2024 恒隆集團有限公司 股份代號：00010 年 報 昆明君悅酒店 武漢「恒隆府」 無錫恒隆廣場 上海恒隆廣場 在變局中領航 2024年，恒隆積極拓展新酒店和住宅發展項目， 與旗下商場和辦公樓業務協同互補，構建匯聚零售 購物、辦公，以至住宿元素的地標。面對市場整 合，我們在具戰略價值、精挑細選的物業組合中， 從設計、服務、創新，以至可持續發展方面精益 求精，以鞏固領導地位和業務長足發展。本年報 選用2024年8月新開業的昆明君悅酒店為封面照， 展現我們對卓越的不懈追求，以及締造世界級 優享生活空間的願景。 目 錄 | 4 | 財務摘要 | | --- | --- | | 8 | 董事長致股東函 | | 16 | 業務回顧 | | 60 | 財務回顧 | | 74 | 可持續發展 | | 83 | 企業管治報告 | | 116 | 董事簡介 | | 122 | 主要行政人員簡介 | | 123 | 董事會報告 | | 133 | 獨立核數師報告 | | 138 | 財務報表 | | 202 | 十年財務概覽 | | 204 | 詞彙 | | 206 | 公司資料 | | 207 | 財務日誌 | | 208 ...

Financial Performance - Total revenue for the year 2024 increased by 8% to HKD 11,760 million compared to HKD 10,881 million in 2023[5] - Operating profit decreased by 12% to HKD 6,826 million, down from HKD 7,794 million in the previous year[5] - Basic earnings attributable to shareholders fell by 21% to HKD 2,327 million, with basic earnings per share dropping to HKD 1.71 from HKD 2.15[5] - Net profit for the year was HKD 2,836 million, a decline of 42.3% compared to HKD 4,915 million in 2023[88] - Total comprehensive income for the year was HKD 618 million, significantly lower than HKD 3,148 million in 2023, a drop of 80.4%[88] - Basic earnings per share decreased to HKD 1.18, down from HKD 2.06 in 2023, representing a 42.7% decline[86] - Shareholders' attributable profit for 2024 was HKD 1,613 million, a decrease of 42.5% from HKD 2,811 million in 2023[110] Rental Income and Property Performance - Rental income from properties declined by 6% to HKD 10,033 million, with a 9% drop in Hong Kong rental income[10] - The company reported a 5% decline in rental income from mainland properties, attributed to economic weakness and geopolitical tensions[10] - Total rental income decreased by 4% to RMB 6,252 million, with a 6% decline in operating profit[13] - High-end mall revenue fell by 4%, with notable declines in flagship locations such as Shanghai Hang Lung Plaza (-6%) and Shenyang City Government Hang Lung Plaza (-16%) due to weakened consumer confidence[16][17][18] - Office rental income decreased by 6% to RMB 1,320 million, attributed to increased market supply and cost control measures by tenants[22] - Overall rental income in Hong Kong dollar terms fell by 5% due to RMB depreciation[13] Property Valuation and Revaluation Losses - The net revaluation loss attributable to shareholders was HKD 714 million, compared to a loss of HKD 120 million in 2023[5] - The company recorded a property revaluation loss of HKD 1.197 billion, compared to a loss of HKD 62 million in 2023[41] - The mainland property portfolio experienced a revaluation loss of HKD 851 million, down from a gain of HKD 260 million in 2023, representing less than 1% of the property portfolio value as of December 31, 2023[41] - The Hong Kong property portfolio recorded a revaluation loss of HKD 346 million, compared to a loss of HKD 322 million in 2023, also reflecting a decline of less than 1% from the property portfolio value as of December 31, 2023[41] Debt and Financial Position - The net debt to equity ratio increased to 30.8% from 28.6% in the previous year[4] - The total borrowings amount to HKD 57.794 billion as of December 31, 2024, compared to HKD 50.693 billion as of December 31, 2023[55] - The debt composition includes 64% in HKD and 36% in RMB, with fixed-rate debt accounting for 41% of total debt as of December 31, 2024[56] - The average repayment period of the overall debt portfolio is 2.9 years, with approximately 65% of loans due for repayment after two years[59] - Total financial costs increased by 7% to HKD 2.130 billion, maintaining an average effective borrowing rate of 4.3%[63] - The interest coverage ratio for 2024 was 3.0 times, down from 3.8 times in 2023[65] Cash Flow and Assets - The total cash and bank deposits balance as of December 31, 2024, is HKD 10.817 billion, up from HKD 6.343 billion in 2023[52] - Non-current assets totaled HKD 207,430 million, slightly up from HKD 207,424 million in 2023[90] - Total liabilities increased to HKD 63,414 million, compared to HKD 61,457 million in 2023, marking a 3.2% rise[90] - The company's net asset value decreased to HKD 152,688 million from HKD 154,916 million in 2023, a decline of 1.5%[90] Dividends and Shareholder Returns - The total dividend for the year remained unchanged at HKD 0.86 per share, with a payout ratio based on attributable profit of 73%[9] - The company plans to distribute a final dividend of HKD 0.65 per share, totaling HKD 885 million, consistent with the previous year's distribution[109] Sustainability and Community Engagement - The company has committed to achieving net-zero emissions by 2050, with a target to use 25% renewable energy in its mainland properties by 2025[70] - Five out of ten operational projects in mainland China are now powered by renewable energy, exceeding the 2025 sustainability goal[71] - The company successfully recycled nearly 180,000 kilograms of urban solid waste through its office renovation project, donating over 400 pieces of furniture to 33 non-profit organizations[76] - The "Caring for Caregivers" initiative has seen over 1,300 public participants in its first six months, providing community respite and leisure activities for caregivers of dementia patients[80] - The company has contributed 68,900 service hours through its volunteer team, benefiting over 30,800 individuals across 11 projects in Hong Kong and mainland China in 2024[79] Market Strategy and Future Plans - The company plans to enhance customer loyalty through marketing strategies and optimize tenant mix to improve rental rates[11] - New marketing initiatives and community engagement activities were launched to drive foot traffic and sales in malls[21] - The company introduced exclusive new stores and expanded brand offerings in response to market competition[21] - The company is actively monitoring and responding to changing corporate demands for office space, anticipating steady demand due to economic conditions[84] - The company has commenced sales activities for the Kunming Junyue Residence, which consists of 254 units, and the Kunming Junyue Hotel, which opened on August 6, 2024, with 331 rooms and suites[43]

Financial Performance - Property sales reached HKD 1.2 billion, contributing to a total revenue increase of 15% to HKD 6.4 billion[6] - Total revenue for the first half of 2024 reached HKD 6,379 million, a decrease of 15% compared to HKD 5,525 million in the same period of 2023[11] - Operating profit for the first half of 2024 was HKD 3,613 million, down from HKD 4,034 million in the same period of 2023, reflecting a decline of 10%[11] - Shareholders' attributable net profit for the first half of 2024 was HKD 1,281 million, a decrease of 18% from HKD 1,560 million in the same period of 2023[11] - The company's profit for the six months ended June 30, 2024, was HKD 1,526 million, a decrease of 47.5% compared to HKD 2,909 million in the same period of 2023[81] - Basic earnings per share for the period were HKD 0.65, down from HKD 1.24 in the same period last year, reflecting a decline of 47.6%[80] Revenue Breakdown - Core business (recurring rental income) decreased by 7% to HKD 5.2 billion, while basic rental profit attributable to shareholders fell by 18% to HKD 1.3 billion[6] - Property leasing income decreased by 7% to HKD 5.151 billion, impacted by a decline in luxury goods consumption in mainland China and a weak retail market in Hong Kong[16] - Rental income decreased to HKD 4,464 million in 2024 from HKD 4,824 million in 2023, representing a decline of 7.5%[91] - The overall leasing income in Hong Kong fell by 8%, with a corresponding 11% decline in operating profit due to a slow market recovery[16] - Retail property revenue fell by 7% to HKD 950 million, with a tenant sales decline of 3% and an overall occupancy rate maintained at 97%[29] Expenses and Financial Costs - Interest expenses increased by 46% compared to the same period in 2023, significantly impacting basic profit[6] - Total financial expenses increased by 19% when including capitalized interest[6] - The average effective borrowing rate rose to 4.4% in the first half of 2024, leading to a 19% increase in total financial costs to HKD 1,069 million[47] - The net interest expense increased to HKD 421 million in 2024 from HKD 265 million in 2023[95] Market Conditions - Tenant sales in Shanghai shopping malls dropped over 20%, leading to a 13% decline in tenant sales across the mainland property portfolio[6] - Consumer confidence remains low, contributing to a 4% decline in tenant sales in shopping malls outside Shanghai[7] - The company anticipates challenges in the first half of 2024, with expectations for tenant sales to recover diminishing as of June[6] - The macroeconomic environment remains uncertain, with high interest rates expected to persist, but a trend towards rate cuts is anticipated to improve global economic sentiment[52] Debt and Equity - The company expects debt and interest levels to peak at around 35% in two years, which is considered acceptable[8] - The net debt-to-equity ratio increased to 30.2% as of June 30, 2024, compared to 28.6% as of December 31, 2023[12] - Total borrowings reached HKD 53,715 million, up from HKD 50,693 million as of December 31, 2023, with 35% denominated in RMB[41] - The company has prioritized debt repayment over dividends and new investments until the debt situation improves[8] Sustainability Initiatives - The collaboration with LVMH has entered its second year, enhancing the company's sustainability efforts[9] - The "Changemakers: Tenant Sustainability Collaboration Program" was launched in December 2023, involving 16 tenants across 14 properties with a total leased area of over 78,000 square meters[50] - The company has transitioned half of its operational properties in mainland China to renewable energy, exceeding its 2025 sustainability target[49] Shareholder Information - The company declared an interim dividend of HKD 0.21 per share, consistent with the previous year[15] - Major shareholder Chen Wenbo holds 551,502,580 shares, representing 40.50% of the total issued shares[70] - The total number of shares held by Hang Lung Properties Limited is 3,008,256,189, accounting for 63.85% of the total issued shares[60] Future Outlook - The company plans to continue optimizing tenant mix and enhancing customer experience to drive foot traffic and stimulate consumer spending[16] - The demand for office space is expected to remain weak in the second half of 2024 due to ongoing challenges in Hong Kong's retail environment[52] - The company plans to continue selling high-end serviced apartments, including those in Wuhan, Kunming, and Wuxi, leveraging superior product and property management services[52]

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布的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公布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。 恒隆集團有限公司 HANG LUNG GROUP LIMITED ﹙於香港註冊成立之有限公司﹚ ﹙股份代號︰00010﹚ 2024 年度中期業績 2024 年度中期業績 頁 財務摘要 1 業務回顧 2 綜合財務報表 20 綜合財務報表附註 23 其他資料 32 詞彙 34 目錄 2024 年度中期業績 截至 6 月 30 日止六個月 財務摘要 以港幣百萬元計算（除另有註明） 業績 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|--------------------|-----------------------------|--------------------------|--------------------|--------------- ...

Core Viewpoint - The chairman of Hang Lung Group, Chen Qizong, reflects on the company's history, performance, and the economic changes in Hong Kong and mainland China, while expressing optimism for the future despite challenges [1][2]. Performance and Dividend Review - For the year ending December 31, 2023, overall revenue slightly decreased by 1% to HKD 10.881 billion, while rental income increased by 2% to HKD 10.879 billion [2]. - Excluding property revaluation impacts, the basic profit attributable to shareholders decreased by 2% to HKD 2.931 billion, with basic earnings per share dropping to HKD 2.15 [2]. - Including all property revaluation impacts, the profit attributable to shareholders increased by 3% to HKD 2.811 billion, with earnings per share rising to HKD 2.06 [2]. - The board proposed a final dividend of HKD 0.65 per share, to be distributed on June 14, 2024, pending shareholder approval, resulting in a total dividend of HKD 0.86 per share for the year [2]. Industry Insights - The chairman emphasizes the need for Hong Kong to strengthen economic ties with mainland China and improve technological capabilities to adapt to global changes [1][9]. - The real estate sector remains a critical pillar of Hong Kong's economy, but the sustainability of high property prices is questioned due to social issues arising from housing affordability [6][7]. - The company maintains a cautious approach to leverage compared to mainland real estate companies, highlighting the importance of financial stability and cash flow [1][2]. - The chairman believes that the world-class commercial real estate leasing business in mainland China presents significant investment opportunities [1][20]. Economic Context - The chairman discusses the historical context of Hong Kong's economy, noting that while it has changed since 1997, the city remains a suitable place for business operations [4][5]. - The impact of geopolitical tensions, particularly between the U.S. and China, is acknowledged as a factor affecting investment sentiment towards China [10][11]. - The chairman asserts that despite the challenges, China's economic growth potential remains strong, particularly in the context of the commercial real estate market [12][20]. Future Outlook - The company is positioned to benefit from the anticipated growth in the mainland's commercial real estate sector, with expectations of achieving annual growth rates of around 10% in the coming years [13][20]. - The chairman expresses confidence in the company's strategies and the ability of the new leadership to navigate the evolving external environment [12][20].

Financial Performance - Total revenue for 2023 was HK$10.881 billion, with property leasing contributing HK$10.879 billion and property sales contributing HK$2 million[6] - Operating profit for 2023 was HK$7.794 billion, with a loss of HK$50 million from property sales[6] - Shareholders' equity increased to HK$94.36 billion as of December 31, 2023, compared to HK$92.819 billion in 2022[6] - Basic earnings per share based on shareholders' attributable profit was HK$2.15 in 2023[7] - Total dividend per share for 2023 was HK$0.86, consisting of an interim dividend of HK$0.21 and a final dividend of HK$0.65[7] - The dividend payout ratio based on shareholders' attributable profit was 42% in 2023, slightly down from 43% in 2022[8] - Net debt-to-equity ratio decreased to 28.6% in 2023 from 32.7% in 2022[8] - Total revenue decreased by 1% to HKD 10.881 billion due to RMB depreciation and reduced property sales[12] - Rental income increased by 2% to HKD 10.879 billion[12] - Basic profit attributable to shareholders decreased by 2% to HKD 2.931 billion, with basic earnings per share dropping to HKD 2.15[12] - Profit attributable to shareholders, including property revaluation, increased by 3% to HKD 2.811 billion, with earnings per share rising to HKD 2.06[12] - The board proposed a final dividend of HKD 0.65 per share, with total dividends for the year amounting to HKD 0.86 per share[12] - Overall operating profit rose by 1% to HKD 7.794 billion, with property leasing contributing HKD 7.844 billion, up 3% year-on-year[115] - Shareholders' basic profit attributable decreased by 2% to HKD 2.931 billion, with basic earnings per share dropping to HKD 2.15[115] - The company recorded a net revaluation loss of HKD 120 million on investment properties, compared to a loss of HKD 284 million in 2022[116] - The company proposed a final dividend of HKD 0.65 per share, maintaining the same level as 2022, with a total annual dividend of HKD 0.86 per share[114] - Total revenue for 2023 decreased by 1% to HKD 10.881 billion, primarily due to RMB depreciation and a decline in property sales revenue[113] - Property leasing income increased by 2% to HKD 10.879 billion, while property sales revenue dropped to HKD 2 million from HKD 316 million in 2022[113] - The company recorded a profit of HK$127 million from joint ventures, down from HK$153 million in 2022, primarily due to a one-time gain of HK$94 million from acquiring an additional 6.67% stake in Citygate in Hong Kong[138] - The company's investment properties and properties under development were valued at HK$201.068 billion, with mainland properties accounting for HK$137.093 billion and Hong Kong properties for HK$63.975 billion[139] - The company reported a revaluation loss of HK$62 million for its property portfolio, compared to a loss of HK$352 million in 2022[139] - Mainland property portfolio recorded a revaluation gain of HK$260 million, while Hong Kong property portfolio recorded a revaluation loss of HK$322 million[140] - The company's total capital commitments for investment property development projects amounted to HK$15 billion[141] - The company's cash and bank deposits totaled HK$6.343 billion, with 60% in HKD, 37% in CNY, and 3% in USD[144] - The company's total borrowings were HK$50.693 billion, with 71% in HKD and 29% in CNY, serving as a natural hedge for its mainland investments[145] - Fixed-rate debt accounted for 37% of total debt, with 50% of offshore debt being fixed-rate after excluding onshore floating-rate debt[145] - Total borrowing increased to HKD 50,693 million in 2023, up from HKD 45,953 million in 2022, with fixed-rate loans accounting for 37% and floating-rate loans for 63%[147] - Net debt-to-equity ratio rose to 28.6% in 2023 from 25.9% in 2022, primarily due to capital expenditures in mainland China and Hong Kong[148] - The average repayment period of the debt portfolio was 3.0 years in 2023, with 63% of loans due after 2 years[150] - Total financial expenses increased by 29% to HKD 1,987 million in 2023, driven by higher average borrowing rates and increased capital expenditure[151] - The company's interest coverage ratio decreased to 3.8x in 2023 from 4.8x in 2022[151] - The company reported a translation loss of HKD 1,693 million due to a 1.4% depreciation of the RMB against HKD in 2023[153] - The company's net cash balance, excluding Hang Lung Properties, was HKD 1,002 million in 2023, up from HKD 127 million in 2022[148] - The company's unused committed credit facilities amounted to HKD 18,567 million in 2023, down from HKD 24,789 million in 2022[148] Property Portfolio and Leasing - Mainland China property leasing revenue increased to HK$7.399 billion in 2023 from HK$7.218 billion in 2022[6] - Hong Kong property leasing revenue rose to HK$3.48 billion in 2023 from HK$3.407 billion in 2022[6] - The company's property portfolio covers 9 mainland cities, including Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan, and Hangzhou[5] - Mainland China accounted for 68% of the company's rental income, with this proportion continuing to rise[12] - The company's property portfolio in China's high-end commercial real estate leasing business has been steadily growing, with annual rental income expected to achieve high single-digit growth[20] - The company aims for an annual growth rate of approximately 10% in the luxury retail sector within the Chinese market, which is expected to outperform GDP growth by several percentage points[21] - The company has successfully operated in Hong Kong for 63 years and in mainland China for over 33 years, with no plans to relocate[20] - The company's brand is considered one of the top in China's commercial real estate sector[20] - The company's strategy has been jointly developed by the current and incoming chairman, with adjustments expected as external conditions evolve[20] - The company anticipates further expansion of its property portfolio[21] - The company's performance is expected to lead the industry if external conditions, particularly China's stability and economic growth, remain favorable[21] - The company's growth strategy is supported by China's large and dynamic market, which is expected to grow at a rate of 4% to 5% annually over the next 10 to 20 years[21] - The company's success is attributed to its strategic timing in acquiring properties in Hong Kong and entering the mainland market[20] - The company's leadership believes that China's social stability and economic growth will continue, despite external challenges[21] - Full-year growth in 2023 recorded low single-digit growth in Hong Kong dollars, supported by strong performance of high-end shopping malls outside Shanghai[28] - Over HKD 5 billion was invested in construction projects in 2023, including the completion of the first building in Wuhan's "Henglong Mansion," though sales have been slow[28] - Hangzhou's Hang Lung Plaza shopping mall is nearing completion, with six buildings under rapid construction, aiming for a 2025 opening[28] - Kunming's Hyatt Hotel is expected to open in June 2024, with serviced apartments following shortly after[28] - Jinan's Hang Lung Plaza optimization plan is ahead of schedule, expected to complete by the end of 2024[29] - The company's total gross floor area in Shanghai's Hang Lung Plaza is 213,255 square meters, with 25% retail and 75% office space[36] - Shanghai's Grand Gateway Hang Lung Plaza has a total gross floor area of 273,427 square meters, with 45% retail, 25% office, and 30% residential and serviced apartments[37] - Shenyang Huangcheng Plaza has a total gross floor area of 109,307 square meters, with 100% retail space and 844 parking spaces[38] - Shenyang City Plaza has a total gross floor area of 293,905 square meters, with 35% retail, 45% office, 20% hotel, and 2,001 parking spaces[39] - Jinan Plaza has a total gross floor area of 171,074 square meters, with 100% retail space and 785 parking spaces, and is the first commercial property in Shandong Province to achieve net-zero carbon emissions[40] - Wuxi Plaza has a total gross floor area of 259,770 square meters, with 47% retail, 53% office, and 1,292 parking spaces[40] - Tianjin Plaza has a total gross floor area of 152,831 square meters, with 100% retail space and 800 parking spaces[41] - Dalian Plaza has a total gross floor area of 221,900 square meters, with 100% retail space and 1,214 parking spaces[42] - Kunming Plaza has a total gross floor area of 333,112 square meters, with 50% retail, 50% office, and 1,629 parking spaces, and is the first project to achieve net-zero carbon emissions in both owner and tenant operations[43] - Wuhan Plaza has a total gross floor area of 328,612 square meters, with 54% retail, 46% office, and 2,265 parking spaces[43] - Fashion Walk in Hong Kong has a total gross floor area of 70,487 square meters, with 57% retail, 31% office, 12% residential and serviced apartments, and 126 parking spaces[44] - Central property portfolio consists of 4 office buildings with a total gross floor area of 50,041 sqm, with 21% allocated to retail and 79% to office space[45] - The Peak Galleria, a tourist landmark in Hong Kong, has a total gross floor area of 12,446 sqm, entirely dedicated to retail, and features 493 parking spaces[46] - Hong Kong East property portfolio includes Kornhill Plaza, Kornhill Gardens, and the newly completed 228 Electric Road, with a total gross floor area of 108,687 sqm, comprising 50% retail, 18% office, and 32% residential and serviced apartments[47] - Mongkok property portfolio, including Granville Road and Argyle Centre, has a total gross floor area of 89,815 sqm, with 32% allocated to retail and 68% to office space[48] - Amoy Plaza, located near Kowloon Bay MTR Station, has a total gross floor area of 49,006 sqm, entirely dedicated to retail[49] - In 2023, the company's leasing income increased by 7% year-on-year in RMB terms, driven by the recovery of the mainland market[50] - Shanghai Plaza 66, a premier property in the company's mainland portfolio, maintained a 100% occupancy rate for its retail spaces and a 96% occupancy rate for its office spaces[54] - The company's marketing efforts in Q1 2023, including innovative activation plans and popular events, successfully boosted tenant sales and leasing income[50] - Shanghai Plaza 66 introduced new luxury brand stores and expanded flagship stores for brands like Dior, Valentino, and Moncler, enhancing its position as a high-end brand hub[52] - The company plans to continue adjusting its tenant mix in 2024, offering a more diversified selection of high-end designer brands and leveraging its efficient membership program activities[52] - Shanghai Grand Gateway 66's foot traffic steadily recovered, with strong performance in dining, sportswear, and jewelry brands, despite a slight dip in occupancy rate due to tenant changes[55] - Shanghai Grand Gateway 66 attracted 17 new brands in 2023, including Dinh Van's first Asia-Pacific store and expanded Gucci flagship, enhancing its luxury beauty tenant mix[55] - Shenyang Imperial Palace 66 saw increased tenant sales and occupancy rate in 2023, driven by new store openings and strong performance in the second half of the year[58] - Shenyang Imperial Palace 66 added brands like On, The North Face, and Emporio Armani, enriching its sportswear and fashion offerings[58] - Shenyang Forum 66 recorded growth in tenant sales and rental income in 2023, despite challenges from overseas travel recovery impacting domestic luxury consumption[60] - Shenyang Forum 66 introduced the FAS Art Exhibition, featuring works from 9 artists, boosting foot traffic and tenant sales[60] - Shenyang Forum 66's office tower, the tallest in Northeast China, secured new tenants like Siemens Energy and Guojin Securities despite market challenges[61] - Shenyang Conrad Hotel performed well in 2023, ranking among China's top 20 hotels by Condé Nast Traveler and leading in RevPAR in Shenyang[62] - Shanghai Grand Gateway 66's office tower maintained stable rental income, focusing on retaining existing tenants and attracting new ones amid increasing competition[56] - Shenyang Imperial Palace 66 plans to expand its tenant mix in 2024, focusing on sportswear, women's fashion, and jewelry brands, with new stores from Salomon and Bananain[58] - Plaza 66, Shanghai: Jinan Plaza 66 saw a significant increase in foot traffic post-pandemic, with the completion of the first phase of its asset optimization plan, including renovations of indoor and outdoor areas, and the introduction of new dining and luxury brands such as Guerlain, Giorgio Armani, Sisley, Breitling, and Chow Sang Sang flagship store[63] - Jinan Plaza 66: The mall hosted the inaugural "Wheat Wave Music Festival," which significantly boosted foot traffic and tenant sales through live music, markets, and interactive activities[63] - Jinan Plaza 66: The second phase of the asset optimization plan, covering floors 3 to 7, is expected to be completed by late 2024 to early 2025, aiming to further enhance the shopping experience and customer flow[63] - Grand Gateway 66, Shanghai: Wuxi Plaza 66 celebrated its 10th anniversary in 2023, with steady growth in tenant sales and rental income, and introduced 28 new brands including Dior, Byredo, and Salomon[65] - Wuxi Plaza 66: The mall successfully held the "Take Center Stage" annual marketing event for the third consecutive year, increasing foot traffic and setting new sales records for multiple tenants[65] - Wuxi Plaza 66: The office towers maintained stable occupancy rates, with new tenants including China Taiping and Siemens, and the "Hengju" co-working space gaining popularity[66] - Tianjin Plaza 66: The mall saw significant improvement in performance due to the recovery of domestic tourism and increased daily foot traffic, with 16 new tenants including Manner Coffee and OTF[68] - Tianjin Plaza 66: The mall hosted a series of themed events, including a mini concert and special decorations for Starbucks, successfully attracting a large number of visitors[69] - Dalian Plaza 66: The mall became a luxury hub in Dalian, with significant sales growth in high-end, sub-high-end, and dining markets, and introduced new brands such as CHANEL BEAUTÉ, Dior Beauty, and Vacheron Constantin[70] - Dalian Plaza 66: The mall celebrated its 7th anniversary with over 150 tenants, achieving record tenant sales and the second-highest daily foot traffic since opening[70] - Kunming Plaza recorded an increase in tenant sales, leasing portfolio, and foot traffic, with a high occupancy rate despite slow economic growth in the city[72] - Kunming Plaza added 8 beauty and cosmetics brands in 2023 and upgraded multiple dining and sub-luxury tenant stores, enhancing the shopping experience[72] - Kunming Plaza's office building, located in the city's core business district, has over 50% of its tenants from the finance, insurance, and professional services sectors[73] - Wuhan Plaza's tenant sales and foot traffic increased in 2023, despite market competition and price-sensitive consumers, with new luxury and lifestyle brands opening their first stores in Wuhan[75] - Wuhan Plaza's office building saw a slight increase in occupancy rate due to new tenants from professional services, technology, media, and telecommunications sectors, but tenant stability remains weak[76] - Kunming Hyatt Hotel, set to open in mid-2024, will offer 331 rooms and suites, integrating Yunnan's unique charm into its design, and will be part of Kunming Plaza's multi-purpose complex[78] - Wuxi Hilton Curio Collection Hotel, expected to open in the first half of 2025, will feature 105 high-end rooms and blend modern and historical architecture within the Wuxi Plaza complex[78] - Hangzhou Plaza will develop into a high-end mixed-use project, including 5 Grade A office towers, a luxury shopping mall, and the Hangzhou Mandarin Oriental Hotel, set to open in phases starting 2024[79] - Hangzhou Mandarin Oriental Hotel, planned to open by the end of 2025, will offer approximately 190 rooms and suites, along with event spaces, a spa, and two restaurants[79] - Hangzhou Plaza's development project incorporates sustainable practices, including carbon emission data collection, construction waste recycling, and net-zero carbon design for historical buildings[79] - Shanghai Plaza expansion to add 3,080 square meters of retail space, expected completion in 2026[80] - Shenyang City Plaza expansion to add 502,660 square meters of retail, office, and residential space, expected completion starting 2028[80] - Hong Kong property portfolio rental income increased by 2% year-over-year due to improved tenant mix and customer loyalty programs[83] - Hong Kong retail market recovery in 2023 driven by increased tourist and business visitor numbers[81] - Fashion Walk in Causeway Bay saw improved foot traffic and tenant sales through marketing initiatives and new tenant additions[85] - Central portfolio in Hong Kong saw increased occupancy rates due to flexible leasing terms and tenant mix adjustments[87] - Peak Galleria in Hong Kong experienced a surge in foot traffic and rental income, with a focus on enhancing dining options and outdoor spaces

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布的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公布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。 恒隆集團有限公司 HANG LUNG GROUP LIMITED ﹙於香港註冊成立之有限公司﹚ ﹙股份代號︰00010﹚ 2023 年度全年業績 恒 匯 集 團 Hang Lung Group 頁 財務摘要 1 業務回顧 2 綜合財務報表 22 綜合財務報表附註 25 其他資料 34 詞彙 36 目錄 2023 年度全年業績 2023 年度全年業績 財務摘要 以港幣百萬元計算（除另有註明） 業績 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|-------------|-------------------|------------------------|-------------|-----------------|------------- ...

Financial Performance - Total revenue for the six months ended June 30, 2023, decreased by 1% to HKD 5.525 billion, impacted by RMB depreciation and reduced property sales revenue[5]. - Basic earnings attributable to shareholders decreased by 3% to HKD 1.560 billion, with basic earnings per share falling to HKD 1.15[5]. - After accounting for property revaluation impacts, net profit attributable to shareholders increased by 17% to HKD 1.682 billion, with earnings per share rising to HKD 1.24[5]. - The basic net profit attributable to shareholders decreased by 3%, while property rental profit increased by 2% to HKD 1.571 billion[12]. - The net profit attributable to shareholders rose by 17% to HKD 1.682 billion, including slight net revaluation gains[12]. - The profit attributable to shareholders for the period was HKD 1,682 million, an increase of 17.6% compared to HKD 1,439 million in 2022[112]. - The company reported a net profit of HKD 1,682 million for the six months ended June 30, 2023, contributing to total equity of HKD 91,569 million[94]. - The total comprehensive income for the period was a loss of HKD 644 million, compared to a loss of HKD 2,755 million in the previous year, indicating an improvement[92]. Revenue Sources - Rental income increased by 4% to HKD 5.523 billion, reflecting improved leasing performance[5]. - Approximately 30% of the company's recurring rental income is derived from the Hong Kong market, despite a strategic shift towards the mainland commercial property market[7]. - Rental income in mainland China increased by 12% in the past six months, but due to a 6.3% depreciation of the RMB against HKD, the actual growth recorded was only 5%[12]. - The rental income from high-end shopping malls in mainland China saw tenant sales increase by over 100%, with two malls experiencing sales growth of 2.5 to 3 times[12]. - The overall rental income from the office portfolio typically experiences a decline of less than 4% annually, indicating strong resilience[11]. - The overall revenue of high-end malls increased by 16% to RMB 2,189 million, with individual mall revenue growth ranging from 6% to 23% compared to the same period last year[28]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.21 per share, to be distributed on September 29, 2023[5]. - The interim dividend for 2023 was declared at HKD 0.21 per share, unchanged from 2022[24]. - The company plans to distribute an interim dividend of HKD 286 million, maintaining the same level as in 2022[109]. Market Outlook and Strategy - The company anticipates a systematic transformation in the Hong Kong real estate market, with increasing land supply expected to pressure property prices[8]. - The company believes that the mainland economy is likely to perform reasonably well in the coming years, despite current market weaknesses in Hong Kong[8]. - The company acknowledges the challenges and necessary adjustments for Hong Kong's economy to maintain its competitive position in a changing global landscape[8]. - The company emphasizes a cautious approach to expansion in light of current economic uncertainties and risks[9]. Property and Investment Developments - The company has accumulated significant financial resources and industry expertise over the years, which supports its operations in the mainland market[7]. - The company has not been active in the general residential market for over 20 years, avoiding high-priced land and property challenges[13]. - The company plans to remain vigilant for future land acquisition opportunities despite not purchasing land this year[14]. - The company has established a real estate research center at Tsinghua University to focus on sustainable development and innovation in real estate technology[61]. Financial Position and Debt Management - The net debt to equity ratio increased to 27.1% from 25.9% in December 2022[21]. - The total borrowing as of June 30, 2023, was HKD 47,453 million, up from HKD 45,953 million at the end of 2022, with 28% denominated in RMB[52]. - The average repayment period of the overall debt portfolio was 3.2 years as of June 30, 2023, with approximately 72% of loans due after two years[56]. - The company issued green bonds worth HKD 400 million and secured green loan credit facilities of HKD 500 million, representing 48% of total debt and available credit facilities[50]. Corporate Governance - The company maintains high standards of corporate governance, emphasizing a competent board, sound internal controls, and effective risk management as of June 30, 2023[65]. - The board consists of 11 members, including 4 executive directors, 3 non-executive directors, and 4 independent non-executive directors, ensuring a balanced distribution of power and authority[66]. - The company has complied with the Corporate Governance Code as stipulated in the Hong Kong Stock Exchange Listing Rules during the six months ending June 30, 2023[69]. Employee and Shareholder Information - Employee count as of June 30, 2023, was 4,204, including 988 in Hong Kong and 3,216 in mainland China[85]. - Total employee costs for the six months ended June 30, 2023, amounted to HKD 950 million[85]. - Major shareholder Chen Wenbo holds 551,002,580 shares, representing 40.47% of the total issued shares[81]. - The company has implemented share option plans to incentivize selected participants, including employees and directors, to contribute to the group's future development[74].

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布的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公布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。 恒 匯 集 團 HANG LUNG GROUP 恒隆集團有限公司 HANG LUNG GROUP LIMITED ﹙於香港註冊成立之有限公司﹚ ﹙股份代號︰00010﹚ 2023 年度中期業績 恒 頁 財務摘要 1 業務回顧 2 綜合財務報表 22 綜合財務報表附註 25 其他資料 35 詞彙 37 目錄 2023 年度中期業績 2023 年度中期業績 截至 6 月 30 日止六個月 財務摘要 以港幣百萬元計算（除另有註明） 業績 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|----------|-------------------|--------------------------|----------|-----------------|- ...

m # ■ 暖 標） 張G 恒 隆 集 團 有 限 公 司 股份代號:00010 年 報 ２０２２ 高瞻遠矚 2022年標誌着恒隆進軍內地30周年。我們在上海的首個發展項目不但 鞏固了恒隆的行業領先地位，更印證了我們對實現增長和多元化的 長遠承諾。憑藉對「以客為尊」的追求，我們其後陸續在內地其他八個 主要城市發展購物商場、辦公樓、酒店及高端住宅物業組合，業務蓬勃 發展，並成功確立旗下高端購物商場品牌「66」及甲級辦公樓在各大城市 的領導地位。 今年的年報封面和主題頁旨在彰顯我們作為世界頂尖發展商的創新領導 能力、策略願景和標誌性的建築美學。恒隆集團及恒隆地產的年報封面 分別以旗下在內地首個發展項目和最新開業的項目為主題，前者突顯 上海港匯恒隆廣場的建築美感，後者則展現武漢恒隆廣場的耀眼設計。 以上設計寓意我們對卓越、品質和增長鍥而不捨的追求。我們致力 締造超乎期望的優享生活空間，營造恒隆獨有的非凡品牌體驗， 以充分詮釋我們的品牌理念――「只選好的 只做對的」。 0 GUCCI 6 駐足內地 3 0 載 早着先機 1992年，我們投資發展旗下首個內地物業項目 — 上海港匯恒隆廣場。此後我們一直恪守推動增長和發揮 ...