年 報 2024 龍光集團有限公司 於開曼群島註冊成立之有限公司 股份代號 2024 年報 龍光集團有限公司 海南陵水龍光 • 天境海岸 目錄 | 公司簡介 | 2 | | --- | --- | | 財務摘要 | 3 | | 獎項 | 4 | | 公司資料 | 6 | | 公司架構 | 8 | | 主席致辭 | 12 | | 管理層討論與分析 | 16 | | 董事及高級管理人員簡介 | 22 | | 企業管治報告 | 25 | | 董事會報告書 | 39 | | 獨立核數師報告 | 56 | | 綜合損益表 | 62 | | 綜合全面收益表 | 63 | | 綜合財務狀況表 | 64 | | 簡明綜合權益變動表 | 66 | | 綜合現金流量表 | 67 | | 財務報表附註 | 70 | | 五年財務摘要 | 175 | | 主要物業表 | 176 | 2 龍光集團有限公司 公司簡介 佛山天宸 龍 光 集 團 有 限 公 司（「龍 光 集 團」或「集 團」）創 立 於1996年，2013年 在 香 港 聯 合 交 易 所 主 板 上 市（股 份 代 號： 3380.HK），2017年進軍海外及香港特別行 ...

Group 1: Qingdao Housing Fund Policy Adjustment - Qingdao Housing Fund Management Center announced an adjustment to the housing fund loan policy, allowing a 10% increase in loan limits for homebuyers applying for housing fund loans [1] - The maximum loan limit after combining with other policies can reach 1.5 million yuan [1] - The age limit for borrowers has been adjusted, with male borrowers not exceeding 68 years and female borrowers not exceeding 63 years, or within 5 years post-retirement age [1] Group 2: Longguang Group Financial Performance - Longguang Group reported a net loss of 6.62 billion yuan for 2024, with contract sales of 7.18 billion yuan and recognized revenue of 23.26 billion yuan [2] - The continuous losses are attributed to a sluggish real estate market, declining project gross margins, and inventory impairment provisions [2] - The company achieved significant progress in restructuring its offshore debt, with over 80.8% of creditors supporting the agreement on 6.207 billion USD of total offshore debt [2] Group 3: Financial Street Property Performance - Financial Street Property reported a revenue of approximately 1.752 billion yuan for 2024, an increase of about 15.65% year-on-year [3] - The net profit for the year was approximately 1.32 billion yuan, a decrease of about 7.87% year-on-year [3] - Shareholder profit was approximately 1.16 billion yuan, down about 9.39% year-on-year [3] Group 4: Country Garden Services Financial Results - Country Garden Services achieved total revenue of 43.99 billion yuan in 2024, representing a year-on-year growth of 3.2% [4] - Adjusted revenue from property management, community value-added services, and "three supplies and one industry" business grew by 10.2% year-on-year [4] - The adjusted gross profit for core businesses increased by 6.4% to 9.2 billion yuan [4] Group 5: Hongyang Real Estate Financial Results - Hongyang Real Estate reported revenue of approximately 11.306 billion yuan for 2024, a year-on-year decrease of 42.9% [5] - The company incurred a net loss of 5.5256 billion yuan during the reporting period [5] - The gross loss margin for the period was 1.6%, compared to 3.4% in the same period last year [5]

同时，龙光境内债重组方案于2025年3月17日正式公布。 该重组方案提供了折价购回、资产抵债、债转 股、特定资产和全额展期留债等五个选项，以满足不同类型投资人的需求。 分析人士认为，方案基于当前市场环境及公司业务实际情况，设计相对合理且全面，为投资人提供了灵 活多元的退出路径，并筹集额外的现金资源、股票资源加入到重组方案，亦反映出企业的诚意，同时具 有较高的可行性和可操作性。 龙光集团表示，继续采取积极措施"稳经营、保交付"，加快推进境内外债务整体重组方案实施落地。 龙光境外债务整体重组实现里程碑式重大进展，截至2025年2月27日，已获得持有境外债务本金总额其 中的62.07亿美元中超过80.8%的债权人加入支持协议。 在方案推出后的短短一个多月内，龙光便获得了的债权人对整体境外重组方案的广泛认可和支持，成为 房企境外重组投票进程最快的企业之一，反映出龙光以最大诚意公平对待债权人，保障其利益相关者的 整体利益。 智通财经APP获悉，3月27日，龙光集团(03380)公布截至2024年12月31日止全年业绩。2024年，中国房 地产市场延续深度调整态势，行业整体销售规模持续收缩，房企经营压力进一步加剧。据中指 ...

中央政府在过去一年提出促进房地产市场止跌回稳的目标，不断出台优化增量住房和消化存量住房的措 施，持续放宽核心城市限购，下调首付比例和贷款利率，加快实施城中村和危旧房改造，推进收购存量 商品房等支持房地产行业的政策，惟政策效果显现需要一个过程。集团将继续坚持生产经营和债务管理 两手抓，一方面继续采取积极措施"保交付，稳经营"。另一方面，集团的境外债务整体重组方案获得大 多数债权人支持批准，将加快推进境外债务整体重组方案实施落地，也将继续与境内债务重组的各类债 权人进行沟通，尽最大努力完成境内外整体债务重组。 于2024年12月31日，集团的土地储备的总建筑面积约为2361.41万平方米，若以货值计算，大湾区及长 江三角洲区域占比约为76%。 智通财经APP讯，龙光集团(03380)发布截至2024年12月31日止年度业绩，该集团期内取得收入232.65亿 元(人民币，下同);母公司拥有人应占亏损62.98亿元;每股基本亏损113.95分。 公告称，持续亏损主要由于(i)房地产行业持续低迷，毛利率依然处于低水平;及(ii)就存货计提减值拨 备。 面对困难的一年，集团积极主动应对挑战，及时调整经营策略，持续落实精细 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3380及債券股份代號：40754、40642、 40527、40508、40411） 截至二零二四年十二月三十一日止年度之 年度業績 業績摘要 – 1 – • 權益合約銷售額為人民幣71.8億元。 • 確認收入為人民幣232.6億元。 • 年內淨虧損為人民幣66.2億元。持續虧損主要由於(i)房地產行業持續低迷，毛利率 依然處於低水平；及(ii)就存貨計提減值撥備。 年度業績 龍光集團有限公司（「本公司」），連同其附屬公司（「本集團」）董事會（「董事會」）公佈本集 團截至二零二四年十二月三十一日止年度的經審核綜合業績連同截至二零二三年十二月 三十一日止年度之比較數字。年度業績已經本公司審核委員會審閱。 綜合損益表 截至二零二四年十二月三十一日止年度 | | 二零二四年 | 二零二三年 ...

选项四为特定资产选项，龙光集团拟依托上海某13万平方米的优质商业项目设立信托，让债券持有人享 有收益权。每100元债券面值可申报登记100份信托份额，信托期限15年，存续期内依靠项目经营性净现 金流受偿，并有0.5%的头部现金。 龙光集团公布219.62亿元境内债务重组方案，为投 资人提供折价购回等五个选项 每经记者 陈荣浩 每经编辑 魏文艺 3月18日，《每日经济新闻》记者获悉，深圳市龙光控股有限公司（以下简称龙光集团）向债权人公布 了整体境内债务重组方案，涵盖"H8龙控05""H9龙控01""H9龙控02""H1龙控01"等21笔债券，本金余额 合计219.62亿元。 值得注意的是，龙光集团提供了折价购回、资产抵债、债转股、特定资产和全额展期留债等五个选项， 以满足不同类型投资人的需求。 具体来看，选项一为折价购回，龙光集团拟筹集不超过5亿元现金资源，以债券面值15%的价格向持有 人折价购回。 选项二为资产抵债，包括实物资产抵债和财产权信托份额抵债两种模式。龙光集团抵债的资产包括自持 商业、写字楼、酒店、可出售住宅等，分布于深圳、成都、南宁等地。而在财产权信托份额抵债模式 下，龙光集团拟以每100元债券面 ...

选项五为展期留债，未参与其他选项的债券剩余本金展期9.5年，利息调整为1%，自第5年期末开 始分期兑付。 记者注意到，今年2月，龙光集团对外公布了境外债务重组方案，约有76.4%的债权人加入整体 CSA（整体债权人支持协议）。当时龙光集团对境外债务的债权人提供了四个选项，包括现金支付、优 先票据及强制可转债、强制可转债和普通票据及强制可转债。 龙光集团公布219.62亿元境内债务重组方案 为投资 人提供折价购回等五个选项 截至2024年6月30日，龙光集团总资产为2264.88亿元，其中流动资产为1716.19亿元，现金及银行结 余95亿元。负债总额为1959.75亿元，流动负债总额1593.97亿元。资产负债率为86.53%。 3月18日，《每日经济新闻》记者获悉，深圳市龙光控股有限公司（以下简称龙光集团）向债权人 公布了整体境内债务重组方案，涵盖"H8龙控05""H9龙控01""H9龙控02""H1龙控01"等21笔债券，本金 余额合计219.62亿元。 2024年上半年，龙光集团新开工项目面积约为27万平方米、竣工项目面积228万平方米、发展中项 目面积887万平方米，较上年同期分别减少9万平方米、11 ...

龙光集团整体债务重组取得重大进展！ 1月6日，龙光集团公告，其境外债务的整体重组取得重大进展，推出境外债务的整体重组方案，已与其 若干境外债权人达成一致。 就在2024年12月30日，融创房地产集团有限公司发布公告，PR融创01债券重组获持有人会议表决通 过。去年11月中旬，融创公告称，公司全资附属公司融创房地产集团境内债务将二次重组。根据方案， 此次债券重组涵盖了现金要约收购、股票及股票经济收益权兑付、以资抵债和全额长展期4个选项，旨 在缓解公司当前的财务压力，并为债权人提供多样化的解决方案。"融创等房企债务重组对于其他出险 企业债务重组和风险化解有较强借鉴意义。"中指研究院企业研究总监刘水认为，折价回购、债转股等 方式能够从源头减少债务，有助于企业真正走出债务危机，可以为房企争取恢复流动性的时间，以换取 未来企业价值回升以及偿还债务的空间。 据中指研究院统计，2024年房企到期债券规模为7703.1亿元，与上一年（到期余额超9500亿元）相比下 降19.6%，但整体规模仍处于较高水平。其中，信用债占比69.0%，境外债占比31.0%，房企境内债务偿 债压力较大。 刘水表示，房企真正走出危机，还需要市场回暖 ...

Financial Performance - For the first half of 2024, the company reported a revenue of RMB 14,053.4 million, representing an increase of approximately 1.4% compared to the same period in 2023[7]. - The company experienced a loss of RMB 1,800.1 million during the same period[7]. - The company's revenue for the six months ended June 30, 2024, was approximately RMB 14,053.4 million, an increase of about RMB 194.3 million (or approximately 1.4%) compared to the same period in 2023[15]. - Property development revenue for the same period was approximately RMB 13,875.3 million, up 1.3% from RMB 13,698.8 million in 2023[15][16]. - The company reported a net loss attributable to equity shareholders of RMB 1,536.5 million, a decrease of 19.7% compared to a loss of RMB 1,912.6 million in the same period of 2023[15]. - The reported loss for the six months ended June 30, 2024, was RMB (3,467,196) thousand, compared to a loss of RMB (2,130,927) thousand for the same period in 2023, indicating a significant increase in losses[84]. - The total comprehensive loss for the period was RMB (1,996,463), compared to RMB (2,758,101) in the same period of 2023, showing a reduction in overall losses[59]. Sales and Contract Information - Contract sales for the first half of 2024 amounted to approximately RMB 5,317.6 million, with the Greater Bay Area contributing 50.9% of the total sales[8]. - The average selling price per square meter for contract sales was RMB 15,406[9]. - Property sales revenue for the six months ended June 30, 2024, was RMB 13,831,793 thousand, up from RMB 13,352,499 thousand in 2023, reflecting a growth of approximately 3.6%[88]. Construction and Land Reserves - The total construction area of newly commenced projects in the first half of 2024 was approximately 270,000 square meters[10]. - The total construction area of completed projects in the first half of 2024 was approximately 2,280,000 square meters[10]. - As of June 30, 2024, the company's land reserves totaled approximately 24,121,574 square meters, with the Greater Bay Area and Yangtze River Delta accounting for about 77% by value[11]. Financial Position and Assets - Total assets as of June 30, 2024, were approximately RMB 226,488.4 million, a decrease of 8.8% from RMB 248,382.1 million as of December 31, 2023[22]. - Cash and bank balances decreased by 27.9% to RMB 9,500.1 million from RMB 13,171.5 million as of December 31, 2023[22]. - Total equity as of June 30, 2024, was approximately RMB 30,513.0 million, down 6.8% from RMB 32,733.4 million as of December 31, 2023[22]. - The company's net financial costs rose to approximately RMB 1,126.4 million for the six months ended June 30, 2024, compared to RMB 586.8 million in the same period of 2023[20]. Debt Management and Restructuring - The company has actively engaged in debt restructuring discussions with creditors, achieving significant progress with over 92% of existing noteholders signing a support agreement[4]. - The company plans to continue its dual focus on operational stability and debt management to navigate the ongoing challenges in the real estate sector[5]. - The company aims to complete the overall restructuring of its offshore debt to alleviate repayment pressure and restore its capital structure[5]. - The company has suspended interest payments on all offshore USD senior notes and HKD equity-linked securities since August 7, 2022, with an outstanding principal of USD 3,619 million as of June 30, 2024[71]. - The company is actively negotiating with financial institutions for the extension of loans and senior notes to manage its debt obligations[73]. Corporate Governance - The company’s board is committed to high standards of corporate governance, which is essential for protecting shareholder interests[33]. - The company has complied with the Corporate Governance Code and all applicable code provisions during the reporting period[34]. - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous period[32]. Stock Options and Share Capital - As of June 30, 2024, the total issued share capital of the company is approximately 5,685,407,450 shares[31]. - The company has not issued or exercised any stock options in the six months ending June 30, 2024[44]. - The stock option plan expired on November 17, 2023, and no further options will be granted under this plan[44]. - The company has 70,339,500 unexercised stock options as of June 30, 2024, down from 75,920,000 options as of December 31, 2023[150]. Cash Flow and Liquidity - The company’s cash management strategy includes floating interest rates based on daily bank deposit rates[114]. - The financing activities resulted in a net cash outflow of RMB (2,932,121,000), compared to RMB (7,672,903,000) in the previous year[69]. - The company has a cash flow forecast for at least 15 months, indicating sufficient operating funds to meet its obligations if its plans are successfully implemented[73]. Acquisitions and Investments - The company acquired Shenzhen Weichi Industrial Co. Ltd. and several other entities, which became wholly-owned subsidiaries after the acquisitions[155]. - The total identifiable net assets acquired amounted to RMB 108,970,000[156]. - The total consideration for the acquisition of subsidiaries was RMB 94,340,000[159]. Tax and Deferred Tax - The total tax expenses for the period amounted to RMB 2,012,945,000, significantly higher than RMB 406,142,000 in the previous year, indicating a substantial increase of approximately 394.5%[100]. - The company recorded a net deferred tax asset of RMB 320.6 million related to land value increment tax for the six months ended June 30, 2024[21].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 L O G A N Logan Group Company Limited 龍光集團有限公司 （於開曼群島註冊成立之有限公司） 截至二零二四年六月三十日止六個月之 未經審核中期業績公告 | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 中期業績摘要 | | 合約銷售額為人民幣 53.2 億元。 | | 收入為人民幣 140.5 億元。 | | 截至二零二四年六月三十日止六個月之淨虧損為人民幣 18.0 億元。持續虧損主要由 於 (i) 房地產行業持續低迷，毛利率依然處於低水平；及 (ii) 就存貨計提減值撥備。 | ...