Core Viewpoint - The company reported a revenue of HKD 5.185 billion for the six months ending December 31, 2025, representing a year-on-year increase of 34.54%. However, the profit attributable to shareholders decreased by 15.77% to HKD 1.533 billion, with basic earnings per share at HKD 0.17. A mid-term dividend of HKD 0.15 per share is proposed [1]. Revenue Summary - The revenue growth is primarily driven by property sales from projects expected to be completed in the fiscal year 2024/2025, including Kai Bo Fung I, II, and III in Tseung Kwan O, and Pak Lung I and II in Yuen Long [1]. Profit Summary - The profit attributable to shareholders saw a decline of 15.77%, amounting to HKD 1.533 billion, indicating potential challenges in maintaining profitability despite revenue growth [1]. Dividend Summary - The company plans to distribute a mid-term dividend of HKD 0.15 per share, reflecting its commitment to returning value to shareholders [1].

Group 1 - The company, Sun Hung Kai Properties (00083), announced a mid-term dividend of HKD 0.15 per share to be distributed on April 23, 2026 [1]

| 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（可選擇以股份代替）公告 | | 發行人名稱 | 信和置業有限公司 | | 股份代號 | 00083 | | 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 | 截至二零二五年十二月三十一日止六個月的中期股息 | | 公告日期 | 2026年2月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2026年6月30日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.15 HKD | | 股東批准日期 | 不適用 | | 預設選項 | 現金 | | 代息股份信息 | | | 現金股息轉換為代息股份的價格 | 有待公佈 | | 寄發股票日期 | 202 ...

Financial Performance - The group's unaudited profit attributable to shareholders for the interim period was HKD 22.22 billion, compared to HKD 22.41 billion in the previous year, with basic earnings per share of HKD 0.24, down from HKD 0.26 [4]. - The net profit attributable to shareholders, after accounting for a revaluation loss of investment properties, was HKD 15.33 billion, compared to HKD 18.20 billion in the previous year, with earnings per share of HKD 0.17, down from HKD 0.21 [4]. - Total property sales revenue for the interim period was HKD 69.12 billion, significantly up from HKD 24.48 billion in the previous year [7]. - The total rental income for the interim period was HKD 1.708 billion, a decrease of 2.3% from HKD 1.748 billion in the previous year [13]. - The net rental income was HKD 1.356 billion, down 1.5% from HKD 1.377 billion in the previous year [13]. - Revenue for the six months ended December 31, 2025, was HKD 5,185 million, an increase of 34.5% compared to HKD 3,854 million for the same period in 2024 [42]. - Gross profit for the same period was HKD 2,257 million, up 36.5% from HKD 1,653 million in 2024 [42]. - Net profit for the period was HKD 1,527 million, a decrease of 16.0% from HKD 1,817 million in 2024 [43]. - Basic earnings per share for the period was HKD 0.17, down from HKD 0.21 in 2024 [42]. - Total comprehensive income for the period was HKD 1,763 million, compared to HKD 1,656 million in 2024, reflecting an increase of 6.5% [43]. Property Sales and Development - The group sold 98.8% of units in the projects located in Tseung Kwan O and 84.6% in St. George's Mansions, indicating strong sales performance [7]. - The group plans to launch new projects, including the development in Tseung Kwan O, pending the issuance of pre-sale consent [8]. - The group's property sales revenue amounted to HKD 6.5 billion, driven by successful launches in Tseung Kwan O, Yuen Long, and Yau Tong [36]. - The group acquired two government land parcels, enhancing its land reserves with high development potential [36]. - The group has land reserves of approximately 18.8 million square feet, with a balanced property type distribution: 49.6% commercial, 25.8% residential, 10% industrial, 8.3% parking, and 6.3% hotel [9][10]. Rental and Leasing Performance - The overall occupancy rate of the investment property portfolio remained stable at 89.5%, with residential properties showing the largest increase in occupancy rate to 92% [13]. - During the interim period, the group's hotel revenue reached HKD 822 million, up from HKD 794 million in the same period last year, with an operating profit of HKD 289 million, compared to HKD 261 million in 2024 [17]. - The residential leasing market showed a strong performance, with the ONE CENTRAL PLACE project achieving a rental rate of 75% since its launch in July 2025, driven by robust demand from professionals and overseas students [16]. - The company’s revenue from property leasing for the six months ending December 31, 2025, was HKD 1,337 million, slightly down from HKD 1,378 million in the same period of 2024, a decrease of 3% [49]. Financial Position and Management - As of December 31, 2025, the group had cash and bank deposits of HKD 53.21 billion, with net cash of HKD 51.4 billion after deducting total borrowings of HKD 1.79 billion [21]. - The group’s total asset value and total equity amounted to HKD 186.56 billion and HKD 170.49 billion, respectively, with a book net asset value per share of HKD 17.98 [21]. - The company maintains a prudent financial management policy, with foreign exchange risks kept at a low level [23]. - The group plans to maintain a cautious approach to financial management while seeking investment opportunities aligned with its long-term strategy [38]. Corporate Governance and Sustainability - The group emphasizes corporate governance and maintains high transparency through various channels, including press releases and investor seminars [24]. - The company achieved a significant recognition in sustainability, being included in the CDP's highest climate change A-list for the second consecutive year and rated as a global industry leader in residential real estate by GRESB [27]. - The company improved its MSCI ESG rating from "AA" to the highest "AAA" level, and also received the highest "AAA" rating in the Hang Seng Sustainable Development Index series [27]. - The company’s "珍『識』水口" initiative won the United Nations Sustainable Development Goals Hong Kong Achievement Award 2025, highlighting its commitment to environmental and social governance [28]. - The company is actively collaborating with stakeholders to assess key environmental, social, and governance issues that impact long-term value [29]. - The group received an "AAA" rating in the latest MSCI ESG assessment, ranking among the top 5% in the global real estate development sector [38]. - The company is committed to sustainable development through green building practices and carbon reduction measures [38]. Community Engagement and Events - The company organized over 30 sports-themed events to support local athletes during the 15th National Games, fostering community engagement [32]. - The company’s community support included a donation of HKD 20 million for disaster relief and over HKD 8.65 million in living supplies for affected residents [32]. - The company hosted the "One North AI Summer Camp," attracting over 40,000 participants and showcasing over ten new technology projects developed by students and innovators [31]. - The company continues to promote ecological conservation through its initiatives, engaging nearly 550 visitors and students in various educational activities [30]. Market Overview - The Hong Kong property market saw a year-on-year increase of 21.5% in transactions, with over 20,000 deals recorded [34]. - The retail market showed improvement with a year-on-year growth of 1% for the full year, following continuous growth since May 2025 [37]. - The office leasing market showed signs of recovery, with a significant increase in large-scale office leasing transactions during the interim period, supported by government measures and a positive market atmosphere [15]. - The Hang Seng Index experienced a strong annual increase of over 28%, with an average daily trading volume of HKD 249.8 billion, nearly doubling from the previous year [35]. - The total number of new IPOs in Hong Kong reached 119, raising over HKD 285.8 billion, a significant year-on-year increase of 225% [35]. Audit and Reporting - The interim results have been reviewed by the audit committee and KPMG, ensuring compliance with financial reporting standards [68]. - The mid-term report for 2025/2026 will be published on the Hong Kong Stock Exchange and the company's website, with printed copies sent to shareholders around March 18, 2026 [69]. - The report complies with the requirements set forth in the Listing Rules, detailing all necessary information [69]. - The announcement date is February 27, 2026, indicating the company's commitment to timely communication with stakeholders [69]. - The company aims to enhance transparency and shareholder engagement through the publication of detailed financial reports [69]. - The mid-term report will include performance summaries, user data, and future outlooks [69]. - The company is focused on maintaining strong governance with a diverse board composition [69].

FY 2025/26 INTERIM RESULTS Analysts' Briefing 27 February 2026 Disclaimer This document and the information contained therein are intended to be distributed only to named or designated recipients, and it is not or should not be regarded as any advertisement or propaganda materials aimed to the non-specific public. It should not be reproduced quoted or transmitted in any form or manner or by any means, electronic or otherwise, in whole or in part, by the recipient or any other person, nor should it be redist ...

Group 1 - The core viewpoint of the report indicates that the Hong Kong government did not announce any significant stimulus measures for the residential market, which has already bottomed out since mid-2025, but the overall tone is more positive due to active capital market activities and economic recovery [1] - The fiscal surplus for the fiscal year 2025/26 has been revised to a surplus of HKD 2.9 billion, with expectations for further improvement in the fiscal situation for 2026/27, predicting a revenue growth of 11% year-on-year, exceeding the expenditure growth of 7%, leading to a larger surplus of HKD 22 billion, equivalent to 0.7% of local GDP [1] - The budget assumes stable land revenue of HKD 18 billion, with the government intending to continue quarterly land sales to ensure stable supply in the coming years, and Goldman Sachs does not expect a sharp increase in land prices, viewing new property development projects as more economically viable and attractive for developers [1] Group 2 - The government plans to collaborate with mainland China to accelerate the inclusion of Real Estate Investment Trusts (REITs) into the mutual market, which may enhance market sentiment and the profitability of developers in the future [2] - Despite the lack of major stimulus measures for the residential market, a better economic outlook, supportive talent visa policies, and relatively low land sale prices are expected to benefit market sentiment and the recovery of developers' profitability [2] - Goldman Sachs maintains a positive outlook on the Hong Kong residential market, recommending "buy" ratings for New World Development (00016), Henderson Land Development (00012), and Sino Land Company (00083) [2]

值得留意的是，该预算案假设地价收入相对平稳，为180亿港元，尽管政府有意继续按季卖地以确保未 来数年供应稳定。取决于发展商的财务能力及投标意欲，高盛不预期地价急升，该行认为对发展商而 言，新地产开发项目及投资经济上更为可行及吸引。 智通财经APP获悉，高盛发布研报称，《财政预算案》一如该行预期，港府未有宣布任何针对住宅市场 的重大刺激措施，该市场自2025年中以来经已见底，但整体语调更为正面，受资本市场活动活跃及经济 复苏带动，印花税及企业税收高于预期，加上持续控制财政开支，2025/26年度财政结余修订为29亿港 元盈余。对于2026/27年度，政府预期财政状况进一步改善，预测收入同比增长11%，超过开支增幅 7%，带来更大幅度的220亿港元盈余，相当于本地生产总值0.7%。 政府表示计划与内地合作，加快将房地产投资信托基金纳入互联互通; 这可能意味着当局将努力加快将 房地产投资信托基金纳入互联互通市场。总括而言，虽然住宅市场未有公布重大刺激措施，但该行相信 更佳的经济前景、支持性的吸引人才签证/入境政策，加上以相对较低价格恢复卖地，应有利于未来市 场情绪及发展商的盈利能力复苏。该行继续看好香港住宅市场，并 ...

Core Viewpoint - The report from JPMorgan indicates surprise over the increase in stamp duty rates for properties valued over 100 million, but the bank is not overly concerned as it will only affect 0.3% of transactions [1] Group 1: Stamp Duty Impact - The increase in stamp duty (2.25%) is expected to have a minimal impact on ultra-wealthy buyers, as property prices may rise enough to offset this cost within a month or two [1] - In 2025, there were only 169 transactions valued over 100 million, highlighting the limited scope of the tax increase [1] Group 2: Market Sentiment - The policy is viewed as a redistribution fiscal measure aimed at taxing the ultra-wealthy to subsidize low-income groups, rather than suppressing the real estate market [1] - The announcement may trigger a stronger "fear of missing out" (FOMO) among buyers of properties priced between 50 million and 99.9 million, who may worry about future tax increases [1] Group 3: Developer Recommendations - The most favored developers currently include Sun Hung Kai Properties (00016), Henderson Land Development (00012), and Sino Land Company (00083) [1] - Recommended rental stocks include Hang Lung Properties (00101) and Swire Properties (01972) [1]

Group 1 - The core viewpoint of the report is that the increase in stamp duty for properties valued over HKD 100 million in the Hong Kong government's 2026/27 budget is surprising but not concerning, as it will only affect 0.3% of transactions [1] - The report indicates that in 2025, there were only 169 transactions exceeding HKD 100 million, suggesting that the impact on the market will be minimal [1] - The additional cost of 2.25% for ultra-wealthy buyers is considered negligible, as property prices could rise enough in a month or two to offset this cost [1] Group 2 - The policy is viewed not as a measure to suppress the real estate market but rather as a redistribution fiscal policy aimed at taxing the ultra-wealthy to subsidize low-income groups [1] - The report suggests that this policy may actually trigger a stronger "fear of missing out" (FOMO) sentiment among buyers of properties priced between HKD 50 million and HKD 99 million, who may worry about future higher stamp duties [1] - Following the announcement, the real estate sector experienced a pullback of 1% to 2%, which the report interprets as a profit-taking excuse after strong performance year-to-date [1] Group 3 - The report identifies the most favored developers as Sun Hung Kai Properties, Henderson Land Development, and Sino Land [1] - Rental stocks highlighted include Hang Lung Properties and Swire Properties [1]

Core Viewpoint - Goldman Sachs reports that the Hong Kong government's budget did not announce any significant stimulus measures for the residential market, which has bottomed out since mid-2025, but the overall tone is more positive due to active capital market activities and economic recovery [1] Group 1: Economic Outlook - The budget revision indicates a fiscal surplus of HKD 2.9 billion for the fiscal year 2025/26, driven by higher-than-expected stamp duty and corporate tax revenues, alongside continued control of fiscal spending [1] - The improved economic outlook, supportive talent visa and immigration policies, and relatively low land sale prices are expected to benefit future market sentiment and developers' profitability recovery [1] Group 2: Market Recommendations - Despite the lack of major stimulus measures for the residential market, Goldman Sachs remains optimistic about the Hong Kong residential market and continues to recommend it [1] - The firm has assigned "Buy" ratings to New World Development, Henderson Land, and Sun Hung Kai Properties [1]