中期報 告 2025 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 INTERIM REPORT 2025 2025 目錄 | 公司資料 | 2 | | --- | --- | | 主席致辭 | 3 | | 管理層討論與分析 | 5 | | 其他資料 | 9 | | 獨立審閱報告 | 16 | | 簡明綜合損益表 | 18 | | 簡明綜合全面收益表 | 19 | | 簡明綜合財務狀況表 | 20 | | 簡明綜合權益變動表 | 22 | | 簡明綜合現金流量表 | 23 | | 中期財務資料附註 | 25 | 2025年中期報告 龍光集團有限公司 2 公司資料 董事 執行董事 紀海鵬先生 （主席） 賴卓斌先生 （行政總裁） 黃湘玲女士 陳勇先生 周吉先生 獨立非執行董事 張化橋先生 廖家瑩女士 蔡穗聲先生 劉勇平博士 審核委員會 廖家瑩女士 （主席） 蔡穗聲先生 張化橋先生 薪酬委員會 總部及中國主要營業地點 中國深圳 寶安區 興華路南 龍光世紀大廈B座2002室 張化橋先生 （主席） 紀海鵬先生 廖家瑩女士 提名委員會 紀海鵬先生 （主席） 張化橋先生 廖家瑩女士 公司秘書 蘇嘉敏女士 核數師 ...

Group 1 - The core viewpoint is that the debt restructuring process for distressed real estate companies has entered a new phase, with significant progress observed in September 2025 [1][3][9] - Several companies, including CIFI Holdings, Kaisa Group, and R&F Properties, have achieved key breakthroughs in their debt restructuring efforts, indicating a positive trend [3][4] - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring, with a total debt relief scale exceeding 1.2 trillion yuan [5][6][7] Group 2 - CIFI Holdings' restructuring plan was approved on September 15, 2025, with a cash repayment ratio increased to 20% and a debt extension period shortened to 7-8 years [3][6] - Kaisa Group's restructuring plan has come into effect, resulting in an estimated debt reduction of approximately 8.6 billion USD and an average debt extension of five years [3][6] - R&F Properties is actively advancing its debt restructuring, proposing a comprehensive plan that includes cash buybacks and asset disposals [3][6] Group 3 - The debt-to-equity swap has become a preferred method for many companies, reflecting its applicability and effectiveness in the current market environment [5][6] - A diversified approach to debt restructuring has emerged, with companies employing various strategies such as cash buybacks, debt extensions, and asset disposals [6][8] - The financial sector is supporting distressed companies through various channels, including asset management institutions and public REITs, which help reduce leverage and promote transformation [8][9] Group 4 - The market is showing signs of recovery, with policies aimed at stimulating buyer interest, leading to improved operational conditions for real estate companies [9][10] - The traditional peak sales season in September is expected to accelerate the pace of project launches in core cities, potentially boosting market activity [10]

| 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 09993 | 金辉控股 | 0 -8.97% | 2.840 | 114.88亿 | | 02007 | 碧桂元 | -8.70% | 0.630 | 176.33 Z | | 00813 | 世茂集团 | -8.24% | 0.390 | 31.32亿 | | 03383 | 雅居乐集团 | -7.41% | 0.500 | 25.23 乙 | | 00884 | 旭辉控股集团 | -7.17% | 0.246 | 25.85 乙 | | 02772 | 中梁控股 | -6.90% | 0.081 | 3.54Z | | 02777 | 富力地产 | -6.76% | 0.690 | 25.89亿 | | 03377 | 远洋集团 | -6.32% | 0.163 | 18.97亿 | | 01918 | 融创中国 | -6.21% | 1.660 | 190.4 Z | | 02202 | 万科企业 | -6.13% | 5.510 | 657.38 Z | | 03301 ...

Group 1 - The Hong Kong real estate stocks continue to decline, with Country Garden down 8.7%, Jin Hui Holdings down 8%, and Zhongliang Holdings down 7% [1] - The National Bureau of Statistics reported that from January to August, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with residential investment at 46,382 billion yuan, down 11.9% [1] - The funding for real estate development enterprises decreased by 8% year-on-year, with personal mortgage loans dropping by 10.5% [1] Group 2 - Analysts indicate that the current real estate data shows a comprehensive weakening, with both development investment and personal mortgage loans declining, confirming that the market is still in a deep adjustment period [1] - Recently, several key cities have introduced favorable policies to promote the stable and healthy development of the real estate market, particularly in terms of easing purchase restrictions, with notable adjustments in Beijing, Shanghai, and Shenzhen [1]

Core Viewpoint - The Hong Kong real estate stocks continue to decline, with major companies experiencing significant drops, while some show slight gains. The overall market remains under pressure, and recovery will take time, although there may be a temporary increase in activity due to seasonal factors and favorable policies [1]. Group 1: Market Performance - Major Hong Kong real estate stocks such as China Overseas Land & Investment, Sunac China, and others have seen declines exceeding 6%, while some companies like Ronshine China have increased by nearly 5% [1]. - The latest statistics from the National Bureau of Statistics indicate that in August, new residential sales prices in first-tier cities fell by 0.1% month-on-month, with second-tier cities down 0.3% and third-tier cities down 0.4% [1]. Group 2: Price Trends - In August, second-hand residential prices in first-tier cities decreased by 1.0%, while second-tier cities saw a decline of 0.6% and third-tier cities a decrease of 0.5% [1]. - The decline in prices indicates ongoing downward pressure in the real estate market, necessitating a process for recovery [1]. Group 3: Future Outlook - Short-term prospects may improve with the release of favorable policies and the traditional peak sales season of "Golden September and Silver October" approaching [1]. - The real estate industry is expected to transition from a model characterized by "high debt, high leverage, and high turnover" to a focus on high-quality development, emphasizing product quality, operational service, and sustainable development [1].

中山证券有限责任公司公告，截至2025年8月13日"中山-新力2020年第二期资产支持专项计划"原始权益 人、资产服务机构及差额补足承诺人新力地产集团有限公司及子公司发生债务逾期规模合计156.6004亿 元。其中江西澈越房地产开发有限公司涉及一起建设工程施工合同纠纷，涉案金额合计约3428.29万 元。 融侨集团：子公司武汉融侨置业债务逾期，正与东方资产协商展期 登录新浪财经APP 搜索【信披】查看更多考评等级 龙光集团：已与债权人小组就境外债重组达成修订协议 近日，龙光集团(3380.HK) 发布境外债整体重组方案重大进展公告。公告显示，公司已与债权人小组就 境外债重组达成修订协议，对整体CSA（整体债权人支持协议）作出对公司境外债权人及其它持有者整 体有益的若干修订。该修订协议于2025年9月9日签署并生效。本次条款修订，将短期票据、长期票据对 应的底层项目及资产设立资产信托用于抵债，将剩余债务纳入转股选项，扩大转股选项规模。原方案中 的现金选项条款及6港币/股的加权平均转股价则保持不变。 新力地产及子公司债务逾期合计156.6004亿元 融信（福建）投资集团有限公司公告，公司及其时任董事长欧宗洪、总经 ...

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong real estate stocks, with Oceanwide Holdings leading the surge with an increase of over 15% [1] - According to CITIC Securities research, the overall performance of the real estate development industry is expected to remain under pressure in the first half of 2025, with total revenue declining by 15% [1] - The report indicates that the losses for real estate companies have expanded to 27 billion yuan due to increased impairment provisions and rising expense ratios, although the decline in gross profit margins has shown signs of improvement [1] Group 2 - The top 100 real estate companies experienced a 14% year-on-year decline in sales over the first eight months, but this decline is 16 percentage points narrower than the total decline for the previous year [1] - The land market has shown early signs of recovery, with the top 100 real estate companies collectively acquiring land worth 723.5 billion yuan, representing a year-on-year increase of 31% [1] - Major real estate firms are actively replenishing their core city inventories, indicating that sales volumes are nearing a bottom [1]

Core Viewpoint - The Hong Kong real estate stocks experienced a significant rally, with major companies showing substantial gains, indicating a potential recovery in the sector despite ongoing challenges in the overall real estate market [1] Group 1: Stock Performance - Oceanwide Holdings surged over 15%, leading the gains among real estate stocks [1] - Other notable performers included Ronshine China (+7.32%), China Jinmao (+5.23%), and Country Garden (+4.84%) [1] - Several companies, including Longfor Group, Agile Group, and CIFI Holdings, saw increases of nearly 4% [1] Group 2: Industry Outlook - According to CITIC Securities, the overall performance of the real estate development industry is expected to remain under pressure in the first half of 2025, with total revenue projected to decline by 15% [1] - The industry is facing increased impairment provisions and rising expense ratios, leading to an expanded loss of 27 billion yuan in the first half [1] - However, the decline in gross profit margins is showing signs of improvement, with some quality real estate companies stabilizing their margins and profits [1] Group 3: Debt and Sales Trends - The debt repayment capacity of real estate companies is becoming more differentiated, with a trend towards deleveraging due to shrinking business scales, although leading firms maintain stable profitability [1] - The top 100 real estate companies reported a 14% year-on-year decline in sales over the first eight months, but this decline is narrowing compared to the previous year's total [1] - The land market is showing early signs of recovery, with the top 100 companies collectively acquiring land worth 723.5 billion yuan, a 31% increase year-on-year, indicating a proactive approach to replenishing core city inventories [1]

Market Overview - The US non-farm employment data has been significantly revised downwards, leading to sustained expectations for interest rate cuts. The Hong Kong stock market has risen again, with the Hang Seng Index breaking the 26,000 mark, reaching a nearly four-year high. The index closed up 1.01% or 262.13 points at 26,200.26, with a total turnover of HKD 288.21 billion [1] Blue Chip Performance - Lenovo Group (00992) led the blue-chip stocks, rising 4.63% to HKD 11.31, contributing 5.88 points to the Hang Seng Index. Huatai Securities expects Lenovo to benefit from strong demand for AI products in the second half of the year, maintaining a buy rating with a target price of HKD 16 [2] - Other notable blue-chip performances include JD Logistics (02618) up 4.45%, Sun Hung Kai Properties (00016) up 4.28%, while Xinyi Solar (00968) and Xiaomi Group-W (01810) saw declines of 2.77% and 2.22%, respectively [2] Sector Highlights - Large technology stocks performed well, with Bilibili rising over 7% and JD up over 3%. Cloud computing stocks also saw gains, with Kingsoft Cloud rising nearly 9% [3] - Oracle's cloud business showed strong performance, with cloud revenue growing 28% year-on-year and cloud infrastructure revenue increasing 55%. The company expects cloud infrastructure revenue to reach USD 18 billion in FY2026, a 77% increase from FY2025 [4] Real Estate Sector - Hong Kong real estate stocks generally rose, with Sun Hung Kai Properties up 4.28% and Hang Lung Properties (00101) up 2.79% [4] - The Hong Kong government is set to release its 2025 policy address, with expectations of further reductions in property stamp duties and measures to attract more mainland visitors [5] Lithium Sector - Lithium stocks faced significant declines, with Ganfeng Lithium (01772) down 7.02% and Tianqi Lithium (09696) down 7.97%. The price of lithium carbonate is expected to fall below RMB 70,000 per ton due to a resurgence of supply surplus [6][5] Popular Stocks - Yunfeng Financial (00376) surged 27.83% after receiving approval to upgrade its securities license to offer virtual asset trading services [7] - Yaojie Ankang-B (02617) reached a new high, rising 27.57% after being included in the Hong Kong Stock Connect list [8] - Longfor Group (03380) rose 9.47% after reaching a revised agreement with creditors regarding offshore debt restructuring [9] - Shandong Molong (00568) increased by 7.92% amid rising oil prices due to geopolitical tensions in the Middle East [10]

Core Viewpoint - Longguang Group has made significant progress in its overall offshore debt restructuring, achieving a revised agreement with creditor groups that is beneficial for offshore creditors and stakeholders, aiming to resolve the company's debt burden and establish a stable capital structure [2][6]. Group 1: Offshore Debt Restructuring - The revised offshore debt restructuring plan will be effective from September 9, 2025, and aims to completely alleviate the company's offshore debt burden, significantly increasing total net assets and net asset value per share [2]. - The restructuring includes the establishment of asset trusts for short-term and long-term notes, incorporating remaining debts into a conversion option, while maintaining the cash option and a weighted average conversion price of HKD 6 per share [2][3]. - The asset trust model introduced in the restructuring is unique among domestic real estate companies, providing a reliable recovery option for offshore creditors and enhancing their returns [3]. Group 2: Debt-to-Equity Conversion Options - The company has proposed to expand the scale of the debt-to-equity conversion options, allowing more offshore creditors to convert their debts into equity [4]. - The conversion price for the debt-to-equity option is set at a 1:1 ratio, with a two-year term and a weighted average conversion price of HKD 6 per share [5]. - This expansion provides creditors with greater flexibility and the potential for higher returns as the company resolves its offshore debt burden and enhances its stock value [5]. Group 3: Domestic Debt Restructuring Progress - The acceleration of domestic bond restructuring has laid a solid foundation for the ongoing offshore debt restructuring process, with 21 domestic bonds and asset-backed securities successfully approved by investors [6]. - The company encourages offshore creditors who have not yet joined the overall Creditor Support Agreement (CSA) to do so promptly to benefit from an early bird consent fee of 0.125% of the total principal amount of their offshore debts [6]. - The revised terms of the restructuring are expected to better meet market demands, attracting more investors interested in debt-to-equity conversions and asset trusts, potentially increasing support for the revised restructuring plan [6]. Group 4: Company Stability and Future Outlook - The core team of Longguang has remained stable and proactive in addressing the company's challenges, focusing on operational stability and project delivery [7]. - The company's strategic initiatives over the past few years have effectively laid the groundwork for resolving debt issues and seizing new industry opportunities [7].