多家房企陆续公布年报。 碧桂园亏损大幅收窄 责编：叶舒筠 据悉，2022年以来公司已处置难销类资产及盘活沉淀资金回笼超600亿元。另一方面，公司通过最大限 度削减支出，大幅压降非核心非必要的经营支出，优化组织架构，提升资源使用效率，促使2024年营销 及市场推广成本和行政费用在此前基础上继续下降40.2%。此外，碧桂园成立至今控股股东及家族通过 借款、增持股票、购买债券、以股代息等多种方式已累计支持集团总额约416亿港元，且从未减持股 票。 债务重组有序推进 对于债务重组的进程，据了解，碧桂园债务重组工作也在有序推进。碧桂园积极主动与各利益相关方沟 通，探讨包括境外债务的整体重组、债务期限的合理延长以及融资成本的适度降低等多种主动债务管理 举措。目前，公司正在与债权人进行重组方案细节的磋商，并争取相关债权人的支持。 此前，碧桂园已于1月9日公告宣布了其境外重组提案的关键条款，标志着公司境外债务重组取得重要进 展。知情人士称，完成境外重组后，该部分债务将进入新的协议安排，可视为化解了针对控股公司境外 债务的违约风险。此外，待完成境外债务重组，公司有望确认数百亿大额重组收益，净资产将逐步大幅 增加。 2025年以 ...

多家房企陆续公布年报。 对于债务重组的进程，据了解，碧桂园债务重组工作也在有序推进。碧桂园积极主动与各利益相关方沟通，探讨包括境外债务的整体重组、债务期限的合理延长以 及融资成本的适度降低等多种主动债务管理举措。目前，公司正在与债权人进行重组方案细节的磋商，并争取相关债权人的支持。 此前，碧桂园已于1月9日公告宣布了其境外重组提案的关键条款，标志着公司境外债务重组取得重要进展。知情人士称，完成境外重组后，该部分债务将进入新的 协议安排，可视为化解了针对控股公司境外债务的违约风险。此外，待完成境外债务重组，公司有望确认数百亿大额重组收益，净资产将逐步大幅增加。 2025年以来，房企在债务重组及企业重整方面不断有新消息传来，包括碧桂园、融创、龙光、远洋等房企均有所进展。克而瑞地产研究则指出，近期一系列的政策 利好，让房企和债权人看到了行业的更多希望，有利于推动房企债务重组和行业健康稳定发展。广东省住房政策研究中心首席研究员李宇嘉认为，一线城市楼市已 经趋稳，三四线城市跌幅在明显收窄，市场底部越来越清晰，这时候对于债务人来说，选择与企业共渡难关、等待市场和企业价值的修复或许是最优的选择。 碧桂园亏损大幅收窄 3月3 ...

过去一年，碧桂园累计交付房屋超38万套，累计交付面积约4608万平方米，涉及31省242个城市。 "公司正采用极限收支的运营策略，充分挖潜现有交付资源，通过与主要承建商及供应商协商合理的付 款计划，确保双方对项目进度和结算安排保持共识，切实保障项目的正常运转。同时，公司依托白名 单、项目及闲置土地收储等国家和地方政府的各类扶持政策，争取外部资源支持交付工作的顺利推 进。"碧桂园在年报中提到。 年报显示，公司曾在2025年1月9日公告披露，宣布重组提案的关键条款，该提案构成进一步谈判和具体 文件的框架，旨在成功落实集团的境外债务重组。倘成功落实，重组提案将使碧桂园实现大幅去杠杆 化，目标是减少债务最多116亿美元、将到期时间延长至最多11.5年，以及目标是将加权平均借贷成本 从重组前的每年约6%降低至重组后的每年约2%。 截至2024年末，碧桂园实现总收入约2528亿元，同比减少约37%；归属公司股东应占损失约328亿元， 营销及市场推广成本和行政费用约108亿元，总借贷约2535亿元。 从合同销售情况看，碧桂园连同其合营企业及联营公司，实现归属公司股东权益的合同销售金额约472 亿元，归属公司股东权益的合同销 ...

Core Viewpoint - Country Garden's latest annual report indicates a narrowing of net losses by 82.5% compared to 2023, suggesting signs of bottoming out in profit data, despite ongoing challenges in the real estate sector [2][4][9]. Financial Performance - In 2024, Country Garden's total revenue is approximately 25.28 billion yuan, with equity contract sales amounting to about 47.2 billion yuan and sales area around 492 million square meters [2]. - The company has achieved a cumulative delivery of approximately 1.7 million units over the past three years, maintaining a leading position in the industry [2][7]. Debt Restructuring - The company is actively communicating with stakeholders regarding the restructuring of its overseas debt, aiming for a reasonable extension of debt terms and a reduction in financing costs [5]. - Completion of the overseas debt restructuring is expected to yield significant restructuring gains, potentially improving the asset-debt situation substantially [5]. Operational Strategies - Country Garden has implemented measures to ensure housing delivery, including promoting sales and asset revitalization, which has led to over 60 billion yuan in cash recovery since 2022 [7]. - The company has reduced non-core operational expenditures by 40.2% in 2024, optimizing its organizational structure to enhance resource efficiency [7]. Market Outlook - Recent government policies aimed at stabilizing the real estate market have fostered a more optimistic outlook for the industry, with signs of recovery in housing demand and sales [10]. - The company expresses confidence in returning to normal operations, supported by a strong asset base, an excellent team, and ongoing family backing [10].

保经营方面，公司继续致力于维持经营的稳定性和持续性，核心管理队伍团结稳定、上下同欲。年内， 集团连同其合营企业及联营公司实现了归属公司股东权益的合同销售金额约472亿元，对应归属公司股 东权益的合同销售面积约492万平方米。在费用管控上，公司适配当前市场变化和经营重心，持续优化 组织架构，年内行政费用同比去年下降了27.4%，不断提高经营效率。而在销售端，公司坚持"一盘一 策"的精细化管控，结合当地市场实际情况以及各项目自身资债情况，制定合理的销售价格和供货计 划，确保项目维持合理流速的同时最大化资产价值，持续做好资产负债表的主动管理工作。 公告称，来自房地产开发的收入约2457.19亿元。2024年的交付物业所确认收入的平均销售价格(不含增 值税)约每平方米7872元。 保交房仍是公司的第一要务。截至2024年12月31日，集团实现收入约2528亿元，集团及其合资企业和联 营公司累计完成交付房屋超38万套，累计交付面积约4608万平方米，涉及到31省242个城市。公司将继 续执行极限收支的运营策略，通过滚动预算管理，严格控制每一笔开支并每月复盘调整，确保现有资源 的高效利用。同时，公司积极响应国家和地方政府 ...

Financial Performance - For the year ending December 31, 2024, the company achieved a total revenue of approximately RMB 252.8 billion, a year-on-year decrease of about 37.0%[3] - The company reported a net loss of approximately RMB 35.1 billion, with losses attributable to shareholders amounting to approximately RMB 32.8 billion[3] - The company recorded contract sales amounting to approximately RMB 47.2 billion, corresponding to a contract sales area of about 4.92 million square meters[7] - The company reported a revenue of RMB 252,756 million for the year ended December 31, 2024, a decrease of 37% compared to RMB 401,015 million in 2023[17] - The gross loss for the year was RMB 1,687 million, compared to a gross loss of RMB 93,609 million in the previous year, indicating an improvement[17] - The company incurred a net loss of RMB 35,145 million for the year, a significant reduction from the net loss of RMB 200,962 million in 2023[18] - Revenue for the year 2024 was RMB 252,756 million, a decrease of 37% from RMB 401,015 million in 2023[27] - Property sales contributed RMB 245,719 million to revenue, down from RMB 391,251 million in the previous year[27] - Revenue from contracts with customers for real estate development was RMB 245,719 million, a decrease of 37.2% from RMB 391,251 million in 2023[30] - Total segment revenue for 2024 was RMB 263,761 million, down from RMB 443,751 million in 2023, representing a decline of 40.5%[30] Operational Highlights - The company completed the delivery of over 380,000 housing units, covering a total area of approximately 46.08 million square meters across 242 cities in 31 provinces[6] - The company is enhancing its operational efficiency by optimizing its organizational structure, leading to a 27.4% year-on-year decrease in administrative expenses[7] - The company is developing a smart construction system incorporating building robots and new assembly methods to improve cost control and meet higher quality living demands[8] - The group plans to actively adjust sales activities to respond to market changes and aims to achieve budgeted sales and collections[21] - The group will continue to monitor the construction progress of real estate development projects closely and maintain communication with contractors[21] Debt and Restructuring - The company aims to reduce its debt by up to USD 11.6 billion and extend the maturity period to a maximum of 11.5 years as part of its debt restructuring proposal[10] - The company has been actively communicating with creditors regarding a debt restructuring plan, opposing the liquidation petition filed against it[12] - The company’s shares were suspended from trading on April 2, 2024, due to ongoing debt restructuring efforts and were restored on January 21, 2025[14] - Total current liabilities reached RMB 226,795 million, while total debt amounted to RMB 253,488 million, with RMB 188,193 million in default or cross-default[19] - The group has a significant liquidity concern, with a cash and cash equivalents balance of RMB 6,362 million against current liabilities[19] - The company has adopted incentive schemes for senior management and employees based on the profitability of real estate development projects, with cash rewards linked to net profits and return on equity[86] Financial Position - Total assets decreased to RMB 1,008,638 million in 2024 from RMB 1,156,187 million in 2023, reflecting a decline of approximately 12.8%[15][16] - Current liabilities were reduced to RMB 942,750 million in 2024 from RMB 1,126,245 million in 2023, a decrease of about 16.3%[16] - The company’s total equity decreased to RMB 51,254 million in 2024 from RMB 88,609 million in 2023, reflecting a decline of approximately 42.2%[16] - The company’s cash and cash equivalents decreased to RMB 6,362 million in 2024 from RMB 7,130 million in 2023, a decline of approximately 10.8%[15] - The total cash balance as of December 31, 2024, was approximately RMB 29,897 million, a decrease from RMB 63,816 million in 2023[56] Governance and Compliance - The independent auditor, Zhonghui Anda CPA, was unable to express an opinion on the consolidated financial statements due to insufficient audit evidence[76] - The audit committee has reviewed the annual performance and is responsible for independent oversight of the financial reporting process and risk management[80][81] - The company complied with the corporate governance code, except for one provision due to the dynamic nature of the ongoing overseas debt restructuring[83] - No violations of the standard code for securities trading by directors were reported during the year ending December 31, 2024[85] Shareholder Information - The board did not recommend or declare any dividends for the years ended December 31, 2024, and 2023[44] - The total number of shares granted under the share incentive plan as of December 31, 2024, is 165,434,000 shares, net of exercised and lapsed options[87] - The total number of share options available for grant under the 2017 share option plan is 2,048,830,798 shares as of January 1, 2024, and remains the same as of December 31, 2024[88] - The board does not recommend a final dividend for the year ending December 31, 2024, consistent with no dividend declared for 2023[93]

这部分减值，主要是受到兄弟公司出险的影响。碧桂园服务管理层在业绩会上表态称，此前大家一直担 心我们与兄弟公司形成的业务影响，2024年初，我们已经将关联交易的上限封死，并且对开展关联交易 有关的合规程序和支付条件、结算条件进行了严格的固化。 这种切割是必要的。2024年，碧桂园服务的关联交易发生额占总收入的比例下降到了0.9%，由此，碧 桂园服务来自第三方的业务占比也接近99%。 随着计提减值规模的大幅下降，碧桂园服务的业绩也基本企稳。截至2024年年底，碧桂园服务来自碧桂 园控股及其附属公司的贸易应收款项为约23.65亿元，较2023年年底减少约3.92亿元。同时，碧桂园服务 在2024年相应冲回来自碧桂园控股及其附属公司的贸易应收款项已计提的预期信用亏损准备总额约为 3.11亿元。 碧桂园服务在2025年设定了更高的市场拓展目标。 碧桂园服务逐渐走出兄弟公司拖累的阴霾。 近日，碧桂园服务发布2024年财报，去年全年，碧桂园服务实现总收入439.9亿元，同比增长3.2%；毛 利约84亿元，同比下降3.8%；净利润约18.75亿元，同比大幅增长262.8%；归母净利润为18.08亿元，同 比大涨518.7%。 ...

从左往右起依次为，碧桂园服务集团投资者关系总经理林文韬，执行总裁、首席财务官黄鹏，执行董事、总裁徐 彬淮，副总裁、运营管理中心总经理张艳芝，副总裁、首席技术官赵晓光 华夏时报（www.chinatimes.net.cn）记者 梁宝欣 深圳报道 3月27日，碧桂园服务（06098.HK）披露2024年业绩。数据显示，2024年实现收入约为439.93亿元，同比增长 3.2%；毛利为84.01亿元，同比下降3.8%；净利润18.75亿元，同比增长262.8%；股东应占利润18.08亿元，同比大 幅增长518.7%。 业绩发布会上，碧桂园服务执行董事、总裁徐彬淮表示，"2024年，对碧桂园服务来说是极具挑战的，这一年里面 我们经历了很多的风雨和波折，不过到了年末，我们还是交了一份合格的答卷。" 碧桂园服务管理层在业绩会上表示，2024年核心业务收入和毛利持续增长，财务的各项指标整体健康稳健，新增 的关联交易业务占比逐渐下降，基本实现新增的风险客商业务出清。 在股价表现方面，碧桂园服务3月27日报收6.46港元/股，当天上涨0.94%，总市值为215.98亿港元。 值得一提的是，物业管理服务、社区增值服务及「三供一业 ...

Core Viewpoint - The company aims to achieve a certain percentage of growth in both revenue scale and overall profitability by 2025 [7] Financial Performance - In 2024, the company reported total revenue of 43.99 billion yuan, a year-on-year increase of 3.2% [2] - Gross profit was approximately 8.4 billion yuan, a decline of 3.8% year-on-year [2] - Net profit reached about 1.875 billion yuan, showing a significant year-on-year increase of 262.8% [2] - The substantial increase in net profit is attributed to previous business adjustments and risk management measures taken in 2023 [2] Business Segments - The core business consists of property management services, community value-added services, and "three supplies and one industry" services, generating a combined revenue of approximately 38.26 billion yuan, a year-on-year growth of 10.2% [2] - The revenue structure has improved, with the core business now accounting for 87% of total revenue [2] Cash Flow Management - As of the end of 2024, the company had total cash resources of 18.18 billion yuan, with net cash from operating activities at 3.87 billion yuan, which is 1.3 times the core net profit attributable to shareholders [3] - The company aims to maintain a long-term goal of a 1:1 ratio between net cash flow and net profit [3] - The comprehensive collection rate for property fees reached 96.17% in 2024, with an improvement noted in the first quarter of 2025 [3] Market Expansion - The company has set higher market expansion targets for 2025, having already entered over 100 new property management projects by February [4] - By the end of March, the company was on track to achieve 25% of its annual market expansion goal [4] Risk Management - The company has reduced its reliance on related developers, with related transactions now accounting for only 0.9% of total revenue [4] - Non-owner value-added service revenue decreased by approximately 54.6% year-on-year, while commercial operation service revenue fell by about 38.1% [4][5] - The company has implemented stricter measures for dealing with high-risk clients, ensuring that revenue is only recognized after fulfilling contractual obligations [6] Accounts Receivable - The company reported trade receivables net amounting to approximately 17.689 billion yuan, an increase of 1.31 billion yuan compared to the same period in 2023 [6] - The management acknowledges the complexity of these receivables and plans to address long-aged accounts receivable as a core focus for 2025 [6]

走过最艰难的时刻后，碧桂园服务终于要上岸了。 3月27日，碧桂园服务（6098.HK）发布2024年度业绩报告。财报显示，2024年全年，碧桂园服务实现总收入439.9亿元，同比增长3.2%；利润稳中有升，核 心业务的合计经调整毛利增长6.4%至92亿元，归母净利润同比增长518.7%至18亿元。 在此背景下，碧桂园服务2024年全年派息9.9亿元，超过2024年归母净利润的55%，积极与股东分享经营成果，同时也展现出公司财务状况的稳健。 与此同时，2025年，碧桂园服务计划使用不少于5 亿元用于境外回购或者由境内子公司通过信托来购买公司股票，这也有利于进一步提振市场信心。 碧桂园服务如今现金流保持健康稳定，去年经营活动所得现金净额约为38.7亿元，截至去年底，银行存款和现金总额（包括受限制银行存款及定期存款）达 181.8亿元。 此外，碧桂园服务的物业管理规模实现稳步提升，截至去年底，除"三供一业"业务外，其收费管理面积达到约 10.4亿平方米。 据悉，通过整合营销促预缴、"一户一档"精准服务、归仓战役等精细化运营措施，碧桂园服务收费率持续提升。 从具体收入表现来看，物业管理服务收入依然是碧桂园服务的基本盘 ...