碧桂园在港交所公告，2025年上半年实现总收入约为人民币725.7亿元，同比减少约28.9%；归属公司股 东应占净亏损约为190.8亿元。 ...

8月29日晚间，碧桂园发布2025年中期业绩。 报告显示，期内，集团实现总收入约为人民币725.7亿元，同比减少约28.9%。实现净亏损约为人民币 196.5亿元，归属本公司股东应占净亏损约为人民币190.8亿元。 上半年，实现归属公司股东权益的合同销售金额约人民币167.5亿元，归属公司股东权益的合同销售面 积约205万平方米。 ...

8月29日晚间，碧桂园在港交所公告，截至2025年6月30日止六个月，集团连同其合营企业及联营公司， 共实现归属本公司股东权益的合同销售金额约人民币167.5亿元，归属公司股东权益的合同销售面积约 205万平方米。期内，集团实现总收入约为人民币725.7亿元，同比减少约28.9%；净亏损约为人民币 196.5亿元，归属公司股东应占净亏损约为人民币190.8亿元。 ...

Core Viewpoint - Country Garden reported a significant loss in its interim results for the six months ending June 30, 2025, with a revenue of RMB 72.57 billion and a loss attributable to shareholders of RMB 19.078 billion, translating to a loss per share of RMB 0.69 [1] Group 1: Financial Performance - The company achieved a contract sales amount of approximately RMB 16.75 billion and a contract sales area of about 2.05 million square meters during the same period [1] - The total revenue for the group, including joint ventures and associates, was approximately RMB 72.57 billion [1] Group 2: Delivery and Operations - The company delivered around 74,000 housing units in the first half of 2025, maintaining its position as the industry leader in delivery volume [1] - The company emphasizes the importance of ensuring housing delivery as a primary task and plans to implement extreme strategies for resource utilization and management [1] Group 3: Debt Restructuring - The company is actively working on the restructuring of its offshore debt, with over 77% of existing noteholders participating in the restructuring agreement as of August 18, 2025 [2] - The total external debt principal included in the restructuring is approximately USD 16 billion, with shareholder loans amounting to about USD 1.2 billion, totaling around USD 17.2 billion [2] - The anticipated new debt financing cost post-restructuring is expected to decrease to between 1.0% and 2.5%, with a maximum term of up to 11 years [2] Group 4: Operational Management - The company is implementing rolling budget management to control expenses, ensuring efficient resource utilization and improving operational efficiency [3] - Since 2022, the group has recovered approximately RMB 65 billion through asset disposals, which supports the company's housing delivery and stable operations [3]

Core Viewpoint - Country Garden (02007.HK) reported a significant financial performance in the first half of 2025, indicating a positive outlook for the company amidst ongoing restructuring efforts [1] Financial Performance - In the first half of 2025, Country Garden achieved revenue of approximately 72.57 billion yuan and total assets of about 909.33 billion yuan, exceeding total liabilities [1] - The net assets of Country Garden were reported at approximately 50.78 billion yuan [1] Debt Restructuring - 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 principal of a syndicated loan [1] - The company expects to complete the overall restructuring of its offshore debt within this year, which could lead to a significant deleveraging, reducing debt by over 11 billion USD and extending maturity periods up to 11.5 years [1] - The restructuring is anticipated to significantly lower financing costs and optimize the debt structure, providing Country Garden with the necessary adjustment space to navigate the current industry downturn [1] Market Confidence - On August 22, Country Garden was included in the Hang Seng Composite Index, marking a milestone in meeting the Hong Kong Stock Connect eligibility criteria and signaling a positive recovery in market confidence and liquidity [1]

Core Insights - Country Garden (02007.HK) reported a contract sales amount of approximately 16.75 billion yuan for the first half of 2025, with a sales area of about 2.05 million square meters [1] - The company achieved an operating revenue of approximately 72.57 billion yuan and delivered a total of about 74,000 housing units during the period, maintaining its position as the industry leader in delivery volume over the past three years with over 1.7 million units delivered [1] - Industry experts believe that Country Garden's objectives and strategies are clear, focusing on ensuring the completion of the "guarantee delivery" core task while actively managing debt to build a healthy and sustainable capital structure, eventually transitioning to a normal operating state in the future [1] Financial Performance - For the first half of 2025, Country Garden's operating revenue was approximately 72.57 billion yuan [1] - The company delivered around 74,000 housing units during the same period [1] - Cumulatively, over the past three years, the company has delivered more than 1.7 million housing units [1] Market Position - Country Garden continues to lead the industry in delivery volume, reflecting its strong market foundation and scale [1] - The company's long-term accumulated scale and solid market foundation are expected to provide significant support for its future recovery and development [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。 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） 截至2025年6月30日止六個月 中期業績 財務摘要 – 1 – • 截至2025年6月30日止六個月，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167.5億元，歸屬本公司股東權益的合同銷 售面積約205萬平方米。 • 期內，本集團實現總收入約為人民幣725.7億元，同比減少約28.9%。 • 期內，本集團實現淨虧損約為人民幣196.5億元，歸屬本公司股東應佔淨虧損約為 人民幣190.8億元。 • 期內，本集團營銷及市場推廣成本和行政費用約為人民幣39.4億元，同比下降 18.9%。 碧桂園控股有限公司（「本公司」或「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「本集團」、 ...

Core Viewpoint - Goldman Sachs reports that Country Garden Services (06098) achieved a core net profit of 1.6 billion RMB in the first half of the year, representing a 15% year-on-year decline, which is equivalent to 53% of the bank's previous full-year forecast [1] Financial Performance - The company's core business revenue growth outpaced its peers, despite a 3 percentage point decrease in gross margin year-on-year [1] - The average core net profit forecast for the company from 2025 to 2027 has been raised by 4% [1] Target Price and Rating Adjustment - Goldman Sachs has increased the target price for Country Garden Services from 5.1 HKD to 6.3 HKD [1] - The rating has been upgraded from "Sell" to "Neutral" [1] Business Restructuring - The company has undergone significant business restructuring over the years, including exiting underperforming contracts and refocusing on core business by reducing non-core operations [1] - The stability of recurring business scale and improved cash flow outlook are highlighted as positive developments [1]

Core Viewpoint - Goldman Sachs reported that Country Garden Services (06098) achieved a core net profit of 1.6 billion RMB in the first half of the year, representing a year-on-year decrease of 15%, which is equivalent to 53% of the bank's previous full-year forecast [1] Financial Performance - The company's core business revenue growth outpaced its peers, but the gross margin decreased by 3 percentage points year-on-year [1] - Goldman Sachs has raised its average core net profit forecast for the company from 2025 to 2027 by 4% [1] Target Price and Rating - The target price for Country Garden Services has been increased from 5.1 HKD to 6.3 HKD [1] - The rating has been upgraded from "Sell" to "Neutral" [1] Business Restructuring - The company has undergone significant business restructuring over the years, including exiting underperforming contracts and refocusing on core business by reducing non-core operations [1] - The regular business scale remains stable, and the cash flow outlook has improved [1]

Core Insights - Country Garden Services has reported a revenue of 23.19 billion yuan for the first half of 2025, marking a year-on-year growth of 10.2% [2] - The company continues to maintain a strong scale advantage with a total of 8,108 managed property projects and a managed area of 1.06 billion square meters [2] - Despite revenue growth, the company's profit has declined, with a gross profit of approximately 4.299 billion yuan, down 3.5% year-on-year, and a core net profit of about 1.568 billion yuan, down 14.8% [2] Revenue Breakdown - Property management service revenue reached 13.61 billion yuan, a year-on-year increase of 6.7% [2] - Community value-added service revenue was 2.1 billion yuan, growing by 5.3% year-on-year [2] - The "Three Supplies and One Industry" business saw significant growth, reaching 5.07 billion yuan, with a year-on-year increase of 51.6% [2] Profitability Challenges - The decline in profit is attributed to two main factors: discounts from clearing historical receivables and the impact of downsizing less efficient segments such as sanitation and urban services [2] - The company reported a loss of 108 million yuan from the sale of subsidiaries and an expense of 56.9 million yuan related to fair value changes of financial assets [3] Cash Flow Management - Operating cash flow showed a net outflow of 870 million yuan in the first half of the year, compared to a net inflow of 3.87 billion yuan by the end of 2024 [3] - As of June 30, 2025, the company had approximately 16.47 billion yuan in bank and structured deposits, indicating a healthy cash reserve [3] - The company maintained a current ratio of 1.4, with net current assets of about 12.04 billion yuan [3] Market Position and Strategy - The proportion of revenue from related parties has decreased significantly from 20.3% in 2018 to 1.1% in the first half of 2025, indicating a shift towards independent market operations [3] - The company is preparing for potential reductions in property fees, reflecting ongoing industry challenges and regulatory changes [4] - Country Garden Services has entered nearly 20 low property fee communities, aiming to capture opportunities in segmented markets [5] Future Outlook - The company plans to focus on customer-oriented strategies over the next three to five years, aiming for reasonable profit margins and aligning pricing with customer expectations [5] - Management emphasizes the importance of enhancing operational efficiency and service quality through investments in smart technology and innovation [5]