Financial Performance - For the fiscal year ending December 31, 2025, revenue decreased by 17.8% to approximately RMB 9,500.2 million compared to RMB 11,560.7 million in 2024[3]. - Gross profit increased by 89.9% to approximately RMB 451.8 million, with a gross profit margin of 4.8% for the fiscal year ending December 31, 2025[3]. - The profit for the fiscal year ending December 31, 2025, was approximately RMB 52,325.5 million, a significant recovery from a loss of RMB 29,228.9 million in 2024[3]. - Basic earnings per share for the fiscal year ending December 31, 2025, was RMB 6.801, recovering from a loss of RMB 4.067 in 2024[4]. - Total comprehensive income for the fiscal year ending December 31, 2025, was RMB 52,302.8 million, a turnaround from a loss of RMB 29,227.7 million in 2024[5]. - The company reported a significant loss before tax of RMB 29,085,565,000 for the fiscal year ending December 31, 2024, compared to a profit of RMB 52,806,917,000 for 2025[36][39]. - The company expects to report a net profit of RMB 52,325,543,000 for the fiscal year ending December 31, 2025, a significant recovery from the losses reported in 2024[36]. - The group recorded a profit attributable to equity holders of approximately RMB 52,554.9 million, with basic earnings per share of RMB 6.801, compared to a loss of RMB 28,533.7 million and a loss per share of RMB 4.067 in the previous year[60]. Revenue and Sales - Contracted sales, including joint ventures and associates, decreased by 17.9% to approximately RMB 5,544.4 million for the fiscal year ending December 31, 2025[3]. - Property sales for the year ended December 31, 2025, decreased to approximately RMB 6,143.7 million, down from RMB 8,056.8 million in 2024, indicating ongoing challenges in sales and pre-sales performance[14]. - Revenue from property sales is expected to be RMB 6,143,741,000 for 2025, down from RMB 8,056,756,000 in 2024, indicating a decrease of about 24%[40]. - Revenue from customer contracts for 2025 is RMB 9,019,908, a decrease of 18.5% from RMB 11,062,113 in 2024[41]. - The group recorded contract sales of approximately RMB 5,544.4 million in 2025, a decrease of 17.9% from RMB 6,757.0 million in 2024[78]. - The total construction area sold in 2025 was approximately 350,978 square meters, down 36.6% from 553,297 square meters in 2024[78]. Expenses and Costs - The company's sales and marketing costs decreased to approximately RMB 287.0 million, down from RMB 453.7 million in the previous year[19]. - Administrative expenses reduced to RMB 1,058.4 million, compared to RMB 1,388.1 million in the previous year[19]. - The company’s employee costs, including director remuneration, decreased to RMB 501,393 in 2025 from RMB 898,031 in 2024, a decline of 44.2%[47]. - Financing costs increased from approximately RMB 1,947.1 million in 2024 to about RMB 2,672.1 million in 2025, an increase of approximately RMB 725.0 million or 37.2%[98]. - Income tax expenses rose from approximately RMB 143.4 million in 2024 to about RMB 481.4 million in 2025, an increase of approximately RMB 338.0 million or 235.8%[99]. Assets and Liabilities - Non-current assets decreased from RMB 38,859,191 thousand in 2024 to RMB 34,965,152 thousand in 2025, a decline of approximately 10.0%[6]. - Current assets decreased from RMB 171,820,474 thousand in 2024 to RMB 149,180,866 thousand in 2025, a decline of about 13.2%[6]. - Total liabilities increased from RMB 222,836,146 thousand in 2024 to RMB 113,958,437 thousand in 2025, a decrease of approximately 48.9%[6]. - The company's total assets decreased from RMB 38,859,191 thousand in 2024 to RMB 34,965,152 thousand in 2025, a decline of approximately 10.0%[6]. - The company's total equity decreased from RMB 19,446,902 thousand in 2024 to RMB (31,741,800) thousand in 2025, indicating a significant loss in equity[7]. - Total borrowings decreased from RMB 135,073,562 thousand in 2024 to RMB 83,795,845 thousand in 2025, with a significant reduction in bank loans[56]. Debt and Financing - The company reported a debt restructuring gain of RMB 85,373.9 million for the fiscal year ending December 31, 2025[4]. - Approximately RMB 30,544.5 million in borrowings were in default as of December 31, 2025, compared to RMB 114,157.9 million in 2024, raising significant concerns about the group's ability to continue as a going concern[15]. - The group has extended the repayment period for approximately RMB 1,839.1 million of borrowings to 2026-2028, and about RMB 13,199.0 million of borrowings are secured by the group's assets[15]. - The group has financial guarantees for domestic bank mortgage financing amounting to approximately RMB 21,617.4 million as of December 31, 2025, down from RMB 24,312.2 million in 2024[109]. - The group has financial guarantees provided for joint ventures and third-party liabilities amounting to approximately RMB 17,409.1 million as of December 31, 2025, compared to RMB 20,767.6 million in 2024[110]. Corporate Governance and Compliance - The audit committee consists of independent non-executive directors, ensuring oversight of the financial reporting process[118]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2025[119]. - The company has established strict corporate governance practices to enhance investor confidence and transparency[117]. - The company has adopted the standards for directors' securities trading as per the listing rules, confirming compliance by all directors[121]. Future Outlook and Strategy - The group aims to explore innovative financing models in commercial real estate and new economic sectors to foster new growth points[71]. - The outlook for 2026 indicates a focus on stabilizing the market and building new models, with policies aimed at reducing housing costs and supporting enterprise transformation[74]. - The group plans to enhance urban renewal reserves as quality resources while promoting a full-process renewal service model to empower industrial upgrades[69]. - The group is actively transforming its business model by exploring new sectors such as cultural tourism, pet economy, and health, while collaborating with state-owned enterprises to enhance core assets[64].

Core Viewpoint - Several distressed real estate companies have recently announced their 2025 performance forecasts, indicating a turnaround from losses to profits primarily due to debt restructuring, although their operational performance has not yet improved significantly [1][2]. Group 1: Financial Performance - Country Garden expects a net profit of approximately 1 billion to 2.2 billion yuan for 2025, recovering from a loss of about 35.145 billion yuan in 2024 [1]. - Kaisa anticipates a net profit of no less than 50 billion yuan for 2025, compared to a net loss of 28.5 billion yuan in 2024 [1]. - CIFI Holdings projects a net profit of 17 billion to 19 billion yuan for 2025, recovering from a loss of 7.076 billion yuan in the previous year, largely due to a debt restructuring gain of approximately 40 billion yuan [1][2]. Group 2: Debt Restructuring Impact - The debt restructuring efforts have played a crucial role in these companies' financial recoveries, with Country Garden's domestic debt restructuring involving 9 plans totaling approximately 13.77 billion yuan and an international debt restructuring plan worth around 17.7 billion USD, leading to an estimated debt reduction of nearly 90 billion yuan [2]. - The new debt financing costs for Country Garden have significantly decreased to between 1% and 2.5%, providing a critical opportunity for the company to alleviate its financial burdens over the next five years [2]. Group 3: Operational Challenges - Despite the financial improvements, these companies still face operational pressures, and the completion of debt restructuring does not guarantee a full recovery [3]. - Companies must view debt restructuring as a new starting point, focusing on accelerating sales collections, revitalizing existing assets, and adjusting their business structures to emphasize core competencies and financial stability [3][4]. - The need for external environmental support is also highlighted, as companies seek to navigate their recovery paths [3]. Group 4: Future Strategies - The path to true recovery involves three critical transitions: moving from accounting recovery to operational recovery, achieving positive operating cash flow; transitioning from debt restructuring to business model reconstruction, establishing a sustainable business model with lower leverage; and rebuilding market trust to restore normal financing and sales capabilities [4].

Core Viewpoint - The article discusses the challenges faced by real estate companies in China regarding debt restructuring, highlighting that many firms lack the ability to pay restructuring-related costs and are experiencing slow progress in implementing these plans [1][2]. Group 1: Financial Performance and Debt Restructuring - Times China issued a profit warning, projecting a net loss of no more than 300 million yuan for 2025, a significant decrease from a loss of 16.61 billion yuan in 2024, primarily due to overseas debt restructuring gains [2]. - Kaisa Group expects a net profit of no less than 50 billion yuan for 2025, recovering from a loss of 28.5 billion yuan in 2024, also attributed to overseas debt restructuring gains [2]. - Other companies like Country Garden, Ocean Group, and Yuzhou Group reported significant improvements in net profit due to non-cash gains from debt restructuring, while firms that have not completed restructuring saw little improvement [2]. Group 2: Operational Challenges Post-Restructuring - Despite improvements in financial statements due to debt restructuring, companies are facing severe cash flow issues, leading to salary cuts and layoffs, with some employees experiencing delays in salary payments [4][5]. - The restructuring primarily focuses on debt reduction, with common methods including the replacement of debt with convertible bonds and cash payment options, although cash payments are minimal, typically ranging from 2% to 6% of total domestic debt [4][5]. - Many firms are struggling to meet cash payment obligations due to liquidity constraints, raising concerns about potential defaults despite having restructured their debts [5][6]. Group 3: Market Conditions and Sales Performance - The real estate market has seen a decline in sales, with average monthly sales dropping from 7-8 billion yuan to around 1 billion yuan, severely impacting cash flow for project construction [7][8]. - The tightening of pre-sale fund regulations has exacerbated the difficulties in cash recovery for many firms, including state-owned enterprises [7]. - Companies are facing challenges in asset disposal and recovering receivables, particularly from government-related debts, which are critical for completing debt restructuring [8]. Group 4: Historical Context of Debt Management - Since the liquidity crisis in late 2021, real estate companies have undergone a complex debt management process, initially relying on short-term extensions, followed by longer-term restructuring efforts [10][11]. - The current phase of debt restructuring focuses on significant debt reduction, with some firms achieving debt reduction rates exceeding 50%, and in some cases, up to 70-80% [10][11]. - As of August 2025, over 20 distressed firms have received approval for debt restructuring, with a total debt reduction exceeding 1.2 trillion yuan [11].

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 就 因 本 公 告 全 部或任何部份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。 KAISA GROUP HOLDINGS LTD. 佳兆業集團控股有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1638） 盈利預告 本公告由佳兆業集團控股有限公司（「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第13.09(2)條以及香港法例第571章 證券及期貨條例第XIVA部 作 出。 根據對本集團截至二零二五年十二月三十一日止年度（「本年度」）的未經審核 管 理 賬 目 及 目 前 可 得 資 料 的 初 步 評 估，預 期 本 集 團 將 於 本 年 度 錄 得 本 公 司 擁 有人應佔溢利不少於人民幣500億 元，而 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度本集團則錄得本公司擁有人應佔虧損淨額人民幣285億 元。本 ...

董事會會議通告 佳兆業集團控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本集團」）董 事 （「董 事」）會（「董事會」）謹 此 宣 佈，董 事 會 會 議 謹 訂 於 二 零 二 六 年 三 月 三 十 一 日 （星 期 二）舉 行，以（其 中 包 括）審議及通過本集團截至二零二五年十二月三十一 日止年度的年度業績及建議股息（如 有）。 香港交易及結算所有限公司以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 表 明 不 會 就 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 的 任 何 損 失 承 擔 任 何 責 任。 KAISA GROUP HOLDINGS LTD. 佳兆業集團控股有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1638） 郭英成 香 港，二 零 二 六 年 三 月 十 八 日 於 本 公 告 日 期，執 行 董 事 為 郭 英 成 先 生、麥 帆 先 生、郭 曉 群 先 生、羅 婷 婷 女 ...

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 就 因 本 公 告 全 部或任何部份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。 KAISA GROUP HOLDINGS LTD. 佳兆業集團控股有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1638） 有關出售項目公司30.1210%實際權益的須予披露交易 該交易 於 二 零 二 六 年 三 月 十 八 日，賣 方（本 公 司 的 全 資 附 屬 公 司，作 為 賣 方）與佳兆 業健康（本 公 司 的 附 屬 公 司，作 為 買 方）訂 立 該 協 議，據 此 賣 方 有 條 件 同 意 出 售，而 佳 兆 業 健 康 有 條 件 同 意 購 買 銷 售 股 份（相 當 於 目 標 公 司 全 部 已 發 行 股 本），代 價 金 額 為 人 民 幣21,603,729元（相 當 於 約24,412,214港 元），假 設 股 份 合 併 已 生 效，其 將 通 過 由 佳 兆 ...

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1638） 有關票據的同意徵求結付及完成 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 十 二 月 二 日、二 零 二 五 年 十 二 月 十 七 日、二 零 二 五 年 十 二 月 二 十 八 日、二 零 二 六 年 一 月 十 六 日、二 零 二 六 年 一 月 二 十 三 日、 二 零 二 六 年 二 月 六 日、二 零 二 六 年 二 月 二 十 四 日 及 二 零 二 六 年 三 月 十 五 日 的 公 告（「該等公告」）及日期為二零二五年十二月二日的同意徵求聲明（「原同意徵 求聲明」）（經 日 期 為 二 零 二 六 年 一 月 二 十 三 日 的 補 充 同 意 徵 求 聲 明（「補充同意 徵求聲明」，連 同 原 同 意 徵 求 聲 明 統 稱「同意徵求聲明」）補 充），內 容 有 關 同 意 徵 求。本 公 告 所 用 詞 彙 具 有 該 等 公 告 及 同 意 徵 求 聲 明 所 賦 予 的 相 同 涵 義。 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 ...

KAISA GROUP HOLDINGS LTD. 佳兆業集團控股有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1638） 有關票據的同意徵求結果 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 就 因 本 公 告 全 部或任何部份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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約，亦 不 在 任 何 司 法 權 區 構 成 任 何 投 票 或 批 准 的 招 攬。 本 公 告 並 非 旨 在 以 直 接 或 間 接 方 式 於 或 向 美 國 或 有 關 發 佈、刊 發 或 派 發 屬 違 法 的 司 法 權 區 派 發。本 公 告 並 不 構 成 在 美 國 或 任 何 其 他 倘 無 根 據 當 地 證 券 法 律 登 記 或 符 合 資 格 即 屬 違 法 的 司 法 權 區，要 約 提 呈 出 售 任 何 證 券 ...

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 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 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: 佳兆業集團控股有限公司 | 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) | 01638 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | 本月底 ...

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].