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9月30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: | 2025年10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 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) | 00019 | 說明 | A股 | | | | | | | | 已發行股份（不包 ...

Core Viewpoint - UBS reports an improvement in the office market due to better hiring conditions in the financial sector, predicting a recovery in the Central Grade A office market driven by increased recruitment and reduced supply [1] Group 1: Market Outlook - The Central Grade A office market is expected to recover first, with signs of bottoming out and a rebound anticipated [1] - The overall Hong Kong office market is projected to reach a turning point [1] Group 2: Rental Forecast - UBS forecasts that the rental decline for Central Grade A offices will narrow to 5% this year, compared to a 12% drop last year [1] - For the next two years, Grade A office rents across Hong Kong are expected to decline between 3% to 5%, an improvement from last year's 9% drop [1] Group 3: Investment Recommendations - UBS assigns a "Buy" rating to Swire Properties (01972), which is involved in Central Grade A offices, while giving a neutral rating to Swire A (00019) and Hongkong Land [1] Group 4: Market Data - The number of licenses increased by approximately 1,300 year-on-year as of June 2025, attributed to strong stock market performance this year [1] - The financial sector accounts for 57% of office tenants, indicating its significant impact on the office rental market [1]

Group 1 - UBS reports improvement in net absorption of office space in Hong Kong due to better hiring conditions in the financial sector [1] - The number of licenses is expected to increase by approximately 1,300 by June 2025, attributed to strong stock market performance this year [1] - Financial sector tenants account for 57% of office space users, indicating a potential stabilization in the commercial property market [1] Group 2 - UBS predicts that the rental decline for Grade A office space in Central will narrow to 5% this year, compared to a 12% decline last year [1] - For the next two years, Grade A office rents across Hong Kong are expected to decrease by 3% to 5%, an improvement from last year's 9% decline [1] - UBS assigns a "Buy" rating to Swire Properties, while giving a "Neutral" rating to Swire Pacific and Hongkong Land [1]

Swire Pacific (SWRAY) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.The po ...

Short Selling Ratios - AIA Group Limited (81299) and JD Health (86618) have the highest short selling ratios at 100.00% each, followed closely by JD Group (89618) at 99.04% [1] - Other notable companies with high short selling ratios include BYD Company Limited (81211) at 89.57% and Tencent Holdings Limited (00700) at 84.79% [1] Short Selling Amounts - Alibaba Group (09988) leads in short selling amount with HKD 3.29 billion, followed by Tencent Holdings (00700) at HKD 1.01 billion and Xiaomi Corporation (01810) at HKD 978 million [1] - Other significant short selling amounts include Meituan (03690) at HKD 969 million and BYD Company (01211) at HKD 921 million [1] Deviation Values - JD Group (89618) has the highest deviation value at 45.15%, indicating a significant difference from its average short selling ratio over the past 30 days [1] - Other companies with high deviation values include Xiehe New Energy (00182) at 41.14% and Tencent Holdings (80700) at 38.67% [1]

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) 通 知 信 函 各位非登記持有人( 附註 1)： 二零二五年中期報告（「本次公司通訊」）之發佈通知 太古股份有限公司（「公司」）的本次公司通訊之中、英文版本已上載於公司網站 (www.swirepacific.com) 之 投資者關係網頁及香港交易及結算所有限公司（「香港交易所」）網站 (www.hkexnews.hk)，歡迎查閱。如 閣下已選擇收取公司通訊( 附註 2)之印刷本，現隨函附上 閣下所選擇的語言版本之本次公司通訊印刷本。 以電子方式發佈公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》、《公司條例》（香港法例第 622 章）（其中包括於 2025 年 4 月 17 日生效的《2025 年公司（修訂）條例》）及公司的組織章程細則，公司現特來函通知 閣下公司已採用電 子方式發佈公司通訊，即所有日後公司通訊的中、英文版均將刊登於公司網站 (www.swirepacific.com) 及香港 交易所網站 (www.hkexnews.hk)，以代替印刷本。 閣下如 ...

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) 通 知 信 函 各位股東： 二零二五年中期報告（「本次公司通訊」）之發佈通知 太古股份有限公司（「公司」）的本次公司通訊之中、英文版本已上載於公司網站 (www.swirepacific.com) 之 投資者關係網頁及香港交易及結算所有限公司（「香港交易所」）網站 (www.hkexnews.hk)，歡迎查閱。如 閣下已選擇收取公司通訊( 附註 1)之印刷本，現隨函附上 閣下所選擇的語言版本之本次公司通訊印刷本。 以電子方式發佈公司通訊之新安排 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）（其 中包括於 2025 年 4 月 17 日生效的《2025 年公司（修訂）條例》）及公司的組織章程細則，公司現特來函通知 閣 下 公 司 已 採 用 電 子 方 式 發 佈 公 司 通 訊 ， 即 所 有 日 後 公 司 通 訊 的 中 、 英 文 版 均 將 刊 登 於 公 司 網 站 (www.swirepacific.com) 及 ...

Corporate Statement](index=3&type=section&id=%E4%BC%81%E4%B8%9A%E5%AE%A3%E8%A8%80) Swire Pacific is a Hong Kong-headquartered international conglomerate with over 150 years of history in Greater China, focused on enhancing shareholder value through long-term returns and diversified core businesses in property, beverages, and aviation, while expanding into new sectors like healthcare - The company aims to achieve sustained growth in shareholder value by generating ideal long-term returns on equity and maintaining consistent dividend growth[5](index=5&type=chunk) - The company's strategy focuses on Greater China and Southeast Asia, developing core divisions in property, beverages, and aviation, while exploring new areas like healthcare[5](index=5&type=chunk) - Core principles include integrity, diligence, continuous improvement, humility, teamwork, and long-term development[6](index=6&type=chunk) - The company adopts prudent financial management to shield long-term investments from short-term market fluctuations and maintains high corporate governance standards[8](index=8&type=chunk)[9](index=9&type=chunk) Performance Summary](index=4&type=section&id=%E8%A1%A8%E7%8F%BE%E6%91%98%E8%A6%81) The company reported robust revenue growth of **16%** in H1 2025, but profit attributable to company shareholders significantly decreased by **79%** due to investment property fair value changes. Underlying profit and recurring underlying profit slightly declined, while dividends per share increased by **4%** Key Financial Data for H1 2025 (HKD million) | Metric | 2025 H1 | 2024 H1 | Change | 2024 Full Year | | :--- | :--- | :--- | :--- | :--- | | Profit Attributable to Company Shareholders | 815 | 3,914 | -79% | 4,321 | | Underlying Profit | 5,476 | 5,576 | -2% | 10,471 | | Recurring Underlying Profit | 4,712 | 4,762 | -1% | 9,284 | | Revenue | 45,774 | 39,563 | +16% | 81,969 | | Operating Profit | 1,861 | 4,945 | -62% | 4,240 | | Operating Profit Excluding Fair Value Changes of Investment Properties | 5,745 | 5,785 | -1% | 10,214 | | Fair Value Changes of Investment Properties | (3,884) | (840) | N/A | (5,974) | | Net Debt | 71,337 | 63,479 | +12% | 70,563 | | Net Debt to Capital Ratio (Excluding Lease Liabilities) | 22.7% | 19.8% | +2.9 percentage points | 22.1% | | Dividends Per Share ('A' Share) | 1.30 | 1.25 | +4% | 3.35 | | Dividends Per Share ('B' Share) | 0.26 | 0.25 | +4% | 0.67 | Chairman's Statement](index=5&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) The Chairman's Statement highlights the Group's solid overall business performance in H1 2025 despite an uncertain operating environment, with strong aviation and property divisions, and resilient beverages. Underlying profit attributable to company shareholders slightly decreased, but the rise in investment property fair value losses is non-cash. The Group will continue strategic initiatives in core markets and remains optimistic about long-term prospects - H1 2025 underlying profit attributable to company shareholders was **HKD5.476 billion**, a slight decrease from **HKD5.576 billion** in H1 2024[12](index=12&type=chunk) - Fair value loss on investment properties increased to **HKD4.664 billion** (H1 2024: **HKD877 million**), but this is non-cash and does not impact cash flow or underlying profit[12](index=12&type=chunk) - Swire Properties continues to advance its **HKD100 billion** investment plan, with **67%** of funds committed, focusing on expanding in Hong Kong, Mainland China, and Southeast Asia[14](index=14&type=chunk) - Swire Coca-Cola's Southeast Asia business continues to grow, and an application has been submitted for the proposed spin-off and separate listing of ThaiNamthip on the Stock Exchange of Thailand[16](index=16&type=chunk) - Cathay Group continues to invest in its fleet, cabins, and digital innovation, with total investments exceeding **HKD100 billion**, and added **19 new passenger destinations**[17](index=17&type=chunk) - The Group maintains a strong financial position with **HKD52.6 billion** in available liquidity, a net debt to capital ratio of **22.7%**, and declared a **4% increase** in the first interim dividend[21](index=21&type=chunk) - The company repurchased **25,119,000 'A' shares** and **15,402,500 'B' shares** in H1 2025, at a total cost of **HKD1.842 billion**[22](index=22&type=chunk) - The Group continues to advance its SwireTHRIVE sustainable development strategy, with its companies making progress in renewable energy use and sustainable aviation fuel development[23](index=23&type=chunk) Business Review](index=9&type=section&id=%E6%A5%AD%E5%8B%99%E8%A9%95%E8%BF%B0) This section reviews the H1 2025 operating performance, strategic developments, key project progress, and outlook for the company's five divisions: Property, Beverages, Aviation, Healthcare, and Trading & Industrial, each navigating diverse market dynamics and challenges Property Division](index=9&type=section&id=%E5%9C%B0%E7%94%A2%E9%83%A8%E9%96%80) The Property Division's H1 2025 attributable recurring underlying profit slightly decreased due to Hong Kong office market challenges and weak retail. However, progress was made in property trading and Mainland China projects through US non-core asset disposals and the **HKD100 billion** investment plan. Future focus remains on core markets, developing quality properties and residential projects - H1 2025 attributable recurring underlying profit was **HKD2.829 billion**, a **2% decrease** from H1 2024, primarily due to lower Hong Kong office rental income[18](index=18&type=chunk) - High office vacancy rates and new supply in Hong Kong create downward pressure, but the office portfolio's occupancy rate remains stable[18](index=18&type=chunk)[50](index=50&type=chunk) - Completed the disposal of Brickell City Centre retail and parking businesses in Miami, US, with proceeds supporting the **HKD100 billion** investment plan[15](index=15&type=chunk)[48](index=48&type=chunk) - Mainland China retail sales showed stable growth, with Taikoo Li Sanlitun, Beijing, HKRI Taikoo Hui, Shanghai, and Taikoo Li Qiantan retail sales increasing by **7%**, **14%**, and **4%** respectively[58](index=58&type=chunk) - Lujiazui Taikoo Li Residences in Shanghai achieved outstanding sales, with two phases totaling **RMB5.93 billion** in sales[14](index=14&type=chunk)[47](index=47&type=chunk) - As of August 1, 2025, approximately **HKD67 billion** of the **HKD100 billion** investment plan has been committed, primarily for Hong Kong, Mainland China, and residential trading projects[44](index=44&type=chunk) Property Division Total Revenue (HKD million) | Category | 2025 H1 | 2024 H1 | 2024 Full Year | | :--- | :--- | :--- | :--- | | Property Investment | 6,576 | 6,727 | 13,452 | | Property Trading | 1,706 | 88 | 88 | | Hotels | 441 | 464 | 888 | | **Total Revenue** | **8,723** | **7,279** | **14,428** | Beverages Division](index=22&type=section&id=%E9%A3%B2%E6%96%99%E9%83%A8%E9%96%80) The Beverages Division's H1 2025 attributable profit slightly decreased due to weak consumer sentiment and capacity enhancement project expenses in Vietnam and Taiwan. Despite this, total revenue and sales volume significantly grew from ThaiNamthip's contribution. Mainland China operations' profit rose, but Hong Kong, Taiwan, and Southeast Asia faced challenges. The company is actively addressing market headwinds and plans to spin off ThaiNamthip for listing - H1 2025 attributable profit was **HKD803 million**, including a non-recurring loss of **HKD58 million**, with recurring attributable profit at **HKD861 million**, a **2% decrease** year-on-year[100](index=100&type=chunk) - Total revenue (including Shanghai Shenmei and excluding sales to other bottlers) increased by **25%** to **HKD22.188 billion**, with sales volume up **20%** to **1.038 billion standard cases**, primarily due to TNCC's contribution[100](index=100&type=chunk) - Mainland China operations' attributable profit increased by **8%**, with both revenue and sales volume rising[19](index=19&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - Profits from Hong Kong, Taiwan, Vietnam, and Cambodia operations all declined, impacted by weak consumer sentiment, capacity enhancement project expenses, and Vietnamese Dong depreciation[19](index=19&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk) - An application has been submitted

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8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: | 2025年9月1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。 | | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 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) | 00019 | 說明 | A股 | | | | | | | | 已發行股份（不包括 ...

Group 1 - Swire Properties plans to issue a seven-year USD bond to refinance a $500 million note maturing in September [1] - Approximately 30% of Swire's total debt is denominated in RMB, and the company is seeking opportunities to diversify into other currencies [1] - The choice of a seven-year term for the bond is influenced by the fact that most of Swire's bank financing is for five years [1]