Core Viewpoint - The company reported a turnaround in its financial performance for 2025, achieving a total revenue of approximately RMB 154.89 billion and a net profit of about RMB 1.62 billion, with attributable net profit to shareholders reaching approximately RMB 3.261 billion, marking a return to profitability year-on-year [1] Financial Performance - Total revenue for 2025 was approximately RMB 154.89 billion, with a net profit of about RMB 1.62 billion and attributable net profit to shareholders of approximately RMB 3.261 billion, indicating a year-on-year turnaround [1] - The company delivered approximately 170,000 housing units, covering a total construction area of about 19.82 million square meters across 204 cities in 28 provinces [1] Operational Strategy - The company prioritizes stable and sustainable operations, with a unified and stable core management team [2] - In 2025, the company and its joint ventures achieved a contract sales amount attributable to shareholders of approximately RMB 33.01 billion, corresponding to a contract sales area of about 4.02 million square meters [2] - Administrative and marketing expenses decreased by 15.7% year-on-year, reflecting improved operational efficiency [2] - The company employs a refined management strategy, "one strategy for one market," to optimize sales prices and supply plans while maintaining reasonable inventory turnover [2] Debt Restructuring - The company successfully implemented a debt restructuring plan involving approximately USD 17.7 billion in offshore debt, effective December 30, 2025 [3] - A domestic debt restructuring plan involving approximately RMB 13.77 billion was also approved, significantly reducing debt financing costs and extending maturities [3] - These restructuring efforts provide a crucial strategic window for the company to alleviate financial burdens over the next five years [3]

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。 替任授權代表變更； 及 在香港接收送達法律程序文件之本公司授權代表變更 建議採納新訂組織章程細則 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.51(1) 條，碧桂園控股有限公司（「本公司」）董事會（「董事會」）宣佈，董事會建議採納一套 新的本公司組織章程細則（「新章程細則」），以納入對本公司現有組織章程細則（「現 有章程細則」）之若干修訂（「建議修訂」），旨在（其中包括）：(i)在符合開曼群島法律 及上市規則的情況下，明確允許本公司持有庫存股份；(ii)反映有關進一步擴大無紙 化上市機制的上市規則修訂（包括在無需任何額外同意或通知的情況下以電子方式 發佈公司通訊、允許本公司股東（「股東」）進行電子通訊及發出電子指示、以電子方 式支付公司行動款項及以電子方式支付認購款項）；(iii)反映聯交所於2025年5月發 COUNTRY GARDEN HOLDINGS COMPANY ...

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。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 截至2025年12月31日止年度 （於開曼群島註冊成立之有限公司） （股份代號：2007） 全年業績 財務摘要 – 1 – • 截至2025年12月31日止年度，本集團連同其合營企業及聯營公司，共實現歸 屬本公司股東權益的合同銷售金額約人民幣330.1億元，歸屬本公司股東權 益的合同銷售面積約402萬平方米。 • 年內，本集團實現總收入約為人民幣1,548.9億元，同比減少約38.7%。 • 年內，本集團實現淨利潤約為人民幣16.2億元，歸屬本公司股東應佔淨利潤 約為人民幣32.6億元。 • 年內，本集團營銷及市場推廣成本和行政費用約為人民幣90.9億元，同比下 降15.7%。 碧桂園控股有限公司（「本公司」、「公司」或「貴公司」）董事會（「董事會」，個別董 事下稱「董事」）宣佈，本公司及其附屬公司（統稱 ...

Performance Review - The company reported a revenue of 48.35 billion yuan for 2025, representing a year-on-year growth of 10% [1] - The net profit attributable to shareholders was 600 million yuan, a decline of 67% year-on-year, while the core net profit decreased by 17% to 2.52 billion yuan [1] - Operating cash flow matched core profit at 2.51 billion yuan, and the total dividend increased by 520 million yuan to 1.51 billion yuan, accounting for 60% of core net profit, resulting in a dividend yield of 8.7% [1] - The property management segment, a key business area, saw revenue and gross profit growth of 7% and 11% respectively, while the "three supplies and one industry" business grew by 38% and 14%, together accounting for over 80% of total revenue [1] - Community value-added services experienced a 5% revenue growth but a 21% decline in gross profit due to economic cycle fluctuations, leading to a slight overall gross profit increase of 1% [1] Accounts Receivable Management - The company recorded a new impairment provision of 480 million yuan and further wrote off difficult receivables, with 360 million yuan written off in the first half of 2025, expecting a narrower write-off in the second half [2] - After excluding 1 billion yuan of loans to related parties, the balance of trade and other receivables grew by 2% year-on-year [2] - The aging structure of trade receivables showed a slight elongation, with the proportion of receivables due within one year decreasing by 2 percentage points and those over three years increasing by 6 percentage points [2] Development Trends - The management indicated a clear profit and cash flow target, aiming for core net profit to stabilize and recover in 2026, with operating cash flow maintaining a coverage of 1 times core profit [2] - The board anticipates a dividend of no less than 1.5 billion yuan for 2026, with share buybacks continuing based on market conditions, having repurchased 500 million yuan worth of shares over the past year [2] Profit Forecast and Valuation - The core net profit forecasts for 2026-27 remain largely unchanged, but the overall net profit estimates were reduced by 48% and 39% to 880 million yuan and 1.05 billion yuan respectively due to cautious impairment predictions [2] - The company maintains a neutral rating and a target price of 7.8 HKD, indicating a potential upside of 32%, with a 9 times core P/E for 2026 and a 7% expected dividend yield [2] - The stock is currently trading at 6.6 times the 2026 core P/E and a 9.1% expected dividend yield for 2026 [2]

（於開曼群島註冊成立之有限公司） （股份代號：2007） 海外監管公告 本海外監管公告乃由碧桂園控股有限公司（「本公司」）根據香港聯合交易所有限公司 （「聯交所」）證券上市規則（「上市規則」）第13.10B條刊發。 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。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 謹請參閱隨附本公司在中華人民共和國上海證券交易所（「上交所」）網頁登載之《碧 桂園控股有限公司關於公司重大事項的公告》（債券代碼：135797）。 另外，亦請參閱隨附本公司之附屬公司碧桂園地產集團有限公司及騰越建築科技集 團有限公司在上交所網站和╱或中華人民共和國深圳證券交易所網站登載之文件： – 1 – 1. 《碧桂園地產集團有限公司關於公司重大事項的公告》（債券代碼：163015、 175214、175366、149407、149509、149632及149748）；及 2. 《騰越建築科 ...

Core Insights - The company achieved a record revenue of 48.35 billion yuan in 2025, representing a year-on-year growth of 9.9% [2] - The core net profit attributable to the parent company was 2.52 billion yuan, with operating cash flow net amounting to 2.51 billion yuan, fully covering the core net profit [2] - The cash reserves at the end of the period reached 17.93 billion yuan [2] Revenue Composition - Property management, as the core business, contributed 33.11 billion yuan, growing by 6.2% year-on-year, accounting for approximately 70% of total revenue [2] - The company successfully expanded its market presence, adding an annualized revenue of 2.03 billion yuan from new projects, with 104 benchmark projects signed in key cities like Hangzhou, Guangzhou, and Shenzhen [2] - The Integrated Facility Management (IFM) business has entered seven high-potential sectors, including new energy and smart manufacturing, with notable projects like Hikvision and Hisense Industrial Park [2] Community Value-Added Services - Community value-added services are becoming a significant growth driver, generating revenue of 4.417 billion yuan, a 5% increase year-on-year, accounting for 9.1% of total revenue [2] - The liquor business saw a substantial revenue increase of 61.5% to 709 million yuan, with a customer repurchase rate of 61.3% [2] - Home service revenue reached 576 million yuan, with the number of service stations increasing to 121, and revenue per station continuing to rise [2] Management Area and Project Coverage - As of the end of last year, the company managed a total area of 1.16 billion square meters, with market-oriented management area (excluding "three supplies and one industry") at 1.07 billion square meters [2] - The total number of managed projects reached 8,268, covering 31 provinces, municipalities, Hong Kong, and overseas markets, with related party revenue decreasing to 1.1% [2]

Core Viewpoint - Country Garden Services reported a record revenue of 48.35 billion yuan for the year, marking a year-on-year increase of 4.3 billion yuan, driven by growth in property management and value-added services [4] Financial Performance - The company achieved total revenue of 48.35 billion yuan, with property management service revenue at 27.93 billion yuan, a year-on-year increase of 7.3%, accounting for 57.8% of total revenue [4] - Gross profit reached 8.456 billion yuan, a slight increase of 0.7%, with a gross margin of 17.5%, down 1.6 percentage points year-on-year [4] - Net profit was reported at 599 million yuan, a significant decline of 68.1%, while core net profit attributable to shareholders was 2.519 billion yuan, down 17.1% year-on-year [4] Cash Flow and Receivables - The net cash generated from operating activities was 2.508 billion yuan, a decrease of 35.2% compared to the previous year [5] - The net trade receivables stood at 18.807 billion yuan, an increase of 1.117 billion yuan year-on-year, attributed to longer customer payment cycles [5] - Other receivables increased to 4.532 billion yuan, primarily due to a loan of 1 billion yuan provided to a related party [5] Strategic Adjustments - The company is implementing a "one plan, one strategy" approach to address underperforming projects, with a target profit contribution of 110 million yuan from these initiatives in 2025 [5]

Group 1 - The core viewpoint of the news is that Country Garden Services reported its 2025 fiscal year performance, showing a revenue increase but a significant drop in profit [1] - The company achieved a revenue of 48.354 billion RMB, representing a year-on-year increase of 9.9% [1] - Shareholder profit attributable to the company was 601 million RMB, which is a decrease of 66.7% compared to the previous year [1] Group 2 - The board proposed a final dividend of 0.0462 RMB per share and a special dividend of 4.18 RMB per share for the 2025 fiscal year [1] - In comparison, the final dividend for 2024 was 0.1352 RMB and the special dividend was 1.609 RMB, totaling 0.2961 RMB [1] - The company provides a range of property management services, including security, cleaning, landscaping, and maintenance, with property management service revenue of approximately 27.93 billion RMB, reflecting a year-on-year growth of about 7.3% [1] - Property management services accounted for approximately 57.8% of the total revenue [1]

Core Insights - In 2025, Country Garden Services achieved a record revenue of 48.35 billion yuan, an increase of 4.36 billion yuan year-on-year, with a gross profit of 8.46 billion yuan and a core net profit attributable to shareholders of 2.52 billion yuan [2] - The company's strategic focus on "big property" continues to deepen, with the "big property sector" contributing 33.11 billion yuan in revenue, a year-on-year increase of 6.2%, maintaining around 70% of total revenue [2] - Despite industry-wide cost pressures, the gross profit remained stable, particularly in the big property sector, which saw a growth of 162 million yuan to approximately 7.12 billion yuan [2] Financial Performance - The net cash flow from operating activities for 2025 was approximately 2.51 billion yuan, with cash and cash equivalents at the end of the period reaching 17.93 billion yuan [3] - The board anticipates a total dividend of no less than 1.5 billion yuan for the fiscal year 2026, reflecting a commitment to shareholder returns [3] - The company repurchased approximately 87.996 million shares for a total cost of about 503 million yuan, fulfilling previous commitments to enhance shareholder value through a combination of dividends and share buybacks [3] Market Position and Strategy - Country Garden Services has significantly reduced its reliance on related party income, decreasing from 20.3% in 2018 to 1.1% in 2024 and 2025, indicating a strong independent operational capability and risk resilience [2] - The CFO expressed confidence in achieving sustainable and stable growth in revenue and profits from 2026 to 2028, driven by improved operational efficiency and mature service offerings [3]

Core Insights - The company aims for stable growth while preparing for long-term development, achieving a total revenue of approximately 48.35 billion yuan in 2025, a year-on-year increase of 9.9% [1] - The company faced significant profit pressure, with a shareholder profit of about 601 million yuan in 2025, a substantial decline of 66.7% due to historical acquisitions leading to impairment costs [2] - The management is optimistic about reversing the declining trend in core net profit in 2026 after addressing risk issues and believes the risk of further goodwill impairment is controllable [2] Financial Performance - Total revenue for 2025 was approximately 48.35 billion yuan, with a gross profit of about 8.46 billion yuan, reflecting a slight increase of 0.7% [1] - The gross margin decreased from 19.1% to 17.5%, while net cash inflow from operating activities was 2.51 billion yuan, matching core net profit [1] - Core business revenue from property management and related services was 33.11 billion yuan, a 6.2% increase, contributing around 70% of total revenue [1] Profitability Challenges - The core net profit, excluding non-operating factors, was approximately 2.52 billion yuan, down 17.1% year-on-year, primarily due to proactive risk clean-up actions [2] - The company recorded a full impairment of approximately 969 million yuan for goodwill related to its subsidiary, impacting overall profitability [2] Strategic Initiatives - The company is enhancing service quality through refined management, digital operations, and leveraging scale advantages, while also addressing low property fees in older communities by launching proprietary brands [3] - The proportion of revenue from related parties has significantly decreased from 20.3% in 2018 to 1.1% in 2025, indicating reduced risk exposure [3]