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10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: | 恒隆集團有限公司 | | | 呈交日期: | 2025年11月6日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 恒隆集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 | 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) | 00010 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,361,618,242 | | 0 | | 1,361,618,242 ...

Core Insights - The commercial real estate sector is undergoing a structural change rather than a cyclical one, with a shift from a "buy-buy-buy" mentality to addressing unmet spiritual and social needs [1] - The upcoming peak in shopping center openings is expected around the National Day holiday in 2025, with over 60 projects set to launch nationwide [1] Industry Trends - The golden era of commercial real estate appears to be fading, with increasing homogenization and significant pressure on the sector due to slow recovery in employment and income expectations [2] - Developers are adapting to the new market dynamics by focusing on strategic adjustments while maintaining a stable operational approach [2] Developer Strategies - Developers are shifting from traditional land acquisition and rapid construction to urban renewal projects due to high land costs and intense competition [4][6] - Companies like 恒隆集团 (Hang Lung Group) are focusing on deep participation in urban renewal to maximize asset value rather than merely engaging in light asset output [4][6] Market Opportunities - Despite challenges, there are still significant opportunities in the commercial real estate sector, particularly in second-tier cities where consumer demand is expected to grow [8][10] - The focus on community development and strategic partnerships is seen as a way to enhance business resilience and expand market presence [7][10] Financial Considerations - The recovery of the real estate market is anticipated to be gradual, influenced by global interest rates and local economic conditions [13][14] - Companies are prioritizing debt reduction and maintaining liquidity to navigate the current market uncertainties [15]

Core Insights - The article highlights the competitive landscape of commercial real estate in China, focusing on Hang Lung Group's strategic approach to maintaining its market position through selective expansion and partnerships [1][6]. Company Strategy - Hang Lung Group has signed a 20-year operating lease with Baida Group for the South and North buildings of Hangzhou Department Store, significantly increasing the retail space of Hangzhou Hang Lung Plaza by 40% and street-facing area by over 200% [1][7]. - The company emphasizes a shift from aggressive expansion to enhancing existing assets and customer experience, focusing on core cities to improve investment returns [1][6]. - The current strategy, termed "Hang Lung V.3," reflects a move away from a growth model based solely on quantity, recognizing the saturation of commercial space in various cities [6][8]. Market Conditions - The office market is experiencing downward pressure on rents, with CBRE projecting a 9.9% decline in national office rents by 2025, an increase of 3.2 percentage points from earlier predictions [5]. - The retail market shows signs of recovery, with Hang Lung's Shanghai Plaza maintaining a high occupancy rate of 98% despite ongoing renovations [5][6]. Project Developments - The Hangzhou project is the 11th comprehensive commercial project for Hang Lung in mainland China, with a retail pre-leasing rate of 83% and plans for phased openings starting in late 2025 [7][8]. - The company plans to complete renovations within a year of acquiring the properties, aiming to integrate the new space into the existing Hangzhou Hang Lung Plaza [9]. Competitive Landscape - Hang Lung aims to collaborate with local competitors like Hangzhou Tower to enhance the overall commercial environment rather than engage in direct competition [9].

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9月30日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 恒隆集團有限公司 | | | | 呈交日期: | 2025年10月8日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 恒隆集團有限公司並無法定股本，及其股本並無股份面值。 | | | | 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 | 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) | 00010 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 ...

Group 1 - The core point of the article is that Chen Xiumei, an independent non-executive director of Hang Lung Group, increased her shareholding by purchasing 150,000 shares at an average price of HKD 14.4501 per share, totaling approximately HKD 2.1675 million [1] - Following the purchase, Chen Xiumei's total shareholding increased to 300,000 shares, raising her ownership percentage from 0.01% to 0.02% [1]

Core Viewpoint - The real estate market continues to face challenges in 2023, with many companies reporting a year-on-year decline in revenue and net profit attributable to shareholders. However, there are signs of recovery, particularly in the retail sector, with expectations for gradual improvement in tenant sales as market conditions stabilize. Group 1: Financial Performance - In the first half of 2023, Hang Lung Group and Hang Lung Properties reported a 3% year-on-year decline in total property leasing income, amounting to HKD 4.912 billion and HKD 4.678 billion respectively, due to challenges in the Hong Kong and mainland operating environments [1] - The overall income and occupancy rates in the mainland office and retail markets have also decreased [1] Group 2: Market Outlook - CEO Lu Weibo expressed cautious optimism for the retail market in the second half of the year, anticipating a more sustained recovery in the fourth quarter as tenant sales improve following project adjustments and a rebound in consumer spending [1][2] - Chairman Chen Wenbo noted that while the mainland market faces pressure, operational data has shown growth in recent months [1] Group 3: Investment Strategy - The company focuses on operating super-grade, internationally-standard office buildings, which continue to see stable demand and higher occupancy rates compared to market averages. However, rental adjustments may be necessary [2] - Lu Weibo emphasized that China remains one of the best investment markets globally, citing political stability and a growing consumer base as key factors for long-term growth [2] Group 4: Financial Management - The company has maintained a conservative approach to financing, holding onto a significant cash reserve to navigate market uncertainties without being forced to sell assets at unfavorable prices [3] - Following the completion of the Hangzhou project, the company expects a significant reduction in capital expenditures, allowing for debt repayment through operational income [4] Group 5: Strategic Focus - The company has shifted its strategy from aggressive expansion to enhancing the value of existing assets, recognizing that the era of relying solely on quantity expansion is over [7] - Lu Weibo highlighted the importance of collaboration within commercial districts to enhance overall market value, as seen in the positive impact of nearby high-profile projects on sales performance [7]

恒隆 集 團有 限 公司 HANG LUNG GROUP LIMITED (Incorporated in Hong Kong with limited liability) 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00010) N O T I F I C AT I O N L E T T E R 通知信函 Dear Non-registered Shareholder* , Hang Lung Group Limited (the "Company") - Notice of Publication of 2025 Interim Report We are pleased to inform you that the English and Chinese versions of the 2025 Interim Report of the Company are now available on the Company's website at www.hanglunggroup.com (the "Company's website") and the website of ...

恒隆 集 團有 限 公司 HANG LUNG GROUP LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00010) N O T I F I C AT I O N L E T T E R 通知信函 Hang Lung Group Limited (the "Company") - Notice of Publication of 2025 Interim Report We are pleased to inform you that the English and Chinese versions of the 2025 Interim Report of the Company are now available on the Company's website at www.hanglunggroup.com (the "Company's website") and the website of Hong Kong Exchanges and Clearing ...

恒隆 集 團有 限 公司 HANG LUNG GROUP LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00010) 各位新登記股東： 收取公司通訊語言版本及方式之選擇 隨函附上恒隆集團有限公司（「本公司」）2025 中期報告（英文及中文版），以供閱覽。 根據《香港聯合交易所有限公司證券上市規則》及本公司的組織章程細則，本公司將向 閣下提供下述方案，選擇以下 列方式收取本公司所有日後公司通訊*， 閣下可選擇： 為確保及時收到最新的公司通訊及可供採取行動的公司通訊**，本公司建議 閣下透過掃描隨本函附上的回條（「回條」） 上列印的專屬二維碼以提供 閣下的電子郵件地址。在行使上述選擇權時，請 閣下填妥回條，並在回條上簽名，然後把回條 寄回或親手交回本公司（經本公司之股票過戶及登記處（「股票過戶及登記處」），即香港中央證券登記有限公司，地址為香港灣 仔皇后大道東 183 號合和中心 17M 樓）。倘 閣下在香港投寄回條，可使用回條上的郵寄標籤寄回，而毋須貼上郵票；否則， 請貼 ...

Financial Performance - Total revenue for the first half of 2025 was HKD 5.202 billion, a decrease of 18% compared to HKD 6.379 billion in 2024[18]. - Property leasing income decreased by 3% to HKD 4.912 billion, while operating profit from property leasing fell by 4% to HKD 3.499 billion[19]. - Hotel revenue increased by 84% to HKD 1.29 billion, compared to HKD 0.7 billion in 2024[19]. - Total revenue for the six months ended June 30, 2025, decreased by 18% to HKD 5,202 million compared to HKD 6,379 million in 2024[20]. - Property sales plummeted by 87% to HKD 161 million, with Hong Kong sales dropping significantly from HKD 1,203 million to HKD 151 million[20]. - Operating profit decreased by 6% to HKD 3,408 million from HKD 3,613 million in the previous year[20]. - The company recorded a net loss attributable to shareholders of HKD 0.494 billion due to property revaluation losses[14]. - Basic earnings per share decreased by 7% to HKD 0.87, down from HKD 0.94 in 2024[15]. - Net profit for the period was HKD 1,308 million, a decline of 14.3% compared to HKD 1,526 million in 2024[108]. - Basic earnings per share for 2025 was HKD 0.51, down from HKD 0.65 in 2024, representing a decrease of 21.5%[106]. Rental and Occupancy Trends - The rental occupancy rate remained stable at over 90% in mainland China despite a decline in consumer confidence[17]. - The overall rental rate for the property portfolio remained stable at 94%, with a slight increase of 1%[23]. - The flagship Shanghai Hang Lung Plaza maintained a high occupancy rate of 98%, with rental income remaining stable despite an 8% drop in tenant sales[28]. - Shanghai Hong Kong Plaza reported a 1% increase in revenue and a 10% increase in tenant sales, with a high occupancy rate of 99%[29]. - Wuxi Hang Lung Plaza experienced an 8% increase in revenue despite a 4% decline in tenant sales, maintaining a 96% occupancy rate[29]. - Kunming Hang Lung Plaza recorded a 7% revenue growth, while tenant sales slightly decreased by 1%, with occupancy rising to 99%[30]. - Dalian Hang Lung Plaza achieved a 10% increase in revenue and a 13% increase in tenant sales, with a 94% occupancy rate[30]. - Shenyang Royal Hang Lung Plaza saw a 4% increase in revenue and a 10% increase in tenant sales, with occupancy rising by 4 percentage points to 96%[31]. - Wuhan Hang Lung Plaza faced a significant decline, with revenue and tenant sales dropping by 36% and 31% respectively, but occupancy improved by 5 percentage points to 88%[32]. Strategic Initiatives - The company has introduced a new strategy called "Hang Lung V.3," focusing on strategic reinvestment in existing assets to enhance their scale and visibility[9]. - The company is strategically pursuing retail management contracts in certain markets to consolidate its existing position while investing additional capital in others[10]. - The company aims to maintain its leading position in every city where it operates, emphasizing the importance of physical retail in the current market[8]. - The company plans to expand Shanghai Hang Lung Plaza, increasing the leasable area by over 13%, with completion expected in 2026[11]. - A new partnership with Baida Group in Hangzhou is projected to increase leasable floor area by approximately 40% and street-facing area by over 200%[12]. - The company is developing multiple investment projects, including the second phase of Wuxi Hang Lung Plaza and a new co-working space project in Hong Kong[18]. Debt and Financial Management - The net debt-to-equity ratio increased to 31.5% from 30.8% in the previous year[16]. - Total borrowings as of June 30, 2025, were HKD 55,972 million, a decrease from HKD 57,794 million on December 31, 2024, with 42% denominated in RMB[56]. - The average repayment period of the debt portfolio was 3.1 years as of June 30, 2025, compared to 2.9 years on December 31, 2024, with approximately 72% of loans due after two years[59]. - Total financial expenses decreased by 6% to HKD 1,002 million in the first half of 2025, with an average effective borrowing rate reduced to 3.9% from 4.4% in 2024[62]. - The interest coverage ratio for the first six months of 2025 remained stable at 3.2 times, consistent with 2024[64]. Sustainability and Corporate Responsibility - 80% of the properties in the mainland portfolio are now powered by renewable energy, up from 50%, with a target of procuring approximately 320 million kWh of renewable energy by the end of the year[67]. - The company has released a discussion paper on achieving net-zero emissions by 2050, aiming to reduce greenhouse gas emissions from nearly 1 million tons in 2023 to below 100,000 tons[68]. - The "Changemakers Tenant Sustainability Cooperation Program" has attracted 42 tenants, covering over 238,000 square meters, which is 12% of the total leasable area of the group[69]. - The group has donated over RMB 33 million since 2010 to support Tsinghua University's real estate projects and academic research[71]. Governance and Shareholder Information - The board consists of three executive directors, three non-executive directors, and five independent non-executive directors, with independent directors making up approximately 46%[76]. - The company has complied with the Corporate Governance Code as per Appendix C1 of the Listing Rules, exceeding certain requirements in some areas during the six months ending June 30, 2025[79]. - As of June 30, 2025, the company’s major shareholder, Chen Wenbo, holds 551,752,580 shares, representing 40.52% of the issued shares[81]. - The total number of options available for grant under the 2022 Share Option Scheme is 276,275,550 shares, which accounts for approximately 5.5% of the total issued shares of the company[85]. - The company has not made any arrangements for directors to benefit from purchasing shares or debt securities of the company or any other entity during the six months ending June 30, 2025[82]. Market Outlook - The company is actively adjusting its business operations in response to government initiatives aimed at stimulating consumption and tourism[22]. - The group anticipates a moderate improvement in domestic demand due to fiscal expansion and targeted government support measures in the coming months[73]. - The residential market in Hong Kong is showing signs of bottoming out, with confidence in better sales performance as the economy recovers[74].