友邦保险回购数量450.00万股，回购金额2.44亿港元，回购最高价为54.650港元，最低价为53.750港元， 年内累计回购金额64.41亿港元；中国宏桥回购数量269.15万股，回购金额3606.18万港元，回购最高价 为13.440港元，最低价为13.280港元，年内累计回购金额16.58亿港元；太古股份公司A回购数量22.00万 股，回购金额1418.04万港元，回购最高价为64.800港元，最低价为63.700港元，年内累计回购金额13.83 亿港元。 以金额进行统计，4月22日回购金额最多的是友邦保险，回购金额为2.44亿港元；其次是中国宏桥，回 购金额为3606.18万港元；回购金额居前的还有太古股份公司A、瑞声科技等。回购数量上看，4月22日 回购股数最多的是嬴集团，当日回购量为740.00万股；其次是友邦保险、太平洋航运等，回购数量分别 为450.00万股、400.00万股。 值得关注的是，本次回购2.44亿港元的友邦保险，年内则进行多次回购，合计回购金额为64.41亿港元。 （数据宝） 4月22日港股公司回购一览 代码简称回购股数 回购金额 （万港元）01299友邦保险450.00244 ...

Group 1: Chengdu Taikoo Li's 10th Anniversary Celebration - Chengdu Taikoo Li celebrates its 10th anniversary with a series of events showcasing its evolution into a world-class retail landmark [2][3] - The anniversary highlights include the "Your Incredible Moments" themed exhibition, featuring a ten-sided structure made from reclaimed wood, symbolizing the project's connection to the local culture [5][6] - Since its opening, Chengdu Taikoo Li has attracted over 30 million visitors annually and hosted over 50 high-quality cultural events, enhancing its status as a unique retail and lifestyle destination [6][8] Group 2: Li Ning's Environmental Initiative - Li Ning launched the "Li Ning Nature Space" pop-up event in Chengdu, focusing on promoting sustainable living and showcasing the brand's commitment to environmental technology [9][12] - The event features four main interactive areas that visualize the entire lifecycle of eco-friendly products, including the use of bio-based materials and water-saving dyeing processes [11][14] - Li Ning aims to deepen its commitment to sustainability by enhancing its eco-friendly product lifecycle through innovation in materials and processes, encouraging consumers to adopt green lifestyles [14]

Summary of Key Points Core Viewpoint - Swire Properties has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3]. Share Buyback Details - On April 17, 2025, Swire Properties repurchased 600,000 shares at a price range of HKD 16.020 to HKD 16.240, totaling HKD 9.6646 million [2]. - The stock closed at HKD 16.080 on the same day, reflecting a 0.63% increase with a total trading volume of HKD 30.2113 million [2]. - Since April 1, 2025, the company has conducted share buybacks for 12 consecutive days, acquiring a total of 7.2 million shares for a cumulative amount of HKD 115 million [2]. - Year-to-date, the company has executed 70 buybacks, totaling 37.921 million shares and an aggregate expenditure of HKD 594 million [2]. Historical Buyback Data - A detailed table of buyback activities shows consistent repurchases, with the highest price reaching HKD 17.000 and the lowest at HKD 14.760 during the observed period [3][4]. - The buyback strategy appears to be a response to a cumulative stock price decline of 1.35% during the buyback period [2].

Group 1 - Chengdu Taikoo Li has successfully integrated traditional and modern elements, setting a new benchmark for high-quality urban renewal in mainland China [1] - The project has become a commercial landmark in Chengdu, attracting over 30 million visitors annually since its opening in 2015 [2] - Taikoo Properties has committed to investing HKD 50 billion in mainland China, achieving 92% of this target to date [1][4] Group 2 - The project features a low-density shopping center and a hotel, preserving traditional Sichuan architectural styles while promoting community engagement [2] - Over 215 brands have opened new stores or undergone renovations in the past three years, including high-end brands like Cartier and Dior, enhancing luxury retail experiences in Southwest China [2] - Taikoo Properties has seen a 12% increase in rental income at its Sanlitun Taikoo Li project, reaching a historical high, while overall foot traffic in mainland malls increased by 5% last year [3] Group 3 - The company is expanding its investment portfolio in mainland China, with projects in cities like Beijing, Shanghai, Guangzhou, and Sanya [4] - Taikoo Properties has a long-term investment outlook for the mainland market, aiming to identify more investment opportunities [4] - The company maintains a cautious approach to the current market environment while continuing its investment plans [5]

Group 1 - Despite the global luxury market facing challenges, Swire Properties reported a 5% increase in retail foot traffic in mainland China [1] - Swire Properties remains optimistic about the future of its retail business, noting improvements in retail sales since the fourth quarter of the previous year, with a stable trend expected to continue into the first quarter of 2025 [1] - The company aims to seek stable development amidst uncertainties in the retail industry, focusing on becoming a preferred partner for brands seeking quality collaborations [1] Group 2 - Chengdu Taikoo Li, a flagship property of Swire Properties in mainland China, celebrated its 10th anniversary with an exhibition showcasing its unique blend of commerce and culture [4] - The anniversary event included a documentary that highlights the development and stories behind Chengdu Taikoo Li, emphasizing its low-density space and environment-driven planning [4][5] - Since its upgrade in 2022, Chengdu Taikoo Li has introduced over 215 new brands, including several regional and national first stores, enhancing its position as a premier retail destination [5] Group 3 - Notable brands that have opened stores in Chengdu Taikoo Li include Cartier, Dior, Goyard, LOEWE, Louis Vuitton, and Tiffany & Co., with some stores setting sales records nationally and globally [6] - Swire Properties currently operates six completed projects in mainland China, including locations in Beijing, Shanghai, Guangzhou, and Chengdu, with several more projects under development [6]

Core Viewpoint - Swire Properties is actively investing in mainland China, having committed 92% of its HKD 500 billion investment plan, amounting to approximately HKD 460 billion, within three years [2] Group 1: Investment Progress - Swire Properties has made significant progress in its investment plans, with a focus on project implementation [2] - The first residential project in mainland China, located in Shanghai's Lujiazui, is set to launch sales in 2024, with the first batch of 50 units achieving a subscription rate of 250% [2] - The company is also developing a mixed-use complex in Qiantan, which includes four residential buildings [2] Group 2: New Brand Introduction - Swire Properties is introducing a new brand, Taikoo Place, in the mainland market, with a significant investment in the Beijing Taikoo Place project, which will be renamed in November 2024 [2][3] - The project is the largest single investment by Swire Properties in mainland China, primarily focused on office space [3] Group 3: Future Projects and Expansion - In Guangzhou, Swire Properties acquired a cultural center site for HKD 2.1 billion, planning to renovate it as part of the Guangzhou Taikoo Hui retail portfolio, expected to be completed by 2027 [3] - The Guangzhou Panyu Bay Taikoo Li project is set to begin trial operations by the end of this year, with full completion anticipated in mid-2027 [3] - Swire Properties is also developing commercial complexes in cities like Xi'an and Sanya, with the Xi'an Taikoo Li exhibition hall scheduled to open in 2025 [3] Group 4: Market Outlook - The company maintains a long-term optimistic view on the mainland market, particularly in retail, with expectations of steady sales growth into 2025 [3][4] - Despite some brands slowing their expansion, Swire Properties is experiencing overall rental income growth and a 5% increase in average foot traffic for its mainland projects in 2024 [3]

Core Viewpoint - Swire Properties is expanding its commercial footprint in mainland China, with a significant investment plan of HKD 100 billion over the next decade, focusing on core markets and aiming for long-term growth [1][2]. Investment Strategy - Swire Properties announced a HKD 100 billion investment plan in early 2022, with approximately RMB 50 billion allocated to mainland China, and 92% of the committed funds have already been deployed after three years [1]. - The company is actively seeking new investment opportunities in Shenzhen and plans to develop more Swire Lounges in mainland China [2]. Project Developments - The Beijing Swire Town project, located in Chaoyang District, is the largest single investment project by Swire Properties in mainland China, with a total construction area of 860,000 square meters, including eight Grade A office buildings and a shopping center [1]. - The project is expected to be completed and opened in phases by the end of 2026 [1]. Retail Business Performance - Swire Properties has confidence in its retail business, with a 12% increase in rental income from the Sanlitun Swire Town in 2024, marking a historical high [2]. - The company has upgraded its retail offerings and adjusted brands in its projects, resulting in a 5% increase in foot traffic in mainland locations [2][3]. Brand Adjustments - Several retail stores in Sanlitun Swire Town have undergone brand adjustments, including the opening of flagship stores for various international brands [3]. - The Yushe Hotel in Sanlitun is undergoing renovation to transform into an innovative retail space [3]. Market Challenges - Recent changes in U.S. tariff policies have introduced uncertainties in commercial development, but Swire Properties remains resilient and anticipates continued growth in mainland consumer spending [3].

太古地产回购明细 日期回购股数 （万股）回购最高价 （港元）回购最低价 （港元）回购金额 2025.04.1160.0015.72015.220935.032025.04.1060.0015.70015.320932.842025.04.0960.0015.20014.760895.942025.04.0860.0015.70015.100922.422025.04.0760.0016.10 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （万港元） 证券时报•数据宝统计，太古地产在港交所公告显示，4月11日以每股15.220港元至15.720港元的价格回购60.00万股，回购金额达935.03万港元。该股当日收 盘价15.680港元，上涨1.03%，全天成交额3910.14万港元。 自4月1日以来公司已连续8日进行回购，合计回购480.00万股，累计回购金额7650.35万港元。 其间该股累计下跌3.80%。 今年以来该股累计进行66次回购，合计回购3552.10万股，累计回购金额5.55亿港元。（数据宝） ...

Investment Rating - The report assigns a "Buy" rating for Swire Properties (01972.HK) with a target price of HKD 21.52, compared to the current price of HKD 15.52 [2][7]. Core Insights - Swire Properties is recognized as a high-end commercial real estate developer, with property investments contributing an average of 117% to the shareholders' recurring net profit. The company has a stable dividend policy, aiming to distribute approximately 50% of its recurring profit as dividends, with annual growth in dividends expected in the mid-single digits [7][11]. - The company's revenue and net profit are primarily derived from rental income from property investments, which accounted for an average of 88% of total revenue from 2018 to 2024. Despite a projected loss in net profit for 2024 due to fair value fluctuations, the company's underlying profitability remains intact [15][16]. - The report highlights the strong growth potential of Swire's mainland China shopping centers, which are expected to contribute significantly to rental income, with a projected 50% growth in rental income from these centers in the coming years [36][37]. Summary by Sections 1. High-End Commercial Real Estate Developer - Swire Properties has established a strong presence in high-end commercial real estate, with significant projects in Hong Kong and mainland China, including landmark shopping centers like Beijing Sanlitun Taikoo Li and Guangzhou Taikoo Hui [15][31]. - The company has a robust rental income model, with property investments contributing approximately 93% of total revenue in 2024 [17][19]. 2. Rental Income Contribution - Rental income is the primary driver of the company's revenue, with a stable contribution to net profit. The rental income from mainland shopping centers is expected to grow significantly, becoming a major pillar of the company's revenue [20][21]. - The report indicates that the rental income from mainland shopping centers is projected to reach HKD 52.25 billion in 2024, accounting for 35% of total rental income [21][36]. 3. Investment Strategy and Future Growth - Swire Properties has announced a HKD 100 billion investment plan, with a focus on expanding its presence in mainland China and enhancing the competitiveness of existing projects [28][36]. - The company is set to launch several new projects in the coming years, which are expected to drive rental income growth and further solidify its market position [36][37]. 4. Market Position and Competitive Advantage - The company's shopping centers benefit from prime locations and a strong brand portfolio, which provide a competitive edge in attracting high-end retailers and maintaining high occupancy rates [32][42]. - Swire Properties has a stable management team and a concentrated ownership structure, with Swire Group holding 82% of the shares, ensuring strategic continuity and long-term planning [33][34].

Financial Performance - The company's revenue for 2024 was HKD 14,428 million, a decrease of 2% compared to HKD 14,670 million in 2023[52]. - Basic earnings attributable to shareholders dropped by 42% to HKD 6,768 million from HKD 11,570 million in the previous year[52]. - The net cash outflow before financing improved by 70%, reducing to HKD 2,515 million from HKD 8,416 million[52]. - The basic earnings per share decreased by 41% to HKD 1.16 from HKD 1.98 in 2023[52]. - The company reported a total operating profit of HKD 1,702 million in 2024, significantly down from HKD 5,180 million in 2023, indicating a decline of around 67.16%[103]. - The fair value loss on investment properties was HKD 5,996 million in 2024, compared to HKD 2,829 million in 2023, marking an increase of approximately 111.43%[103]. - The reported loss attributable to shareholders for 2024 was HKD 7.66 billion, compared to a profit of HKD 26.37 billion in 2023, primarily due to a fair value loss of investment properties amounting to HKD 62.99 billion in 2024[67]. - The recurring basic profit for 2024 was HKD 64.79 billion, down from HKD 72.85 billion in 2023, mainly due to a decline in rental income from Hong Kong office properties[108]. Sustainability Initiatives - The company aims to achieve its 2030 sustainability vision six years ahead of schedule, ranking first globally in the real estate management and development industry by 2024[27]. - The company has established a partnership with LVMH to enhance environmental, social, and governance performance in retail, office, and dining locations in mainland China and Hong Kong[23]. - The company received the highest sustainability rating of "AAA" and maintained its position as the top index leader for seven consecutive years[36]. - The company achieved a 3.8% reduction in electricity intensity among participating tenants, saving approximately 750,000 kWh[44]. - The company’s sustainable procurement expenditure amounted to HKD 447 million[44]. - The company’s community initiatives created over HKD 60 million in social value since 2019[38]. - The company continues to pursue sustainability initiatives, achieving over 60% of its energy consumption from renewable sources in its mainland China properties[90]. - The "Green Retail Partnership" framework was established to promote sustainable store design and improve environmental performance in collaboration with tenants like LVMH[90]. Investment and Development - The company announced a share buyback plan of up to HKD 1.5 billion, set to conclude by May 2025[22]. - The company acquired a 50% stake in Guangzhou Poly Dragon Bay Taikoo Li, enhancing its retail portfolio[22]. - The company successfully secured the property at Tianhe Road 387, which will be renovated as part of the Guangzhou Taikoo Hui premium retail property portfolio[32]. - The company is expanding its operations into Japan with plans for hotel development[11]. - The company has six operational large-scale commercial development projects in Beijing, Guangzhou, Chengdu, and Shanghai, with several more under development[10]. - The company has invested over HKD 500 billion in mainland China, with more than 90% of this capital already allocated to various new projects[70]. - The company plans to invest HKD 100 billion over the next decade in various projects in Hong Kong and mainland China, with a target allocation of HKD 30 billion for Hong Kong, HKD 50 billion for mainland China, and HKD 20 billion for residential projects including Southeast Asia[119]. - The company plans to double its total floor area in mainland China with more retail-led developments in first-tier and emerging first-tier cities[119]. Market Performance - The short-term outlook for the Hong Kong office market is expected to remain soft, while retail sales in mainland China are anticipated to gradually recover[74]. - The Hong Kong office market is expected to remain sluggish through 2025, with continued pressure on rents due to weak demand and oversupply[83]. - The retail malls maintained a 100% occupancy rate, with strong performance in mainland China, highlighting their status as preferred leisure destinations[72]. - The overall retail sales in Hong Kong dropped by 7% in 2024, with specific declines of 11% at Pacific Place, 2% at Cityplaza, and 4% at Citygate Outlets[153]. - The luxury retail market in first-tier cities in mainland China remains strong, with ongoing expansion plans for luxury brands in key locations[86]. - Retail sales in mainland China are expected to accelerate in 2025, driven by domestic demand growth and ongoing renovations of several malls[85]. Employee and Community Engagement - The average training hours per employee increased by 105% to 25 hours, totaling approximately 173,900 hours of training[39]. - The lost time injury rate (LTIR) for non-hotel operations was reported at 0.56, significantly below the target of ≤1.2[40]. - The female employee ratio reached 42.5%, exceeding the target of at least 40%[41]. - The company achieved a 35.7% representation of women on the board, exceeding the 30% target for 2024[49]. - The group is committed to enhancing community-building capabilities, including tenant engagement programs and strong ESG initiatives[136]. Financial Outlook - The company maintained a capital net debt ratio of 15.7%, an increase of 3.0 percentage points from 12.7%[52]. - The company reported a total equity attributable to shareholders of HKD 275,326 million in 2024, a decrease from HKD 285,082 million in 2023[55]. - The average return on equity for the company was 2.4% in 2024, down from 4.0% in 2023[55]. - The company maintained a healthy financial liquidity, which supports the implementation of the next phase of its investment plan[65]. - Approximately 70% of the company's bond and loan financing came from green finance, with a total issuance of green bonds valued at about HKD 6,900 million[49].