COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2007) （於開曼群島註冊成立之有限公司） （股份代號：2007） NOTIFICATION LETTER 通知信函 26 September 2025 Dear Registered Shareholders, Country Garden Holdings Company Limited (the "Company") — Notice of publication of the Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are now available on the Company's website at www.countrygarde ...

COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2007) （於開曼群島註冊成立之有限公司） （股份代號：2007） NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder(s) (Note 1) , Country Garden Holdings Company Limited (the "Company") — Notification of publication of the Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are available on the Company's website at www.countrygarden.com ...

控股有限公司 Country Garden Holdings Company Limited 2025 中期報告 股份代號：2007 （於開曼群島註冊成立的有限公司） www.countrygarden.com.cn 碧桂園控股有限公司 Country Garden Holdings Company Limited 20 25 中 期 我們組建科技建築集團，打造由建築機器人、新型裝 配式、智能裝備、BIM數字化等構成的智慧建造體系， 努力實現安全、質量、效率、環保和科技的完美結 合，拓展施工總承包、勞務分包等業務，引領和推動傳統 建築業變革。 我們成立鳳凰智拓建管公司，積極外拓輕資產代管代建業 務，充分發揮集團積澱多年的設計、開發、成本、客戶資 源等多方面專業優勢，研究市場需求並不斷進行產品迭 代，攜手合作夥伴共同成就卓越項目。 報 告 碧桂園 是什麼 碧桂園是為社會創造 幸福生活的高科技綜合性企業。 我們積極投身機器人產業和科技建造事業 科技發展日新月異，機器人時代已經到來。我們投身 科技創新大潮，廣納人才、博採眾長，用科技的力量 為社會創造美好生活，助力國家科技進步和高質量發 展。 我們成立博智林機器人公 ...

陷入流动性危机的碧桂园，境内债务重组方案渐渐浮出水面。据碧桂园地产集团日前公告，因拟与投资 者协商新的偿付方案，7只公司债券停牌。9月23日，据接近碧桂园人士透露，本次重组涉及境内9笔债 券，本金规模合计约138亿元，方案设置了多个选项。如果此重组方案顺利获得通过，有望实现超过 50%的债务本金削减，债务期限最长延至10年，利率下降至1%。此举也被视为碧桂园修复资产负债 表、谋求生存发展的关键一步，将为其争取至关重要的喘息空间。 9笔境内债正在推进重组 9月18日，碧桂园地产集团发布公告称，因拟于近期与投资者协商新的偿付方案，为稳妥推进相关工 作，保证信披公平和保护投资者利益，H19碧地3、H20碧地3、H20碧地4、H1碧地01等7只公司债券9月 19日开市起停牌。 9月23日，据接近碧桂园人士透露，本次重组涉及境内9笔债券，本金规模合计约138亿元。方案设置了 多个选项供投资人选择，若后续顺利落地，大幅降低境内公开市场债务规模，在缓解碧桂园债务压力的 同时，投资人也能够实现退出。 化债一直是碧桂园努力的方向。在境内债务重组方案推出之际，从境外债务来看，截至2025年8月，持 有77%公开票据本金的债权人已 ...

Group 1 - The company achieved revenue of RMB 23,185.5 million in the first half of 2025, representing a year-on-year growth of 10.2% [3] - Gross profit decreased by 3.5% to RMB 4,299.1 million, while net profit attributable to shareholders fell by 30.8% to RMB 996.6 million [3] - Adjusted basic earnings were RMB 1,567.7 million, down 14.8%, with adjusted basic earnings per share at 39.4 cents and a basic earnings rate of 6.8% [3] Group 2 - The decline in profitability was primarily due to debt waiver losses and a contraction in urban services and commercial operations [3] - Property management and related services accounted for over 90% of total revenue, but with limited profit elasticity [3] - The management has increased the basic dividend payout ratio for the fiscal year 2025 from 32.6% to 60% and initiated a share buyback plan of no less than RMB 5 billion to enhance shareholder returns and mitigate control risk [3] Group 3 - Management expects visibility in the industry to improve with the progress of the parent company's debt restructuring and housing delivery [3]

Group 1 - The core point of the news is that Country Garden (碧桂园) plans to restructure nine public market bonds, adjusting the repayment arrangements for principal and interest, and offering various options for bondholders [2] - As of the end of June, the total outstanding balance of the nine bonds is 13.85828 billion yuan, including several specific bond series [2] - The proposed adjustments extend the principal repayment deadline to September 2, 2035, with a structured repayment plan starting from September 2, 2031, involving gradual payments over nine periods [2] Group 2 - Bondholders accepting the adjusted repayment arrangements must also agree to changes in credit enhancement measures, including the removal of certain guarantees and the non-consideration of asset value fluctuations due to market or policy reasons as defaults [3] - Country Garden offers three additional restructuring options for bondholders, including a cash buyback option, a stock-for-debt option, and a conversion to general debt [4] - The cash buyback option allows for a maximum of 450 million yuan to be used for repurchasing bonds at 12% of their face value, with different allocation ratios for various bonds [4] Group 3 - The stock-for-debt option involves issuing up to 1.46 billion new shares at a price of 2.6 HKD per share, with bondholders waiving all interest accrued on the relevant bonds [5][6] - The newly issued shares can be sold within 24 months, with any unsold shares being forcibly sold in the 25th month [6] - The general debt conversion option allows bondholders to convert their bond holdings into non-bond general debt, with a repayment date extended to 2033 and an interest rate of 1% per year [6]

里昂证券报告指出，碧桂园服务上半年盈利下滑，表明行业基本面仍面临挑战。尽管如此，公司宣布将 全年派息率提高至60%，并进行股份回购，此举旨在提升股东回报。里昂证券将碧桂园服务今明两年的 盈利预测分别上调3.2%和下调5.8%，以反映减值调整，并将目标价从5.2港元上调至7.1港元，维持"持 有"评级。 ...

Group 1 - The core viewpoint of the report is that Citic Securities has raised the target price for Country Garden Services (06098) by 36.5%, from HKD 5.2 to HKD 7.1, while maintaining a "Hold" rating [1] - The report indicates that the profit decline in the first half of 2025 reflects ongoing challenges in the overall industry fundamentals [1] - The board announced an increase in the basic dividend payout ratio from 32.6% for the fiscal year 2024 to 60% for the fiscal year 2025, along with a share buyback of RMB 500 million [1] Group 2 - Citic Securities has adjusted its earnings forecast for the company, increasing the 2025 profit estimate by 3.2% and decreasing the 2026 profit estimate by 6.8% to reflect changes in impairment loss predictions [1] - The valuation method has been reverted to the traditional price-to-earnings (PE) ratio [1]

Group 1 - Citic Lyon has raised the target price for Country Garden Services (06098) by 36.5%, from HKD 5.2 to HKD 7.1, while maintaining a "Hold" rating [1] - The profit decline in the first half of 2025 reflects ongoing challenges in the overall industry fundamentals [1] - The board announced an increase in the basic dividend payout ratio from 32.6% for the fiscal year 2024 to 60% for the fiscal year 2025, along with a share buyback of RMB 500 million [1] Group 2 - Citic Lyon has adjusted its earnings forecast for the company, increasing the 2025 profit estimate by 3.2% and decreasing the 2026 profit estimate by 6.8% to reflect changes in impairment loss predictions [1] - The valuation method has been reverted to the traditional price-to-earnings (PE) ratio [1]

Core Viewpoint - Country Garden Services reported a decline in profit for the first half of the year, indicating ongoing challenges in the industry. However, the company announced an increase in its dividend payout ratio from 32.6% last year to 60% for the current year, along with a share buyback plan of 500 million yuan, which is expected to enhance shareholder returns [1] Company Summary - The profit decline reflects the challenging fundamentals of the industry [1] - The company has increased its dividend payout ratio significantly, which is a positive signal for shareholders [1] - A share buyback of 500 million yuan is being implemented to further boost shareholder value [1] - 20% of the company's shares are held in a charitable trust, and 16.26% are pledged, suggesting that the controlling family's shares will remain locked for the next five years, reducing the likelihood of a change in control [1] Financial Forecast - The profit forecasts for Country Garden Services for the next two years have been adjusted, with a 3.2% increase for this year and a 5.8% decrease for the following year, reflecting impairment adjustments [1] - The target price for the company's shares has been raised from 5.2 HKD to 7.1 HKD, while maintaining a "hold" rating [1]