大行评级｜花旗：上调恒隆地产目标价至11.2港元，维持"买入"评级 恒隆地产(00101.HK)：业绩逐步企 稳向好 温和复苏有望延续 花旗发表研报，认为恒隆地产2026年内地同店销售增长(SSSG)约5%至7%的增长目标存在上行空间，预 计2025年第四季SSSG按年增长18%创历史高，主要受惠于非奢华品类组合持续丰富、2025年下半年一 系列新旗舰店陆续开幕，以及多项吸引客流与提升顾客回头率的举措。报告指出，随着负债比率与资本 开支逐步下降，加上租金收入保持增长，恒隆地产有机会自2026年起提供纯现金股息，预期收益率约 5.6%。花旗维持对恒隆地产的"买入"评级，目标价由10.1港元上调至11.2港元。 相关事件 ...

Core Viewpoint - The company reported a slight increase in 2025 performance compared to market expectations, with a focus on retail sales recovery and cost management strategies [1][2]. Financial Performance - In 2025, the company recorded revenue of HKD 9.95 billion, a year-on-year decrease of 11.5%, primarily due to fluctuations in property sales, while rental income fell by 1% [1]. - Shareholders' net profit reached HKD 3.2 billion, a year-on-year increase of 3.5%, slightly above market expectations, driven by reduced losses in property sales and a narrower decline in rental income [1]. - The final dividend was set at HKD 0.40, with a total annual dividend of HKD 0.52, corresponding to a dividend yield of 5.5%, in line with market expectations [1]. Retail Performance - The company's mainland shopping malls saw total retail sales increase by 4% year-on-year in 2025, with Q3 and Q4 growth rates of 10% and 18%, respectively, and Q4 retail sales reaching a historical high [1]. - Rental income in the second half of 2025 grew by 1% year-on-year, with a 3% increase in the latter half of the year [1]. - The company is enhancing consumer experience by strengthening categories such as personal care, beauty, dining, sports and leisure, and lifestyle, which has positively impacted occupancy rates and foot traffic [1]. Debt and Financing - The company achieved a property sales total of HKD 1.6 billion in 2025, the highest in the past eight years [2]. - The net debt ratio decreased by 0.7 percentage points year-on-year to 32.7%, aided by share-based dividends and accelerated asset disposals [2]. - The average financing cost fell by 0.5 percentage points to 3.8%, benefiting from a decline in risk-free rates and optimized debt structure [2]. Future Outlook - Retail sales are expected to continue a moderate recovery, with capital expenditures projected to gradually decrease [2]. - For January 2026, mainland shopping mall retail sales are anticipated to remain roughly flat year-on-year, reflecting a positive overall operational trend [2]. - The management forecasts unit growth in mainland shopping mall retail sales, particularly in luxury goods and dining experiences [2]. Earnings Forecast and Valuation - Adjustments to property sales settlement progress and interest expenses led to a 5% and 8% increase in earnings forecasts for 2026 and 2027, respectively, to HKD 3.2 billion and HKD 3.29 billion [2]. - The target price was raised by 12% to HKD 11.6, reflecting a 4.5% target dividend yield for 2026 and an 18 times core P/E ratio for 2026, indicating a 23% upside potential [2]. - The company is currently trading at a 5.5% expected dividend yield for 2026 and a 14.9 times core P/E ratio for 2026 [2].

房地产 2026 年 02 月 01 日 相关研究 《房地产行业 2026 年投资策略：潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 首批商业不动产 REITs 上报，三条红线政策逐步退场 看好 —— 地产及物管行业周报（2026/1/24-2026/1/30） 本期投资提示： 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 行 业 及 产 业 行 业 研 究 / 行 业 点 ⚫ 地产行业数据：新房成交环比回升、二手房环比下降，新房成交推盘比回落。上周 (1.24-1.30)34 ...

Core Viewpoint - The company remains cautiously optimistic about the mainland office market in the medium to long term, despite facing challenges in the current economic environment [1] Financial Performance - For the fiscal year ending December 31, 2025, the company reported total revenue of HKD 10.414 billion, a decrease of 11% compared to 2024, with overall operating profit at HKD 6.836 billion [1] - Property sales revenue plummeted by 83% to HKD 264 million, while shareholder's basic profit increased by 3% to HKD 2.407 billion, resulting in basic earnings per share of HKD 1.77 [1] Rental Income - Total rental income for the company and its subsidiary decreased by 2% and 1% respectively, amounting to HKD 9.853 billion and HKD 9.389 billion [2] - Rental income from mainland properties was approximately HKD 6.757 billion, down 1%, while rental income from Hong Kong properties was about HKD 3.096 billion, down 3% [2] Retail Business Performance - The retail segment showed signs of recovery, with rental income from shopping malls reaching approximately HKD 4.871 billion, a year-on-year increase of 1% [3] - Key properties such as Shanghai Hang Lung Plaza and Hong Kong Plaza maintained stable performance, with rental income of HKD 1.661 billion and HKD 1.197 billion, reflecting growth of 1% and 2% respectively [3] Office Market Challenges - The office segment continues to face pressure, with total income from six office projects in mainland China declining by 7% to HKD 1.223 billion, and occupancy rates dropping by 4 percentage points to 80% [4] - The company is focused on maintaining occupancy rates and renegotiating lease terms with existing tenants due to increasing supply and lack of foreign investment in the office market [5] Strategic Initiatives - The "V.3" strategy aims to expand business in core cities and enhance customer experience with lower capital investment requirements [5][6] - Upcoming projects include expansions in Kunming, Hangzhou, and Wuxi, as well as a commercial operation project in Shanghai [5]

1月30日，恒隆地产公布2025年度全年业绩。受物业销售收入大幅减少影响，该公司全年总收入同比下 跌11%至99.50亿港元；不过，核心物业租赁业务整体保持韧性。 下半年表现改善 从经营端看，恒隆地产2025年下半年的表现明显优于上半年。该公司披露的数据显示，自2025年5月份 起，商场租赁重拾增长，以上海、无锡、大连及昆明等地项目的增幅最为显著。恒隆地产管理层透露， 该公司去年第四季度客流以及出租率、零售额几乎均创新高。 与零售物业相比，写字楼仍是当前业绩中承压较为明显的板块。恒隆地产管理层在业绩会上坦言，写字 楼市场整体存在压力，对整体租赁收入形成一定拖累。 恒隆地产管理层表示，2025年推出的"恒隆V.3"策略集中于核心城市扩展业务、提升顾客体验，通过高 资本效益和审慎甄选的投资项目，巩固业务规模和项目可见度。 该公司披露，杭州、无锡、昆明及上海南京西路等重点项目正有序推进。其中，上海恒隆广场的扩建项 目于2025年6月份顺利封顶，预计于2026年下半年开幕。杭州恒隆广场商场预计于2026年4月份开幕，目 前预租率约90%。 从去年全年业绩来看，恒隆地产核心物业租赁收入仅同比下降1%；整体零售租出率仍维 ...

2026.01. 30 本文字数：1900，阅读时长大约3.5分钟 报告期内，上海港汇恒隆广场多家旗舰店开业，租户组合丰富，推动租户销售额大幅增长20%，位 列各商场之首；上海恒隆广场的租户销售额也实现了4%的增长，反映出当前奢侈品消费的韧性。全 年累计来看，恒隆旗下内地各大商场的租户销售额实现同比增长4%。 作者 | 第一财经 郑娜 内地消费见底修复，零售商场率先感知到暖意。1月30日，恒隆地产（00101.HK）披露了2025年 业绩，报告期内，实现营收99.5亿港元，同比下降11%；股东应占基本纯利为港币32.02亿港元， 同比增长3%。 具体来看，恒隆地产全年收入下滑是受物业销售收入贡献减少的影响，而作为核心收入来源的物业租 赁业务，在2025年实现收入93.89亿港元，同比下降1%。其中，内地物业租赁收入实现64.14亿港 元，同比下降1%，按人民币计则实现58.78亿元，同比持平。 在内地物业租赁组合中，零售商业是核心，实现收入约48.71亿元，同比微增1%，扭转了2024年的 下跌趋势；截至2025年底，整体出租率因租户优化调整提升2个百分点，达到96%。 位于上海的恒隆广场、港汇恒隆广场仍是收 ...

Core Viewpoint - The retail sector in mainland China is showing signs of recovery, with Henglong Real Estate reporting a mixed performance in its 2025 financial results, indicating a shift in consumer behavior and market dynamics [1][4]. Financial Performance - Henglong Real Estate reported a revenue of HKD 99.5 billion for 2025, a decrease of 11% year-on-year, while the net profit attributable to shareholders was HKD 32.02 billion, an increase of 3% [1]. - The core revenue from property leasing was HKD 93.89 billion, down 1% year-on-year, with mainland property leasing income at HKD 64.14 billion, also down 1% [1][6]. Retail Sector Insights - Retail commercial properties are a key revenue driver, generating approximately RMB 48.71 billion, a slight increase of 1% year-on-year, reversing the decline seen in 2024 [3]. - The overall occupancy rate improved by 2 percentage points to 96% by the end of 2025, reflecting tenant optimization adjustments [3]. - Major shopping centers like Shanghai Henglong Plaza and Hongqiao Henglong Plaza contributed significantly to revenue, with rental incomes of RMB 16.61 billion and RMB 11.97 billion, respectively, showing growth of 1% and 2% [3]. Market Trends and Adjustments - The company noted a shift in consumer habits towards more cautious spending, but innovative retail models and marketing activities are stimulating demand [4]. - Henglong Real Estate is adapting by integrating more diverse brands, including cosmetics and dining, rather than relying solely on luxury brands for growth [4]. Future Outlook - The CEO expressed optimism for the retail market in early 2025, with expectations of improved performance during the Lunar New Year sales period [5]. - The company is actively expanding its portfolio, including taking over the Shanghai Jiubai Nanjing West project and preparing for the opening of a new shopping center in Hangzhou by April 2026 [5]. Office Leasing Performance - The office leasing segment faced challenges, with revenue declining by 8% to RMB 10.05 billion, and occupancy rates dropping to 79% due to intense competition and oversupply [6][7]. - The company is focused on maintaining occupancy rates and renegotiating leases with existing tenants to mitigate rental pressures [7].

Financial Data and Key Metrics Changes - The leasing revenue decreased by 1% year-on-year, primarily due to the depreciation of the renminbi, while operating profit increased by 1% and underlying profit improved by 3% compared to 2024 [8][9] - The net gearing ratio decreased to 32.7%, lower than the previous year, aided by a scrip dividend arrangement and reduced capital expenditures [32][66] - Overall finance costs declined by 8% due to lower borrowing costs, although net finance costs increased by 3% due to a lower capitalization ratio [33] Business Line Data and Key Metrics Changes - Mainland rental revenue remained flat year-on-year, with retail revenue up by 1% and office revenue facing headwinds, expected to continue for 18-24 months [10][20] - In Hong Kong, retail revenue decreased by 2%, but the decline was mitigated from a previous 4% drop in the first half of the year [9][24] - The residential segment showed positive momentum with significant sales in the Blue Pool Road project, indicating a recovery in the Hong Kong residential market [29][73] Market Data and Key Metrics Changes - The mainland market is experiencing structural and cyclical corrections, with a cautious outlook for the office sector due to increased supply and tenant bargaining power [7][20] - Hong Kong's retail market is seen as more structural, with a slower recovery expected compared to the cyclical nature of the mainland market [63][64] - The company reported record-high foot traffic and sales in Q4, driven by non-luxury segments, while luxury brands showed mixed performance [54][56] Company Strategy and Development Direction - The company introduced its V3 strategy, focusing on scaling with minimal capital expenditure and faster project execution, aiming to enhance market share in key cities like Shanghai and Hangzhou [4][6][37] - The strategy emphasizes leveraging existing resources and relationships to improve return on investment and return on equity [6][37] - The company plans to continue enhancing its non-luxury offerings while maintaining a balanced approach to luxury retail [61] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the retail outlook in mainland China, with expectations for gradual recovery in tenant sales [54][56] - The company is preparing for potential foreign investment returns to China, which could positively impact the office market [23] - Management remains conservative about the luxury segment's recovery, noting that growth has primarily come from non-luxury categories [56][58] Other Important Information - The company is celebrating its 66th anniversary in 2026, planning to enhance consumer engagement through various marketing initiatives [18][55] - The company has achieved significant improvements in its ESG goals, including a 42% reduction in carbon emissions [36] Q&A Session Summary Question: CEO succession plans and qualities sought in a new CEO - The outgoing CEO clarified that retirement was a personal goal and not a surprise to the board, emphasizing the importance of family time [47][49] - The board is actively seeking a successor and will announce details when available, with an advisory role for the outgoing CEO confirmed [52][53] Question: Outlook for Mainland China retail and tenant sales - Management noted that Q4 performance exceeded expectations, with record-breaking sales and foot traffic, but remains cautious about future growth in luxury retail [54][56] Question: Leasing strategy for 2026 and performance stabilization in Wuhan and Shenyang - The company plans to continue adding experiential non-luxury spaces and is optimistic about stabilization in repositioned malls by 2026 or 2027 [77]

January 2026 2025 Annual Results Presentation Contents 2025 Annual Results Announcement 2025 Annual Results Investor Presentation 03 2025 Annual Results Highlights 19 Hang Lung V.3 24 ESG Highlights 36 Chinese Mainland Portfolio 40 Hong Kong Portfolio 45 Development Highlights 48 Appendix 49 HLP – Financial Highlights and Position 52 HLG – Financial Highlights and Position 2025 Annual Results Highlights Hang Lung Properties (101.HK) | | | | Operating | | Underlying | | HLP – | | Dividends per share | | | -- ...

每经AI快讯，恒隆地产(00101.HK)午后拉升转涨逾2%，今早一度跌超2.5%。截至发稿，恒隆地产涨 2.35%，报9.57港元，成交额1.68亿港元。 ...