提名委員會 職權範圍書 於 2025 年 8 月 12 日更新 1. 委員會的設立 經朗廷酒店投資有限公司（「本公司」）董事會（「董事會」）通過，提名 委員會（「委員會」）於 2013 年 5 月 30 日設立。 2. 設立的目的 根據香港聯合交易所有限公司證券上市規則（「上市規則」）及企業管治 守則的要求，委員會設立的目的為制訂政策並就提名、委任或重新委任 董事以及董事繼任計劃向董事會提供意見。 委員會秘書由本公司公司秘書出任。 5. 會議及法定開會人數 5.1 委員會會議的法定人數為二人。凡出席委員會會議的人數達法定 人數，即有能力行使委員會的所有或任何職權、權力及酌情權。 如委員會主席未能出席會議，出席的委員會委員可推選其中一位 委員主持該次會議。 - 1 - 6. 委員會的職責 6.1 委員會屬董事會轄下的一個常設委員會，獲董事會授權執行其職 權範圍以內的一切職務，並須向董事會匯報其決定或建議。 - 2 - 5.2 董事會成員須應委員會邀請列席委員會會議。 5.3 由委員會全體委員書面簽訂的決議案均具效力及效用，猶如有關 決議案於正式召開及舉行的委員會會議通過。任何有關書面決議 案可由一式多份，每份由 ...

[Report Cover and Company Information](index=1&type=section&id=Report%20Cover%20and%20Company%20Information) This section provides an overview of Langham Hospitality Investments (Stock Code: 1270) and its interim results for H1 2025 [Company Overview](index=1&type=section&id=Company%20Overview) This report presents the 2025 interim results for Langham Hospitality Investments (Stock Code: 1270), announced by Langham Hospitality Investments Management Limited as the Trustee-Manager and the Board of Directors of Langham Hospitality Investments Limited - Langham Hospitality Investments (Stock Code: 1270) announces its 2025 interim results[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section presents key financial indicators for H1 2025, including revenue, operating gross profit, distributable income, and balance sheet metrics [Key Financial Indicators for H1 2025](index=1&type=section&id=Key%20Financial%20Indicators%20for%20H1%202025) In H1 2025, the Trust Group experienced decreased hotel portfolio revenue and operating gross profit, while profit attributable to stapled security holders (excluding non-cash items) significantly increased, leading to a decline in distributable income and no interim distribution, alongside a slight decrease in hotel portfolio value and a marginal rise in gearing ratio 2025 H1 Key Financial Data (HKD million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Hotel Portfolio Revenue | 737.5 | 772.9 | -4.6% | | Total Hotel Portfolio Gross Operating Profit | 217.0 | 232.5 | -6.7% | | Trust Group Total Rental Income after Service Fees | 184.8 | 191.1 | -3.3% | | Profit Attributable to Stapled Security Holders (excluding fair value changes of investment properties, derivative financial instruments, and changes related to hotel manager fee arrangements) | 28.4 | 4.3 | 560.5% | | Distributable Income | 28.0 | 34.0 | -17.6% | | Interim Distribution per Stapled Security (HK cents) | - | - | - | | **At Period End** | **June 30, 2025** | **December 31, 2024** | **June 30, 2024** | | Total Hotel Portfolio Value | 15,764 | 15,895 | 15,725 | | Net Asset Value per Stapled Security | HKD 2.70 | HKD 2.77 | HKD 2.75 | | Gearing Ratio | 38.5% | 38.2% | 38.1% | - No interim distribution is declared for this period, reflecting the company's prudent capital management strategy[8](index=8&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) This section discusses market conditions, operational performance of the hotel portfolio, and the financial impact of various business segments [Market Overview and Industry Challenges](index=2&type=section&id=Market%20Overview%20and%20Industry%20Challenges) In H1 2025, Hong Kong saw an 11.7% increase in visitor arrivals, though overnight stays remained below pre-pandemic levels, with the hotel sector facing structural challenges from changing traveler behavior, heightened price sensitivity, and the HKD's appreciation against the RMB - Visitor arrivals to Hong Kong reached **23.6 million** in H1 2025, a **11.7% year-on-year increase**[5](index=5&type=chunk) - Overnight visitors accounted for **47.7%** (approximately **11.3 million**), a **7.0% year-on-year increase**, but still below 2018/2019 levels[5](index=5&type=chunk) - Mainland China visitors comprised **65.0%** of overnight visitors, with short-haul markets (excluding Mainland) growing by **13.5%** and long-haul markets rebounding by **17.3%**[5](index=5&type=chunk) - The hotel industry faces challenges such as shorter booking windows, increased price sensitivity, preference for experiential travel, and the HKD's appreciation against the RMB weakening Mainland visitors' purchasing power[5](index=5&type=chunk) [Hotel Portfolio Operating Performance](index=2&type=section&id=Hotel%20Portfolio%20Operating%20Performance) The hotel portfolio maintained an average room rate of HKD 1,561, but a slight dip in occupancy to 88.4% led to a 1.5% decrease in revenue per available room, compounded by an 8.2% drop in F&B revenue due to shifting consumer preferences, resulting in a 6.7% decline in total gross operating profit and a slight reduction in portfolio valuation - The hotel portfolio maintained an average room rate of **HKD 1,561** per night, with occupancy slightly decreasing by **1.4 percentage points** year-on-year to **88.4%**[6](index=6&type=chunk) - Revenue per available room decreased by **1.5%** year-on-year to **HKD 1,379** per night[6](index=6&type=chunk) - Food and beverage segment revenue decreased by **8.2%** year-on-year, primarily due to changing consumer dining preferences and a structural reduction in banquet events[7](index=7&type=chunk) - Total gross operating profit (before global marketing fees) decreased by **6.7%** to **HKD 217.0 million**[7](index=7&type=chunk) - The hotel investment portfolio valuation decreased to **HKD 15,764 million**, a reduction from December 31, 2024[7](index=7&type=chunk) - Net loss attributable to stapled security holders was **HKD 142.2 million**, mainly impacted by fair value losses on investment properties and derivative financial instruments[7](index=7&type=chunk) [Operating Review and Financial Impact](index=3&type=section&id=Operating%20Review%20and%20Financial%20Impact) The Trust Group's total rental income (before service fees) decreased by 3.5% year-on-year, with service fees down 4.7% but property expenses up 6.9%; total finance costs fell 15.4% despite interest rate swaps shifting to net expense, while fair value losses led to a net loss attributable to stapled security holders, though profit after tax (excluding fair value changes) surged 560.5%, resulting in a 17.6% drop in distributable income and no interim distribution [Rental Income Composition and Changes](index=3&type=section&id=Rental%20Income%20Composition%20and%20Changes) The Trust Group's rental income, comprising stable fixed rent (HKD 225.0 million annually) and variable rent (50% of hotels' total gross operating profit), saw a 3.5% year-on-year decrease in total rental income (before service fees) in H1 2025 due to declining variable rent - The Trust Group's rental income comprises fixed rent (**HKD 225.0 million** annually) and variable rent (calculated as **50%** of the hotels' total gross operating profit)[9](index=9&type=chunk) Rental Income Details (HKD million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Fixed Rental Income | 111.6 | 111.9 | -0.3% | | Variable Rental Income | 108.5 | 116.2 | -6.6% | | Retail Shop Rental Income | 0.8 | 0.9 | -11.1% | | Total Rental Income before Service Fees | 220.9 | 229.0 | -3.5% | | Service Fee Expenses | (36.1) | (37.9) | -4.7% | | Trust Group Total Rental Income | 184.8 | 191.1 | -3.3% | [Service Fees and Property Expenses](index=4&type=section&id=Service%20Fees%20and%20Property%20Expenses) Total service fees decreased by 4.7% year-on-year due to weaker hotel performance, while hotel property-related expenses rose by 6.9% from increased insurance and government rates, leading to a 3.9% decline in net property income - The Hotel Manager has opted to receive the full hotel manager fee for the year ending December 31, 2025, in cash[13](index=13&type=chunk) Total Service Fees Details (HKD million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Hotel Management Fees | 20.6 | 21.9 | -5.9% | | License Fees | 7.4 | 7.7 | -3.9% | | Global Marketing Fees | 8.1 | 8.3 | -2.4% | | Total Service Fees | 36.1 | 37.9 | -4.7% | - Hotel property-related expenses increased by **6.9%** year-on-year to **HKD 10.9 million**, primarily due to higher insurance premiums and increased government rates and rent[15](index=15&type=chunk) - Net property income decreased to **HKD 173.9 million**, a **3.9%** reduction from the same period last year[15](index=15&type=chunk) [Finance Costs and Interest Rate Risk Management](index=5&type=section&id=Finance%20Costs%20and%20Interest%20Rate%20Risk%20Management) Total finance costs decreased by 15.4% to HKD 137.7 million, primarily due to lower bank borrowing interest, despite interest rate swaps shifting to net expense, as the Trust Group increased its total notional swap amount to HKD 2,600.0 million, hedging 41.9% of outstanding bank borrowings to manage interest rate risk - Total finance costs decreased to **HKD 137.7 million**, a **15.4%** year-on-year reduction, primarily due to a **24.6%** decrease in interest expenses on bank borrowings[16](index=16&type=chunk) - Interest rate swaps shifted from recording net interest income in H1 2024 to recording a net interest expense of **HKD 8.3 million** in H1 2025[16](index=16&type=chunk)[19](index=19&type=chunk) - The Trust Group added **HKD 1,100.0 million** in new swaps, increasing the total notional amount to **HKD 2,600.0 million**, hedging **41.9%** of outstanding bank borrowings[18](index=18&type=chunk) Finance Costs Details (HKD million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | (122.2) | (162.1) | -24.6% | | Net Interest on Interest Rate Swaps | (8.3) | 4.2 | Not Applicable | | Amortization of Underwriting/Loan Extension Fees | (6.8) | (4.7) | 44.7% | | Other Borrowing Costs | (0.4) | (0.2) | 100.0% | | Total Finance Costs | (137.7) | (162.8) | -15.4% | [Fair Value Changes and Net Profit](index=6&type=section&id=Fair%20Value%20Changes%20and%20Net%20Profit) The Trust Group recorded fair value losses of HKD 143.3 million on investment properties and HKD 27.3 million on derivative financial instruments, resulting in a net loss attributable to stapled security holders of HKD 142.2 million, though net profit after tax (excluding fair value changes) significantly increased by 560.5% to HKD 28.4 million - Recorded fair value losses of **HKD 143.3 million** on hotel investment properties and **HKD 27.3 million** on derivative financial instruments[19](index=19&type=chunk) - Net loss attributable to stapled security holders was **HKD 142.2 million**[19](index=19&type=chunk) - Excluding the impact of fair value changes, net profit after tax was **HKD 28.4 million**, a significant year-on-year increase of **560.5%**[20](index=20&type=chunk) Key Income Statement Items (HKD million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Property Income | 173.9 | 180.9 | -3.9% | | Fair Value (Decrease)/Increase in Investment Properties | (143.3) | 37.4 | Not Applicable | | Fair Value Changes in Derivative Financial Instruments | (27.3) | 15.9 | Not Applicable | | Finance Costs | (137.7) | (162.8) | -15.4% | | (Loss)/Profit Before Tax | (136.6) | 50.7 | Not Applicable | | (Loss)/Profit Attributable to Stapled Security Holders | (142.2) | 43.0 | Not Applicable | | Profit Attributable to Stapled Security Holders (excluding fair value changes, etc.) | 28.4 | 4.3 | 560.5% | [Distributable Income and Distribution Policy](index=8&type=section&id=Distributable%20Income%20and%20Distribution%20Policy) Total distributable income for H1 2025 decreased by 17.6% to HKD 28.0 million after adjusting for non-cash items and cash contributions, leading the Board to decide against an interim distribution due to an uncertain hotel operating outlook and volatile interest rate environment - Total distributable income for H1 2025 was **HKD 28.0 million**, a **17.6%** decrease from the same period last year[8](index=8&type=chunk)[23](index=23&type=chunk) - The Board decided not to declare an interim distribution for this period, adopting a prudent capital management and working capital strategy[8](index=8&type=chunk)[24](index=24&type=chunk) Distributable Income Calculation (HKD million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | (Loss)/Profit Attributable to Stapled Security Holders | (142.2) | 43.0 | Not Applicable | | Adjustment: Fair Value Decrease/(Increase) in Investment Properties | 143.3 | (37.4) | Not Applicable | | Adjustment: Fair Value Changes in Derivative Financial Instruments | 27.3 | (15.9) | Not Applicable | | Adjustment: Amortization of Underwriting/Loan Extension Fees | 6.8 | 4.7 | 44.7% | | Distributable Income | 28.0 | 34.0 | -17.6% | [Hotel Operating Performance](index=9&type=section&id=Hotel%20Operating%20Performance) This section details the overall performance of the hotel portfolio, compares it to the Hong Kong market, and analyzes individual hotel performance [Overall Hotel Portfolio Performance](index=9&type=section&id=Overall%20Hotel%20Portfolio%20Performance) In H1 2025, the hotel portfolio's total revenue decreased by 4.6% to HKD 737.5 million, driven by declines in room (1.9%) and F&B (8.2%) income, while a slight 1.4 percentage point drop in occupancy to 88.4% and stable average room rates resulted in a 1.5% decrease in revenue per available room Hotel Portfolio Revenue Details (HKD million) | Revenue Details | The Langham Hong Kong | Cordis Hong Kong | Eaton HK | Total | | :--- | :--- | :--- | :--- | :--- | | Rooms | 150.4 | 172.4 | 84.5 | 407.3 | | Food & Beverage | 94.8 | 125.4 | 90.7 | 310.9 | | Other | 2.4 | 8.1 | 8.8 | 19.3 | | Total Revenue | 247.6 | 305.9 | 184.0 | 737.5 | | **Year-on-Year Change** | | | | | | Rooms | -2.8% | -3.6% | 3.2% | -1.9% | | Food & Beverage | -7.5% | -10.4% | -5.9% | -8.2% | | Total Revenue | -5.3% | -5.8% | -1.4% | -4.6% | Key Hotel Portfolio Operating Indicators | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Occupancy Rate | 88.4% | 89.8% | -1.4 percentage points | | Average Room Rate (HKD) | 1,561 | 1,559 | +0.1% | | Revenue Per Available Room (HKD) | 1,379 | 1,400 | -1.5% | [Comparison with Hong Kong Market](index=10&type=section&id=Comparison%20with%20Hong%20Kong%20Market) The Langham Hong Kong and Cordis Hong Kong demonstrated robust performance in the upscale hotel market, with smaller RevPAR declines and higher occupancy rates than the market average, while Eaton HK surpassed the mid-scale market with a 3.7% RevPAR growth, showcasing its effective positioning and operational agility - The Langham Hong Kong and Cordis Hong Kong saw revenue per available room decrease by **2.2%** and **3.3%** respectively, outperforming the **7.9%** decline in the upscale hotel market[26](index=26&type=chunk) - Both hotels' average occupancy rate reached **87.7%**, significantly higher than the market average of **77.0%**[26](index=26&type=chunk) - Eaton HK's revenue per available room increased by **3.7%** year-on-year, surpassing the **6.6%** decline in the mid-scale hotel market[27](index=27&type=chunk) Hong Kong Hotel Market Comparison (H1 2025) | Hotel Category | Occupancy Rate | Average Room Rate (HKD) | Revenue Per Available Room (HKD) | | :--- | :--- | :--- | :--- | | Upscale Hotels | 77.0% | 2,111 | 1,625 | | Mid-scale Hotels | 87.0% | 974 | 847 | | All Hotels | 85.0% | 1,220 | 1,037 | [Individual Hotel Performance Analysis](index=10&type=section&id=Individual%20Hotel%20Performance%20Analysis) The Langham Hong Kong's total revenue decreased by 5.3% due to Mainland visitor market competition and declining F&B income, Cordis Hong Kong's total revenue fell by 5.8% from fewer banquet events, while Eaton HK benefited from diverse activities and prime location, achieving growth in occupancy and average room rate, with RevPAR up 3.7%, despite a drop in F&B revenue due to changing consumer behavior [The Langham Hong Kong](index=10&type=section&id=The%20Langham%20Hong%20Kong) The Langham Hong Kong, with 48% of room revenue from Mainland visitors, maintained its average room rate and achieved 85.6% occupancy, but saw a 2.2% drop in RevPAR and a 7.5% decline in F&B revenue due to changing consumption patterns and fewer banquets, resulting in a 5.3% total revenue decrease - Approximately **48%** of room revenue was generated from Mainland visitors[28](index=28&type=chunk) - Occupancy rate was **85.6%**, average room rate remained stable, and revenue per available room decreased by **2.2%** to **HKD 1,669** per night[28](index=28&type=chunk) - Food and beverage revenue decreased by **7.5%** year-on-year, with total revenue down **5.3%** from the same period last year[28](index=28&type=chunk) [Cordis Hong Kong](index=11&type=section&id=Cordis%20Hong%20Kong) Cordis Hong Kong, primarily serving local and Mainland visitors, maintained its average room rate but experienced a 3.1 percentage point decrease in occupancy, leading to a 3.3% decline in RevPAR, while F&B revenue fell by 10.4% due to fewer banquet events, resulting in a 5.8% total revenue reduction - Average room rate remained unchanged, occupancy decreased by **3.1 percentage points** year-on-year, and revenue per available room decreased by **3.3%** to **HKD 1,424** per night[29](index=29&type=chunk) - Food and beverage revenue decreased by **10.4%** year-on-year, primarily due to fewer banquet events[29](index=29&type=chunk) - Total revenue decreased by **5.8%** from the same period last year[29](index=29&type=chunk) [Eaton HK](index=11&type=section&id=Eaton%20HK) Eaton HK achieved a 90.1% occupancy rate and a 1.9% increase in average room rate, with RevPAR growing 3.7% to HKD 1,003 per night, benefiting from diverse events and its prime location, though overall F&B revenue still declined by 5.9%, leading to a slight 1.4% decrease in total revenue - Occupancy rate reached **90.1%**, average room rate increased by **1.9%** to **HKD 1,114** per night[29](index=29&type=chunk) - Revenue per available room increased by **3.7%** year-on-year to **HKD 1,003** per night[29](index=29&type=chunk) - Overall food and beverage revenue decreased by **5.9%**, mainly due to changing consumer behavior and the trend of local residents dining in Greater Bay Area cities[30](index=30&type=chunk) - Total revenue slightly decreased by **1.4%** year-on-year[30](index=30&type=chunk) [Outlook](index=11&type=section&id=Outlook) This section outlines market prospects, industry challenges, and the company's strategies for navigating the uncertain economic and interest rate environment [Market Outlook and Response Strategies](index=11&type=section&id=Market%20Outlook%20and%20Response%20Strategies) The macroeconomic environment, marked by geopolitical tensions and changing consumer behavior, continues to pressure the hotel industry's profitability with stagnant room rates, prompting the company to optimize pricing and enhance value-added services, while management monitors uncertain interest rates, maintaining a long-term optimistic outlook for Hong Kong's hotel sector despite mixed short-term prospects - The macroeconomic environment is influenced by geopolitical tensions, global trade uncertainties, and changing consumer behavior[31](index=31&type=chunk) - The hotel industry is performing weakly, with room rates difficult to increase, and H2 2025 performance is expected to be similar to H1, with profitability under pressure[31](index=31&type=chunk) - Hotels will optimize dynamic pricing strategies and strengthen their value-added service portfolio to seize new opportunities[32](index=32&type=chunk) - Management will continue to closely monitor interest rate changes and be prepared to take timely measures to mitigate interest rate risks[33](index=33&type=chunk) - The long-term outlook for Hong Kong's hotel industry remains optimistic, benefiting from limited new hotel supply, prime locations, and resilient tourism infrastructure[33](index=33&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) This section provides a review of the Trust Group's net asset value, debt status, liquidity, and asset pledges [Net Asset Value Attributable to Stapled Security Holders](index=12&type=section&id=Net%20Asset%20Value%20Attributable%20to%20Stapled%20Security%20Holders) As of June 30, 2025, the net asset value attributable to stapled security holders was HKD 9,310.0 million, or HKD 2.70 per stapled security, a decrease from December 31, 2024, but still representing a 400.0% premium over the closing price - As of June 30, 2025, the net asset value attributable to stapled security holders was **HKD 9,310.0 million**, or **HKD 2.70** per stapled security[34](index=34&type=chunk) - This represents a decrease from **HKD 2.77** as of December 31, 2024, but still a **400.0% premium** over the closing price of **HKD 0.54**[34](index=34&type=chunk) [Debt Status and Interest Rate Hedging](index=12&type=section&id=Debt%20Status%20and%20Interest%20Rate%20Hedging) The Trust Group's total outstanding borrowings slightly decreased to HKD 6,201.6 million, with secured term loans unchanged, while new interest rate swaps totaling HKD 1,100.0 million increased the total notional amount to HKD 2,600.0 million, hedging 41.9% of outstanding bank borrowings to effectively manage interest rate risk - Total outstanding borrowings (before underwriting fees) were **HKD 6,201.6 million**, a slight decrease from December 31, 2024[35](index=35&type=chunk) - New interest rate swaps totaling **HKD 1,100.0 million** were added, increasing the total notional amount to **HKD 2,600.0 million**[36](index=36&type=chunk) - **41.9%** of outstanding bank borrowings were hedged at a weighted average fixed interest swap rate of **3.59%** per annum (compared to 24.2% hedged at 3.99% as of December 31, 2024)[36](index=36&type=chunk) [Cash Position and Liquidity](index=13&type=section&id=Cash%20Position%20and%20Liquidity) As of June 30, 2025, the Trust Group held HKD 241.2 million in cash balances, a decrease from December 31, 2024, including HKD 51.0 million in restricted bank deposits, complemented by HKD 598.4 million in undrawn revolving loan facilities to enhance liquidity flexibility - Held cash balances of **HKD 241.2 million** (December 31, 2024: HKD 293.4 million), including **HKD 51.0 million** in restricted bank deposits[38](index=38&type=chunk) - Undrawn revolving loan facilities of **HKD 598.4 million** further enhanced liquidity flexibility[38](index=38&type=chunk) [Asset Pledges and Commitments](index=13&type=section&id=Asset%20Pledges%20and%20Commitments) The Trust Group's restricted bank deposits and all investment properties, along with related income, are pledged to secure loan facilities, with no significant commitments as of the reporting period end - Restricted bank deposits and all investment properties, along with proceeds from sales, insurance proceeds, rental income, etc., have been pledged to secure loan facilities[39](index=39&type=chunk) - As of June 30, 2025, the Trust Group had no significant commitments[40](index=40&type=chunk) [Corporate Governance and Stapled Securities](index=13&type=section&id=Corporate%20Governance%20and%20Stapled%20Securities) This section covers the Trust Group's compliance with corporate governance codes and details regarding stapled securities buybacks and issuances [Compliance with Corporate Governance Code](index=13&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Trust Group complied with all applicable corporate governance code provisions and adopted some recommended best practices during the reporting period, with all directors and relevant employees fully adhering to the Securities Dealing Code - The Trust Group complied with all applicable corporate governance code provisions during the reporting period and adopted some recommended best practices[41](index=41&type=chunk) - The Board of Directors of the Trustee-Manager is identical to the Board of Directors of the Company, and directors receive no remuneration, thus nomination and remuneration committee requirements are not applicable[41](index=41&type=chunk) - All directors and relevant employees have fully complied with the Securities Dealing Code[42](index=42&type=chunk) [Stapled Securities Buyback and Issuance](index=14&type=section&id=Stapled%20Securities%20Buyback%20and%20Issuance) The Trust and Company are prohibited from repurchasing or redeeming stapled securities, with 3,444,141,132 units in issue as of June 30, 2025, reflecting an increase of 10,594,487 new units issued as partial payment for the H2 2024 hotel manager fee - The Trust and the Company are prohibited from repurchasing or redeeming their stapled securities[43](index=43&type=chunk) - As of June 30, 2025, the total number of stapled securities in issue was **3,444,141,132**[44](index=44&type=chunk) - During the reporting period, **10,594,487** new stapled securities were issued, representing approximately **0.31%** of the total issued stapled securities, as partial payment for the hotel manager fee for H2 2024[44](index=44&type=chunk)[45](index=45&type=chunk) Changes in Issued Stapled Securities | Date | Details | Number of Issued Stapled Securities | | :--- | :--- | :--- | | December 31, 2024 | Total number of stapled securities in issue | 3,433,546,645 | | February 28, 2025 | Issuance of new stapled securities as partial payment for H2 2024 hotel manager fee | 10,594,487 | | June 30, 2025 | Total number of stapled securities in issue | 3,444,141,132 | [Notes to Financial Statements](index=15&type=section&id=Notes%20to%20Financial%20Statements) This section includes the review of interim results, board information, and detailed notes on the condensed consolidated financial statements [Interim Results Review and Board Information](index=15&type=section&id=Interim%20Results%20Review%20and%20Board%20Information) The Trust Group's unaudited condensed consolidated financial statements were reviewed by the Trustee-Manager, the Company's Audit Committee, and independent auditor Deloitte Touche Tohmatsu in accordance with HK Standard on Review Engagements 2410, with board member information also provided - The interim results have been reviewed by the Audit Committee and by independent auditor Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Review Engagements 2410[46](index=46&type=chunk) - Board members include Dr. Lo Ka Shui (Chairman), Mr. Brett Stephen BUTCHER (Chief Executive Officer), and several Non-executive Directors and Independent Non-executive Directors[47](index=47&type=chunk)[48](index=48&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In H1 2025, the Trust Group reported HKD 184,823 thousand in revenue and HKD 173,916 thousand in net property income, but fair value decreases in investment properties and derivative financial instruments led to a pre-tax loss of HKD 136,617 thousand and a loss attributable to stapled security holders of HKD 142,254 thousand, resulting in a basic and diluted loss of 4 HK cents per stapled security Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD thousand) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 184,823 | 191,166 | | Net Property Income | 173,916 | 180,956 | | Fair Value (Decrease)/Increase in Investment Properties | (143,327) | 37,373 | | Fair Value Changes in Derivative Financial Instruments | (27,317) | 15,912 | | Finance Costs | (137,726) | (162,843) | | (Loss)/Profit Before Tax | (136,617) | 50,705 | | (Loss)/Profit and Total Comprehensive (Expense)/Income for the Period Attributable to Stapled Security Holders | (142,254) | 43,020 | | (Loss)/Earnings Per Stapled Security (Basic and Diluted) | (4 HK cents) | 1 HK cent | [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Trust Group's total assets were HKD 16,087,429 thousand, with investment properties at HKD 15,764,000 thousand, resulting in net current assets of HKD 210,227 thousand and total liabilities of HKD 6,777,384 thousand (including HKD 6,168,404 thousand in secured bank loans due after one year), leading to net assets of HKD 9,310,045 thousand Condensed Consolidated Statement of Financial Position (HKD thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 15,773,150 | 15,904,746 | | Investment Properties | 15,764,000 | 15,895,000 | | Total Current Assets | 314,279 | 333,598 | | Total Current Liabilities | 104,052 | 87,180 | | Net Current Assets | 210,227 | 246,418 | | Total Assets Less Current Liabilities | 15,983,377 | 16,151,164 | | Total Non-current Liabilities | 6,673,332 | 6,648,753 | | Net Assets | 9,310,045 | 9,502,411 | | Total Equity | 9,310,045 | 9,502,411 | [Notes: General Information and Basis of Presentation](index=18&type=section&id=Notes%3A%20General%20Information%20and%20Basis%20of%20Presentation) The Trust Group, comprising Langham Hospitality Investments Trust and its Trustee-Manager, Langham Hospitality Investments Management Limited, Langham Hospitality Investments Limited, and its subsidiaries, presents its condensed consolidated financial statements in Hong Kong dollars, prepared under HKAS 34 and Listing Rules, with no significant impact from the first-time application of revised HKFRS accounting standards this period - The Trust Group's principal business activity is property investment, and the condensed consolidated financial statements are presented in Hong Kong dollars[53](index=53&type=chunk)[54](index=54&type=chunk) - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix 16 to the Listing Rules[57](index=57&type=chunk) - Revised Hong Kong Financial Reporting Standards accounting standards were first applied in this interim period, but with no significant impact on the financial position and performance[59](index=59&type=chunk) [Notes: Revenue](index=19&type=section&id=Notes%3A%20Revenue) The Trust Group's revenue primarily derives from basic and variable rental income from master lessee GE (LHIL) Lessee Limited, alongside retail shop rental income from Eaton HK, totaling HKD 184,823 thousand in H1 2025, a decrease from the prior year Revenue Details (HKD thousand) | Revenue Source | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic Rent from Master Lessee | 111,575 | 111,885 | | Variable Rent from Master Lessee | 108,520 | 116,226 | | Service Fee Expenses | (36,106) | (37,871) | | Rental Income from Retail Shops at Eaton HK | 834 | 926 | | Total Revenue | 184,823 | 191,166 | [Notes: Segment Information](index=20&type=section&id=Notes%3A%20Segment%20Information) The Group's operating segments focus on the leasing performance of The Langham Hong Kong, Cordis Hong Kong, and Eaton HK, all of which experienced decreased revenue and performance in H1 2025, with Cordis Hong Kong generating the highest revenue, and all hotels seeing a slight decline in fair value by the period end - The Group's operating segments focus on the operating results of leasing The Langham Hong Kong, Cordis Hong Kong, and Eaton HK[62](index=62&type=chunk) Segment Revenue and Performance (H1 2025, HKD thousand) | Hotel | Segment Revenue | Segment Performance | | :--- | :--- | :--- | | The Langham Hong Kong | 77,631 | 62,316 | | Cordis Hong Kong | 97,100 | 75,866 | | Eaton HK | 46,198 | 35,734 | | Total Segments | 220,929 | 173,916 | - As of the end of the reporting period, the fair values of The Langham Hong Kong, Cordis Hong Kong, and Eaton HK were **HKD 5,410 million**, **HKD 6,770 million**, and **HKD 3,584 million** respectively, all showing a decrease from December 31, 2024[66](index=66&type=chunk) [Notes: Finance Costs](index=22&type=section&id=Notes%3A%20Finance%20Costs) Total finance costs for H1 2025 decreased by 15.4% to HKD 137,726 thousand, primarily due to reduced bank borrowing interest, despite interest rate swaps shifting from net income to net expense Finance Costs Details (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on Bank Borrowings | 122,155 | 162,063 | | Net Interest on Interest Rate Swaps | 8,346 | (4,151) | | Amortization of Underwriting/Loan Extension Fees | 6,800 | 4,685 | | Interest on Lease Liabilities | 23 | 11 | | Other Borrowing Costs | 402 | 235 | | Total Finance Costs | 137,726 | 162,843 | [Notes: Income Tax Expense](index=22&type=section&id=Notes%3A%20Income%20Tax%20Expense) Income tax expense for H1 2025 was HKD 5,637 thousand, a 27.3% decrease from the same period last year, primarily comprising current tax and deferred tax Income Tax Expense (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hong Kong Profits Tax: Current Tax | 2,185 | 1,246 | | Deferred Tax: For the Period | 3,452 | 6,430 | | Total Income Tax Expense | 5,637 | 7,685 | [Notes: Total Distributable Income](index=23&type=section&id=Notes%3A%20Total%20Distributable%20Income) Total distributable income for H1 2025 was HKD 28,027 thousand, a 17.6% decrease from the same period last year, calculated by adjusting non-cash items (such as fair value changes, depreciation, amortization, etc.) from the loss/profit attributable to stapled security holders Total Distributable Income Calculation (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | (Loss)/Profit for the Period Attributable to Stapled Security Holders | (142,254) | 43,020 | | Adjustment: Fair Value Decrease/(Increase) in Investment Properties | 143,327 | (37,373) | | Adjustment: Fair Value Changes in Derivative Financial Instruments | 27,317 | (15,912) | | Adjustment: Amortization of Underwriting/Loan Extension Fees | 6,800 | 4,685 | | Total Distributable Income | 28,027 | 34,022 | [Notes: Distribution Table](index=24&type=section&id=Notes%3A%20Distribution%20Table) The Board decided not to declare an interim distribution for H1 2025, while the 2024 final distribution of 1.6 HK cents per stapled security was paid to holders on June 4, 2025 - The Board decided not to declare any total distributable income for the six months ended June 30, 2025[72](index=72&type=chunk) - For the financial year ended December 31, 2024, **48%** of the total distributable income was distributed, with a final distribution of **1.6 HK cents** per stapled security[72](index=72&type=chunk) - The total 2024 final distribution of **HKD 55,106 thousand** was paid to stapled security holders on June 4, 2025[72](index=72&type=chunk) Distribution Table Summary (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Distributable Income for Interim Distribution Period | 28,027 | 34,022 | | Interim Distribution | - | - | | Total Distributable Income for Financial Year Ended December 31, 2024 | 113,022 | 297,613 | | Distributable Income for Final Distribution Period | 54,251 | - | | Interim Distribution Per Stapled Security (HK cents) | - | - | | Final Distribution Per Stapled Security (HK cents) | 1.6 | - | [Notes: (Loss)/Earnings Per Stapled Security](index=25&type=section&id=Notes%3A%20%28Loss%29%2FEarnings%20Per%20Stapled%20Security) In H1 2025, basic and diluted loss per stapled security was 4 HK cents, calculated from a period loss of HKD 142,254 thousand and a weighted average of 3,440,746 thousand stapled securities, with basic and diluted losses being equal due to the loss (Loss)/Earnings Per Stapled Security Calculation | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | (Loss)/Profit for the Period (HKD thousand) | (142,254) | 43,020 | | Weighted Average Number of Stapled Securities (thousand) | 3,440,746 | 3,361,407 | | Basic and Diluted (Loss)/Earnings Per Stapled Security | (4 HK cents) | 1 HK cent | - In H1 2025, basic and diluted loss per stapled security are equal as they are anti-dilutive[75](index=75&type=chunk) [Notes: Trade and Other Receivables and Payables](index=27&type=section&id=Notes%3A%20Trade%20and%20Other%20Receivables%20and%20Payables) As of June 30, 2025, total trade and other receivables, deposits, and prepayments amounted to HKD 22,801 thousand, including HKD 13,314 thousand due from the master lessee, while trade and other payables increased to HKD 50,895 thousand, including HKD 21,772 thousand payable to a fellow subsidiary to be settled by issuing deferred stapled securities Trade and Other Receivables, Deposits and Prepayments (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amounts Due from Master Lessee | 13,314 | 29,417 | | Deposits and Prepayments | 8,989 | 11,299 | | Trade and Other Receivables, Deposits and Prepayments Classified as Current Assets | 14,579 | 32,678 | Trade and Other Payables, Deposits and Accruals (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 50,895 | 34,498 | | Accruals and Other Payables | 13,461 | 23,440 | | Amounts Due for Works | 911 | 2,616 | | Deposits Received | 577 | 577 | | Total | 65,844 | 61,131 | - Trade payables include an amount of **HKD 21,772 thousand** payable to a fellow subsidiary, relating to unpaid hotel management fees and license fees for H2 2024, which will be settled by the allotment and issue of **46,320,885** stapled securities[79](index=79&type=chunk) [Financial Statements of Langham Hospitality Investments Management Limited](index=29&type=section&id=Financial%20Statements%20of%20Langham%20Hospitality%20Investments%20Management%20Limited) This section presents the condensed income statement and statement of financial position for Langham Hospitality Investments Management Limited, along with general information and accounting policies [Condensed Statement of Profit or Loss and Other Comprehensive Income](index=29&type=section&id=Condensed%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Langham Hospitality Investments Management Limited recorded no revenue in both H1 2025 and H1 2024. Administrative expenses are borne by fellow subsidiaries and the Trust estate, resulting in zero profit or loss and total comprehensive income/expense for the period Condensed Statement of Profit or Loss and Other Comprehensive Income of Langham Hospitality Investments Management Limited (HKD) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | - | - | | Administrative Expenses | 11,857 | 11,857 | | Less: Amounts Borne by Fellow Subsidiaries and the Trust Estate | (11,857) | (11,857) | | Profit or Loss and Total Comprehensive Income/Expense for the Period | - | - | [Condensed Statement of Financial Position](index=30&type=section&id=Condensed%20Statement%20of%20Financial%20Position) The condensed statement of financial position for Langham Hospitality Investments Management Limited shows that as of June 30, 2025, and December 31, 2024, its cash, net assets, share capital, and total equity all amounted to HKD 1 Condensed Statement of Financial Position of Langham Hospitality Investments Management Limited (HKD) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash | 1 | 1 | | Net Assets | 1 | 1 | | Share Capital | 1 | 1 | | Total Equity | 1 | 1 | [Notes: General Information and Accounting Policies](index=31&type=section&id=Notes%3A%20General%20Information%20and%20Accounting%20Policies) Langham Hospitality Investments Management Limited's principal business is managing the Trust as its Trustee-Manager, with management costs and expenses deducted from the Trust estate and no management fees charged, and its condensed financial statements are presented in Hong Kong dollars, prepared under HKAS 34 with consistent accounting policies, showing no significant impact from the first-time application of revised HKFRS accounting standards this period - Langham Hospitality Investments Management Limited's principal business is acting as the Trustee-Manager for Langham Hospitality Investments, managing the Trust[84](index=84&type=chunk) - The costs and expenses of managing the Trust are deductible from the Trust estate, and the Company does not charge any management fees[84](index=84&type=chunk) - The condensed financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting", with accounting policies consistent with the annual financial statements[87](index=87&type=chunk)[88](index=88&type=chunk) - The revised Hong Kong Financial Reporting Standards accounting standards adopted in this interim period had no significant impact on the amounts reported and/or disclosures contained in these condensed financial statements[90](index=90&type=chunk)

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: 朗廷酒店投資及朗廷酒店投資有限公司 呈交日期: 2025年8月6日 第 1 頁 共 12 頁 v 1.1.1 I. 法定/註冊股本變動 | 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) | 01270 | 說明 | | 為股份合訂單位的組成部分 (備註) | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.0005 | HKD | | 2,500,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 5,000,0 ...

Group 1 - The core viewpoint of the article is that the New World Group's brand, Tongpai, is launching a franchise program after seven years of establishment, reflecting the growing potential of the mid-to-high-end hotel market in China [1][4][14] - Tongpai Hotel Management Company, established in 2018, is a member of the Chow Tai Fook Group and aims to develop the Tongpai brand in China, transitioning from the previously underperforming Bellet brand [1][2][3] - The brand emphasizes a community concept and targets the millennial consumer group, focusing on a blend of trendy hotels, shared offices, and serviced apartments [3][8] Group 2 - The article discusses the challenges faced by Hong Kong-based hotel brands in the mid-to-high-end market, highlighting the slow expansion of brands like Shangri-La's Kerry and Jen [5][6][7] - The mid-to-high-end hotel market in China is experiencing rapid growth, driven by the rise of the middle class, but Hong Kong brands have been slow to adapt and expand [11][12] - The article notes that Hong Kong hotel brands are leveraging their real estate assets to enhance their market presence, with a focus on high-quality locations [12][13] Group 3 - Tongpai's strategy includes a partnership with Ctrip's Rezen Group to enhance its digital capabilities and accelerate brand development [9][10] - The brand has opened 10 hotels across various cities, maintaining a growth rate of 1-2 openings per year, indicating a cautious approach to expansion [9][10] - The article highlights the importance of design and local cultural integration for Hong Kong hotel brands to differentiate themselves in a competitive market [13][14]

Hotel Portfolio - The hotel portfolio includes three properties: The Langham, Hong Kong (498 rooms), Cordis, Hong Kong (669 rooms), and Eaton HK (465 rooms) [11][16][21][22] - The Langham, Hong Kong is located in Tsim Sha Tsui, a prime shopping and cultural area, enhancing its appeal to luxury travelers [8][9] - Cordis, Hong Kong is the only large luxury hotel in the Mong Kok area, strategically positioned near popular markets and shopping centers [13][14] - Eaton HK has been recently renovated and features modern amenities including a rooftop pool, yoga room, and diverse dining options [18][19] - The group is managed by Langham Hospitality Group, which operates 28 hotels across various regions including Asia, Europe, and North America [22] - The hotels are strategically located near major transportation hubs, facilitating easy access for guests [5] - The Langham brand emphasizes luxury and unique experiences, while Cordis focuses on high-end service and modern design [23][25] - The hotels cater to both leisure and business travelers, capitalizing on their prime locations and luxury offerings [8][13] Financial Performance - Hotel portfolio revenue decreased by 1.9% to HKD 1,587.7 million in 2024 from HKD 1,618.8 million in 2023 [44] - Total rental income after service fees dropped by 21.8% to HKD 401.8 million compared to HKD 514.0 million in the previous year [44] - Profit attributable to unit holders fell by 77.5% to HKD 50.5 million from HKD 224.1 million in 2023 [44] - Distributable income decreased by 62.0% to HKD 113.0 million from HKD 297.6 million in the prior year [44] - The final distribution per unit is proposed at HKD 0.016, with a distribution yield of 3.4% based on the market price of HKD 0.475 per unit as of December 31, 2024 [39] - Total value of the hotel portfolio increased to HKD 15,895 million as of December 31, 2024, up from HKD 15,725 million [44] - Net asset value per unit remained stable at HKD 2.77 as of December 31, 2024, unchanged from the previous year [44] - Debt ratio slightly improved to 38.2% from 38.3% in 2023 [44] - No interim distribution was declared for the six months ended June 30, 2024 [44] Visitor Trends - In 2024, Hong Kong welcomed 44.5 million visitors, a 30.9% increase from the previous year, but still below pre-pandemic levels of 65.1 million in 2018 [47] - Visitors from Southeast Asia increased by 40.9%, long-haul travelers rose by 53.2%, and travelers from mainland China grew by 27.2%, with mainland visitors accounting for 67.4% of overnight stays [49] Room and Occupancy Rates - The average room rate at The Langham, Hong Kong dropped nearly 10% due to intense competition, while overall hotel occupancy increased by 2.8 percentage points to 90.9% [50] - The average room revenue for The Langham Hotel in Hong Kong fell by 7.4% to HKD 1,748 per night, driven by a 9.9% decline in average room rates [79] - The occupancy rate for The Langham Hotel increased by 2.4 percentage points to 89.3% in 2024 [79] - The average room revenue for The Kowloon Hotel grew by 2.0% to HKD 1,500 per night, with an occupancy rate of 92.6%, up 2.8 percentage points [80] - The average room revenue for The Eaton Hotel rose by 3.8% to HKD 1,003 per night, with an occupancy rate of 90.0%, an increase of 3.0 percentage points [81] Revenue from Dining and Other Services - Total revenue from the restaurant business decreased by 3.6%, attributed to changing consumer spending patterns and fewer wedding events [51] - The overall dining revenue for The Langham Hotel decreased by 8.8%, attributed to changing consumer patterns and the closure of a high-end restaurant [79] - The overall dining revenue for The Eaton Hotel declined by 5.1%, impacted by reduced banquet activities despite increased patronage at its Michelin-starred restaurant [81] Sustainability Initiatives - The company is committed to achieving net-zero emissions, with ongoing projects contributing significantly to this goal [118] - The "Oyster Shell Upcycling Programme" successfully converted over 12 tons of discarded oyster shells into sustainable raw materials for cement products [118] - The company is preparing to launch a new environmental, social, and governance data management platform to enhance monitoring and tracking of ESG data [117] - The company has engaged independent auditors to verify the credibility of its sustainability disclosures, reflecting increasing stakeholder expectations [117] - Climate risk assessments have been conducted for the hotels to identify necessary mitigation measures and potential opportunities [118] - The company continues to balance successful, people-centric business activities with effective climate action measures [117] - The hotels achieved EarthCheck Master certification in 2024, recognizing over 15 years of commitment to sustainability, making it the first hotel in Hong Kong and North Asia to receive this honor [146] Employee Development and Safety - The average employee training hours amounted to 61.2 hours, with a total of over 75,000 training hours completed [168] - The company has implemented a comprehensive development plan, including the Leadership Trainee Program (LLTP) and the APEX program for internal leadership training, which have successfully promoted employee retention and career development since their launch [167] - Lost time injury frequency is projected to decrease from 34.8 in 2023 to 25.7 in 2024, indicating improved safety performance [172] - Accident rate is expected to decline from 11.3 in 2023 to 8.8 in 2024, reflecting enhanced workplace safety measures [173] Community Engagement - The hotels organized over 180 community activities, contributing more than 1,900 hours of volunteer service [194] - The Hong Kong East Hotel provided free nutritious meals to 40-50 individuals weekly through partnerships with More Good and the Hong Kong Justice Centre, supporting refugees and the elderly community [200] - The Hong Kong East Hotel also implemented a "Refugee Employment Program" to provide job opportunities for eligible refugees, raising public awareness of the challenges faced by the refugee community in Hong Kong [200] - The hotels' community investment strategy emphasizes encouraging colleagues to engage in volunteer activities, which is a core element of the "CONNECT" culture [194]

Financial Performance - The hotel portfolio revenue for 2024 was HKD 1,587.7 million, a decrease of 1.9% compared to HKD 1,618.8 million in 2023[3]. - Total rental income after service fees dropped by 21.8% to HKD 401.8 million from HKD 514.0 million in the previous year[3]. - Profit attributable to shareholders decreased by 77.5% to HKD 50.5 million, down from HKD 224.1 million in 2023[3]. - The net property income for 2024 was HKD 381.0 million, a decline of 23.0% compared to the previous year[10]. - The total revenue for the group decreased by 7.7% in 2024 compared to 2023[32]. - Total distributable income for the year ended December 31, 2024, was HKD 113.0 million, down 62.0% from HKD 297.6 million in 2023[25]. - The pre-tax profit for 2024 was HKD 229,705,000, a decrease of 79.1% from HKD 1,099,842,000 in 2023[64]. - The total comprehensive income attributable to unit holders for the year was HKD 231,724,000, down 78.6% from HKD 1,080,319,000 in the previous year[64]. - The basic and diluted earnings per unit for 2024 were HKD 0.07, a decrease of 78.8% compared to HKD 0.33 in 2023[64]. - The total profit before tax amounted to HKD 1,099,842,000, with a net profit attributable to shareholders of HKD 1,080,319,000 for the year[86]. Revenue and Income Sources - The average room rate for the hotel portfolio decreased by 4.4%, resulting in a revenue per available room (RevPAR) decline of 1.4% to HKD 1,434[6]. - The average room revenue for The Langham Hotel decreased by 9.9% to HKD 1,957 per night, resulting in a decline in average revenue per available room (RevPAR) by 7.4% to HKD 1,748[30]. - The average room revenue for the Cordis Hotel increased by 2.0% to HKD 1,500 per night, with an occupancy rate of 92.6%, up 2.8 percentage points[33]. - The average room revenue for the Eaton Hotel increased by 3.8% to HKD 1,003 per night, with an occupancy rate of 90.0%, up 3.0 percentage points[34]. - The total revenue from the three hotels in Hong Kong reached HKD 595,167,000, with a breakdown of HKD 228,389,000 from Langham Hotel, HKD 243,840,000 from Cordis Hotel, and HKD 122,938,000 from Eaton Hotel[86]. - The total service fee income from the main lessee is HKD 79,412,000 for 2024, slightly down from HKD 81,202,000 in 2023[82]. - The company reported a decrease in revenue from major tenants to HKD 400,069,000 in 2024 from HKD 512,267,000 in 2023, representing over 10% of total revenue[90]. Costs and Expenses - The total financing cost increased by 30.4% to HKD 75.1 million, primarily due to the expiration of certain interest rate swap contracts[9]. - Total financing costs increased by 30.4% to HKD 322.2 million, primarily due to a significant decline of 91.9% in net interest income from interest rate swaps[19]. - The total administrative and other expenses were HKD 13,928,000, contributing to the overall financial performance[86]. - Administrative expenses increased to HKD 23,855,000 in 2024 from HKD 22,255,000 in 2023, reflecting an increase of about 7.2%[108]. Assets and Liabilities - The total outstanding borrowings as of December 31, 2024, amounted to HKD 6,204.6 million, an increase from HKD 6,059.1 million as of December 31, 2023[41]. - The total assets of the trust group were HKD 16,238.3 million as of December 31, 2024, compared to HKD 15,835.0 million as of December 31, 2023[42]. - The debt-to-asset ratio was 38.2% as of December 31, 2024, slightly down from 38.3% as of December 31, 2023[42]. - Non-current liabilities rose to HKD 6,648,753 thousand in 2024 from HKD 482,956 thousand in 2023, reflecting a significant increase of 1,276.5%[66]. - Total liabilities, including trade payables and accrued expenses, decreased from HKD 68,205,000 in 2023 to HKD 61,131,000 in 2024, a reduction of approximately 10.3%[105]. Market and Economic Conditions - The total number of visitors to Hong Kong in 2024 reached 44.5 million, a 30.9% increase year-on-year, but still below pre-pandemic levels[5]. - The average rental rates have not yet returned to 2018 levels, indicating ongoing challenges in the hotel industry[38]. - The Consumer Price Index (CPI) increased by 9% during the period, contributing to rising operational costs, particularly a 23% increase in frontline labor costs from 2018 to 2024[38]. - The geopolitical tensions and trade conflicts are expected to continue impacting the hotel and tourism sectors in Hong Kong through 2025[38]. Corporate Governance and Compliance - The company confirmed compliance with all applicable corporate governance codes and securities trading rules throughout the review year[54][55]. - The public float of the trust and company remains sufficient, with over 25% of the issued units held by the public[60]. - The company did not repurchase or redeem any units during the fiscal year ending December 31, 2024[56]. Future Outlook and Strategic Plans - The company plans to monitor interest rate trends closely and may consider converting some floating-rate bank debt to fixed-rate to mitigate interest rate risk[20]. - The group is currently assessing the detailed impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements, which is expected to affect future disclosures[79].

Financial Performance - Hotel portfolio revenue for the first half of 2024 was HKD 772.9 million, representing a year-on-year increase of 7.2% compared to HKD 720.9 million in the first half of 2023[16]. - Total rental income after service fees decreased by 19.0% to HKD 191.1 million, down from HKD 235.8 million in the previous year[16]. - Profit attributable to unit holders, excluding changes in investment property and derivative financial instruments, fell by 95.4% to HKD 4.3 million from HKD 94.3 million[16]. - Distributable income decreased by 75.1% to HKD 34.0 million compared to HKD 136.8 million in the same period last year[16]. - Total revenue for the six months ended June 30, 2024, was HKD 191,166, a decrease of 18.9% from HKD 235,745 in the same period of 2023[83]. - Net property income for the same period was HKD 180,956, down 19.9% from HKD 225,954 year-over-year[83]. - The net profit after tax for the first half of 2024 was HKD 43.0 million, a significant decline of 93.2% from HKD 631.0 million in the same period last year[30]. - The total segment profit for the group was HKD 180,956,000 for the six months ended June 30, 2024, down from HKD 225,954,000 in the same period of 2023, reflecting a decrease of approximately 19.9%[134]. Rental and Income Details - Total rental income (before service fees) decreased by 15.7% year-on-year to HKD 229.0 million in the first half of 2024, with fixed rental income stable at HKD 111.9 million and variable rental income down 26.9% to HKD 116.2 million[21]. - The total rental income after deducting service fees was HKD 191.1 million, down 19.0% year-on-year[22]. - Total rental agreements include a fixed base rent of HKD 225.0 million per year and a floating rent based on 50% of total operating profit, reduced from the previous 70% threshold[59]. - Rental income from the main lessee, GE (LHIL) Lessee Limited, was HKD 111,885,000, slightly down from HKD 116,226,000 in the previous year, indicating a decline of about 2.9%[94]. - Total rental income from the main tenant decreased to 228,111 million HKD for the six months ended June 30, 2024, down from 270,509 million HKD in the prior period, a decline of approximately 15.66%[130]. Asset and Valuation - The total value of the hotel portfolio as of June 30, 2024, was HKD 15,725 million, slightly up from HKD 15,662 million at the end of 2023[16]. - The valuation of the hotel investment portfolio increased from HKD 15,662.0 million at the end of December 2023 to HKD 15,725.0 million by June 30, 2024[18]. - The fair value of investment properties (hotel portfolio) increased slightly by HKD 37.4 million, compared to a substantial increase of HKD 552.2 million in the previous year[28]. - The fair value of the Hong Kong Langham Hotel was HKD 5,420,000,000 as of June 30, 2024, compared to HKD 5,460,000,000 at the end of 2023, indicating a slight decrease[99]. - The fair value of the Hong Kong Cordis Hotel was HKD 6,750,000,000 as of June 30, 2024, up from HKD 6,660,000,000 at the end of 2023, reflecting an increase[99]. Debt and Financing - The debt ratio as of June 30, 2024, was 38.1%, a slight improvement from 38.3% at the end of 2023[16]. - The net bank loan repayment of HKD 257.9 million in December 2023 reduced the outstanding loan balance in the first half of 2024 compared to the same period in 2023, despite a 21.2% increase in interest expenses[18]. - The average annual interest rate on bank loans rose to 5.4% in the first half of 2024, an increase of 1.1 percentage points from the first half of 2023[18]. - Financing costs increased by 48.7% to HKD 162.8 million, up from HKD 109.5 million in the previous year, primarily due to a 21.2% rise in bank loan interest expenses[27]. - The group expects to refinance a bank financing amount of HKD 6,247,600,000, ensuring sufficient funds to meet its financial obligations[91]. Visitor and Market Trends - The number of visitors to Hong Kong in the first half of 2024 increased by 64% year-on-year, reaching 21 million, although overnight visitors were only 76% of the levels seen in 2018[17]. - The company anticipates an increase in business demand and visitor numbers, supported by high-quality operations and prime locations[19]. Corporate Governance and Compliance - The trust group has been compliant with all applicable corporate governance codes and has adopted some best practices as per the corporate governance code[53]. - The trust group is committed to maintaining high standards of corporate governance to enhance its image and create value for unit holders[50]. - The trust group is structured as a fixed unit investment trust, only allowed to invest in the securities and other interests of a single entity[51]. - The board of directors of the trust manager is required to consist of the same individuals who serve as directors of the company, ensuring alignment in governance[53]. - The independent non-executive directors will review the performance of the Eagle Point priority contract annually and disclose the results in the annual report[55]. Employee and Operational Insights - The total number of employees at the hotels remained stable compared to December 31, 2023, with competitive salary levels and performance-based bonuses[70]. - The trust group's governance structure includes a competitive compensation package for employees, including salary, bonuses, and retirement benefits[70]. - The company reported a decrease in accrued liabilities to HKD 22,687,000 from HKD 24,701,000, a reduction of 8.2%[116]. - The total compensation for directors and senior management was HKD 1,811,000 for the current period, compared to HKD 1,915,000 for the same period in 2023, reflecting a decrease of about 5.4%[136]. Share and Unit Information - The total number of issued units as of June 30, 2024, is 3,374,301,602, representing an increase of 55,432,596 units or 1.64% compared to December 31, 2023[64]. - The issued share capital as of June 30, 2024, was HKD 1,687,151, with a total of 3,374,301,602 shares issued[122]. - The company issued additional shares to cover hotel management fees, increasing the total number of shares issued[121]. Sustainability and Community Engagement - The trust group is committed to sustainable development through its CONNECT program, focusing on governance, employees, community, and environmental responsibility[71]. - The trust group emphasizes long-term value creation through sustainable practices that enhance community quality of life[71].

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布的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公布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。 LANGHAM HOSPITALITY INVESTMENTS 朗廷酒店投資 （根據香港法例按日期為二零一三年五月八日之信託契約組成， 其託管人為朗廷酒店管理人有限公司） 與 朗廷酒店投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1270） 2024 年中期業績公布 朗廷酒店管理人有限公司（作為朗廷酒店投資（「本信託」）的託管人－經理（「託管人 －經理」））及朗廷酒店投資有限公司（「本公司」）之董事會（「董事會」）欣然宣布， 本信託及本公司連同本公司之附屬公司（「信託集團」）截至 2024 年 6 月 30 日止六個月 未經審核之綜合業績如下： 財務摘要 （除另有指明外，以百萬港元為單位） 2024 年上半年 2023 年上半年 變幅 酒店組合收入 772.9 720.9 7.2% 扣除服務費後的信託集團總租金收益 191.1 235.8 -19.0% 股份合訂單位持有人應佔溢利（撇除投 ...

Financial Performance - Fixed rental income remained stable at HKD 225.0 million, while variable rental income increased significantly by 147.5% to HKD 368.5 million, contributing to a total rental income growth of 54.8% to HKD 514.0 million[11]. - Net property income rose by 57.7% to HKD 494.7 million, driven by increased rental revenues and improved operational efficiency[13]. - The fair value of investment properties increased dramatically by 324.1% to HKD 926.3 million, reflecting strong market demand and property appreciation[15]. - The company reported a pre-tax profit of HKD 1,099.8 million, a substantial increase of 138.5% compared to the previous year[15]. - The net profit after tax for 2023 was HKD 1,080.3 million, significantly driven by an increase in the fair value of investment properties (hotel portfolio) by HKD 926.3 million, offset by a decrease of HKD 70.1 million from derivative financial instruments and financing costs of HKD 247.1 million[26]. - The total distributable income for the year ended December 31, 2023, was HKD 297.6 million, representing a year-on-year growth of 56.2%[28]. - Profit attributable to unit holders, excluding fair value changes of investment properties and derivative financial instruments, rose to HKD 224.1 million, an 89.8% increase from HKD 118.1 million[68]. - The company recorded a net profit of HKD 224.1 million in 2023, representing a year-on-year increase of 89.8%[97]. - The profit attributable to unit holders increased by 157.5% to HKD 1,080.3 million in 2023 compared to HKD 419.6 million in 2022[89]. - Total revenue for 2023 grew by 87.7% to HKD 1,618.8 million, with significant increases in room revenue (61.6%) and food and beverage revenue (86.2%) across the hotels[90][91]. Revenue Sources - Total revenue from hotel dining increased by 76.8% to HKD 654.8 million, with banquet services showing a remarkable growth of over 500%[19]. - Hotel portfolio revenue increased to HKD 1,618.8 million, a 66.8% rise from HKD 970.6 million in 2022[68]. - Total rental income after service fees for the trust group reached HKD 514.0 million, up 54.8% from HKD 332.1 million[68]. - Total revenue for the hotel portfolio increased by 66.8% compared to 2022, driven by improvements in RevPAR and dining business[69]. Operational Metrics - The average daily available rooms remained stable at 1,630, with an occupancy rate increase to 88.1%, up 21.7 percentage points from the previous year[18]. - Average room rates increased by 21.9% to HKD 1,650, while average revenue per available room surged by 61.7% to HKD 1,454[18]. - The occupancy rate of the Hong Kong Eaton Hotel increased from 73.4% in 2022 to 87.0% in 2023, with the average room rate rising by 21.8% to HKD 1,110 per night, leading to a 44.4% year-on-year increase in average revenue per available room[32]. - The hotel portfolio recorded an average revenue per available room (RevPAR) growth of 61.7% year-on-year in 2023[69]. Financing and Costs - The company’s financing costs rose by 70.3% to HKD 247.1 million, influenced by increased borrowing and interest rates[15]. - The average interest rate on bank borrowings increased to 5.0% in 2023, up from 2.0% in 2022, leading to a 70.3% rise in financing costs to HKD 247.1 million[69]. - Financing costs increased by 70.3% to HKD 247.1 million, primarily due to a 142.1% rise in bank loan interest expenses[96]. - The debt ratio improved to 38.3% at the end of 2023, down from 42.0% at the end of 2022, following a reduction in outstanding bank loans by HKD 257.9 million[93]. Corporate Governance and Management - The board of directors emphasizes good corporate governance practices as key to long-term success in a changing business environment[133]. - The trust group has completed a review of its distribution policy, retaining full discretion to update or modify it as necessary[123]. - The independent assessment of directors' independence is crucial for objective judgment in overseeing the trust and company operations[107]. - The trust group has established a risk management framework to identify, analyze, assess, and report significant risks across various operational areas[147]. - The company has established governance measures to address potential conflicts of interest between the trust group and Eagle Group, ensuring independent operations[186]. Market and Economic Conditions - The number of visitors to Hong Kong reached approximately 34.0 million in 2023, a significant increase from 0.6 million in 2022, indicating a strong recovery in tourism[21]. - Despite the recovery in tourism, the overall economic environment in Hong Kong remains challenging, with retail and tourism sectors recovering slower than expected[140]. - The trust group has adopted proactive asset management strategies to mitigate risks, including regular performance reviews and meetings with hotel management[140]. Future Outlook and Strategies - The company plans to monitor interest rate trends closely and may convert some floating-rate bank debt to fixed rates when appropriate[72]. - The trust group is committed to enhancing shareholder value through its distribution policy, which is subject to the trust deed's provisions[121]. - The trust group is committed to developing various sustainability strategies to address climate change risks, which include rising sea levels and extreme weather events[151]. - The trust group has obtained additional revolving bank credit to address any unforeseen renovation projects[156]. Employee and Operational Structure - The trust group increased its employee count by 112 compared to December 31, 2022, reaching a total of 75% male and 25% female employees[128]. - The trust group employs four professionals to maintain operations effectively, with administrative support provided by Eagle Group on a cost-sharing basis[129]. Shareholder Information - As of December 31, 2023, the total number of issued units was 3,318,869,006, with 45,385,927 new units issued during the year, representing 1.37% of the total[164]. - The company holds a total of 2,330,678,928 shares, with major shareholders including Dr. Lo Ka Shui, who has a personal interest of 64,912,835 shares (8.68%) and a company interest of 95,948,364 shares (12.83%) [174]. - The company has a total of 4,166,747,905 fund units, with Dr. Lo Ka Shui holding 69.29% of the issued fund units [180].

Financial Performance - Hotel portfolio revenue increased by 66.7% to HKD 720.9 million in the first half of 2023 compared to HKD 432.4 million in the same period of 2022[9]. - Distributable income rose by 9.8% to HKD 136.8 million from HKD 124.6 million year-on-year[10]. - The profit attributable to shareholders for the first half of 2023 was HKD 631.0 million, representing a 3.4% increase compared to HKD 610.4 million in the same period of 2022[23]. - Total revenue for the first half of 2023 increased by 95.6% year-on-year[26]. - Net property income for the trust group was HKD 226.0 million, an increase of 31.5% compared to the previous year[31]. - Total rental income increased by 30.2% to HKD 235.8 million, with fixed rental income remaining stable at HKD 111.6 million and variable rental income from retail stores rising by 74.8% to HKD 158.9 million[13][17]. - Total rental income (before service fees) for the first half of 2023 was HKD 271.5 million, representing a year-on-year increase of 33.3%[173]. - Net rental income (after service fees) for the first half of 2023 was HKD 235.8 million, reflecting a year-on-year growth of 30.2%[173]. - The net profit attributable to unit holders, excluding fair value changes of investment properties and derivative financial instruments, was HKD 94.3 million, representing a 7.5% increase year-on-year[184]. - The total operating profit before global marketing expenses for the hotel portfolio reached HKD 227.0 million, up 74.7% from the previous year[183]. Hotel Operations - Average revenue per available room (RevPAR) grew by 25.9% year-on-year, with specific increases of 48.9% for The Langham and 21.6% for Cordis hotels, while Eaton Hotel saw a slight decline of 1.0%[12]. - The average daily available rooms for the hotel portfolio in the first half of 2023 was 1,630, with an occupancy rate of 86.5%, an increase of 14.1 percentage points compared to the same period last year[191]. - Restaurant revenue grew 2.1 times year-on-year in the first half of 2023, attributed to the lifting of social distancing policies[169]. - Food and beverage revenue increased by 3.2 times year-on-year, partly due to strong growth in the Tang Court restaurant, which maintained its Michelin three-star status[193]. - Average interest rate on bank borrowings increased to 4.3% in the first half of 2023, compared to 1.1% in the same period of 2022, leading to a 90.8% increase in financing costs to HKD 109.5 million[170]. Investment and Valuation - The valuation of the hotel investment portfolio rose from HKD 14,685.0 million at the end of 2022 to HKD 15,265.0 million by June 30, 2023[14]. - The fair value increase of investment properties amounted to HKD 552.2 million, offset by a decrease of HKD 15.5 million from derivative financial instruments[35]. - The total fair value of investment properties increased to HKD 552.2 million during the reporting period[184]. Debt and Financing - Financing costs increased by 90.8% to HKD 109.5 million, primarily due to a significant rise in interest expenses[19]. - The overall debt ratio improved to 40.5% from 42.0% at the end of 2022[14]. - Interest expenses rose to HKD 134.3 million, a significant increase of 291.5% year-on-year due to rising Hong Kong Interbank Offered Rate (HIBOR) since July 2022[32]. - The trust group maintained a total outstanding debt of HKD 6,317.0 million as of June 30, 2023, unchanged from December 31, 2022[42]. - The nominal total amount of interest rate swap contracts for hedging floating rate loans was HKD 3,700.0 million, covering 58.6% of the outstanding borrowings[33]. Corporate Governance - The trust group has established various corporate governance measures to address potential conflicts of interest, ensuring the interests of independent unit holders are protected[72]. - The trust and the company have complied with all applicable governance codes and best practices during the six-month period ending June 30, 2023[77]. - The trust is structured as a fixed unit investment trust, only permitted to invest in the securities and other interests of a single entity[69]. - The board of directors of the trust manager must consist of the same individuals who serve as directors of the company, ensuring alignment in governance[77]. - The trust manager has no employees and does not pay any remuneration to its directors, which simplifies governance structures[77]. - The company has implemented specific corporate governance measures to oversee the execution of the Eagle's priority contract, including annual reviews by independent non-executive directors[88]. - The company is committed to ensuring compliance with the terms of the Eagle's priority contract through internal audit functions and oversight by the audit committee[87]. Future Outlook - The company anticipates ongoing challenges from the COVID-19 pandemic, geopolitical tensions, and high interest rates affecting the recovery of the hotel industry[15]. - The group anticipates stable business volume and will continue to address challenges in the overall macro environment[28]. - The trust group is committed to sustainable development, focusing on environmental, social, and governance responsibilities[110]. Unit Holdings - As of June 30, 2023, the total number of issued units was 3,289,330,011, reflecting an increase of 15,846,932 new units, or 0.48% compared to December 31, 2022[95]. - The company holds a total of 3,289,330,011 issued units as of June 30, 2023, with 2,304,229,933 units representing 70.05% ownership by Eagle Group[124][130]. - Dr. Lo Ka Shing is the beneficial owner of 31,584,000 units (0.96%) and has control over 2,304,229,933 units (70.05%) through Eagle Group[123][130]. - The company has a significant trust interest with 254,664,393 units (34.06%) held in discretionary trust[133]. - Eagle Group's indirect holdings include 2,157,195,433 units (65.58%) through LHIL Assets Holdings Limited as of June 30, 2023[125][136]. - The total number of issued units for the Crown Industrial Trust is 5,990,682,244, with Eagle Group owning 68.78%[135][134]. - The company reported a total of 64,932,835 units (8.68%) held by Dr. Lo Ka Shing as of June 30, 2023[133]. - The company has disclosed that 775,000 units are held as stock options[126]. - The total issued shares for Eagle Group as of June 30, 2023, is 747,723,345, with a 69.96% ownership stake[127][126]. - The company has a total of 95,928,364 units (12.83%) held by controlled companies[133]. - The company’s financial disclosures indicate no other individuals hold 5% or more of the issued units apart from those listed[130].