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。 (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 SWIRE PACIFIC LIMITED 太古股份有限公司 作為非 ...

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 公司可免費提供公司通訊的中、英文版的印刷本，並會在收到 閣下的書面要求（透過填妥、簽署及交回申請 表格予公司股份登記處的上述地址或電郵地址）後發送到 閣下於股東名冊上所示的地址。倘公司沒有收到 閣下已填妥並簽署之申請表格要求收取公司通訊的印刷本， 閣下將被視為已選擇僅以電子方式透過公司網站 收取所有日後公司通訊，惟可供採取行動的公司通訊將個別發送予每位股東。 請注意，要求收取所有日後公司通訊印刷本的指示將有效至該指示被撤銷或取代，或直至公司於翌年刊發下一 份年度報告為止（以較早者為準），此後，如 閣下希望繼續收取公司通訊印刷本，則需要重新提交要求。 閣下如有任何與本函有關的疑問，請致電公司股份登記處電話 (852) 2862 8688，辦公時間為星期一至星期五 （公眾假期除外）上午九時正至下午六時正。 承董事局命 太古股份有限公司 公司秘書 麥潔貞 太古股份有限公司（「公司」）的本次公司通訊之中、英文 ...

[Corporate Statement](index=3&type=section&id=1%20企業宣言) Swire Pacific is a Hong Kong-based international conglomerate with a long history and diverse market-leading businesses in Greater China, aiming for sustained shareholder value growth and consistent dividend returns - Swire Pacific is a Hong Kong-based international conglomerate with a long history and over 150 years of reputation in Greater China, operating diversified and market-leading businesses[5](index=5&type=chunk) - The company's goal is to achieve sustained growth in shareholder value by creating ideal long-term returns on equity and to return value to shareholders by maintaining consistent dividend growth[5](index=5&type=chunk) - The strategy focuses on Greater China and Southeast Asia, committed to developing core divisions in property, beverages, and aviation in these regions, and exploring new areas such as healthcare[5](index=5&type=chunk) - The company upholds values of integrity, dedication, excellence, humility, teamwork, and long-term development[6](index=6&type=chunk) - It adopts a prudent financial management approach, recruits top talent, and invests in sustainable development initiatives[8](index=8&type=chunk)[9](index=9&type=chunk) [Performance Summary](index=4&type=section&id=2%20表現摘要) This section provides a concise overview of the company's key financial performance indicators for the first half of 2025 compared to 2024, highlighting significant changes in profit, revenue, and cash flow 2025 First Half Key Financial Indicators | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Profit attributable to company shareholders (as per financial statements) | 815 | 3,914 | -79% | | Underlying profit | 5,476 | 5,576 | -2% | | Recurring underlying profit | 4,712 | 4,762 | -1% | | Revenue | 45,774 | 39,563 | +16% | | Operating profit | 1,861 | 4,945 | -62% | | Operating profit excluding fair value changes of investment properties | 5,745 | 5,785 | -1% | | Fair value changes of investment properties | (3,884) | (840) | Not applicable | | Cash generated from operations | 8,438 | 5,307 | +59% | | Net cash inflow/(outflow) before financing | 6,161 | (1,965) | Not applicable | | Net debt-to-capital ratio (excluding lease liabilities) | 22.7% | 19.8% | +2.9 percentage points | | Dividend per share ('A' shares) | 1.30 | 1.25 | +4% | | Dividend per share ('B' shares) | 0.26 | 0.25 | +4% | [Chairman's Statement](index=5&type=section&id=3%20主席報告) The Chairman's Statement highlights the company's financial results, operational performance across key divisions, and strategic initiatives for future growth, emphasizing a robust financial position and commitment to sustainability - The company's consolidated profit attributable to shareholders for the first half of 2025 was **HKD 815 million**, a **79% year-on-year decrease**, primarily due to increased fair value losses on investment properties of **HKD 4.664 billion**[12](index=12&type=chunk) - Excluding the impact of fair value changes on investment properties, the underlying profit attributable to shareholders was **HKD 5.476 billion**, a **2% year-on-year decrease**[12](index=12&type=chunk) - The Aviation Division performed well, with solid results from Cathay Group and strong performance from HAECO Group; the Property Division achieved strong underlying profit, benefiting from the sale of Brickell City Centre retail and parking businesses in Miami[12](index=12&type=chunk) - Swire Properties' **HKD 100 billion investment plan** is progressing well, with **67% of funds already deployed**, focusing on expanding in Hong Kong, mainland China, and Southeast Asia markets[14](index=14&type=chunk) - Swire Coca-Cola continues to grow its Southeast Asia business and has submitted an application for the spin-off and listing of ThaiNamthip in Thailand[16](index=16&type=chunk) - Cathay Group continues to invest over **HKD 100 billion** in its fleet, cabin and lounge products, and digital innovation, adding 19 new destinations[17](index=17&type=chunk) - The Group's financial position is robust, with **HKD 52.6 billion** in available liquidity and a net debt-to-capital ratio of **22.7%**[21](index=21&type=chunk) - The Board of Directors declared a first interim dividend of **HKD 1.30 per 'A' share** and **HKD 0.26 per 'B' share**, a **4% increase** from 2024[21](index=21&type=chunk) - In the first half, **25,119,000 'A' shares** and **15,402,500 'B' shares** were repurchased for a total cash consideration of **HKD 1.842 billion**[22](index=22&type=chunk) - The SwireTHRIVE sustainable development strategy continues to advance, focusing on climate, waste, water resources, employees, and communities, with standardized sustainability data and reporting[23](index=23&type=chunk) - Looking ahead, the Group will continue to execute its investment plan and seek growth opportunities in core markets such as the Greater Bay Area[26](index=26&type=chunk) [Business Review](index=9&type=section&id=7%20業務評述) This section provides a detailed review of the operational performance and strategic developments across the company's diverse business divisions, including property, beverages, aviation, healthcare, and trading and industrial [Property Division](index=9&type=section&id=地產部門) Swire Properties' recurring underlying profit decreased by 2% in H1 2025, impacted by Hong Kong office market challenges, while actively advancing its HKD 100 billion investment plan Swire Properties 2025 First Half Recurring Underlying Profit | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Attributable recurring underlying profit | 2,829 | 2,898 | -2% | - The Hong Kong office market faces challenges of high vacancy rates and new supply, leading to a decline in rental income, though the office portfolio occupancy rate remains stable[18](index=18&type=chunk)[50](index=50&type=chunk) - Retail sales in mainland China are stable, with overall footfall increasing, indicating a steady performance of the retail property portfolio[18](index=18&type=chunk)[58](index=58&type=chunk) - The **HKD 100 billion investment plan** has deployed approximately **HKD 67 billion**, with key projects including Taikoo Li Sanlitun in Beijing, Taikoo Source in Lujiazui, Shanghai, and Taikoo Li in Julongwan, Guangzhou[14](index=14&type=chunk)[44](index=44&type=chunk) - The sale of retail and parking interests in Brickell City Centre, Miami, USA, has been completed, with proceeds supporting the **HKD 100 billion investment plan**[15](index=15&type=chunk)[48](index=48&type=chunk)[73](index=73&type=chunk) - Hotel business recovery in Hong Kong is slow, performance in mainland China is mixed, while US hotels show improved performance[18](index=18&type=chunk)[42](index=42&type=chunk)[75](index=75&type=chunk) - Residential sales and marketing expenses were incurred for residential projects, with some Hong Kong residential units recording losses[41](index=41&type=chunk) - The Hong Kong office market is expected to remain weak, but demand from quality tenants is strong; the mainland China retail market is projected to accelerate development[24](index=24&type=chunk)[57](index=57&type=chunk)[70](index=70&type=chunk) - The Lujiazui Taikoo Source residential project achieved outstanding pre-sales, with cumulative sales totaling **RMB 5.93 billion** across two phases[14](index=14&type=chunk)[47](index=47&type=chunk)[83](index=83&type=chunk) [Beverages Division](index=22&type=section&id=飲料部門) Swire Coca-Cola's recurring underlying profit decreased by 2% in H1 2025, despite a 25% revenue increase driven by the ThaiNamthip acquisition and strong mainland China performance Swire Coca-Cola 2025 First Half Attributable Profit and Revenue | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Attributable profit (including non-recurring items) | 803 | 878 | -9% | | Attributable profit (excluding non-recurring items) | 861 | 878 | -2% | | Revenue | 21,515 | 17,139 | +25% | - Total revenue (including Shanghai Shenmei revenue and excluding sales to other bottlers) increased by **25% to HKD 22.188 billion**, with sales volume rising by **20% to 1.038 billion standard cases**, primarily due to the TNCC acquisition[100](index=100&type=chunk) - Mainland China operations' attributable profit increased by **8%**, with revenue (in local currency) rising by **3%**, driven by increased sales of sparkling, juice, and energy drinks[19](index=19&type=chunk)[103](index=103&type=chunk) - Hong Kong operations' attributable profit decreased by **15%**, despite a **3% increase in revenue**, but total sales volume fell by **2%** due to increased expenses for production facility upgrades[19](index=19&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - Taiwan operations' attributable profit decreased by **26%**, with revenue (in local currency) falling by **2%**, impacted by increased expenses and depreciation from the Taoyuan production line upgrade project[19](index=19&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Vietnam and Cambodia operations' attributable profit decreased by **31%**, with revenue falling by **8%**, affected by increased expenses from the Ho Chi Minh City plant relocation, VND depreciation, and Cambodia equity restructuring[19](index=19&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk) - The Stock Exchange of Thailand has confirmed the company's eligibility to proceed with the proposed spin-off and separate listing of TNCC on the SET under Listing Rule 15 Application Guidance[101](index=101&type=chunk) - Looking ahead, mainland China faces challenges from sluggish local consumption, but active measures will be taken; Hong Kong business is expected to be stable; Taiwan sales volume is projected to rebound; Vietnam business will see moderate growth; Cambodia and Thailand markets remain challenging[24](index=24&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Aviation Division](index=27&type=section&id=航空部門) The Aviation Division's profit increased by 6.7% in H1 2025, driven by robust passenger traffic and resilient cargo operations at Cathay Group, alongside strong performance from HAECO Group Aviation Division 2025 First Half Attributable Profit | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Aviation Division attributable profit | 2,233 | 2,093 | +6.7% | | Cathay Group attributable profit after tax from associates | 1,642 | 1,625 | +1.0% | | HAECO Group attributable profit | 599 | 597 | +0.3% | - Cathay Group's passenger volume increased by **30%**, available seat kilometers increased by **26.3%**, and passenger revenue grew by **14% to HKD 34.208 billion**[120](index=120&type=chunk)[127](index=127&type=chunk) - Cathay Cargo revenue increased by **2.2% to HKD 11.141 billion**, demonstrating resilience in cargo operations, with cargo tonnage increasing by **11.4%**[129](index=129&type=chunk) - HAECO Group's recurring attributable profit increased by **HKD 161 million**, primarily due to a **6% increase** in man-hours sold for base maintenance services and growing demand for engine overhaul services[139](index=139&type=chunk)[140](index=140&type=chunk)[145](index=145&type=chunk) - HAECO Component Overhaul (Xiamen) Co Ltd scaled down its operations, and its profit is now classified as a non-recurring item, no longer recording recurring losses[139](index=139&type=chunk) - Looking ahead, Cathay Group will continue to invest over **HKD 100 billion** to strengthen Hong Kong's position as an international aviation hub; HAECO Group expects stable demand for base maintenance and continued growth in line maintenance work[25](index=25&type=chunk)[133](index=133&type=chunk)[149](index=149&type=chunk) - HAECO Group's new airport hangar in Xiamen has completed its enclosure structure, with maintenance, repair, and overhaul equipment installation expected to be completed in 2026[25](index=25&type=chunk)[149](index=149&type=chunk) [Healthcare](index=34&type=section&id=醫療保健) The Healthcare business narrowed its loss in H1 2025, strategically investing in the Greater China and Indonesia healthcare sectors, with Shanghai Delta Hospital becoming China's first wholly foreign-owned cardiovascular hospital Healthcare Business 2025 First Half Attributable Loss | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Attributable loss | (117) | (132) | -11.4% | - The Group has invested **HKD 3.1 billion** in the healthcare sector in the Yangtze River Delta, Greater Bay Area in mainland China, and Indonesia[156](index=156&type=chunk) - Shanghai Delta Hospital became mainland China's first wholly foreign-owned cardiovascular specialist hospital in March 2025[17](index=17&type=chunk)[151](index=151&type=chunk) - The Group's equity interest in SHH Core Holding Limited was diluted to **15.04%**[153](index=153&type=chunk) - Looking ahead, the Group will continue to seek investment opportunities in major city clusters in mainland China and Southeast Asia, maintaining rigorous valuation assessments[156](index=156&type=chunk) [Trading and Industrial](index=35&type=section&id=貿易及實業) The Trading and Industrial division's profit significantly declined by 73% in H1 2025, impacted by reduced consumer spending, a weak auto market, and specific contract expirations Trading and Industrial 2025 First Half Attributable Profit | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Attributable profit | 41 | 152 | -73% | | Swire Resources attributable profit | 17 | 47 | -64% | | Swire Motors attributable profit | 37 | 86 | -57% | | Swire Foods attributable profit | (16) | 5 | Not applicable | | Swire Waste Management attributable profit | 7 | 22 | -68% | - Swire Resources' revenue and gross profit decreased by **9% year-on-year**, with profit decline primarily due to local residents traveling abroad and reduced tourist spending[161](index=161&type=chunk)[162](index=162&type=chunk) - Swire Motors' revenue decreased by **12%**, with car sales falling by **20% to 6,715 units**, and profit decline mainly due to a weak automotive market and increased inventory levels[163](index=163&type=chunk) - Swire Foods recorded a loss of **HKD 16 million**, with the number of Qin Yuan Food Company stores decreasing from 413 to 394[165](index=165&type=chunk) - Swire Sugar achieved break-even due to investments in production facilities in the Greater Bay Area, while sugar product sales in Hong Kong and mainland China decreased by **13%** and **4%** respectively[165](index=165&type=chunk) - Swire Waste Management's profit declined due to the expiration of a government contract in March 2024[166](index=166&type=chunk) - In the second half, Swire Resources' revenue and profit will continue to be adversely affected; Swire Motors' sales are expected to rebound moderately; Qin Yuan Food will optimize its store portfolio and expand sales channels; Swire Sugar's sales face pressure but business performance will remain stable[167](index=167&type=chunk)[168](index=168&type=chunk) [Financial Review](index=37&type=section&id=35%20財務評述) This section provides an in-depth analysis of the company's financial performance, including audited data, cash flow, financing activities, and overall financial position, demonstrating prudent financial management [Audited Financial Information](index=37&type=section&id=經核數師審閲的財務資料) This section presents audited financial data, reconciling profit attributable to shareholders with underlying profit and detailing recurring underlying profit, with adjustments for non-cash or non-recurring items Reconciliation of Underlying Profit Attributable to Company Shareholders (2025 First Half) | Item | Amount (HKD million) | | :--- | :--- | | Profit attributable to company shareholders (as per financial statements) | 815 | | Fair value loss on investment properties | 4,674 | | Deferred tax on investment properties | (44) | | Fair value gain realized on disposal of investment property interests | 1,001 | | Depreciation of group's own-use investment properties | 14 | | Amortization of right-of-use assets presented under investment properties | (40) | | Fair value changes less deferred tax attributable to non-controlling interests | (944) | | **Underlying profit attributable to company shareholders** | **5,476** | Recurring Underlying Profit (2025 First Half) | Item | Amount (HKD million) | | :--- | :--- | | Underlying profit attributable to company shareholders | 5,476 | | Significant non-recurring items (net) | (764) | | **Recurring underlying profit** | **4,712** | [Financing](index=39&type=section&id=融資) This section details the group's cash flow, financing changes, funding sources, repayment schedules, and refinancing activities, highlighting a robust financial position with HKD 52.6 billion in available liquidity Cash Flow Summary (2025 First Half) | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 7,653 | 4,723 | +62% | | Net cash used in investing activities | (1,492) | (6,688) | +77.7% | | Net cash inflow/(outflow) before financing activities | 6,161 | (1,965) | Not applicable | | Net cash (used in)/generated from financing activities | (1,897) | 5,706 | Not applicable | | Increase in cash and cash equivalents | 4,264 | 3,741 | +14% | | Cash and cash equivalents at end of period | 24,598 | 15,335 | +60.4% | - The Group has committed borrowing facilities and debt securities totaling **HKD 124.017 billion**, of which **HKD 25.711 billion (21%)** remains undrawn[178](index=178&type=chunk) - The weighted average maturity of the Group's debt is **3.2 years**, with a weighted average cost of debt of **3.7%**[180](index=180&type=chunk) - **66%** of the Group's total borrowings are at fixed rates, while **34%** are at floating rates[186](index=186&type=chunk) - The Group's share of net debt in joint ventures and associates is **HKD 19.170 billion**, which if included, would increase the net debt-to-capital ratio to **28.8%**[188](index=188&type=chunk) [Review Report on Condensed Interim Financial Statements](index=42&type=section&id=42%20簡明中期財務報表的審閱報告) PricewaterhouseCoopers has reviewed the condensed interim financial statements, confirming compliance with HKAS 34, but without expressing an audit opinion due to the limited scope of the review - PricewaterhouseCoopers has reviewed the condensed interim financial statements and confirmed their compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[191](index=191&type=chunk)[193](index=193&type=chunk) - The scope of the review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, therefore no audit opinion is expressed[192](index=192&type=chunk) [Condensed Interim Financial Statements](index=45&type=section&id=43%20簡明中期財務報表) This section presents the condensed interim financial statements, including the income statement, comprehensive income, balance sheet, cash flow, and equity changes for the period, offering a snapshot of the group's financial health [Consolidated Income Statement](index=45&type=section&id=綜合損益表) In H1 2025, group revenue increased by 16% to HKD 45.77 billion, but operating profit decreased by 62% to HKD 1.86 billion due to a significant fair value loss on investment properties Consolidated Income Statement Key Data (2025 First Half) | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 45,774 | 39,563 | +16% | | Gross profit | 17,275 | 15,044 | +15% | | Fair value changes of investment properties | (3,884) | (840) | Not applicable | | Operating profit | 1,861 | 4,945 | -62% | | Profit before tax | 2,074 | 6,253 | -67% | | Profit for the period | 971 | 4,579 | -79% | | Profit attributable to company shareholders | 815 | 3,914 | -79% | [Consolidated Statement of Comprehensive Income](index=46&type=section&id=綜合其他全面收益表) In H1 2025, profit for the period was HKD 971 million, with total comprehensive income of HKD 3.64 billion, primarily influenced by net exchange differences and cash flow hedges Consolidated Statement of Comprehensive Income Key Data (2025 First Half) | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Profit for the period | 971 | 4,579 | -79% | | Net exchange differences (not reclassified to profit or loss) | 749 | (259) | Not applicable | | Cash flow hedges (may be reclassified to profit or loss) | 1,931 | (2,025) | Not applicable | | Other comprehensive income/(loss) for the period, net of tax | 2,668 | (2,301) | Not applicable | | Total comprehensive income for the period | 3,639 | 2,278 | +59.7% | | Total comprehensive income attributable to company shareholders | 2,629 | 1,979 | +32.8% | [Consolidated Statement of Financial Position](index=47&type=section&id=綜合財務狀況表) As of June 30, 2025, total assets were HKD 480.03 billion, with investment properties remaining the largest asset class, while net assets decreased by 1.4% to HKD 314.09 billion Consolidated Statement of Financial Position Key Data (As of June 30, 2025) | Indicator | 2025 June 30 (HKD million) | 2024 December 31 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 417,327 | 417,175 | +0.04% | | Total current assets | 62,706 | 59,386 | +5.6% | | Investment properties | 268,861 | 270,950 | -0.8% | | Bank balances and short-term deposits | 26,839 | 21,028 | +27.6% | | Total current liabilities | 61,502 | 56,026 | +9.8% | | Total non-current liabilities | 104,441 | 101,868 | +2.5% | | Net assets | 314,090 | 318,667 | -1.4% | | Equity attributable to company shareholders | 257,884 | 258,300 | -0.16% | | Non-controlling interests | 56,206 | 60,367 | -6.9% | [Consolidated Cash Flow Statement](index=48&type=section&id=綜合現金流量表) In H1 2025, net cash from operating activities significantly increased by 62% to HKD 7.65 billion, while net cash used in investing activities decreased by 77.7% due to proceeds from subsidiary disposals Consolidated Cash Flow Statement Key Data (2025 First Half) | Indicator | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 7,653 | 4,723 | +62% | | Net cash used in investing activities | (1,492) | (6,688) | +77.7% | | Net cash inflow/(outflow) before financing activities | 6,161 | (1,965) | Not applicable | | Net cash (used in)/generated from financing activities | (1,897) | 5,706 | Not applicable | | Increase in cash and cash equivalents | 4,264 | 3,741 | +14% | | Cash and cash equivalents at end of period | 24,598 | 15,335 | +60.4% | - Net proceeds from the disposal of subsidiaries amounted to **HKD 3.908 billion**, significantly improving cash flow from investing activities[200](index=200&type=chunk)[31](index=31&type=chunk) - **HKD 1.851 billion** was paid for share repurchases, and **HKD 2.866 billion** was paid for dividends to company shareholders[200](index=200&type=chunk) [Consolidated Statement of Changes in Equity](index=49&type=section&id=綜合權益變動表) As of June 30, 2025, equity attributable to company shareholders was HKD 257.88 billion, with total comprehensive income of HKD 3.64 billion, impacted by share repurchases and dividend payments Consolidated Statement of Changes in Equity Key Data (2025 First Half) | Indicator | 2025 June 30 (HKD million) | 2025 January 1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Equity attributable to company shareholders | 257,884 | 258,300 | -0.16% | | Non-controlling interests | 56,206 | 60,367 | -6.9% | | Total equity | 314,090 | 318,667 | -1.4% | | Total comprehensive income for the period | 3,639 | (2,301) (2024 First Half) | Not applicable | | Repurchase of company shares | (1,847) | (2,019) (2024 First Half) | -8.5% | | Dividends paid | (4,483) | (3,988) (2024 First Half) | +12.4% | - Changes in group composition led to a **HKD 2.360 billion decrease** in non-controlling interests, primarily including Swire Properties share repurchases and net transactions related to non-controlling interests in the Beverages Division[261](index=261&type=chunk) [Notes to the Condensed Interim Financial Statements](index=50&type=section&id=簡明中期財務報表附註) This section provides detailed notes to the condensed interim financial statements, covering segment information, basis of preparation, financial risk management, and various asset and liability details, offering comprehensive financial insights [1. Segment Information](index=50&type=section&id=1.%20分部資料) - Provides analysis of the Group's consolidated income statement, total assets, total liabilities, and non-controlling interests by business segment (Property, Beverages, Aviation, Trading and Industrial, Head Office/Healthcare and Other)[202](index=202&type=chunk)[209](index=209&type=chunk)[211](index=211&type=chunk) - In the first half of 2025, the Group's total external revenue was **HKD 45.774 billion**, with **HKD 27.638 billion** recognized at a point in time, **HKD 11.651 billion** recognized over a period of time, and **HKD 6.485 billion** from rental income[213](index=213&type=chunk) [2. Basis of Preparation](index=58&type=section&id=2.%20編製基準) - The condensed interim financial statements comply with Hong Kong Accounting Standard 34 and the disclosure requirements of the Listing Rules[216](index=216&type=chunk) - The adoption of amendments to Hong Kong Accounting Standard 21 and Hong Kong Financial Reporting Standard 1 "Lack of Exchangeability" had no significant impact[217](index=217&type=chunk) - Hong Kong enacted legislation for the global minimum tax framework (Pillar Two) on June 6, 2025, effective from January 1, 2025, with the Group assessing no significant risk[217](index=217&type=chunk) [3. Financial Risk Management](index=59&type=section&id=3.%20財務風險管理) - The Group faces financial risks related to interest rates, currency, credit, and liquidity[218](index=218&type=chunk) - Financial risk management framework, policies, and procedures have not undergone significant changes since year-end[218](index=218&type=chunk) [4. Revenue](index=59&type=section&id=4.%20收益) Revenue Composition (2025 First Half) | Revenue Source | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Gross rental income from investment properties | 6,485 | 6,641 | -2.4% | | Property sales | 1,706 | 88 | +1838.6% | | Hotels | 441 | 464 | -5.0% | | Sale of goods | 25,662 | 21,803 | +17.7% | | Aircraft and engine maintenance services | 10,678 | 9,538 | +12.0% | | Provision of other services | 802 | 1,029 | -22.1% | | **Total** | **45,774** | **39,563** | **+15.7%** | [5. Other Net Income](index=60&type=section&id=5.%20其他收益淨額) Other Net Income Major Components (2025 First Half) | Item | 2025 First Half (HKD million) | 2024 First Half (HKD million) | | :--- | :--- | :--- | | Gain on deemed disposal of an associate | 31 | 20 | | Loss on disposal of subsidiaries | (121) | – | | Net exchange (loss)/gain | (333) | 188 | | Fair value (loss)/gain on investments at fair value through profit or loss | (80) | 233 | | Fair value gain/(loss) on derivative financial instruments transferred from cash flow hedge reserve | 302 | (168) | | Government grants | 79 | 71 | | **Total** | **76** | **533** | [6. Expenses by Nature](index=61&type=section&id=6.%20按性質劃分的開支) Expenses by Nature (2025 First Half) | Expense Category | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Direct operating expenses relating to investment properties | 1,587 | 1,501 | +5.7% | | Cost of goods sold | 20,036 | 16,723 | +19.8% | | Depreciation of property, plant and equipment | 1,564 | 1,251 | +25.0% | | Depreciation of right-of-use assets | 574 | 513 | +11.9% | | Amortization of intangible assets | 124 | 116 | +6.9% | | Staff costs | 8,721 | 7,472 | +16.7% | | Other expenses | 7,276 | 6,550 | +11.1% | | **Total** | **40,105** | **34,311** | **+16.9%** | [7. Net Finance Costs](index=62&type=section&id=7.%20財務支出淨額) Net Finance Costs (2025 First Half) | Item | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Interest expense (bank borrowings and bonds) | 1,685 | 1,492 | +12.9% | | Interest on lease liabilities | 104 | 95 | +9.5% | | Fair value changes relating to put option liabilities for non-controlling interests | (74) | 48 | Not applicable | | Other finance costs | 88 | 90 | -2.2% | | Capitalized interest | (356) | (368) | -3.3% | | **Total interest expense** | **1,447** | **1,257** | **+15.1%** | | Less: Interest income | (318) | (267) | +19.1% | | **Net finance costs** | **1,178** | **1,119** | **+5.3%** | [8. Taxation](index=62&type=section&id=8.%20税項) Taxation Expense (2025 First Half) | Item | 2025 First Half (HKD million) | 2024 First Half (HKD million) | Change | | :--- | :--- | :--- | :--- | | Hong Kong profits tax | 263 | 251 | +4.8% | | Mainland China corporate income tax | 68 | 760 | -91.0% | | Other taxation | 981 | 138 | +610.9% | | Deferred taxation | (179) | 518 | Not applicable | | **Total** | **1,103** | **1,674** | **-34.1%** | - Mainland China subsidiaries are subject to a tax rate of **25%**, while Hong Kong profits tax rate is **16.5%**[225](index=225&type=chunk) [9. Underlying Profit Attributable to Company Shareholders](index=62&type=section&id=9.%20公司股東應佔基本溢利) - The underlying profit attributable to company shareholders was **HKD 5.476 billion**[227](index=227&type=chunk) - For detailed reconciliation information, please refer to the "Audited Financial Information" table on page 35[227](index=227&type=chunk) [10. Dividends](index=63&type=section&id=10.%20股息) 2025 First Interim Dividend | Dividend Type | Amount per Share (HKD) | Total Amount (HKD million) | 2024 Corresponding Period (HKD million) | Change | | :--- | :--- | :--- | :--- | :--- | | 'A' shares | 1.30 | 1,753 | 1,745 | +4% (per share) | | 'B' shares | 0.26 | | | +4% (per share) | - Dividends will be paid on October 10, 2025, with the record date set for September 12, 2025[229](index=229&type=chunk) [11. Earnings Per Share (Basic and Diluted)](index=63&type=section&id=11.%20每股盈利（基本及攤薄）) Earnings Per Share (2025 First Half) | Indicator | 2025 First Half (HKD) | 2024 First Half (HKD) | Change | | :--- | :--- | :--- | :--- | | 'A' shares — Basic | 0.60 | 2.74 | -78% | | 'B' shares — Basic | 0.12 | 0.55 | -78% | | 'A' shares — Diluted | 0.56 | 2.62 | -78.6% | | 'B' shares — Diluted | 0.11 | 0.52 | -78.8% | - Basic earnings per share are calculated based on the profit attributable to company shareholders of **HKD 815 million** and the weighted average number of shares[230](index=230&type=chunk) - Diluted earnings per share are adjusted for the attributable impact of potentially dilutive ordinary shares of Cathay Pacific Airways Limited[231](index=231&type=chunk) [12. Property, Plant and Equipment](index=64&type=section&id=12.%20物業、廠房及設備) Property, Plant and Equipment Net Book Value (As of June 30, 2025) | Item | 2025 June 30 (HKD million) | 2025 January 1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net book value | 24,382 | 23,510 | +3.7% | - Additions during the period amounted to **HKD 2.251 billion**, with depreciation of **HKD 1.564 billion**[232](index=232&type=chunk) [13. Investment Properties](index=65&type=section&id=13.%20投資物業) Investment Properties Net Book Value (As of June 30, 2025) | Item | 2025 June 30 (HKD million) | 2025 January 1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net book value | 268,861 | 270,950 | -0.8% | - A net fair value loss of **HKD 3.884 billion** was recorded during the period[233](index=233&type=chunk) [14. Intangible Assets](index=65&type=section&id=14.%20無形資產) Intangible Assets Net Book Value (As of June 30, 2025) | Item | 2025 June 30 (HKD million) | 2025 January 1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Goodwill | 10,983 | 10,807 | +1.6% | | Services, franchises and operating rights | 20,358 | 19,544 | +4.2% | | **Total** | **32,117** | **31,166** | **+3.0%** | - Management assessed that no impairment occurred for goodwill and franchises related to Swire Coca-Cola's businesses in Thailand and Laos[234](index=234&type=chunk) [15. Right-of-Use Assets](index=66&type=section&id=15.%20使用權資產) Right-of-Use Assets Composition (As of June 30, 2025) | Asset Category | 2025 June 30 (HKD million) | 2024 December 31 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Leased land held for own use | 3,570 | 3,535 | +1.0% | | Land use rights | 1,527 | 1,334 | +14.5% | | Properties | 4,271 | 4,028 | +6.0% | | Plant and equipment | 512 | 144 | +255.6% | | **Total** | **9,880** | **9,041** | **+9.3%** | - Additions to right-of-use assets during the period amounted to **HKD 886 million**[236](index=236&type=chunk) [16. Interests in Joint Ventures](index=67&type=section&id=16.%20於合資公司的權益) Interests in Joint Ventures (As of June 30, 2025) | Item | 2025 June 30 (HKD million) | 2024 December 31 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Share of net assets — Unlisted | 27,057 | 26,188 | +3.3% | | Goodwill | 755 | 744 | +1.5% | | **Total** | **27,812** | **26,932** | **+3.3%** | | Amounts due from joint ventures | 14,507 | 15,036 | -3.5% | - Swire Properties acquired a **25% equity interest** in the Miami Mandarin Oriental Hotel joint venture, making it a wholly-owned subsidiary, with the transaction accounted for as an asset acquisition[238](index=238&type=chunk) [17. Interests in Associates](index=67&type=section&id=17.%20於聯屬公司的權益) Interests in Associates (As of June 30, 2025) | Item | 2025 June 30 (HKD million) | 2024 December 31 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Share of net assets | 33,626 | 33,721 | -0.3% | | Goodwill | 1,796 | 1,807 | -0.6% | | **Total** | **35,422** | **35,528** | **-0.3%** | | Amounts due from associates | 662 | 653 | +1.4% | - The market capitalization of listed associate Cathay Pacific Airways (**HKD 30.995 billion**) was higher than its carrying value (**HKD 23.676 billion**)[239](index=239&type=chunk) [18. Fair Value Measurement of Financial Instruments](index=68&type=section&id=18.%20金融工具公平值計量) Financial Assets Measured at Fair Value (As of June 30, 2025) | Item | Level 1 (HKD million) | Level 2 (HKD million) | Level 3 (HKD million) | Total (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Investments at fair value through other comprehensive income | 67 | – | 363 | 430 | | Investments at fair value through profit or loss | 684 | – | 1,007 | 1,691 | | Derivative financial assets | – | 81 | – | 81 | | **Total** | **751** | **81** | **1,370** | **2,202** | Financial Liabilities Measured at Fair Value (As of June 30, 2025) | Item | Level 1 (HKD million) | Level 2 (HKD million) | Level 3 (HKD million) | Total (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Derivative financial liabilities | – | 573 | – | 573 | | **Total** | **–** | **573** | **–** | **573** | - Changes in Level 3 financial instruments include additions of unlisted investments of **HKD 245 million**, disposals of **HKD 220 million**, and derecognition of non-controlling interests put options of **HKD 570 million**[243](index=243&type=chunk) [19. Derivative Financial Instruments](index=70&type=section&id=19.%20衍生金融工具) Derivative Financial Instruments (As of June 30, 2025) | Instrument Type | Assets (HKD million) | Liabilities (HKD million) | | :--- | :--- | :--- | | Cross currency swaps — Cash flow hedges | 70 | 459 | | Interest rate swaps — Cash flow hedges | – | 96 | | Forward foreign exchange contracts (cash flow hedges) | 3 | 7 | | Forward foreign exchange contracts (not qualifying as hedging instruments) | 4 | 11 | | Commodity swaps — Not qualifying as hedging instruments | 4 | – | | **Total** | **81** | **573** | - The Group's policy is not to engage in speculative derivative transactions[245](index=245&type=chunk) [20. Trade and Other Receivables and Other Non-Current Assets](index=70&type=section&id=20.%20貿易及其他應收款項及其他非流動資產) Trade and Other Receivables (As of June 30, 2025) | Item | 2025 June 30 (HKD million) | 2024 December 31 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Trade receivables | 4,682 | 3,862 | +21.2% | | Prepayments and accrued income | 2,533 | 2,438 | +3.9% | | Other non-current assets | 283 | – | Not applicable | | Other receivables | 3,864 | 4,435 | -12.9% | | **Total** | **11,874** | **11,250** | **+5.5%** | - Other non-current assets of **HKD 283 million** represent contingent consideration from the disposal of investment property interests in Brickell City Centre, USA, expected to be received in 2028[249](index=249&type=chunk) [21. Assets Classified as Held for Sale / Liabilities Associated with Assets Classified as Held for Sale](index=71&type=section&id=21.%20歸類為持作出售的資產／歸類為持作出售的資產相關的負債) - Assets classified as held for sale amounted to **HKD 577 million**, primarily comprising Swire Properties' investment property interest on the 43rd floor of One Island East office tower in Hong Kong[250](index=250&type=chunk) - Management expects the 43rd floor of One Island East to be sold within one year for **HKD 451 million**[250](index=250&type=chunk) [22. Trade and Other Payables](index=71&type=section&id=22.%20貿易及其他應付款項) Trade and Other Payables (As of June 30, 2025) | Item | 2025 June 30 (HKD million) | 2024 December 31 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Trade payables | 6,199 | 6,606 | -6.3% | | Interest-bearing advances from joint ventures | 405 | 656 | -38.3% | | Interest-bearing advances from associates | 2,867 | 2,207 | +29.9% | | Put options for non-controlling interests | 1,877 | 2,514 | -25.3% | | Accrued capital expenditure | 2,399 | 1,972 | +21.7% | | Other payables | 8,089 | 8,809 | -8.2% | | **Total** | **35,844** | **36,526** | **-1.9%** | [23. Lease Liabilities](index=72&type=section&id=23.%20租賃負債) Lease Liabilities Repayment Schedule (As of June 30, 2025) | Term | 2025 June 30 (HKD million) | 2024 December 31 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Within one year | 1,003 | 912 | +9.9% | | Between one and two years | 725 | 700 | +3.6% | | Between two and five years | 1,492 | 1,261 | +18.3% | | Over five years | 2,444 | 2,148 | +13.8% | | **Total** | **5,664** | **5,021** | **+12.8%** | [24. Deferred Taxation](index=72&type=section&id=24.%20遞延税項) Net Deferred Tax Liabilities (As of June 30, 2025) | Item | 2025 June 30 (HKD million) | 2025 January 1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Net deferred tax liabilities | 19,344 | 19,088 | +1.3% | | Deferred tax assets | (994) | (711) (2024 December 31) | +39.8% | | Deferred tax liabilities | 20,338 | 19,799 (2024 December 31) | +2.7% | [25. Share Capital](index=73&type=section&id=25.%20股本) Share Capital Movement (2025 First Half) | Share Type | 2025 January 1 (Shares) | Repurchased and Cancelled (Shares) | 2025 June 30 (Shares) | | :--- | :--- | :--- | :--- | | 'A' shares | 805,569,500 | (25,119,000) | 778,988,000 | | 'B' shares | 2,865,850,000 | (15,402,500) | 2,848,932,500 | - During the period, **HKD 1.842 billion** worth of 'A' and 'B' shares were repurchased, and all repurchased shares have been cancelled[256](index=256&type=chunk) - 'A' and 'B' shareholders have equal voting rights, but other equity entitlements are in a five-to-one ratio[259](index=259&type=chunk) [26. Reserves](index=74&type=section&id=26.%20儲備) Reserves Composition (As of June 30, 2025) | Reserve Type | 2025 June 30 (HKD million) | 2025 January 1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Retained earnings | 258,457 | 260,696 | -0.86% | | Property revaluation reserve | 2,465 | 2,464 | +0.04% | | Investment revaluation reserve | (198) | (195) | -1.5% | | Cash flow hedge reserve | (830) | 275 | Not applicable | | Exchange reserve | (3,304) | (6,234) | +47.0% | | **Total** | **256,590** | **257,006** | **-0.16%** | - Changes in group composition include Swire Properties share repurchases of **HKD 1.630 billion** and net transactions related to non-controlling interests in the Beverages Division of **HKD 21 million**[260](index=260&type=chunk) [27. Non-controlling Interests](index=75&type=section&id=27.%20非控股權益) Non-controlling Interests Movement (2025 First Half) | Item | 2025 First Half (HKD million) | 2025 January 1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Balance at beginning of period | 60,367 | 60,367 | - | | Share of profit less loss for the period | 156 | - | - | | Share of total comprehensive income for the period | 1,010 | - | - | | Derecognition upon disposal of subsidiaries | (1,370) | - | - | | Dividends declared and/or paid | (1,634) | - | - | | Changes in group composition | (2,360) | - | - | | **Balance at end of period** | **56,206** | **60,367** | **-6.9%** | - Changes in group composition led to a **HKD 2.360 billion decrease** in non-controlling interests, primarily including Swire Properties share repurchases and net transactions related to non-controlling interests in the Beverages Division[261](index=261&type=chunk) [28. Capital Commitments](index=75&type=section&id=28.%20資本承擔) Capital Commitments (As of June 30, 2025) | Item | Contracted but not provided (HKD million) | Approved by Board but not contracted (HKD million) | Total (HKD million) | | :--- | :--- | :--- | :--- | | Property, plant and equipment and other | 3,984 | 6,671 | 10,655 | | Investment properties | 5,119 | 13,880 | 18,999 | | **Group Total** | **9,103** | **20,551** | **29,654** | | Group's share of capital commitments in joint ventures | 4,145 | 7,140 | 11,285 | - The Group has committed to injecting **HKD 851 million** into joint ventures[263](index=263&type=chunk) [29. Contingent Liabilities](index=76&type=section&id=29.%20或有事項) - Guarantees for bank borrowings and other liabilities owed by joint ventures total **HKD 2.478 billion**[264](index=264&type=chunk) - Cathay Pacific Airways faces multiple antitrust lawsuits and civil claims, primarily related to agreements on cargo surcharges, with uncertain outcomes[265](index=265&type=chunk)[266](index=266&type=chunk) - The European Commission previously imposed fines on Cathay Pacific Airways, some rulings have been overturned, and Cathay Pacific has received partial refunds, with a final ruling expected in the second half of 2025[266](index=266&type=chunk) [30. Related Party Transactions](index=77&type=section&id=30.%20關聯方交易) - The Group has service agreements with John Swire & Sons (H.K.) Limited, receiving service costs and fees, with **HKD 165 million** payable for services in the first half of 2025[267](index=267&type=chunk) - Group companies have entered into lease agreements with John Swire & Sons (H.K.) Limited member companies, with total rent receivable of **HKD 57 million** in the first half of 2025[268](index=268&type=chunk) - Swire Coca-Cola provides management and administrative support services to Swire Pacific Holdings Inc., with management fees receivable of **HKD 81 million** in the first half of 2025[268](index=268&type=chunk) - All related party transactions are conducted in the ordinary course of business, at market competitive prices and terms[271](index=271&type=chunk) [31. Disposal of Subsidiaries](index=79&type=section&id=31.%20出售附屬公司) - Swire Properties disposed of its investment property interests in Brickell City Centre, USA, for a maximum consideration of **USD 549 million**[273](index=273&type=chunk) - The disposal resulted in a loss of **HKD 121 million** but generated net cash inflow of **HKD 3.908 billion**[274](index=274&type=chunk) [32. Acquisition of Subsidiaries](index=80&type=section&id=32.%20收購附屬公司) - Swire Properties acquired a **25% equity interest** in the Miami Mandarin Oriental Hotel joint venture, making it a wholly-owned subsidiary, with a cash purchase consideration of **HKD 290 million**[275](index=275&type=chunk) - During the period, **HKD 70 million** was paid for the 2024 acquisition of franchise companies in Thailand and Laos[275](index=275&type=chunk) [Additional Information](index=81&type=section&id=79%20附加資料) This section provides supplementary details on corporate governance, share capital movements, director information, and significant shareholder interests, ensuring transparency and compliance [Corporate Governance](index=81&type=section&id=企業管治) The company adhered to all applicable code provisions of the Corporate Governance Code, with interim results reviewed by the audit committee and external auditors - The company complied with all applicable code provisions of Appendix C1 "Corporate Governance Code" to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[276](index=276&type=chunk) - The company adopted a code for securities transactions by directors and relevant employees that is no less stringent than the requirements of the Model Code[276](index=276&type=chunk) - The interim results have been reviewed by the company's Audit Committee and external auditors[276](index=276&type=chunk) [Share Capital](index=81&type=section&id=股本) During the reporting period, the company repurchased and cancelled 25,119,000 A shares and 15,402,500 B shares, totaling HKD 1.842 billion in cost - During the period, **25,119,000 'A' shares** and **15,402,500 'B' shares** were repurchased and cancelled[277](index=277&type=chunk) - The total cost (excluding transaction fees) was **HKD 1.842 billion**[277](index=277&type=chunk) [Directors' Information](index=81&type=section&id=董事資料) This section outlines changes in the board of directors, including the retirement of Ms. Li Wai Man and Mr. Bao Yi Qiu - Ms. Li Wai Man retired as an Independent Non-Executive Director of the company[279](index=279&type=chunk) - Mr. Bao Yi Qiu retired as an Independent Non-Executive Director of Samsonite International S.A[279](index=279&type=chunk) [Directors' Interests](index=82&type=section&id=董事權益) As of June 30, 2025, certain directors held interests in shares of Swire Pacific Limited, John Swire & Sons Limited, and Swire Properties Limited, as required by the SFO - As of June 30, 2025, certain directors held interests in shares of Swire Pacific Limited, John Swire & Sons Limited, and Swire Properties Limited, in accordance with the Securities and Futures Ordinance[280](index=280&type=chunk) - Merlin Swire held significant trust interests in the ordinary and preference shares of John Swire & Sons Limited[280](index=280&type=chunk) [Major Shareholders' and Other Shareholders' Interests](index=83&type=section&id=主要股東及其他股東權益) As of June 30, 2025, John Swire & Sons Limited was deemed to hold interests in 442,879,720 A shares and 2,131,969,282 B shares, representing 64.45% of the company's equity and 70.97% of voting rights - As of June 30, 2025, John Swire & Sons Limited was deemed to have interests in **442,879,720 'A' shares** and **2,131,969,282 'B' shares** of the company[282](index=282&type=chunk) - John Swire & Sons Limited held **64.45%** of the company's equity interest and controlled **70.97%** of the voting rights[283](index=283&type=chunk) [Glossary](index=84&type=section&id=82%20詞彙) This section provides definitions for key financial and aviation terms, along with calculation formulas for various financial and operational ratios - Provides definitions for financial terms such as underlying profit, recurring underlying profit, EBIT, and EBITDA[285](index=285&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) - Provides definitions for aviation terms such as available tonne kilometers, available seat kilometers, and revenue tonne kilometers[289](index=289&type=chunk)[290](index=290&type=chunk)[292](index=292&type=chunk) - Lists calculation formulas for financial and aviation ratios including earnings per share, net debt-to-capital ratio, and passenger/cargo load factor[294](index=294&type=chunk)[295](index=295&type=chunk) [Financial Calendar and Investor Information](index=86&type=section&id=84%20財務日誌及投資者資訊) This section outlines key dates in the 2025 financial calendar and provides essential investor contact information, including a forward-looking statement disclaimer regarding future performance 2025 Financial Calendar Key Dates | Event | Date | | :--- | :--- | | Interim Report available to shareholders | September 5 | | 'A' and 'B' shares ex-dividend trading | September 10 | | Record date for eligibility to receive 2025 first interim dividend | September 12 | | Payment of 2025 first interim dividend | October 10 | - Provides contact information for the company's registered office, share registrars, stock depositary, stock codes, investor relations, and public affairs[296](index=296&type=chunk)[297](index=297&type=chunk) - Includes a disclaimer regarding forward-looking statements, indicating that actual results may differ materially from expectations due to various factors[298](index=298&type=chunk)

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 - The company Swire Properties (00019)/(00087) plans to issue a seven-year USD bond as early as Thursday (August 21) 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 actively seeking opportunities to diversify into other currencies [1] - The choice of a seven-year term for the bond issuance is influenced by the fact that most of the company's bank financing is for five years [1]

Key Points - Xiaomi Group-W (01810), Crystal International Holdings (02228), and BYD Electronic (00285) ranked top in net inflow of southbound funds, with net inflows of 562 million, 227 million, and 213 million respectively [1][2] - Xpeng Motors-W (09868), Innovent Biologics (01801), and Ganfeng Lithium (01772) had the highest net outflows, with net outflows of -663 million, -535 million, and -410 million respectively [1][2] - In terms of net inflow ratio, Haitian Flavoring and Food (03288), Jiangsu Nanjing Highway (00177), and Swire Properties B (00087) led the market with ratios of 55.51%, 49.37%, and 46.46% respectively [1][2] - The highest net outflow ratios were recorded by Reshape Energy (02570), Southbound Hang Seng Index ETF (03037), and First Pacific Company (00142) with ratios of -90.77%, -68.70%, and -60.36% respectively [1][3] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 562 million, representing 8.75% of its closing price of 50.800, which decreased by 0.88% [2] - Crystal International Holdings (02228) saw a net inflow of 227 million, with a net inflow ratio of 11.34% and a closing price of 7.450, which increased by 4.78% [2] - BYD Electronic (00285) recorded a net inflow of 213 million, with a net inflow ratio of 13.41% and a closing price of 38.680, which increased by 6.15% [2] Net Outflow Rankings - Xpeng Motors-W (09868) experienced the largest net outflow of -663 million, with a net outflow ratio of -20.13% and a closing price of 83.600, which increased by 5.36% [2] - Innovent Biologics (01801) had a net outflow of -535 million, with a net outflow ratio of -19.67% and a closing price of 89.950, which decreased by 1.42% [2] - Ganfeng Lithium (01772) recorded a net outflow of -410 million, with a net outflow ratio of -19.45% and a closing price of 34.000, which increased by 20.91% [2] Net Inflow Ratio Rankings - Haitian Flavoring and Food (03288) had a net inflow ratio of 55.51%, with a net inflow of 21.1399 million and a closing price of 33.560, which decreased by 0.47% [3] - Jiangsu Nanjing Highway (00177) recorded a net inflow ratio of 49.37%, with a net inflow of 14.6726 million and a closing price of 9.980, which decreased by 0.40% [3] - Swire Properties B (00087) had a net inflow ratio of 46.46%, with a net inflow of 4.0945 million and a closing price of 12.160, which decreased by 0.57% [3]

Group 1 - The core revenue of Swire Pacific Limited for the first half of the year reached HKD 45.774 billion, representing a year-on-year growth of 15.7% [1][3] - The attributable profit for shareholders was HKD 5.476 billion [1] - Swire Properties, a subsidiary of Swire Pacific, recorded an attributable profit of HKD 4.42 billion, an increase of 15% year-on-year [3] Group 2 - The performance of Swire Pacific's various business segments varied, with Cathay Pacific maintaining stable performance and the Hong Kong Aircraft Engineering Company showing strong results [3] - The beverage sector demonstrated steady performance but faces challenges in the current economic environment [3] - The Chairman of Swire Pacific expressed confidence in the long-term business outlook and plans to continue executing existing investment strategies while seeking growth opportunities in core markets, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 3 - Swire Properties' CEO indicated that the office rental rates are expected to remain under pressure in the short to medium term, although high occupancy rates are anticipated [3]

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) 公告 與香港太古集團進行的持續關連交易 謹此提述公司二零零四年十二月一日、二零零七年十月一日、二零一零年十月 一日、二零一三年十一月十四日、二零一六年八月十九日、二零一九年八月九 日及二零二二年八月十一日的公告，該等公告是有關公司及太古公司集團旗下 若干成員與香港太古集團於二零零四年十二月一日訂立的服務協議。服務協議 將於二零二五年十月一日續期，以延長協議期限三年，自二零二六年一月一日 至二零二八年十二月三十一日。由於香港太古集團為公司的關連人士，因此根 據上市規則第 14A.31 條，按照服務協議進行的交易構成公司的持續關連交易， 須符合上市規則第 14A 章的申報、年度審核及公告規定。 服務協議於二零零四年十二月一日或其後訂立，於二零零八年九月十八日修訂 及重列，並於 ...

Group 1 - The company Swire Properties Limited (00087.HK) announced an interim dividend of HKD 0.26 per share to be distributed on October 10, 2025 [1]

太古股份公司B(00087)发布公告，该公司将于2025年10月10日派发中期股息每股0.26港元。 ...