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。 ...

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7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: | 希慎興業有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | 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) | 00014 | 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 | | | 1,027,008,223 | | 0 | | 1,027,008,223 | | 增加 / 減少 (-) | | | 0 ...

Financial Performance - Hysan Development's revenue was HK$1777 million, a decrease of 3.1% [37] - Recurring underlying profits were HK$1169 million, down by 0.7% [37] - The interim dividend per share (DPS) remained flat at HK 27 cents [37] - Net gearing was 23.8% [107] - Effective interest rate was 2.4% [107] Core Business & Portfolio - Estimated tenant sales in Q2 increased by more than 25% compared to Q1 [15] - Retail occupancy was near full at 98% as of June 30 [42] - Office occupancy was 91% as of June 30 [40] - Caroline Hill Road Project will add 30% to the core portfolio [20] - Fixed rate debt ratio is 60% [107] Strategic Pillars & Expansion - Structural work for Caroline Hill Road Project is scheduled to start in Q3 2022 [62] - The Caroline Hill Road Project is expected to be completed by late 2026, adding 1.1 million square feet of commercial GFA [63]

Financial Performance - The company's revenue was HK$3,460 million[33] - The underlying profit was HK$2,129 million[33], a decrease of 8.6%[33] - The dividend per share (DPS) remained flat at HK$1.44[33] - Shareholders' Fund was HK$70.2 billion[106], a decrease of 5.0%[106] - NAV per share was HK$68.4[106], a decrease of 4.2%[106] Portfolio Occupancy - Retail portfolio occupancy was 99%[35, 37] - Office portfolio occupancy was 90%[35, 40] - Residential portfolio occupancy was 61%[35] Strategic Initiatives - Foundation works for the Caroline Hill Road Development commenced in September 2022, with project completion estimated in 2026[66] - The company has HK$19.3 billion in sustainable finance transactions, representing 48% of total debts and facilities[104, 113] Retail Sector - Retail revenue was HK$1,643 million[34, 37] - Retail portfolio turnover increased by 1.4%[37] Office Sector - Office revenue was HK$1,578 million[34, 40], a decrease of 8.7%[40]

Financial Performance - Revenue decreased to HK$1,611 million [12] - Retail occupancy remained strong at 98% [13, 15] - Turnover rent increased significantly by 67% year-on-year [16, 17] - Net gearing stood at 25.9% [55] - NAV per share decreased by 2.2% to HK$66.9 [50] Business Operations - Retail sector recovery surpassed that of Hong Kong [17] - Office occupancy was 89% [13, 30] - Residential occupancy was 61% [13] - The company has ample undrawn committed banking facilities around HK$10 billion [53] Sustainability - The company has achieved its target of one-third of female directors by 2025 [45] - The company has achieved its target to reduce 20% carbon intensity by 2024 [45]

Financial Performance - Hysan's overall revenue decreased by 7% year-over-year, from HK$3460 million in 2022 to HK$3210 million in 2023[15] - Retail revenue decreased by 6%, from HK$1643 million in 2022 to HK$1533 million in 2023[9, 15] - Office revenue decreased by 46%, from HK$1578 million in 2022 to HK$1472 million in 2023[15] - Residential revenue decreased by 47%, from HK$239 million in 2022 to HK$205 million in 2023[15] - The company's net gearing ratio is 272%[59] Portfolio Occupancy - Retail occupancy was 97% in 2023, compared to 99% in 2022[16] - Office occupancy was 89% in 2023, compared to 90% in 2022[12, 16] - Residential occupancy was 60% in 2023, compared to 61% in 2022[16] Strategic Initiatives - The enhancement work of the office tower in Lee Gardens Shanghai was completed in 2023, with 30% occupancy[41] - Approximately 10% of the retail area was closed for Lee Gardens rejuvenation in 2023 on average[10, 16] - Over 27 million square feet by GFA is green building certified[49]

Financial Performance - Revenue increased by 5.9% to HK$1693 million in 1H 2024[30] - HK Retail revenue increased by 10.8% year-over-year and 9.5% half-over-half[31] - HK Office revenue decreased by 2.8% year-over-year but only 0.1% half-over-half[31] - Shareholders' Fund decreased by 0.6% to HK$66.8 billion[51] - NAV per share decreased by 0.6% to HK$65.0[51] Operational Highlights - Retail occupancy in Hong Kong was 95%[31] - Office occupancy in Hong Kong was 89%[31] - Residential occupancy was 68%[31] - Member spending increased by 38% compared to 2018[39] - Member contribution to sales increased by 13% compared to 2018[39] Strategic Initiatives - Lee Gardens Rejuvenation is starting to bring results, with 50+ new brands/stores added in the past year[33] - The company is expanding its loyalty program, recruiting 60K+ members in 6 weeks with a 20% increase in members' spending[41] - Diversifying tenant mix in office portfolio, with strong demand from retailers, medical and health sector[42] - 48% Sustainable Finance[53]

Financial Performance - Hysan's overall revenue increased by 6.2% to HK$3409 million in 2024[39] - HK Retail revenue saw a significant increase of 9.5% year-over-year[41] - HK Office revenue experienced a slight decrease of 1.5% year-over-year[41] - The year-end occupancy for HK Retail was 92%[40], compared to 97% in 2023[40] - The year-end occupancy for HK Office was 90%[40], slightly up from 89% in 2023[40] - The year-end occupancy for Residential was 73%[40], up from 60% in 2023[40] Capital Management - The company has HK$18.9 billion in undrawn committed facilities and cash[61] - The net gearing ratio is 31.4%[61] - The effective interest rate is 4.3%[61] - Sustainable finance accounts for 40% of the company's finances[61]