閣下如 對本通函各方面或將採取之行動 有任何疑問，應諮詢 閣下的持牌證券交 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。 此乃要件 請即處理 閣下如已 將名下之 龍湖集團控股有限公司 股份全部 售出或轉讓，應立即將本通函 及隨附的選擇表格交予買主或承讓人，或經手出售或轉讓的銀行、持牌證券交易 商或註冊證券機構或其他代理商，以便轉交買主或承讓人。 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通函之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部 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。 本通函的資料乃遵照上市規則而刊載，旨在提供有關本公司的資料；董事願就本 通函共同及個別地承擔全部責任。董事於作出一切合理查詢後確認，就其所知及 所信，本通函所載資料在各重大方面均屬準確及完整，並無誤導或欺詐成分，且 並無遺漏任何其他事項，令致本通函或當中所載任何陳述產生誤導。 任何海外股東如在香港以外任何地區收到本通函及╱或選擇表格，概不可視之為 參與以股代息計劃之邀約，除非本公司可在毋須遵照有關司法權區之任何登記或 其他規定或手續的情況下合法 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.94 [7] Core Insights - The company reported a revenue of HKD 97.3 billion for 2025, a year-on-year decrease of 24%, and a core loss of HKD 1.7 billion, with a net profit attributable to shareholders of HKD 1.02 billion, down 90% year-on-year, aligning with the company's earnings forecast [1] - Despite the current performance being at a bottoming phase, operational improvements are underway, with significant debt reduction enhancing financial advantages and asset quality [1] - The company anticipates a double-digit growth in rental income for 2026, with a target of over 10% overall rental growth and 5% same-store rental growth [2] Summary by Sections Operational Performance - The company's operational revenue reached HKD 26.8 billion in 2025, stable year-on-year, accounting for 28% of total revenue, an increase of 7 percentage points [2] - The commercial operations saw a same-store sales increase of 3%, with rental income rising 4% to HKD 11.2 billion, while rental efficiency declined by 7.9% [2] Development Business - The development business continued to bottom out in 2025, with revenue from project completions down 30% to HKD 70.5 billion and a gross margin decline of 13 percentage points to -7% [3] - The total sales and equity sales for the year were HKD 63.2 billion and HKD 43.9 billion, respectively, down 38% and 27% year-on-year [3] Financial Structure - As of the end of 2025, the company's interest-bearing debt decreased by 13% to HKD 152.8 billion, with bank financing comprising 89% of the total debt [4] - The average financing cost dropped by 49 basis points to 3.51%, and the cash-to-short-term debt ratio improved to 1.85 [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2026-2028 are revised to HKD 0.14, HKD 0.16, and HKD 0.22, reflecting a significant downward adjustment of 79% and 84% for 2026 and 2027, respectively [5] - The estimated book value per share (BPS) for 2026 is HKD 23.19, with a target price based on a price-to-book (PB) ratio of 0.49x, indicating a 10% discount [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.94 [7] Core Insights - The company reported a revenue of HKD 97.3 billion for 2025, a year-on-year decrease of 24%, and a core loss of HKD 1.7 billion, with net profit attributable to shareholders at HKD 1.02 billion, down 90% year-on-year, aligning with the company's earnings forecast [1] - Despite the current performance being at a bottoming phase, operational improvements are underway, supported by a significant reduction in debt and enhanced asset quality, with the development of the REITs market adding credibility to the company's commercial real estate value [1] - The company anticipates a double-digit growth in rental income for 2026, with a target of over 10% overall rental growth and 5% same-store rental growth [2] Summary by Sections Operational Performance - The company's operational revenue reached HKD 26.8 billion in 2025, stable year-on-year, accounting for 28% of total revenue, an increase of 7 percentage points [2] - The commercial operations saw a same-store sales increase of 3%, with rental income rising 4% to HKD 11.2 billion, while the rental yield per square meter decreased by 7.9% [2] Development Business - The development business continued to bottom out in 2025, with revenue from project completions down 30% to HKD 70.5 billion and a gross margin decline of 13 percentage points to -7% [3] - The total sales and equity sales for the year were HKD 63.2 billion and HKD 43.9 billion, respectively, reflecting declines of 38% and 27% year-on-year [3] Financial Structure - As of the end of 2025, the company's interest-bearing debt decreased by 13% to HKD 152.8 billion, with bank financing comprising 89% of the total debt [4] - The average financing cost dropped by 49 basis points to 3.51%, and the cash-to-short-term debt ratio improved to 1.85 [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2026-2028 have been revised down to HKD 0.14, HKD 0.16, and HKD 0.22, reflecting a reduction of 79% and 84% from previous estimates [5] - The estimated book value per share (BPS) for 2026 is HKD 23.19, with a target price based on a price-to-book (PB) ratio of 0.49x, indicating a 10% discount [5]

Core Viewpoint - Longfor Group's major shareholders have committed to donate a total of 100 million shares to an employee trust, reflecting their confidence in the company's long-term development and aiming to incentivize core talent during industry downturns [1] Group 1: Shareholder Donations - Charm Talent International Limited and Junson Development International Limited, both major shareholders of Longfor Group, will donate 60 million shares and 40 million shares respectively to the employee trust [1] - The donated shares will be used as plan shares under a scheme designed to recognize and incentivize core talent making long-term value-based decisions during challenging times [1] Group 2: Strategic Intent - The donation arrangement demonstrates the major shareholders' support for the company's long-term strategic goals and aims to strengthen the long-term orientation of core talent [1] - The plan includes restrictions on granting and vesting of the donated shares, ensuring alignment with the company's strategic objectives [1]

据了解，自2021年末期分红以来，龙湖主要股东连续选择"以股代息"。此次无对价的股份捐赠，亦是其 长期以实际行动支持公司的体现与深化。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 公告显示，公司主要股东 Charm Talent International Limited 及 Junson Development International Limited 分别承诺，向员工信托无对价捐赠60,000,000股股份及40,000,000股股份。该捐赠旨在认可及激励在行业 下行周期中，坚定地基于企业长期价值而做出正确选择的龙湖集团核心人才。 此次主要股东无对价捐赠的股份，将被纳入龙湖集团"限制性股份激励计划"，且须遵守该计划项下关于 授予及归属的限制规则。该捐赠安排体现了主要股东对公司长期发展的信心与支持，旨在进一步强化核 心人才的长期主义导向，助力公司中长期战略目标的实现。 3月30日，龙湖集团控股有限公司发布关于公司主要股东无对价捐赠股份予员工信托的公告。 ...

智通财经APP讯，龙湖集团(00960)发布公告，Charm Talent International Limited及Junson Development International Limited(均为本公司的主要股东)已分别承诺向员工信托无对价捐赠6000万股股份及4000万 股股份。该等捐赠股份将作为计划股份，根据计划予以使用。 ...

龙湖集团(00960)发布公告，Charm Talent International Limited及Junson Development International Limited(均为本公司的主要股东)已分别承诺向员工信托无对价捐赠6000万股股份及4000万股股份。该等 捐赠股份将作为计划股份，根据计划予以使用。 ...

龍湖集團控股有限公司 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。 LONGFOR GROUP HOLDINGS LIMITED （股份代號：960） 主要股東捐贈股份予員工信託 茲提述龍湖集團控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）於二零二 五年三月十八日刊發的公告（「該公告」)，內容有關本公司採納一項限制性股份激勵計劃 （「計劃」）。除非另有說明，本公告所使用的已定義詞語與該公告中所界定者具有相同涵 義。 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；獨立非執行董事 Frederick Peter Churchouse 先 生、陳志安先生、項兵先生及梁翔先生。 （於開曼群島註冊成立之有限責任公司） Charm Talent International Limited及Junson Development International Limited（均為本公司 ...

Core Viewpoint - In 2025, the company achieved revenue of 97.31 billion yuan, a year-on-year decline of 23.7%, primarily due to a 30.0% drop in development business revenue [1][2] - The net profit attributable to shareholders was 1.02 billion yuan, down 90.2% year-on-year, mainly due to a 6.3 percentage point decrease in overall gross margin to 9.7%, resulting from losses in the development business [1][2] Development Business Performance - The development business revenue for 2025 was 70.54 billion yuan, reflecting a significant year-on-year decline of 30.0% [2] - The gross profit for the development business was -4.85 billion yuan for the year [2] Operational and Service Business Performance - The operational business generated revenue of 14.19 billion yuan in 2025, a slight increase of 1.6% year-on-year, with a gross margin of 75.6%, up 1.4 percentage points from the previous year [2] - The service business revenue was 12.58 billion yuan, a slight decrease of 1.3% year-on-year, with a gross margin of 28.3%, down 2.6 percentage points [2] - The company added 13 new operational malls in 2025, with a total of 99 operational malls by year-end, and rental income reached 11.21 billion yuan, a 4.0% increase year-on-year [2] Financial Position - As of the end of 2025, the company had interest-bearing liabilities of 152.8 billion yuan, a decrease of 23.5 billion yuan from the previous year [3] - The cash-to-short-term debt ratio, excluding restricted funds, was 1.14 times [3] - The average financing cost was 3.51%, down 0.49 percentage points from the end of the previous year [3] Earnings Forecast Adjustment - Due to pressure on the profit margin from the development business, the company has lowered its EPS forecasts for 2026-2028 to 0.14, 0.15, and 0.16 yuan respectively [3] - The company maintains a buy rating and a target price of 14.15 HKD, supported by the solid financial position and growth potential of the operational and service businesses [3]

Performance Review - Longfor Group's 2025 performance fell short of market expectations, with revenue declining 24% year-on-year to 97.3 billion yuan, and gross margin decreasing by 6.3 percentage points to 9.7% [1] - The company reported a core net loss attributable to shareholders of 1.7 billion yuan, primarily due to losses from project handovers [1] - Longfor declared a dividend of 0.07 yuan per share in the mid-year but will not pay a year-end dividend, resulting in a current dividend yield of 1% [1] - By the end of 2025, the company reduced interest-bearing debt by 23.5 billion yuan to 152.8 billion yuan, with debt repayments of approximately 22 billion yuan during the year [1] - The average financing cost decreased by 49 basis points year-on-year to 3.51%, with an average loan term extended to 12.12 years [1] Non-Property Business Performance - The company opened 13 new shopping centers in 2025, bringing the total to 99, with revenue increasing 15% year-on-year to 82.4 billion yuan [2] - Overall operational business revenue grew only 1.6% year-on-year to 14.2 billion yuan due to mall adjustments, while service revenue slightly declined by 1.3% to 12.7 billion yuan [2] - The operational and service segments are estimated to contribute a core net profit of approximately 7.92 billion yuan for the year [2] Development Trends - Longfor aims to continue reducing debt and developing non-property businesses, with expectations for improvement in development settlements by 2027 [2] - The company projects that interest-bearing debt will decrease to 120 billion yuan by the end of 2028, generating over 5 billion yuan in positive operating cash flow annually [2] Future Plans - For 2026, Longfor plans to open 9 new shopping centers, expecting overall rental income to grow by over 10% year-on-year [3] - By 2027-2028, the operational and service segments are anticipated to contribute core net profits of 10 billion yuan [3] - The company expects gradual improvement in settlement profits by 2027, with a projected supply of 100 billion yuan in 2026 [3] Profit Forecast and Valuation - Due to the pressure from development settlements, the profit forecasts for 2026 and 2027 have been revised down to -2 billion yuan and 1 billion yuan, respectively [3] - The company maintains an outperform rating and a target price of 11.5 HKD, corresponding to 0.4 times the 2026 P/B ratio, with a potential upside of 48% [3]