<p>這家負債累累的房地產開發商最新的年度業績顯示，去年其盈利超過 32 億元，成功扭虧為盈。</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>碧桂園去年報告扭虧為盈，儘管其全部利潤源於債務重組中的非現金收益。</li>
<li>該開發商在其核心房地產銷售業務上記錄了 431 億元的毛虧損。</li>
</ul>
<p>劉志恆</p>
<p><strong>碧桂園控股有限公司</strong> (2007.HK)，這家曾瀕臨破產的房地產開發商，在經歷近乎破產的危機後，看到了一絲曙光。其 <strong>最新年度業績</strong> 顯示，去年其意外盈利 32.6 億元（約合 4.72 億美元），相比 2024 年的 328 億元虧損，取得了巨大的進步。</p>
<p>雖然這個頭條利潤乍一看不錯，但改善完全沒有任何新的增長，反而是由於債務重組帶來的 821 億元的非現金收益。實際上，重組僅僅帶來了紙面利潤，而不是其核心業務的扭轉。現實是，房地產銷售依然非常疲軟，去年房地產銷售收入同比下降 38.7%，降至 1549 億元。在包括 445 億元的在建和待售房產的減值準備後，公司報告了 431 億元的毛虧損。</p>
<p>獨立審計師中匯安達會計師事務所也在最新報告中發表了免責聲明，指出公司 1480 億元的借款中有 1076 億元被歸類為流動負債，而公司的現金及現金等價物僅為 187 億元。</p>
<p>它表示，這些因素，加上其他幾個因素，包括待決訴訟，&#34;表明存在重大不確定性，可能對集團持續經營能力產生重大懷疑，因此，集團可能無法在正常經營過程中實現其資產並履行其負債。&#34;</p>
<h4><strong>重新納入全球指數</strong></h4>
<p>雖然去年的業績表明碧桂園尚未走出困境，但對其的債權人行動和清算申請的威脅目前已減輕。這是因為去年底通過了一項重組計劃，涉及公司 177 億美元的離岸債務和總計 137.7 億元的九隻在岸債券。碧桂園的借款也從 2535 億元減少到 1480 億元。</p>
<p>大部分債務的重組使投資界開始重新審視碧桂園。全球評級編制機構 MSCI 在 2 月份將該公司重新納入其 MSCI 中國小型股指數，使其成為 21 個新增股票中唯一的房地產股票。3 月份，富時羅素也將碧桂園納入其指數，使其成為唯一一家獲得此殊榮的中國房地產開發商。</p>
<p>納入全球指數意味着全球眾多基金將根據指數權重購買碧桂園的股票，從而提升該股票的流動性，並可能推高其價格。這一點尤其重要，因為股票是碧桂園重組計劃的關鍵組成部分，涉及可轉換債券。因此，被納入主要指數為公司及其前景提供了實質性的信心投票。</p>
<h4><strong>重新聘用老員工</strong></h4>
<p>在運營方面，上個月有報道稱碧桂園正在聯繫一些近年來被裁員的老員工，尋求將他們重新招回。公司表示，目標僅是針對一些特定的關鍵崗位進行重新招聘，以填補空缺。但任何招聘的舉動都是一個積極信號，可能表明停滯項目的重啓，這將改善公司的現金流。</p>
<p>積極招聘也表明公司現在有資源用於新任務，而不是僅僅通過自然流失來節省開支。這種招聘行為也絕不是一家瀕臨崩潰公司的表現，顯示碧桂園的流動性約束在經歷了過去兩年的危機後至少有所緩解。</p>
<p>政策利好也在支持房地產市場。今年 3 月全國人民代表大會年會上發佈的政府工作報告強調需要關注穩定房地產市場，並系統性地推動城市特定政策以控制增量、減少庫存和優化供應。實際上，自去年以來，中央政府幾乎不斷推出新措施以試圖穩定住房市場，許多地區放寬了購房限制。</p>
<p>與此同時，政府還完善了 “白名單” 機制，使開發商在項目被納入名單後更容易通過銀行貸款獲得融資。白名單項目的銀行貸款不僅可以延長，還可以推遲本金償還。此外，銀行在短期內無需將此類貸款分類為不良資產。這些條款顯著減輕了開發商的債務償還壓力，使他們能夠專注於項目的完成和交付，從而幫助緩解流動性壓力。</p>
<p>白名單還增強了對房地產開發商的信心，使購房者在購買時更加安心。看到政府的支持，這些公司的債權人也可能更願意討論債務重組。</p>
<h4><strong>鳳凰等待重生</strong></h4>
<p>碧桂園的房地產銷售雖然仍遠低於峯值，但經過仔細審視，已經開始趨於穩定。對其定期報告的回顧顯示，過去四個月的月銷售額始終保持在 22 億至 27 億元人民幣之間。</p>
<p>一些人可能仍會抱怨該公司的當前銷售額不到 2021 年 2 月峯值 466.5 億元的十分之一。但更重要的現實是，儘管面臨諸多不利因素，公司仍成功穩定了銷售，這表明其業務可能已經開始觸底。</p>
<p>不言而喻，中國的房地產股票將跟隨房地產市場的未來方向。政府目前正在推動穩定市場的政策，越來越多的房地產開發商成功重組了債務。儘管銷售尚未反彈，但仍有初步跡象表明底部可能臨近。</p>
<p>雖然真正的復甦還需要更多時間，但碧桂園在重組債務後，顯著降低了債務負擔和利息支出。同時，債務到期的延長為其重組業務爭取了時間。如果一切順利，碧桂園可能會像其企業標誌中的鳳凰一樣，從灰燼中再次崛起，隨着中國房地產市場逐漸回暖。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

碧桂園服務

碧桂園

房地產ETF

南方中證全指房地產ETF

<p>碧桂園控股有限公司報告了去年的利潤為 32.6 億元，較 2024 年的 328 億元虧損有所恢復，主要得益於債務重組帶來的非現金收益。儘管如此，公司在核心房地產銷售中仍面臨 431 億元的毛虧損，同比下降 38.7%。該公司已重新被納入全球指數，提升了其股票流動性。此外，碧桂園正在重新聘用一些資深員工，表明在政府對房地產市場的支持政策下，運營可能出現復甦</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>這家負債累累的房地產開發商最新的年度業績顯示，去年其盈利超過 32 億元，成功扭虧為盈。</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>碧桂園去年報告扭虧為盈，儘管其全部利潤源於債務重組中的非現金收益。</li>
<li>該開發商在其核心房地產銷售業務上記錄了 431 億元的毛虧損。</li>
</ul>
</div><p>Lau Chi Hang</p>
<div class="lb-trans"><p>劉志恆</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>碧桂園控股有限公司</strong> (2007.HK)，這家曾瀕臨破產的房地產開發商，在經歷近乎破產的危機後，看到了一絲曙光。其 <strong>最新年度業績</strong> 顯示，去年其意外盈利 32.6 億元（約合 4.72 億美元），相比 2024 年的 328 億元虧損，取得了巨大的進步。</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>雖然這個頭條利潤乍一看不錯，但改善完全沒有任何新的增長，反而是由於債務重組帶來的 821 億元的非現金收益。實際上，重組僅僅帶來了紙面利潤，而不是其核心業務的扭轉。現實是，房地產銷售依然非常疲軟，去年房地產銷售收入同比下降 38.7%，降至 1549 億元。在包括 445 億元的在建和待售房產的減值準備後，公司報告了 431 億元的毛虧損。</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>獨立審計師中匯安達會計師事務所也在最新報告中發表了免責聲明，指出公司 1480 億元的借款中有 1076 億元被歸類為流動負債，而公司的現金及現金等價物僅為 187 億元。</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，這些因素，加上其他幾個因素，包括待決訴訟，&#34;表明存在重大不確定性，可能對集團持續經營能力產生重大懷疑，因此，集團可能無法在正常經營過程中實現其資產並履行其負債。&#34;</p>
</div><h4><strong>Re-inclusion in global indexes</strong></h4>
<div class="lb-trans"><h4><strong>重新納入全球指數</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>雖然去年的業績表明碧桂園尚未走出困境，但對其的債權人行動和清算申請的威脅目前已減輕。這是因為去年底通過了一項重組計劃，涉及公司 177 億美元的離岸債務和總計 137.7 億元的九隻在岸債券。碧桂園的借款也從 2535 億元減少到 1480 億元。</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>大部分債務的重組使投資界開始重新審視碧桂園。全球評級編制機構 MSCI 在 2 月份將該公司重新納入其 MSCI 中國小型股指數，使其成為 21 個新增股票中唯一的房地產股票。3 月份，富時羅素也將碧桂園納入其指數，使其成為唯一一家獲得此殊榮的中國房地產開發商。</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>納入全球指數意味着全球眾多基金將根據指數權重購買碧桂園的股票，從而提升該股票的流動性，並可能推高其價格。這一點尤其重要，因為股票是碧桂園重組計劃的關鍵組成部分，涉及可轉換債券。因此，被納入主要指數為公司及其前景提供了實質性的信心投票。</p>
</div><h4><strong>Rehiring veterans</strong></h4>
<div class="lb-trans"><h4><strong>重新聘用老員工</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>在運營方面，上個月有報道稱碧桂園正在聯繫一些近年來被裁員的老員工，尋求將他們重新招回。公司表示，目標僅是針對一些特定的關鍵崗位進行重新招聘，以填補空缺。但任何招聘的舉動都是一個積極信號，可能表明停滯項目的重啓，這將改善公司的現金流。</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>積極招聘也表明公司現在有資源用於新任務，而不是僅僅通過自然流失來節省開支。這種招聘行為也絕不是一家瀕臨崩潰公司的表現，顯示碧桂園的流動性約束在經歷了過去兩年的危機後至少有所緩解。</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產市場。今年 3 月全國人民代表大會年會上發佈的政府工作報告強調需要關注穩定房地產市場，並系統性地推動城市特定政策以控制增量、減少庫存和優化供應。實際上，自去年以來，中央政府幾乎不斷推出新措施以試圖穩定住房市場，許多地區放寬了購房限制。</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>與此同時，政府還完善了 “白名單” 機制，使開發商在項目被納入名單後更容易通過銀行貸款獲得融資。白名單項目的銀行貸款不僅可以延長，還可以推遲本金償還。此外，銀行在短期內無需將此類貸款分類為不良資產。這些條款顯著減輕了開發商的債務償還壓力，使他們能夠專注於項目的完成和交付，從而幫助緩解流動性壓力。</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>白名單還增強了對房地產開發商的信心，使購房者在購買時更加安心。看到政府的支持，這些公司的債權人也可能更願意討論債務重組。</p>
</div><h4><strong>Phoenix awaiting rebirth</strong></h4>
<div class="lb-trans"><h4><strong>鳳凰等待重生</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>碧桂園的房地產銷售雖然仍遠低於峯值，但經過仔細審視，已經開始趨於穩定。對其定期報告的回顧顯示，過去四個月的月銷售額始終保持在 22 億至 27 億元人民幣之間。</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>一些人可能仍會抱怨該公司的當前銷售額不到 2021 年 2 月峯值 466.5 億元的十分之一。但更重要的現實是，儘管面臨諸多不利因素，公司仍成功穩定了銷售，這表明其業務可能已經開始觸底。</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，中國的房地產股票將跟隨房地產市場的未來方向。政府目前正在推動穩定市場的政策，越來越多的房地產開發商成功重組了債務。儘管銷售尚未反彈，但仍有初步跡象表明底部可能臨近。</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>雖然真正的復甦還需要更多時間，但碧桂園在重組債務後，顯著降低了債務負擔和利息支出。同時，債務到期的延長為其重組業務爭取了時間。如果一切順利，碧桂園可能會像其企業標誌中的鳳凰一樣，從灰燼中再次崛起，隨着中國房地產市場逐漸回暖。</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 免責聲明：本文來自未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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Country Garden Peeks Out From The Shadow Of Death

- 碧桂園去年利潤達 32 億人民幣，然而主要來源於債務重組的非現金收益。  
- 核心物業銷售業務虧損 431 億人民幣，整體銷售收入年降 38.7%。  
- 該公司復甦跡象明顯，但仍面臨流動性風險和債務壓力。

碧桂園從死亡陰影中露出曙光