港龙中国地产：2025年报

年 報2025 Contents 2Corporate Information5Chairman’s Statement7Management’s Discussion and Analysis34Biographical Details of Directors and Senior Management39Directors’ Report60Corporate Governance Report97Independent Auditor’s Report101Consolidated Statement of Comprehensive Income102Consolidated Statement of Financial Position104Consolidated Statement of Changes in Equity106Consolidated Statement of Cash Flows107Notes to the Consolidated Financial Statements224Financial Summary Corporate Information Executive DirectorsMr. Lui Ming(Chairman)Mr. Lui Jin LingMr. Lui Chi Chung Jimmy Independent Non-Executive DirectorsMr. Chang, Eric JacksonMs. Wu HuaMr. Xiong Lusheng Audit CommitteeMr. Chang, Eric Jackson(Chairman)Ms. Wu HuaMr. Xiong Lusheng Remuneration CommitteeMr. Xiong Lusheng(Chairman)Mr. Chang, Eric JacksonMs. Wu Hua Nomination Committee Mr. Lui Ming(Chairman)Mr. Chang, Eric JacksonMs. Wu HuaMr. Xiong Lusheng Authorised RepresentativesMr. Lui Jin LingMr. Chan Pui Tak Company SecretaryMr. Chan Pui Tak Registered OfficeHarneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands Corporate Information (Continued) Headquarters in the PRCNo. 11 Building, PortMix South DistrictNo. 2177 Shenkun RoadMinhang DistrictShanghaiChina 217711 Principal Place of Business in Hong KongUnit 120112/F, C C Wu Building302-308 Hennessy RoadWanchaiHong Kong 302-308121201 The Cayman Islands PrincipalShare Registrar and Transfer Office Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands 1617 Hong Kong Branch Share Registrar Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Principal BanksDBS Hong KongIndustrial BankBank of China Legal AdvisersAs to Hong Kong law:CFN Lawyers LLP As to Cayman Islands law:Harney Westwood & Riegels Corporate Information (Continued) AuditorCCTH CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor 20207 156968 Listing InformationShare ListingThe Company’s ordinary shares were listed on the Main Board ofThe Stock Exchange of Hong Kong Limited (Stock Code: 6968)on 15 July 2020 Company’s Websitewww.glchina.group www.glchina.group 06968.HK Stock Code06968.HK Chairman’s Statement CHAIRMAN’S STATEMENT Dear Shareholders, Since the beginning of the year, the real estate industry as a wholestill faced severe downward pressure. Following the implementationof a number of policies, the second-hand housing transactions insome core cities have shown initial signs of improvement, but theoverall new housing market has not improved significantly, and it stilltakes time for the policies to take effect. 202520252,694311,792 Faced with severe challenges of the industry, the Group has alwaysadhered to the corporate vision of “becoming a city builder for abetter life” and carried forward the corporate culture of “integrity,pragmatism, simplicity and efficiency”, setting goals for 2025,uniting in its efforts and making proactive response. Firstly, theGroup strengthened its marketing efforts and balanced quantity withprice. We formulated targeted and different marketing strategiesand methods according to market differentiation to proactivelyrespond to market changes, and enhanced inventory clearing andcash collection management, striving to achieve our sales targets.We enhanced the construction of marketing system, innovatedonline marketing methods, and at the same time carried outexternal channel cooperation to expand online and offline sources ofcustomers. Through internal training on marketing, we strengthenedmarket prediction and enhanced marketing capability. Secondly,we reduced costs and ensured financial stability by means of cost-saving and cost control. The scope of control has been expandedfrom construction work to marketing and administration, etc.,leveraging the advantages of centralized purchase to reduceprocurement costs. We proactively optimized our debt structureand financing costs to ensure the safety of cash flow. Thirdly, theGroup focused on core business and accelerated cash collectionto support cash flow. Fourthly, the Group constructed withcraftsmanship and ensured quality delivery. We made continuousimprovement in construction control and established a wholeprocess quality control system covering from material quality, sitemanagement and construction inspection to delivery evaluation.During 2025, the Group in total delivered properties amounting toapproximately RMB2,694 million, with an area of approximately311,792 sq.m.. Chairman’s Statement (Continued) 2026 As residents’ income expect