(於香港註冊成立之有限公司) 股份代號 : 16 (港幣櫃台)及 80016 (人民幣櫃台) 董 事 名 單 與 其 角 色 和 職 能 新鴻基地產發展有限公司之董事局(「董事局」)成員及其角色和職能 如下:- 執行董事 郭顥澧 （郭炳聯之替代董事） 非執行董事 郭基俊 葉廸奇 王于漸 李家祥 馮國綸 梁乃鵬 梁高美懿 范鴻齡 - 1 - 郭炳聯 （主席兼董事總經理） 黃植榮 （副董事總經理） 雷 霆 （副董事總經理） 郭基煇 郭基泓 董子豪 馮玉麟 陳康祺 此外，董事局成員於以下董事局委員會亦有擔任職位:- 獨立非執行董事 陳康祺 審核及風險管理委員會 李家祥* 葉廸奇 梁乃鵬 王于漸 薪酬委員會 王于漸* 李家祥 梁乃鵬 提名委員會 執行委員會 郭炳聯 （郭顥澧為其替代董事） 黃植榮 雷 霆 郭基煇 郭基泓 董子豪 馮玉麟 王于漸* 葉廸奇 梁乃鵬 梁高美懿 * 委 員 會 主 席 香港，二○二六年三月三十一日 - 2 - ...

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，概不對因本公告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。 於本公告所載之日，本公司董事局由八名執行董事郭炳聯 (主席兼董事總經理) (郭顥澧為 其替代董事)、黃植榮(副董事總經理)、雷霆(副董事總經理)、郭基煇、郭基泓、董子豪、 馮玉麟及陳康祺；一名非執行董事郭基俊；以及七名獨立非執行董事葉廸奇、王于漸、 李家祥、馮國綸、梁乃鵬、梁高美懿及范鴻齡組成。 關先生已確認他與本公司董事局並無意見分歧，亦不知悉有任何有關其辭任之 事項需知會本公司證券持有人。 關先生於一九九九年獲委任為本公司之董事，至今已服務本公司董事局超過 二十六年。本公司董事局對關先生不懈的支持，以及他在任期間向本集團 提供的寶貴意見及貢獻表示感謝。 承董事 局 命 公司秘書 容上達 香港，二○二六年三月三十一日 (於香港註冊成立之有限公司) 股份代號 : 16 ( 港幣櫃台 ) 及 80016 ( 人民幣櫃台 ) 非 執 行 董 事 之 辭 任 新鴻基地產發展有限公司（「本公司」）董事局（「董事 ...

Group 1 - The Hang Seng Index rose by 272 points, closing at 25,335 points, marking a two-day cumulative increase of 953 points or 3.91% [3][4] - The market experienced a high of 25,390 points during the day, with a total trading volume of 350.93 billion [3] - Notable stock performances included Meituan, which surged by 13.9% to HKD 90, and Alibaba, which increased by 4.6% to HKD 128.9 [4] Group 2 - The Hong Kong Monetary Authority announced a salary increase of 2.65% for its employees, along with a performance-based bonus amounting to 20.04% of total salaries [7] - The appointment of Liang Fengyi as the chair of the Asia-Pacific Committee of the International Organization of Securities Commissions was confirmed, aiming to enhance regional market resilience [8] - China’s Ministry of Commerce emphasized the importance of maintaining stable semiconductor supply chains during a meeting with Samsung's leadership, highlighting opportunities for investment cooperation [10] Group 3 - Conch Venture's annual profit increased by 11.17% to RMB 2.245 billion, with a revenue rise of 4.42% to RMB 6.548 billion [11] - New World Development secured a HKD 20 billion syndicated loan for refinancing, with a competitive interest rate [12] - China Eastern Airlines signed a purchase agreement for 101 A320NEO aircraft, with a total catalog price of approximately USD 15.802 billion, indicating significant investment in fleet expansion [13] Group 4 - Kingsoft Cloud reported a narrowed annual net loss of RMB 936 million, with total revenue increasing by 22.78% to RMB 9.559 billion [14]

Investment Rating - Investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant recovery in the Hong Kong real estate market, with a notable increase in both transaction volume and value for new residential properties in February 2026 [5][25] - The duty-free sales in Hainan have shown steady growth, indicating a robust economic performance since the island's closure for trade [14][13] - The invisible orthodontics market is experiencing rapid growth, with strong potential for leading companies to expand internationally [42][56] Summary by Sections Duty-Free Sales - Hainan's duty-free sales reached 60.6 billion yuan in February 2026, a year-on-year increase of 14.7%, with shopping visits up by 13.3% [14][16] - The total import and export trade in Hainan amounted to 654.9 billion yuan, reflecting a year-on-year growth of 29.1% [13] Commercial Real Estate - In February 2026, Hong Kong's new residential property transaction volume surged by 100.8% year-on-year, with transaction value increasing by 142.5% [28][31] - The market is entering a phase of rising prices and volumes, with the leading developer, Sun Hung Kai Properties, capturing 23% of the market share [32][5] Health Food Sector (Wugu Mofang) - Wugu Mofang is projected to achieve a net profit of 260-265 million yuan in 2025, representing a growth of 38%-40% [38][41] - The company reported a significant increase in sales across its online platforms, with a year-on-year growth of 71.3% in February 2026 [41][43] Invisible Orthodontics - The global market for invisible orthodontics is expected to reach approximately 12.5 billion USD by 2024, with a compound annual growth rate (CAGR) of 23.7% over the next decade [42][44] - The Chinese market is projected to see a significant increase in new cases, with a focus on children and adolescents driving growth [49][56] Market Performance - The Hong Kong consumer services index increased by 0.42%, while the retail sector declined by 5.80% during the week of March 16-20, 2026 [61][62] - New consumption categories have shown strong performance, with notable gains in companies like Le Si Group and Bu Lu Ke [64][67]

(於香港註冊成立之有限公司) 股份代號 : 16 ( 港幣櫃台 ) 及 80016 ( 人民幣櫃台 ) 通 知 信 函 敬啟者： 新鴻基地產發展有限公司（「本公司」） – 二○二五至二六年中期報告（「中期報告」）及以電子方式發布公司通訊之安排 此致 各位新登記股東 台照 公司秘書 容上達 謹啟 本公司欣然附上中期報告之雙語印刷本。 公司通訊 ( 附 註 1) 已登載於本公司網站 www.shkp.com 及 香 港 交 易 及 結 算 所 有 限 公 司 （「 港交所 」） 網 站 www.hkexnews.hk。 閣下可(i)在本公司網站主頁選單中按「投資者關係」一項，並確認及同意「投資者關係」的 免責聲明，再選擇「財務業績及報告」項（以閱覽中期報告及年報）及選擇「公告」項（以閱覽公司通訊之其他 文件）；或(ii)透過港交所網站，瀏覽公司通訊。 根據香港聯合交易所有限公司證券上市規則（「上市規則」）、公司條例（香港法例第 622 章）以及本公司的組織章程 細則，本公司已透過本公司及港交所網站採用電子方式發布公司通訊，以取代寄發印刷本。本公司僅會應 閣下的 書面要求，寄發日後刊發之公司通訊印刷本。若 閣下欲收 ...

Financial Performance - The group's revenue for the six months ended December 31, 2025, was HKD 52,705 million, representing a 32.0% increase compared to HKD 39,933 million in the same period last year[8]. - The attributable profit to shareholders for the same period was HKD 10,247 million, up 36.2% from HKD 7,523 million year-on-year[8]. - Basic earnings per share were HKD 3.54, a 36.2% increase from HKD 2.60 in the previous year[11]. - Operating profit rose to HKD 13,398 million, up 10.7% from HKD 12,098 million year-on-year[60]. - The total comprehensive income for the six months was HKD 12,317 million, compared to HKD 6,749 million in the same period last year[61]. - The company reported a net profit of HKD 10,585 million for the period, reflecting a strong performance across various segments[70]. - The group reported a basic underlying profit of HKD 12,213 million for the six months ending December 31, 2025, compared to HKD 10,463 million in 2024[88]. Property Development - The profit from property development for the period was HKD 48,855 million, significantly up from HKD 25,600 million in the previous year[13]. - The group recorded a total contract sales amount of approximately HKD 189 billion during the period[13]. - The group recorded a contract sales amount of approximately HKD 17.4 billion during the review period, with significant contributions from various completed projects[17]. - The average gross profit margin for newly completed development projects was approximately 8%, down from 15% in the same period last year[118]. - The group completed the sale of several residential units, generating net income of HKD 2.59 billion, with a gross profit margin of 71%[119]. - The group's unrecognized contract sales revenue amounted to HKD 26.3 billion, with HKD 22.2 billion expected to be recognized in the current fiscal year[120]. Rental Income - The total rental income for the group was HKD 12,285 million, remaining stable compared to HKD 12,280 million last year[8]. - The total rental income, including joint ventures and associates, was HKD 122,855 million, while net rental income decreased by 1% to HKD 89,500 million[14]. - The average occupancy rate of the shopping mall portfolio was 94% during the review period, reflecting improved consumer confidence and increased visitor numbers[21]. - The group’s total rental income remained stable at HKD 8.79 billion, with a high overall occupancy rate across its property investment portfolio[20]. - Rental income from Hong Kong investment properties remained stable at HKD 8.797 billion, with net rental income decreasing by 1% to HKD 6.265 billion[120]. Dividends and Shareholder Returns - The interim dividend declared was HKD 0.98 per share, a 3.2% increase from HKD 0.95 in the same period last year[12]. - The company paid dividends totaling HKD 8,114 million for the year-end dividend, consistent with the previous year[66]. - The interim results for the six months ending December 31, 2025, are unaudited but have been reviewed by Deloitte according to the relevant standards[194]. Financial Position - The group's net debt ratio is 13.5%, with an interest coverage ratio of 8.7 times[41]. - The group received an A+ credit rating from S&P, with a stable outlook, and maintains an A1 rating from Moody's[41]. - Total assets as of December 31, 2025, amounted to HKD 741,024 million, a slight decrease from HKD 746,801 million as of June 30, 2025[62]. - Cash and cash equivalents at the end of the period increased to HKD 18,955 million from HKD 14,226 million, marking a rise of 33.5%[63]. - The company’s total equity as of December 31, 2025, was HKD 626,409 million, up from HKD 622,374 million as of June 30, 2025[62]. - Net debt decreased to HKD 836.5 billion from HKD 932.9 billion, a reduction of HKD 96.5 billion, mainly due to cash inflows from property sales and reduced construction expenditures[130]. Technology and Innovation - The group is leveraging artificial intelligence and 5G technology to create a comprehensive smart living ecosystem in its new residential projects[18]. - The Point membership program has over 3 million members, with the introduction of The Point Gold membership level to enhance customer service and loyalty[23]. - The group is focused on enhancing its digital services across various sectors, including residential, retail, and hospitality[38]. - SmarTone PRIORITY service ensures high-speed internet during peak hours using 5G technology[38]. - New AI Connect service allows users easy access to global AI platforms[38]. Sustainability and Corporate Responsibility - The solar power plant in Tseung Kwan O is expected to generate 1.2 million kWh of green electricity annually, reducing CO2 emissions by 468 tons[44]. - The group has installed 20,000 solar panels across managed properties and construction sites, producing approximately 9 million kWh of electricity and reducing emissions by about 3,800 tons annually, with plans to increase to 24,000 panels by the end of 2026[44]. - The group achieved an AA rating in the MSCI ESG ratings and was included in the Dow Jones Sustainability Asia Pacific Index[43]. - The group continues to maintain a AAA rating in the Hang Seng Sustainable Development Corporate Index for six consecutive years[43]. - The group donated HKD 20 million for emergency support following the Tai Po fire, and provided 160 hotel rooms for affected residents[45]. Governance and Management - The company has no service contracts with its directors, and their remuneration is subject to approval at the annual general meeting[172]. - The board consists of two non-executive directors and seven independent non-executive directors, providing a balanced distribution of power and sufficient safeguards[195]. - All executive directors are also senior management personnel within the company, indicating a unified leadership structure[173]. - The company’s compensation policy for directors considers market benchmarks, individual contributions, and the company's affordability[190]. Market Outlook - The group anticipates moderate global economic growth by 2026, driven by easing US interest rates and strengthened consumer confidence in mainland China[48]. - The group remains confident in the long-term development prospects of Hong Kong and mainland China, ready to seize opportunities arising from economic transformation[52].

Market Performance - The real estate sector (CITIC) experienced a decline of -0.2% last week, while the CSI 300 and Wind All A indices increased by 0.2% and decreased by -0.5%, respectively, resulting in excess returns of -0.4% and 0.3%[46] - Among 29 CITIC industry sectors, real estate ranked 14th in performance[46] New Housing Market - In the week from March 7 to March 13, 2026, the new housing transaction area in 36 cities was 1.637 million square meters, a month-on-month increase of 24.0% but a year-on-year decrease of 18.3%[8] - Cumulative new housing transactions from March 1 to March 13, 2026, totaled 2.646 million square meters, down 22.6% year-on-year[8] - Year-to-date cumulative transactions as of March 13, 2026, reached 11.962 million square meters, reflecting a year-on-year decline of 32.0%[8] Second-Hand Housing Market - For the same week, the transaction area for second-hand housing in 15 cities was 1.623 million square meters, with a month-on-month increase of 12.3% but a year-on-year decrease of 18.4%[15] - Cumulative second-hand housing transactions from March 1 to March 13, 2026, amounted to 2.857 million square meters, down 15.3% year-on-year[15] - Year-to-date cumulative transactions as of March 13, 2026, reached 13.544 million square meters, showing a year-on-year decline of 5.7%[15] Inventory and Depletion - The cumulative inventory of new housing in 13 cities was 76.659 million square meters, with a month-on-month decrease of 0.1% and a year-on-year decrease of 2.8%[21] - The new housing depletion cycle in these cities was 25.5 months, with a month-on-month increase of 0.3 months and a year-on-year increase of 9.3 months[21] Land Market - From March 9 to March 15, 2026, the land transaction area in 100 cities was 1.1901 million square meters, a month-on-month decrease of 55.2% and a year-on-year decrease of 17.9%[38] - The average land price was 941 yuan per square meter, down 16.4% month-on-month and 12.8% year-on-year[38] - Year-to-date cumulative land transaction area as of March 15, 2026, was 20.2622 million square meters, reflecting a year-on-year decline of 5.5%[38] Investment Recommendations - Recommended mainland developers include A-shares: Binhai Group, China Merchants Shekou; Hong Kong stocks: China Overseas Development, Greentown China, China Resources Land, and Jianfa International Group[7] - Suggested light-asset operation companies include property management: Greentown Service; commercial management: China Resources Vientiane Life; leading intermediary platform: Beike-W[7]

Investment Rating - The report maintains a rating of "Buy" for the real estate industry [1]. Core Insights - The real estate industry is a pillar of the Chinese economy, facing challenges due to macroeconomic policies, local regulations, and financial conditions. Since 2024, the industry has entered a deep adjustment period, with frequent policy measures aimed at stabilizing the market, leading to a reshaping of the industry landscape [10][11]. - The OpenClaw AI Agent framework has been developed to enhance investment research productivity in the real estate sector, integrating various AI models and a multi-layer data architecture to ensure stable system operation [2][11]. - The system has produced 18 Python scripts and multiple workflows, allowing analysts to conduct professional-level research through natural language interactions without the need for programming [12][15]. Summary by Sections Project Overview - The project aims to create an AI-native investment research assistant for the real estate industry, combining AI analysis capabilities with traditional multi-factor scoring models [12]. - The system features a dual-platform architecture, integrating local and cloud-based AI rating platforms to provide comprehensive investment insights [13][14]. OpenClaw Framework - OpenClaw is positioned as a new paradigm for AI agents, capable of executing complex multi-step tasks autonomously, which is particularly beneficial for investment research [19][21]. - The framework includes a persistent workspace, long-term memory, and a skill system, allowing for automated task execution and data retrieval [25][26]. AI Stock Selection Model - The system employs a dual-model rating approach, covering over 60 real estate-related stocks across A-shares, Hong Kong stocks, and US stocks, with a focus on various sub-sectors [14][17]. - A seven-dimensional scoring engine evaluates stocks based on trend, momentum, volatility, volume, value, fundamentals, and sentiment [17]. Telegram Integration - The system integrates with Telegram for real-time information dissemination, providing daily research reports, stock selections, and alerts for market movements [34][35]. - Analysts can interact with the system via natural language commands, allowing for quick access to research outputs and market insights [38][39]. System Architecture - The OpenClaw platform utilizes a modular agent architecture, facilitating user command input, session routing, context assembly, and model invocation [40][43]. - The system's efficiency is enhanced through a structured process that allows for rapid data retrieval and analysis, significantly reducing the time required for research tasks [55][56].

Market Performance - The real estate sector (CITIC) experienced a weekly change of +4.2%, while the CSI 300 and Wind All A indices fell by -1.1% and -2.3%, respectively, resulting in excess returns of -3.1% and -1.9%[45] - Among 29 CITIC industry sectors, real estate ranked 25th in performance[45] New Housing Market - In the week from February 28 to March 6, 2026, new housing sales in 36 cities totaled 1.32 million square meters, a month-on-month increase of +69.3% but a year-on-year decrease of -26.1%[9] - Cumulative new housing sales from March 1 to March 6, 2026, reached 1.009 million square meters, down -30.5% year-on-year[9] - Year-to-date new housing sales as of March 6, 2026, totaled 10.325 million square meters, a decline of -33.9% compared to the previous year[9] Second-Hand Housing Market - In the same week, second-hand housing sales in 15 cities amounted to 1.445 million square meters, reflecting a month-on-month increase of +79.9% but a year-on-year decrease of -17.2%[15] - Year-to-date second-hand housing sales reached 11.921 million square meters, down -3.9% year-on-year[15] Inventory and Absorption - Cumulative new housing inventory in 13 cities stood at 76.741 million square meters, with a month-on-month change of -0.1% and a year-on-year change of -3.0%[23] - The absorption period for new housing in these cities is 25.2 months, with a year-on-year increase of +9.0 months[23] Land Market - From March 2 to March 8, 2026, land transactions in 100 cities totaled 1.3881 million square meters, a month-on-month decrease of -37.0% but a year-on-year increase of +186.2%[38] - The average land price was 578 yuan per square meter, down -62.3% month-on-month and -67.3% year-on-year[38] Financing Situation - In the week from March 2 to March 8, 2026, real estate companies issued a total of 15 credit bonds, raising 13.79 billion yuan, a month-on-month increase of +2411.8% but a year-on-year decrease of -35.9%[39] - Year-to-date, real estate companies have issued 82 credit bonds totaling 70.78 billion yuan, down -22.7% year-on-year[39]

(於香港註冊成立之有限公司) 股份代號 : 16 (港幣櫃台)及 80016 (人民幣櫃台) 董 事 名 單 與 其 角 色 和 職 能 執行董事 郭炳聯 （主席兼董事總經理） 郭基泓 新鴻基地產發展有限公司之董事局(「董事局」)成員及其角色和職能 如下:- 董子豪 馮玉麟 陳康祺 郭顥澧 （郭炳聯之替代董事） 非執行董事 關卓然 郭基俊 獨立非執行董事 葉廸奇 王于漸 李家祥 馮國綸 梁乃鵬 梁高美懿 范鴻齡 - 1 - 黃植榮 （副董事總經理） 雷 霆 （副董事總經理） 郭基煇 此外，董事局成員於以下董事局委員會亦有擔任職位:- 執行委員會 郭炳聯 （郭顥澧為其替代董事） 黃植榮 提名委員會 雷 霆 郭基煇 郭基泓 董子豪 馮玉麟 陳康祺 審核及風險管理委員會 李家祥* 葉廸奇 梁乃鵬 王于漸 薪酬委員會 王于漸* 李家祥 關卓然 梁乃鵬 王于漸* 關卓然 葉廸奇 梁乃鵬 梁高美懿 （於二○二六年二月三日起生效） * 委 員 會 主 席 香港，二○二六年三月五日 - 2 - ...