目 錄 2 企業宣言 6 二零二四年表現摘要 7 主席報告 管理層論述及分析 14 二零二四年表現評述及展望 74 財務評述 86 融資 企業管治及可持續發展 96 企業管治報告 114 風險管理 119 董事及高級人員 121 董事局報告 129 可持續發展回顧 財務報表 137 獨立核數師報告 144 綜合損益表 145 綜合其他全面收益表 146 綜合財務狀況表 147 綜合現金流量表 148 綜合權益變動表 149 財務報表附註 224 會計政策 227 主要附屬公司、合資公司及聯屬公司 238 國泰航空有限公司－財務報表節錄 附加資料 240 過往表現總覽 242 集團主要物業 252 集團結構圖表 254 詞彙 256 財務日誌及投資者資訊 256 免責聲明 附註：本報告所用詞彙及比率的釋義載於「詞彙」。 企業宣言 太古公司是基地設於香港的國際綜合企業， 其多元化的業務在市場擁有領先地位。 公司在大中華區歷史悠久，「太古」的名字 在這地區享譽超過一百五十年。 2 企業宣言 太古公司 二零二四年報告書 3 4 企業宣言 永續發展 長遠增長 我們的目標是透過長遠地創造理想的權益回報以實現股東價值持續增 ...

Group 1 - On March 19, 14 Hong Kong-listed companies conducted share buybacks, totaling 5.0381 million shares and an amount of 88.7304 million HKD [1] - The company Swire Properties A repurchased 550,000 shares for 38.3268 million HKD, with a highest price of 69.900 HKD and a lowest price of 69.000 HKD, accumulating a total buyback amount of 941 million HKD for the year [1][2] - Samsonite repurchased 1.9161 million shares for 36.3028 million HKD, with a highest price of 19.100 HKD and a lowest price of 18.820 HKD, accumulating a total buyback amount of 234 million HKD for the year [1] - J&T Express-W repurchased 640,000 shares for 3.8959 million HKD, with a highest price of 6.140 HKD and a lowest price of 6.020 HKD, accumulating a total buyback amount of 52.3266 million HKD for the year [1] Group 2 - The highest buyback amount on March 19 was from Swire Properties A at 38.3268 million HKD, followed by Samsonite at 36.3028 million HKD [1] - In terms of share quantity, Samsonite had the highest buyback volume on March 19 with 1.9161 million shares, followed by J&T Express-W with 640,000 shares and Swire Properties A with 550,000 shares [1]

Group 1 - The core point of the article is that Swire Pacific Company A has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [1] - On March 19, the company repurchased 550,000 shares at a price range of HKD 69.000 to HKD 69.900, totaling HKD 38.3268 million [1] - The stock closed at HKD 69.550 on the same day, reflecting a slight decrease of 0.22% with a total trading volume of HKD 1.42 billion [1] Group 2 - Since March 13, the company has conducted share buybacks for five consecutive days, accumulating a total of 2.781 million shares repurchased and a total expenditure of HKD 192 million [1] - During this period, the stock has experienced a cumulative decline of 4.99% [1] - Year-to-date, the company has executed 50 buyback transactions, repurchasing a total of 14.0815 million shares for a total amount of HKD 941 million [1]

Group 1 - On March 17, 13 Hong Kong-listed companies conducted share buybacks, totaling 8.0448 million shares and an amount of 107 million HKD [1][2] - Swire Pacific A repurchased 566,000 shares for 38.5918 million HKD, with a highest price of 69.200 HKD and a lowest price of 67.450 HKD, accumulating a total buyback amount of 863 million HKD for the year [1][2] - Samsonite repurchased 1.8222 million shares for 34.9626 million HKD, with a highest price of 19.440 HKD and a lowest price of 18.880 HKD, accumulating a total buyback amount of 160 million HKD for the year [1][2] Group 2 - Swire Properties repurchased 600,000 shares for 10.1519 million HKD, with a highest price of 17.000 HKD and a lowest price of 16.820 HKD, accumulating a total buyback amount of 453 million HKD for the year [1][2] - The highest buyback amount on March 17 was from Swire Pacific A at 38.5918 million HKD, followed by Samsonite at 34.9626 million HKD [1][2] - The largest number of shares repurchased on March 17 was by Pacific Basin Shipping, with a buyback of 2.505 million shares, followed by Samsonite and Sinopec Engineering with 1.8222 million shares and 101,500 shares respectively [1][2]

Financial Performance - The company's equity return decreased to 1.6% in 2024 from 11.0% in 2023, a decline of 9.4 percentage points[4]. - The basic profit attributable to shareholders fell by 85% to HKD 4,321 million in 2024 from HKD 28,853 million in 2023[4]. - Revenue decreased by 14% to HKD 81,969 million in 2024 compared to HKD 94,823 million in 2023[4]. - The group reported a loss attributable to shareholders of HKD 751 million, compared to a profit of HKD 2,599 million in 2023[49]. - Basic profit attributable to shareholders was HKD 6,713 million, down 41.5% from HKD 11,531 million in 2023[49]. - The total revenue decreased by 27% to HKD 37.932 billion, with a volume decline of 7% to 1.796 billion standard cases[134]. - The company recorded a profit attributable to shareholders of HKD 2.039 billion in 2024, including non-recurring income of HKD 650 million[133]. - The operating profit for Cathay Pacific Group was HKD 40 million in 2024, a decrease of 82.1% from HKD 224 million in 2023[160]. Debt and Liquidity - The net debt increased by 28% to HKD 70,563 million in 2024 from HKD 55,136 million in 2023[4]. - The group maintained a strong financial position with available liquidity of HKD 43.1 billion and a net debt-to-capital ratio of 22.1% as of the end of 2024[30]. Dividends and Shareholder Returns - The company reported a 70% reduction in 'A' share dividends to HKD 3.35 in 2024 from HKD 11.32 in 2023[4]. - The board announced a progressive dividend policy, with total dividends for 2024 amounting to HKD 3.35 per 'A' share, a 5% increase from 2023[29]. Investment and Expansion Plans - The company plans to continue seeking investment opportunities in the private healthcare sector, particularly in major urban areas in mainland China and Southeast Asia[12]. - Swire Properties has committed approximately 67% of its HKD 100 billion investment plan, with HKD 50 billion allocated for major retail-led projects in mainland China[17]. - The group plans to launch its first residential development project in Shanghai, with strong sales performance reported[19]. - Swire Properties plans to continue its HKD 100 billion investment program, focusing on core markets and expanding business opportunities, particularly in the Greater Bay Area[34]. - The company is expanding its hotel management business into Tokyo and several cities in mainland China, including Beijing and Shenzhen[39]. Operational Performance - Cathay Pacific and its subsidiaries operated a total of 236 aircraft by the end of 2024, providing passenger services to 88 destinations globally[12]. - Cathay Pacific Group achieved a profit of HKD 9.89 billion in 2024, including special income of HKD 750 million, compared to HKD 9.79 billion in 2023, driven by strong travel demand and cargo performance[26]. - The group completed the acquisition of a controlling stake in Dada Healthcare in April 2024, marking its first major investment in the healthcare sector[28]. Sustainability and Environmental Impact - The company's sustainable development performance showed a 12% reduction in greenhouse gas emissions to 638 thousand tons in 2024 from 723 thousand tons in 2023[4]. - Swire Coca-Cola utilized 42% renewable energy in its major operations by the end of 2024, with all eight bottling plants in mainland China using 100% renewable energy[33]. - The company has set sustainability goals for 2030, integrating them into its business planning[126]. Market Conditions and Challenges - The Hong Kong office market is expected to remain weak, but Swire's office portfolio in Taikoo Place is well-positioned for recovery[34]. - The hotel business in Hong Kong is recovering slower than expected, while the performance of hotels in mainland China remains stable[60]. - The competitive landscape in Thailand and Laos remains challenging, with potential adverse financial impacts from further sugar tax legislation[151]. Revenue and Profitability by Segment - In 2024, the beverage segment reported revenues of HKD 36,609 million, a decrease of 29.3% from HKD 51,844 million in 2023[127]. - The hotel segment reported an operating loss of HKD 154 million, compared to a loss of HKD 103 million in 2023[46]. - The recurring basic profit attributable to the property investment segment decreased to HKD 5.727 billion in 2024 from HKD 5.942 billion in 2023, reflecting a decline in rental income from Hong Kong office properties[60]. Employee and Workforce - The company employs over 87,000 people globally, with more than 40,000 in Hong Kong and over 36,000 in mainland China[13]. - The group employed over 30,100 staff as of December 31, 2024, with approximately 84% based in Hong Kong[155].

Core Viewpoint - On March 3, 11 Hong Kong-listed companies conducted share buybacks totaling 8.8395 million shares, with a total buyback amount of 62.163 million HKD [1] Group 1: Buyback Details - Swire Pacific Company A repurchased 335,000 shares for 21.9503 million HKD, with a highest price of 66.000 HKD and a lowest price of 65.150 HKD, accumulating a total buyback amount of 630 million HKD for the year [1] - Bosideng repurchased 4 million shares for 14.80 million HKD, with a highest price of 3.700 HKD, accumulating a total buyback amount of 192 million HKD for the year [1] - Swire Properties repurchased 600,000 shares for 9.3573 million HKD, with a highest price of 15.780 HKD and a lowest price of 15.440 HKD, accumulating a total buyback amount of 361 million HKD for the year [1] Group 2: Buyback Rankings - The highest buyback amount on March 3 was Swire Pacific Company A at 21.9503 million HKD, followed by Bosideng at 14.80 million HKD [1] - In terms of buyback quantity, Bosideng led with 4 million shares, followed by Maple Leaf Education and Jieli Trading with 1.64 million shares and 852,000 shares respectively [1]

Group 1 - The core point of the article is that Swire Pacific Company A has been actively repurchasing its shares, indicating a strategy to support its stock price amidst a decline [1] - On February 28, the company repurchased 440,000 shares at a price range of HKD 64.100 to HKD 64.950, totaling HKD 28.4249 million [1] - The stock closed at HKD 64.550 on the same day, reflecting a decrease of 1.15%, with a total trading volume of HKD 224 million [1] Group 2 - Since January 2, the company has conducted share buybacks for 39 consecutive days, accumulating a total of 9.2175 million shares repurchased [1] - The total amount spent on share repurchases has reached HKD 609 million [1] - During this period, the stock has experienced a cumulative decline of 8.37% [1]

Summary of Key Points Core Viewpoint - On February 27, 13 Hong Kong-listed companies conducted share buybacks, totaling 6.1571 million shares and an aggregate amount of 58.7722 million HKD [1][2]. Group 1: Buyback Details - Swire Pacific A repurchased 380,500 shares for 24.8841 million HKD, with a highest price of 65.900 HKD and a lowest price of 65.000 HKD, accumulating a total buyback amount of 580 million HKD for the year [1][2]. - AAC Technologies repurchased 330,500 shares for 15.6365 million HKD, with a highest price of 48.700 HKD and a lowest price of 46.550 HKD, accumulating a total buyback amount of 253 million HKD for the year [1][2]. - Swire Properties repurchased 600,000 shares for 9.3511 million HKD, with a highest price of 15.680 HKD and a lowest price of 15.480 HKD, accumulating a total buyback amount of 343 million HKD for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on February 27 was Swire Pacific A at 24.8841 million HKD, followed by AAC Technologies at 15.6365 million HKD, and Swire Properties among the top [1][2]. - In terms of share quantity, Maple Leaf Education had the highest buyback volume with 1.588 million shares, followed by HYPEBEAST and Jieli Trading with 1.0472 million shares and 728,000 shares respectively [1][2].

Core Viewpoint - Swire Properties A has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [1] Group 1: Share Buyback Activity - On February 26, Swire Properties A repurchased 410,000 shares at a price range of HKD 65.350 to HKD 66.350, totaling HKD 27.0389 million [1] - Since January 2, the company has conducted share buybacks for 37 consecutive days, acquiring a total of 8.397 million shares with an aggregate amount of HKD 555 million [1] - During this buyback period, the stock has experienced a cumulative decline of 6.67% [1] Group 2: Stock Performance - The stock closed at HKD 65.750 on the day of the latest buyback, reflecting an increase of 1.39% [1] - The total trading volume for the day was HKD 101 million [1]

Summary of Key Points Core Viewpoint - On February 25, 18 Hong Kong-listed companies conducted share buybacks, totaling 17.63 million shares and an aggregate amount of HKD 81.29 million [1][2]. Group 1: Buyback Details - Swire Pacific A repurchased 300,000 shares for HKD 19.46 million, with a highest price of HKD 65.20 and a lowest price of HKD 64.35, accumulating HKD 528 million in buybacks for the year [1][2]. - Bosideng repurchased 5 million shares for HKD 19.05 million, with a highest price of HKD 3.83 and a lowest price of HKD 3.77, accumulating HKD 164 million in buybacks for the year [1][2]. - AAC Technologies repurchased 291,500 shares for HKD 13.86 million, with a highest price of HKD 48.35 and a lowest price of HKD 46.35, accumulating HKD 227 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on February 25 was Swire Pacific A at HKD 19.46 million, followed by Bosideng at HKD 19.05 million [1][2]. - In terms of share quantity, Bosideng led with 5 million shares repurchased, followed by China Eastern Airlines with 250,000 shares and Guoquan with 240,040 shares [1][2].