Group 1 - The forum "Disrupting Tradition: The 'Atypical' Cooperation Model and Community Building of New Museums" was co-hosted by the Hong Kong Palace Museum and Swire Properties, highlighting innovative collaboration in cultural and commercial spaces [1][3] - Swire Properties' "Taikoo Li" projects are designed to integrate art, culture, and commerce, creating open platforms that enhance community engagement and cultural vitality [1][3] - The Hong Kong Palace Museum emphasizes the importance of community collaboration to foster learning, dialogue, and social cohesion, which in turn supports economic vitality and sustainable development [3][4] Group 2 - The "Dual City Youth Cultural Talent Exchange Program," initiated in 2022 and sponsored by Swire Properties, aims to cultivate future cultural and artistic talents and promote the long-term development of the cultural and creative industries [3] - The forum format has expanded to Shanghai, indicating a trend of museums engaging with commercial projects to reshape urban cultural landscapes [3][4] - The collaboration between museums and commercial entities is increasingly seen as a way to enhance brand value, fulfill social responsibilities, and explore new growth points in the cultural and creative industries [4]

智通财经APP获悉，中金发布研报称，上半年在消费行业整体环比向好的背景下，重点商管运营商同店 经营表现已呈现一定分化；中长期维度，在核心项目区位优势、客群与品牌的双边黏性、商管运营商自 身经营能力保障下，头部企业有望夯实自身竞争壁垒。下半年，行业具备边际积极催化，包括去年三季 度零售额低基数下，运营商零售额同店同比表现或具支撑，部分高端运营商反馈其7-8月零售额同店同 比延续Q2以来的改善趋势；政策端，去年下半年来消费支持性政策延续积极取态。 中金主要观点如下： 恒隆、太古2024和1H25内地商场租金平均同比+0.5%、+0.5%，相较零售额韧性显著，或得益于固定租 金调幅稳步提升；大众运营商2024年来租金收入增速慢于零售额，1H24/2024/1H25租售比分别为 13.7%/13.3%/12.7%。 租金同比相较零售额变动幅度分化；运营提效趋势延续 重点商管运营商1H25业绩符合市场预期 高端及大众型商管运营商上半年零售额同店增长均有所改善 1H25高端商管运营商零售额平均同店增速较2024全年提升8.6ppt至2.2%，大众运营商微升0.1ppt至 7.6%。前者或主要得益于重奢消费外流的变化斜率同 ...

各位非登記持有人( 附註 1)： 二零二五年中期報告（「本次公司通訊」）之發布通知 太古地產有限公司（「公司」）的本次公司通訊之中、英文版本已上載於公司網站 (www.swireproperties.com) 之投資者關係網頁及香港交易及結算所有限公司（「香港交易所」）網站 (www.hkexnews.hk)，歡迎查閱。如 閣下已選擇收取公司通訊( 附註 2)之印刷本，現隨函附上 閣下所選擇的語言版本之本次公司通訊印刷本。 SWIRE PROPERTIES LIMITED 太古地產有限公司 (於香港註冊成立的有限公司) (股份代號：01972) 通 知 信 函 附註： 1. 本函件乃向公司之非登記持有人（「非登記持有人」指公司股份存放於中央結算及交收系統的人士或公司，透過香港中 央結算有限公司不時向公司發出通知表示該等人士或公司希望收到公司通訊）發出。倘若 閣下已出售或轉讓所持有的 所有公司股份，則無需理會本函及隨附的申請表格。 2. 「公司通訊」乃公司已發出或將予發出以供其任何證券持有人參照或採取行動的所有文件，包括（但不限於）年度和中 期財務報告及其摘要報告（及其中包含的所有報告及財務報表）、會議通告、上 ...

SWIRE PROPERTIES LIMITED 太古地產有限公司 (於香港註冊成立的有限公司) (股份代號：01972) 如果公司沒有收到 閣下的有效電郵地址，直至公司股份登記處收到 閣下有效的電郵地址前，閣下將(i)無法 收到任何有關發布公司通訊的電郵通知；及(ii)需要主動查看公司網站和香港交易所網站以留意公司通訊的發布。 公司可免費提供公司通訊的英文版和中文版的印刷本，並會在收到 閣下的書面要求（透過填妥、簽署及交回 申請表格予公司股份登記處的上述地址或電郵地址）後發送到 閣下於股東名冊上所示的地址。倘公司沒有收 到 閣下已填妥並簽署之申請表格要求收取公司通訊的印刷本， 閣下將被視為已選擇僅以電子方式透過公司 網站收取所有日後公司通訊，惟可供採取行動的公司通訊將個別發送予每位股東。 請注意，要求收取所有日後公司通訊印刷本的指示將有效至該指示被撤銷或取代，或直至公司於翌年刊發下一 份年度報告為止（以較早者為準），此後，如 閣下希望繼續收取公司通訊印刷本，則需要重新提交要求。 閣下如有任何與本函有關的疑問，請致電公司股份登記處電話 (852) 2862 8688，辦公時間為星期一至星期五 （公眾假期除外） ...

二零二五年 中期報告 股份代號：01972 目錄 | 2 | 公司簡介 | | --- | --- | | 8 | 財務撮要 | | 9 | 主席報告 | | 11 | 行政總裁報告 | | 14 | 業務評述 | | 43 | 融資 | | 49 | 簡明中期財務報表的審閱報告 | | 50 | 簡明中期財務報表 | | 55 | 簡明中期財務報表附註 | | 73 | 附加資料 | | 75 | 詞彙 | 76 財務日誌及投資者資訊 公司簡介 太古地產有限公司（「公司」）是香港 及中國內地領先的綜合項目發展商、 業主及營運商。公司尤其專注發展商 業地產項目，透過社區營造及活化市 區環境以創造長遠價值。我們的業務 包括三個範疇：物業投資、物業買賣 和酒店投資及管理。 公司於一九七二年在香港成立，在香港聯合交易所有限公司 上市，包括旗下附屬公司在內聘任員工總數約五千八百人。 公司旗下的購物商場共有超過二千一百間零售商店，估計逾 七萬一千人在公司旗下的辦公樓工作。在香港，我們的投資 物業包括太古坊、太古廣場及太古城中心。中國內地方面， 公司在北京、廣州、成都及上海擁有六個已投入營運的大型 商業發展項目。公司在香 ...

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 公司名稱: Swire Properties Limited 太古地產有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 不適用 備註： Swire Properties Limited 太古地產有限公司並無法定股本，及其股本並無股份面值。 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01972 | 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 | | | 5,757,484,800 | | 0 | | 5,757,484,800 | | 增加 / 減少 (-) | | | 0 | | 0 | | ...

另一方面商圈内头部购物中心具有马太效应，往往是热门品牌落地首选，形成"客流—品牌"正循环，强 者恒强的概率非常高。即使面对经济下行，头部购物中心可以通过虹吸尾部玩家客流、引入需求增长的 品牌、营销活动和会员活动具有规模优势保障自身客流和零售额实现增长。此外，租金波动较零售额波 动更小。 当前重奢购物中心如何保持稳定或实现增长？ 处于竞争格局相对稳定城市且有α的重奢购物中心零售额和租金仍有望保持增长。重奢购物中心门槛 高，经营周期长，但易受经济波动影响。当前奢侈品牌在国内零售额下降，购物中心间分化尤其明显， 奢侈品牌一边关闭在尾部商场的低坪效门店，一边出于为重客提供奢华体验的战略方向保留甚至扩大重 点购物中心门店的面积。 因此部分处于竞争格局较稳定城市的头部玩家可以通过以下几种方式保持零售额稳定甚至实现增长：引 入需求快速增长的品牌，如老铺黄金、始祖鸟、昂跑，miumiu等；承接商圈内闭店购物中心客流；提 档升级；扩建及增加铺位，具体案例包括北京三里屯太古里、沈阳万象城等。 为什么对于单个购物中心，竞争壁垒并非地段或运营能力等单一因素，而是可逛性？ 智通财经APP获悉，华创证券发布研报称，与市场认为购物中心易受 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The real estate sector is at a historical low in holdings, combined with interest rate cuts, which enhances the attractiveness of investments in this sector [4] - The report highlights that the fund holdings in real estate stocks have reached a historical low, with a significant drop in market value from 14.1 billion to 3 billion, a decrease of 80% [19] - The report identifies several driving factors, including low fund holdings, global policy cycles, and high base pressure in Q4 2025, which necessitate further policy support [5] Summary by Sections 1. Real Estate Heavyweight Stock Analysis: Historical Low Holdings - The number of funds holding real estate stocks has reached a five-year low, with a decline from 372 funds in Q4 2020 to 194 funds in Q4 2023 [13] - The total market value of funds holding real estate stocks has decreased significantly, reaching a historical low of 3 billion by H1 2025 [19] - The report notes that the proportion of funds overweight in real estate stocks has remained around 55% over the past five years, indicating a stable but low allocation [23] 2. Impact of US Rate Cuts on Chinese Real Estate Stocks - The report discusses the correlation between US interest rate cuts and the valuation recovery of Chinese real estate stocks, suggesting that these cuts can alleviate pressure on the Chinese yuan and provide opportunities for local rate cuts [56] - It emphasizes that the US rate cuts can improve the financing environment for Chinese real estate companies, thereby enhancing their credit profiles and market valuations [58] - The report anticipates a 92.1% probability of a rate cut by the Federal Reserve in September 2025, which could further influence the Chinese real estate market positively [61]

Investment Rating - The report maintains a "Buy" rating for the real estate sector, specifically recommending China Merchants Shekou's issuance of 1 billion yuan in medium-term notes [2]. Core Insights - The real estate sector index increased by 3.9% in the 33rd week, ranking 6th among 31 primary industry sectors [8]. - New home transactions in 20 monitored cities decreased by 21% year-on-year, while second-hand home transactions in 11 cities saw a slight decline of 2% year-on-year [21][29]. - The report emphasizes the importance of effective policies and broad fiscal measures to support the market, with a focus on urban village renovations and inventory management [29]. Summary by Sections Industry Basic Data - The total number of listed companies in the real estate sector is 107, with a total market capitalization of 1,198.27 billion yuan and a circulating market capitalization of 1,148.68 billion yuan [2]. Sales Performance - In the 33rd week, the average daily transaction area for new homes in 20 cities was 20.0 million square meters, reflecting a 2% decrease from the previous week and a 21% decrease year-on-year [19]. - The total transaction area for new homes in the first seven months of the year was 63.8 million square meters, down 8% year-on-year [21]. Financing Activities - Most bond issuances in the week were from local state-owned enterprises, with China Merchants Shekou and Poly Real Estate issuing the largest amounts [27][28]. Investment Recommendations - The report suggests focusing on companies with strong product moats, stable rental income from quality commercial real estate, and the stock brokerage business in the existing housing market. Key companies to watch include Greentown China, China Resources Land, Swire Properties, China Resources Mixc Life, and Beike-W [29].

Group 1 - The one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to over 2% after remaining low for three months, which is considered expected [1] - HIBOR is anticipated to stay within the range of 2% to 3% in the foreseeable future [1] - The Hong Kong real estate sector is expected to maintain resilience in the coming month until the government announces the Policy Address, as the market is building expectations for new policies [1] Group 2 - Following the interest rate cuts in the US, the real estate sector may experience a short-term respite [1] - The industry is believed to gradually recover over time [1] - Among rental stocks, the company is optimistic about Swire Properties, Hang Lung Properties, Kowloon Development, and Link REIT; for developers, it favors Henderson Land and Sino Land [1]