[42] Property Development - Contracted sales amounted to RMB 27500 million[10,17], with an average selling price of RMB 13901 per square meter[10,17] - 642% of contracted sales were from the Yangtze River Delta region[10,17] - The company possesses a saleable land bank of 1739 million square meters valued at approximately RMB 200600 million[10,21] Commercial Operations - The average occupancy rate of shopping malls exceeded 90%[10] - Average same-store sales increased by approximately 18% compared to 2022[10] - Average same-store passenger flow increased by approximately 23% compared to 2022[10] Land Bank and Future Development - 685% of the saleable source valued at RMB 63000 million are to be launched in 2024 are located in the Yangtze River Delta[10,23] - Land bank in the Yangtze River Delta accounted for 643% of the total[19] - Newly added gross floor area (GFA) for commercial operations amounted to 840000 square meters[36]

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].