Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. LONGFOR GROUP HOLDINGS LIMITED ʮ̡ (incorporated in the Cayman Islands with limited liability) (Stock Code: 960) UNAUDITED INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026 FINANCIAL SUMMARY • Consolidated revenue of the Company for the first half of 2026 (“ 1H2026 ”) was RMB39.80 billion. Among that, revenue of property development was RMB26.10 billion; revenue of property operation was RMB7.30 billion; revenue of property service was RMB6.40 billion. Total revenue from property operation and property service increased by 3.2% year-on-year (“YOY”) to RMB13.70 billion, and represented 34.4% of total consolidated revenue. • In 1H2026, profit attributable to owners of the Company was RMB1.96 billion. Excluding effects of fair value changes of investment properties and other derivative financial instruments, core net profit attributable to owners of the Company was RMB64 million. The core net profit of property operation and property service maintained steady growth, and the property operation and property service has been the key contributors to the Group’s core net profit. • In 1H2026, basic earnings per share attributable to owners of the Company was RMB0.29. Excluding effects of fair value changes of investment properties and other derivative financial instruments, core basic earnings per share attributable to owners of the Company was RMB0.009. The Board resolved not to distribute interim dividend for 2026. • As of 30 June 2026, the consolidated total borrowing of the Company was RMB147.12 billion, representing a decrease of RMB5.69 billion as compared to the end of last year. Cash in hand was RMB24.88 billion, and the equity attributable to the owners of the Company was RMB165.16 billion. The net debt to equity ratio (net debt divided by total equity) was 52.0%, the average finance cost was 3.36% per annum.
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– 2 – INTERIM RESULTS The board of directors (the “Board”) of Longfor Group Holdings Limited (the “Company” or“Longfor”) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (collectively, the “Group” or the “Longfor Group”) for the six months ended June 30, 2026 with comparative figures for the preceding corresponding period as follows: CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2026 Six months ended June 30, 2026 2025 NOTES RMB’000 RMB’000 (unaudited) (unaudited) Revenue 3 39,795,243 58,750,323 Cost of sales (35,371,697) (51,327,981) Gross profit 4,423,546 7,422,342 Other income 4 136,932 236,882 Other gains and losses 5 (263,725) (200,132) Lease liability charges (358,314) (395,917) Change in fair value of investment properties 3,005,712 2,819,775 Change in fair value of other derivative financial instruments 10,764 89,410 Selling and marketing expenses (1,216,947) (1,526,402) Administrative expenses (1,535,157) (1,710,438) Finance costs 6 (67,904) (84,088) Share of results of associates (53,164) (136,855) Share of results of joint ventures (211,024) (127,902) Profit before taxation 3,870,719 6,386,675 Income tax expense 7 (1,530,244) (2,438,429) Profit for the period 8 2,340,475 3,948,246 Profit attributable to: Owners of the Company 1,961,420 3,215,852 Non-controlling interests 379,055 732,394 2,340,475 3,948,246
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– 3 – Six months ended June 30, 2026 2025 NOTE RMB’000 RMB’000 (unaudited) (unaudited) Other comprehensive (expense) income: Item that will not be reclassified to profit or loss: Fair value (losses) gains on investments in equity instruments at fair value through other comprehensive income (“FVTOCI”) (70,049) 62,734 Items that may be reclassified subsequently to profit or loss: Net fair value losses on hedging instruments (579,837) (333,592) Gains on hedging instruments reclassified to profit or loss 423,885 133,210 (155,952) (200,382) Total other comprehensive expense (226,001) (137,648) Total comprehensive income for the period 2,114,474 3,810,598 Total comprehensive income attributable to: Owners of the Company 1,735,419 3,078,204 Non-controlling interests 379,055 732,394 2,114,474 3,810,598 Earnings per share, in RMB cents Basic 10 28.5 47.7 Diluted 10 28.4 47.6
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– 4 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT JUNE 30, 2026 At June 30, 2026 At December 31, 2025 NOTE RMB’000 RMB’000 (unaudited) (audited) NON-CURRENT ASSETS Investment properties 227,192,182 224,058,628 Property, plant and equipment 1,772,663 1,768,466 Right-of-use assets 550,273 574,287 Goodwill 3,834,757 3,834,757 Intangible assets 1,490,419 1,599,077 Interests in associates 12,051,432 12,922,891 Interests in joint ventures 16,799,183 16,615,697 Equity instruments designated at FVTOCI 4,355,344 4,450,428 Derivative financial instruments 124,725 313,335 Deferred taxation assets 12,916,403 13,242,632 281,087,381 279,380,198 CURRENT ASSETS Derivative financial instruments 17,803 – Inventories of properties 157,503,220 176,866,197 Other inventories 58,569 53,093 Deposits paid for acquisition of properties held for development 1,256,514 1,874,121 Accounts and other receivables, deposits and prepayments 11 20,807,690 22,026,689 Contract cost 1,733,186 1,837,604 Amounts due from non-controlling interests 55,448,835 59,599,688 Amounts due from associates 2,119,379 3,260,332 Amounts due from joint ventures 8,550,732 8,279,752 Taxation recoverable 12,252,419 13,483,570 Pledged bank deposits 1,687,242 1,839,177 Bank balances and cash 23,196,042 27,361,936 284,631,631 316,482,159
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– 5 – At June 30, 2026 At December 31, 2025 NOTE RMB’000 RMB’000 (unaudited) (audited) CURRENT LIABILITIES Accounts and other payables and accrued charges 12 49,022,394 51,242,976 Contract liabilities 57,312,289 73,127,537 Amounts due to non-controlling interests 10,011,112 10,648,550 Amounts due to associates 5,991,666 6,011,501 Amounts due to joint ventures 8,417,140 8,237,303 Taxation payable 16,491,862 20,259,446 Financial liabilities at fair value through profit or loss (“FVTPL”) – 54,069 Lease liabilities – due within one year 1,178,319 1,319,338 Bank and other borrowings – due within one year 14,311,261 15,794,719 Other derivative financial instrument 1,435 13,681 Senior notes – due within one year 1,542,389 – Derivative financial instruments 20,098 – 164,299,965 186,709,120 NET CURRENT ASSETS 120,331,666 129,773,039 TOTAL ASSETS LESS CURRENT LIABILITIES 401,419,047 409,153,237 CAPITAL AND RESERVES Share capital 620,482 615,595 Reserves 164,540,287 162,194,258 Equity attributable to owners of the Company 165,160,769 162,809,853 Non-controlling interests 69,913,182 74,192,698 TOTAL EQUITY 235,073,951 237,002,551 NON-CURRENT LIABILITIES Financial liabilities at FVTPL – 18,200 Lease liabilities – due after one year 10,411,463 11,811,961 Bank and other borrowings – due after one year 123,771,432 127,694,240 Senior notes – due after one year 7,495,492 9,320,357 Derivative financial instruments 606,066 217,134 Other derivative financial instruments – 2,059 Deferred taxation liabilities 24,060,643 23,086,735 166,345,096 172,150,686 401,419,047 409,153,237
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– 6 – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2026 1. BASIS OF PREPARATION The condensed consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” issued by the International Accounting Standards Board as well as with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). 2. PRINCIPAL ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost basis except for certain properties and financial instruments, which are measured at revalued amounts or fair values, as appropriate. Other than additional accounting policies resulting from application of amendments to an IFRS Accounting Standard, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended June 30, 2026 are the same as those presented in the Group’s annual consolidated financial statements for the year ended December 31, 2025. Application of amendments to an IFRS Accounting Standard In the current interim period, the Group has applied the following amendments to an IFRS Accounting Standard issued by the International Accounting Standards Board, for the first time, which are mandatorily effective for the Group’s annual period beginning on January 1, 2026 for the preparation of the Group’s condensed consolidated financial statements: Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to IFRS Accounting Standards Annual Improvements to IFRS Accounting Standards – Volume 11 The application of the amendments to an IFRS Accounting Standard in the current interim period has had no material impact on the Group’s financial positions and performance for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial statements.
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– 7 – 3. SEGMENT INFORMATION The Group determines its operating segments based on internal reports about components of the Group that are regularly reviewed by the chief operating decision maker (“CODM”) (i.e., the executive directors of the Company) in order to allocate resources to the segment and to assess its performance. The Group is organised into business units based on their types of activities, based on which information is prepared and reported to the Group’s CODM for the purposes of resource allocation and assessment of performance. The Group’s operating segments under IFRS 8 Operating Segments are identified as the following three main operations: • Property development: this segment represents the development and sales of office premises, commercial and residential properties. The Group’s activities in this regard are carried out in the PRC. • Property operation: this segment represents the lease of investment properties, which are self- developed or under subleases by the Group to generate rental income and to gain from the appreciation in the properties’ values in the long term. Currently, the Group’s investment property portfolio mainly comprises shopping malls and rental housing and are all located in the PRC. • Property service: this segment mainly represents the income generated from property management and entrusted construction and others. Currently the Group’s activities in this regard are carried out in the PRC. (a) Segment results For the purposes of assessing segment performance and allocating resources between segments, the Company’s executive directors monitor the revenue and results attributable to each operating segment base on the followings: Segment assets include all tangible assets, intangible assets and current assets directly attributable to each segment with the exception of deposits paid for acquisition of properties held for development, interests in associates and joint ventures, equity instruments designated at FVTOCI, deferred taxation assets, taxation recoverable, derivative financial instruments and other corporate assets. Other corporate assets are not allocated to the operating segments because they are head office assets or assets which are managed centrally by the Group. The investment properties included in segment assets are stated at cost when assessed by the CODM. Segment liabilities include accounts payables and accrued expenditure on construction, lease liabilities, contract liabilities, deferred consideration payable and financial liabilities at FVTPL but exclude taxation payable, deferred taxation liabilities, bank and other borrowings, senior notes, derivative financial instruments, other derivative financial instruments and other corporate liabilities. Other corporate liabilities are not allocated to the operating segment because they are head office liabilities or liabilities which are managed on a group basis. Revenue and expenses are allocated to the operating segments with reference to sales generated by those segments and the expenses incurred by those segments.
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– 8 – The measure used for reporting segment profit is adjusted earnings before interest, other income, other gains and losses, taxes, depreciation and amortisation, share of results of associates and joint ventures, change in fair value of investment properties and upon transfer to investment properties, change in fair value of other derivative financial instruments and finance costs (“Adjusted Earnings”), where “interest” includes investment income and “depreciation” includes impairment losses on non-current assets. To arrive at Adjusted Earnings, the segment earnings are further adjusted for items not specifically attributed to individual segments, such as directors’ and auditor’s remuneration and other head office or corporate administration costs. For the measurement of segment assets and results, property, plant and equipment and certain right- of-use assets are allocated to segments while their corresponding depreciation and amortisation are not allocated to segments. In addition to receiving segment information concerning segment profit, management is provided with segment information concerning revenue (including inter-segment sales). Inter-segment sales are priced with reference to prices charged to external parties for similar service. Information regarding the Group’s operating and reportable segments is set out below. Six months ended June 30, 2026 (unaudited) Property development Property operation Property service Total RMB’000 RMB’000 RMB’000 RMB’000 (Note 1) (Note 2) (Note 3) Revenue from external customers 26,095,048 7,301,210 6,398,985 39,795,243 Inter-segment revenue – – 2,093,221 2,093,221 Segment revenue 26,095,048 7,301,210 8,492,206 41,888,464 Segment (loss) profit (Adjusted Earnings) (4,114,162) 4,558,394 2,404,052 2,848,284 Six months ended June 30, 2025 (unaudited) Property development Property operation Property service Total RMB’000 RMB’000 RMB’000 RMB’000 (Note 1) (Note 2) (Note 3) Revenue from external customers 45,478,268 7,008,234 6,263,821 58,750,323 Inter-segment revenue – – 2,741,888 2,741,888 Segment revenue 45,478,268 7,008,234 9,005,709 61,492,211 Segment (loss) profit (Adjusted Earnings) (1,182,231) 4,126,116 2,556,138 5,500,023
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– 9 – Notes: 1. All of the Group’s revenue from property development is recognised at a point in time. 2. All of the revenue from property operation is recognised over time. 3. During the period ended June 30, 2026, the amount of revenue from property service recognised at a point in time and recognised over time are RMB780,002,000 (June 30, 2025: RMB659,883,000) and RMB5,618,983,000 (June 30, 2025: RMB5,603,938,000) respectively. In addition to receiving segment information concerning segment profit, the CODM is provided with information concerning the Group’s consolidated amount of interests in associates and related share of results, interests in joint ventures and related share of results, changes in fair value of investment properties, change in fair value of other derivative financial instruments, other income, other gains and losses, finance costs from borrowings, depreciation and amortisation and impairment losses (if any) which are not allocated to operating segments. (b) Reconciliations of segment revenue and profit or loss Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Revenue Segment revenue 41,888,464 61,492,211 Elimination of inter-segment revenue (2,093,221) (2,741,888) Consolidated revenue 39,795,243 58,750,323 Profit Segment profit 2,848,284 5,500,023 Other income 136,932 236,882 Other gains and losses (263,725) (200,132) Change in fair value of investment properties 3,005,712 2,819,775 Change in fair value of other derivative financial instruments 10,764 89,410 Finance costs (67,904) (84,088) Share of results of associates (53,164) (136,855) Share of results of joint ventures (211,024) (127,902) Depreciation and amortization (177,532) (174,778) Unallocated expenses (1,357,624) (1,535,660) Consolidated profit before taxation 3,870,719 6,386,675
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– 10 – (c) Revenue from major product and services The following is an analysis of the Group’s revenue from its properties sold, properties self- developed or under subleases and services provided: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Property development segment 26,095,048 45,478,268 Property service 6,398,985 6,263,821 Revenue from contract with customers 32,494,033 51,742,089 Rental income 7,301,210 7,008,234 Total revenue 39,795,243 58,750,323 (d) Segment assets The following is an analysis of the Group’s assets by operating and reportable segment: At June 30, 2026 At December 31, 2025 RMB’000 RMB’000 (unaudited) (audited) Property development 167,288,102 189,284,653 Property operation 176,935,825 177,146,590 Property service 12,562,642 11,900,520 Total segment assets 356,786,569 378,331,763 Cumulative change in fair value of investment properties 57,825,820 53,931,305 Interests in associates 12,051,432 12,922,891 Interests in joint ventures 16,799,183 16,615,697 Equity instruments designated at FVTOCI 4,355,344 4,450,428 Deposits paid for acquisition of properties held for development 1,256,514 1,874,121 Deferred taxation assets 12,916,403 13,242,632 Derivative financial instruments 142,528 313,335 Taxation recoverable 12,252,419 13,483,570 Unallocated head office and other assets 91,332,800 100,696,615 Consolidated total assets 565,719,012 595,862,357
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– 11 – (e) Segment liabilities The following is an analysis of the Group’s liabilities by operating and reportable segment: At June 30, 2026 At December 31, 2025 RMB’000 RMB’000 (unaudited) (audited) Property development 82,324,564 99,248,209 Property operation 18,502,558 19,490,215 Property service 3,742,257 4,878,518 Total segment liabilities 104,569,379 123,616,942 Taxation payable 16,491,862 20,259,446 Deferred taxation liabilities 24,060,643 23,086,735 Bank and other borrowings 138,082,693 143,488,959 Senior notes 9,037,881 9,320,357 Derivative financial instruments 626,164 217,134 Other derivative financial instruments 1,435 15,740 Unallocated head office and other liabilities 37,775,004 38,854,493 Consolidated total liabilities 330,645,061 358,859,806 4. OTHER INCOME Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Interest income 60,812 120,631 Government subsidies (Note a) 30,840 29,952 Penalty income (Note b) 9,804 8,151 Consultancy income (Note c) 35,121 64,458 Sundry income 355 13,690 Total 136,932 236,882 Notes: (a) The amount represents the grants received from the relevant PRC local government to encourage the investments in specific regions. The subsidies are unconditional and granted on a discretionary basis to the Group during the period. (b) It represents penalty received from property buyers who do not execute sales and purchase agreements on property sales and from tenants who early terminated tenancy agreements. (c) The amount represents the consultancy services provided to the Group’s joint ventures, associates and independent third parties in relation to the property development projects.
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– 12 – 5. OTHER GAINS AND LOSSES Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Gains on disposal and written off of property, plant and equipment 3,603 40,253 Net exchange gains (Note) 423,895 133,224 Reclassification of fair value losses of hedging instruments from hedging reserve (423,885) (133,210) Losses on disposal of subsidiaries (74,829) (70,416) Others (192,509) (169,983) (263,725) (200,132) Note: It represents exchange difference arising from translation of bank balances, bank borrowings and senior notes either denominated in foreign currencies of Hong Kong Dollar (“HKD”) or United States Dollar (“USD”). 6. FINANCE COSTS Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Interest on bank and other borrowings (2,346,107) (2,800,390) Interest expense on senior notes (190,166) (196,903) (2,536,273) (2,997,293) Less: Amount capitalised to properties under development for sales and investment properties under development 2,468,369 2,913,205 (67,904) (84,088) Borrowing costs capitalised arose on the general borrowing pool of the Group and were calculated by applying a capitalisation rate of 3.36% (six months ended June 30, 2025: 3.58%) per annum for the six months ended June 30, 2026 to expenditure on the qualifying assets.
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– 13 – 7. INCOME TAX EXPENSE Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Current tax PRC Enterprise Income Tax (“EIT”) (97,585) (527,844) Hong Kong Profits Tax (1,456) (9,811) Withholding tax on distributed earnings (4,375) (21,375) Land Appreciation Tax (“LAT”) (482,488) (767,705) (585,904) (1,326,735) Overprovision in prior periods EIT 23,237 – LAT (Note) 155,306 175,410 (407,361) (1,151,325) Deferred taxation Current period (1,122,883) (1,287,104) (1,530,244) (2,438,429) Note: The actual appreciation amount of certain property projects had been finalised in the current period and the development plan for certain property projects had been revised in which the revised estimated or final appreciation amount was different with the appreciation amount made in prior periods, resulting in an overprovision of LAT in respect of prior periods. Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profits. Under the Law of the PRC on EIT (the “EIT Law”) and Implementation Regulations of the EIT Law, the tax rate of the PRC subsidiaries is 25% for both periods. Certain of the Company’s subsidiaries operating in the PRC are eligible for exemption from PRC EIT for both periods.
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– 14 – 8. PROFIT FOR THE PERIOD Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Profit for the period has been arrived at after charging: Depreciation of property, plant and equipment 50,157 56,528 Depreciation of right-of-use assets 18,722 15,383 Amortisation of intangible assets 108,653 102,867 9. DIVIDENDS Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Dividends recognised as distribution during the period: Final dividend recognised in respect of 2025 of nil (six months ended June 30, 2025: Final dividend recognised in respect of 2024 of RMB0.10) per share – 698,718 In respect of the interim dividend for the period ended June 30, 2025, RMB112,025,000 has been paid in cash and the remaining portion has been settled in form of 55,771,336 new fully paid shares of the Company on April 30, 2026. The directors of the Company have resolved not to recommend the payment of a final dividend for the year ended December 31, 2025. Subsequent to the end of the reporting period, the Board resolved not to recommend the payment of an interim dividend in respect of the six months ended June 30, 2026 (six months ended June 30, 2025: RMB489,103,000, representing RMB0.07 per share).
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– 15 – 10. EARNINGS PER SHARE The calculation of the basic and diluted earnings per share attributable to the owners of the Company is based on the following data: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Earnings attributable to the owners of the Company for the purposes of calculation of basic and diluted earnings per share 1,961,420 3,215,852 Six months ended June 30, 2026 2025 ‘000 ‘000 (unaudited) (unaudited) Number of shares Weighted average number of ordinary shares for the purpose of calculation of basic earnings per share 6,888,559 6,744,356 Effect of dilutive potential ordinary shares in respect of share awards 24,280 18,045 Weighted average number of ordinary shares for the purpose of calculation of diluted earnings per share 6,912,839 6,762,401 The weighted average number of ordinary shares adopted in the calculation of basic and diluted earnings per share for both periods have been arrived at after deducting the shares held in trust for the Company by two independent trustees under the share award scheme of the Company. During the period ended June 30, 2026, certain share award schemes are not included in the calculation of diluted earnings per share.
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– 16 – 11. ACCOUNTS AND OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS Trade receivables are mainly arisen from sales of properties, property operation and rendering of services. Considerations in respect of sales of properties are paid by customers in accordance with the terms of the related sales and purchase agreements. For property operation, rental income are paid by tenants within two months from invoice date in accordance with the terms in the tenancy agreements. Service income is received in accordance with the terms of the relevant service agreements. At June 30, 2026 At December 31, 2025 RMB’000 RMB’000 (unaudited) (audited) Trade receivables (Note a) – Contract with customers 5,590,571 4,801,302 – Rental 109,763 140,042 5,700,334 4,941,344 Other receivables, net of allowance for doubtful debts (Note b) 4,845,817 6,033,620 Advances to contractors 1,675,089 1,819,954 Prepaid value added tax and other taxes 8,575,833 9,221,724 Prepayments and utilities deposits 10,617 10,047 20,807,690 22,026,689 Notes: (a) The following is an aged analysis of trade receivables at the end of the reporting period based on the dates of delivery of goods and dates of demand notes: At June 30, 2026 At December 31, 2025 RMB’000 RMB’000 (unaudited) (audited) Within 60 days 3,645,172 3,135,966 61 – 180 days 1,313,148 908,401 181 – 365 days 205,926 378,663 1 – 2 years 174,068 466,499 2 – 3 years 399,289 38,133 Over 3 years 22,731 13,682 5,700,334 4,941,344 (b) Other receivables mainly comprise rental deposits, receivables of refund of the deposits for land auctions, deposits for construction work, temporary payments and miscellaneous project-related deposits paid which are refundable within one year.
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– 17 – 12. ACCOUNTS AND OTHER PAYABLES AND ACCRUED CHARGES At June 30, 2026 At December 31, 2025 RMB’000 RMB’000 (unaudited) (audited) Trade payables and accrued expenditure on construction (Note a) 35,491,218 37,168,552 Dividend payables 31,043 537,205 Other payables and accrued charges (Note b) 12,225,735 11,956,052 Value added tax payables 1,098,307 1,463,882 Consideration payable for business combination 176,091 117,285 49,022,394 51,242,976 Notes: (a) Trade payables and accrued expenditure on construction comprise construction costs and other project-related expenses which are payable based on project progress certified by the Group. The Group has financial risk management policies in place to ensure that all payables are settled within in the credit timeframe. The following is an aged analysis of trade payables, based on the invoice date, at the end of the reporting period: At June 30, 2026 At December 31, 2025 RMB’000 RMB’000 (unaudited) (audited) Within 60 days 6,843,482 7,209,766 61 – 180 days 5,874,607 6,168,574 181 – 365 days 5,212,978 5,246,477 1 – 2 years 1,834,171 2,036,348 2 – 3 years 1,524,443 1,530,974 Over 3 years 599,015 592,184 21,888,696 22,784,323 (b) Other payables and accrued charges comprise mainly tax received and payable to the government on behalf of customers, accrued salaries and accrued staff welfare.
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– 18 – CHAIRMAN’S STATEMENT On behalf of the Board of Directors, I am pleased to present to our shareholders the half-year business review and outlook of Longfor Group Holdings Limited (the “Company”, together with its subsidiaries, collectively the “Group”) for the six months ended June 30, 2026. During the first half of 2026, China’s economy maintained steady growth, supported by the rapid development of new growth drivers. The real estate sector continued to bottom out, shifting away from scale-driven expansion towards a greater focus on operational capabilities and existing assets. Against this backdrop, Longfor Group has remained focused on strengthening its core business foundation and cultivating new growth drivers, laying a solid foundation for the Company’s future development and building key momentum. We fully understand that amid heightened market volatility, it is all the more critical to uphold prudence and restraint. Adhering to the strict financial discipline of “zero payment defaults, zero extensions and zero breaches”, we are building a strong reputation for creditworthiness while continuously optimizing our financial structure. By the end of the first half of 2026, the Group reduced its interest-bearing debt to RMB147.1 billion, with bank financing accounting for 91% and the average financing cost further declining to 3.36%. Our operating cash flow, after capital expenditures, remained positive, supporting the steady reduction of debt. Meanwhile, our business segments have gradually established a development model driven by positive operating cash flow. Our continuously strengthened financing and cash management mechanism serves as a core bulwark to withstand industry volatility and navigate through the industry cycle. Meanwhile, we are deeply aware that declining new home sales and persistent inventory pressures pose severe challenges to our development business. In response, proactive measures have been taken to accelerate destocking, optimize land reserves, and revitalize existing assets. Concurrently, guided by our value system of “Excellent Community, Excellent Neighborhood, Excellent Home, and Excellent Service,” we honor our commitments to customers through high-quality delivery, an approach that is an inevitable step in advancing strategic transformation in this new phase.
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– 19 – Driven by the combined momentum of goods consumption and service experiences, our investment property operation and property service segments achieved steady growth. As each business segment continued to evolve around its respective positioning while supporting one another, they unlocked greater value and enabled the Group to advance toward a new stage of development. Amid strong service consumption, product upgrades and active experiential consumption, Longfor Commercial’s occupancy rate rose to a robust 97.4% during the first half of 2026, while overall rental income increased by 8.7% and same-store growth reached 2.7%, with steady growth in both retail sales and average daily customer traffic. We have stayed committed to “revitalizing existing assets through renewal,” increasing capital investment since last year to advance shopping mall renovations in Chongqing, Beijing, Suzhou, Shanghai, and other cities. Leveraging original IPs such as “Paradise Walk’s Temple Fair,” we have deepened content operations to transform temporary traffic into lasting customer retention. With multiple shopping malls set to open in the second half of 2026, we will uphold the high standard of “getting it right from day one,” meet consumer demand through diverse scenarios, and continue to deliver long-term value. Our asset management segment has proactively optimized its asset structure. Though short- term revenue is under pressure, such moves are building momentum for sound future growth. Existing assets recorded steady improvements through renovation, renewal, and refined operations. Newly launched heavy-asset projects this year cover multiple formats, including the rental housing brand “Goyoo”, the dynamic commercial pedestrian precinct brand “Hybrid Space”, and the healthcare and senior living brand “Ever Spring”. These new product lines are more competitive. We have also leveraged the advantages of our diversified formats to steadily expand end-to-end asset management services externally, with partnerships established for multiple light-asset projects. Our property services segment remained committed to quality growth, achieving revenue of RMB5.65 billion during the first half of 2026, representing a year-on-year increase of 2.3%, while further strengthening its long-term and resilient business model. Leveraging the HALO Smart Space Management Platform and AI agents, we have further advanced our “key account” strategy while maintaining a stable scale. End-to-end “asset management + property management” services have been expanded to cover multiple projects in Chongqing, Chengdu, Hangzhou, and other cities. Through these initiatives, Longfor Intelligent Living has further consolidated its service foundation in an era focused on existing assets.
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– 20 – Our smart construction segment maintained positive momentum. Longfor Smart Construction leverages full-cycle development management and quality control systems to continuously provide professional urban development and construction services. During the first half of 2026, sales of projects under construction management reached RMB11.2 billion, while client satisfaction reached 98%, with multiple projects becoming benchmarks in their respective regions. In the face of intensifying industry competition, Longfor Smart Construction is focused on “making every project a success” and continues to create value for clients through smart construction capabilities. Upholding a customer-centric approach and leveraging our “One Longfor” ecosystem, we are working to integrate services across all business segments. Specifically, the “Longfor” App brings together information on member benefits, services, and activities, while “Longzhu” points connect multiple business scenarios, including living, shopping, renting, property services, and healthcare. Our members can enjoy benefits and redeem points across the entire Longfor ecosystem, with products and services accessible across all business segments. The second half of the industry cycle is ultimately a test of stamina and resolve. We have resolutely embraced a more arduous, yet more grounded path, building our foundation on credibility and delivering growth through our capabilities. Longfor Group will stand firm amid market swings, gather momentum through transformation, and march toward a promising future with steady steps. Finally, on behalf of the Board, I would like to extend my sincere gratitude to our shareholders, customers, and the wider community for your continued support. Longfor Group Holdings Limited Chen Xuping Chairman
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– 21 – MANAGEMENT DISCUSSION AND ANALYSIS PROPERTY DEVELOPMENT From January to June 2026, revenue from property development business of the Group was RMB26.10 billion. The Group delivered 2.179 million square meters of property in total gross floor area (GFA) terms. Recognized average selling price was RMB11,975 per square meter in 2026. Table 1: Breakdown of property development revenue of the Group from January to June 2026 Region Revenue Total GFA January to June 2026 January to June 2025 January to June 2026 January to June 2025 RMB million RMB million ’000 Sqm ’000 Sqm Yangtze River Delta 8,353 19,082 439 1,010 Western China 6,362 9,074 655 858 Pan Bohai Rim 5,473 8,880 661 908 Southern China 4,065 6,094 301 517 Central China 1,842 2,348 123 234 Total 26,095 45,478 2,179 3,527 From January to June 2026, the Group achieved contracted sales of RMB16.55 billion. The Group sold 1.750 million square meters in total GFA. Average selling price of GFA sold was RMB9,460 per square meter. Contracted sales from Pan Bohai Rim, western China, Yangtze River Delta, southern China and central China were RMB5.35 billion, RMB4.68 billion, RMB3.59 billion, RMB2.00 billion and RMB0.93 billion respectively, accounting for 32.3%, 28.3%, 21.7%, 12.1% and 5.6% of the contracted sales of the Group, respectively.
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– 22 – Table 2: Details of contracted sales of the Group from January to June 2026 Region Contracted Sales Total GFA January to June 2026 January to June 2025 January to June 2026 January to June 2025 RMB million RMB million ’000 Sqm ’000 Sqm Pan Bohai Rim 5,347 8,228 616 687 Western China 4,687 9,825 524 782 Yangtze River Delta 3,592 9,293 310 563 Southern China 1,997 4,206 175 303 Central China 927 3,458 125 279 Total 16,550 35,010 1,750 2,614 As at June 30, 2026, the Group had sold but unrecognized contracted sales of RMB83.8 billion (with an area of approximately 7.34 million square meters). PROPERTY OPERATION The Group has been intensifying the management of its properties based on its coverage in first and second-tier cities in China. Currently, the property operation business of the Group are mainly commercial investments and assets management. For commercial investments, the Group has adhered to its strategy of asset light and asset heavy model while steadily facilitating its presence in core cities. Urban shopping malls under the brand name of “Paradise Walk” is the main product line. For assets management, it encompasses six major divisions, including rental housing branded as “Goyoo”, dynamic commercial pedestrian precinct branded as “Hybrid Space”, serviced apartment branded as “Hsiafei Mansion”, industrial office branded as “Blue Engine”, maternity and children’s hospital branded as “Youyou Baobei”, and healthcare and senior living branded as “Ever Spring” with an aim to offer customers more diverse products and services. In particular, “Goyoo”, the rental housing, aiming to provide new generations with comprehensive rental housing services, has commenced operation in several high-magnitude cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Hangzhou, Chongqing, Wuhan and Nanjing.
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– 23 – From January to June 2026, the income of the Group’s property operation business was RMB7.30 billion, representing an increase of 4.2% as compared to last year. The rental income from commercial investments and asset management accounted for 81.9% and 18.1% of the total rental income respectively. As at June 30, 2026, the Group has shopping malls totaling 10.39 million square meters in GFA (13.86 million square meters in GFA including parking space) that had commenced operation with income of RMB5.98 billion recorded, representing a growth of 8.7% as compared to last year. The occupancy rate of the shopping malls at the end of the period was 97.4%. Rental housing are constantly being iterated, boasting a leading position in the industry in terms of its scales with the occupancy rate of 94.9% at the end of the period. The occupancy rate of the portions of rental housing which have commenced operation for more than six months was 96.2%. Due to the rental increase of shopping malls in operation, continuous investments in shopping malls under construction and the development of rental housing Goyoo, the valuation gain of investment properties of the Group amounted to RMB3.01 billion from January to June 2026. PROPERTY SERVICE The Group has continued to improve its service capability and service chain. Currently, the Group’s property service business mainly comprises property management service and smart construction. Property management service mainly includes five major divisions, namely residential property services, commercial property services, home decoration, selected products, and house rental and sales, covering 13 business types, including residential, commercial, office, industrial parks, corporate headquarters, urban services, hospitals and public venues. Smart construction integrates the Group’s full industry development experience and digital technology capabilities, leveraging on the synergies of the core businesses to offer customers with full-industry, full-cycle, digital “one-stop solutions”, which mainly comprise product and service modules, including planning & design, construction management and smart decoration. From January to June 2026, the total income generated from the property service business of the Group was RMB6.40 billion, representing an increase of 2.2% as compared to last year. From January to June 2026, the income from property management service was RMB5.65 billion, representing an increase of 2.3% as compared with last year. Smart construction business recorded an income of RMB653 million, representing an increase of 3.3% as compared with last year, it has spread to Beijing, Shanghai, Chengdu, Chongqing, Xi’an, Hangzhou and other core first and second tier cities, and it has continued to focus on deep cultivation and achieve high- quality development.
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– 24 – COST CONTROL From January to June 2026, benefiting from the Group’s continuous focus on organization and business efficiency improvement, the administrative expenses of the Group decreased by 10.2% from RMB1.71 billion for the corresponding period last year to RMB1.54 billion. The selling expenses decreased by 20.3% from RMB1.53 billion for the corresponding period last year to RMB1.22 billion. INCOME TAX EXPENSE Income tax expense includes PRC enterprise income tax and land appreciation tax. From January to June 2026, the enterprise income tax expense and land appreciation tax of the Group were RMB1.20 billion and RMB327 million, respectively. The total income tax expenses for the period amounted to RMB1.53 billion. PROFITABILITY From January to June 2026, the Group’s core net profit margin was 0.19%, and core net profit margin attributable to owners of the Company was 0.16%. LAND BANK REPLENISHMENT As at June 30, 2026, the Group’s total land bank was 20.11 million square meters or 16.05 million square meters on an attributable basis. The average unit land cost was RMB3,633 per square meter. In terms of regional breakdown, the land bank in Pan Bohai Rim, western China, central China, Yangtze River Delta and southern China accounted for 43.2%, 29.1%, 11.3%, 10.0% and 6.4% of total land bank, respectively. From January to June 2026, the Group acquired new land bank with total GFA of 337,000 square meters or 337,000 square meters on an attributable basis. Average cost of acquisition on an attributable basis was RMB4,147 per square meter. In terms of regional breakdown, the newly acquired area in Pan Bohai Rim, Yangtze River Delta and western China accounted for 64.1%, 19.9% and 16.0% of the total GFA of the newly acquired land bank, respectively.
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– 25 – The geographic spread of the land bank of the Group was as follows: Table 3: Breakdown of the land bank of the Group Region Total GFA % of Total Attributable GFA % of Total ’000 sqm ’000 sqm Pan Bohai Rim 8,682 43.2% 7,960 49.6% Western China 5,853 29.1% 4,252 26.5% Central China 2,279 11.3% 1,539 9.6% Yangtze River Delta 2,002 10.0% 1,407 8.8% Southern China 1,295 6.4% 887 5.5% 20,111 100% 16,045 100% Table 4: Land acquisitions from January to June 2026 Region Project City Attributable Interest Total GFA Attributable GFA % ’000 sqm ’000 sqm Pan Bohai Rim Jiaozhou Haomen Plot – Residential Qingdao 100% 109 109 Jiaozhou Haomen Plot – Commercial Qingdao 100% 10 10 Cotton-Linen Textile Factory Plot – Residential Dalian 100% 92 92 Cotton-Linen Textile Factory Plot – Commercial Dalian 100% 5 5 Subtotal 216 216 Yangtze River Delta Xinwu District Boxiwei Plot Wuxi 100% 67 67 Subtotal 67 67 Western China Hongshangen Plot Lanzhou 100% 54 54 Subtotal 54 54 Total 337 337
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– 26 – FINANCIAL POSITION As at June 30, 2026, the Group’s consolidated total borrowings amounted to RMB147.12 billion. Cash in hand was RMB24.88 billion*. Net debt to equity ratio (net debt divided by total equity) was 52.0%. Liabilities to asset ratio (ex. Pre-sale Deposits)** was 53.8%. The credit rating of the Group was BB- by Standard & Poor, B1 by Moody’s, BB- by Fitch, and AAA by CCXR***. * Of them, regulated pre-sale funds amounted to RMB8.37 billion ** Liabilities to asset ratio (ex. Pre-sale Deposits) = (total liabilities – Pre-sale Deposits)/(total assets – Presale Deposits) *** The ratings given by CCXR were for the rating on Chongqing Longhu Development Co., Ltd., a major subsidiary of the Company in Mainland China. Approximately 90.0% of the Group’s total borrowings were denominated in RMB, while 10.0% were denominated in foreign currencies. The Group maintains its borrowings in foreign currencies in a low proportion with all exchange rate swap so as to control the risk in exchange losses. Approximately RMB16.72 billion of the Group’s consolidated borrowings were with fixed interest rates ranging from 3.4% to 4.5% per annum, depending on the term of the loans, and the other loans were quoted at floating rates. As of June 30, 2026, the fixed interest debt as a percentage of total debt was 11% (December 31, 2025: 13%). The Group’s average finance cost was 3.36% per annum. The unsecured debt as a percentage of total debt was 21.7%. The debt due within one year was RMB15.85 billion, accounting for 10.8% of total debt. EMPLOYEES AND COMPENSATION POLICY The Group remunerates its employees based on their performance, work experience and the prevailing market wage level. The total compensation of employees consisted of base salary, cash bonus and share-based rewards. The distribution of cash bonus is assessed and determined based on a combination of factors, such as the Group’s actual performance against its targets and the scores gained on the balanced scorecard of its subsidiaries. SUBSEQUENT EVENTS There are no significant events that have material impact on the Group after June 30, 2026 and up to the date of this announcement.
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– 27 – REVIEW AND OUTLOOK In the first half of 2026, supported by policy measures and adjustments in demand structure, China’s property market showed signs of a structural recovery. The national new home sales reached RMB3.8 trillion, representing a year-on-year decline of 13.6%. In line with the policy focus on stabilising the property sector, the industry as a whole is transitioning from incremental scale expansion to a stage of high-quality development focused on improving the quality and efficiency of existing assets. By being committed to establishing a high-quality development model, the Group centers on its three business segments of property development, property operation and property service and firmly pursues the synergies between five major business divisions, namely property development, commercial investment, asset management, property management service, and smart construction. In the face of deep industry adjustment, the Group has consistently prioritised customer needs, continuously refined its organisational structure and maintained stable and orderly overall operations supported by a diversified business portfolio and prudent financial strategies. In terms of property development, the Group achieved contracted sales of RMB16.55 billion during the first half of the year, with tier-1 and tier-2 cities contributing around 90%. In response to pressures in the market environment, the Group adopted a sales-driven production strategy with the aim of dynamically adjusting its supply pace for ensuring cash flow security, the consolidated cash collection ratio exceeded 100%. In the second half of 2026, the Group will continue to reduce inventory, actively revitalise existing assets, and further enhance product competitiveness. Regarding commercial investment in the first half of the year, one new asset-light shopping mall was brought into operation. As of 30 June 2026, Longfor Commercial had 96 shopping malls in operation with an increased occupancy rate of over 97%. Thanks to ongoing investment in the renovation and upgrading of existing projects, which has revitalised the operations, commercial performance showed a steady improvement in the first half of the year. The rental income for the period was RMB5.98 billion, representing a 8.7% year-on-year increase. In the second half of the year, the Group plans to open approximately six new shopping malls in cities such as Hangzhou, Chengdu, Changsha and Kunming, adopting a balanced asset-light and asset-heavy strategy to ensure steady development.
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– 28 – The Group’s asset management brand, “Longfor Asset Management”, encompasses six core business segments: rental housing, industrial offices, serviced apartments, dynamic commercial pedestrian precinct, maternity and children’s hospital, and healthcare and senior living. It generated revenue of RMB1.32 billion for the first half of the year. Among these, the rental housing brand “Goyoo” has proactively restructured its portfolio to enhance product quality and optimise its asset portfolio, generating rental income of RMB1.06 billion for the first half of the year, with a constant occupancy rate of 95% at period-end. The occupancy rate for properties that had been operational for more than six months rose to over 96% by the end of the period. As of 30 June, the dynamic commercial pedestrian precinct brand “Hybrid Space” had a total of seven projects in operation with an occupancy rate of 95%, and the healthcare and senior living branded as “Ever Spring” had a total of five projects in operation with an average occupancy rate of 96%, whilst the operational capabilities of its existing assets continued to improve. As for property management service, Longfor Intelligent Living continued to invest in enhancing service quality and expanding its service portfolio. Revenue in the first half of the year rose by 2.3% year-on-year to RMB5.65 billion, with approximately 360 million square metres of area under management at period-end. Leveraging the “HALO Smart Space Service Platform”, Longfor Intelligent Living has achieved efficient service response and precise space management, whilst strengthening its service capabilities across multi-business development and scenarios. The Group’s smart construction brand, “Longfor Smart Construction”, has steadily expanded its reach to secure high-quality projects by leveraging its multi-business development experience and digital technology capabilities. In the first half of the year, revenue increased by 3.3% year-on-year to RMB653 million. With a focus on diversified space creation, Longfor Smart Construction will continue to enhance its service capabilities in areas such as planning & design, construction management and smart decoration, delivering high-quality products and services. Looking ahead, the Group will continue to solidify the financial foundation, steadily and orderly reduce its debt scale, maintain positive operating cash flow, and continue to drive steady growth in its operation and service businesses for high-quality development.
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– 29 – INTERIM DIVIDEND The Board of the Company has resolved not to declare any interim dividend for the six months ended June 30, 2026 (six months ended June 30, 2025: RMB0.07 per share). PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities during the six months ended June 30, 2026 (including the sale of treasury shares, if any). As at June 30, 2026, the Company did not hold any treasury shares (as defined in the Listing Rules). During the six months ended June 30, 2026, the trustee of the Restricted Share Award Scheme for the Company purchased on the Stock Exchange a total of 6,929,575 shares at a total consideration of approximately RMB45,769,810 pursuant to the terms of the trust deed under the Restricted Share Award Scheme. CORPORATE GOVERNANCE The Company recognises the importance of corporate transparency and accountability. We are committed in achieving a high standard of corporate governance and leading the Group to attain better results and enhance company value with effective corporate governance procedures. During the six months ended June 30, 2026, the Company has adopted, applied and complied with the code provisions as set out in the Corporate Governance Code (the “Code”) contained in Appendix C1 to the Listing Rules, except with the following deviation: Following the appointment of Mr. Chen Xuping as the Chairman of the Board with effect from October 28, 2022, Mr. Chen Xuping assumes the dual roles of the Chairman of the Board and the Chief Executive Officer of the Company. This deviates from code provision C.2.1 of the Code, which requires that the roles of chairman and the chief executive officer should be separate and should not be performed by the same individual. After evaluating the development of the Group and taking into account of the experience of Mr. Chen Xuping, the Board was of the opinion that it is in the best interest of the Company at the present stage for vesting the roles of the Chairman of the Board and the Chief Executive Officer of the Company in the same person as it helps to facilitate the execution of the Group’s development strategies. The Board will nevertheless review this structure from time to time in order to accommodate and facilitate the development of the Company.
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– 30 – AUDIT COMMITTEE The audit committee of the Company (the “Audit Committee”) consists of three independent non-executive directors, namely Mr. Chan Chi On, Derek, Mr. Frederick Peter Churchouse, and Mr. Xiang Bing and is chaired by Mr. Chan Chi On, Derek. The Group’s unaudited condensed consolidated interim results for the six months ended June 30, 2026 were reviewed by the members of the Audit Committee before submission to the Board for approval. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted a code of conduct regarding the Company’s securities transactions of directors (the “Securities Code”) on terms no less exacting than the required standard set out in the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) contained in Appendix C3 to the Listing Rules. Having been made specific enquiry, all the Directors confirmed that they have complied with the required standard set out in the Model Code during the six months ended June 30, 2026. PUBLICATION OF RESULTS ANNOUNCEMENT AND INTERIM REPORT This announcement is published on the website of the Company (www.longfor.com) and the designated website for issuers of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk), respectively. The interim report 2026 of the Company will be dispatched to the shareholders of the Company and be available on the above websites in due course. By Order of the Board Longfor Group Holdings Limited Chen Xuping Chairman Hong Kong, August 28, 2026 As at the date of this announcement, the Board comprises nine members: Mr. Chen Xuping, Mr. Zhao Yi, Mr. Zhang Xuzhong and Mr. Bao Wei who are executive directors; Ms. Sun Jiahui who is non-executive director; and Mr. Frederick Peter Churchouse, Mr. Chan Chi On, Derek, Mr. Xiang Bing and Mr. Leong Chong who are independent non-executive directors