龙湖集团2025 中期报告

目錄Contents 2Corporate Information4Group Structure5Performance Highlights6Major Investment Properties12Schedule of Principal Properties20Chairman’s Statement23Management Discussion and Analysis36Disclosure of Interests40Corporate Governance and Other Information43Report on Review of Condensed Consolidated Financial Statements45Condensed Consolidated Statement of Profit or Loss and OtherComprehensive Income47Condensed Consolidated Statement of Financial Position49Condensed Consolidated Statement of Changes in Equity51Condensed Consolidated Statement of Cash Flows54Notes to the Condensed Consolidated Financial Statements 公司資料Corporate Information 公司資料Corporate Information 86 115 www.longfor.com www.longfor.com 業績亮點Performance Highlights 營業收入Revenue 運營及服務業務收入Revenue from investment propertyoperation and property service 核心淨利潤Core Attributable Profit 58.8 13.3 1.4 人民幣十億元RMB Billion 人民幣十億元RMB Billion 人民幣十億元RMB Billion 631.6資產總額人民幣十億元RMB BillionTotal Asset 有息負債Total Borrowing 169.8人民幣十億元RMB Billion 244.4人民幣十億元RMB Billion 平均融資成本Average Finance Cost 年Years10.95平均合同借貸年期Average Contract BorrowingPeriod 淨負債率Net Debt to Equity Ratio 3.58% 51.2% 主要投資物業Major Investment Properties 5.50RMB Billion同比YoY+4.9%Rental Income in 1H2525年上半年租金收入2人民幣十億元2 96.8%Overall Occupancy Rate整體出租率 主要投資物業Major Investment Properties 租戶構成Tenant Mix（面積佔比 by GFA） 建築面積GFA 25年上半年租金收入Rental Income in 1H25 出租率Occupancy Rate 180,694平方米Sqm 219.50 99% 蘇州獅山天街Suzhou Shishan Paradise Walk 25年上半年租金收入Rental Income in 1H25 出租率Occupancy Rate 建築面積GFA 98% 主要投資物業Major Investment Properties 99%出租率Occupancy Rate 建築面積GFA 25年上半年租金收入Rental Income in 1H25 151,135平方米Sqm 168.43人民幣百萬元RMB Million 北京亦莊天街Beijing Yizhuang Paradise Walk 租戶構成Tenant Mix（面積佔比 by GFA） 建築面積GFA 25年上半年租金收入Rental Income in 1H25 107,101平方米Sqm 出租率Occupancy Rate 100% 主要投資物業Major Investment Properties 重慶金沙天街Chongqing Jinsha Paradise Walk 租戶構成Tenant Mix（面積佔比 by GFA） 204,113平方米Sqm建築面積GFA 25年上半年租金收入Rental Income in 1H25 出租率Occupancy Rate 117.47 97% 人民幣百萬元RMB Million 海口天街Haikou Paradise Walk （面積佔比 by GFA）租戶構成Tenant Mix 出租率Occupancy Rate 25年上半年租金收入Rental Income in 1H25 建築面積GFA 97% 主要投資物業Major Investment Properties 99%出租率Occupancy Rate 建築面積GFA 25年上半年租金收入Rental Income in 1H25 94,859平方米Sqm 95.95 人民幣百萬元RMB Million 成都西宸天街Chengdu Xichen Paradise Walk 租戶構成Tenant Mix（面積佔比 by GFA） 建築面積GFA 25年上半年租金收入Rental Income in 1H25 152,639平方米Sqm 出租率Occupancy Rate 99% 主要投資物業Major Investment Properties 租戶構成Tenant Mix（面積佔比 by GFA） 建築面積GFA 25年上半年租金收入Rental Income in 1H25 出租率Occupancy Rate 92,014平方米Sqm 79.33人民幣百萬元RMB Million 99% 25年上半年租金收入Rental Income in 1H25 建築面積GFA 出租率Occupancy Rate 100% 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 PRINCIPAL INVESTMENT PROPERTIES 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties PRINCIPAL INVESTMENT PROPERTIES(Continued) 主要物業權益表Schedule of Principal Properties 主要物業權益表Schedule of Principal Properties PRINCIPAL INVESTMENT PROPERTIES(Continued) 主席報告Chairman’s Statement I am pleased to present to our shareholders the half-year business review andoutlook for the six months ended June 30, 2025, for Longfor Group HoldingsLimited (the “Company”, and together with its subsidiaries, collectively the“Group”). Supported by coordinated policy measures, China’s economy is showing strongresilience. The real estate sector is accelerating its restructuring and developmentamid significant adjustments. In the face of cyclical challenges, Longfor Grouphas consistently upheld its bottom line of project delivery and debt repayment,firmly adjusting its debt structure, optimizing its asset portfolio, and steadilybuilding a new path of high-quality development. 202558825%1331.3%361004 During the first half of 2025, Longfor Group achieved a total revenue ofRMB58.8 billion, representing a year-on-year increase of 25%. The revenuefrom investment property operation and property service segments reachedRMB13.3 billion, representing a year-on-year increase of 1.3%. During theperiod, the Group delivered more than 100 projects across 36 cities nationwide,providing nearly 40,000 quality housing units, continuously fulfilling its valuecommitment. 653.58%10.9520 Guided by policies aimed at “accelerating the establishment of a newdevelopment model for the real estate industry”, the sector is transitioning fromrapid growth to high-quality development. The Company has proactively movedaway from relying on leverage and scale to prioritizing debt reduction and theaccumulation of positive cash flow. By the end of the first half of 2025, the Groupreduced its interest-bearing debt by RMB6.5 billion, with the average financingcost reaching a historical low of 3.58%, and the average contract borrowingperiod extended to a historical high of 10.95 years, the operating cash flow,including capita