格隆汇8月27日丨信和置业(00083.HK)发布公告，截至2025年6月30日止的年度，实现收益81.83亿港 元，同比减少6.6%；毛利为38.95亿港元，同比增加13.9%；公司股东应占溢利为40.19亿港元，同比减 少8.7%；在撇除投资物业公平值变动的影响后，集团股东应占基础溢利为51.18亿港元；基本每股盈利 0.45港元。董事会建议派发本财政年度的末期股息每股43港仙。 ...

信和置业(00083)公布截至2025年6月30日止年度业绩，收入81.83亿港元，同比减少6.64%;公司股东应占 溢利40.19亿港元，同比减少8.7%;每股盈利0.45港元，末期股息每股43港仙。 ...

Financial Performance - For the fiscal year ending June 30, 2025, the group's underlying profit attributable to shareholders was HKD 51.18 billion, a slight decrease from HKD 51.71 billion in the previous fiscal year[4] - The net profit for the fiscal year, after accounting for a non-cash investment property revaluation loss of HKD 10.84 billion, was HKD 40.19 billion, down from HKD 44.02 billion in the previous year[4] - Total revenue for the year ended June 30, 2025, was HKD 8,183 million, a decrease of 6.6% from HKD 8,765 million in 2024[47] - Gross profit increased to HKD 3,895 million, up 14% from HKD 3,421 million in the previous year[47] - Net profit for the year was HKD 4,001 million, down 5.9% from HKD 4,251 million in 2024[48] - Total comprehensive income for the year was HKD 4,738 million, an increase from HKD 4,238 million in 2024[48] - The basic earnings per share decreased to HKD 0.45 from HKD 0.52, representing a decline of 13.5%[47] - The total equity attributable to shareholders rose to HKD 169,397 million from HKD 165,790 million, an increase of 3.3%[50] Property Sales and Development - The group achieved total property sales revenue of HKD 10.81 billion, an increase from HKD 8.89 billion in the previous fiscal year[7] - The group sold 74.9% of remaining units at St. George's Mansions and 96.5% at the Yang Hai project, indicating strong sales performance[7] - The group has several new projects planned for sale, including developments in Yau Tong and Yuen Long, with pre-sale consent expected for the Tsim Sha Tsui project in 2025[8] - As of June 30, 2025, the group held land reserves totaling approximately 18.9 million square feet, with a balanced property type distribution: 48.8% commercial, 26.2% residential, and 10.5% industrial[9] - The group acquired a residential site in Tuen Mun with a floor area of 282,103 square feet, enhancing its land bank[10] - The group obtained occupation permits for several projects, including 291,710 square feet at the Pak Long I and II developments[11] Rental Income and Occupancy - Total rental income for the fiscal year was HKD 3.486 billion, a year-on-year decrease of 1.8% due to challenges in the retail sector and declining office property occupancy rates[14] - Net rental income decreased by 4.4% to HKD 2.782 billion, impacted by the end of government fee waivers and new property tax payments[14] - Overall occupancy rate for the investment property portfolio was 89.6%, down 1.2 percentage points year-on-year[14] - Residential property occupancy increased by 3.9 percentage points to 90.7%, while office property occupancy decreased by 2.6 percentage points to 83.9%[15] Cash and Financial Position - Cash and bank deposits at the subsidiary level amounted to HKD 51.26 billion, with total borrowings of HKD 1.799 billion as of June 30, 2025[22] - As of June 30, the company has net cash of HKD 49.46 billion and total assets valued at HKD 183.61 billion, with total equity of HKD 169.39 billion[23] - The book value per share attributable to shareholders is HKD 18.51 as of June 30, 2025, down from HKD 19.17 as of June 30, 2024[23] - The company maintains a prudent financial management policy, keeping foreign exchange risk at a low level[24] Sustainability and Community Engagement - The company has received over 180 awards in the fiscal year, including recognition as one of the world's most sustainable companies by TIME magazine and Statista[30] - The company has been included in the FTSE4Good Index series and achieved an "AA" rating in the MSCI ESG ratings[29] - The company launched the "Supplier Climate Partner Program," with approximately 50 suppliers participating, over half of whom have signed the carbon management charter[32] - The company has received certification for its science-based long-term reduction targets from the Science Based Targets initiative (SBTi)[32] - The company has completed beach clean-up and educational activities, engaging nearly 500 visitors and students in its "Know Your Water Mouth" initiative[32] - The company has hosted over 3,200 local and international visitors at the "Coral Revival Center," with nearly 450 rescued coral fragments transplanted to enhance marine biodiversity[33] - The group is committed to sustainable development, with a focus on green building planning and carbon reduction measures[41] Market Outlook and Strategic Initiatives - The group remains cautiously optimistic about the Hong Kong real estate market, supported by a decline in HIBOR from 5.63% in December 2023 to an average of 1% by July 2025[38] - The group is actively responding to changing market dynamics and consumer patterns, focusing on cost management amid ongoing inflationary pressures[19] - The group plans to continue selectively adding to its land reserves to enhance profitability potential[9] - The group plans to enhance hotel service quality and operational efficiency to ensure a pleasant guest experience[19] - The group anticipates a surplus in commercial property supply due to weak demand for office spaces, leading the government to suspend the sale of commercial land[40] Corporate Governance - The company has adopted its own corporate governance code based on the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules[75] - The roles of the Chairman and CEO are currently combined, with the Chairman also serving as the CEO, which the board believes has facilitated operational and business development[75] - The board regularly reviews the management structure to ensure it aligns with objectives and industry norms[75] - The audited consolidated financial statements for the year ending June 30, 2025, have been reviewed by the company's audit committee[77] - The annual report for 2025, containing all required information as per the Listing Rules, will be published on the Hong Kong Stock Exchange and the company's website around September 26, 2025[78]

免責聲明 | | 卓佳證券登記有限公司 | | --- | --- | | 股份過戶登記處及其地址 | 夏慤道16號 | | | 遠東金融中心17樓 | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 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，本公司之執行董事為黃志祥先生、黃永光先生、陳榮光先生、李正強先生、田兆源先生及廖懿妮女士， | | | 非執行董事為夏佳理先生及黃敏華女士，而獨立非執行董事為盛智文博士、李民橋先生、黃楚標先生及陳仲尼議員。 | | 第 2 頁 共 2 頁 v 1.1.1 | 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 | ...

Financial Performance - The company's underlying profit decreased by 1% year-over-year to HK$5,118 million[13, 15] - Net profit attributable to shareholders decreased by 8.7% year-over-year to HK$4,019 million[13, 15, 16] - Underlying earnings per share (EPS) decreased by 4.9% year-over-year to HK$0.58[13, 15] - Revenue decreased by 6.6% year-over-year to HK$8,183 million, mainly due to a HK$668 million reduction in property sales[15] - Net cash increased by HK$3,876 million year-over-year, reaching HK$49,461 million[13, 19] Segment Performance - Property sales profit contribution increased by 28.4% to HK$1,030 million, driven by an enhancement in segment gross profit margin[17] - Property rental profit contribution decreased by 4.4% to HK$2,799 million due to the full-year effect of the discontinuation of waiver fee concession[17] - Hotel operations profit contribution decreased by 2.5% to HK$475 million, impacted by downward pressure on room rates in Hong Kong and Singapore[17] Land Bank and Property Sales - The company has an attributable land bank of 18.9 million square feet as of June 30, 2025[22] - Property sales recognized in the financial year increased by 21.6% to HK$10,813 million, with a gross profit margin of 9.4%[37] - Total attributable contracted sales of over HK$4 billion have not yet been recognized[39] Property Rental and Investment Properties - Overall occupancy rate slightly decreased to 89.6%[53] - Revaluation loss on investment properties (net of deferred taxation) was HK$1,084 million[16, 65] - Total attributable value of investment properties increased by 0.9% to HK$89,137 million[65]

Group 1 - The Hong Kong Interbank Offered Rate (HIBOR) has risen to 2% as of October 18, marking the first increase since early May [1] - The banking system's surplus has decreased from a peak of HKD 177 billion to HKD 53 billion, compared to HKD 44 billion before the liquidity influx [1] - The expectation is that Hong Kong developers' stock prices will experience weakness as HIBOR returns to forecast levels and floating-rate mortgages are repriced to a maximum of 3.5% [1] Group 2 - The overall view on the Hong Kong residential property market remains that it will slowly rebound, with an expectation of flat prices this year and a rebound of 5% and 6% over the next two years [1] - The company maintains a "Buy" rating for Cheung Kong Holdings (01113) and Sun Hung Kai Properties (00016), while holding a "Sell" rating for Henderson Land Development (00012) and Sino Land Company (00083) [1]

该行指，由现在至9月中，采取防守立场，看好股息率高且可持续的地产股，如信和置业、太古地产、 恒隆地产及领展。相反，该行相信其他香港发展商(长实)及股息率较低或净负债较高的大业主(如九龙 仓、置地、港铁、希慎)表现或会欠佳。 瑞银发表报告指，近期香港银行同业拆息反弹，预计将引发香港房地产行业短期回落。该行团队预期香 港银行同业拆息在第三季底将稳定在2%至2.5%之间，预测到2025年底为2.2%，到2026年底为1.6%。尽 管反弹与该行预期一致，但认为在HIBOR稳定之前，短期内仍可能拖累地产股表现。 ...

Group 1 - The one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to over 2% after remaining low for three months, which is considered expected [1] - HIBOR is anticipated to stay within the range of 2% to 3% in the foreseeable future [1] - The Hong Kong real estate sector is expected to maintain resilience in the coming month until the government announces the Policy Address, as the market is building expectations for new policies [1] Group 2 - Following the interest rate cuts in the US, the real estate sector may experience a short-term respite [1] - The industry is believed to gradually recover over time [1] - Among rental stocks, the company is optimistic about Swire Properties, Hang Lung Properties, Kowloon Development, and Link REIT; for developers, it favors Henderson Land and Sino Land [1]

Core Viewpoint - Morgan Stanley reports that after three months of low HIBOR (below 1.2%), the one-month HIBOR has risen above 2% this week, which was anticipated. The firm believes HIBOR will likely remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is considered a natural reaction [1] Group 2: Future Outlook - For the upcoming month (until mid-September), the property sector is expected to show resilience due to two main factors: 1) Increased market expectations for new policy support following the policy address on September 17; 2) Anticipated interest rate cuts in the US [1] - Over a 12-month horizon, Morgan Stanley predicts a gradual recovery in the Hong Kong property market, particularly in the residential and retail sectors [1] Group 3: Stock Recommendations - In the retail sector, the firm is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the firm favors Henderson Land Development (00012) and Sino Land Company (00083) [1]

Core Viewpoint - Morgan Stanley reports that after three months of HIBOR being below 1.2%, it has risen above 2% this week, which was anticipated. The bank expects HIBOR to remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is seen as a natural reaction [1] Group 2: Future Outlook - For the upcoming month until mid-September, the property sector is expected to show resilience due to increased market expectations for new policy support from the policy address on September 17 and potential interest rate cuts in the US [1] - Over a 12-month horizon, the Hong Kong property market, particularly residential and retail sectors, is anticipated to gradually recover [1] Group 3: Stock Recommendations - In the retail sector, the bank is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the bank favors Henderson Land Development (00012) and Sino Land Company (00083) [1]