龙湖集团2024 中期报告

目錄Contents 2Group Structure3Corporate Information5Schedule of Principal Properties21Chairman’s Statement24Management Discussion and Analysis42Disclosure of Interests50Corporate Governance and Other Information53Report on Review of Condensed Consolidated Financial Statements55Condensed Consolidated Statement of Profit or Loss and OtherComprehensive Income57Condensed Consolidated Statement of Financial Position59Condensed Consolidated Statement of Changes in Equity61Condensed Consolidated Statement of Cash Flows64Notes to the Condensed Consolidated Financial Statements 集團架構Group Structure ASSETMANAGEMENT資產管理 PROPERTYMANAGEMENT物業管理 PROPERTYDEVELOPMENT地產開發 COMMERCIALINVESTMENT商業投資 SMARTCONSTRUCTION智慧營造 DIVIDED BY REGION 公司資料Corporate Information 115 www.longfor.com 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties I am pleased to present to our shareholders the half-year business review andoutlook for the six months ended June 30, 2024 of Longfor Group HoldingsLimited (the “Company”, and together with its subsidiaries, collectively the“Group”). Over the past six months, the overall macroeconomic condition continued to behighly dynamic with rapid adjustments. The real estate industry has graduallytransitioned away from the previous “three highs” model, characterized byhigh indebtedness, high turnover, and high leverage. In response to suchcircumstances, multiple policies have been implemented to better supportboth rigid and upgrade demand for housing, with a goal to accelerate theestablishment of a new industry development model. 47.51317.6% Longfor Group has implemented and firmly upheld our core objectives includingenhancing operating cash flow, improving efficiency and increasing profitability,steadily reducing indebtedness and optimizing inventory structure. For thefirst half of the year, the Group reported a core attributable profit of RMB4.75billion, with revenues from investment property operation and services and othersreaching RMB13.1 billion, representing a year-on-year increase of 7.6%, thecorresponding profit contribution further increased to more than 80% and hascontributed to stabilizing our overall profit and optimizing our structure. 1,874524.16%9.1980% The Group prioritizes sustaining a solid financial position, with an emphasison early repayment of short-term debt over incremental investments. As ofmid-year, our interest-bearing debt amounted to RMB187.4 billion, fallingby RMB5.2 billion since the beginning of the year. Our average finance coststood at 4.16%, and the average contract borrowing period has extended to 9.19years. Importantly, over 80% of our interest-bearing debt is supported by bankfinancing, establishing a secure financial position that continues to solidify ourpartnerships with strategic banks and reinforces our confidence in navigatingeconomic cycles. Going forward, we will continue to plan for the reduction ofinterest bearing debt in advance to ensure the continued safety and stability of theCompany’s financial situation. 20241-64.7125%7 The national new home sales from January to June 2024 totaled RMB4.71trillion, representing a year-on-year decline of 25%, continued to face significantpressure amid a stagnant economic recovery. The Group’s development strategyfocuses on prudent land acquisition and sales. In the first half of the year, weacquired seven new plots in high-tier cities such as Beijing, Shanghai, andSuzhou. At the same time, we have remained flexible in terms of saleableresources supply and have enhanced precision in management, actively reducedexisting inventory, and accelerated the sales of new products, to drive cash flow,improve cash collection, and achieve profitability. 主席報告Chairman’s Statement 6209196% By the end of June, Longfor Commercial has opened 91 shopping malls in 20core cities, achieving an overall occupancy rate of 96%. Over the past two years,continued shifts in residents’ lifestyles and perspectives have led to a growingconsumption expenditure emphasis on wellbeing services and immersiveexperience. Longfor Commercial operations team has adeptly responded to thesemarket trends by actively adjusting our product mix through project renovationsand efficient operation, thereby enhancing consumer engagement, improvingtenant operations, and generating continued growth in rental income and profits. 13.195.6%4 Longfor Group’s long-ter