随着中国房地产行业告别增量扩张的黄金时代，存量市场已成为行业竞争的核心战场。 中指研究院《2025中国商业地产发展白皮书》数据显示，截至2025年5月，全国3万平方米以上已开业零售商业项目总面积达5.9亿平方米，五大城市群就 占据60%的存量份额；另据观点指数，重点八城商业地产平均租金较上年同期下跌11.9%，大量中小体量项目陷入出租率不足、坪效低迷的困境。 与此同时，城市更新、保租房建设等政策密集落地，要求行业从"建房子"向"管资产"转型，存量资产盘活的紧迫性与日俱增。如何让海量低效资产重焕生 机、让沉淀价值充分释放，已成为房企穿越周期、实现可持续发展的必答题。 作为龙湖集团旗下专注于资产管理的旗舰品牌，龙湖资产管理承袭其二十余年不动产运营积淀，以创新业态欢肆为实践载体，构建起"业态协同增值、精 细运营赋能、投融建管退闭环"的全链条资管能力体系，在存量市场中走出一条可复制、高兑现的价值提升之路，为行业树立了存量资产盘活的新标杆。 龙湖全链资管能力进化之路 从单一长租公寓探索到全周期全业态布局，从业务板块升级到资管品牌独立，龙湖资产管理的发展轨迹深度契合中国房地产从增量扩张到存量深耕的行业 转型脉络，每一步迭 ...

Core Viewpoint - Longfor Group is nearing the end of its debt repayment peak after over three years of debt reduction efforts, with a focus on improving cash flow and restructuring its debt profile [1][4]. Financial Performance - In the first half of 2025, Longfor Group reported revenue of 58.75 billion yuan, a year-on-year increase of 25.4%, with a profit attributable to shareholders of 3.22 billion yuan and a core after-tax profit margin of 3% [1]. - Real estate development revenue reached 45.48 billion yuan, up 34.7% year-on-year, while operational and service business revenues totaled 13.2 billion yuan, accounting for 22.6% of total revenue [1][2]. Debt Reduction Strategy - The company has reduced over 40 billion yuan in interest-bearing debt over the past three years and aims to cut an additional 20 billion yuan by the end of this year, totaling over 60 billion yuan in debt reduction [1][5]. - Longfor's net debt ratio stands at 51.2%, with short-term debts of 25.61 billion yuan and cash on hand of 44.67 billion yuan [4]. Market Outlook - Longfor's CEO emphasized the importance of stabilizing the real estate market, noting that demand for quality housing in core urban areas remains strong despite recent market adjustments [2]. - The company has acquired four new land parcels in major cities, increasing its land reserves to 28.4 million square meters, with a 75% equity stake [2]. Operational Business Growth - The operational business, including long-term rental apartments and commercial assets, generated 7 billion yuan in rental income, reflecting a 2.5% year-on-year growth, with a gross margin of 77.7% [3]. - The property service segment reported revenues of 6.26 billion yuan, with a gross margin of 30%, managing approximately 400 million square meters of property [3].