[Performance Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) [Group Performance Overview](index=1&type=section&id=%E9%9B%86%E5%9C%98%E6%A5%AD%E7%B8%BE) The Group achieved a 3% increase in underlying net profit to HKD 2.035 billion, turning around to a HKD 535 million profit attributable to shareholders, while maintaining a low gearing ratio and stable interim dividend Half-Year Core Financial Indicators | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Underlying Net Profit | HKD 2.035 billion | HKD 1.979 billion | +3% | | Profit/(Loss) Attributable to Shareholders | HKD 535 million | (HKD 2.637 billion) | Turnaround to Profit | Interim Dividend | Item | Amount | | :--- | :--- | | First Interim Dividend | HKD 0.20 per share | | Total Dividend Payout | HKD 611 million | - The Group's financial strategy emphasizes prudent management, including asset revaluation, maintaining a **low gearing ratio**, and using RMB debt for risk hedging and cost savings[6](index=6&type=chunk) [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E8%A9%95%E8%AD%B0) [Macroeconomic Environment](index=2&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) The global economy faces challenges from tariffs and geopolitical instability, while Hong Kong's residential market shows resilience, Mainland China's property market remains weak, and the Group maintains a healthy financial position with a 4.4% gearing ratio - The global economy faces multiple pressures from **US tariffs**, **policy uncertainties**, and **geopolitical instability**[7](index=7&type=chunk) - The Hong Kong residential market demonstrated resilience, contrasting with the **weak Mainland China property market** and subdued consumer sentiment[7](index=7&type=chunk) - The Group maintained a **healthy financial position** with a **low gearing ratio of 4.4%** and ample liquidity at period-end[7](index=7&type=chunk) [Hong Kong Property](index=2&type=section&id=%E9%A6%99%E6%B8%AF%E7%89%A9%E6%A5%AD) The Group strategically focused on the high-end residential market, achieving a record-breaking sale at Mount Nicholson, yet operating profit for development properties declined despite increased recognized revenue - A penthouse unit at Mount Nicholson sold for **HKD 609 million**, achieving a record-breaking **HKD 144,000 per square foot** for stratified units[8](index=8&type=chunk) Hong Kong Development Property Financial Performance (Share of) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Recognized Revenue | HKD 475 million | - | | Operating Profit | HKD 31 million | HKD 179 million | [Mainland China Investment Property](index=2&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) Mainland China investment properties faced challenges from weak consumer sentiment, oversupply, and e-commerce trends, leading to pressure on office rents and occupancy, with both segment revenue and operating profit declining Mainland China Investment Property Financial Performance | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 2.244 billion | -4% | | Operating Profit | HKD 1.470 billion | -5% | [Mainland China Development Property](index=3&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E7%99%BC%E5%B1%95%E7%89%A9%E6%A5%AD) The Group's decision to halt land replenishment reduced portfolio risk, resulting in limited contracted sales and significant declines in recognized revenue and operating profit, alongside impairment provisions for slow-selling office inventory Mainland China Development Property Financial and Sales Performance (Share of) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Contracted Sales | RMB 859 million | RMB 699 million | | Recognized Revenue | HKD 520 million | - (YoY -79%) | | Operating Profit | HKD 40 million | - (YoY -92%) | | Impairment Provisions | HKD 522 million | HKD 564 million | [Hotels](index=3&type=section&id=%E9%85%92%E5%BA%97) The hotel business faced a challenging environment with pressured room rates and declining Mainland China occupancy due to competition, resulting in an overall operating loss despite revenue growth Hotel Segment Financial Performance | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | HKD 312 million | - (YoY +7%) | | Operating Profit/(Loss) | (HKD 11 million) | HKD 12 million | [Logistics Infrastructure](index=3&type=section&id=%E7%89%A9%E6%B5%81%E5%9F%BA%E5%BB%BA) The logistics business was impacted by shipping alliance restructuring and trade concerns, with Hong Kong throughput declining but Shenzhen terminals growing, leading to a slight revenue increase and double-digit operating profit growth - Throughput at Hong Kong Modern Terminals decreased by **3% to 1.7 million TEUs**, while Shenzhen Da Chan Bay and Shekou Container Terminals grew by **20% and 11%** respectively[12](index=12&type=chunk) Logistics Segment Financial Performance | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.076 billion | Slight increase | | Operating Profit | HKD 137 million | +11% | [Outlook](index=3&type=section&id=%E5%B1%95%E6%9C%9B) Future market volatility is expected due to geopolitical and trade uncertainties, while Mainland China's property market faces fundamental recovery challenges, and Hong Kong's property market depends on interest rates and economic recovery, requiring the Group to remain vigilant - Future markets will continue to be impacted by complex external factors like **geopolitical developments** and **trade uncertainties**, limiting global economic growth[15](index=15&type=chunk) - Mainland China's property market recovery faces fundamental challenges including **oversupply**, **weak confidence**, and a **sluggish job market**[15](index=15&type=chunk) [Financial Review](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E8%A9%95%E8%AD%B0) [Interim Results Review](index=4&type=section&id=(I)%20%E4%BA%8C%E2%97%8B%E4%BA%94%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E8%A9%95%E8%AD%B0) The Group's underlying net profit increased by 3% to HKD 2.035 billion, achieving a turnaround to HKD 535 million profit attributable to shareholders, despite declines in total revenue and operating profit primarily from development properties [Revenue and Operating Profit](index=4&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E7%87%9F%E6%A5%AD%E7%9B%88%E5%88%A9) Group total revenue decreased by 19% to HKD 5.669 billion and operating profit by 14% to HKD 2.657 billion, primarily due to development property declines and weak investment property rents, while hotels turned to loss and logistics profit rose Revenue and Operating Profit Performance by Business Segment | Business Segment | Revenue Change (YoY) | Operating Profit/Loss Change (YoY) | Main Reason | | :--- | :--- | :--- | :--- | | Investment Property | -4% | -6% | Soft mall and office rents | | Development Property | -64% | -82% | Slow sales of Mainland inventory | | Hotels | +7% | Turnaround from profit to loss | New Changsha hotel in early operation | | Logistics | Slight increase | +11% | Increased Mainland throughput and favorable cargo mix | | Investments | - | -2% | Reduced dividend income | [Profit/(Loss) Attributable to Shareholders](index=5&type=section&id=%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E7%9B%88%E5%88%A9%EF%BC%8F%EF%BC%88%E虧%E6%90%8D%EF%BC%89) Underlying net profit increased by 3% to HKD 2.035 billion, driven by logistics and development property improvements, but offset by investment property declines, resulting in HKD 535 million profit attributable to shareholders and HKD 0.18 basic EPS after revaluation adjustments Profitability Indicators Comparison | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Underlying Net Profit | HKD 2.035 billion | HKD 1.979 billion | | Profit/(Loss) Attributable to Shareholders | HKD 535 million | (HKD 2.637 billion) | | Basic Earnings/(Loss) Per Share | HKD 0.18 | (HKD 0.86) | [Liquidity, Financial Resources and Capital Commitments](index=6&type=section&id=(III)%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E8%88%87%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) The Group maintained a robust financial position with shareholders' equity increasing to HKD 143.3 billion, net debt decreasing to HKD 6.5 billion, and a low 4.4% gearing ratio, supported by ample credit facilities and a liquid investment portfolio [Shareholders' Equity and Asset Position](index=6&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%8F%8A%E7%B8%BD%E6%AC%8A%E7%9B%8A) As of June 30, 2025, shareholders' equity increased by 5% to HKD 143.3 billion, with NAV per share at HKD 46.89, and total operating assets grew 3% to HKD 185 billion, primarily in property, logistics, and investments Equity and Asset Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Equity | HKD 143.3 billion | HKD 136.8 billion | | Net Asset Value Per Share | HKD 46.89 | HKD 44.77 | | Total Operating Assets | HKD 185.0 billion | HKD 179.6 billion | [Long-Term Investments](index=7&type=section&id=%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87) Long-term investments increased by 15% to HKD 48.4 billion, with listed equities at HKD 39.8 billion, primarily concentrated in Hong Kong across property, new economy, and financial sectors Long-Term Investment Portfolio Analysis (HKD billion) | By Industry | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property | 19.6 | 17.6 | | New Economy | 14.1 | 12.6 | | Financial & Others | 14.7 | 11.8 | | **Total** | **48.4** | **42.0** | [Net Debt and Gearing Ratio](index=7&type=section&id=%E8%B2%A0%E5%82%B5%E6%B7%A8%E9%A1%8D%E5%8F%8A%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) Net debt decreased by 9% to HKD 6.5 billion due to operating cash flow and dividend income, maintaining a low 4.4% gearing ratio against total equity Debt Position | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | HKD 6.5 billion | HKD 7.1 billion | | Gearing Ratio | 4.4% | 5.0% | [Capital Commitments](index=10&type=section&id=%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's estimated future capital expenditures total HKD 17.6 billion, with HKD 9.5 billion committed primarily for development and investment property construction in Hong Kong and Mainland China Future Major Expenditure Commitments (HKD million) | Segment | Committed | Uncommitted | Total | | :--- | :--- | :--- | :--- | | Investment Property | 33 | 6,448 | 6,481 | | Development Property | 8,120 | 1,643 | 9,763 | | Others | 1,336 | 55 | 1,391 | | **Group Total** | **9,489** | **8,146** | **17,635** | [Human Resources](index=10&type=section&id=(IV)%20%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed approximately 6,000 staff, with remuneration based on responsibilities and market trends, including discretionary performance bonuses linked to individual and Group performance - The Group employed approximately **6,000 staff**, with about **1,200** in management operations[45](index=45&type=chunk) [Consolidated Financial Statements](index=11&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Income Statement](index=11&type=section&id=%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The Consolidated Income Statement shows the Group's operating results for the six months ended June 30, 2025, with revenue at HKD 5.669 billion, and a turnaround to HKD 592 million profit from a prior-year loss, largely due to a narrowed fair value decrease in investment properties Key Items from Consolidated Income Statement (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 5,669 | 7,032 | | Operating Profit | 2,657 | 3,085 | | Profit/(Loss) Before Tax | 755 | (5,543) | | Profit/(Loss) for the Period | 592 | (2,558) | | Profit/(Loss) Attributable to Company Shareholders | 535 | (2,637) | | Basic Earnings/(Loss) Per Share | HKD 0.18 | (HKD 0.86) | [Consolidated Statement of Comprehensive Income](index=12&type=section&id=%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Consolidated Statement of Comprehensive Income shows a significant improvement to HKD 7.182 billion total comprehensive income for the period, primarily driven by a HKD 5.966 billion gain from fair value changes in equity investments, compared to a prior-year comprehensive loss Key Items from Consolidated Statement of Comprehensive Income (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 592 | (2,558) | | Fair Value Change of Equity Investments | 5,966 | (4,920) | | Other Comprehensive Income for the Period | 6,590 | (5,073) | | Total Comprehensive Income for the Period | 7,182 | (7,631) | [Consolidated Statement of Financial Position](index=13&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The Consolidated Statement of Financial Position as of June 30, 2025, shows total assets at HKD 198.606 billion, total liabilities at HKD 49.565 billion, and net assets at HKD 149.041 billion, all increasing from year-end 2024 Key Items from Consolidated Statement of Financial Position (HKD million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 148,390 | 142,597 | | Current Assets | 50,216 | 47,442 | | **Total Assets** | **198,606** | **190,039** | | Total Liabilities | (49,565) | (47,569) | | **Net Assets** | **149,041** | **142,470** | | Shareholders' Equity | 143,304 | 136,832 | [Notes to the Financial Statements](index=14&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Segment Information](index=15&type=section&id=2.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This note details revenue and performance for the Group's five operating segments, highlighting investment property and investments as key operating profit contributors, with Mainland China generating most revenue and Hong Kong showing stable operating profit Revenue and Operating Profit by Business Segment (H1 2025, HKD million) | Business Segment | Revenue | Operating Profit/(Loss) | | :--- | :--- | :--- | | Investment Property | 2,281 | 1,484 | | Development Property | 739 | 71 | | Hotels | 312 | (11) | | Logistics | 1,076 | 137 | | Investments | 1,000 | 1,000 | Revenue and Operating Profit by Geographical Segment (H1 2025, HKD million) | Region | Revenue | Operating Profit | | :--- | :--- | :--- | | Hong Kong | 2,316 | 1,147 | | Mainland China | 3,219 | 1,379 | | Others | 134 | 131 | [Dividends Attributable to Shareholders](index=21&type=section&id=8.%20%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E8%82%A1%E6%81%AF) The Board declared a first interim dividend of HKD 0.20 per share for the half-year ended June 30, 2025, consistent with the prior year, totaling HKD 611 million First Interim Dividend Details | Item | 2025 | 2024 | | :--- | :--- | :--- | | Dividend Per Share | HKD 0.20 | HKD 0.20 | | Total Dividend | HKD 611 million | HKD 611 million | [Other Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E8%A8%8A) [Corporate Governance Code](index=23&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with the Corporate Governance Code, except for the combined Chairman and CEO roles, which the Board believes enhances strategic efficiency and maintains a balance of power - The company deviated from Corporate Governance Code Rule C.2.1 regarding the separation of **Chairman and CEO roles**, which the Board considers more effective[68](index=68&type=chunk) [Interim Dividend Related Dates](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E7%9B%B8%E9%97%9C%E6%97%A5%E6%9C%9F) The announcement details the 2025 first interim dividend payment schedule, requiring share transfer documents by September 1, 2025, with the dividend payable on September 16 Key Dividend Payment Dates | Item | Date | | :--- | :--- | | Ex-dividend Date | August 29, 2025 | | Latest Time for Lodging Transfer Documents | September 1, 2025 | | Record Date | September 1, 2025 | | Payment Date | September 16, 2025 |

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 九龍倉集團有限公司 | | | 呈交日期: | 2025年8月6日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | | 00004 | 說明 | | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | 本月 ...

Core Viewpoint - The China Securities Hong Kong Stock Connect Real Estate Index has shown positive performance over the past month, three months, and year-to-date, indicating a strong recovery in the real estate sector [2]. Group 1: Index Performance - The China Securities Hong Kong Stock Connect Real Estate Index increased by 3.04% over the past month, 9.88% over the past three months, and 13.08% year-to-date [2]. - The index is based on a sample of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector [2]. Group 2: Index Composition - The top ten weighted companies in the index are: Sun Hung Kai Properties (14.11%), Beike-W (12.73%), China Resources Land (10.83%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.28%), Wharf Real Estate Investment (4.72%), Sino Land (4.39%), Henderson Land Development (4.22%), Longfor Group (2.85%), and Wharf Holdings (2.83%) [2]. - The index is composed entirely of real estate companies, with 100% of its holdings in the real estate sector [3]. Group 3: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new companies meet the criteria for inclusion [3].

格隆汇7月31日丨九龙仓集团(00004.HK)宣布，公司将于2025年8月12日(星期二)举行董事会会议，藉以 (其中包括)批准发放公司截至2025年6月30日止六个月的中期业绩公告，以及考虑派发一项中期股息(如 有)。 ...

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。 九龍倉集團有限公司 董事兼公司秘書 許仲瑛 代行 香港，二○二五年七月三十一日 於本公告日期，本公司董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士、陳國邦 先生和許仲瑛先生，以及七位獨立非執行董事陳坤耀教授、方剛先生、捷成漢先生、 羅君美女士、鄧日燊先生、謝秀玲女士和唐寶麟先生。 九龍倉集團有限公司 － 公告 (二○二五年七月三十一日) 董事會召開日 期 九龍倉集團有限公司（「本公司」）宣布，本公司將於二○二五年八月十二日 （星期二）舉行董事會會議，藉以（其中包括）批准發放本公司截至二○二五年六月 三十日止六個月的中期業績公告，以及考慮派發一項中期股息（如有）。 ...

智通财经APP获悉，百度集团-SWR(89888)、京东健康-R(86618)、友邦保险-R(81299)上一交易日沽空比 率位于前三位，分别为99.23%、92.28%、90.91%。理想汽车-W(02015)、阿里巴巴-SW(09988)、腾讯控 股(00700)的沽空金额位居前三，分别为24.66 亿元、18.28 亿元、17.98 亿元。友邦保险-R(81299)、百度 集团-SWR(89888)、京东健康-R(86618)的偏离值位居前三，分别为38.31%、34.96%、34.77%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | | 偏离值 | | --- | --- | --- | --- | --- | | 百度集团-SWR(89888) | 201.23 万元 | 99.23% | 34.96% | | | 京东健康-R(86618) | 2.82 万元 | 92.28% | 34.77% | | | 友邦保险-R(81299) | 68.00 万元 | 90.91% | 38.31% | | | 比亚迪股份-R(81211) | 487.15 万元 | 74.06% ...

Group 1 - The core viewpoint highlights the ongoing development of commercial real estate, particularly in retail, with various companies expanding their operations and enhancing consumer experiences through innovative strategies [3][5][8] - Multiple cities are implementing or enhancing tax refund policies to stimulate inbound consumption, with notable examples including Guangzhou and Dalian, which have introduced convenient tax refund services for foreign tourists [5][6] - Companies like China Resources and Poly are expanding their commercial footprints through strategic partnerships and new project developments, targeting both core cities and emerging markets [10][11] Group 2 - Alibaba is raising funds to support its international e-commerce and cloud computing businesses, while competitors like JD.com and Meituan are intensifying their efforts in instant retail [4][28] - The REITs market is experiencing significant activity, with several companies, including Cinda and China Overseas, pushing for the listing and expansion of quality assets, indicating a robust interest from investors [31][33] - High-end brands are innovating their retail experiences, as seen with LV's unique store concept in Shanghai, which has attracted considerable foot traffic and consumer interest [19][21] Group 3 - The retail landscape is evolving with brands like Ba Wang Cha Ji and Lao Xiang Ji expanding into Hong Kong, indicating a trend of brands using the city as a launchpad for global expansion [18][24] - Nike is facing challenges in the Chinese market, with a reported 13% decline in revenue, while luxury brands are leveraging experiential marketing to attract consumers [19][20] - Community-focused commercial projects are on the rise, with new concepts like DT-X aiming to enhance local shopping experiences and meet consumer demands for convenience [17][18]

Core Viewpoint - Shenzhen Textile (Group) Co., Ltd. is expected to report a significant decline in net profit for the first half of 2025, primarily due to falling product prices, rising procurement costs from yen exchange rate fluctuations, and increased R&D investments [2][4]. Trading Information Summary - As of July 11, 2025, Shenzhen Textile A (000045) closed at 10.73 yuan, down 3.16%, with a turnover rate of 3.4%, trading volume of 155,300 shares, and a transaction value of 166 million yuan [1]. - On the same day, the fund flow indicated a net outflow of 26.972 million yuan from main funds, accounting for 16.22% of the total transaction value, while retail investors saw a net inflow of 12.537 million yuan, representing 7.54% of the total [2][4]. Company Announcement Summary - The company announced a forecast for the first half of 2025, estimating a net profit attributable to shareholders of between 28 million yuan and 42 million yuan, which represents a year-on-year decline of 431% to 362% from the previous year's profit of 43.89 million yuan [2][4]. - The forecasted net profit after excluding non-recurring gains and losses is expected to be between 20 million yuan and 30 million yuan, reflecting a year-on-year decrease of 1489% to 4326% from the previous year's profit of 35.26 million yuan [2]. - The basic earnings per share are projected to be between 0.0553 yuan and 0.0829 yuan, compared to 0.0867 yuan per share in the same period last year [2].

Group 1 - As of July 7, 2023, the stock price of Wheelock and Company Limited (00004.HK) closed at HKD 24.600, marking a 0.41% increase from the previous trading day, with an intraday high of HKD 24.950, the highest in nearly a year [1] - On the same day, the net capital inflow was HKD 2.2043 million, with no specific data on capital inflow and outflow [1] Group 2 - Wheelock and Company Limited, established in 1886, is one of the oldest companies in Hong Kong and was among the first 30 companies included in the Hang Seng Index [2] - The company focuses on property development in Hong Kong and China, with a strong emphasis on luxury residential properties in prestigious locations [2] - The company has a land reserve of 3.9 million square meters in mainland China, primarily in six cities, with significant projects in Beijing, Shanghai, Suzhou, and Hangzhou [2] - The hotel division operates 16 hotels across Asia, including three modern Niccolo hotels and 13 Marco Polo hotels, with plans for two new Niccolo hotels to open in the next two years [2] - The logistics division consists of modern container terminals and air cargo facilities, which are essential for Hong Kong's role as an international trade and transportation hub [2]

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown a mixed performance, with a recent increase over the past month but a decline over the last three months, indicating volatility in the real estate sector [2]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a 3.41% increase over the past month, a 0.88% decrease over the last three months, and a 7.81% increase year-to-date [2]. - The index was established on November 14, 2014, with a base value of 3000.0 points [2]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that meet the real estate theme criteria [2]. - The top ten weighted companies in the index are: Sun Hung Kai Properties (13.77%), Beike-W (13.5%), China Resources Land (10.84%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.58%), Wharf Holdings (4.42%), Henderson Land Development (4.42%), Sino Land (4.26%), Wharf Real Estate Investment (3.23%), and China Resources Mixc Lifestyle (2.97%) [2]. Group 3: Market and Sector Allocation - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation to the real estate sector [3][4]. - The index undergoes biannual adjustments every June and December, with provisions for temporary adjustments in special circumstances [4].