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 net profit attributable to shareholders [1] Financial Performance - The company achieved revenue of HKD 8.059 billion, representing a year-on-year increase of 60% [1] - Net profit attributable to shareholders was HKD 612 million, a decrease of 22% compared to the previous year [1] - Basic earnings per share were HKD 0.42 [1] Sales and Revenue Breakdown - Contracted sales amounted to HKD 16.186 billion, a substantial 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% year-on-year to HKD 9.954 billion, up from HKD 6.039 billion in the first half of 2024 [1] - The increase in revenue was primarily due to the recognition of sales from the Hong Kong Tiwai and Hoi Ying Shan development projects, although this was partially offset by a 5% decline in rental income from investment properties and hotels, indicating ongoing challenges in the commercial property market [1]

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 net profit attributable to shareholders [1] Financial Performance - The company achieved a revenue of HKD 8.059 billion, representing a year-on-year increase of 60% [1] - Net profit attributable to shareholders was HKD 612 million, a decrease of 22% compared to the previous year [1] - Basic earnings per share stood at HKD 0.42 [1] Sales and Revenue Breakdown - Contracted 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% year-on-year to HKD 9.954 billion, up from HKD 6.039 billion in the first half of 2024 [1] - The increase in revenue was primarily attributed to the recognition of sales from the Hong Kong Tiwai and Hoi Ying Shan development projects, although this was partially offset by a 5% decline in rental income from investment properties and hotels, indicating ongoing challenges in the commercial property market [1]

Core Viewpoint - Kerry Properties (00683.HK) reported a significant increase in revenue for the first half of 2025, but a decline in shareholder profit, indicating mixed performance amid market challenges [1] Financial Performance - The group's revenue for the first half of 2025 reached HKD 8.059 billion, representing a year-on-year increase of 60% [1] - Shareholder profit attributable to the company was HKD 612 million, a year-on-year decrease of 22% [1] - Excluding the impact of special items, the underlying profit decreased by 30% to HKD 978 million [1] - Earnings per share for the first half of 2025 were HKD 0.42, with adjusted earnings per share based on underlying profit at HKD 0.67 [1] - The board declared an interim dividend of HKD 0.40 per share [1] Sales and Revenue Drivers - The group's contract sales amounted to HKD 16.186 billion, driven by strong performance from the Shanghai Jinling Road project [1] - Consolidated revenue increased by 65% year-on-year to HKD 9.954 billion, primarily benefiting from the recognition of sales from the Hong Kong Tiwai and Hoi Ying Shan development projects [1] - However, this growth was partially offset by a 5% decline in consolidated rental income from investment properties and hotels, reflecting ongoing challenges in the commercial property market [1]

| EF001 | | --- | | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | 執行董事：郭孔華先生 | | | 獨立非執行董事：許震宇先生、鄭君諾先生及李銳博士 | | | 非執行董事：唐紹明女士 | | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | Kerry Properties Limited 嘉里建設有限公司 | | 股份代號 | 00683 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 (1) 合併收入包括來自本公司、其附屬公司以及應佔聯營公司及合營公司在內地及香港的收入。 (2) 收入僅包括來自本公司及其附屬公司的收入。 (3) 基礎溢利指股東應佔溢利，不計入二零二五年上半年發展物業的非現金減值撥備、二零二四年上半年就本集團於古洞 北新發展區持有的若干土地作出的一次性非現金撥備，以及兩個期間投資物業的非現金公允價值變動。 * 僅供識別 二零二五年中期業績公告 董事會欣然公布本集團截至二零二五年六月三十日止六個月之未經審核中期業績。本公司 審核與企業管治委員會在向董事會作出建議以待批准前，已召開會議審閱本集團截至 二零二五年六月三十日止六個月之業績及未經審核之簡明綜合中期財務報表。 | | 二零二五年 | 二零二四年 | 百分比變動 | | --- | --- | --- | --- | | | 上半年 | 上半年 | | | | 百萬港元 | 百萬港元 | | | 合併收入 (1) ...

Core Insights - The logistics real estate industry is characterized by significant regional concentration in China, with upstream supply concentrated in coastal and central regions, while the development and operation segments are primarily located in the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei regions [5] Industry Overview - Logistics real estate serves as a platform for modern logistics facilities, where developers invest in and construct specialized logistics infrastructure based on the needs of logistics enterprises [1] - The main operational activities in logistics real estate include site selection, land acquisition, development, management, and fund operations [1] Competitive Landscape - According to Michael Porter's value chain theory, logistics real estate companies must focus on developing core competencies in strategic segments of the value chain to maintain competitive advantages [2] Company Performance - In 2024, the performance of logistics real estate companies in China shows significant divergence, with Kerry Properties reporting revenue of 19.5 billion yuan and a gross margin of 32.8%, while R&F Properties faced a loss with a revenue of 18.77 billion yuan and a gross margin of -4.7% [7] - Other companies like Joy City maintained stable performance with a revenue of 35.79 billion yuan and a gross margin of 21.8% [7] Investment Trends - Kerry Properties has been divesting logistics assets, including the sale of warehouses in Hong Kong for 4.62 billion HKD in 2022, while R&F Properties has exited the logistics real estate sector by selling its entire stake in Guangzhou Airport Logistics Park to Blackstone for a total of 5.295 billion yuan [10] - SF Holding is actively expanding its logistics footprint, planning to list REITs and investing in multiple industrial parks [10] - Other companies like Transfar Zhilian and Nanshan Holdings are also expanding their logistics networks and pursuing REIT listings [10]

Core Viewpoint - UBS has downgraded Kerry Properties' earnings forecast for the next two years by 25% to 27% due to updated project completion timelines, lower profit margin expectations, and reduced interest capitalization, while raising the target price from HKD 21.4 to HKD 24 and maintaining a "Buy" rating [1] Group 1: Earnings Forecast and Valuation - The earnings forecast for Kerry Properties has been reduced by 25% to 27% for the next two years [1] - The target price has been increased from HKD 21.4 to HKD 24, with a maintained "Buy" rating [1] - The company is expected to report a profit of less than HKD 1 billion for the first half of the year, with a projected profit margin of 15% for its Hong Kong development properties, similar to last year [1] Group 2: Market Opportunities - The development of private real estate investment trusts (REITs) in China is seen as a potential new funding channel for Hong Kong developers like Kerry Properties [1] - Over 40% of Kerry Properties' asset value is related to mainland investment properties, with an estimated 68% of these properties meeting the requirements for private REITs [1] - The asset divestiture is expected to drive an increase in the company's stock price, based on a current price-to-earnings ratio of 0.29 and a conservative valuation of 4.8% to 7% for mainland investment properties [1] Group 3: Rental Income Expectations - The company anticipates a mid-single-digit decline in rental income from both Hong Kong and mainland properties [1]

该行认为，私募房地产投资信托基金是资产回收的催化剂，因为嘉里逾40%的资产价值与内地投资物业 有关。该行估计，其68%的内地投资物业符合私募房地产投资信托基金的要求。以嘉里目前0.29倍市盈 率及4.8%至7%的保守内地投资物业市值率计算，相信资产剥离应可令其股价上升。该行预期，嘉里上 半年盈利将低于10亿港元，预计其综合香港发展物业利润率为15%，与去年相若。至于投资物业，该行 预计集团在香港及内地租金收入将录得中个位数跌幅。 智通财经APP获悉，瑞银发布研报称，下调嘉里建设(00683)今明两年的盈测25%至27%，以反映最新的 开发项目完成时间表、较低的利润率预测及较低的利息资本化，但将集团目标价由21.4港元上调至24港 元，维持"买入"评级。该行相信中国私募房地产投资信托基金市场的发展可为嘉里建设等香港发展商提 供资金回收的新渠道。在嘉里建设下半年潜在出售"金陵华庭"(Jinling Residences)二期后，投资者关注 其未来的催化因素。 ...

董事會會議召開日期 嘉里建設有限公司（「本公司」）董事會（「董事會」）宣布，本公司將於 二零二五年八月二十日（星期三）舉行董事會會議，藉以（其中包括）批准本公司及 其附屬公司截至二零二五年六月三十日止六個月之中期業績公告及其發布，以及考慮 派發中期股息（如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 承董事會命 嘉里建設有限公司 公司秘書 鄭慧善 香港，二零二五年八月六日 於本公告日期，本公司之董事為： 執行董事： 郭孔華先生 獨立非執行董事： 許震宇先生、鄭君諾先生及李銳博士 非執行董事： 唐紹明女士 * 僅供識別 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both shares and scale in 2024 [1][2] - As of August 4, 2024, the fund's latest shares were 56.508 million, with a scale of 80.0775 million yuan, reflecting a 54.06% decrease in shares and a 45.28% decrease in scale compared to December 31, 2024 [1] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with a performance benchmark based on the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager, Li Qian, has managed the fund since its inception on September 4, 2024, achieving a return of 41.71% during her tenure [1] - The ETF's recent trading activity shows a cumulative transaction amount of 140 million yuan over the last 20 trading days, with an average daily transaction amount of 7.0048 million yuan [1] - The top holdings of the ETF include Shougang Resources (3.83%), Far East Horizon (3.69%), and Chongqing Rural Commercial Bank (3.27%), among others, with detailed holdings and market values provided [2]