智通财经记者 | 王婷婷 "从中长远期来看，我觉得大陆办公楼市场还是有机会。"1月30日，恒隆集团（00010.HK）及恒隆地产 （00101.HK）董事长陈文博在业绩会上表示，对2026年的发展会持审慎乐观态度。 在老牌港资开发商中，恒隆集团最先交出2025年成绩单。过去一年，受物业销售减少影响，恒隆集团的 总收入同比下滑；租赁收入因租户组合持续优化，也有轻微下跌；而股东应占基本纯利按年上升3%。 财报数据显示，截至2025年12月31日，恒隆集团录得总收入104.14亿港元，较2024年下跌11%，整体营 业溢利为68.36亿港元。收入下跌主要由于物业销售收入大幅下降83%至2.64亿港元。股东应占基本纯利 上升3%至24.07亿港元，每股基本盈利1.77港元。 据智通财经了解，恒隆集团目前在售物业不多，内地和香港可供销售项目如蓝塘道项目、武汉恒隆府、 昆明君悦居等，这些项目素质较高且售价都不低，销售需要等待时机。 在恒隆集团及恒隆地产行政总裁卢韦柏看来，2025年下半年香港住宅市场明显回暖，是因为利率开始回 落，资金流动性也变得宽松。尤其是很多人会进行去美元化操作，要么选择相对稳定的港币，要么把资 金投 ...

Financial Data and Key Metrics Changes - Revenue from leasing decreased by 1% year-on-year, primarily due to the depreciation of the renminbi, while operating profit increased by 1% and underlying profit improved by 3% [9][10] - The net gearing ratio decreased to 32.7%, lower than the previous year, aided by a scrip dividend arrangement and reduced capital expenditures [30][66] Business Line Data and Key Metrics Changes - Mainland rental revenue remained flat year-on-year, with retail revenue up by 1% while office revenue faced headwinds, down by 8% overall [11][20] - In Hong Kong, rental revenue decreased by 2%, an improvement from a 4% decline in the first half of the year [10][24] - New letting increased by 15% and renewals by 5%, indicating effective tenant management [17] Market Data and Key Metrics Changes - The retail sector in Mainland China showed resilience, with a 3% increase in the second half of the year, while the office market continues to face challenges due to oversupply [11][20] - Hong Kong's retail market is stabilizing, with a notable improvement from a -9% to -2% decline in 2025 [23][24] Company Strategy and Development Direction - The company is focusing on its V3 strategy, which aims to expand with minimal capital expenditure and faster project execution, leveraging existing resources and relationships [4][7][36] - The company plans to enhance its presence in key cities like Shanghai, Hangzhou, Wuxi, and Kunming, aiming for increased market share and community engagement [5][36] Management's Comments on Operating Environment and Future Outlook - Management noted a mix of structural and cyclical corrections in the Hong Kong and Mainland markets, with cautious optimism for recovery in retail sales, particularly in non-luxury segments [8][56] - The company anticipates continued challenges in the office market for the next 18-24 months due to high supply levels [21][22] Other Important Information - The company achieved record-high footfall and sales in Q4, driven by effective tenant management and promotional events [18][19] - The company is preparing for its 66th anniversary with a focus on consumer engagement and experiential marketing [55] Q&A Session Summary Question: CEO's succession and qualities sought in a new CEO - The current CEO expressed a personal goal to retire at 55, emphasizing the importance of family time and confirming that the board has been informed well in advance [45][47] - The company is actively searching for a successor, with no specific timeline announced yet [46][52] Question: Outlook for Mainland China retail and tenant sales - Management remains cautiously optimistic about tenant sales growth, noting strong performance in non-luxury segments and a record-breaking Q4 [53][56] - January sales figures are expected to be comparable to last year, with the Chinese New Year falling later this year, which may positively impact sales [59]

Hang Lung Group (SEHK:00010) H2 2025 Earnings call January 30, 2026 03:00 AM ET Company ParticipantsAdriel Chan - ChairmanJoyce Kwock - General Manager of Investor RelationsKenneth Chiu - CFOWeber Lo - CEOConference Call ParticipantsNone - AnalystNone - AnalystNone - AnalystNone - AnalystJoyce KwockGood afternoon, ladies and gentlemen. My name is Joyce Kwock, and I'm the General Manager of Investor Relations at Hang Lung. Welcome to the analyst presentation for FY 2025 results announcement that were made ea ...

Financial Data and Key Metrics Changes - Revenue from core leasing business decreased by 1% due to depreciation of the renminbi, while operating profit increased by 1% and underlying profit improved by 3% compared to 2024 [8][9] - Overall proceeds from properties reached HKD 1.6 billion, the highest in the last eight years, with HKD 264 million booked in revenue [24][25] - Net gearing ratio decreased to 32.7%, lower than the previous year, aided by a scrip dividend arrangement and reduced CapEx [31][67] Business Line Data and Key Metrics Changes - Mainland rental revenue remained flat year-on-year, with retail revenue up by 1% and office revenue facing headwinds, down by 8% [10][19] - In Hong Kong, overall revenue decreased by 2%, with retail impacted by a single tenant's lease expiration [22][23] - New letting increased by 15% and renewal increased by 5%, indicating effective tenant management [15] Market Data and Key Metrics Changes - The mainland office market is expected to face challenges for another 18-24 months due to high supply and tenant bargaining power [20][21] - Hong Kong retail is seen as more structural, with a slower recovery expected compared to the cyclical nature of mainland retail [64][66] - Footfall and occupancy rates reached record highs, particularly in Q4, indicating a positive trend despite overall cautious outlook [57][59] Company Strategy and Development Direction - The company is focusing on its V3 strategy, which aims to expand with minimal capital expenditure and faster project execution [4][6] - Emphasis on enhancing existing properties and leveraging established teams and relationships to increase market share in key cities like Shanghai, Hangzhou, Wuxi, and Kunming [5][6] - The company plans to continue diversifying its retail offerings, focusing on non-luxury segments to capture growth opportunities [57][62] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing corrections in both Hong Kong and mainland markets, with a mix of structural and cyclical shifts [7] - There is cautious optimism for 2026, with expectations for tenant sales to improve, particularly in non-luxury segments [47][55] - The company is preparing for potential foreign investment returns to China, which could positively impact the market [22] Other Important Information - The company is committed to sustainability, achieving its 25/25 ESG goals and aiming for net-zero emissions by 2030 [35][36] - The company is planning significant expansions in key locations, with a projected RMB 1 billion investment for V3 projects [38][39] Q&A Session Summary Question: CEO succession plans and qualities sought in a new CEO - The current CEO plans to retire at 55, emphasizing personal goals and family time, with the board already informed a year in advance [48][50] - The board is actively seeking a successor, with no specific timeline announced yet [54] Question: Outlook for Mainland China retail in 2026 - Management remains cautiously optimistic, noting strong Q4 performance but still cautious about luxury brand recovery [55][56] - January sales are expected to be stable, with potential for good performance due to the timing of Chinese New Year [61] Question: Leasing strategy for 2026 and performance stabilization in Wuhan and Shenyang - The company plans to continue adding experiential, non-luxury spaces while monitoring luxury performance [76] - Stabilization in underperforming markets is anticipated by 2026 or 2027, with ongoing repositioning efforts [76] Question: Dividend considerations with lower gearing and CapEx - Future dividend increases will depend on earnings recovery, with no specific scenarios outlined yet [76]

Financial Data and Key Metrics Changes - The leasing revenue decreased by 1% year-on-year, primarily due to the depreciation of the renminbi, while operating profit increased by 1% and underlying profit improved by 3% compared to 2024 [8][9] - The net gearing ratio decreased to 32.7%, lower than the previous year, aided by a scrip dividend arrangement and reduced capital expenditures [32][66] - Overall finance costs declined by 8% due to lower borrowing costs, although net finance costs increased by 3% due to a lower capitalization ratio [33] Business Line Data and Key Metrics Changes - Mainland rental revenue remained flat year-on-year, with retail revenue up by 1% and office revenue facing headwinds, expected to continue for 18-24 months [10][20] - In Hong Kong, retail revenue decreased by 2%, but the decline was mitigated from a previous 4% drop in the first half of the year [9][24] - The residential segment showed positive momentum with significant sales in the Blue Pool Road project, indicating a recovery in the Hong Kong residential market [29][73] Market Data and Key Metrics Changes - The mainland market is experiencing structural and cyclical corrections, with a cautious outlook for the office sector due to increased supply and tenant bargaining power [7][20] - Hong Kong's retail market is seen as more structural, with a slower recovery expected compared to the cyclical nature of the mainland market [63][64] - The company reported record-high foot traffic and sales in Q4, driven by non-luxury segments, while luxury brands showed mixed performance [54][56] Company Strategy and Development Direction - The company introduced its V3 strategy, focusing on scaling with minimal capital expenditure and faster project execution, aiming to enhance market share in key cities like Shanghai and Hangzhou [4][6][37] - The strategy emphasizes leveraging existing resources and relationships to improve return on investment and return on equity [6][37] - The company plans to continue enhancing its non-luxury offerings while maintaining a balanced approach to luxury retail [61] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the retail outlook in mainland China, with expectations for gradual recovery in tenant sales [54][56] - The company is preparing for potential foreign investment returns to China, which could positively impact the office market [23] - Management remains conservative about the luxury segment's recovery, noting that growth has primarily come from non-luxury categories [56][58] Other Important Information - The company is celebrating its 66th anniversary in 2026, planning to enhance consumer engagement through various marketing initiatives [18][55] - The company has achieved significant improvements in its ESG goals, including a 42% reduction in carbon emissions [36] Q&A Session Summary Question: CEO succession plans and qualities sought in a new CEO - The outgoing CEO clarified that retirement was a personal goal and not a surprise to the board, emphasizing the importance of family time [47][49] - The board is actively seeking a successor and will announce details when available, with an advisory role for the outgoing CEO confirmed [52][53] Question: Outlook for Mainland China retail and tenant sales - Management noted that Q4 performance exceeded expectations, with record-breaking sales and foot traffic, but remains cautious about future growth in luxury retail [54][56] Question: Leasing strategy for 2026 and performance stabilization in Wuhan and Shenyang - The company plans to continue adding experiential non-luxury spaces and is optimistic about stabilization in repositioned malls by 2026 or 2027 [77]

January 2026 Contents 2025 Annual Results Announcement 2025 Annual Results Investor Presentation 2025 Annual Results Presentation 03 2025 Annual Results Highlights 19 Hang Lung V.3 24 ESG Highlights 36 Chinese Mainland Portfolio 40 Hong Kong Portfolio 45 Development Highlights 48 Appendix 49 HLP – Financial Highlights and Position 52 HLG – Financial Highlights and Position 2025 Annual Results Highlights Hang Lung Properties (101.HK) | | | | Operating | | Underlying | | HLP – | | Dividends per share | | | -- ...

January 2026 2025 Annual Results Presentation Contents 2025 Annual Results Announcement 2025 Annual Results Investor Presentation 03 2025 Annual Results Highlights 19 Hang Lung V.3 24 ESG Highlights 36 Chinese Mainland Portfolio 40 Hong Kong Portfolio 45 Development Highlights 48 Appendix 49 HLP – Financial Highlights and Position 52 HLG – Financial Highlights and Position 2025 Annual Results Highlights Hang Lung Properties (101.HK) | | | | Operating | | Underlying | | HLP – | | Dividends per share | | | -- ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 恒隆集团（00010）发布2025年度全年业绩，集团总收入较去年下跌11%至104.14亿港元，跌幅主要由 物业销售收入下降83%至2.64亿港元所致。整体营业溢利维持稳健于68.36亿港元。物业租赁收入及营业 溢利均下跌2%，至98.53亿港元及69.72亿港元，主要因为内地办公楼租赁市场仍然疲弱，而且香港经济 复苏缓慢。受酒店物业组合扩展规模带动，酒店收入上升57%至2.97亿港元，而营业亏损计及资产折旧 后收窄46%至3，400万港元。末期息0.65港元。 股东应占基本纯利上升3%至24.07亿港元。物业销售亏损收窄足以抵销物业租赁营业溢利下跌，以及资 本化利息减少导致财务费用上升所带来的影响。每股基本盈利为1.77港元。 计及10.37亿港元股东应占物业之净重估亏损（2024年：7.14亿港元）后，集团录得13.70亿港元股东应 占纯利（2024年：16.13亿港元），相应每股盈利为1.01港元（2024年：1.18港元）。 香港方面，公司采取针对性措施及多港元化策略留住租户，带动零售和办公楼物业组合租出率明显改 善，于年底分别升至95 ...

智通财经APP讯，恒隆集团(00010)发布公告，该公司将于2026年6月15日派发末期股息每股0.65港元。 ...

恒隆集团(00010)发布公告，该公司将于2026年6月15日派发末期股息每股0.65港元。 ...