龙湖集团2025年报

目錄Contents 公司資料Corporate Information www.longfor.com 業績亮點Performance Highlights 營業收入Revenue 26.8運營及服務業務收入Revenue From InvestmentProperty Operation AndProperty Service 7.9運營及服務業務核心權益後利潤人民幣十億元RMB BillionCore Attributable ProfitOf Property Operation AndProperty Service 97.3人民幣十億元RMB Billion 237.0權益總額人民幣十億元RMB BillionTotal Equity 152.8有息負債人民幣十億元RMB BillionTotal Interest-bearingBorrowing 595.9人民幣十億元RMB Billion 平均融資成本Average Finance Cost 年Years12.12平均合同借貸年期Average Contract BorrowingPeriod 淨負債率Net Debt to Equity Ratio 3.51% 52.2% 業يҳ༟ࠅ˴Major Investment Properties 11.21RMB Billion同比YoY+4.0%Rental Income in 202525年租金收入1人民幣十億元1 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） 180,694平方米Sqm建築面積GFA 2025年租金收入Rental Income in 2025 出租率Occupancy Rate 99% 448.00 2025年租金收入Rental Income in 2025 建築面積GFA 出租率Occupancy Rate 100% 主要投資物業Major Investment Properties 建築面積GFA 99%出租率Occupancy Rate 2025年租金收入Rental Income in 2025 151,135平方米Sqm 337.09 海南海口天街Hainan Haikou Paradise Walk 222,032平方米Sqm建築面積GFA 出租率Occupancy Rate 2025年租金收入Rental Income in 2025 98% 主要投資物業Major Investment Properties 租戶構成Tenant Mix（面積佔比 by GFA） 107,101平方米Sqm建築面積GFA 出租率Occupancy Rate 2025年租金收入Rental Income in 2025 100% 237.52 2025年租金收入Rental Income in 2025 出租率Occupancy Rate 建築面積GFA 98% ุيҳ༟ࠅ˴Major Investment Properties 成都西宸天街Chengdu Xichen Paradise Walk 租戶構成Tenant Mix（面積佔比 by GFA） 99%出租率Occupancy Rate 建築面積GFA 2025年租金收入Rental Income in 2025 152,639平方米Sqm 195.43 成都濱江天街Chengdu Binjiang Paradise Walk 租戶構成Tenant Mix（面積佔比 by GFA） 140,000平方米Sqm建築面積GFA 2025年租金收入Rental Income in 2025 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） 92,014平方米Sqm建築面積GFA 2025年租金收入Rental Income in 2025 出租率Occupancy Rate 100% 167.08 2025年租金收入Rental Income in 2025 建築面積GFA 出租率Occupancy Rate 99% 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 On behalf of the Board of Directors, I am pleased to present to our shareholdersthe full-year business review and outlook for the year ended December 31,2025, of Longfor Group Holdings Limited (the “Company”, together with thesubsidiaries, collectively the “Group”). In 2025, amid profound adjustments, China’s real estate sector accelerated itstransition towards a new development model. The focus of urban developmenthas shifted decisively from greenfield expansion to enhancing the quality ofexisting assets. Confronted by the cyclical challenges inherent in this transition,Longfor maintained an unwavering strategic focus. We have adhered to strictfinancial discipline, prioritized cash flow management, continuously optimizedour balance sheet, and honed our operational and service capabilities, therebybuilding strong momentum for the Group’s sustainable, long-term growth. 20251,528123.51%90% In recent years, Longfor has steadily and systematically reduced its debt,achieving prudent deleveraging and reducing interest-bearing debt, alongside afundamental optimization of our debt structure. As of year-end 2025, the Group’sinterest-bearing debt stood at RMB152.8 billion, the average contract borrowingperiod exceeded 12 years, and the average finance cost decreased to 3.51%.Approximately 90% of this debt was bank financing, a clear testament to thecreditworthiness we have established by consistently honoring our commitmentto “zero payment defaults, zero extensions, and zero breaches”. More crucially,underpinned by this robust financial foundation, the Group has generatedpositive operating cash flow after capital expenditures for three consecutive years.This established model of “low leverage, low financing costs, and positive cashflow generation” has given us the strategic flexibility to navigate cycles andadvance our transformation. At this new stage of industry and corporate development, our core businesssegments, centered on the construction, operation, and servicing of spaces, aredeepening collaboration and advancing in synergy. Together, they are dedicatedto creating better living environments for cities and customers, strengthening ourrole as a trusted, long-term urban partner. 主席報告Chairman’s Statement 7 Our property development business has proactively adapted to market dynamics,focusing on inventory reduction while aligning precisely with market demand.Operationally, we maintained the discipline of living within our means,prudently balancing sales volume and pricing. In project delivery, we upheld our“Four Excellences” system – “Excellent Community, Excellent Neighborhood,Excellent Home, and Excellent Service” – delivering approximately 70,000quality homes on schedule in 2025, honoring our commitments to customersthrough continuous improvements in delivery execution. 14297% Our property operation generated revenue of RMB14.2 billion in 2025 andh