<p>这家负债累累的房地产开发商最新的年度业绩显示，去年其盈利超过 32 亿元，成功扭亏为盈。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/31092311/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_31-3-2026_11922_thebambooworks.com_-1024x678.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/31092311/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_31-3-2026_11922_thebambooworks.com_-1024x678.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>碧桂园去年报告扭亏为盈，尽管其全部利润源于债务重组中的非现金收益。</li>
<li>该开发商在其核心房地产销售业务上记录了 431 亿元的毛亏损。</li>
</ul>
<p>刘志恒</p>
<p><strong>碧桂园控股有限公司</strong> (2007.HK)，这家曾濒临破产的房地产开发商，在经历近乎破产的危机后，看到了一丝曙光。其 <strong>最新年度业绩</strong> 显示，去年其意外盈利 32.6 亿元（约合 4.72 亿美元），相比 2024 年的 328 亿元亏损，取得了巨大的进步。</p>
<p>虽然这个头条利润乍一看不错，但改善完全没有任何新的增长，反而是由于债务重组带来的 821 亿元的非现金收益。实际上，重组仅仅带来了纸面利润，而不是其核心业务的扭转。现实是，房地产销售依然非常疲软，去年房地产销售收入同比下降 38.7%，降至 1549 亿元。在包括 445 亿元的在建和待售房产的减值准备后，公司报告了 431 亿元的毛亏损。</p>
<p>独立审计师中汇安达会计师事务所也在最新报告中发表了免责声明，指出公司 1480 亿元的借款中有 1076 亿元被归类为流动负债，而公司的现金及现金等价物仅为 187 亿元。</p>
<p>它表示，这些因素，加上其他几个因素，包括待决诉讼，&#34;表明存在重大不确定性，可能对集团持续经营能力产生重大怀疑，因此，集团可能无法在正常经营过程中实现其资产并履行其负债。&#34;</p>
<h4><strong>重新纳入全球指数</strong></h4>
<p>虽然去年的业绩表明碧桂园尚未走出困境，但对其的债权人行动和清算申请的威胁目前已减轻。这是因为去年底通过了一项重组计划，涉及公司 177 亿美元的离岸债务和总计 137.7 亿元的九只在岸债券。碧桂园的借款也从 2535 亿元减少到 1480 亿元。</p>
<p>大部分债务的重组使投资界开始重新审视碧桂园。全球评级编制机构 MSCI 在 2 月份将该公司重新纳入其 MSCI 中国小型股指数，使其成为 21 个新增股票中唯一的房地产股票。3 月份，富时罗素也将碧桂园纳入其指数，使其成为唯一一家获得此殊荣的中国房地产开发商。</p>
<p>纳入全球指数意味着全球众多基金将根据指数权重购买碧桂园的股票，从而提升该股票的流动性，并可能推高其价格。这一点尤其重要，因为股票是碧桂园重组计划的关键组成部分，涉及可转换债券。因此，被纳入主要指数为公司及其前景提供了实质性的信心投票。</p>
<h4><strong>重新聘用老员工</strong></h4>
<p>在运营方面，上个月有报道称碧桂园正在联系一些近年来被裁员的老员工，寻求将他们重新招回。公司表示，目标仅是针对一些特定的关键岗位进行重新招聘，以填补空缺。但任何招聘的举动都是一个积极信号，可能表明停滞项目的重启，这将改善公司的现金流。</p>
<p>积极招聘也表明公司现在有资源用于新任务，而不是仅仅通过自然流失来节省开支。这种招聘行为也绝不是一家濒临崩溃公司的表现，显示碧桂园的流动性约束在经历了过去两年的危机后至少有所缓解。</p>
<p>政策利好也在支持房地产市场。今年 3 月全国人民代表大会年会上发布的政府工作报告强调需要关注稳定房地产市场，并系统性地推动城市特定政策以控制增量、减少库存和优化供应。实际上，自去年以来，中央政府几乎不断推出新措施以试图稳定住房市场，许多地区放宽了购房限制。</p>
<p>与此同时，政府还完善了 “白名单” 机制，使开发商在项目被纳入名单后更容易通过银行贷款获得融资。白名单项目的银行贷款不仅可以延长，还可以推迟本金偿还。此外，银行在短期内无需将此类贷款分类为不良资产。这些条款显著减轻了开发商的债务偿还压力，使他们能够专注于项目的完成和交付，从而帮助缓解流动性压力。</p>
<p>白名单还增强了对房地产开发商的信心，使购房者在购买时更加安心。看到政府的支持，这些公司的债权人也可能更愿意讨论债务重组。</p>
<h4><strong>凤凰等待重生</strong></h4>
<p>碧桂园的房地产销售虽然仍远低于峰值，但经过仔细审视，已经开始趋于稳定。对其定期报告的回顾显示，过去四个月的月销售额始终保持在 22 亿至 27 亿元人民币之间。</p>
<p>一些人可能仍会抱怨该公司的当前销售额不到 2021 年 2 月峰值 466.5 亿元的十分之一。但更重要的现实是，尽管面临诸多不利因素，公司仍成功稳定了销售，这表明其业务可能已经开始触底。</p>
<p>不言而喻，中国的房地产股票将跟随房地产市场的未来方向。政府目前正在推动稳定市场的政策，越来越多的房地产开发商成功重组了债务。尽管销售尚未反弹，但仍有初步迹象表明底部可能临近。</p>
<p>虽然真正的复苏还需要更多时间，但碧桂园在重组债务后，显著降低了债务负担和利息支出。同时，债务到期的延长为其重组业务争取了时间。如果一切顺利，碧桂园可能会像其企业标志中的凤凰一样，从灰烬中再次崛起，随着中国房地产市场逐渐回暖。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

碧桂园服务

碧桂园

房地产ETF

南方中证全指房地产ETF

<p>碧桂园控股有限公司报告了去年的利润为 32.6 亿元，较 2024 年的 328 亿元亏损有所恢复，主要得益于债务重组带来的非现金收益。尽管如此，公司在核心房地产销售中仍面临 431 亿元的毛亏损，同比下降 38.7%。该公司已重新被纳入全球指数，提升了其股票流动性。此外，碧桂园正在重新聘用一些资深员工，表明在政府对房地产市场的支持政策下，运营可能出现复苏</p>

<p><em>The debt-laden property developer's latest annual results show it returned to the black in a big way with a profit of more than 3.2 billion yuan last year</em></p>
<div class="lb-trans"><p>这家负债累累的房地产开发商最新的年度业绩显示，去年其盈利超过 32 亿元，成功扭亏为盈。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/31092311/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_31-3-2026_11922_thebambooworks.com_-1024x678.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/31092311/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_31-3-2026_11922_thebambooworks.com_-1024x678.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Country Garden reported a return to the black last year, though its entire profit stemmed from non-cash gains as part of its debt restructuring</li>
<li>The developer recorded a gross loss of 43.1 billion yuan on its core property sales business last year</li>
</ul>
<div class="lb-trans"><ul>
<li>碧桂园去年报告扭亏为盈，尽管其全部利润源于债务重组中的非现金收益。</li>
<li>该开发商在其核心房地产销售业务上记录了 431 亿元的毛亏损。</li>
</ul>
</div><p>Lau Chi Hang</p>
<div class="lb-trans"><p>刘志恒</p>
</div><p><strong>Country Garden Holdings Co. Ltd.</strong> (2007.HK), the property developer once teetering on the brink of bankruptcy, is seeing some glimmers of daylight after its near-death experience. Its <strong>latest annual results</strong> show it posted a surprising profit of 3.26 billion yuan ($472 million) last year, marking a huge leap forward from its 32.8 billion yuan loss in 2024.</p>
<div class="lb-trans"><p><strong>碧桂园控股有限公司</strong> (2007.HK)，这家曾濒临破产的房地产开发商，在经历近乎破产的危机后，看到了一丝曙光。其 <strong>最新年度业绩</strong> 显示，去年其意外盈利 32.6 亿元（约合 4.72 亿美元），相比 2024 年的 328 亿元亏损，取得了巨大的进步。</p>
</div><p>While that headline profit looks good at first glance, the improvement was entirely devoid of any new growth, owing instead to non-cash gains of 82.1 billion yuan from its debt restructuring. In effect, the restructuring delivered purely paper profits, not a turnaround in its core operations. The reality is that property sales remain very sluggish, with revenue from property sales plunging 38.7% year-on-year to 154.9 billion yuan last year. And after including 44.5 billion yuan in impairment provisions for properties under construction and completed properties held for sale, the company reported a gross loss of 43.1 billion yuan for the year.</p>
<div class="lb-trans"><p>虽然这个头条利润乍一看不错，但改善完全没有任何新的增长，反而是由于债务重组带来的 821 亿元的非现金收益。实际上，重组仅仅带来了纸面利润，而不是其核心业务的扭转。现实是，房地产销售依然非常疲软，去年房地产销售收入同比下降 38.7%，降至 1549 亿元。在包括 445 亿元的在建和待售房产的减值准备后，公司报告了 431 亿元的毛亏损。</p>
</div><p>Independent auditor Zhonghui Anda CPA also got in its own two cents by issuing a disclaimer of opinion in the latest report. It pointed out that 107.6 billion yuan of the company's 148 billion yuan in borrowings were classified as current liabilities, while the company's cash and cash equivalents stood at just 18.7 billion yuan.</p>
<div class="lb-trans"><p>独立审计师中汇安达会计师事务所也在最新报告中发表了免责声明，指出公司 1480 亿元的借款中有 1076 亿元被归类为流动负债，而公司的现金及现金等价物仅为 187 亿元。</p>
</div><p>It said those factors, combined with several others, including pending litigation, &#34;indicate the existence of material uncertainties which may cast significant doubt on the group's ability to continue as a going concern and, therefore, that the group may not be able to realize its assets and discharge its liabilities in the normal course of business.&#34;</p>
<div class="lb-trans"><p>它表示，这些因素，加上其他几个因素，包括待决诉讼，&#34;表明存在重大不确定性，可能对集团持续经营能力产生重大怀疑，因此，集团可能无法在正常经营过程中实现其资产并履行其负债。&#34;</p>
</div><h4><strong>Re-inclusion in global indexes</strong></h4>
<div class="lb-trans"><h4><strong>重新纳入全球指数</strong></h4>
</div><p>While last year's results suggest Country Garden is far from out of the woods just yet, the threat of creditor actions and winding-up petitions against it has eased for now. That follows the passage of a restructuring plan by the end of last year for all $17.7 billion of the company's offshore debt and nine onshore bonds totaling 13.77 billion yuan. Country Garden's borrowings have also decreased from 253.5 billion yuan to 148 billion yuan as of the end of last year.</p>
<div class="lb-trans"><p>虽然去年的业绩表明碧桂园尚未走出困境，但对其的债权人行动和清算申请的威胁目前已减轻。这是因为去年底通过了一项重组计划，涉及公司 177 亿美元的离岸债务和总计 137.7 亿元的九只在岸债券。碧桂园的借款也从 2535 亿元减少到 1480 亿元。</p>
</div><p>The restructuring of most of its debt has caused the investment community to start taking a fresh look at Country Garden. Global ratings compiler MSCI reinstated the company into its MSCI China Small Cap Index in February, making it the sole property stock among 21 new additions. In March, FTSE Russell also included Country Garden in its indexes, making it the only Chinese property developer with that distinction.</p>
<div class="lb-trans"><p>大部分债务的重组使投资界开始重新审视碧桂园。全球评级编制机构 MSCI 在 2 月份将该公司重新纳入其 MSCI 中国小型股指数，使其成为 21 个新增股票中唯一的房地产股票。3 月份，富时罗素也将碧桂园纳入其指数，使其成为唯一一家获得此殊荣的中国房地产开发商。</p>
</div><p>Inclusion in global indexes means numerous funds worldwide will acquire Country Garden shares based on index weightings, boosting the stock's liquidity and potentially lifting its price. That's particularly significant since shares are a key component of Country Garden's restructuring plan, which involves convertible bonds. Thus, being added to major indexes provides a substantial vote of confidence in the company and its outlook.</p>
<div class="lb-trans"><p>纳入全球指数意味着全球众多基金将根据指数权重购买碧桂园的股票，从而提升该股票的流动性，并可能推高其价格。这一点尤其重要，因为股票是碧桂园重组计划的关键组成部分，涉及可转换债券。因此，被纳入主要指数为公司及其前景提供了实质性的信心投票。</p>
</div><h4><strong>Rehiring veterans</strong></h4>
<div class="lb-trans"><h4><strong>重新聘用老员工</strong></h4>
</div><p>On the operational front, reports surfaced last month that Country Garden is reaching out to some veteran employees laid off in recent years, seeking to bring them back into the fold. The company said it's targeting only a few specific, critical rehires to fill gaps. But the mere act of any hiring is a positive signal, potentially indicating the restart of stalled projects whose revival would improve the company's cash flow.</p>
<div class="lb-trans"><p>在运营方面，上个月有报道称碧桂园正在联系一些近年来被裁员的老员工，寻求将他们重新招回。公司表示，目标仅是针对一些特定的关键岗位进行重新招聘，以填补空缺。但任何招聘的举动都是一个积极信号，可能表明停滞项目的重启，这将改善公司的现金流。</p>
</div><p>Actively recruiting also signals the company now has the resources to use for new tasks, and isn't just letting headcount dwindle through natural attrition to save money. Such hiring is also hardly the behavior of a company on the verge of collapse, showing Country Garden's liquidity constraints have eased at least somewhat after being in a state of crisis over the last two years.</p>
<div class="lb-trans"><p>积极招聘也表明公司现在有资源用于新任务，而不是仅仅通过自然流失来节省开支。这种招聘行为也绝不是一家濒临崩溃公司的表现，显示碧桂园的流动性约束在经历了过去两年的危机后至少有所缓解。</p>
</div><p>Policy tailwinds are also supporting the property market. The Government Work Report issued during this year's annual meeting of the National People's Congress in March emphasized the need to focus on stabilizing the real estate market, and systematically promoting city-specific policies to control incremental volume, reduce inventory and optimize supply. In fact, the central government has been rolling out new measures nearly nonstop since last year to try to stabilize the housing market, with many regions easing home-buying restrictions.</p>
<div class="lb-trans"><p>政策利好也在支持房地产市场。今年 3 月全国人民代表大会年会上发布的政府工作报告强调需要关注稳定房地产市场，并系统性地推动城市特定政策以控制增量、减少库存和优化供应。实际上，自去年以来，中央政府几乎不断推出新措施以试图稳定住房市场，许多地区放宽了购房限制。</p>
</div><p>Concurrently, the government has also refined a &#34;whitelist&#34; mechanism that makes it easier for developers to get financing via bank loans once their projects are included on the list. Bank loans for whitelisted projects can not only be extended but can also have their principal repayment deferred. Moreover, banks don't need to classify such loans as non-performing assets in the short term. Such terms significantly lighten the debt repayment pressure on developers, allowing them to focus on project completion and delivery that can help to ease their liquidity pressure.</p>
<div class="lb-trans"><p>与此同时，政府还完善了 “白名单” 机制，使开发商在项目被纳入名单后更容易通过银行贷款获得融资。白名单项目的银行贷款不仅可以延长，还可以推迟本金偿还。此外，银行在短期内无需将此类贷款分类为不良资产。这些条款显著减轻了开发商的债务偿还压力，使他们能够专注于项目的完成和交付，从而帮助缓解流动性压力。</p>
</div><p>The whitelist also serves to boosts confidence in property developers, putting home buyers at greater ease when making purchases. Seeing such government backing, these companies' creditors may also become more willing to discuss debt restructuring.</p>
<div class="lb-trans"><p>白名单还增强了对房地产开发商的信心，使购房者在购买时更加安心。看到政府的支持，这些公司的债权人也可能更愿意讨论债务重组。</p>
</div><h4><strong>Phoenix awaiting rebirth</strong></h4>
<div class="lb-trans"><h4><strong>凤凰等待重生</strong></h4>
</div><p>Country Garden's property sales, while still far below their peaks, have, upon closer examination, begun to stabilize. A review of its regular reports shows its monthly sales have consistently remained within the 2.2 billion yuan to 2.7 billion yuan range over the last four months.</p>
<div class="lb-trans"><p>碧桂园的房地产销售虽然仍远低于峰值，但经过仔细审视，已经开始趋于稳定。对其定期报告的回顾显示，过去四个月的月销售额始终保持在 22 亿至 27 亿元人民币之间。</p>
</div><p>Some may still complain that the company's current sales are less than one-tenth of their peak of 46.65 billion yuan in February 2021. But the more important reality is that the company has managed to stabilize its sales despite all the current factors working against it, indicating its business may have begun to bottom out.</p>
<div class="lb-trans"><p>一些人可能仍会抱怨该公司的当前销售额不到 2021 年 2 月峰值 466.5 亿元的十分之一。但更重要的现实是，尽管面临诸多不利因素，公司仍成功稳定了销售，这表明其业务可能已经开始触底。</p>
</div><p>It goes without saying that China's property stocks will follow the future direction of the real estate market. The government is currently promoting policies to stabilize that market, and a growing number of property developers are successfully restructuring their debt. While sales have yet to rebound, there are still initial signs that a bottom could be near.</p>
<div class="lb-trans"><p>不言而喻，中国的房地产股票将跟随房地产市场的未来方向。政府目前正在推动稳定市场的政策，越来越多的房地产开发商成功重组了债务。尽管销售尚未反弹，但仍有初步迹象表明底部可能临近。</p>
</div><p>While more time will be needed for a true recovery, Country Garden, having restructured its debt, has both significantly reduced its debt burden and lowered its interest expenses. At the same time, extension of its debt maturities has given it time to reorganize its business. If things continue to go smoothly, Country Garden may, like the phoenix in its corporate logo, rise once more from the ashes as the Chinese property market gradually warms.</p>
<div class="lb-trans"><p>虽然真正的复苏还需要更多时间，但碧桂园在重组债务后，显著降低了债务负担和利息支出。同时，债务到期的延长为其重组业务争取了时间。如果一切顺利，碧桂园可能会像其企业标志中的凤凰一样，从灰烬中再次崛起，随着中国房地产市场逐渐回暖。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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Country Garden Peeks Out From The Shadow Of Death

- 碧桂园去年利润达 32 亿人民币，然而主要来源于债务重组的非现金收益。  
- 核心物业销售业务亏损 431 亿人民币，整体销售收入年降 38.7%。  
- 该公司复苏迹象明显，但仍面临流动性风险和债务压力。

碧桂园从死亡阴影中露出曙光