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: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 碧桂園控股有限公司 (於開曼群島註冊成立之有限公司) FF301 呈交日期: 2025年9月2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) | 02007 | 說明 | 普通股 | | | | | | | | | 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 | | 0 | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 HKD | | 10,00 ...

Core Viewpoint - The company reported its 1H25 performance, showing a revenue of 23.2 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders decreased by 31% to 1 billion yuan, aligning with expectations [1] Revenue Performance - Revenue growth was supported by core business operations, with property management service revenue, which accounts for about 60% of total revenue, increasing by 7% due to a 6% year-on-year growth in managed area to 1.06 billion square meters [1] - The "Three Supplies and One Industry" segment saw a significant revenue increase of 52% year-on-year, contributing to overall revenue stability [1] Profitability Pressure - Profit margins faced pressure, with several business segments experiencing a year-on-year decline in gross margins, except for value-added services [1] - The decline in profitability in the large property management segment was attributed to lower gross margins from newly developed projects, a return to industry average margins for some high-margin existing projects, increased investment in problematic projects, and changes in the structure of value-added services [1] Cash Flow and Financial Health - The company's operating cash flow was weaker than the previous year, with a net cash outflow of 880 million yuan in 1H25 compared to a net inflow of 270 million yuan in the same period last year, primarily due to increased upfront investments for the "Three Supplies and One Industry" business and a decrease in prepayments from owners [2] Future Outlook - The business is expected to face internal and external pressures, but the management's refined management measures may help mitigate some external impacts, maintaining relative stability in core operations [2] - The management aims to achieve the revenue, profit, and cash flow targets set at the beginning of the year and plans to actively return results to shareholders [2] Profit Forecast and Valuation - Based on the actual operating conditions in the first half of the year, the company slightly lowered profit margin assumptions for several segments, reducing the core net profit forecasts for 2025 and 2026 by 19% and 21% to 2.59 billion yuan and 2.62 billion yuan, respectively [2] - The target price was adjusted down by 4% to 6.8 HKD, reflecting a 5% upside potential and an 8x price-to-earnings ratio based on core net profit for 2025, along with a 7.5% expected dividend yield [2]

Core Insights -碧桂园服务 achieved a revenue of 23.2 billion yuan in H1 2025, representing a year-on-year growth of 10.2%, while core net profit attributable to shareholders decreased by 14.8% to 1.57 billion yuan [1][2] Group 1: Business Performance - Core businesses showed positive year-on-year growth, with property management, "three supplies and one industry," and community value-added services generating revenues of 13.6 billion, 5.1 billion, and 2.1 billion yuan respectively, reflecting growth rates of 6.7%, 51.6%, and 5.3% [1][2] - The combined revenue from the three main businesses accounted for 89.6% of total revenue, an increase of 3.6 percentage points year-on-year, while their combined gross profit margin rose to 92.9%, up 3.1 percentage points [1][2] Group 2: Expansion and Market Position - The company maintained its industry-leading position with a managed area of 1.06 billion square meters (excluding "three supplies and one industry") and signed new third-party contracts covering 6.477 million square meters, a year-on-year increase of 66% [2] - The "three supplies and one industry" segment signed 315 new projects with a total contract value of 1.79 billion yuan, indicating strong growth potential in this specialized area [2] Group 3: Profitability and Shareholder Returns - Gross margins for basic property management, "three supplies and one industry," and community value-added services were 21.8%, 7.7%, and 30.4% respectively, showing declines of 1.1, 1.2, and 8.6 percentage points year-on-year [2] - The company committed to distributing 60% of core net profit attributable to shareholders as dividends in 2025 and plans to enhance shareholder returns through share buybacks and other measures [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。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 （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。 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、149748、102282094及 1 ...

Core Viewpoint - Country Garden Holdings Company Limited reported a significant net loss of approximately 19.65 billion yuan for the first half of 2025, primarily due to a decline in project settlement scale and increased asset impairment amid industry adjustments [1][2]. Financial Performance - The company achieved a total revenue of approximately 72.57 billion yuan in the first half of 2025, with major contributions from real estate development (70.03 billion yuan) and technology construction (2.54 billion yuan) [2]. - As of mid-2025, Country Garden's total assets were approximately 909.3 billion yuan, exceeding total liabilities, which included contract liabilities of about 222 billion yuan [2]. Debt Restructuring Progress - Country Garden has made significant progress in its offshore debt restructuring, with over 77% of the holders of existing public notes agreeing to the restructuring plan as of August 18 [4]. - The restructuring is expected to reduce the debt scale by approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt, significantly lowering the company's financial burden [4]. - The new debt financing costs are projected to decrease to between 1.0% and 2.5%, enhancing cash flow management [4]. Delivery and Operational Strategy - The company has delivered over 1.7 million housing units in the past three years, with more than 70,000 units delivered in the first half of 2025, maintaining a leading position in third-party rankings [3]. - Country Garden has raised over 65 billion yuan through asset disposals since 2022, including the sale of a stake in Blue Arrow Aerospace for approximately 1.305 billion yuan [3]. - The company aims to continue its focus on "guaranteeing delivery" while optimizing resource utilization and responding to government support policies [5].

Core Viewpoint - Country Garden reported a significant net loss of approximately 19.65 billion yuan in the first half of 2025, attributed to a decline in project settlement scale, low gross margins, and increased asset impairment in property projects [1] Group 1: Financial Performance - In the first half of 2025, Country Garden achieved revenue of about 72.57 billion yuan, with total assets around 909.33 billion yuan, exceeding total liabilities [1] - The company expects gradual recovery in profitability due to ongoing debt management efforts and an improving industry environment [1] Group 2: Debt Restructuring - As of August 18, over 77% of holders of existing public notes have joined the restructuring agreement, with a coordination committee representing 49% of the principal of syndicated loans signing a support agreement [1] - The restructuring plan includes five options, with an expected debt reduction of approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt, significantly lowering the debt burden [1] - Successful completion of the debt restructuring is anticipated to yield substantial restructuring gains, potentially increasing net assets by up to 70 billion yuan [1] Group 3: Industry Context - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring or reorganization plans, with a total debt resolution scale exceeding 1.2 trillion yuan [2] - Country Garden aims to ensure project delivery and stabilize operations by focusing on "guaranteeing delivery, stabilizing finances, and ensuring operations" [2] - The company has delivered approximately 74,000 housing units in the first half of 2025, with over 1.7 million units delivered in the past three years [2] Group 4: Strategic Initiatives - Country Garden is actively working on cost reduction and efficiency improvement, having recovered over 65 billion yuan through asset disposals since 2022 [2] - The company has been included in the Hang Seng Composite Index, indicating a milestone in meeting Hong Kong Stock Connect thresholds and signaling improved market confidence and liquidity [2]

Core Viewpoint - Country Garden reported a significant net loss of approximately 196.5 billion yuan in the first half of 2025, primarily due to a decline in project settlement scale and increased asset impairment [2][3]. Financial Performance - In the first half of 2025, Country Garden achieved an operating revenue of approximately 72.57 billion yuan, with equity contract sales amounting to about 16.75 billion yuan [2][3]. - The total assets of Country Garden were approximately 909.3 billion yuan, exceeding total liabilities, with net assets around 23.9 billion yuan [2][3]. - The company delivered approximately 74,000 housing units during the period, maintaining its position as the industry leader in delivery volume [3]. Asset Management - Since 2022, Country Garden has recovered over 65 billion yuan through asset disposals, including the sale of equity stakes in various projects [4]. - The company has successfully reduced the rigid funding demand for housing delivery, indicating a potential easing of overall financial pressure [4]. Debt Restructuring - Country Garden is progressing with its offshore debt restructuring, with over 77% of existing noteholders participating in the restructuring agreement [5]. - The expected debt reduction from the restructuring is approximately 117 billion USD, equivalent to about 84 billion yuan, significantly lowering interest-bearing debt [5]. - Post-restructuring, the new debt financing cost is anticipated to decrease to 1.0%-2.5%, alleviating cash flow pressure [5]. Strategic Focus - The company aims to focus on "ensuring housing delivery, stabilizing assets and debts, and maintaining operations" as part of its strategic objectives [6]. - The "ensuring housing delivery" initiative is prioritized as the immediate operational goal, while "stabilizing assets and debts" is a medium to long-term objective [6]. - Country Garden's strategic plan includes leveraging its core real estate development business alongside technology construction and management services to drive transformation [6][7].

Group 1: Financial Performance - In the first half of 2025, the company reported a contract sales amount of approximately 16.75 billion yuan and revenue of about 72.57 billion yuan, representing a year-on-year decline of 28.9% [1] - The net loss for the period was approximately 19.65 billion yuan, which has widened compared to the same period last year [1] - The decline in revenue is attributed to a significant decrease in the scale of project settlements and low gross margins, along with increased asset impairments due to changes in the industry and market environment [1] Group 2: Debt Restructuring - As of August 18, over 77% of existing noteholders have joined the restructuring agreement, and the company has signed a restructuring support agreement with a committee representing 49% of the bank loan principal [2] - The restructuring proposal includes five options, with an expected debt reduction of approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt [2] - Post-restructuring, the new debt financing cost is expected to decrease to 1.0%-2.5%, significantly lowering interest expenses and providing more cash flow relief [2] Group 3: Delivery Assurance - In the first half of 2025, the company delivered approximately 74,000 homes, with a cumulative delivery of over 1.7 million homes in the past three years, maintaining the top position in the industry [3] - The company is actively promoting projects to enter the whitelist through new financing, loan extensions, and cost reductions to alleviate debt pressure and improve project liquidity [3] - Since 2022, the company has disposed of various assets to raise over 65 billion yuan, with approximately 6.374 billion yuan raised from selling investment project equity in the past year [3]

Core Viewpoint - The recent financial report from Country Garden highlights significant losses due to declining project settlements and increased asset impairments, but the company is optimistic about future recovery through debt management and industry improvements [2][3]. Financial Performance - In the first half of 2025, Country Garden reported revenue of approximately 72.57 billion yuan and a net loss of about 19.65 billion yuan [2]. - The total assets of the company were around 909.33 billion yuan, exceeding total liabilities [2]. Debt Restructuring - As of August 18, over 77% of holders of existing public notes have joined the restructuring agreement, with a significant portion of bank loan principal also involved [2]. - The restructuring plan could potentially reduce the debt scale by approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt [3]. - Successful completion of the debt restructuring is expected to increase net assets by up to 70 billion yuan [3]. Industry Context - Several real estate companies have made positive progress in debt restructuring, with 20 distressed firms having approved restructuring or reorganization plans, totaling over 1.2 trillion yuan in debt [3]. Operational Strategy - Country Garden aims to ensure project delivery and stabilize operations by focusing on "ensuring delivery, stabilizing finances, and maintaining operations" [4]. - The company delivered approximately 74,000 housing units in the first half of the year, with over 1.7 million units delivered in the past three years [4]. - Since 2022, Country Garden has generated over 65 billion yuan from asset disposals to support project funding [4]. Market Position - Country Garden has been included in the Hang Seng Composite Index, indicating a recovery in market confidence and liquidity [4].

Core Viewpoint - Country Garden (碧桂园) has shown resilience in its financial performance and is actively working on debt restructuring to improve its liquidity and reduce financial pressure [1][2]. Financial Performance - In the first half of 2025, Country Garden reported a contract sales amount of approximately 16.75 billion yuan, with a sales area of about 2.05 million square meters, and revenue of around 72.57 billion yuan [1]. - The total assets of Country Garden are approximately 909.3 billion yuan, with net assets of about 23.9 billion yuan, maintaining a positive net asset value [1]. - The company delivered approximately 74,000 housing units in the first half of the year, with a cumulative delivery of over 1.7 million units in the past three years, ranking first in the industry [1]. Debt Restructuring - Country Garden is actively participating in the urban real estate financing coordination mechanism, aiming to alleviate debt pressure through new financing, loan extensions, and reduced financing costs [1]. - As of August 18, over 77% of holders of existing public notes have joined the restructuring agreement, and a support agreement has been established with a committee representing 49% of the syndicated loan principal [1][2]. - The expected debt reduction scale post-restructuring is approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt, significantly lowering the interest-bearing debt scale [2]. Cost Management and Asset Disposal - The new debt financing cost post-restructuring is projected to decrease to 1.0% - 2.5%, which will help reduce interest expenses and cash flow pressure [2]. - Since 2022, Country Garden has disposed of various assets, recovering over 65 billion yuan, including the sale of equity in investment projects totaling approximately 6.374 billion yuan in the past year [2]. Market Position - On August 22, Country Garden was included in the Hang Seng Composite Index, a significant step in its market recovery, attributed to its market capitalization and liquidity metrics [3].