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。 SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：01918） 截至2025年12月31日止年度之經審核業績公告 業績摘要 截至2025年12月31日止年度： – 1 – • 本集團連同其合營公司及聯營公司的合同銷售金額約為人民幣368.4億元，較 去年減少約21.8%； • 於2025年12月31日，本集團連同其合營公司及聯營公司的權益土地儲備約為 7,651.3萬平方米，其中未售權益土地儲備約為6,050萬平方米； • 本集團收入約為人民幣451.2億元，較去年減少約39.0%； • 本集團毛虧約為人民幣6.4億元，去年毛利約為人民幣28.9億元； • 本公司擁有人應佔虧損約為人民幣123.3億元，較去年的本公司擁有人應佔虧 損約人民幣257.0億元，虧損大幅收窄約52.0%； • 於2025年12月31日，本集團權益總額約 ...

目前不少完成债券重组的房企没有能力支付重组相关费用，也 无法负担新债券发行的相关费用，导致债券重组实施进展较为 缓慢。 作者：田国宝 封图：图虫创意 3月25日，时代中国发布盈利警告称，2025年归属母公司净利润预期亏损不超过3亿元，较2024 年的166.1亿元大幅收窄，主要原因是境外债重组收益。若剔除重组收益影响，预计全年亏损额较 2024年增加不超过50亿元。 3月24日，佳兆业发布公告称，预计2025年净利润不少于500亿元，而2024年亏损285亿元。佳 兆业扭亏的主要原因同样来自境外债重组收益，若排除这一因素，其仍将亏损。 此外，碧桂园、远洋集团、禹洲集团、旭辉控股、融创中国等房企均宣布，因境外债或境内债重组 产生的非现金收益，净利润获得大幅改善。而未完成债务重组的房企，其净利润大多未出现明显改 善。 2025年前后，不少民营房企启动债务重组，其中部分房企的重组方案已经生效并进入落实阶段。 例如，远洋集团3月25日公布了为债务重组而发行的一笔优先有抵押票据及一笔强制可转债的上市 文件。 多家房企相关人士透露，通过债务重组，财务报表业绩获得改善，但经营层面仍面临现金流枯竭的 窘境。如果情况没有明显好 ...

每经AI快讯，3月26日，港股内房股延续近期跌势，截至发稿，富力地产(02777.HK)跌6.02%，报0.39港 元；融创中国(01918.HK)跌4.46%，报1.07港元；新城发展(01030.HK)跌1.45%，报2.04港元。 （文章来源：每日经济新闻） ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-03-19 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-03-04 | 2026/02 | 制造业 PMI | % | 49.0 | 49.2 | 50.2 | | 2026-03-04 | 2026/02 | 非制造业 PMI:商务活动 | % | 49.5 | 49.5 | 50.4 | | 2026-03-16 | 2026/02 | 社会融资规模:当月值 | 亿元 | 23855 | 24926 | 22331 | | 2026-03-13 | 2026/02 | M0:同比 | % | 14.1 | 10.6 | 9.7 | | 2026-03-13 | 2026/02 | M1:同比 | % | 5.9 | 4.9 | ...

Group 1: Housing Fund Policy in Shenzhen - Shenzhen has revised its housing fund management regulations, allowing employees to voluntarily increase their personal contribution rate to a maximum of 12% to access higher loan amounts [2] - As of December 2025, Shenzhen's housing fund has accumulated 10,329 billion yuan, with 6,941 billion yuan withdrawn by employees and 3,926 billion yuan in loans issued [2] - The new policy aims to enhance flexibility in the housing fund system, potentially increasing liquidity in the market while maintaining limits on withdrawals and loan amounts to prevent excessive outflow [2][3] Group 2: Airline Fuel Surcharge Increases - Multiple domestic airlines have raised international fuel surcharges by over 50%, with some routes seeing increases of up to 100% [4] - The rise in fuel costs is attributed to disruptions in the Strait of Hormuz, leading to increased operational costs for airlines, which were already facing low ticket prices [4][5] - The next adjustment for domestic routes is scheduled for April 5, with current surcharges set at 10 yuan for flights under 800 kilometers and 20 yuan for longer flights [4] Group 3: OpenAI's Strategic Shift - OpenAI is planning a significant strategic shift, focusing resources on programming tools and the enterprise market, moving away from its previous broad approach [6] - The urgency for this shift is heightened by the upcoming IPO, with OpenAI needing to establish a sustainable revenue model to enhance its valuation [7] - The company aims to regain its competitive edge in the enterprise AI service market, which has been successfully tapped by competitors like Anthropic [6][7] Group 4: Cloud Service Price Increases - Alibaba Cloud and Baidu Cloud have announced price increases for AI computing and storage products, with hikes ranging from 5% to 34% [8] - This trend follows similar price adjustments by major global cloud providers, indicating a shift in the supply-demand dynamics in the cloud computing market [8][9] - The rising demand for AI capabilities is driving up costs for cloud services, necessitating these price adjustments [8] Group 5: BMW Price Reductions - BMW has announced significant price reductions for 31 models, with some reductions exceeding 30,000 yuan, aiming to adjust to competitive pressures in the Chinese market [10] - In 2025, BMW's sales in China fell by 12.5% to 626,000 units, while sales in Europe and the U.S. saw growth [10] - The price adjustments are part of a strategy to clear inventory and prepare for new product launches in the competitive Chinese market [10][11] Group 6: Sunac China Financial Outlook - Sunac China has projected a loss of between 12 billion to 13 billion yuan for the fiscal year 2025, primarily due to reduced revenue and increased asset impairment provisions [14] - The company has completed a significant debt restructuring, converting approximately 9.6 billion USD of debt into convertible bonds, which will alleviate immediate cash flow pressures [14][15] - Sunac is focusing on revitalizing its projects in first- and second-tier cities and is actively seeking external funding to support its operations [15] Group 7: Stock Market Performance - The stock market saw a rebound with the Shanghai Composite Index rising by 0.32%, ending a four-day decline, driven by a recovery in the computing power industry [16] - Market sentiment improved with over 3,500 stocks gaining, while defensive sectors like oil and gas weakened [16][17] - Despite the recovery, overall market risk appetite remains limited, with trading volumes decreasing, indicating cautious investor sentiment [17]

Core Viewpoint - The real estate industry has officially entered a new development stage of "stabilization and quality upgrade" in 2025, with significant improvements in delivery capabilities and buyer confidence [1] Group 1: Industry Overview - The central government continues to deepen the real estate financing whitelist system, with over 7.5 million historically delayed housing units completed and the pilot of selling completed homes expanding [1] - The asset-liability structure of companies has substantially improved, with a stable delivery pattern characterized by quality upgrades and steady volume [1] - Leading real estate companies have stabilized their delivery scales, and the ability of distressed companies to fulfill commitments has significantly recovered [1] Group 2: Delivery Capability Assessment - The "2025 China Real Estate Enterprise Delivery Capability TOP 50" evaluates companies based on total delivery scale, timeliness, satisfaction, and completeness of delivery systems [13] - The top 50 companies have become the main force in ensuring delivery, with an increasing proportion of high-quality improvement projects [16] Group 3: Policy and Mechanisms - The central government has established a long-term policy mechanism for the real estate market, focusing on ensuring delivery, preventing risks, and stabilizing expectations [15] - Key measures include the normalization of the real estate financing whitelist, full-cycle supervision of pre-sale funds, and the expansion of the completed home sales pilot [15] Group 4: Delivery Quality and Experience - Delivery capability has evolved from merely "on-time delivery" to a comprehensive ability encompassing full-process systems, precision craftsmanship, and full-cycle services [19] - The delivery process now integrates design and operation, creating a complete loop that enhances the value from "building good homes" to "living well" [19] Group 5: Notable Delivery Projects - The top delivery projects of 2025 include high-end, light luxury, and quality works, showcasing the industry's focus on quality and customer experience [6][9][11] - Notable projects include "Poly Tianrui" in Guangzhou and "Beijing Yuefu," reflecting the industry's commitment to high standards [6][9]

Performance Summary - Fuyao Glass (03606.HK) reported a revenue of approximately 45.787 billion yuan for 2025, representing a year-on-year increase of 16.65%, with a net profit of about 9.312 billion yuan, up 24.2% [1] - Hengan International (01044.HK) achieved a revenue of 23.069 billion yuan in 2025, a 1.8% increase year-on-year, and a net profit of 2.535 billion yuan, up 10.3%. E-commerce and new retail sales revenue grew by 10.1%, with an annual gross margin improvement to approximately 33.8% [1] - Sunac China (01918.HK) expects a loss between 12 billion to 13 billion yuan for 2025, a reduction compared to the previous year, primarily due to gains from overseas debt restructuring [1] - Tencent Music (01698.HK) reported total revenue of 32.9 billion yuan for 2025, a 15.8% year-on-year increase, with a net profit of 11.06 billion yuan, up 66.4% [2] - China Eastern Education (00667.HK) achieved a revenue of 4.616 billion yuan in 2025, a 12.1% increase, with adjusted net profit of 792 million yuan, up 50.9% [4] - Hong Kong Electric (02638.HK) reported a revenue of 12.125 billion yuan for 2025, a 0.6% increase, and a net profit of 3.149 billion yuan, up 1.2% [5] - Longjiang Life Science (00775.HK) reported a revenue of 5.41 billion HKD, a 2% decrease, with a net loss of 187 million HKD, an increase of 47.61% year-on-year [3] Company News - Weisheng Holdings (03393.HK) won a supply contract for reclosers from CEMIG, Brazil's largest power company, valued at 138 million Brazilian Reais (approximately 182 million yuan or 206 million HKD), to be delivered in batches over the next two years [9] - Hong Kong International Holdings (00480.HK) partnered with Jiaxing Xiutuo Construction Investment Group to acquire a commercial land plot in Jiaxing for approximately 216.4 million yuan, planning to develop a shopping center [9] Financing and Buyback Activities - Xindong Company (02400.HK) repurchased 108,000 shares at a cost of approximately 7.911 million HKD, with prices ranging from 72.00 to 75.05 HKD [16] - Yum China (09987.HK) repurchased 18,500 shares for about 7.714 million HKD, with prices between 414.8 and 420.6 HKD [16] - CNOOC Oilfield Services (02883.HK) completed the issuance of 5 billion yuan in bonds through its wholly-owned overseas subsidiary [17]

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。 SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 （於開曼群島註冊成立的有限公司） 主席 孫宏斌 中國香港，2026年3月17日 於本公告日期， 本公司執行董事為孫宏斌先生、 汪孟德先生、 馬志霞女士、 黃書平先生及孫喆一先 生；及本公司獨立非執行董事為潘昭國先生、竺稼先生、馬立山先生及袁志剛先生。 （股份代號：01918） 董事會會議召開日期 融創中國控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董事 會」）謹此宣佈，本公司將於2026年3月27日（星期五）舉行董事會會議，以考慮及批 准（其中包括）本集團截至2025年12月31日止年度之經審核年度業績及其發佈，以及 考慮派發末期股息（如有）。 本公司證券持有人及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 融創中國控股有限公司 ...

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。 SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 （於開曼群島註冊成立的有限公司） 本公告乃由融創中國控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）根 據《香港聯合交易所有限公司證券上市規則》（「上市規則」）第13.09條及香港法例第 571章《證券及期貨條例》第XIVA部作出。 本公司董事會（「董事會」）謹此告知本公司證券持有者及潛在投資者，基於本集團截 至2025年12月31日止年度（「本年度」）未經審核管理賬目的初步審閱以及現時可得的 資料，預期本年度本公司擁有人應佔虧損介於人民幣120億元至130億元，虧損較截 至2024年12月31日止年度本公司擁有人應佔虧損約人民幣257.0億元大幅減少，主要 是因為本年度錄得境外債務重組收益所致。 剔除債務重組收益影響後， 本年度錄得 虧損主要是因為受市場影響， 結轉收入大幅下降且毛利率承壓， 及進一步計提資產 減 ...

Group 1 - Zhaoyi Innovation (03986) saw an intraday increase of 1.72% amid rising shipping risks in the Hormuz Strait affecting the supply chain of key raw materials like helium [1] - Rongchang Bio (09995) rose over 3.6% after its RC288 injection application was accepted by NMPA, showing excellent anti-tumor activity and safety in preclinical studies [1] - Swire Properties (01972) increased by over 2.2% following the release of its 2025 full-year results, reporting revenue of HKD 16.041 billion, a year-on-year increase of 11%, and a basic earnings per share of HKD 1.49 [1] Group 2 - Health 160 (02656) surged over 10%, reaching a new high of HKD 140.5, with a nearly doubled stock price since March 9, despite a previous drop of about 30% on February 11 [2] - Gaming stocks collectively rose, with notable increases in companies like Boyaa Interactive (00434) up 4.44% and Tencent (00700) up 1.1%, following Apple's announcement of a commission rate adjustment for the App Store in mainland China [2] - Qidian Guofeng (01280) experienced a significant rise of over 26% after announcing a sales contract for AI servers with an independent third party [2] Group 3 - Hong Kong bank stocks fell again, with Standard Chartered (02888) down 4.67% and HSBC Holdings (00005) down 3.8%, amid ongoing tensions in the Middle East affecting transactions involving Asian balance sheets [3] - Cement stocks saw a general increase, with China National Building Material (03323) up 2.62%, as construction activity picked up post-Lantern Festival, leading to a steady recovery in cement market demand [3] - Domestic property stocks rebounded, with CIFI Holdings (00884) up 2.9% and Sunac China (01918) up 5.45%, as recent data indicated a 3.3% year-on-year decline in second-hand housing listings in Shenzhen [4] Group 4 - Yao Cai Securities (01428) saw a significant rise of over 39% after extending the acquisition offer deadline with Ant Group to March 25, 2026 [4] - PayPay (PAYP.US), a digital wallet operator backed by SoftBank, debuted on the US stock market with a 13.5% increase, achieving a market cap of nearly USD 12 billion [5] - Chinese electric vehicle companies NIO (NIO.US) and Xpeng Motors (XPEV.US) saw stock increases of 1.46% and 3.58%, respectively, amid discussions of potential collaborations with European automotive giant Stellantis [5] Group 5 - Storage stocks collectively declined, with SanDisk (SNDK.US) down 5.59% and Micron Technology (MU.US) down 3.19%, following negative sentiment from short-seller Citron Capital [6] - Optical communication stocks fell, with Applied Optoelectronics (AAOI.US) down 16.39%, despite securing a bulk order for a new data center transceiver [6] - Agricultural input stocks continued to rise, with CF Industries Holdings (CF.US) up 13.21%, driven by supply chain disruptions in the Middle East affecting fertilizer transportation [7] Group 6 - Oil stocks rose sharply, with Battalion Oil (BATL.US) up 15.48% as international oil prices surged, with WTI crude rising over 8% to USD 94.66 [8] - EHang Intelligent (EH.US) reported total revenue of RMB 509.5 million (approximately USD 72.9 million) for the fiscal year 2025, marking an 11.7% year-on-year increase, despite a net loss of RMB 231 million [8]