该行表示，基于金陵华庭第一期在3月的强劲销售表现，对第二期推售持乐观态度，并预计第二期剩余 的40户将有进一步提价空间。另外，第一期仍有约一半签约销售收入等待入账，结合第二期的总可售资 源，估计嘉里的预计净负债比率可能会下降至22%，净负债亦可能下降42%。 瑞银发布研报称，嘉里建设(00683)旗下上海住宅项目金陵华庭第二期将首先推出120伙，预计平均售价 将达每平方米20.5万元人民币，较3月出售第一期时提价8%。嘉里预计，上述120个单位的总值将达98 亿元人民币。该行重申对公司的"买入"评级，目标价24港元。 ...

瑞银发表研究报告指，嘉里建设旗下上海住宅项目金陵华庭第二期将首先推出120伙，预计平均售价将 达每平方米20.5万元，较3月出售第一期时提价8%。上述120个单位的总值将达98亿元。该行表示，基 于金陵华庭第一期在3月的强劲销售表现，对第二期推售持乐观态度，并预计第二期剩余的40伙将有进 一步提价空间。另外，第一期仍有约一半签约销售收入等待入账，结合第二期的总可售资源，估计嘉里 的预计净负债比率可能会下降至22%，净负债亦可能下降42%。该行重申对公司的"买入"评级，目标价 24港元。 ...

嘉里建設有限公司* KERRY PROPERTIES LIMITED (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 8 September 2025 Dear Non-registered Shareholders (Note 1), 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.ker ...

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].