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作任何陳述，並明確表示不會就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。 Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3380及債券股份代號：40754、40527、405081 ） 整體重組方案最新進展 茲提述龍光集團有限公司（「本公司」）於2025年9月10日及2025年9月25日刊發之公 告（「該等公告」），內容涉及（包括但不限於）經修訂整體重組方案（「整體重組方 案」），以及經修訂整體CSA（「整體CSA」）。除非另有說明，本公告所用詞匯與該等 公告所界定的詞匯具有相同涵義。 有關該延期的進一步詳情載於最後截止日期延期通知中，該通知將分發予同意債權 人，亦將刊載於交易網站。 本公司將根據上市規則、證券及期貨條例以及╱或適用法律及規例的規定適時刊發 進一步公告，就整體重組方案（包括計劃）提供進一步的最新資料。 董事會命 本公司擬於近期向開曼群島大法院及香港特別行政區高等法院原訟法庭提交相關文 件和提 ...

Financial Performance - Revenue recognized was RMB 6.31 billion, a significant decrease from RMB 23.26 billion in the previous year[4] - The net loss for the year was RMB 4.88 billion, compared to a loss of RMB 6.62 billion in the previous year, indicating a reduction in losses[5] - The group reported a loss of RMB 7,814,740 thousand for the year ended December 31, 2025, compared to a loss of RMB 6,204,307 thousand for the previous year[23] - The group reported a pre-tax loss of RMB 4,766,819 thousand for 2025, an improvement from a loss of RMB 6,298,354 thousand in 2024, reflecting a reduction of approximately 24.3%[32] - The financial costs for 2025 totaled RMB 3,396,529 thousand, down from RMB 5,173,782 thousand in 2024, marking a decrease of about 34.4%[26] - The group’s other income and gains for 2025 were RMB 5,524,707 thousand, a significant increase from RMB 132,935 thousand in 2024[25] - The company did not recommend any dividends for the years ended December 31, 2025, and 2024[30] - The company did not recommend a final dividend for the year ended December 31, 2025, consistent with 2024[65] Assets and Liabilities - Total assets decreased to RMB 188.04 billion from RMB 212.59 billion year-on-year[6] - Non-current assets decreased to RMB 43.81 billion from RMB 54.86 billion[6] - Current liabilities decreased to RMB 143.85 billion from RMB 157.76 billion[6] - The total current liabilities of the group were RMB 143,852 million, indicating a tight liquidity position amid a declining real estate market[11] - The total trade receivables at the end of 2025 amounted to RMB 1,230,207 thousand, an increase from RMB 1,136,478 thousand in 2024[34] - The group's trade payables as of the reporting period totaled RMB 20,146,418,000, down from RMB 23,277,191,000 in 2024, indicating a decline of about 13.3%[37] - As of December 31, 2025, the group's liabilities under cross-border guarantee arrangements amounted to RMB 798,716,000, a decrease from RMB 818,896,000 in 2024, reflecting a reduction of approximately 2.4%[36] Revenue Breakdown - Revenue from external customers for the property development segment was RMB 6,073,066 thousand, while the property management segment generated RMB 232,781 thousand, totaling RMB 6,305,847 thousand for the year ended December 31, 2025[21] - The group's revenue for the year ended December 31, 2025, was RMB 6,305,847 thousand, a significant decrease from RMB 23,264,613 thousand in 2024, representing a decline of approximately 72.9%[25] - The total revenue from property development for 2025 was RMB 6,123,893 thousand, compared to RMB 23,113,967 thousand in 2024, indicating a decrease of about 73.5%[25] - Property development revenue was RMB 6,073.1 million, down 73.6% from RMB 22,964.1 million in 2024, with contributions from the Greater Bay Area (42.7%), Yangtze River Delta (34.5%), Southwest region (14.0%), and others (8.8%)[58][59] Debt Management and Restructuring - The company suspended payments on all offshore USD senior notes and HKD equity-linked securities since August 2022, with outstanding principal of USD 3.619 billion (RMB 25.44 billion)[10] - The company has made significant progress in restructuring its offshore debt, with over 80% of creditors agreeing to the support agreement[10] - The group is actively negotiating the restructuring of various borrowings and debts with financial institutions to alleviate financial pressure[13] - The group has made significant progress in domestic debt restructuring, with a total of RMB 13.66 billion in bonds canceled, representing over 62% of the total principal amount of domestic public bonds as of July 10, 2025[44] - The group plans to continue its focus on operational stability and debt management while expediting the completion of domestic and overseas debt restructuring[45] - The group signed a comprehensive creditor support agreement for overseas debt restructuring, with over 80% of creditors agreeing to the revised terms as of September 24, 2025[43] Operational Strategies - The group plans to accelerate the pre-sale and sale of properties under development and completed properties to improve cash flow and manage debts effectively[13] - The group has implemented measures to control administrative costs and expedite the collection of receivables[13] - The group anticipates that its cash flow forecast for at least the next 15 months will be sufficient to meet operational needs and manage overall debt obligations[11] - The group delivered 21 batches of projects in 2025, demonstrating commitment to project delivery amid industry challenges[42] Construction and Land Reserves - The total planned construction area for new projects as of December 31, 2025, is approximately 400,000 square meters[50] - The total planned construction area for completed projects as of December 31, 2025, is approximately 1,260,000 square meters[51] - The total land reserve area as of December 31, 2025, is approximately 23,003,549 square meters, with the Greater Bay Area and Yangtze River Delta accounting for about 76% of the total value[54] Management and Governance - The board of directors is led by Chairman Ji Haipeng, with a team of executive and independent non-executive directors[75] - The annual general meeting is scheduled for June 11, 2026, with a record date of June 11, 2026[64] - The company will publish its 2025 annual report containing all applicable information as per listing rules at the appropriate time on the Hong Kong Stock Exchange website and the company's website[74]

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。 龍光集團有限公司 主席 紀海鵬 （於開曼群島註冊成立之有限公司） 董事會會議召開日期 龍光集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二六年 三月三十日（星期一）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬 公司截至二零二五年十二月三十一日止年度之全年業績及考慮建議之末期股息（如 有）。 承董事會命 Logan Group Company Limited 龍光集團有限公司 香港，二零二六年三月十八日 於本公告日期，本公司執行董事為紀海鵬先生、賴卓斌先生、黃湘玲女士、陳勇先 生及周吉先生；及本公司獨立非執行董事為張化橋先生、廖家瑩女士、蔡穗聲先生 及劉勇平博士。 ...

FF301 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 FF301 致：香港交易及結算所有限公司 公司名稱: 龍光集團有限公司 (於開曼群島註冊成立之有限公司） 呈交日期: 2026年3月5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) | 03380 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 100,000,000,000 | HKD | | 0.1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | | | 本月底結存 | | 100,000,000,000 | HKD | | 0.1 HKD | | 10,000,000,000 | 本月底法定/註 ...

Core Viewpoint - The performance of certain Chinese real estate stocks has been active, with significant price increases observed, driven by policy optimizations in Shanghai aimed at stimulating demand in the housing market [1] Group 1: Stock Performance - Jin Hui Holdings (09993) increased by 6.29%, trading at HKD 1.52 [1] - R&F Properties (02777) rose by 6.12%, trading at HKD 0.52 [1] - Shimao Group (00813) saw a rise of 3.47%, trading at HKD 0.179 [1] - Longfor Group (03380) increased by 3.13%, trading at HKD 1.32 [1] - CIFI Holdings Group (00884) rose by 2.63%, trading at HKD 0.078 [1] Group 2: Market Insights - Xiangcai Securities believes that the optimization of purchase restrictions and public housing loan policies in Shanghai before March will likely stimulate short-term demand and boost market confidence [1] - The firm anticipates that there will be opportunities in the real estate sector in March, particularly regarding the expected incremental policies from the Two Sessions and the performance of sales data during the "small spring" [1] Group 3: Future Focus Areas - According to Open Source Securities, the real estate sector should focus on three main lines by 2026: 1. Valuation recovery at the policy bottom, with clear signals of policy shifts from central and first-tier cities, indicating accelerated supply-side clearance [1] 2. Emphasis on the premium of "good houses," where developers with mature systems and high-end product lines will benefit from sales premiums and gross margin advantages [1] 3. Learning from Hong Kong's "industry-population-rent" transmission path, focusing on the asset allocation demand driven by the recovery of rental yields in core cities [1]

Group 1 - Several Chinese property stocks showed active performance, with Jin Hui Holdings (09993.HK) rising by 6.29% to HKD 1.52 [1] - R&F Properties (02777.HK) increased by 6.12% to HKD 0.52 [1] - Shimao Group (00813.HK) saw a rise of 3.47%, reaching HKD 0.179 [1] - Longfor Group (03380.HK) gained 3.13%, trading at HKD 1.32 [1] - CIFI Holdings Group (00884.HK) rose by 2.63% to HKD 0.078 [1]

Group 1 - The core viewpoint of the article highlights the active performance of certain Chinese real estate stocks, with notable increases in share prices for companies such as Jin Hui Holdings (up 6.29% to HKD 1.52), R&F Properties (up 6.12% to HKD 0.52), and others [1][1][1] - Xiangcai Securities suggests that the optimization of purchase restrictions and housing fund loan policies in Shanghai before March is expected to stimulate demand, activating the second-hand housing replacement chain and boosting market confidence [1][1][1] - The article mentions that Open Source Securities identifies three main focuses for the real estate sector in 2026: valuation recovery at the policy bottom, premium pricing for quality properties, and attention to rental yield recovery in core cities [1][1][1] Group 2 - The article notes that the real estate sector is anticipated to have speculative opportunities in March, particularly regarding the expected incremental policies from the Two Sessions and the performance of sales data during the "small spring" [1][1][1] - The emphasis on developers with mature systems and high-end product lines suggests that these companies will benefit from sales premiums and gross margin advantages due to quality differentiation [1][1][1] - The article also highlights the importance of learning from Hong Kong's "industry-population-rent" transmission path, indicating a potential demand for asset allocation driven by rental yield recovery in key cities [1][1][1]

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].

Group 1 - The Hong Kong stock market saw a collective rise in property stocks, with Country Garden increasing by 8%, and other companies like Jianfa International Group, Greentown China, and Longfor Group also showing significant gains [1] - Notable stock performances include Country Garden at a latest price of 0.335 with a market cap of 139.99 billion and a year-to-date decline of 19.28%, while Greentown China reached 11.470 with a market cap of 291.29 billion and a year-to-date increase of 35.42% [2] - Other companies such as China Overseas Macro Group and Yuexiu Property also experienced gains of over 4%, indicating a positive trend in the property sector [1][2] Group 2 - The stock price of Jianfa International Group rose by 6.54% to 15.810, with a total market value of 354.17 billion and a year-to-date increase of 1.02% [2] - Longfor Group's stock increased by 4.90% to 10.270, with a market cap of 723.18 billion and a year-to-date rise of 19.98% [2] - Other notable increases include China Jinmao at 4.35% to 1.680, with a market cap of 227.01 billion and a year-to-date increase of 38.84% [2]

Group 1 - The core viewpoint of the article highlights a significant rise in the stock prices of major Chinese real estate companies, including Vanke, Country Garden, Longfor Group, and Sunac China, indicating a positive market sentiment [1] - As of the latest update, Vanke's stock increased by 3.76% to HKD 3.86, Country Garden rose by 3.57% to HKD 0.29, Longfor Group gained 3.05% to HKD 1.35, and Sunac China went up by 1.6% to HKD 1.27 [1] - Vanke's dollar bonds maturing in November 2029 experienced their largest increase since January 27, 2025, with a 5.7 cents rise to 38.7 cents per dollar for the 3.5% bond, and a 3.3 cents rise to 37.5 cents per dollar for the 3.975% bond maturing in November 2027 [1] Group 2 - Shanghai is advancing the acquisition of second-hand homes, which is seen as a measure to stabilize price expectations in the real estate market [1] - According to a report by Dongfang Securities, the market-oriented acquisition of "old, broken, and small" properties provides an exit channel for specific assets and helps reshape the "price anchor," potentially improving market confidence [1] - The article suggests that if the scope of acquisition expands, it could form a credit support leverage, significantly enhancing market sentiment, with a focus on the timing and intensity of related policy announcements throughout the year [1]