Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been negatively impacted by the downturn in the real estate sector, leading to a decline in gross profit margins from development activities. However, the operational services business remains stable and acts as a buffer [4] - The company has revised its profit forecasts for 2026-2027 and introduced a new forecast for 2028, expecting net profits of 1.7 billion, 3.7 billion, and 5.1 billion yuan respectively for these years, with corresponding EPS of 0.24, 0.52, and 0.72 yuan. The current stock price corresponds to P/E ratios of 28.3, 13.1, and 9.5 times [4] 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% of total revenue. The net profit attributable to shareholders was 1.02 billion yuan, down 90% year-on-year [5] - The gross profit margin for 2025 was 9.7%, a decrease of 6.3 percentage points year-on-year, with the development segment showing a gross margin of -6.9% [5] - The company maintained a cash balance of 29.2 billion yuan at the end of 2025, with total borrowings of 152.8 billion yuan and a net debt ratio of 52.2% [5] Sales and Land Acquisition - The company recorded sales of 63.2 billion yuan in 2025, a decline of 38% year-on-year, while still ranking among the top ten in the industry. The sales area was 5.19 million square meters, with an average selling price down 14% year-on-year [6] - In 2025, the company acquired 7 new land parcels with a total construction area of 380,000 square meters and an equity land acquisition amount of 2.5 billion yuan. As of the end of 2025, the total land reserve was 22.35 million square meters, with an equity ratio of 77% [6] Operational and Service Development - The operational and service revenue for 2025 was 26.8 billion yuan, remaining stable year-on-year, with a net profit margin of 30%. 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 15% increase year-on-year [7] - 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% [7]

Core Viewpoint - Longfor Group has successfully navigated its peak debt period and aims to gradually restore profits while maintaining financial stability, with profit lows expected in 2025-2026 and recovery starting in 2027 [1][7]. Financial Performance - In 2025, Longfor Group reported a revenue of 97.31 billion yuan, with operating and service businesses contributing 26.77 billion yuan, accounting for 27.5% of total revenue [2][8]. - The company recorded a core profit of 7.92 billion yuan, with an overall gross margin exceeding 50% and a net margin of approximately 30% [2][8]. - The commercial investment segment saw a rental income increase of 4% to 11.21 billion yuan, maintaining a high occupancy rate of 97% [2][8]. Business Segments - The service business, including property services and smart construction, generated a total revenue of 11.23 billion yuan, managing over 2,100 projects and approximately 360 million square meters [3][9]. - Longfor's operational and service revenue is projected to surpass real estate development revenue by 2028, with a focus on maintaining a stable profit base [3][9]. Debt Management - Longfor Group successfully completed the repayment of 13.5 billion yuan in domestic bonds and 9.23 billion Hong Kong dollars in offshore loans in 2025 [4][11]. - As of December 31, 2025, the total debt was 152.81 billion yuan, a decrease of 23.51 billion yuan from the previous year, with a cash balance of 29.2 billion yuan and a net debt ratio of 52.2% [4][11]. - The company anticipates limited debt maturities in 2026 and beyond, with only about 6 billion yuan remaining due in 2026 [4][11]. Market Outlook - Longfor Group maintains a cautiously optimistic outlook for the real estate industry in 2026, despite the significant adjustments experienced over the past five years [5][6][11]. - The new housing market has seen a nearly 50% drop in transaction volume, while second-hand housing prices have decreased by nearly 40% [6][11]. - Recent trends indicate a stabilization in transaction volumes for second-hand homes in key cities, which may positively impact the new housing market [6][11].

Core Viewpoint - Longfor Group reported a significant decline in revenue and profit for the year 2025, reflecting the ongoing challenges in the real estate market, including a drop in new home sales and increased inventory pressure [2][3]. Financial Performance - Longfor Group achieved an operating revenue of 97.31 billion yuan, a year-on-year decline of over 20% [2]. - The revenue from real estate development was 70.54 billion yuan, while the revenue from operations and services was 26.77 billion yuan, accounting for 27.5% of total revenue [2]. - The net profit attributable to shareholders was 1.02 billion yuan, but after excluding fair value changes, the company recorded a loss of 1.7 billion yuan, marking the first loss under this accounting measure [2]. Sales and Market Conditions - The total contracted sales amount for Longfor was approximately 63.16 billion yuan, a year-on-year decrease of 37.54% [2]. - The company faced pressure on profit margins due to inventory challenges and price adjustments in the market [2]. Debt Management - Longfor has successfully reduced its total debt to 152.81 billion yuan, a decrease of 23.51 billion yuan from the previous year, with cash reserves of 29.2 billion yuan [2]. - The net debt ratio stood at 52.2%, with an average financing cost of 3.51% and an average loan term of 12.12 years [2]. Strategic Direction - The Chairman and CEO emphasized the need for a transition to a new development model while maintaining a strong foundation in traditional development business [3]. - Longfor has integrated business and debt adjustments, reducing interest-bearing debt by 60 billion yuan over the past three and a half years [3]. - The company aims to shift its revenue model, with operational and service income expected to surpass development income by 2028 [3][4].

Core Viewpoint - Longfor Group Holdings Limited reported its annual performance for the year ending December 31, 2025, highlighting a revenue of 97.31 billion yuan and a focus on adapting to the evolving real estate market [1] Group 1: Financial Performance - In 2025, Longfor Group's total revenue was 97.31 billion yuan, with real estate development revenue accounting for 70.54 billion yuan [1] - The company reported a profit attributable to shareholders of 1.02 billion yuan, while the core loss attributable to shareholders, excluding fair value changes of investment properties and other financial instruments, was 1.7 billion yuan [1] Group 2: Market Strategy - The real estate industry is transitioning towards a new development model, shifting focus from expansion to quality improvement, which Longfor Group is strategically addressing by maintaining financial discipline and optimizing asset and debt structures [1] - Longfor Group is actively promoting a "good house" initiative, launching a product standard that includes 435 specific requirements to enhance product quality, service, and community support [2] Group 3: Sales and Delivery - In 2025, Longfor Group delivered approximately 70,000 housing units across 39 cities, achieving a customer satisfaction rate exceeding 90% [2] - The company recorded a real estate development contract sales amount of 63.16 billion yuan, with a repayment rate exceeding 100%, focusing on high-quality contracts [2] Group 4: Land Acquisition - Longfor Group acquired seven plots of land in key cities such as Shanghai, Shenzhen, and Chengdu, adding a total of 377,000 square meters of new land reserves, with an equity area of 265,000 square meters [3] - As of December 31, 2025, the total land reserve of Longfor Group was 2,235,000 square meters, with an equity area of 1,732,000 square meters [3]

Core Viewpoint - The real estate industry is expected to stabilize after a significant downturn lasting five years, with policies aimed at supporting the market likely to reduce the overall decline this year [1] Industry Summary - The real estate sector has experienced a substantial adjustment since the second half of 2021, with notable declines in both new housing starts and transaction volumes [1] - The current adjustment in the real estate market is considered to be significant, but there are signs of recovery, particularly in the second-hand housing market in major cities [1] - The demand for new homes is anticipated to improve as the recovery in the second-hand market translates into increased demand for new housing [1] Company Summary - Longfor Group's CEO, Chen Xuping, indicated that the company is preparing for increased demand by actively managing product inventory [1] - The company has observed a resurgence in sales of high-end new properties located in prime areas, reflecting a shift in market dynamics [1]

Core Viewpoint - The real estate market is showing signs of recovery, particularly in the second-hand housing sector, which is expected to gradually boost demand for new housing replacements [1][2]. Group 1: Market Conditions - The real estate industry has undergone significant adjustments over the past five years, with notable declines in both construction and transaction volumes [1]. - The current adjustment in the real estate sector is substantial, but ongoing policy support is anticipated to stabilize the market, leading to a significant reduction in overall market declines this year [1]. - In the first quarter of this year, transaction volumes for second-hand homes in key cities have stabilized, and high-end new properties in prime locations are experiencing strong sales [1]. Group 2: Company Performance - In 2025, the company reported total revenue of 97.31 billion yuan, with real estate development contributing 70.54 billion yuan, operational business 14.19 billion yuan, and service business 12.58 billion yuan [2]. - The company's contract sales in the traditional development sector reached 63.16 billion yuan, with a total sales area of 5.186 million square meters and an average selling price of 12,179 yuan per square meter [2]. - The company’s operational business, which includes commercial investments and asset management, generated 14.19 billion yuan in revenue, reflecting a 1.6% increase from the previous year [2]. Group 3: Financial Health - The company’s service business achieved revenue of 12.58 billion yuan, with its smart living segment generating 11.23 billion yuan and managing approximately 360 million square meters [3]. - As of the end of 2025, the company’s total borrowings amounted to 152.81 billion yuan, a decrease of 23.51 billion yuan from the previous year, with an average financing cost of 3.51% [3]. - The company has successfully optimized its debt structure, with nearly 90% of interest-bearing debt sourced from bank financing, and has maintained positive operating cash flow for three consecutive years after capital expenditures [3].

北京商报讯（记者 李晗）3月27日，龙湖集团发布2025年度业绩报告显示，龙湖集团2025年营业收入约 为973.1亿元，其中，地产开发业务收入705.4亿元；运营及服务业务收入为267.7亿元；公司拥有人应占 溢利为10.2亿元；剔除投资物业及其他衍生金融工具公平值变动影响后之本公司拥有人应占核心溢利为 17亿元。 ...

Core Insights - Longfor Group announced a projected revenue of RMB 97.31 billion for 2025, with real estate development contributing RMB 70.54 billion, operational business contributing RMB 14.19 billion, and service business contributing RMB 12.58 billion [1] - The combined revenue from operational and service businesses is RMB 26.77 billion, accounting for 27.5% of total revenue [1] - The company expects a profit attributable to shareholders of RMB 1.02 billion for 2025, while the core loss, excluding fair value changes of investment properties and other derivative financial instruments, is projected at RMB 1.7 billion [1] - The core profit from operational and service businesses is anticipated to be RMB 7.92 billion [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 或任何部分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 龍湖集團控股有限公司 （於開曼群島註冊成立之有限責任公司） 龍 湖 集 團 控 股 有 限 公 司（「本 公 司」）之 董 事 會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 之 經 審 核 綜 合 業 績， 連同上個財政年度之比較數字載述如下： 綜合損益及其他全面收益表 截至二零二五年十二月三十一日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附 註 | 人民幣千元 | 人民幣千元 | | 收 入 | 2 | 97,308,631 | 127,474,948 | | 銷售成本 | | (87,873,770) | (107,063,877) | | 毛 利 | | ...

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分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 龍湖集團控股有限公司 龍湖集團控股有限公司（「本公司」）之董事會（「董事會」）謹此公佈，本公司董事會將於 二零二六年三月二十七日（星期五）舉行董事會會議，藉以（其中包括）批准本公司及其附 屬公司截至二零二五年十二月三十一日止年度之末期業績。 承董事會命 龍湖集團控股有限公司 主席 陳序平 香港，二零二六年三月十七日 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的有限公司） （股份代號：960） 董事會會議通告 ...