第 1 頁 共 10 頁 v 1.1.1 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12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: | Swire Pacific Limited 太古股份有限公司 | | | 呈交日期: | 2026年1月2日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | Swire Pacific Limited 太古股份有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 II. 已發行股份及/或庫存股份變動 FF301 | 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) | 00019 | 說明 | A股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 ...

Group 1 - The core viewpoint of the article is that 2026 will be filled with catalysts for Hong Kong conglomerates, with Chow Tai Fook (00659), Jardine Matheson, and First Pacific (00142) expected to have the most catalysts [1] - The industry is anticipated to see a 5% growth in recurring profits by 2026, supported by a weak US dollar, and the likelihood of dividend cuts is low, leading to a projected 3% year-on-year increase in industry dividends for 2026 [1] Group 2 - The top stock picks are Chow Tai Fook and Cheung Kong (00001), as they offer the most attractive risk-reward profiles, with target prices set at HKD 8.8 and HKD 61 respectively, both rated as "outperform" [1] - The report is also optimistic about First Pacific, Swire Properties (00019), and Jardine Matheson, with target prices of HKD 8.2 and HKD 74 for the first two, both rated as "outperform" [1]

Core Viewpoint - The report from Credit Lyonnais indicates that the year 2026 will be filled with catalysts for Hong Kong conglomerates, with Chow Tai Fook (00659), Jardine Matheson, and First Pacific (00142) expected to experience the most catalysts [1] Industry Summary - The industry is projected to see a 5% growth in recurring earnings by 2026, supported by a weak US dollar, which creates favorable conditions [1] - The likelihood of dividend cuts is considered low, supporting a year-on-year growth of 3% in industry dividends for 2026 [1] Company Summary - Chow Tai Fook and Cheung Kong (00001) are identified as top picks due to their attractive risk-return profiles, with target prices set at HKD 8.8 and HKD 61 respectively, both rated as "Outperform" [1] - First Pacific, Swire Properties (00019), and Jardine Matheson are also viewed positively, with target prices of HKD 8.2 and HKD 74, both rated as "Outperform" [1]

12月23日，太古股份公司A发布公告称，贺以礼因退休离开太古集团，已辞任公司常务董事，自二零二 六年五月十三日起生效。贺以礼亦将退任国泰航空有限公司常务董事及主席，自国泰航空于二零二六年 五月十三日举行的二零二六年股东周年大会结束时起生效。此外，他将退任太古可口可乐有限公司董事 及主席，以及香港太古集团有限公司董事，自二零二六年五月十三日起生效。白德利将于同日接替贺以 礼，出任国泰航空及太古可口可乐有限公司主席。 （企业公告） (编辑：王璨 林辰) ...

贺以礼表示，很荣幸在过去6年担任国泰集团主席，与一支充满热情、尽职尽责的团队并肩工作。他亦 衷心感谢顾客一直以来的支持。 国泰集团资料显示，白德利自1987年加入太古集团以来，曾于中国内地和香港，美国、日本、中东以及 其他主要市场担任要职。他目前为太古股份有限公司、太古集团有限公司、太古地产有限公司和香港飞 机工程有限公司的主席，并将继续担任此职务。(完) 中新社香港12月23日电 国泰集团23日宣布，贺以礼将于2026年5月13日卸任董事会主席，并于同年5月 31日离任太古集团荣休，结束其30余年的职业生涯。董事局已委任白德利为国泰集团主席，由2026年5 月13日起生效。 现为太古股份有限公司主席及国泰航空有限公司董事的白德利表示，接任国泰集团主席后，将致力于与 领导团队紧密合作，提升国泰集团的整体表现，并继续支持香港，巩固其作为领先国际航空枢纽的地 位。他对贺以礼的领导表示赞赏。 ...

太古股份有限公司（「公司」）董事局（「董事局」）宣佈，賀以禮先生因退 休離開太古集團，已辭任公司常務董事，自二零二六年五月十三日起生效。 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。 SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) 董事局變動 於本公告所載日期，公司的在任董事如下： 常務董事： 白德利（主席）、岑明彥、賀以禮、馬天偉； 非常務董事： 麥廣能、施銘倫；及 獨立非常務董事： 包逸秋、顏文玲、歐高敦、徐瑩及張懌。 承董事局命 SWIRE PACIFIC LIMITED 太古股份有限公司 公司秘書 麥潔貞 - 1 - 賀以禮先生亦將退任國泰航空有限公司（「國泰航空」）常務董事及主席，自 國泰航空於二零二六年五月十三日舉行的二零二六年股東周年大會結束時起生 效。此外，他將退任太古可口可樂有限公司董事及主席，以及香港太古集團有 限公司董事，自二零二六年五月十三 ...

Core Viewpoint - Swire Coca-Cola expresses strong confidence in the future development of Hainan Free Trade Port, marking a significant investment in a new production base as a response to China's high-level opening-up and participation in the construction of the free trade port [1][2] Group 1: Investment and Development - Swire Coca-Cola's new green intelligent production base in Haikou, with an investment of 300 million yuan, is set to commence operations by the end of 2027, reflecting the company's commitment to long-term growth in the region [1] - The construction of the new base is a strategic move to leverage the favorable policies and tax incentives provided by the Hainan Free Trade Port, which aims to enhance local production and technological upgrades [2][3] Group 2: Policy and Economic Environment - Hainan's preparations for full island closure include the successful verification of ten "second-line ports" and the launch of a smart customs supervision platform, which collectively have resulted in over 3 billion yuan in tax reductions for businesses [3] - The implementation of a management model that allows for "first-line liberalization, second-line control, and island-wide freedom" will significantly expand the range of zero-tariff goods to 74% of all tax categories, facilitating smoother logistics and broader market opportunities for enterprises [3] Group 3: Green and Intelligent Manufacturing - The new production base will adhere to green low-carbon principles, integrating rooftop photovoltaic power generation and industrial waste heat recovery, while aiming for LEED Gold certification and China's two-star green building design standard [4] - Swire Coca-Cola's digital strategy aims to incorporate new productive forces into every aspect of beverage production, distribution, and sales, aligning with China's goals for high-end, intelligent, and green manufacturing [4] Group 4: Long-term Commitment and Market Strategy - Swire Coca-Cola has been operating in Hainan since its establishment in 1988 and plans to invest over 12 billion yuan in China over the next decade, demonstrating a strong commitment to the Chinese market [5] - The new factory's establishment is designed to meet the anticipated increase in local consumer demand post-closure, reflecting a strategy of localized deepening that aligns with China's new development paradigm [5] Group 5: Broader Implications for Foreign Investment - The construction of the production base signifies a shift in foreign investment strategies from mere production to deeper integration involving technology co-creation, standard building, and value sharing [6] - This transformation not only presents new opportunities for foreign enterprises but also contributes to the advancement of China's modern industrial system through the introduction of international best practices and technologies [6]

Core Viewpoint - The establishment of the Hainan Swire Coca-Cola Green Intelligent Production Base marks a significant investment in sustainable manufacturing, aligning with China's green development policies and the company's long-term commitment to the Chinese market [2][3]. Group 1: Project Overview - The first phase of the Hainan Swire Coca-Cola production base involves an investment of 300 million RMB, with production expected to commence by the end of 2027 [1]. - The new facility will implement a data-driven intelligent production model and integrate rooftop photovoltaic power generation with industrial waste heat recovery [1]. Group 2: Strategic Alignment - The project aligns with China's push for green and intelligent manufacturing, providing replicable solutions in low-carbon management and resource recycling, thus setting an industry benchmark for environmental sustainability [2]. - Swire Coca-Cola's commitment to this project is part of a broader investment plan of over 12 billion RMB in mainland China over the next decade [2]. Group 3: Future Developments - The company's green intelligent strategy is progressing, with new factories in Zhengzhou already operational and others in Jiangsu and Hubei recently achieving "zero carbon factory" certification [3]. - Swire Coca-Cola aims to leverage China's high-level opening-up policies and favorable business environment to further its green transformation and contribute to the modernization of the Chinese economy [3].

Investment Dynamics - L'Oréal plans to increase its stake in Galderma to 20%, becoming a significant strategic shareholder and gaining a board seat for core strategic decision-making [3] - Changyao Innovation successfully completed a new round of A financing amounting to several tens of millions, with strategic investment from leading robotics company Hangzhou Shenhao Technology [5] - UK DTC children's outdoor clothing brand Roarsome raised £1.5 million, with nearly £1 million from lead investor Sustainable Wealth Group, focusing on sustainable materials [7] - Meta acquired wearable AI device company Limitless, shifting part of its metaverse resources towards AI wearable devices [8] - Swire Group reached a share transfer agreement for its bakery chain "New Qinyuan" with Yang Brothers Investment Company, with a total acquisition amount close to HKD 1.4 billion [9] - Anheuser-Busch InBev plans to acquire a majority stake in US ready-to-drink beverage brand BeatBox for approximately $490 million, as part of its strategy to explore markets beyond beer [12] Brand Dynamics - Hema acknowledged a production issue with strawberry cakes, affecting around 60 units sold across seven stores, and has initiated customer follow-ups and compensation [15] - COMME des GARÇONS announced a collaboration with G-DRAGON, featuring a collection inspired by his album "Übermensch," with a black baseball cap as a core item [18] - Burberry appointed Matteo Calonaci as COO and CCO, emphasizing supply chain acceleration and customer experience as key performance drivers [19][21] - Kering's Brioni brand ended its collaboration with creative director Norbert Stumpfl, potentially slowing down the introduction of new men's collections [23]

Core Viewpoint - The article discusses the potential sale of the Rosewood Hotels by New World Development Group, highlighting the challenges faced by the Hong Kong hotel industry and the financial struggles of the parent company, which has led to drastic measures such as asset sales [4][18][28]. Group 1 - New World Development Group, backed by the Cheng family, is considering selling parts of its 58 Rosewood Hotels, including the highly valued Hong Kong Rosewood, which is estimated at HKD 15.9 billion [4][18]. - The hotel industry in Hong Kong is undergoing a severe crisis, with New World Development being one of the most affected companies, facing significant debt and operational challenges [18][20]. - The company's stock price has plummeted by 87% compared to its peak in 2019, indicating a drastic decline in market confidence [24]. Group 2 - The article contrasts New World Development's aggressive expansion strategy with that of Swire Properties, which has opted for a more cautious approach, including layoffs and property closures [30][35]. - The underlying business logic supporting the prosperity of Hong Kong's hotel industry has shifted, with high-interest rates making hotel operations less financially viable compared to alternative investments [38][39]. - The reduction in spending by high-end customers, including mainland Chinese tourists and corporate executives, has further exacerbated the challenges faced by luxury hotels in Hong Kong [44][46]. Group 3 - The operational costs of maintaining luxury hotels in Hong Kong are among the highest globally, while competition from neighboring cities like Shenzhen offers similar experiences at significantly lower prices [49]. - The article suggests that the era of luxury hotel brands being willing to operate at a loss for asset appreciation is coming to an end, as financial prudence takes precedence [50][55]. - The shift in market dynamics is exemplified by Li Ka-shing's decision to sell properties at steep discounts, indicating a broader trend of reevaluating asset values in the current economic climate [51][54].