本期信息
龙湖集团公布截至2025年12月31日止年度核心净利润（剔除投资物业及其他衍生金融工具公平值变动影响后）出现15.0亿至20.0亿元的亏损，而上年同期核心净利润为69.7亿元。根据公告披露，亏损的主要原因在于房地产业务所面临的量价压力，带来结算收入下滑和结算毛利率进一步走低。集团提到，过去三年持续稳步有序压降负债，整体债务结构优化，并在2025年度内实现含资本性支出的经营性现金流转正，至此已连续三年维持现金流为正。与此同时，运营及服务业务稳定发展，为集团带来持续利润支撑。
业务分项
开发业务在房地产市场持续调整的背景下面临显著压力，结算收入和毛利率均出现下滑。运营及服务业务则维持稳步增长，继续为集团贡献稳定的盈利，并在转型过程中占据更为重要的地位。根据公告披露，集团将加强业务模式转型，从传统开发商逐步迈向运营服务商。
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