FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國奧園集團股份有限公司 呈交日期： 2025年7月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 03883 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 07 月 27 日 信用债机会或源自调整 ——信用分析周报（2025/7/21-2025/7/25） 投资要点： 本周（7/21-7/25）市场概览： 1）一级市场：本周传统信用债发行量、偿还量、净融资额环比上周均有所增加；资 产支持证券净融资额环比上周增加；本周 AA 主体产业债、AA+主体金融债加权平均 发行利率较上周大幅上行，其余不同券种不同评级的发行利率较上周小幅波动。 联系人 2）二级市场：本周信用债成交量环比上周增加 1780 亿元；换手率方面，本周传统 信用债换手率较上周整体上升，资产支持证券换手率较上周有所下降。本周不同期 限不同评级的信用债收益率均有较大幅度上行，幅度在 7-17BP 范围内。总体来看， 本周不同行业信用利差大多走扩，少部分行业信用利差收窄。具体来看，本周 AA+ 电子、建筑材料信用利差较上周分别收窄 17BP、8BP，AA+轻工制造信用利差收窄 不到 1BP，AAA 休闲服务信用利差较上周收窄 1BP。除此以外，其余各行业各评级 的债券信用利差大多走扩，走扩幅度在 0-7BP 不等。 请务必仔细阅读正文之后 ...

Core Viewpoint - China Aoyuan (03883.HK) is implementing plans and measures to alleviate liquidity pressure and address the auditor's concerns regarding its going concern status Group 1: Debt Restructuring and Financial Management - The company is actively promoting a comprehensive restructuring of its domestic debt to establish a long-term mechanism for alleviating debt pressure and strengthening cash flow risk management [1] - The domestic debt restructuring plan is nearly complete and is currently seeking feedback from various parties, including domestic creditors [1] - The company has reached contractual arrangements with several domestic financial institutions to extend existing financing arrangements amounting to approximately RMB 1.014 billion [1] Group 2: Sales and Operational Efficiency - The company is accelerating the pre-sale and sale of properties under development and completed properties, achieving a contract sales amount of approximately RMB 4.02 billion and a contract sales area of about 436,200 square meters in the first half of 2025 [1] - To control administrative expenses, the company has optimized its workforce, reducing the total number of employees by approximately 28% since January 2025 and streamlining its organizational structure by eliminating two regional companies [1] Group 3: Legal and Asset Management - The company has reached three settlement agreements with business partners regarding overdue/unpaid operating payables, bank loans, and other borrowings in the first half of 2025 [1] - The company continues to explore potential asset sale opportunities and will announce any substantial progress in this area [1]

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。 1 (i) 本集團正積極推動本集團境內債務的全面重組，以建立緩解債務壓力的長效機制，並強化全週 期現金流風險管控體系，保障本集團的經營安全。目前境內債務重組計劃方案已經基本完善， 正在徵求各方（包括境內債權人）意見，本公司將在獲得實質性進展時及時進行公告； (ii) 本集團一直與各境內貸款人積極磋商借款重續及展期。二零二五年首六個月，本集團與若干境 內金融機構達成合同安排，境內借款本金金額約人民幣10.14億元的現有境內融資安排獲展期； (vi) 本集團仍然繼續積極探索潛在的資產出售機會，本公司將在獲得實質性進展時及時進行公告。 本公司將適時根據上市規則及╱或聯交所之要求就計劃及措施的進展刊發公告。 上述數據乃按本公司的內部資料概要編製，鑒於收集及整理該等資料過程中存在各種不確定因素， 該等數據與本公司按年度或半年度基準刊發的經審核或未經審核綜合財務報表中披露的數字可能存 在差異，因此上述數據僅供參考。 ...

Group 1 - The Hong Kong real estate sector saw an initial rise in stock prices, with notable increases in several companies [1] - R&F Properties (02777.HK) experienced a surge of over 10% [1] - Agile Group (03383.HK) rose by 9%, while Sunac China (01918.HK) increased by over 5% [1] Group 2 - Longfor Group (03380.HK) and China Aoyuan (03883.HK) also saw their stock prices rise [1]

金十数据整理：每日港股市场要闻速递（5月9日 周五） 1. 比亚迪(01211.HK)计划到2030年将一半的汽车销往中国以外的市场。 2. 碧桂园(02007.HK)：4月权益合同销售额约30.8亿元。 3. 华虹半导体(01347.HK)：2025年第一季度净利润380万美元。 4. 融创中国(01918.HK)：2025年4月，本集团实现合同销售金额约人民币11亿元，合同销售面积约8.5万 平方米，合同销售均价约人民币12940元/平方米。 5. 东风集团股份(00489.HK)：1-4月累计汽车销量52.67万辆，同比下降约20.8%。 6. 招商银行(03968.HK)：拟出资150亿元设立金融资产投资公司。 7. 中国奥园(03883.HK)将召开债券持有人会议，拟调整"H20奥园2"本息兑付方案。 8. 雅居乐集团(03383.HK)4月合约销售额4.90亿元人民币，1-4月累计合约销售额33.1亿元人民币。 ...

Business Strategy and Market Expansion - China Aoyuan focuses on the Guangdong-Hong Kong-Macao Greater Bay Area and aims to become a leader in healthy living, emphasizing sustainable and steady development[2] - Future outlook includes a projected revenue growth of 10-15% for the next fiscal year, driven by new project launches and market expansion[3] - Market expansion plans include entering three new cities in the Greater Bay Area by the end of 2024, aiming to increase market share by 5%[3] - The company is expanding its market presence, targeting three new regions in Asia by the end of the next fiscal year[66] - A strategic acquisition was completed, enhancing the company's capabilities in urban development, valued at $300 million[66] Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% to reach HKD 10 billion in the last fiscal year[3] - The company's total revenue for 2024 was approximately RMB 9.675 billion, a decrease of about RMB 17.858 billion or 64.9% compared to 2023[23] - The company's property development sales revenue was approximately RMB 8.168 billion, down 67.3% from RMB 24.964 billion in 2023[23] - The gross loss for 2024 was approximately RMB 16.189 billion, an increase of 1,013.4% compared to a gross loss of RMB 1.454 billion in 2023[24] - The company achieved a gross profit of approximately RMB 630 million in 2024, an increase of 88.6% from RMB 334 million in 2023, with a gross margin of 6.5%[24] - The company reported a profit attributable to owners of approximately RMB 35 million in 2024, compared to a loss of RMB 9.534 billion in 2023[28] Debt Management and Restructuring - Aoyuan's debt restructuring plan is underway, aiming to reduce liabilities by 30% over the next two years[3] - The company completed a comprehensive restructuring of its offshore debt, resulting in a restructuring gain of approximately RMB 26.155 billion[26] - The group had bank and other borrowings of approximately RMB 51.180 billion, reduced from RMB 71.760 billion as of December 31, 2023[32] Research and Development - The company is investing in new technologies, with a budget allocation of HKD 500 million for R&D in health and wellness products[3] - The company is investing $50 million in research and development for new technologies aimed at improving operational efficiency[66] Corporate Governance and Leadership - The company has seen significant leadership changes, with several directors resigning and new appointments made to strengthen governance and operational management[54][55] - The company emphasizes its commitment to environmental, social, and governance (ESG) development, with the appointment of non-executive directors to advise on these matters[49] - The company has a strong financial management team, with members having over 30 years of experience in audit, accounting, and financial management[50] - The company has a diverse board with members holding qualifications from prestigious institutions, enhancing its governance capabilities[49][50][51][53] Shareholder Relations and Dividend Policy - The company maintains a dividend policy with a payout ratio of 40%, reflecting its commitment to returning value to shareholders[3] - The company has no predetermined dividend payout ratio, and any future dividends will be decided at the discretion of the board, considering various factors[142] - The board will review the dividend policy periodically and may update or amend it as deemed appropriate[142] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of environmental management and integrates eco-friendly practices into its operations[156] - The company is committed to social responsibility, contributing to education, poverty alleviation, and community development[155] - The ESG report outlines the company's efforts and achievements in environmental and social aspects over the past year[145] - The board is responsible for overseeing the group's sustainable development strategy and integrating ESG management into the governance framework[158] Risk Management - The company has implemented risk management measures and guidelines, with regular internal monitoring assessments conducted by all departments to identify potential risks affecting business operations and financial processes[124] - The board has confirmed its responsibility for risk management and internal control systems, which aim to manage risks associated with achieving business objectives[121] Customer Service and Quality Control - The group implemented a customer service management system to improve service quality and efficiency, aiming for industry-leading standards[185] - The group emphasizes the importance of information security and has established internal protocols to manage information security incidents[190] - The group has a rigorous supplier management system, including regular performance evaluations and compliance checks to ensure quality and social responsibility[194] Employee Management and Training - The company has implemented a training program to enhance employees' awareness of integrity and compliance[176] - The company has arranged appropriate training for directors to ensure they are updated on business, legal, and regulatory changes[87]

2024年，公司录得亏损净额约20.97亿元及经营现金流出净额，流动负债超过流动资产约200.02亿 元。同日，集团的银行及其他借款以及优先票据及债券合共约为738.05亿元，其中约536.62亿元将于自 报告期末起计未来12个月内到期偿还。此外，集团已就待售物业及投资物业的承担合共约167.77亿元订 约但未作出拨备，包括其分占与其他投资者共同就合营企业作出的承担，而集团的银行结余及现金总额 （包括受限制银行存款）仅约为31.41亿元。 2024年3月20日，中国奥园通过在香港、开曼群岛及英属维京群岛并行落实计划安排，完成集团重 大境外债务的整体重组。根据计划的条款，集团若干优先票据及债券及借款的支付义务被解除，相关债 权人相应获得公司的票据及股份，而且集团的财务状况降杠杆效果显著。因此，董事认为集团的整体负 债及支付义务降低，短期流动资金压力得到部分缓解。 中国奥园称，为改善本集团的流动性及现金流以维持持续经营，董事已实施或正在实施以下措施： 集团一直与各种境内贷款人积极磋商借款重续及展期。截至综合财务报表批准日期，集团与若干境内金 融机构达成合同安排，境内借款本金金额约93.95亿元的现有境内融资安排获 ...

中国奥园去年总营业额跌近65%，物业收入大降， 流动负债高企 深圳商报·读创客户端记者 李薇 到了2023年7月，中国奥园交出了一份境外债重组方案，披露境外债务重组主要条款获主要债权人 小组代表支持，随后与债权人小组成员签订重组支持协议。 有业内人士认为，中国奥园当初提出重组方案时或许对市场持一种乐观的态度，然而市场走向并没 有如预期那般，所以公司债务重组的推进容易遇到问题，公司仍面临着资金压力。 2024年3月，中国奥园宣布完成境外债务重组，这在一定程度上缓解了境外债务压力。 同年9月，中国奥园引入阿联酋的专业投资机构MultiGold，其持股比例达到16.48%，成为单一最大 股东。 中国奥园（03883.HK）近日发布2024年全年业绩公告。公告显示，2024年集团的总营业额约为人 民币96.75亿元，较2023年约人民币275.33亿元减少约人民币178.58亿元，降幅为64.9%。其中，物业发 展销售收入约为81.68亿元，同比下降67.3%。交付物业总建筑面积较2023年减少72.3%，平均售价上涨 18.1%至每平方米约9961元。 2024年集团毛损约为人民币161.89亿元，毛损率为167. ...

中国奥园：2024年公司拥有人应占溢利约为人民币 0.35亿元 3月26日午间，中国奥园发布2024年全年业绩。 3月26日午间，中国奥园发布2024年全年业绩。 2024年，集团毛损为约人民币161.89亿元，毛损率为167.3%。若撇除计入销售成本的可供销售物业 减值亏损(包括若干旧改项目亏损)，2024年，集团毛利为约人民币6.30亿元，毛利率为6.5%。 2024年，公司拥有人应占溢利约为人民币0.35亿元，而2023年亏损约人民币95.34亿元。若撇除重组 收益人民币261.55亿元，公司拥有人应占溢利转为亏损约人民币261.20亿元，较2023年亏损约人民币 95.34亿元上升174.0%。 2024年，实现物业合同销售額约人民币105.5亿元，合同销售面积约125.2万平方米。截至2024年 末，大湾区土地储备总建筑面积约564万平方米，权益建筑面积约424万平方米。 2024年，集团物业发展销售收入约为人民币81.68亿元，较2023年降幅约67.3%。交付物业的总建筑 面积82万平方米，较2023年减少72.3%；平均售价上涨18.1%至每平方米约人民币9,961元，主要是因为 平均售价较高 ...