截至月份: 2026年3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: 龍湖集團控股有限公司 呈交日期: 2026年4月1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) | 00960 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 第 1 頁 共 10 頁 ...

Core Viewpoint - Longfor Group has successfully reduced its debt burden by nearly 60 billion, allowing it to navigate the ongoing adjustments in the real estate industry with greater agility and stability in its performance structure, which is supported by property development, operations, and service revenues [2][3]. Financial Performance - In 2025, Longfor Group reported total revenue of 97.31 billion, with property development revenue at 70.54 billion, operations revenue at 14.19 billion, and service revenue at 12.58 billion. The combined revenue from operations and services accounted for 27.5% of total revenue [2][3]. - The company achieved a profit attributable to shareholders of 1.02 billion, with core profit from operations and services reaching 7.92 billion, contributing significantly to an overall gross margin exceeding 50% [2][3]. Debt Management - Over the past three and a half years, Longfor Group has actively reduced its debt, lowering interest-bearing liabilities by nearly 60 billion. In 2025, the company completed debt repayments totaling over 22 billion, including 13.5 billion in domestic bonds and 9.23 billion in offshore syndicate loans [3][5]. - As of the end of last year, the company's total borrowings amounted to 152.81 billion, a decrease of 23.51 billion from the previous year, with cash on hand at 29.2 billion and a net debt ratio of 52.2% [5][6]. Business Structure and Strategy - Longfor Group has shifted its focus towards optimizing its debt structure, increasing bank financing to nearly 90%, primarily through strategic partnerships. The average financing cost has decreased to 3.51%, with a contract loan term extended to 12.12 years [5][6]. - The company aims to complete its debt structure migration by the end of 2028, reducing total interest-bearing liabilities to around 120 billion [6]. Revenue Composition - The development, operations, and services segments are the main revenue sources for Longfor Group. Despite a decline in development revenue due to industry downturns, it still exceeded 70 billion, with contract sales amounting to 63.16 billion [7][8]. - In 2025, the operations and services segment achieved a record revenue of 26.77 billion, with commercial investment and asset management contributing 14.19 billion, and property services reaching 12.58 billion [8][9]. Future Outlook - Longfor Group plans to continue focusing on inventory clearance and activating existing land reserves while selectively investing in new projects. The company anticipates that by 2028, revenue from operations and services will surpass that from development [7][10].

Core Viewpoint - The company reported its 2025 performance, achieving revenue of 97.31 billion yuan, a net profit attributable to shareholders of 1.02 billion yuan, and a core net loss of 1.7 billion yuan. The interim dividend for 2025 is set at 0.07 yuan per share, with no final dividend for the year [1][15]. Group 1: Revenue and Profitability - The company's revenue in 2025 was 97.31 billion yuan, a year-on-year decrease of 23.66%. This decline was primarily due to pressure on the development business, with development revenue falling to 70.54 billion yuan, down 30% year-on-year [1][15]. - The overall gross margin for 2025 was 9.70%, a decrease of 6.32 percentage points compared to 2024. The negative performance of joint ventures contributed to the core net loss, with losses from joint ventures amounting to 198 million yuan and from associates at 1.04 billion yuan [1][15]. Group 2: Development Investment - The company sold 5.186 million square meters in 2025, a decrease of 27.20%, with sales amounting to 63.16 billion yuan, down 37.54%. The average selling price was 12,179 yuan per square meter, a decline of 14.19% [2][16]. - Approximately 90% of the sales revenue came from first- and second-tier cities. The company’s sales were concentrated in the western region, Yangtze River Delta, Bohai Rim, South China, and Central China, contributing 80.2% of total sales [2][16]. - As of the end of 2025, the company had unsold sales of 99.1 billion yuan, providing a buffer for future development. The company acquired 37.7 thousand square meters of new land, maintaining a high equity ratio of 70.29% [2][16]. Group 3: Commercial Investment - The company’s operational revenue from commercial activities reached 14.19 billion yuan in 2025, a year-on-year increase of 1.6%. Commercial investment and asset management accounted for 79.0% and 21.0% of this revenue, respectively [3][17]. - Commercial rental income was 11.21 billion yuan, up 4% year-on-year, with a total of 99 shopping malls operated by the end of 2025, maintaining a rental rate of 97% [3][17]. Group 4: Service Chain and Financial Management - The service business, including property management and smart construction, generated 11.23 billion yuan in revenue, with a managed area of 360 million square meters by the end of 2025 [4][18]. - The company reduced its interest-bearing debt to 152.8 billion yuan, a decrease of 23.5 billion yuan from the end of 2024. The net debt ratio stood at 52.2%, with an average financing cost of 3.51%, the lowest in history [4][18].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2025, with total revenue at 97.3 billion yuan, down 24% year-on-year, and a core loss of 1.7 billion yuan, with net profit attributable to shareholders at 1.02 billion yuan, down 90% year-on-year, aligning with the company's earnings forecast [1] Group 1: Financial Performance - The company's operational business has become a crucial support for profits, demonstrating strong resilience despite the decline in development business profitability [1] - The rental income from commercial properties reached 11.2 billion yuan, an increase of 4% year-on-year, while the rental efficiency decreased by 7.9% year-on-year [2] - The company achieved a stable operational business revenue of 26.8 billion yuan in 2025, maintaining a year-on-year stability and accounting for 28% of total revenue, an increase of 7 percentage points [1][2] Group 2: Development Business - The development business continued to bottom out in 2025, with revenue recognition down 30% year-on-year to 70.5 billion yuan and a gross profit margin decrease of 13 percentage points to -7% [2] - The total sales and equity sales for the year were 63.2 billion yuan and 43.9 billion yuan, respectively, down 38% and 27% year-on-year, with an average selling price down 14.2% to 12,200 yuan per square meter [2] - The company has reduced land acquisition to 3.6 billion yuan, with a land acquisition intensity of about 6% [2] Group 3: Financial Structure and Debt Management - As of the end of 2025, the company's interest-bearing debt decreased by 13% year-on-year to 152.8 billion yuan, with an improved structure and an increase in bank financing proportion by 6 percentage points to 89% [2] - The average financing cost decreased by 49 basis points year-on-year to 3.51%, with an average maturity extending by 1.8 years to 12 years [2] - The company has successfully navigated the debt repayment peak, with only 6.1 billion yuan of debt maturing in 2026 [2] Group 4: Earnings Forecast and Valuation - Due to short-term pressures on the development business, the company has revised down its revenue and gross margin assumptions for 2026-2027, expecting EPS of 0.14/0.16/0.22 yuan for 2026-2028 [2] - The estimated BPS for 2026 is 23.19 yuan, with a target price set at 12.94 HKD, reflecting a 10% discount on the estimated PB valuation of 0.49x [2]

Core Viewpoint - The company is facing challenges in its development business, leading to a significant decline in profitability, while its operational services remain stable, prompting a "buy" rating from analysts [1] Group 1: Financial Performance - In 2025, the company achieved revenue of 97.31 billion yuan, a year-on-year decrease of 24%, with operational and service revenue accounting for 27.5% [1] - The net profit attributable to shareholders for 2025 was 1.02 billion yuan, down 90% year-on-year, with core equity profit at -1.7 billion yuan [1] - The gross margin for 2025 was 9.7%, a decrease of 6.3 percentage points year-on-year, with real estate development gross margin at -6.9% and operational business gross margin at 75.6% [1] Group 2: Debt and Financial Safety - As of the end of 2025, the company had cash on hand of 29.2 billion yuan and total borrowings of 152.8 billion yuan, resulting in a net debt ratio of 52.2% [1] - The company’s cash-to-short-term debt ratio, excluding restricted funds, was 1.14 times, indicating a solid financial cushion [1] - The average financing cost was 3.51%, down 0.49 percentage points year-on-year, with 6.1 billion yuan of debt maturing in 2026, significantly lower than cash on hand [1] Group 3: Land Acquisition and Sales - In 2025, the company recorded sales of 63.2 billion yuan, a decrease of 38% year-on-year, maintaining a top ten position in the industry with an equity ratio of approximately 70% [2] - The company acquired 7 new land parcels in 2025, with a total construction area of 380,000 square meters and an equity acquisition amount of 2.5 billion yuan [2] - As of the end of 2025, the total land reserve was 22.35 million square meters, with an equity ratio of 77% [2] Group 4: Operational Services - The operational and service revenue for 2025 was 26.8 billion yuan, remaining stable year-on-year, with core equity profit at 7.9 billion yuan and a net profit margin of 30% [2] - The company operated 99 shopping malls with a total construction area of 10.5 million square meters, achieving a revenue of 82.4 billion yuan, a year-on-year increase of 15% [2] - The rental income from commercial properties was 11.21 billion yuan, up 4% year-on-year, with an occupancy rate maintained at a high level of 97% [2]

Investment Rating - The investment rating for the company is "Accumulate" [2][6]. Core Insights - The report indicates that the company's debt pressure is gradually easing, maintaining positive operating cash flow, and supporting development through multiple channels [3]. - The company is projected to have a net asset value of approximately RMB 23.27 per share in 2026, with a target valuation of RMB 9.31 per share (HKD 10.58) based on a 0.4x PB valuation [29]. Financial Summary - Total revenue for 2025 is projected at RMB 97.31 billion, a year-on-year decline of 23.7% [5][17]. - Gross profit is expected to be RMB 9.435 billion, down 53.8% year-on-year, with a gross margin of 9.7%, a decrease of 6.3 percentage points from 2024 [5][17]. - Net profit for 2025 is forecasted at RMB 1.022 billion, reflecting a 90.2% decline year-on-year [5][17]. - The company’s PE ratio is projected to be 51.91 for 2025, decreasing to 40.85 by 2028 [5]. - The net debt ratio is expected to be 52.2% by the end of 2025, with an average borrowing cost of 3.51% [18]. Business Performance - The property development revenue for 2025 is expected to be RMB 70.54 billion, a decrease of approximately 30.0%, accounting for about 72.5% of total revenue [18]. - The operational business revenue is projected to grow by 1.6% year-on-year to RMB 14.19 billion, representing 14.6% of total revenue [18]. - The company’s service business revenue is expected to decline by 1.3% to RMB 12.58 billion, with a gross margin of 28.3% [18]. Debt and Cash Flow - As of the end of 2025, the company’s total debt is projected to be RMB 152.81 billion, with a cash balance of RMB 29.2 billion [18]. - The cash short-term debt ratio, excluding restricted funds, is expected to be 1.14 times [18]. Market Data - The current share price is HKD 7.75, with a 52-week price range of HKD 7.75 to HKD 12.10 [7].

| 記錄日期 | 2026年3月20日 | | --- | --- | | 股息派發日 | 2026年4月30日 | | 股份過戶登記處及其地址 | 卓佳證券登記有限公司 | | | 夏愨道16 號遠東金融中心17 樓 | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告刊發日期，董事會包括九名成員：執行董事陳序平先生、趙軼先生、 張旭忠先生及沈鷹女士；非執行董事孫佳慧女士； | | 第 2 頁 共 2 頁 v 1.1.1 EF003 EF003 免責聲明 | 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。 | 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 | | --- | --- | | | 股票發行人現金股息（可選擇以股份代替）公告 | | 發行人名稱 | ...

龍湖集團控股有限公司 (Incorporated in Cayman Islands with limited liability) （在開曼群島註冊成立之有限公司） （Hong Kong Stock Code╱香港股份代號：960） LONGFOR GROUP HOLDINGS LIMITED NOTIFICATION LETTER 通知信函 30 March 2026 Dear Non-registered Shareholder (Note 1), Longfor Group Holdings Limited (the "Company") Notice of Publication of Circular for Scrip Dividend Scheme in Relation to the 2025 Interim Dividend (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are availabl ...

（在開曼群島註冊成立之有限公司） （Hong Kong Stock Code╱香港股份代號：960） NOTIFICATION LETTER 通知信函 30 March 2026 Dear Registered Shareholder, Longfor Group Holdings Limited (the "Company") LONGFOR GROUP HOLDINGS LIMITED 龍湖集團控股有限公司 (Incorporated in Cayman Islands with limited liability) 各位已登記股東： 龍 湖 集 團 控 股 有 限 公 司（「本 公 司」） 刊 發 有 關 二 零 二 五 年 度 中 期 股 息 之 以 股 代 息 計 劃 之 通 函 及 選 擇 表 格（「本 次 公 司 通 訊」）之 發 佈 通 知 本公司的本次公司通訊之中、英文版本已上載於本公司網站(www.longfor.com)及香港聯合交易所有限公司（「聯交所」）之網站(www.hkexnews.hk)， 或本公司已按 閣下同意的安排附上本次公司通訊之印刷本（如適用）。 Notice of P ...

LONGFOR GROUP HOLDINGS LIMITED 龍湖集團控股有限公司 此乃要件 請即處理 IF YOU ARE IN ANY DOUBT AS TO ANY ASPECT OF THIS FORM OR AS TO THE ACTION TO BE TAKEN, YOU SHOULD CONSULT YOUR LICENSED SECURITIES DEALER OR REGISTERED INSTITUTION IN SECURITIES, BANK MANAGER, SOLICITOR, PROFESSIONAL ACCOUNTANT OR OTHER PROFESSIONAL ADVISER. 閣下如對此表格任何方面或應採取之行動有任何疑問，應諮詢 閣下之持牌證券交易商或註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code: 960) （股份代號：960） INTERIM DIVIDEND FOR THE SI ...