本產品採用FSC®認證的和其他受控來源的材料。 目錄 掃描並下載 本報告 2 財務摘要 3 主席報告 5 管理層討論及分析 5 業務回顧 18 資本資源及流動資金 21 財務資料 21 獨立核數師審閱報告 22 簡明綜合中期收益表 23 簡明綜合中期全面收益表 24 簡明綜合中期財務狀況表 26 簡明綜合中期現金流動表 28 簡明綜合中期權益變動表 30 簡明綜合中期財務報表附註 47 企業管治及其他資料 58 股東參考資料 60 釋義 62 公司資料 財務摘要 | | 二零二五年 | 二零二四年 | | | --- | --- | --- | --- | | | 上半年 | 上半年 | 百分比變動 | | | 百萬港元 | 百萬港元 | | | 合併收入 (1) | 9,954 | 6,039 | 65% | | 物業銷售 | 6,422 | 2,325 | 176% | | 物業租賃及其他 | 2,502 | 2,649 | - 6% | | 酒店營運 | 1,030 | 1,065 | 3% - | | 收入 (2) | 8,059 | 5,040 | 60% | | 基礎溢利 (3) | 978 | ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） website 網址: www.kerryprops.com (Stock Code 股份代號: 683) NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, 嘉里建設有限公司* KERRY PROPERTIES LIMITED 8 September 2025 Kerry Properties Limited (the "Company") Notification of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication of the Company are available on the website of the Company at www.kerryprops.com ( ...

FF301 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 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) | 00683 | 說明 | | | | | | | | | 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 | | | 1,451,305,728 | | 0 | | 1,451,305,728 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,451,305,728 | | 0 | | 1,451,305,728 | 第 2 頁 共 10 頁 v 1.1.1 公司名稱: Kerry Properties Limited 嘉里建設有限公司（於百慕達註冊成立之有限 ...

Group 1 - Goldman Sachs adjusts Kerry Properties' (00683) earnings per share forecast for 2025 to 2027 to HKD 1.47, 1.31, and 2.86, maintaining a dividend of HKD 1.35, implying a yield of approximately 6% [1] - The target price is slightly raised from HKD 20.6 to HKD 20.9, with a "Neutral" rating maintained [1] - For the first half of the year, the basic earnings per share was HKD 0.67, a year-on-year decline of 30%, but 49% higher than the bank's expectations [1] Group 2 - EBITDA increased by 10% year-on-year, exceeding the bank's expectations by 34%, primarily due to better-than-expected profit margins from both development and investment properties [1] - Net interest expenses for the first half were HKD 77 million, which is 63% lower than the bank's expectations [1] - The group declared an interim dividend of HKD 0.4, unchanged year-on-year and in line with the bank's expectations [1] Group 3 - As of June 2025, the debt ratio was approximately 38.4%, a decrease of 3.1 percentage points from the end of the previous year [1] - Management aims to reduce the debt ratio to the lower end of 30% by the end of 2026, compared to an earlier target of the mid-range of 30% [1]

Group 1 - Goldman Sachs adjusted the basic earnings per share (EPS) forecast for Kerry Properties (00683) for 2025 to 2027 to HKD 1.47, 1.31, and 2.86 respectively, while maintaining the dividend per share at HKD 1.35, indicating a yield of approximately 6% [1] - The company's EPS for the first half of the year was HKD 0.67, a year-on-year decline of 30%, but exceeded Goldman Sachs' expectations by 49% [1] - EBITDA increased by 10% year-on-year, surpassing Goldman Sachs' expectations by 34%, primarily due to better-than-expected profit margins from both development and investment properties [1] Group 2 - The net interest expense for the first half was HKD 77 million, which was 63% lower than Goldman Sachs' expectations [1] - The group declared an interim dividend of HKD 0.4, which is in line with Goldman Sachs' expectations and unchanged year-on-year [1] - As of June 2025, the debt ratio was approximately 38.4%, a decrease of 3.1 percentage points from the end of the previous year, with management aiming to reduce the debt ratio to the lower end of 30% by the end of 2026, compared to an earlier target of the mid-range of 30% [1]

Group 1 - Traditional retail giants are facing significant performance challenges, with major players like Baisheng Group reporting an 18.4% drop in same-store sales and announcing the closure of its Beijing store by year-end [3][4] - Other retailers such as Xinhua Department Store and Tianhong reported revenue declines of 0.99% and 1.79% respectively, while Nanning Department Store experienced a net loss of 13.38 million yuan, a 653.3% increase in loss [3][4] Group 2 - The outlet mall sector is experiencing a growth spurt, with multiple new projects announced, including the opening of Wuhan Shanshan Outlet on September 25, which will be the first "Lakeside Outlet" in Central China [5][6] - The emergence of differentiated concepts like "Lakeside Outlet" and "Warehouse-style Outlet" indicates that this sector is effectively targeting various consumer needs amid a backdrop of consumption downgrade [6] Group 3 - A wave of renaming among shopping centers reflects strategic shifts and the need for brand upgrades, with examples including the rebranding of "Changsha Beichen Triangular Deyue City" to "Changsha Beichen Hui" [7][8] - The rebranding of "Shenyang Vanke Plaza" to "Wan Qian Hui" resulted in a 15% increase in foot traffic and a 26% rise in sales, demonstrating the effectiveness of targeted brand revitalization [8] Group 4 - China is becoming a testing ground for global brand innovations, with notable first stores like LV Beauty opening in Nanjing and Haidilao launching an innovative concept store in Beijing [10][11] - This trend indicates a shift in China's market position from a follower to a leader in global brand innovation, as brands increasingly prioritize launching new products in China [11] Group 5 - There is a dual acceleration in the internationalization of brands in China and the globalization of local brands, with companies like Anta and Li Ning deepening market penetration through themed stores [12][13] - The significant growth of brands like Pop Mart, which reported a 204.4% increase in revenue, highlights China's market as a critical battleground for both international and domestic brands [13]

Core Viewpoint - The company remains optimistic about the long-term economic outlook for Hong Kong and mainland China, despite facing significant short-term challenges in the overall economy and real estate market [1][5]. Financial Performance - In the first half of 2025, the company reported a consolidated revenue of HKD 99.54 billion, a 65% year-on-year increase, while net profit decreased by 22% [1][2]. - The property sales revenue surged 176% to HKD 64.2 billion, but rental income from properties and hotels declined by 6% and 3%, respectively [1][9]. - The basic earnings per share fell to HKD 0.42, down 22% from HKD 0.54 in the same period last year [5]. Mainland Operations - The company’s mainland property division recorded a consolidated revenue of HKD 31.43 billion, down from HKD 39.87 billion year-on-year, with a consolidated profit of HKD 16.95 billion, also lower than the previous year's HKD 21.03 billion [5][6]. - The decline in revenue was attributed to a decrease in confirmed sales of development properties, with a significant drop in revenue from development properties confirmed sales [5][6]. Hong Kong Operations - In contrast, the company’s Hong Kong property division achieved a consolidated revenue of HKD 68.11 billion, a substantial increase from HKD 20.52 billion year-on-year, with a consolidated profit of HKD 9.98 billion, up from HKD 6.17 billion [11][12]. - The growth was primarily driven by increased sales confirmations from development properties, which reached HKD 62.46 billion, compared to HKD 14.41 billion in the previous year [12][13]. Market Challenges - The company faces ongoing challenges in the commercial property market, with a 5% decline in rental income due to economic uncertainties and oversupply in the office market [10][11]. - The hotel business also saw a decline in revenue, with a reported income of HKD 10.12 billion, down from HKD 10.50 billion year-on-year [11]. Future Outlook - The company plans to gradually release remaining units from four projects based on market conditions, while also preparing to convert a warehouse into residential development [16]. - Analysts maintain a positive outlook, with expectations for recovery in pre-sales for the Shanghai Jinling project, which is crucial for the company's future performance [16].

Core Viewpoint - Citigroup's report indicates that Kerry Properties' debt ratio decreased to 38% in June this year, with a target to reach the low 30% level by the end of next year, which is considered a healthy level [1] Group 1: Financial Performance - The primary focus remains on improving the balance sheet, followed by maintaining dividends per share [1] - The company is expected to maintain a stable dividend of HKD 1.35 per share due to reduced net debt [1] Group 2: Future Outlook - Citigroup anticipates a recovery in pre-sales for the Shanghai Jinling project from 2027 to 2028, along with new rental contributions [1] - The target price for Kerry Properties has been raised from HKD 21.8 to HKD 23.2, maintaining a "Buy" rating [1]

2025年上半年，嘉里建设合并收入按年增长65%至99.54亿港元，主要受惠于香港缇外及海盈山发展物 业项目确认销售额的提升。然而，投资物业及酒店的合并租赁收入下降5%，反映商业物业市场挑战持 续。 若撇除特殊项目影响，基础溢利按年减少30%至9.78亿港元。基础溢利下降主要由于发展物业毛利率下 跌、租赁收入减少、税项增加，以及成本上升，包括新落成投资物业的开业前支出及未资本化的融资费 用增加。 尽管业绩承压，董事会仍宣派中期股息每股0.40港元，体现了公司对股东回报的承诺。2025年上半年每 股盈利为0.42港元，按基础溢利计算的调整后每股盈利为0.67港元。 嘉里建设于2025年上半年录得股东应占溢利6.12亿港元，同比下降22%。尽管净利润出现下滑，但公司 在土地储备布局和市场表现方面仍展现出一定韧性。截至2025年6月30日，集团在内地、香港及其他海 外地区的物业组合应占楼面面积合共4970万平方尺，较2024年底的5010万平方尺略有减少。 土地储备策略稳中求进 嘉里建设继续坚持在内地及香港市场的多元化土地储备策略。公司在香港及内地主要城市包括北京、杭 州、上海、深圳及沈阳拥有发展物业及投资物业土地 ...

Core Viewpoint - Kerry Properties (00683) reported a significant increase in revenue for the first half of 2025, driven by strong performance in specific projects, despite a decline in shareholder profit [1] Financial Performance - The company achieved a revenue of HKD 8.059 billion, representing a year-on-year increase of 60% [1] - Shareholder profit decreased by 22% to HKD 612 million, with basic earnings per share at HKD 0.42 [1] - The interim dividend remained stable at HKD 0.4 per share compared to the previous year [1] Sales and Revenue Breakdown - Contract sales amounted to HKD 16.186 billion, a significant increase from HKD 7.044 billion in the first half of 2024, largely driven by the strong performance of the Shanghai Jinling Road project [1] - Consolidated revenue grew by 65% to HKD 9.954 billion, up from HKD 6.039 billion in the first half of 2024, benefiting from increased sales recognition from the Hong Kong Tiwai and Hoi Ying Shan development projects [1] - However, this growth was partially offset by a 5% decline in rental income from investment properties and hotels, indicating ongoing challenges in the commercial property market [1]