Group 1 - Zhaoyi Innovation (03986) saw an intraday increase of 1.72% amid rising shipping risks in the Hormuz Strait affecting the supply chain of key raw materials like helium [1] - Rongchang Bio (09995) rose over 3.6% after its RC288 injection application was accepted by NMPA, showing excellent anti-tumor activity and safety in preclinical studies [1] - Swire Properties (01972) increased by over 2.2% following the release of its 2025 full-year results, reporting revenue of HKD 16.041 billion, a year-on-year increase of 11%, and a basic earnings per share of HKD 1.49 [1] Group 2 - Health 160 (02656) surged over 10%, reaching a new high of HKD 140.5, with a nearly doubled stock price since March 9, despite a previous drop of about 30% on February 11 [2] - Gaming stocks collectively rose, with notable increases in companies like Boyaa Interactive (00434) up 4.44% and Tencent (00700) up 1.1%, following Apple's announcement of a commission rate adjustment for the App Store in mainland China [2] - Qidian Guofeng (01280) experienced a significant rise of over 26% after announcing a sales contract for AI servers with an independent third party [2] Group 3 - Hong Kong bank stocks fell again, with Standard Chartered (02888) down 4.67% and HSBC Holdings (00005) down 3.8%, amid ongoing tensions in the Middle East affecting transactions involving Asian balance sheets [3] - Cement stocks saw a general increase, with China National Building Material (03323) up 2.62%, as construction activity picked up post-Lantern Festival, leading to a steady recovery in cement market demand [3] - Domestic property stocks rebounded, with CIFI Holdings (00884) up 2.9% and Sunac China (01918) up 5.45%, as recent data indicated a 3.3% year-on-year decline in second-hand housing listings in Shenzhen [4] Group 4 - Yao Cai Securities (01428) saw a significant rise of over 39% after extending the acquisition offer deadline with Ant Group to March 25, 2026 [4] - PayPay (PAYP.US), a digital wallet operator backed by SoftBank, debuted on the US stock market with a 13.5% increase, achieving a market cap of nearly USD 12 billion [5] - Chinese electric vehicle companies NIO (NIO.US) and Xpeng Motors (XPEV.US) saw stock increases of 1.46% and 3.58%, respectively, amid discussions of potential collaborations with European automotive giant Stellantis [5] Group 5 - Storage stocks collectively declined, with SanDisk (SNDK.US) down 5.59% and Micron Technology (MU.US) down 3.19%, following negative sentiment from short-seller Citron Capital [6] - Optical communication stocks fell, with Applied Optoelectronics (AAOI.US) down 16.39%, despite securing a bulk order for a new data center transceiver [6] - Agricultural input stocks continued to rise, with CF Industries Holdings (CF.US) up 13.21%, driven by supply chain disruptions in the Middle East affecting fertilizer transportation [7] Group 6 - Oil stocks rose sharply, with Battalion Oil (BATL.US) up 15.48% as international oil prices surged, with WTI crude rising over 8% to USD 94.66 [8] - EHang Intelligent (EH.US) reported total revenue of RMB 509.5 million (approximately USD 72.9 million) for the fiscal year 2025, marking an 11.7% year-on-year increase, despite a net loss of RMB 231 million [8]

Financial Data and Key Metrics Changes - The underlying profit increased by 27% year-on-year to HKD 8.62 billion, primarily due to the sale of non-core assets in Miami and Hong Kong [3][16] - Recurring underlying profit declined by 3% to HKD 6.26 billion, largely due to the loss of rental income from the disposal of Brickell City Centre and lower office rental income in Hong Kong [16][17] - The company declared a full-year dividend of HKD 1.15 per share, marking a 5% increase year-on-year, consistent with its commitment to mid-single-digit annual dividend growth [4][18] Business Line Data and Key Metrics Changes - The office portfolio in Hong Kong experienced a 5% decline in attributable gross rental income, with overall occupancy at 91% [9][17] - Retail sales growth was positive across all malls in Hong Kong, with occupancy maintained at 100% [10][17] - In the Chinese Mainland, retail rental income increased by 2%, with overall retail sales up 7% year-on-year [11][12] Market Data and Key Metrics Changes - The Chinese Mainland portfolio now contributes 43% of the company's attributable gross rental income, with retail contributions exceeding those from the Hong Kong office portfolio [10][12] - The overall valuation of the investment property portfolio stood at HKD 268.3 billion, reflecting a 1% decrease from December 2024 [18][19] Company Strategy and Development Direction - The company is focused on an active capital recycling strategy, with HKD 100 billion investment plan aimed at driving growth over the next decade [4][7] - There is a commitment to enhancing shareholder returns and delivering mid-single-digit annual dividend growth [4][29] - The company plans to double its gross floor area in the Chinese Mainland by 2032, focusing on retail-led mixed-use projects in Tier 1 cities [7][12] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the resilience of the business despite current geopolitical tensions, citing strong performance in retail and office sectors [27][28] - The outlook for the office sector in the Chinese Mainland remains subdued due to high vacancy rates, but there is optimism for improved leasing activity in Hong Kong [28][29] - The company anticipates continued positive momentum in retail sales and foot traffic in the Chinese Mainland [27][38] Other Important Information - The company achieved significant sustainability milestones, including a 52% reduction in Scope 1 and Scope 2 emissions, and a commitment to net-zero emissions by 2050 [22][24] - The company has been recognized for its sustainability efforts, ranking number one in the Hang Seng Corporate Sustainability Index for eight consecutive years [21][22] Q&A Session Summary Question: Expectations for China retail momentum in 2026 and performance during Chinese New Year - Management expects positive momentum to carry into 2026, with double-digit improvements in retail sales and strong footfall in centers [36][38] Question: CFO succession and continuity in capital allocation priorities - Management confirmed continuity in strategy and capital allocation priorities, with a focus on mid-single-digit dividend growth [40][41] Question: Plans for issuing C-REIT and pre-leasing data for new retail malls - Management is monitoring the C-REIT market and is open to opportunities that enhance capital efficiency [47] - Pre-leasing is progressing well, with collaborative design processes for new malls [48][49] Question: Impact of Middle East conflicts on office decision-making and retail sales leakage - Management noted a pickup in inquiries and leasing activity, but anticipates some hesitation in decision-making due to geopolitical tensions [59] - Reduced leakage of retail sales to other markets has been beneficial for the company's malls in the Chinese Mainland [60] Question: Long-term impact of AI on office demand and portfolio mix - Management is actively considering the implications of AI on office demand and is focused on providing high-quality office products [62]

Financial Data and Key Metrics Changes - The underlying profit increased by 27% year-on-year to HKD 8.62 billion, driven by the sale of non-core assets in Miami and Hong Kong [3][16] - Recurring underlying profit declined by 3% to HKD 6.26 billion due to loss of rental income from disposed assets and lower office rental income in Hong Kong [16][18] - The full-year dividend increased by 5% to HKD 1.15 per share, marking the ninth consecutive year of mid-single-digit dividend growth [4][18] Business Line Data and Key Metrics Changes - The office portfolio in Hong Kong experienced a 5% decline in attributable gross rental income, with overall occupancy at 91% [9][10] - Retail sales growth in Hong Kong was positive, with occupancy rates maintained at 100% across major malls [10][11] - The Chinese mainland retail portfolio contributed 43% of attributable gross rental income, with retail rental income increasing by 2% [10][12] Market Data and Key Metrics Changes - The Chinese mainland retail sales were up 7% year-on-year, with significant growth in foot traffic and sales [11][12] - The office market in the Chinese mainland remained stable despite oversupply, with a focus on integrated mixed-use developments [12][28] - The overall occupancy in the office portfolio in Hong Kong improved, particularly at Pacific Place, which reached 96% [9][10] Company Strategy and Development Direction - The company is committed to a HKD 100 billion investment plan, with 67% already committed to various projects [7][8] - Focus on capital recycling strategy, successfully divesting non-core assets to fund growth and maintain a strong balance sheet [5][7] - Emphasis on retail-led mixed-use projects in Tier One and emerging Tier One cities in the Chinese mainland [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite current geopolitical tensions, with a positive outlook for retail performance in both Hong Kong and the Chinese mainland [27][28] - The office sector is expected to remain subdued in the Chinese mainland, but the company anticipates benefits from the flight to quality trend [28][29] - Healthy demand for prime residential developments in Hong Kong and Southeast Asia is expected to continue [28][29] Other Important Information - The company achieved a 52% reduction in Scope 1 and Scope 2 emissions, surpassing sustainability targets [22] - The company maintains a strong liquidity position with available committed facilities totaling HKD 62.6 billion [20][21] - The company received multiple sustainability awards, including ranking number one in the Hang Seng Corporate Sustainability Index for eight consecutive years [22][25] Q&A Session Summary Question: Expectations for retail momentum in China for 2026 - Management expects positive momentum to carry into 2026, with double-digit improvements in retail sales and strong footfall in centers [36][38] Question: CFO succession and continuity in capital allocation - Management confirmed continuity in strategy and capital allocation priorities, with a focus on mid-single-digit dividend growth [40][41] Question: Plans for issuing C REIT and pre-leasing data - Management is monitoring the C REIT market and is open to opportunities that enhance capital efficiency [47] - Pre-leasing is progressing well, with collaborative efforts in designing new malls with brand partners [48][49] Question: Impact of Middle East conflicts and AI on office demand - Management noted a pickup in inquiries and leasing activity but anticipates some hesitation in decision-making due to geopolitical tensions [58][59] - The company is considering the long-term impact of AI on office demand and is focused on providing high-quality office products [62]

This presentation may contain certain forward-looking statements that reflect the Company's beliefs, plans or expectations about the future or future events. These forward‐looking statements are based on a number of assumptions, current estimates and projections, and are therefore subject to inherent risks, uncertainties and other factors beyond the Company's control. The actual results or outcomes of events may differ materially and/or adversely due to a number of factors, including, without limitation, ch ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分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。 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) 公告 董事局變動 茲引述太古地產有限公司（「公司」）於二零二五年八月七日刊發的公告。公司 董事局（「董事局」）宣佈： 該等辭任及委任由公司於二零二六年五月十二日舉行的二零二六年股東周年大會 結束時起生效。 龍雁儀女士及馬天偉先生已確認他們與董事局並無任何意見分歧，他們並不知悉 任何有關其呈辭而須知會公司股東的事宜。 龍雁儀女士自二零一七年十月起出任公司常務董事及首席財務官。她於一九九二 年加入太古集團，曾駐太古集團於香港及新加坡的辦事處，在航空、航運及海洋 服務部門擔任多個財務職位。馬天偉先生自二零二一年四月起出任公司非常務董 事。他將繼續出任太古股份有限公司（「太古公司」）及香港太古集團有限公司 （「香港太古集團」）之董事，並將出任國泰航空有限公司之董事。董事局謹此 對龍雁儀女士 ...

| EF001 | | --- | 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 太古地產有限公司 | | 股份代號 | 01972 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度的第二次中期股息 | | 公告日期 | 2026年3月12日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.8 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.8 HKD | | ...

Financial Performance - Total revenue for 2025 increased by 11% to HKD 16,041 million compared to HKD 14,428 million in 2024[5] - Basic profit attributable to shareholders rose by 27% to HKD 8,620 million, reflecting gains from the sale of Miami's Brickell City Centre and other properties[9] - Regular basic profit decreased by 3% to HKD 6,260 million from HKD 6,479 million in 2024, primarily due to reduced rental income after the sale of Brickell City Centre[9] - The company reported a net loss attributable to shareholders of HKD 1,533 million for 2025, compared to a loss of HKD 766 million in 2024[9] - The fair value loss on investment properties was HKD 17,116 million in 2025, compared to HKD 6,299 million in 2024[9] - The total profit for the year was HKD 10,657 million, up from HKD 10,170 million in the previous year, indicating a growth of 4.8%[173] - The net loss for the year was HKD 1,551 million, compared to a loss of HKD 601 million in 2024, reflecting a significant increase in losses[173] Cash Flow and Liquidity - Cash generated from operations increased by 54% to HKD 10,024 million from HKD 6,489 million in 2024[5] - Operating cash flow increased significantly to HKD 10,024 million in 2025 from HKD 6,489 million in 2024, representing a growth of 54%[176] - Net cash from operating activities reached HKD 7,471 million, up from HKD 3,762 million, marking a 98% increase year-over-year[176] - Cash and cash equivalents increased significantly to HKD 10,183 million in 2025 from HKD 5,121 million in 2024, showing improved liquidity[175] Investment and Development - The company is progressing with a HKD 100 billion investment plan, with 67% of the funds committed to planned projects[11] - The company plans to invest HKD 100 billion in residential projects in Hong Kong, mainland China, and Southeast Asia by 2025[25] - The company is committed to a HKD 100 billion investment plan to expand its footprint in Hong Kong, mainland China, and Southeast Asia[19] - The company plans to open new hotels under the "Upper House" brand in Shenzhen (2027), Xi'an (2028), and Tokyo (2029), expanding its luxury hotel concept across Asia[14] - The company is focusing on optimizing tenant mix and dynamic marketing strategies to maintain stable foot traffic and sales in its shopping malls[37] Property Performance - The retail property portfolio showed strong performance, with significant foot traffic and active leasing, particularly in Shanghai and Beijing[12] - The overall occupancy rate of the company's shopping malls remained at 100%, with strong foot traffic and retail sales performance[21] - The office property portfolio maintained stable occupancy rates despite a challenging market, supported by existing tenants expanding their office space[20] - The occupancy rate and average room revenue for hotels in Hong Kong and mainland China improved, with the Miami East Hotel continuing to perform strongly[24] - The occupancy rate for South Island Place is 94%, with tenants including KPMG and Fleet Management Limited[59] Market Trends - Retail sales in mainland China increased by 7%, outperforming the market and exceeding 2019 levels by 65% (excluding automobile sales)[22] - The retail market in mainland China is showing signs of growth, supported by government economic stimulus measures and innovative technologies[99] - The retail market outlook indicates a gradual recovery in inbound tourism, which is expected to stimulate demand in the retail and dining sectors[70] Dividends and Shareholder Returns - The company declared a total dividend of HKD 1.15 per share for 2025, a 5% increase from the previous year[10] - The board has declared a second interim dividend of HKD 0.80 per share, totaling an annual dividend of HKD 1.15 per share for the year, compared to HKD 1.10 in 2024[194] Debt and Financial Ratios - The company's net debt ratio improved to 14.6% in 2025 from 15.7% in 2024[171] - The interest coverage ratio increased to 2.1 in 2025 from 1.7 in 2024, indicating better ability to meet interest obligations[171] - The total borrowings and debt securities as of December 31, 2025, reached HKD 62.62 billion, with HKD 13.22 billion (21%) undrawn[166] Sales and Transactions - The company successfully sold 225 out of 250 units in the Shanghai Lujiazui Taikoo Li project, indicating strong demand for high-end residential products[23] - The company completed the sale of a plot adjacent to Brickell City Centre for approximately $211.5 million, with a total floor area of about 1.5 million square feet[40] - The company completed the sale of a 75% interest in the Brickell City Centre shopping mall for a total consideration of up to USD 548.7 million, including contingent payments[124] Sustainability Initiatives - The company received recognition as the most outstanding developer in the global real estate sector by the Dow Jones Sustainability Index, achieving its goals six years ahead of schedule[15] - The company is advancing its "2050 Sustainability Strategy" with ambitious long-term carbon reduction targets and a focus on creating sustainable communities[15] Future Outlook - The company is focusing on sustainable development and digital transformation, including a pilot program for generative AI to enhance operational flexibility and customer experience[27] - The company expects long-term stability in the luxury residential market in Beijing and Shanghai, despite an increase in supply in the second half of 2025[140]

Investment Rating - The report maintains a "Recommended" rating for the real estate sector [2] Core Insights - The real estate index fell by 4.1% in the 10th week of 2026, ranking 26th among 31 sectors [9] - New home transactions decreased by 36% year-on-year, while second-hand home transactions decreased by 31% year-on-year [22][26] - The report highlights three main issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,211.976 billion - Circulating market value: 1,161.243 billion [2] Sales Performance - In the 10th week, new home sales in 20 cities totaled 1.21 million square meters, with a daily average of 172,000 square meters, reflecting a 10% decrease week-on-week and a 36% decrease year-on-year [22] - Second-hand home sales in 11 cities reached 1.69 million square meters, with a daily average of 241,000 square meters, showing a 37% increase week-on-week but a 31% decrease year-on-year [26] Policy News - Local policies include financial incentives for first-time homebuyers in Nanchong and adjustments to housing loan policies in Taiyuan and Hangzhou to stimulate housing consumption [16][19] Company Dynamics - Poly Developments acquired a residential land plot in Hangzhou for 3.224 billion, with a floor price of 44,985 yuan per square meter and a premium rate of 51.08% [20] - China Overseas Development reported a 35.9% year-on-year decline in property sales for February, totaling approximately 8.464 billion [21] - Yuexiu Group's February sales amounted to approximately 2.905 billion, down 53.3% year-on-year [21] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies to enhance transaction efficiency [34]

Investment Rating - The report initiates coverage with a "Buy" rating for Swire Properties [4][10]. Core Insights - Swire Properties is recognized for its strategic vision and a significant investment plan of HKD 100 billion, with a focus on enhancing its presence in mainland China and optimizing its asset portfolio [9][10]. - The company is positioned as a leading player in the commercial real estate sector, benefiting from structural recovery in consumer spending and new project openings, which are expected to drive rental growth and overall performance [10][11]. Company Overview - Swire Properties was founded in Hong Kong in 1972 and has evolved through three main phases: focusing on Hong Kong and U.S. investments, expanding into mainland China, and implementing a HKD 100 billion investment plan targeting mainland China and Southeast Asia [7][20]. - The company is controlled by the Swire family, holding 83.31% of the shares, indicating a concentrated ownership structure [24][25]. Key Highlights - The HKD 100 billion investment plan aims for a compound annual growth rate (CAGR) of 9% in investment property (IP) area in mainland China from 2026 to 2032, with 67% of the plan already executed as of mid-2025 [9][31]. - Swire Properties is recognized for its strong asset management capabilities, focusing on flagship commercial projects in prime locations, and maintaining a stable dividend growth outlook [9][10][35]. Business Composition - The company's revenue is primarily derived from investment properties, with 90% of income coming from IP, and over 70% from Hong Kong office and mainland retail sectors [9][10]. - The company has a diversified portfolio, including six shopping malls in mainland China and three in Hong Kong, with plans for significant project openings in the coming years [9][34]. Financials & Valuation - The target market capitalization is set at HKD 179.1 billion, representing a 23% upside from the current price, with a robust financial position indicated by a net debt ratio of 15.7% as of mid-2025 [9][10]. - Forecasted core net profits for 2025-2027 are HKD 6.79 billion, HKD 7.20 billion, and HKD 8.05 billion, respectively, with significant year-on-year growth expected [10][11].

Core Viewpoint - The article discusses the recent sale of a significant stake in Yuno China by Tian Tu Investment, highlighting the dramatic financial turnaround of the company and the strategic timing of the exit from the investment [4][11][12]. Group 1: Transaction Overview - Tian Tu Investment announced the sale of approximately 86.96% of its stake in Yuno China for a total consideration of about 1.565 billion yuan, marking a complete exit from the joint venture [4]. - The sale comes after Yuno China reported impressive financial results for 2024, with revenue reaching 810 million yuan and net profit soaring to 95.45 million yuan, a year-on-year increase of 1038% [4][11]. - Tian Tu's initial investment in Yuno China was around 300 million yuan in 2019, and the company had already recouped its investment by selling a portion of its stake earlier in January 2024 for 814 million yuan [5][11]. Group 2: Yuno's Market Journey - Yuno, despite being the second-largest yogurt brand globally, faced challenges in the Chinese market, leading to significant losses of nearly 190 million yuan from 2020 to 2022 [7][10]. - The brand began to recover in 2023, achieving a small profit of 839,000 yuan, and then experienced substantial growth in 2024 [10][11]. - Yuno's journey in China has been marked by both setbacks and breakthroughs, with the brand initially entering the market in the 1990s but only establishing a strong presence after 2015 [17][18]. Group 3: Future Prospects and Market Dynamics - IDG Capital has acquired Yuno China for 1.565 billion yuan and plans to leverage its resources to expand the brand's presence in southern and northern China, as well as diversify sales channels [21][22]. - The low-temperature yogurt market in China is projected to reach 67.28 billion yuan by 2025, with a compound annual growth rate of 8.5% from 2021 to 2025, indicating significant growth potential despite increasing competition [25]. - Yuno currently holds a relatively low market share, ranking around 15th, which raises questions about its ability to compete effectively in a market dominated by major players [25][26].