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]

Core Viewpoint - Hang Lung Properties reported a significant decline in total revenue for the fiscal year 2025, primarily due to a substantial drop in property sales, with total revenue decreasing by 11% to HKD 99.50 billion; however, the core property leasing business remained resilient [1] Group 1: Financial Performance - The second half of 2025 showed a marked improvement compared to the first half, with shopping mall leasing recovering growth since May 2025, particularly in cities like Shanghai, Wuxi, Dalian, and Kunming [2] - Core property leasing revenue only decreased by 1% year-on-year, while overall retail occupancy rates remained high at 96% in mainland China and 95% in Hong Kong; basic earnings attributable to shareholders increased by 3% to HKD 32.02 billion [2] - The company plans to introduce approximately 200 brands across different cities in 2025 to combat homogenization in shopping malls [2] Group 2: Market Outlook - The office market is currently under pressure, with management acknowledging that it is facing challenges that affect overall leasing income [2] - The chairman stated that the office market is in a "relatively difficult phase" but still sees long-term development potential, particularly for Grade A office assets [3] - The core issue in the office market is the imbalance between supply and demand [3] Group 3: Strategic Initiatives - The company is not planning aggressive expansion but maintains a cautiously optimistic outlook, focusing on its "Hang Lung V.3" strategy, which emphasizes business expansion in core cities and enhancing customer experience [4] - Key projects in Hangzhou, Wuxi, Kunming, and Shanghai are progressing, with the Shanghai Hang Lung Plaza expansion expected to be completed by June 2025 and opening in the second half of 2026; the Hangzhou Hang Lung Plaza is anticipated to open in April 2026 with a pre-leasing rate of about 90% [4] - The chairman expressed optimism for 2025 as a year for the company to turn around and move forward steadily, with the upcoming projects expected to inject momentum into the local retail market [4]

Core Viewpoint - The article discusses the recovery of consumer sentiment in mainland China, as reflected in the performance of Hang Lung Properties, which reported a decline in revenue but an increase in net profit, indicating a potential turnaround in the retail sector [3][6]. Group 1: Financial Performance - Hang Lung Properties reported a revenue of HKD 99.5 billion for 2025, a year-on-year decrease of 11%, while net profit attributable to shareholders was HKD 32.02 billion, up 3% year-on-year [3]. - The core revenue source, property leasing, generated HKD 93.89 billion, down 1% year-on-year, with mainland property leasing income at RMB 58.78 billion, remaining flat year-on-year [3][5]. - Retail commercial properties in mainland China saw a slight revenue increase of 1% to RMB 48.71 billion, reversing the decline seen in 2024 [5]. Group 2: Rental Performance - The overall occupancy rate improved by 2 percentage points to 96% by the end of 2025, driven by tenant optimization adjustments [5]. - Key properties like Shanghai's Hang Lung Plaza and Port Exchange contributed significantly, with rental incomes of RMB 16.61 billion and RMB 11.97 billion, reflecting growth of 1% and 2% respectively [5]. - However, properties in Wuhan and Shenyang faced challenges, with rental income declines exceeding 30% and significant drops in tenant sales [5]. Group 3: Market Trends and Adjustments - The retail environment in mainland China is showing signs of recovery, with quarterly tenant sales increasing year-on-year, particularly in the latter half of 2025 [6][7]. - New retail models and changing consumer habits are prompting Hang Lung to adapt its strategy, focusing on a broader range of brands beyond luxury goods [7]. - The company is optimistic about the upcoming retail performance, especially with the Lunar New Year sales period approaching, expecting better results compared to the previous year [7]. Group 4: Office Leasing Challenges - The office leasing segment faced significant pressure, with a revenue decline of 8% to RMB 10.05 billion and an occupancy rate drop to 79% [8][9]. - The primary tenants in Hang Lung's Grade A office buildings are foreign enterprises, and the lack of expansion from these tenants is expected to continue impacting the market [9]. - Despite short-term challenges, there is long-term confidence in the office market's recovery, driven by macroeconomic growth and potential foreign capital inflow [10].

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。 ...

Core Viewpoint - Hang Lung Properties (00101) experienced a midday surge, rising over 2% after an initial drop of more than 2.5%, with a current price of HKD 9.57 and a trading volume of HKD 168 million [1] Financial Performance - For the fiscal year 2025, Hang Lung Properties reported total revenue of HKD 9.95 billion, a decrease of 11% compared to the previous year [1] - The decline in revenue was primarily due to a significant drop in property sales revenue, which fell by 83% to HKD 264 million [1] - Overall operating profit increased by 1% to HKD 6.53 billion, despite challenges in the rental market [1] Rental and Sales Performance - The rental income and operating profit from property leasing both decreased by 1%, amounting to HKD 9.39 billion and HKD 6.66 billion, respectively, influenced by a weak office leasing market in mainland China and a slower-than-expected economic recovery in Hong Kong [1] - Shareholders' attributable net profit rose by 3% to HKD 3.20 billion, indicating resilience despite the downturn in property sales [1] Earnings and Dividends - Basic earnings per share were reported at HKD 0.65, with a proposed final dividend of HKD 0.40 per share [1]

Core Viewpoint - Hang Lung Properties (00101) reported a decline in total revenue for the fiscal year 2025, primarily due to a significant drop in property sales revenue, while overall operating profit showed a slight increase [1] Group 1: Financial Performance - Total revenue for Hang Lung Properties was HKD 99.50 billion, down 11% from the previous year [1] - Property sales revenue decreased by 83% to HKD 2.64 billion [1] - Overall operating profit increased by 1% to HKD 65.27 billion [1] Group 2: Rental Income and Market Conditions - Rental income and operating profit both fell by 1%, reaching HKD 93.89 billion and HKD 66.63 billion respectively, impacted by a weak leasing market in mainland China and a slower-than-expected economic recovery in Hong Kong [1] - The decline in rental income was attributed to ongoing challenges in the office leasing market [1] Group 3: Profitability and Dividends - Shareholders' attributable net profit rose by 3% to HKD 32.02 billion [1] - Basic earnings per share were HKD 0.65 [1] - A final dividend of HKD 0.40 per share is proposed [1]