Core Viewpoint - The company reported a significant decline in revenue for the first half of the year, primarily due to a drastic drop in property sales, but is shifting its strategy from conservative to aggressive expansion, particularly in the Hangzhou market [1][4][22]. Financial Performance - Total revenue for Hang Lung Group and Hang Lung Properties was HKD 52.02 billion and HKD 49.68 billion, representing declines of 18% and 19% respectively, mainly due to an 87% drop in property sales revenue [1][2]. - Rental income decreased by 3% to HKD 4.91 billion for the group and HKD 4.68 billion for the properties, with mainland China contributing HKD 3.36 billion and Hong Kong HKD 1.55 billion [2][10]. - Hotel revenue saw an increase of 84% to HKD 129 million, attributed to the performance of the Kunming Hyatt [2][6]. Strategic Shift - The company is transitioning to a more aggressive growth strategy, focusing on expansion in Hangzhou, where the Hang Lung Plaza is set to increase its footprint by 40% [4][22]. - The rental income from shopping malls in mainland China remained stable, with a total income of HKD 24.12 billion, indicating resilience despite market pressures [8][10]. Market Position - Mainland China has become the primary market for Hang Lung, accounting for 69% of rental income, with lower revenue declines compared to Hong Kong [6][12]. - The company is facing challenges in certain projects, particularly in Wuhan and Shenyang, where rental income has significantly decreased due to local competition and market conditions [17][20]. Future Outlook - The company is optimistic about its future, believing that the worst is over, and is focusing on enhancing its operational capabilities to compete effectively in the Hangzhou market [12][24]. - The upcoming openings in Hangzhou are seen as critical for the company's recovery and growth trajectory, with expectations of strong consumer demand in the region [22][24].

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7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: | 恒隆地產有限公司 | | | | 呈交日期: | 2025年8月6日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 恒隆地產有限公司並無法定股本，及其股本並無股份面值。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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) | 00101 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 ...

Core Viewpoint - The worst period for Hang Lung Properties is believed to be over, with expectations for slight growth in the upcoming quarters despite a decline in revenue and profit in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, Hang Lung Properties reported revenue of HKD 4.968 billion, a decrease of 19% year-on-year [1]. - The company recorded a basic net profit attributable to shareholders of HKD 1.587 billion, down 9% year-on-year, and a net profit of HKD 0.912 billion, down 14% year-on-year [1][2]. - Property sales significantly declined, with sales amounting to HKD 0.161 billion, a staggering 87% drop from HKD 1.228 billion in the same period last year [1][2]. Revenue Sources - The primary source of revenue for Hang Lung Properties is property leasing, particularly in the mainland market, which accounted for HKD 3.190 billion in leasing income, a 2% decrease year-on-year, representing 63% of total revenue [1][2]. - Rental income from shopping malls remained stable, with HKD 2.412 billion generated from mainland shopping malls, nearly unchanged from HKD 2.414 billion in the previous year [2]. - Office rental income saw a more significant decline, with HKD 0.528 billion reported, down 5% year-on-year due to lower occupancy rates and reduced rents [2]. Management Insights - The management expressed confidence in achieving slight growth in the second half of 2025, contingent on the performance in the third and fourth quarters [1][5]. - The company has undertaken restructuring efforts to stabilize its financial position, including a 33% reduction in dividends to retain more cash [3][5]. - Future growth is expected to hinge on the performance of commercial rentals in mainland China, with several key projects set to launch in the latter half of the year [5]. Market Outlook - The outlook for the mainland retail market is closely tied to macroeconomic conditions, with potential for slight increases in rental income in the second half of the year as market confidence improves [5]. - Analysts from Citigroup have noted that the retail income in the first half of the year exceeded expectations, driven by rising rents and strong tenant sales, predicting a recovery in profitability from the second half of 2025 to 2027 [5].

Group 1 - Goldman Sachs maintains a "Buy" rating for Li Auto-W with a target price of HKD 138, expecting monthly sales of 6,000 units for its new electric SUV i8 [1] - China Biologic Products is rated "Outperform" by CMBI, highlighting its strong innovation pipeline and growth in biosimilars and generics [1] - JPMorgan upgrades Hang Lung Properties to "Overweight" with a target price of HKD 10, citing attractive dividend yield and improved sales outlook [2] Group 2 - Citi maintains a "Outperform" rating for China Overseas Property but lowers the target price to HKD 6.1, focusing on service quality improvement [3] - UBS maintains a "Buy" rating for Ping An Insurance, raising the target price to HKD 66, driven by improved macro conditions and growth in asset management [4] - UBS maintains a "Buy" rating for GCL-Poly Energy with a target price of HKD 1.9, benefiting from supply cuts and strong product quality [5] Group 3 - Macquarie maintains a "Outperform" rating for Prada but lowers the target price to HKD 60, citing lower-than-expected sales growth [6] - Goldman Sachs maintains a "Neutral" rating for CATL, adjusting the target price to HKD 436 due to expected declines in battery gross margins [7] - Goldman Sachs maintains a "Buy" rating for Kuaishou-W with a target price of HKD 68, anticipating significant revenue growth in the AI sector [8] Group 4 - Morgan Stanley maintains an "Overweight" rating for HSBC, raising the target price to HKD 107.1 due to improved earnings forecasts [9]

Core Viewpoint - The company reported a 19% year-on-year decline in revenue for 1H25, amounting to HKD 4.97 billion, with a 3% decrease in property leasing income. The basic net profit attributable to shareholders was HKD 1.59 billion, down 9% year-on-year, aligning with expectations [1][2]. Financial Performance - The company declared an interim dividend of HKD 0.12 per share, unchanged from the previous year [1]. - The net debt ratio stood at 33.5%, remaining stable compared to the end of the previous year. Total financial expenses decreased by 7%, with the average borrowing interest rate declining by 0.4 percentage points to 3.9% [2]. Operational Trends - The sales performance of mainland shopping centers showed a significant improvement, with quarterly sales declines reducing from 18% to 1% over four quarters. The rental income from mainland shopping centers remained stable year-on-year, accounting for 56% of total rental income [1]. - The company anticipates continued improvement in sales and rental income for mainland shopping centers, supported by a stable consumer environment and operational adjustments [2]. Future Developments - New projects, such as Hangzhou Henglong Plaza, are progressing as planned, with expectations for office buildings to be completed gradually starting in the second half of 2025 and shopping centers to open in the first half of 2026 [2]. - The company aims to maintain prudent financial discipline and stable shareholder returns, with capital expenditures expected to decline after reaching a peak this year [2]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025-26 and has raised its target price by 11% to HKD 8.9 per share, reflecting an anticipated improvement in mainland shopping center operations and robust financial management [2].

Core Viewpoint - The company demonstrated resilience in its business model despite ongoing market pressures, with a gradual stabilization in property performance [2][3] Financial Performance - For the first half of 2025, the company's revenue was HKD 4.968 billion, a decrease of 19% year-on-year, primarily due to a significant drop in property sales revenue, which fell by 87% to HKD 0.161 billion [3][4] - Overall operating profit decreased by 5% to HKD 3.255 billion [3] - Core property rental income was HKD 4.678 billion, down 3% year-on-year, with a more modest decline compared to the full year of 2024 [4] Property Performance - The rental income from mainland properties was HKD 3.19 billion, a 2% decrease, while rental income from Hong Kong properties was HKD 1.488 billion, down 4% [4] - Shanghai Hang Lung Plaza maintained a rental income of RMB 0.822 billion with a 98% occupancy rate, while Shanghai Port Exchange Hang Lung Plaza saw a slight increase in rental income of 1% year-on-year [4] - Some properties in cities like Wuhan and Shenyang experienced significant revenue declines of 36% and 37% respectively due to local market competition and positioning issues [4][5] Profitability and Debt - The company recorded a net profit attributable to shareholders of HKD 1.587 billion, a 9% decline year-on-year, with basic earnings per share at HKD 0.33 [5] - The net debt-to-equity ratio stood at 33.5%, with expectations for a peak in capital expenditure post-2025 [5] Strategic Developments - The company is focusing on strategic investments in projects such as the second phase of Wuxi Hang Lung Plaza and the Hangzhou Hang Lung Plaza, which is nearing completion [6] - The Hangzhou project is expected to open in mid-2026 with a pre-leasing rate of 81% [6] - A new lease agreement for additional retail space in Hangzhou is anticipated to enhance the project's scale by 40% [7][8]

Core Viewpoint - The performance of Hang Lung Group and Hang Lung Properties for the mid-2025 period can be summarized as "steady progress," with significant declines in total revenue primarily due to reduced property sales [1] Group 1: Financial Performance - Hang Lung Group's total revenue decreased by 18% to HKD 5.202 billion, while Hang Lung Properties' total revenue fell by 19% to HKD 4.968 billion, mainly due to lower property sales [1] - The rental business accounted for 94% of total revenue, with property sales and hotel services each contributing 3% [2] - Shareholders' net profit attributable to the company dropped by 7% to HKD 1.191 billion for Hang Lung Group and by 9% to HKD 1.587 billion for Hang Lung Properties, attributed to rising financial costs [2] Group 2: Rental Business Insights - The rental income from the mainland was HKD 2.941 billion, representing 68% of total rental income, while Hong Kong's rental income was HKD 1.488 billion, accounting for 32% [2] - The rental business saw a slight decline of 3%, with mainland rental income down by 1% and Hong Kong rental income down by 4% [2] - The overall occupancy rate of the company's 10 large shopping malls in the mainland remained at 94%, with over half of the malls experiencing an increase in rental income [2] Group 3: Property Sales and Development - The company reported HKD 161 million in revenue from residential sales, with significant contributions from properties in Hong Kong and Wuhan [4] - The company plans to commence 11 real estate projects across 9 cities in the mainland, with a focus on expanding existing properties [5] - The expansion of Hang Lung Plaza Westlake 66 in Hangzhou has been initiated, increasing the mall's area by 40% [5] Group 4: Strategic Focus - The company aims to maintain high occupancy rates in shopping malls rather than focusing solely on high rental prices, as low occupancy can negatively impact rental income [1] - The company is actively introducing new brands to attract local and mainland consumers to Hong Kong [3] - The company is committed to prudent financial management, with a net debt ratio of 33.5% and a focus on increasing the proportion of RMB loans [4][5]

Core Viewpoint - 恒隆集团和恒隆地产在2025年度中期业绩中显示出收入和净利润的显著下降，主要受到物业销售收入减少和财务费用上升的影响 [1][2] Financial Performance - 恒隆集团总收入约为52.02亿港元，同比减少18%；股东应占净利润约为11.91亿港元，同比减少7% [1] - 恒隆地产总收入约为49.68亿港元，同比减少19%；股东应占净利润约为15.87亿港元，同比减少9% [1] - 报告期内，恒隆来自物业销售的收入约为1.61亿港元，同比减少87% [2] Rental Income - 恒隆集团及恒隆地产的总物业租赁收入均同比下降3%，分别为49.12亿港元和46.78亿港元 [2] - 内地物业租赁收入约为33.63亿港元，同比减少3% [4] - 香港物业租赁收入约为15.49亿港元，同比减少4% [9] Dividend Announcement - 恒隆集团董事会宣布派发中期股息每股港币2角1仙，恒隆地产董事会宣布派发中期股息每股港币1角2仙 [2] Market Conditions - 内地办公楼租赁市场持续乏力，整体收入较去年同期下跌 [7] - 上海恒隆广场的甲级办公楼收入跌幅达到77% [7] - 香港零售物业整体租出率维持在93%高位，因市场情绪疲弱，租户销售额微跌2% [10][11] Strategic Insights - 恒隆集团及恒隆地产行政总裁表示，消费者希望在商场中获得更多体验，未来将增加体验机会 [6] - 公司在多城市布局策略继续发挥成效，来自上海以外城市的项目为整体业绩提供支持 [11]

Core Viewpoint - The performance of Hang Lung Group and Hang Lung Properties in the first half of 2025 is characterized by a decline in total revenue, primarily due to reduced property sales income, with a cautious approach to pricing strategies for residential and commercial properties [2][4]. Financial Performance - Hang Lung Group's total revenue decreased by 18% to HKD 5.202 billion, while Hang Lung Properties' total revenue fell by 19% to HKD 4.968 billion [2]. - The rental business revenue for Hang Lung Properties saw a slight decline of 3%, with rental income accounting for 94% of total revenue [4]. - The company reported a net debt ratio of 33.5%, which increased by 0.1% compared to the end of the previous year [6]. Rental Business Insights - The rental income in mainland China decreased by 1%, while in Hong Kong, it dropped by 4% [4]. - The rental income from retail properties remained stable, while office rental income in mainland China fell by 5% [5]. - The overall rental income in Hong Kong decreased by 4%, with retail rental income down by 7% and office rental income down by 1%, although residential rental income increased by 11% [5]. Strategic Initiatives - The company plans to commence 11 real estate projects across 9 cities in mainland China, with 7 reserve projects in Hong Kong [8]. - The expansion of Hang Lung Plaza Westlake 66 in Hangzhou has been completed and is expected to enhance foot traffic significantly [8]. Debt Management - The average borrowing rate for Hang Lung Properties was approximately 3.9%, down from 4.3% the previous year [6]. - The company secured a HKD 10 billion syndicated loan to extend the average maturity of its loans, with over 70% of its debt having a repayment period of two years or more [7].

Core Viewpoint - Credit Lyonnais reports that Hang Lung Properties (00101) has met expectations for its first-half performance, maintaining its interim dividend despite a decline in luxury goods sales impacting overall tenant sales in the first half of 2025 [1] Group 1: Financial Performance - Hang Lung's tenant sales in mainland China have shown continuous improvement since the fourth quarter of last year, although overall sales are still affected by a decline in luxury goods sales [1] - The target price for Hang Lung has been raised from HKD 5.4 to HKD 7.7, with the net asset value (NAV) discount narrowing from 78% to 67% due to clearer expectations of interest rate cuts by the Federal Reserve and continuous improvement in tenant sales [1] Group 2: Market Sentiment and Future Outlook - The weak market sentiment and normalization of outbound tourism have led Credit Lyonnais to predict a continued decline in luxury goods sales over the next 12 months [1] - Positive catalysts for Hang Lung include potential over-expectation in interest rate cuts by the U.S. Federal Reserve, which could trigger a reassessment of high-yield stocks like Hang Lung [1] - Negative catalysts include weaker-than-expected tenant sales in China, which could lead to profit pressure and impact the ability to maintain absolute dividends and deleverage [1]