智通财经APP讯，希慎兴业(00014)发布公告，将于2025年9月9日派发截至2025年6月30日止6个月的中期 股息每股0.27港元。 ...

希慎兴业(00014)发布公告，将于2025年9月9日派发截至2025年6月30日止6个月的中期股息每股0.27港 元。 ...

Core Viewpoint - The company reported a revenue increase of 2.19% year-on-year, but a significant decline of 82.44% in net profit attributable to shareholders, indicating challenges in profitability despite revenue growth [1] Financial Performance - Revenue for the six months ending June 30, 2025, was HKD 1.73 billion [1] - Net profit attributable to shareholders was HKD 75 million, a decrease of 82.44% compared to the previous year [1] - Basic earnings per share were HKD 0.07 [1] - The company proposed an interim dividend of HKD 0.27 per share [1] Operational Highlights - Revenue growth was attributed to portfolio optimization and improved sales performance [1] - The office rental rate increased from 90% to 92%, helping to mitigate the impact of rental price reductions [1] - Strong expansion of Shanghai Li Yuan and recovery in rental rates at Zhu Lin Yuan contributed to overall revenue and profit growth during the period [1]

EF001 免責聲明 發行人董事 於本公告日期，董事會包括：利蘊蓮（主席）、呂幹威（執行董事及首席營運總監）、鍾郝儀**、卓百德**、王靜瑛**、Young Elaine Carole**、張勇**、利憲彬*（利蘊蓮為其替任董事）、利乾*以及利子厚*。 * 非執行董事 ** 獨立非執行董事 第 2 頁 共 2 頁 v 1.1.1 | 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 | 希慎興業有限公司 | | 股份代號 | 00014 | | 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2025年6月30日止6個月之中期股息 | | 公告日期 | 2025年8月14日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2 ...

Core Viewpoint - The company reported a modest growth in revenue and recurring profit for the first half of the fiscal year, driven by stable performance in its core business segments and improved sales [1] Financial Performance - The company's revenue for the six months ending June 30, 2025, was HKD 1.73 billion, representing a year-on-year increase of 2.2% [1] - Recurring basic profit was HKD 1.03 billion, up 1.2% compared to the previous year [1] - The reported profit was HKD 75 million, a significant decrease from HKD 427 million in the same period last year [1] - Basic earnings per share were HKD 0.07, with a proposed interim dividend of HKD 0.27 per share [1] Business Segments - The resilience of the Hong Kong retail business contributed to the revenue growth, supported by portfolio optimization and improved sales performance [1] - The office rental rate increased from 90% to 92%, which helped mitigate the impact of rental price reductions [1] - Strong expansion in Shanghai and a recovery in rental rates at Zhulin Garden since last year also contributed to the overall revenue and profit growth during the period [1] Operational Impact - Approximately 4% of the retail space was closed due to significant optimization works in the Liyuan area, and this impact has been reflected in the retail revenue [1]

Core Viewpoint - Hysan Development Company Limited (00014) reported its interim results for the six months ending June 30, 2025, showing a revenue increase of 2.19% year-on-year, but a significant decline in net profit attributable to shareholders by 82.44% [1] Financial Performance - Revenue reached HKD 1.73 billion, reflecting a year-on-year increase [1] - Net profit attributable to shareholders was HKD 75 million, a decrease of 82.44% compared to the previous year [1] - Basic earnings per share were HKD 0.07 [1] - The company proposed an interim dividend of HKD 0.27 per share [1] Operational Highlights - Revenue growth was attributed to portfolio optimization and improved sales performance [1] - The office rental rate increased from 90% to 92%, which helped mitigate the impact of rental reductions [1] - Strong expansion of Shanghai Li Yuan and recovery in the rental rate of Zhu Lin Yuan since last year contributed to overall revenue and profit growth during the period [1]

[Performance Summary](index=1&type=section&id=Performance%20Summary) The company achieved modest growth in turnover and recurring underlying profit for the six months ended June 30, 2025, while maintaining its interim dividend [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) For the six months ended June 30, 2025, the company reported modest year-on-year growth in turnover and recurring underlying profit, alongside improved office occupancy and a new capital recycling program Key Financial Indicators for H1 2025 | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Turnover (billion HKD) | 1.730 | 1.693 | +2.2% | | Recurring Underlying Profit (billion HKD) | 1.031 | 1.019 | +1.2% | | Reported Profit (billion HKD) | 0.075 | 0.427 | n/m | | Basic Earnings Per Share (HK cents) | 7 | 42 | n/m | | First Interim Dividend Per Share (HK cents) | 27 | 27 | ±0% | | Shareholders' Equity (Period-end, billion HKD) | 65.181 | 65.993 (2024 year-end) | -1.2% | | Net Asset Value Per Share (Period-end, HKD) | 63.5 | 64.3 (2024 year-end) | -1.2% | - Retail business turnover increased by **2.1% year-on-year**, driven by portfolio optimization and new luxury brand flagship stores[2](index=2&type=chunk) - Office business turnover grew by **0.8% year-on-year**, with occupancy rising from **90% to 92%**, easing rental pressure[2](index=2&type=chunk) - The company plans to launch an **HKD 8 billion capital recycling program** over the next five years, funded by asset disposals and residential project sales[2](index=2&type=chunk) [Chairman's Statement](index=3&type=section&id=Chairman's%20Statement) The Chairman's Statement highlights robust business performance in H1 2025, driven by the "Core and Pillars" strategy, Lee Garden area transformation, and diversified expansion, affirming confidence in Hong Kong's long-term prospects [Core and Pillars Strategy](index=3&type=section&id=Core%20and%20Pillars%20Strategy) The company's long-term growth is anchored by its "Core and Pillars" strategy, focusing on enhancing the Lee Garden area and diversifying value creation through heavy and light asset investments - The "Core" strategy aims to consolidate and expand the Lee Garden area, positioning it as a vibrant commercial and cultural hub[6](index=6&type=chunk) - The "Pillars" strategy combines heavy asset development with light asset investments, forming a diversified value-added model[6](index=6&type=chunk) [Lee Garden Area Optimization and Development](index=3&type=section&id=Lee%20Garden%20Area%20Optimization%20and%20Development) Lee Garden's optimization is yielding results with over ten luxury brand flagships completed, while the flagship Lee Garden Eight project and new pedestrian links are set to enhance the area by 2026 - Since 2024, over **ten newly renovated and expanded luxury brand flagship stores**, including Hermès, Dior, Cartier, and Chanel, have opened[7](index=7&type=chunk) - The flagship **Lee Garden Eight** project is expected to be completed in **2026**, increasing the Lee Garden area's total leasable area by nearly **30%**[8](index=8&type=chunk) - A new pedestrian link system, expected to be completed in **2026**, will connect the Lee Garden area to Causeway Bay MTR Station, enhancing community connectivity[9](index=9&type=chunk) [Strategic Pillars and Business Diversification](index=4&type=section&id=Strategic%20Pillars%20and%20Business%20Diversification) The company's strategic pillars drive business and geographical diversification, with successful tenant attraction at Lee Garden Shanghai, growth in Greater Bay Area co-working spaces, and healthcare investments, alongside retail upgrades at Hysan Place - The **Lee Garden Shanghai** project has successfully attracted prominent financial institutions and multinational corporations[10](index=10&type=chunk) - The joint venture with IWG in the Greater Bay Area's co-working space business continues to record **robust growth**[10](index=10&type=chunk) - **Hysan Place** has undergone upgrades, renovations, and repositioning to introduce new retail and dining concepts, catering to local youth and international visitors[11](index=11&type=chunk) [Market Outlook](index=5&type=section&id=Market%20Outlook) The company anticipates continued market uncertainty in 2025, maintaining cautious risk management while remaining confident in Hong Kong's long-term position and pursuing diversified growth strategies - The company remains confident in Hong Kong's long-term position as a **major global financial center** and a **key hub in the Greater Bay Area**[13](index=13&type=chunk) - The company will continue to maintain prudent financial and risk management, steadfastly advancing its "Core and Pillars" strategy to create sustainable long-term value for stakeholders[13](index=13&type=chunk) [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) In H1 2025, the Group achieved overall turnover and recurring underlying profit growth of 2.2% and 1.2% respectively, driven by solid performance across retail, office, and residential segments, alongside strategic project advancements and a new capital recycling program [Overall Performance Review](index=6&type=section&id=Overall%20Performance%20Review) In H1 2025, Group turnover increased by **2.2%** to **HKD 1.73 billion**, and recurring underlying profit grew by **1.2%** to **HKD 1.031 billion**, supported by core business strength and a maintained interim dividend Turnover by Business Segment (million HKD) | Business Segment | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Turnover** | **1,730** | **1,693** | **+2.2%** | | Retail | 862 | 844 | +2.1% | | Office | 750 | 744 | +0.8% | | Residential | 118 | 105 | +12.4% | - The Board declared a **first interim dividend of 27 HK cents per share**, consistent with the same period in 2024[17](index=17&type=chunk) [Retail Business](index=7&type=section&id=Retail%20Business) Retail business turnover increased by **2.1%** to **HKD 862 million**, driven by strong Hong Kong performance and mainland growth, with Hong Kong occupancy rising to **94%** and Shanghai Lee Garden to **64%**, supported by strategic marketing Retail Business Turnover (million HKD) | Region | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total** | **862** | **844** | **+2.1%** | | Hong Kong | 851 | 844 | +0.8% | | Mainland China | 11 | - | n/m | - Hong Kong retail occupancy was **94%** as of June 30, 2025, up from **92%** at the end of 2024[20](index=20&type=chunk) - Mainland retail (Lee Garden Shanghai) occupancy significantly increased from **41%** at the end of 2024 to **64%** as of June 30, 2025[22](index=22&type=chunk) - Various marketing activities, including exclusive pop-up events with international stars like Korean artist Jisoo, effectively boosted mall traffic and sales during the period[23](index=23&type=chunk) [Office Business](index=9&type=section&id=Office%20Business) Office business turnover slightly increased by **0.8%** to **HKD 750 million**, with Hong Kong occupancy stable at **92%** despite a **2.4%** revenue decline, while mainland operations saw significant growth due to rising occupancy Office Business Turnover (million HKD) | Region | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Total** | **750** | **744** | **+0.8%** | | Hong Kong | 703 | 720 | -2.4% | | Mainland China | 47 | 24 | n/m | - Hong Kong office portfolio occupancy remained stable at **92%** as of June 30, 2025, up from **90%** at the end of 2024[27](index=27&type=chunk) - Mainland office portfolio occupancy increased to **68%** (end of 2024: **66%**), driving significant turnover growth[28](index=28&type=chunk) [Residential Business](index=10&type=section&id=Residential%20Business) Residential leasing turnover significantly increased by **12.4%** to **HKD 118 million**, driven by a recovering high-end market, despite a slight dip in occupancy to **70%**, with average rental rates trending upwards Residential Business Key Metrics | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Turnover (million HKD) | 118 | 105 | +12.4% | | Occupancy Rate (Period-end, %) | 70 | 73 (2024 year-end) | -3 p.p. | [Expansion of Core Business and Strategic Pillars](index=10&type=section&id=Expansion%20of%20Core%20Business%20and%20Strategic%20Pillars) The company is actively advancing expansion projects, including the **Lee Garden Eight** commercial development and residential projects, while diversifying through joint ventures in Shanghai, Greater Bay Area co-working spaces, and mainland healthcare - Commercial property development: The flagship **Lee Garden Eight** project is expected to be completed in **2026** and has received multiple accolades, including "Best Mixed-use Development (Hong Kong)"[30](index=30&type=chunk) - Residential development: The **"Forest Hills"** project in Tai Po has signed contracts for **140 units**; the To Kwa Wan URA residential project is expected to obtain its occupation permit in **Q2 2027**[32](index=32&type=chunk)[33](index=33&type=chunk) - Greater Bay Area co-working spaces: The joint venture with IWG signed **five new locations** in H1, now operating **40 centers** in the Greater Bay Area[36](index=36&type=chunk) - Healthcare: Investment in **New Frontier Health Corporation** provides exposure to the fast-growing mainland healthcare sector, with the group opening a new hospital in Ningbo during H1[38](index=38&type=chunk) [Capital Recycling Program](index=12&type=section&id=Capital%20Recycling%20Program) The company has launched an **HKD 8 billion, five-year capital recycling program** to optimize its capital structure, unlock asset value through non-core disposals, and redeploy capital into strategic focus areas for sustainable value enhancement - Launched a **five-year capital recycling program** totaling **HKD 8 billion**[40](index=40&type=chunk) - Program objectives include deleveraging to optimize capital structure, unlocking value from mature residential assets, and redeploying capital into strategic focus areas[40](index=40&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) In H1 2025, the Group saw increased operating and finance expenses, a slight rise in investment property valuation despite a fair value loss of **HKD 964 million**, and a modest increase in total debt to **HKD 28.8 billion** with a **32.9%** gearing ratio, while maintaining a strong financial position and investment-grade credit ratings [Operating and Finance Expenses](index=13&type=section&id=Operating%20and%20Finance%20Expenses) Operating expenses increased by **5.7%** to **HKD 447 million**, representing **25.8%** of turnover, while finance expenses rose to **HKD 289 million** due to increased borrowings, despite a lower effective interest rate of **3.8%** Expense Overview (million HKD) | Item | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Expenses | 447 | 423 | +5.7% | | Finance Expenses | 289 | 213 | +35.7% | [Asset Valuation and Investments](index=13&type=section&id=Asset%20Valuation%20and%20Investments) As of June 30, 2025, the investment property portfolio was valued at **HKD 96.893 billion**, a **0.4%** increase from year-end 2024, despite a fair value loss of **HKD 964 million**, while associate and joint venture contributions were **HKD 115 million** and a **HKD 7 million** loss, respectively - The investment property portfolio was valued at **HKD 96.893 billion** as of June 30, 2025, a **0.4%** increase from the end of 2024[43](index=43&type=chunk) - A fair value loss on investment properties of **HKD 964 million** was recorded during the period (H1 2024: loss of **HKD 197 million**), primarily reflecting increased market risks in the office business[43](index=43&type=chunk) [Treasury Policy](index=14&type=section&id=Treasury%20Policy) The Group maintains a robust capital structure with diversified financing, ending the period with total debt of **HKD 28.8 billion**, a **32.9%** gearing ratio, and a **7.5x** net interest cover, while retaining investment-grade credit ratings and managing interest rate risk with **56%** fixed-rate debt - As of June 30, 2025, the Group's total debt increased to **HKD 28.796 billion**, with bank loans and capital market debt each accounting for approximately **50%**[50](index=50&type=chunk) - The gearing ratio (net debt to equity) was **32.9%** at period-end, a slight increase from **31.4%** at the end of 2024[56](index=56&type=chunk) - Net interest cover was **7.5 times**, lower than **10.8 times** in the same period of 2024[56](index=56&type=chunk) - Moody's and Fitch credit ratings for the Group are **Baa2** and **BBB**, respectively[58](index=58&type=chunk) - The fixed-rate debt ratio (after interest rate swaps) was **56%** at period-end[61](index=61&type=chunk) [Condensed Consolidated Financial Statements](index=17&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss, statement of comprehensive income, and statement of financial position, reflecting period-end operating results, financial position, and cash flow changes [Condensed Consolidated Statement of Profit or Loss](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group reported turnover of **HKD 1.73 billion** (+**2.2%**), but pre-tax profit significantly declined to **HKD 252 million** due to a **HKD 964 million** fair value loss on investment properties, resulting in **HKD 75 million** profit attributable to owners and **7 HK cents** basic EPS Condensed Consolidated Statement of Profit or Loss Summary (million HKD) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Turnover | 1,730 | 1,693 | | Gross Profit | 1,426 | 1,407 | | Fair Value Change of Investment Properties | (964) | (197) | | Profit Before Tax | 252 | 875 | | Profit for the Period | 97 | 717 | | Profit Attributable to Owners of the Company | 75 | 427 | [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were **HKD 115.454 billion**, with net assets of **HKD 76.816 billion**, primarily comprising **HKD 96.893 billion** in investment properties, while total borrowings stood at **HKD 28.641 billion**, and shareholders' equity decreased by **1.2%** to **HKD 65.181 billion** Condensed Consolidated Statement of Financial Position Summary (million HKD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Investment Properties | 96,893 | 96,547 | | Total Assets | 115,454 | 114,089 | | **Liabilities and Equity** | | | | Borrowings (Current + Non-current) | 28,641 | 26,514 | | Net Assets | 76,816 | 77,429 | | Equity Attributable to Owners of the Company | 65,181 | 65,993 | [Notes to the Financial Statements](index=21&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides essential notes to the condensed consolidated financial statements, including independent review, basis of preparation, significant accounting policies, turnover breakdown, segment information, taxation, dividends, and receivables/payables, offering crucial context and supplementary data [Segment Information](index=23&type=section&id=Segment%20Information) The Group operates in four segments: Retail, Office, Residential, and Property Development, with the Retail segment contributing the highest revenue of **HKD 862 million** and segment profit of **HKD 723 million** in H1 2025 H1 2025 Segment Performance (million HKD) | Segment | Segment Revenue | Segment Gross Profit | Segment Profit | | :--- | :--- | :--- | :--- | | Retail | 862 | 723 | 723 | | Office | 750 | 620 | 620 | | Residential | 118 | 83 | 83 | | Property Development | - | - | 13 | | **Consolidated** | **1,730** | **1,426** | **1,439** | [Dividends](index=28&type=section&id=Dividends) The Board declared a first interim dividend of **27 HK cents per share** for the six months ended June 30, 2025, totaling approximately **HKD 277 million**, consistent with 2024, and not recognized as a liability in the current financial statements - The **2025 first interim dividend** of **27 HK cents per share** was declared, consistent with the same period in 2024[95](index=95&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section covers corporate governance, securities transactions, human resources, and dividend arrangements, noting full compliance with governance codes, the repurchase and cancellation of **USD 690 million** in perpetual capital securities, and the interim dividend payment schedule [Repurchase, Sale or Redemption of Listed Securities](index=30&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the review period, the Group repurchased and cancelled **USD 690 million** in aggregate principal amount of subordinated guaranteed perpetual capital securities for approximately **HKD 5.365 billion**, representing about **81.2%** of the initial issuance - During the review period, the Group repurchased and cancelled subordinated guaranteed perpetual capital securities with an aggregate principal amount of **USD 690 million**[102](index=102&type=chunk) [Human Resources Policy](index=30&type=section&id=Human%20Resources%20Policy) The Group is committed to attracting, retaining, and developing talent, with **493 employees** as of June 30, 2025, aligning HR policies with corporate goals for shareholder value creation and sustainable growth - As of June 30, 2025, the Group's total number of employees was **493**[104](index=104&type=chunk) [Closure of Register of Members](index=31&type=section&id=Closure%20of%20Register%20of%20Members) To facilitate the first interim dividend payment, the company will close its register of members on **August 29, 2025**, with dividends payable on **September 9, 2025**, to shareholders registered on that date - The **first interim dividend** will be distributed on **September 9, 2025**[105](index=105&type=chunk) - The record date for dividend entitlement is **August 29, 2025**[105](index=105&type=chunk)

智通财经APP获悉，瑞银发布研报称，受香港银行同业拆借利率(HIBOR)下降以及香港零售和办公大楼 市场基本面改善的推动，希慎兴业(00014)股价今年年初至今已上涨33%。该行指，即使缓冲空间仍然很 小，但营运现金流应大致上覆盖盖2025年至2026年的股息支付。由于获得新融资难度加大，主要是商业 银行对香港商业地产仍持谨慎态度，且债券收益率仍然高企，任何基本面的恶化有可能触发股息削减。 该行称，将希慎2026年至2027年每股盈利预测下调7%至9%，其目标价由11港元上调至15.7港元，其评 级为"中性"。 ...

瑞银发布研报称，受香港银行同业拆借利率(HIBOR)下降以及香港零售和办公大楼市场基本面改善的推 动，希慎兴业(00014)股价今年年初至今已上涨33%。该行指，即使缓冲空间仍然很小，但营运现金流应 大致上覆盖盖2025年至2026年的股息支付。由于获得新融资难度加大，主要是商业银行对香港商业地产 仍持谨慎态度，且债券收益率仍然高企，任何基本面的恶化有可能触发股息削减。该行称，将希慎2026 年至2027年每股盈利预测下调7%至9%，其目标价由11港元上调至15.7港元，其评级为"中性"。 ...

该行指，将希慎2026年至2027年每股盈利预测下调7%至9%，其目标价由11港元上调至15.7港元，评 级"中性"。 瑞银发表研究报告指，受香港银行同业拆借利率(HIBOR)下降以及香港零售和办公大楼市场基本面改善 的推动，希慎兴业股价今年年初至今已上涨33%。该行指，即使缓冲空间仍然很小，但营运现金流应大 致上覆盖2025年至2026年的股息支付。由于获得新融资难度加大，主要是商业银行对香港商业地产仍持 谨慎态度，且债券收益率仍然高企，任何基本面的恶化有可能触发股息削减。 ...