碧桂园2025 中期报告

20252025 1,400500 BIM 165749 — 19922007 246102026394042434446488183 2007.HK 2025 20251703402.63%2024 2025630725.77.42025 202532025420255202562025 202581877%2025160121721171.0%–2.5%11 2025167.52052022650 2025 2025167.5205 2025 63%23%14% — 202563010,36577% * (1)(2)(3)(4) 202572,5702024102,10228.9%96.5%202496.8%3.5%20243.2% 2025202498,82929.1%70,02820257,340 20242,46440.5%20251,466 202480933.0%20251,076 20244,85118.9%20253,936 — 20242,312 760202421716620243876,66520246,7134,09420244,231 202519,078202412,842 202563024,0622024123129,8976,28217,780 202563089.2%2024123187.3%10.8%2024123112.7% 2025630155,51074,57017,7236,78020241231153,95473,08419,7596,691 130,13024,89049020241231137,41316,541202563020241231 20241231253,4882025630254,583 2024123181.4%202563090.6% 20256304.88%2024123129 2.1 2025630241,42720241231259,095 (i)(ii) 20256306,088202412316,185 11.063% 202547(i)(ii)(iii)(iv)(v)(vi)48.744.536%535,056,997.20 202542548.746.527%769,999,978.8820252025 2025425 2025063017,920 20257.4 630 2025630 202563024102025630 2025630 2.1202563019120256304372,5462,22424120256301,862 2.12025630 2024 13.51B(1)202413.51(2)(a)(e)(g) 20256302025630 2025630XV352 1.2.3.202212204.5. 2025630XV352 202563018XV 20256303365%XV23 1.202563027,988,507,9462. 20256305%XV23 201912272020918(i)(ii) (I) 2015211 2015127202563020256302025630165,434,0002025630283,259,03220241231283,259,032 (II) 200732020071020072017319 20072017319201720171020275172017 20251120256302,048,830,798202411202412312,048,830,798202563020241231 1.2007201731920072007202563020072007 3.2007201731920251120256302007 1.202563020172017 20181121J.P. Morgan Securitiesplc7,83020234.50%202320181257,83020232023202320231252023202330 2022120UBS AG3,90020264.95%202620221283,900202620262022613202620263,90020267.9220226132026492,424,2422025630202620256302026 20232026 13 2025630 202563012 13.18 202010212020202020208,133.3453202020204820202020201612820202020(i)(ii)40%(iii)(iv)2020 20217222021202120216,0765592021202148202120212017101720212021(i)40%(iii)(iv)2021 202212262022202220222802022202236202220222018122820222022(i)(ii)40%(iii)(iv)2022 20233312023202320239502023202336202320232023(i)(ii)40%(iii)(iv)2023 2023714202320232023352023202336202320232023(i)(ii)40%(iii)(iv)2023 20237202023202320233,583,020,000388,660,00011,200,00020232023302023202320197232023(i)(ii)40%(iii)(iv)2023 13.19 20231010 20251920231231164(i)103(ii)36(iii)1120211220239(iv)1420251911011.56%2% 202541120255920255232025662025818202541129.9%20258182025818149277%2025 20231010202411620242282024342024328202447202451720246620246272024729202493020241231202519202512020251212025411202559202552320256620256302025818 2025121 13.19— Ever Credit Limited202422716202615 20242282024342024517202466202472920251920251202025526202587 20256302024 1 20061110221961 CricketSquare,Hutchins Drive,P.O.Box 2681,Grand Cayman,KY1-1111 CaymanIslands PalmGrove House,P.O.Box 438,Road Town,Tortola,British Virgin Islands 2025829 2 202563034202412312024 2.1 202563019,65319,078202563043,657254,583222,3546,28217,780 2025630186,184202422716202615 2.1 2025630 (i) —20242024202532025620254202532025620259202512 —202519202541129.9%202581849%77%2025818 (ii) 2 2.1 (iii)(iv)(v) 202563012202563012 (a)(b)(c)(d) 2.1 (e) 3 202511 4 2024 5 5.1 2024 5 5.2 2025630 630 2025630 2025630238,53820241231289,335193,76720241231244,9302024630 5 5.3 5 5.4 •1•12•3 2 3 5 5.4 202563020246303 (a)2024 6 — 6 90% 10% 6 2025630 (b)2025630 (c)20256307420246302,1176292024630680 202563020241231 16 (b) (i) 8 (c) (d) 9 (b) (b) (c)26,6292024123132,466 202563020241231 (a) (b)202563011,1352024123111,5874,501202412315,316 (c)20256302,554202412314,239 13 202563020232026202563020232026 2025630134,69520241231133,877132,05220241231139,566 6305.64%20246305.86% 14 15 (a)16.5%202416.5%) (b)25% (c)30%60% 21 20256302024 22 (a) 22 (b) 20252024630 23 (a)(i)(ii) (b)20256301,05520241231974 24 2025630 (a)387 (b)20256307,655 27 202563073342202511202563072,58419,581 28 (a) 202563051.94% (b) (c) (d) 28 (e) 20256305754,116202412315754,1333021520241231302161812920241231181290.53.6202412310.53.6 * * Cricket Square, Hutchins DriveP.O. Box 2681Grand CaymanKY1-1111Cayman Islands 1528312 11171702 Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3Building D, P.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands 1617 20072007.HK2007 HK Equity http://www.countrygarden.com.cn 20072007320201731920172017518201720175182007C1 C3571200720170.10%