九 龍 建 業 有 限 公 司 KOWLOON DEVELOPMENT COMPANY LIMITED Dear registered shareholder(s), 19 September 2025 New Arrangement of Electronic Dissemination of Corporate Communications Pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the articles of association of Kowloon Development Company Limited (the "Company") and the Companies Ordinance (the "Companies Ordinance") (Chapter 622 of the Laws of Hong Kong), the Company is writing to inform you that the Company has ...

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: | 九龍建業有限公司 | | | | 呈交日期: | 2025年9月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 九龍建業有限公司並無法定股本，及其股本並無股份面值。 | | | | FF301 FF301 第 1 頁 共 10 頁 v 1.1.1 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) | 00034 | 說明 | | 股份 | | | | | | | | 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 | ...

九龙建业(00034)公布2025年中期业绩，营业收入约24.29亿港元，同比增长25.13%;公司股权持有人应占 溢利约1.25亿港元，同比增长9.79%;每股盈利0.1港元，中期股息每股为0.10港元。 ...

智通财经APP讯，九龙建业(00034)公布2025年中期业绩，营业收入约24.29亿港元，同比增长25.13%;公 司股权持有人应占溢利约1.25亿港元，同比增长9.79%;每股盈利0.1港元，中期股息每股为 0.10 港元。 ...

若计及集团物业发展权益的公允价值变动及其投资物业的重估减值后，集团于2025年上半年的未经审核 股东应占盈利为1.25亿港元，较2024年同期的1.13亿港元增加10.6%。2025年中期股息每股为0.10港元 （2024年：0.10港元）。 格隆汇8月22日丨九龙建业(00034.HK)发布公告，截至2025年6月30日止六个月，集团股东应占基础盈利 为3.12亿港元，较2024年同期的2.89亿港元增加8.0%。然而，此增加被2024年7月以股代息的效应所抵 销，致使2025年的每股基础中期盈利为0.239港元，略低于2024年的0.246港元。 ...

EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | --- | | 發行人所發行上市權證/可轉換債券 不適用 | | 其他信息 | | 其他信息 不適用 | | 發行人董事 | | 於本公告日期，發行人董事包括：執行董事柯為湘先生（主席）、黎家輝先生、柯沛鈞先生及林勇禧先生；非執行董事吳志文女士 及楊國光先生；以及獨立非執行董事李國星先生、陸恭正先生及徐嘉文先生。 | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 九 龍 建 業 有 限 公 司 | | 股份代號 | 00034 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止六個月之中期股息及暫停辦理股份過戶登記 | | | 公告日期 | 2 ...

[Summary](index=1&type=section&id=Summary) [Interim Results and Dividends](index=1&type=section&id=Interim%20Results%20and%20Dividends) The Group reported an 8.0% increase in underlying profit attributable to shareholders to HKD 312 million, with interim dividend maintained at HKD 0.10 per share Interim Financial Highlights | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Underlying Profit Attributable to Shareholders | 312 million | 289 million | +8.0% | | Basic Interim Earnings Per Share | 0.239 | 0.246 | -2.8% | | Unaudited Profit Attributable to Shareholders | 125 million | 113 million | +10.6% | | Interim Dividend Per Share | 0.10 | 0.10 | Flat | [Market Overview and Business Review](index=2&type=section&id=Market%20Overview%20and%20Business%20Review) [Hong Kong Property Market](index=2&type=section&id=Hong%20Kong%20Property%20Market) Hong Kong residential property prices saw increased activity after stamp duty abolition and HIBOR decline, while commercial and retail property rents and prices generally decreased - Hong Kong residential property prices initially declined due to high interest rates and ample supply but saw active transactions after the government abolished stamp duties[7](index=7&type=chunk) - HIBOR significantly decreased from May, promoting residential sales and prices[7](index=7&type=chunk) - Commercial and retail property rents and prices generally fell due to high vacancy rates, weak demand, and changing consumption patterns[7](index=7&type=chunk) [Mainland China Property Market](index=2&type=section&id=Mainland%20China%20Property%20Market) Despite central government stabilization policies, the Mainland China property market's response has been limited, with property prices and demand showing restricted effects - Despite government stabilization policies, the Mainland China real estate market's response has not yet caught up in the past six months[7](index=7&type=chunk) [Property Development Sales](index=2&type=section&id=Property%20Development%20Sales) Hong Kong's High Park project sold 95% of units, recognizing HKD 1.4 billion in sales revenue, while Mainland China projects generated RMB 756 million in recognized sales revenue with limited profit contribution [Hong Kong Property Development Sales](index=2&type=section&id=Hong%20Kong%20Property%20Development%20Sales) Hong Kong's High Park project has sold over 1,480 residential units, representing 95% of the total, with HKD 1.4 billion in sales revenue recognized - The High Park project in Tseung Kwan O, Hong Kong, has sold over **1,480 residential units**, representing approximately **95% of the total**[8](index=8&type=chunk) Hong Kong Property Sales Revenue | Project | Sales Revenue (HKD) | | :--- | :--- | | High Park (Recognized during review period) | 1.4 billion | [Mainland China Property Development Sales](index=3&type=section&id=Mainland%20China%20Property%20Development%20Sales) Mainland China development projects generated RMB 671 million in total pre-sales/sales, with RMB 756 million in recognized sales revenue, contributing limited profit to the Group Mainland China Property Sales Performance | Indicator | Amount (RMB) | | :--- | :--- | | Total Pre-sales/Sales of Development Projects | 671 million | | Group's Attributable Pre-sales/Sales | 518 million | | Group's Attributable Sales Revenue (Recognized during review period) | 756 million | - Mainland China sales revenue contributed limited profit to the Group during the period[9](index=9&type=chunk) [Property Development](index=3&type=section&id=Property%20Development) The Group unified ownership of a Hong Kong site for redevelopment, holding 2.9 million sq.m. of land bank for development, with progress detailed for various projects in Hong Kong and Mainland China [Land Bank and New Projects](index=3&type=section&id=Land%20Bank%20and%20New%20Projects) The Group formed a joint venture to redevelop a Hong Kong site into a 4,600 sq.m. commercial/residential complex, with its total land bank for development reaching 2.9 million sq.m. - The Group established a joint venture and successfully unified the ownership of the Fuk Chak Street site in Hong Kong, planning to redevelop it into a high-rise commercial/residential complex[10](index=10&type=chunk) Key Development Metrics | Indicator | Value | | :--- | :--- | | Fuk Chak Street Project Total Gross Floor Area | Approx. 4,600 sq.m. | | Group's Attributable Total Gross Floor Area of Land Bank for Development | Approx. 2,900,000 sq.m. | [Progress of Major Property Projects](index=3&type=section&id=Progress%20of%20Major%20Property%20Projects) The report details the progress of major property projects in Hong Kong and Mainland China, covering various stages from superstructure works to design approvals and foundation preparations Major Property Project Progress | Property Project | Region/City | Usage | Approx. Gross Floor Area (sq.m.) | Group's Attributable Interest | Project Progress | Estimated Completion Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mid-Levels Grandeur | Sai Ying Pun, Hong Kong | Residential & Commercial | 4,600 | 60% | Superstructure works in progress | H1 2026 | | Clear Water Bay Road | Ngau Chi Wan, Kowloon | Residential & Commercial | 201,000 | 100% | Superstructure works in progress | 2027 to 2029 | | Fuk Chak Street | Tai Kok Tsui, Kowloon | Residential & Commercial | 4,600 | 50% | Preparing for demolition | To be confirmed | | Riverfront City (Shenyang) | Hunnan New District, Shenyang | Residential & Commercial | 630,000 | 100% | Phase 5A planning modification in progress | To be confirmed | | Cui Di Wan (Shenyang) | Shenhe District, Shenyang | Residential & Commercial | 2,000,000 | 100% | Phase 4 design approval in progress | To be confirmed | | Riverfront South Garden (Huizhou) | Huicheng District, Huizhou | Residential & Commercial | 520,000 | 60% | Phase 3 design modification completed | To be confirmed | | Shanyu Lake (Foshan) | Nanhai District, Foshan | Residential & Commercial | 1,600,000 | 50% | Phase 5 construction completed | To be confirmed | | City Plaza (Tianjin) | Hedong District, Tianjin | Residential, Commercial & Office | 850,000 | 49% | Phase 3B superstructure works in progress | End 2026 | | Yangpu (Shanghai) | Yangpu District, Shanghai | Residential, Commercial & Office | 75,000 | 40% | Preliminary construction permit obtained; foundation construction preparation in progress | End 2029 | | Polytec Grand Mansion (Shanxi) | Jiexiu City | Residential & Commercial | 463,000 | 100% | Phase 2 planning in progress | To be confirmed | | Hengda Plaza (Zhuhai) | Xiangzhou District, Zhuhai | Commercial, Office & Apartment | 199,000 | 70% | Phase 1 superstructure works in progress | End 2025 | [Property Investment](index=4&type=section&id=Property%20Investment) The Group's total rental income from Hong Kong investment properties decreased by 10.8% to HKD 132 million in the first half of 2025 Hong Kong Investment Property Rental Income | Indicator | H1 2025 (HKD) | H1 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Rental Income from Hong Kong Investment Properties | 132 million | 148 million | -10.8% | [Outlook](index=5&type=section&id=Outlook) [Market Outlook](index=5&type=section&id=Market%20Outlook) Residential transaction volume and prices are expected to stabilize or rise in the second half, while commercial and retail properties will likely remain in an adjustment phase - If HIBOR remains low and Hong Kong's economy grows healthily in the second half, residential transaction volume is expected to improve, with prices stabilizing or rising[14](index=14&type=chunk) - Commercial buildings and retail shops are expected to remain in an adjustment phase in the second half due to market supply-demand imbalance[14](index=14&type=chunk) [Hong Kong Project Outlook](index=5&type=section&id=Hong%20Kong%20Project%20Outlook) High Park sales are expected to complete, Mid-Levels Grandeur will launch, Clear Water Bay Road's first phase targets 2027 completion, and Fuk Chak Street construction is planned for 2026 - Hong Kong's High Park project in Tseung Kwan O is expected to largely complete residential unit sales in the second half[15](index=15&type=chunk) - The Mid-Levels Grandeur project in Sai Ying Pun will be launched for sale in the second half, with good sales response anticipated[15](index=15&type=chunk) - Superstructure works for the Clear Water Bay Road development in Ngau Chi Wan are progressing, with the first phase targeted for completion by the first half of 2027 or earlier[15](index=15&type=chunk) - The Fuk Chak Street joint venture project site in Tai Kok Tsui is preparing for demolition, with construction planned to commence in 2026[15](index=15&type=chunk) [Mainland China Project Outlook](index=5&type=section&id=Mainland%20China%20Project%20Outlook) Mainland China projects show varied progress, with Huizhou and Shenyang in design/approval, Shanxi Phase 1 sales strong, Zhuhai and Tianjin targeting 2025/2026 completion, and Shanghai preparing for foundation work - Huizhou Riverfront South Garden Phase 3 residential project has completed design modifications and will commence construction after approval[15](index=15&type=chunk) - Shanxi Polytec Grand Mansion Phase 1 sales are strong, with approximately **75% of units sold**, and sales are expected to largely complete within the year[16](index=16&type=chunk) - Zhuhai Hengda Plaza Phase 1 is expected to be completed and occupied by end-2025[17](index=17&type=chunk) - Tianjin City Plaza Phase 3B superstructure works are ongoing, with completion expected by end-2026[17](index=17&type=chunk) - The Shanghai Yangpu project has obtained preliminary construction permits, with foundation work preparation underway[17](index=17&type=chunk) [Financial Strategy and Dividend Policy](index=6&type=section&id=Financial%20Strategy%20and%20Dividend%20Policy) The Group anticipates High Park sales and rental income to drive second-half results and will adopt a conservative dividend policy due to industry challenges and significant project funding needs - The Group expects sales and rental income from Hong Kong's High Park project to be the main contributors to performance and revenue in the second half of 2025[18](index=18&type=chunk) - Given the challenging operating environment in the property sector and the substantial funding requirements for the large-scale Clear Water Bay Road development project, the Group deems it necessary to adopt a conservative dividend policy[18](index=18&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss](index=7&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Operating revenue increased to HKD 2.429 billion, with operating profit at HKD 240 million and profit attributable to equity holders at HKD 125 million, resulting in HKD 0.10 basic and diluted earnings per share Consolidated Statement of Profit or Loss Highlights | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,428,801 | 1,940,947 | +25.1% | | Cost of Sales | (1,275,466) | (916,223) | +39.2% | | Fair Value Changes of Investment Properties | (186,798) | (189,846) | -1.6% | | Fair Value Changes of Property Development Interests | (293) | 14,050 | -102.1% | | Operating Profit | 239,920 | 269,188 | -10.9% | | Finance Costs | (73,965) | (85,140) | -13.1% | | Profit Before Tax | 195,801 | 199,345 | -1.8% | | Profit for the Period | 115,121 | 113,104 | +1.8% | | Profit Attributable to Equity Holders of the Company | 124,556 | 113,453 | +9.8% | | Earnings Per Share – Basic and Diluted | HKD 0.10 | HKD 0.10 | Flat | [Consolidated Statement of Financial Position](index=9&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities were HKD 36.89 billion, net assets were HKD 17.625 billion, with notable decreases in joint venture interests, inventories, and various current liabilities Consolidated Statement of Financial Position Highlights | Indicator | As of June 30, 2025 (HKD thousand) | As of Dec 31, 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Investment Properties | 13,295,290 | 13,416,380 | -0.9% | | Property Development Interests (Non-current) | 1,232,238 | 1,239,499 | -0.6% | | Interests in Joint Ventures | 1,588,019 | 1,898,578 | -16.4% | | Interests in Associates | 2,320,253 | 2,245,931 | +3.3% | | Inventories | 20,508,918 | 21,278,307 | -3.6% | | Cash and Bank Balances | 956,812 | 791,467 | +20.9% | | Trade and Other Payables (Current) | 2,663,313 | 3,231,671 | -17.5% | | Amounts Due to Joint Ventures (Current) | 0 | 557,725 | -100% | | Bank Loans (Current) | 1,709,454 | 2,374,807 | -28.0% | | Total Assets Less Current Liabilities | 36,890,009 | 36,200,159 | +1.9% | | Net Assets | 17,625,085 | 17,567,526 | +0.3% | [Notes](index=11&type=section&id=Notes) [Basis of Preparation](index=11&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared under HKEX Listing Rules and HKAS 34, with accounting policies consistent with 2024 annual statements, except for Note 2 changes - The interim financial report is prepared in accordance with Hong Kong Listing Rules and HongAS 34[23](index=23&type=chunk) - Accounting policies are consistent with the 2024 annual financial statements, except for changes detailed in Note 2[23](index=23&type=chunk) [Changes in Accounting Policies](index=12&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied HKAS 21 amendments with no significant impact, and no new standards or interpretations not yet effective were adopted in this period - Amendments to Hong Kong Accounting Standard 21 have been applied but have no significant impact on this interim report[24](index=24&type=chunk) - No new standards or interpretations not yet effective have been adopted in the current accounting period[25](index=25&type=chunk) [Segment Reporting](index=12&type=section&id=Segment%20Reporting) The Group manages its business across three reportable segments: property development (Hong Kong/Mainland China), property investment, and other businesses, with operating revenue from various property-related activities [Segment Results and Assets](index=13&type=section&id=Segment%20Results%20and%20Assets) In H1 2025, Hong Kong property development generated HKD 1.419 billion revenue and HKD 364.5 million profit, Mainland China property development generated HKD 600.2 million revenue and HKD 46.5 million profit, and total segment assets were HKD 40.475 billion Segment Performance and Assets (H1 2025) | Segment | H1 2025 Operating Revenue (HKD thousand) | H1 2025 Reportable Segment Profit/(Loss) (HKD thousand) | As of June 30, 2025, Reportable Segment Assets (HKD thousand) | | :--- | :--- | :--- | :--- | | Property Development (Total) | 2,428,801 | 498,697 | 40,475,189 | | - Hong Kong | 1,419,027 | 364,467 | 15,383,133 | | - Mainland China | 600,249 | 46,460 | 11,199,793 | | Property Investment | 132,151 | 102,532 | 13,312,565 | | Other Businesses | 277,374 | (14,762) | 579,698 | [Profit Before Tax](index=15&type=section&id=Profit%20Before%20Tax) Finance costs decreased by 13.1% to HKD 74.0 million in H1 2025 due to lower loan interest and higher capitalized costs, while interest income significantly declined [Finance Costs](index=15&type=section&id=Finance%20Costs) Net finance costs decreased by 13.1% to HKD 74.0 million, after capitalizing HKD 348.9 million in borrowing costs at an annual interest rate of 1.89%–6.98% Finance Costs Breakdown | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Interest on Bank Loans | 377,164 | 543,149 | -30.6% | | Interest on Related Company Loans | 45,692 | 73,904 | -38.2% | | Less: Amount Capitalized | (348,891) | (531,913) | -34.4% | | Total Finance Costs | 73,965 | 85,140 | -13.1% | - Borrowing costs capitalized were calculated at an annual interest rate of **1.89%–6.98%**[34](index=34&type=chunk) [Other Items](index=16&type=section&id=Other%20Items) Depreciation and amortization were HKD 6.2 million, while interest income significantly decreased to HKD 12.1 million in the first half of 2025 Other Income and Expenses | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Depreciation and Amortization | 6,184 | 10,155 | -39.1% | | Interest Income | (12,095) | (36,425) | -66.8% | [Income Tax](index=16&type=section&id=Income%20Tax) Total income tax decreased by 6.4% to HKD 80.7 million, with Hong Kong profits tax at HKD 75.8 million, new withholding tax of HKD 13.8 million, and a significant reduction in land appreciation tax Income Tax Breakdown | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Tax for the Period | 80,680 | 86,241 | -6.4% | | Profits Tax Provision – Hong Kong | 75,780 | 77,775 | -2.6% | | Profits Tax Provision – Outside Hong Kong | 9,188 | 397 | +2213.4% | | Withholding Tax | 13,830 | 0 | N/A | | Land Appreciation Tax | 20 | 818 | -97.6% | | Deferred Tax | (18,138) | 7,251 | -350.1% | - Hong Kong profits tax is calculated at a rate of **16.5%**[36](index=36&type=chunk) - Mainland China land appreciation tax is levied at progressive rates ranging from **30% to 60%**[37](index=37&type=chunk) [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) Basic earnings per share remained at HKD 0.10, with profit attributable to equity holders at HKD 124.6 million and no dilutive potential ordinary shares during the period Earnings Per Share Details | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic Earnings Per Share | HKD 0.10 | HKD 0.10 | | Profit Attributable to Equity Holders of the Company | HKD 124,556,000 | HKD 113,453,000 | | Weighted Average Number of Ordinary Shares in Issue | 1,306,206,058 shares | 1,176,631,296 shares | - There were no dilutive potential ordinary shares during the period[39](index=39&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Board declared an interim dividend of HKD 0.10 per share for 2025, consistent with the prior year, payable on January 7, 2026 Interim Dividend Declaration | Indicator | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Interim Dividend of HKD 0.10 Per Share Declared After Period End | 130,621 | 130,621 | - The interim dividend will be paid on **January 7, 2026**[6](index=6&type=chunk) [Property Development Interests](index=17&type=section&id=Property%20Development%20Interests) Property development interests, accounted for at fair value, represent joint investments in Mainland China, with HKD 458.1 million expected to be recovered within one year - Property development interests represent joint investments by the Group and Polytec Holdings in Huizhou and Zhuhai, Mainland China[41](index=41&type=chunk) - These interests are accounted for at fair value, with **HKD 458.1 million** expected to be recovered within one year and classified as current assets[41](index=41&type=chunk) [Trade and Other Receivables / Loans](index=18&type=section&id=Trade%20and%20Other%20Receivables%20%2F%20Loans) Total trade receivables and loans decreased to HKD 384 million, with HKD 351 million current, as the Group maintains specific credit policies to mitigate risk Trade and Other Receivables / Loans | Indicator | As of June 30, 2025 (HKD thousand) | As of Dec 31, 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables and Loans | 384,015 | 425,517 | -9.7% | | - Current | 351,261 | 368,761 | -4.8% | | Other Receivables and Prepayments | 393,702 | 377,139 | +4.4% | | Total | 876,175 | 906,680 | -3.4% | - The Group maintains specific credit policies and close monitoring to mitigate credit risk[42](index=42&type=chunk) [Trade and Other Payables](index=19&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables decreased to HKD 2.663 billion, with trade payables at HKD 1.795 billion and contract liabilities significantly reduced to HKD 259.8 million Trade and Other Payables Breakdown | Indicator | As of June 30, 2025 (HKD thousand) | As of Dec 31, 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Payables | 1,794,679 | 2,006,327 | -10.5% | | Contract Liabilities – Deposits Received for Property Sales | 259,804 | 524,646 | -50.5% | | Total | 2,663,313 | 3,231,671 | -17.5% | [Financial Review](index=19&type=section&id=Financial%20Review) [Financial Resources and Bank Borrowings](index=19&type=section&id=Financial%20Resources%20and%20Bank%20Borrowings) Total bank loans decreased to HKD 18.74 billion, with net bank borrowings at HKD 17.783 billion and a gearing ratio of 100.9%, supported by cash inflows from property sales Financial Resources and Bank Borrowings Highlights | Indicator | As of June 30, 2025 (HKD) | As of Dec 31, 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total Bank Loans | 18.74 billion | 19.125 billion | -2.0% | | Net Bank Borrowings | 17.783 billion | N/A | N/A | | Gearing Ratio | 100.9% | 104.4% | -3.5% | | Cash Inflow from Hong Kong Property Project Sales | 1.367 billion | N/A | N/A | | Cash Inflow from Mainland China Development Project Pre-sales/Sales | 368 million | N/A | N/A | - The Group prioritizes reducing its gearing ratio as a key financial strategy, achieved through disposing of non-core assets and launching projects for sale[46](index=46&type=chunk) - The Group cautiously advanced project development, investing approximately **HKD 657 million** in construction costs during the period[47](index=47&type=chunk) - All Group borrowings are arranged at floating interest rates, with RMB income and borrowings naturally hedging RMB exchange rate risk[47](index=47&type=chunk) [Capital Commitments](index=20&type=section&id=Capital%20Commitments) The Group's capital commitments totaled HKD 94 million as of June 30, 2025, primarily allocated to investment properties Capital Commitments | Indicator | As of June 30, 2025 (HKD) | | :--- | :--- | | Capital Commitments | 94 million | - Capital commitments are primarily for investment properties[48](index=48&type=chunk) [Pledged Assets](index=20&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group pledged HKD 26.421 billion in properties and HKD 13 million in deposits as security for banking facilities and performance guarantees Pledged Assets | Indicator | As of June 30, 2025 (HKD) | | :--- | :--- | | Pledged Properties | 26.421 billion | | Pledged Deposits | 13 million | - Pledged assets primarily serve as security for banking facilities and performance guarantees[49](index=49&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group provided HKD 38 million in guarantees to financial institutions for subsidiary performance guarantees Contingent Liabilities | Indicator | As of June 30, 2025 (HKD) | | :--- | :--- | | Guarantees for Subsidiary Performance | 38 million | [Other Information](index=20&type=section&id=Other%20Information) [Review of Interim Financial Report](index=20&type=section&id=Review%20of%20Interim%20Financial%20Report) The Audit Committee reviewed the unaudited interim financial report, which was also reviewed by independent auditor KPMG in accordance with HK SRE 2410 - The Audit Committee has reviewed the interim financial report[51](index=51&type=chunk) - Independent auditor KPMG has reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[51](index=51&type=chunk) [Compliance with Corporate Governance Code](index=21&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complied with all Listing Rules Appendix C1 Part 2 code provisions, except for C.2.1 (chairman and CEO roles combined) and F.2.2 (Nomination Committee chairman's AGM absence) - The Company has complied with all code provisions in Part 2 of Appendix C1 to the Listing Rules, with two exceptions[53](index=53&type=chunk) - Code provision C.2.1: The roles of Chairman and Chief Executive Officer are held by Mr. Ko Wai Cheung[53](index=53&type=chunk) - Code provision F.2.2: Mr. Ko Wai Cheung, Chairman of the Nomination Committee, was unable to attend the 2025 Annual General Meeting due to medical arrangements[54](index=54&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[55](index=55&type=chunk) [Closure of Register of Members](index=21&type=section&id=Closure%20of%20Register%20of%20Members) The Company will suspend share transfer registration from December 15-16, 2025, requiring shareholders to register by December 12, 2025, to qualify for the interim dividend - The register of members will be closed from **December 15 to December 16, 2025**[56](index=56&type=chunk) - Shareholders must register their transfers by **4:30 p.m. on December 12, 2025**, to qualify for the interim dividend[56](index=56&type=chunk) [Publication of Interim Report](index=22&type=section&id=Publication%20of%20Interim%20Report) The 2025 interim report, with all Listing Rules information, will be published online by end-September 2025, and printed copies will be sent upon request - The 2025 interim report will be published on the HKEXnews website and the Company's website by the end of **September 2025**[57](index=57&type=chunk) - Printed copies will be sent to shareholders upon request[57](index=57&type=chunk)

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。 香港， 二零二 五年八月 八 日 於本公 告日期，本公司董事包括：執行董事柯為湘先生（主 席）、黎家輝先 生、柯沛鈞先生及 林勇禧 先生；非執行董事吳志文女士及楊國光先生；以及 獨立非執行董事李國星先生、陸恭正 先生 及徐嘉文 先生。 九 龍 建 業 有 限 公 司 KOWLOON DEVELOPMENT COMPANY LIMITED 九龍建業有限公司 – 公告 二零二五年八月八日 （於香港註冊成立之有限公司） （股份代號：34） 董事會會議通知 九 龍 建 業 有 限 公 司 （「 本公司 」） 謹 此 宣 布 ，本公司將於二零二 五 年 八 月 二 十 二 日 （星期五 ）舉行董事會會議，以（其中包括）考慮及批准本公司及 其附屬公司截至 二零二 五 年六月三十日止六個月之中期業績及考慮派付中 期股息。 承董事會命 九龍建業有限公司 公司秘書 謝華婷 ...

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: | 九龍建業有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 九龍建業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) | 00034 | 說明 | | 股份 | | | | | | | | 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 ...

Financial Performance - For the year ended December 31, 2024, the attributable profit to shareholders was HKD 450 million, a decrease of 21.5% compared to HKD 573 million in 2023[19] - The basic earnings per share for 2024 was HKD 0.36, down from HKD 0.49 in 2023[19] - The fair value changes of property development rights and financial investments, along with impairment of investment properties, resulted in a profit attributable to shareholders of HKD 116 million, a decline of 65.6% from HKD 337 million in 2023[19] - The total revenue for 2024 was HKD 5.39 billion, an increase from HKD 2.94 billion in 2023[28] - The operating profit for 2024 was HKD 317 million, significantly lower than HKD 623 million in 2023[28] - The total rental income from the company's investment properties in Hong Kong for 2024 is HKD 286 million, a decrease of 3.4% from HKD 296 million in 2023[41] - The company plans to distribute a final cash dividend of HKD 0.12 per share for the year ending December 31, 2024, compared to a scrip dividend of HKD 0.57 per share in 2023[32] - The total rental income from the Hong Kong property portfolio for 2024 is projected to be HKD 286 million, a decrease of 3.4% from HKD 296 million in 2023[84] Property Development and Management - The Group's landbank amounted to approximately 3.0 million sq m of attributable gross floor area in Hong Kong and Mainland China as of December 31, 2024[5] - The Group is engaged in property development projects in various locations, including Shenyang, Huizhou, and Tianjin, with a total development land reserve of 2.777 million sq m[16] - The Group manages properties totaling 1.348 million sq m in Hong Kong and other recognized financial markets[16] - The group has sold over 1,380 residential units at the residential development project "Haein Garden" in Tseung Kwan O, accounting for 88.7% of the total units, with sales revenue of approximately HKD 2 billion recognized during the year[35] - The group’s pre-sale/sales total for development projects in mainland China is approximately RMB 1.7 billion, with the group's attributable share being approximately RMB 1.4 billion[35] - The overall vacancy rate for commercial properties in Hong Kong reached approximately 17% by year-end 2024, indicating a slowdown in demand[34] - The group is actively selling remaining units in the residential project at Tseung Kwan O, having sold approximately 510 units in 2024[47] - The Clearwater Bay project has a total floor area of approximately 201,000 square meters and is currently in the basement and superstructure construction phase, with completion expected between 2026 and 2028[59] Financial Position and Debt Management - The capital debt ratio for 2023 is 111.53%, reflecting a significant increase from 61.07% in 2020[29] - The company completed the repurchase of 60% equity and shareholder loans of its wholly-owned subsidiary for a total consideration of HKD 1.39 billion, improving liquidity and reducing the capital debt ratio[36] - As of December 31, 2024, the total bank loans of the group amounted to HKD 19.125 billion, a decrease from HKD 20.897 billion in 2023[103] - The net bank borrowings decreased to HKD 18.334 billion, with cash and bank balances totaling HKD 0.791 billion[103] - The capital-to-debt ratio as of December 31, 2024, was 104.4%, down from 111.5% in 2023[103] - The group generated cash inflow of approximately HKD 2.14 billion from property sales in Hong Kong, primarily from the sale of the Hain Villa[103] - The group recorded cash inflow of about HKD 1.132 billion from pre-sales and sales of various properties in mainland China, mainly from Jiangwan City (Wuxi)[103] - The group has strategically sold non-core assets totaling over HKD 300 million to reduce debt levels and enhance cash flow[104] Corporate Governance and Management - The company has a strong commitment to corporate governance, ensuring transparency and accountability to shareholders[120] - The board consists of nine members as of December 31, 2024, reflecting a diverse range of expertise[128] - The company emphasizes a positive corporate culture aligned with its vision and values, which is crucial for achieving long-term success[125] - The company has been compliant with the corporate governance code, with the exception of the separation of roles between the chairman and CEO[121] - The management team has extensive experience in real estate development, financial investment, and information technology, contributing to strategic decision-making[116] - The company focuses on employee development, workplace safety, and sustainability, which are essential for building a strong workforce[127] - The board regularly reviews corporate governance practices to maintain the company's long-term health and development[120] - The company has implemented high standards of business ethics and governance across all operations[126] Risk Management - The group faces various risks in property development and has established a risk management system to monitor and manage these risks[86] - The group's performance is significantly influenced by local property market conditions and overall economic environment, with risks including economic recovery weakness and a sluggish property market[88] - The group faces regulatory risks due to strict market and industry regulations, requiring compliance with various legal and tax obligations[89] - Financial risks include interest rate, credit, liquidity, foreign currency, and other price risks arising from daily business operations[91] - The risk management framework follows the "three lines of defense" model, with operational management as the first line, and internal audit as the third line[179] - The internal audit department reports to the chairman and the audit committee, assessing the effectiveness of the risk management and internal control systems[185] - The risk management system aims to provide reasonable assurance against significant misstatements or losses, addressing financial, operational, compliance, and ESG risks[179] Environmental, Social, and Governance (ESG) - The group is committed to high environmental protection standards, continuously improving environmental performance since 2007, and has implemented strict measures to ensure compliance with regulations[96] - The latest residential development project, "Haein Garden," incorporates energy-efficient designs and has received a silver rating from the Green Building Council[97] - The group has provided 33 transitional housing units under the Lok Sin Tong social housing program to support government initiatives[100] - The group actively engages with stakeholders to assess their views on environmental, social, and governance issues through annual surveys[99] - The group has established a comprehensive environmental, social, and governance (ESG) framework, integrating ESG management into its operations and decision-making processes[183] Shareholder Relations - The company emphasizes the importance of shareholder privacy and will not disclose shareholder information without consent, except as required by law[192] - The company has established a shareholder communication policy to ensure timely access to public information for shareholders and the investment community[191] - The company actively updates its website to provide shareholders with access to announcements, financial reports, and corporate governance developments[191] - The total voting rights at the annual general meetings over the past five years were as follows: 2020 - 72.81%, 2021 - 72.55%, 2022 - 72.45%, 2023 - 72.74%, and 2024 - 44.95%[196] - The company declared a final dividend of HKD 0.57 per share for the year ending December 31, 2023, with a support rate of 99.99% from shareholders[197] - The company received 100% approval for the reappointment of KPMG as auditors and authorization for the board to determine their remuneration[197] - The company obtained 97.17% approval for a general mandate to issue new shares not exceeding 20% of the total issued shares[197] - The company approved a buyback of shares not exceeding 10% of the total issued shares with 100% support from shareholders[197]