Group 1: Market Overview - The Hang Seng Index closed down 894 points or 3.54%, ending at 24,382 points, with a total market turnover of 368.68 billion [3] - The decline was influenced by geopolitical tensions and rising oil prices, leading to a significant drop in the Hong Kong stock market, which fell below the 25,000 mark [4] - The decline in the market was part of a broader trend, with the Hang Seng Index experiencing a cumulative drop of 1,642 points or 6.31% over three consecutive days [4] Group 2: Economic Forecasts - Hang Seng Bank raised its economic growth forecast for Hong Kong from 2.5% to 3.1% due to increased local and external demand, which is expected to support overall economic performance [8] - The bank noted that the recovery in consumer demand reflects strong performance in asset markets, particularly in the stock and property sectors [8] Group 3: Company News - Country Garden expects a profit of between 1 billion to 2.2 billion RMB for the year ending December 2023, primarily due to non-cash gains from debt restructuring [12] - WuXi AppTec reported a 38% increase in profit to 1.48 billion RMB for the year ending December 2023, with revenue rising by 46.69% to 5.944 billion RMB [13] - Henderson Land Development reported a 38% drop in basic profit, with shareholder profit at 5.653 billion RMB, attributed to reduced gains from land sales compared to the previous year [14] - Lao Poo Gold announced a significant profit increase of 2.3 times to 4.868 billion RMB, with revenue growing by 2.21 times to 27.303 billion RMB [15]

Core Viewpoint - The company reported a slight increase in revenue for the fiscal year 2025, but a significant decrease in profit attributable to shareholders, primarily due to lower land sale gains compared to the previous year [1]. Group 1: Financial Performance - The company achieved a revenue of HKD 25.741 billion, representing a year-on-year increase of 1.92% [1]. - Profit attributable to shareholders was HKD 5.653 billion, a decrease of 10.21% compared to the previous year [1]. - Basic earnings per share were HKD 1.17, with a proposed final dividend of HKD 0.76 per share [1]. Group 2: Land and Property Development - The decrease in basic earnings was mainly due to last year's significant land sales and property disposals, which contributed HKD 47.68 billion in gains, compared to only HKD 5.99 billion this year [1]. - The company successfully launched several high-end residential projects, including "天御" in Mid-Levels and multiple waterfront projects in Kai Tak [1]. - The total contract sales in Hong Kong reached approximately HKD 19.271 billion, an increase of 71% year-on-year [1]. Group 3: Future Sales and Land Holdings - As of December 2025, the unrecognized contract sales amounted to approximately HKD 10.926 billion, with about HKD 8.846 billion expected to be recognized in 2026 upon property completion [2]. - The company acquired approximately 570,000 square feet of new territory land during the year [2]. - The company holds a total land reserve of approximately 40.5 million square feet in the New Territories, maintaining its position as the developer with the largest land holdings in this area [2].

格隆汇3月23日丨恒基地产(00012.HK)发布2025年度业绩。集团年度本港物业发展之应占营业额约为港 币152.12亿元，较去年增加23%。年度之股东应占基础盈利为港币60.63亿元，同比减少38%。每股基础 盈利为港币1.25元。董事局建议减少派发末期股息，由每股港1.3减至每股港币0.76仙。 基础盈利减少主要由于去年度因政府收回若干新界土地，以及出让北角一项投资物业(即「港汇东」)之 控股公司权益而带来应占收益合共约港币47.68亿元；而年度因收地所带来应占收益仅为港币5.99亿元所 致。 ...

智通财经APP讯，恒基地产(00012)发布公告，将于2026年6月23日派发截至2025年12月31日止年度的末 期股息每股0.76港元。 该信息由智通财经网提供 ...

於香港註冊成立之有限公司 (股份代號 ﹕12) 公佈 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佈的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公佈全部或任何部份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。 本公佈僅供參考，並不構成任何司法管轄區（包括但不限於美國、加拿大或日本）的要約出售或招攬要約購買 或邀請包銷、認購或以其他方式收購或處置任何證券或投資建議。 本公佈所提述的證券並無且將不會根據美國《⼀九三三年證券法》（經修訂）（「美國證券法」）或美國任何州或 其他司法管轄區的證券法登記，且不得於美國發售或出售，惟根據美國證券法登記或根據美國證券法或適用的 州或地方證券法的登記規定獲適用豁免或進行毋須遵守有關登記規定的交易則除外。本公佈所提及之證券依據 美國證券法 S 規例在美國境外發售及出售。本公司證券將不會於美國或該等發售受到限制或禁止的任何其他司 法管轄區境內公開發售。 本公佈日期，債券的未償還本金總額為港幣 8,000,000,000 元。按經調整換股價及假設在債 券悉數轉換前本公司股本未有發生其他變動，本公司於債券悉數轉換後將發行的最高股份數 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期,發行人董事局成員包括︰(1)執行董事︰李家傑(主席兼董事總經理)、李家誠(主席兼董事總經理)、林高演(副主席)、 葉盈枝、馮李煥琼、郭炳濠、孫國林、黃浩明及馮孝忠；(2)非執行董事︰李王佩玲；以及(3)獨立非執行董事︰鄺志強、高秉強、 胡經昌、胡家驃、潘宗光及歐肇基。 EF001 免責聲明 | 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 公告全部或任何部份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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 恒基兆業地產有限公司 | | 股份代號 | 00012 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月23日 | | 公告狀態 | 新公告 ...

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佈的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示，概不對因本公佈全部或任何部份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。 於香港註冊成立之有限公司 (股份代號 ﹕12) 二零二五年全年業績公佈 董事局主席報告 股東應佔盈利 集團截至二零二五年十二⽉三十⼀⽇⽌年度之股東應佔基礎盈利為港幣六十億六千三 百萬元，較去年度之港幣九十七億七千四百萬元，減少港幣三十七億⼀千⼀百萬元或 38%。每股基礎盈利為港幣 1.25 元 (二零二四年：港幣 2.02 元)。基礎盈利減少主要 由於去年度因政府收回若干新界土地，以及出讓北⾓⼀項投資物業（即「港匯東」）之 控股公司權益而帶來應佔收益合共約港幣四十七億六千八百萬元；而本年度因收地所 帶來應佔收益僅為港幣五億九千九百萬元所致。 本年度，集團建成投資物業及發展中投資物業經重估後錄得公允價值虧損港幣四億⼀ 千萬元(二零二四年: 港幣三十四億七千八百萬元)，當中包括已出售投資物業累計公允 價值變動之調整。在計及相關公允價值虧損後，集團截至二零二五年十二⽉三十⼀⽇ ⽌年度之股東應佔公佈盈利為港幣五十 ...

Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1][6] Core Insights - The Hong Kong property market is entering a cycle of simultaneous increases in both transaction volume and prices, supported by favorable conditions such as rising rental yields and declining unsold inventory [5][10] - The company ranks among the top two in land reserves in Hong Kong, with diverse land acquisition channels and significant cost advantages, positioning it well for future growth [10][60] - The company benefits from dual cash flow engines, with stable income from core commercial assets and dividends from its stake in Hong Kong and China Gas, ensuring consistent dividend payouts [10][85] - The forecast for core net profit from 2025 to 2027 is HK$8.068 billion, HK$9.114 billion, and HK$10.306 billion, reflecting a recovery in profitability [5][10] Summary by Sections Company Overview - Founded in 1976, the company primarily engages in property development and investment, with a diversified portfolio including Hong Kong and China Gas, and various hotel and real estate investments [18] Market Analysis (β) - The Hong Kong property market is showing signs of recovery, with a rental yield of 3.43% surpassing the average mortgage rate of 3.25%, indicating a shift towards buying rather than renting [5][34] - The Central City Leading Index (CCL) has reached new highs, suggesting increased buyer confidence [10][34] - The number of completed but unsold units has decreased significantly, indicating a tightening supply [10][34] Company Strengths (α) - The company holds a land bank of 11.9 million square feet, ranking it second among Hong Kong developers, with a focus on low-cost land acquisition through various methods [10][60] - Urban redevelopment projects are strategically located in prime areas, enhancing potential profitability [10][60] Cash Flow Analysis - The company maintains a stable dividend policy, with total dividends from 2019 to 2024 amounting to HK$8.715 billion, and a consistent dividend per share of HK$1.80 [10][74] - Core commercial assets contribute significantly to rental income, with a stable occupancy rate across its properties [10][74] Financial Analysis - The company’s core net profit for the first half of 2025 decreased by 44% due to reduced land compensation income, but profitability is expected to recover as new projects are launched [90] - The company’s total revenue for the first half of 2025 was HK$95.52 billion, reflecting a year-on-year decline of 18.8% [26][90]

Core Viewpoint - The exhibition "Harmony in Dust" commemorating Dr. Li Ka-shing has officially opened in Beijing, serving as the first stop of a series of events celebrating the 50th anniversary of the company, highlighting the founder's philosophy and contributions to society [1][3]. Group 1: Exhibition Details - The exhibition will be held at prestigious universities such as Peking University and Tsinghua University, aiming to connect youth with various sectors of society [1][3]. - It features four main chapters: "Aspirations," "Foundational Entrepreneurship," "Subtle Influence," and "Enduring Blessings," focusing on Dr. Li's early life, entrepreneurial insights, philanthropic efforts, and the company's future [3][6]. - The exhibition showcases rare artifacts and photographs of Dr. Li, paying tribute to his life and business philosophy while reflecting on the company's development [3][6]. Group 2: Future Leadership and Commitment - The next generation of leaders, Dr. Li Ka-jie and Dr. Li Ka-cheng, will continue their father's legacy, balancing business ethics with social responsibility [4][6]. - The company has a long-standing commitment to supporting higher education in mainland China, investing in campus construction, research support, and scholarship programs [6][7]. - The exhibition is part of a broader initiative that includes a series of events and exclusive offerings to celebrate the company's 50th anniversary, emphasizing a commitment to long-term value and community engagement [7].

採納新標誌不會影響本公司現有股東的任何權利。所有印有舊標誌的本公司現有 已發行股票將繼續是該等本公司股份的所有權的有效憑證，可繼續用作買賣、交 收、註冊及交付。因此，本公司將不會就現有股票作出更換印有本公司新標誌的 新股票安排。 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佈的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份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。 於香港註冊成立之有限公司 (股份代號 ﹕12) 採納新公司標誌 恒基兆業地產有限公司（「本公司」）之董事局（「董事局」）欣然宣佈，自 二零二六年三月十四日起，本公司已採納如下所示之新公司標誌︰ 自二零二六年三月十六日起，本公司將予發行的股票會印有本公司之新標誌。 承董事局命 公司秘書 廖祥源 謹啟 香港，二零二六年三月十五日 於本公佈日期，董事局成員包括: (1)執行董事: 李家傑(主席兼董事總經理)、李家誠(主席兼董事 總經理)、林高演(副主席)、葉盈枝、馮李煥琼、郭炳濠、孫國林、黃浩明及馮孝忠; (2)非執行董事: 李王佩玲; 以及(3)獨立非執行董事: 鄺志強、高秉強、胡 ...