【财华社讯】九龙仓置业(01997.HK)公布，截至2025年6月30日止六个月，收入64.07亿元，同比减少 1.4%；股东应占亏损为24.06亿港元，2024年同期亏损10.52亿港元；每股基本亏损0.79港元。拟派中期 息0.66港元。 本文源自：财华网 回顾期內，未经审核基础净盈利保持稳定，为31.19亿港元，2024年同期为31.23亿港元，相当于每股 1.03港元。若计入投资物业重估减值净额51.18亿港元，2024年同期为44.26亿港元。 截至2025年6月30日，负债净额减少至333亿港元 。负债净额与总权益比率下降至17.6%。 ...

整体收入下降1%至64.07亿港元，营业盈利下降5%至46.84亿港元。其中，投资物业收入和营业盈利均 有所下降，但酒店收入和营业盈利均有所增长。发展物业录得营业亏损，而投资的营业盈利有所增加。 （文章来源：证券时报网） 九龙仓置业公布2025年上半年业绩。未经审核的净盈利基本保持稳定，为31.19亿港元。计入投资物业 重估减值后，股东应占集团亏损为24.06亿港元。公司将派发每股0.66港元的中期股息。 ...

Core Viewpoint - The company, Kowloon Development Company Limited (01997), announced a mid-term dividend of HKD 0.66 per share to be distributed on September 11, 2025 [1] Summary by Category Company Announcement - Kowloon Development Company Limited will distribute a mid-term dividend of HKD 0.66 per share [1]

智通财经APP讯，九龙仓置业(01997)发布公告，该公司将于2025年9月11日派发中期股息每股0.66港 元。 ...

Core Viewpoint - The company reported a decline in revenue and a significant increase in shareholder losses for the first half of 2025, indicating challenges in the current market environment [1] Financial Performance - The company's revenue for the first half of 2025 was HKD 6.407 billion, a year-on-year decrease of 1.45% [1] - Shareholder losses amounted to HKD 2.406 billion, representing a year-on-year increase of 128.71% [1] - The loss per share was HKD 0.79, and the interim dividend declared was HKD 0.66 per share [1] Market Environment - The number of inbound tourists in Hong Kong increased by 12%, while local outbound tourism showed signs of adjustment [1] - Retail sales in Hong Kong experienced a narrowing decline, with preliminary positive growth recorded in May and June, ending a 14-month downward trend [1] Business Strategy - The company is enhancing experiential retail services to deepen customer engagement and drive sales in response to changing tourism and consumption patterns [1] Property Market - The office market continues to face weak demand and oversupply, but the company's office portfolio showed improvement in occupancy rates [1] - Hotel occupancy rates increased, although room rates are under pressure due to regional competition and consumer sentiment [1] Asset Management - The company's investment properties recorded impairment losses due to soft asset values in the current market [1] - The company maintained prudent financial management, reducing net debt to HKD 33.3 billion, the lowest level since its listing [1] - The average interest cost decreased to 4.4%, resulting in a 27% saving in borrowing costs, with a healthy debt ratio of 17.6% [1]

Core Viewpoint - The company reported a decline in revenue and a significant increase in shareholder losses for the first half of 2025, indicating challenges in the current market environment [1] Financial Performance - Revenue for the first half of 2025 was HKD 6.407 billion, a decrease of 1.45% year-on-year [1] - Shareholder losses amounted to HKD 2.406 billion, an increase of 128.71% year-on-year, with a loss per share of HKD 0.79 [1] - The company declared an interim dividend of HKD 0.66 per share [1] Market Conditions - The number of inbound travelers in Hong Kong increased by 12%, while local outbound tourism showed signs of adjustment [1] - Retail sales in Hong Kong experienced a narrowing decline, with preliminary positive growth recorded in May and June, ending a 14-month downward trend [1] Business Strategy - The company is enhancing experiential retail services to adapt to changing tourism and consumption patterns, aiming to deepen customer engagement and drive sales [1] Real Estate Sector - The office market continues to face weak demand and oversupply, but the company's office portfolio showed improvement in occupancy rates [1] - Hotel occupancy rates increased, although room rates are under pressure due to regional competition and consumer sentiment [1] Asset Management - The company recorded impairment losses on investment properties amid a weak asset value market [1] Financial Management - The company maintained prudent financial management, reducing net debt to HKD 33.3 billion, the lowest level since its listing [1] - Average interest costs decreased to 4.4%, resulting in a 27% saving in borrowing costs [1] - The debt ratio remained at a healthy level of 17.6% [1]

Core Viewpoint - The company reported stable underlying net profit for the first half of 2025, with a slight decrease in revenue and operating profit compared to the previous year [1] Financial Performance - Underlying net profit for the first half of 2025 was HKD 3.119 billion, compared to HKD 3.123 billion in 2024, translating to earnings per share of HKD 1.03 [1] - Total revenue decreased by 1% to HKD 6.407 billion, while operating profit fell by 5% to HKD 4.684 billion [1] - Investment property revenue decreased by 3% to HKD 5.371 billion, with operating profit down 4% to HKD 4.528 billion [1] - Hotel revenue increased by 2% to HKD 766 million, with operating profit rising to HKD 47 million [1] - Development property revenue was HKD 58 million, resulting in an operating loss of HKD 1 million [1] Dividend Announcement - The first interim dividend declared is HKD 0.66 per share, an increase from HKD 0.64 in 2024, with a total payout of HKD 2.004 billion, representing 65% of the underlying net profit from investment properties and hotels [1] Impairment and Losses - The company recorded a net impairment loss on investment properties of HKD 5.118 billion, leading to a shareholder loss of HKD 2.406 billion for the first half of 2025, compared to a loss of HKD 1.052 billion in 2024 [1] - Basic loss per share was HKD 0.79 [1] Investment Income - Investment operating profit, primarily from dividend income, increased by 2% to HKD 143 million [1]

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 | 九龍倉置業地產投資有限公司 | | 股份代號 | 01997 | | 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○二五年六月三十日止半年度中期股息 | | | 公告日期 | 2025年8月7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6月30日 | | 宣派股息 | 每 股 0.66 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 0.66 HKD | | 匯率 | 1 HKD : 1 HKD ...

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) This section provides an overview of the Group's financial performance, interim dividend declaration, and key operational achievements for the period [Group Performance](index=1&type=section&id=Group%20Performance) For the six months ended June 30, 2025, the Group's underlying net profit remained stable at HKD 3.119 billion, consistent with the prior year, but a widened revaluation loss on investment properties of HKD 5.118 billion led to an increased loss attributable to shareholders of HKD 2.406 billion, with basic loss per share at HKD 0.79 H1 2025 Performance Overview | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Underlying Net Profit | HKD 3.119 billion | HKD 3.123 billion | | Net Revaluation Loss on Investment Properties | (HKD 5.118 billion) | (HKD 4.426 billion) | | Group Loss Attributable to Shareholders | (HKD 2.406 billion) | (HKD 1.052 billion) | | Basic Earnings Per Share | HKD 1.03 | HKD 1.03 | | Basic Loss Per Share | (HKD 0.79) | (HKD 0.35) | [Interim Dividend](index=1&type=section&id=Interim%20Dividend) The Board declared a first interim dividend of HKD 0.66 per share, a 3.1% increase from the prior year, totaling HKD 2.004 billion, representing 65% of underlying net profit from Hong Kong investment properties and hotels, reflecting consistent dividend policy Interim Dividend Details | Item | Amount/Date | | :--- | :--- | | First Interim Dividend | HKD 0.66 per share (2024: HKD 0.64) | | Total Dividend Payout | HKD 2.004 billion | | Payment Date | September 11, 2025 | [Performance Highlights](index=1&type=section&id=Performance%20Highlights) Despite declining investment property income and profit, and expanded revaluation losses, the Group achieved a 27% reduction in borrowing costs and a record-low gearing ratio of 17.6% through effective financial management, maintaining robust underlying net profit and increasing interim dividend payout - **Financial Optimization**: Borrowing costs reduced by **27%**, gearing ratio decreased to a new low of **17.6%**[6](index=6&type=chunk) - **Profitability**: Underlying net profit remained stable, but revaluation loss on investment properties widened[6](index=6&type=chunk) - **Shareholder Returns**: Consistent dividend policy maintained, with an increase in interim dividend per share[6](index=6&type=chunk) [Business Review and Outlook](index=2&type=section&id=Business%20Review%20and%20Outlook) This section reviews the market environment, performance of core properties, and the Group's strategic outlook [Market Environment and Financial Management](index=2&type=section&id=Market%20Environment%20and%20Financial%20Management) Amid geopolitical tensions and economic uncertainties, Hong Kong's retail market shows initial recovery, while office and hotel sectors remain under pressure; the Group's prudent financial management reduced net debt to a post-listing low and maintained a healthy gearing ratio of 17.6%, effectively navigating market volatility - **Market Trends**: Inbound tourist arrivals increased by **12%**, retail sales decline narrowed, with positive growth in the last two months; the office market faces dual pressures of weak demand and oversupply[7](index=7&type=chunk) - **Financial Strategy**: Maintained prudent financial management and actively reduced debt[7](index=7&type=chunk) Key Financial Management Indicators | Indicator | Period-End Data | | :--- | :--- | | Net Debt | HKD 33.3 billion (Lowest since listing) | | Average Interest Cost | 4.4% | | Borrowing Cost Savings | 27% | | Gearing Ratio | 17.6% | [Core Property Performance](index=2&type=section&id=Core%20Property%20Performance) During the period, Harbour City maintained stable overall revenue and operating profit with a 93% mall occupancy rate, while Times Square's overall revenue and operating profit declined by 15% and 19% respectively due to market conditions, though its mall occupancy rate rose to 96%; both properties actively introduced top brands and new concept stores to enhance competitiveness [Harbour City](index=2&type=section&id=Harbour%20City) Harbour City's overall revenue and operating profit, including hotels, remained largely flat; the mall maintained its market-leading position by introducing several top brands' first Hong Kong stores and expanding flagship stores, achieving a 93% occupancy rate, while the office occupancy rate remained at 90% but faced rental pressure due to market competition - **Overall Performance**: Revenue and operating profit changed by less than **1%**[9](index=9&type=chunk) - **Mall Leasing**: Attracted brands like Louis Vuitton (expansion), Canali, Urban Revivo, and Bacha Coffee to open their first Hong Kong stores or concept stores[10](index=10&type=chunk) - **Occupancy Rate**: Mall at **93%**, office at **90%**[11](index=11&type=chunk) [Times Square](index=3&type=section&id=Times%20Square) Times Square's overall revenue decreased by 15% and operating profit by 19%; to address challenges, the mall actively updated its tenant mix, introducing Louis Vuitton, expanding LOEWE, and opening Cristiano Ronaldo's first global CR7® flagship store, boosting its occupancy rate to 96%, while the office occupancy rate remained at 90% but faced rental pressure from new supply Times Square Performance Changes | Indicator | Year-on-Year Change | | :--- | :--- | | Overall Revenue | -15% | | Operating Profit | -19% | - **Mall Leasing**: Introduced Louis Vuitton and Cristiano Ronaldo's first global CR7® store, strengthening the luxury brand lineup[13](index=13&type=chunk) - **Occupancy Rate**: Mall increased to **96%**, office maintained at **90%**[14](index=14&type=chunk) [Outlook](index=3&type=section&id=Outlook) Despite macroeconomic challenges, the Group maintains cautious optimism for the Hong Kong market, anticipating that capital inflows into Hong Kong stocks, the opening of Kai Tak Sports Park, and major events will boost the economy and consumer sentiment; the Group will uphold proactive management strategies and a low leverage ratio to navigate adversities and seize opportunities - **Positive Factors**: Hong Kong stocks regaining upward momentum, the opening of Kai Tak Sports Park, and major events are expected to enhance Hong Kong's attractiveness[15](index=15&type=chunk) - **Group Strategy**: Maintain proactive management and a low leverage ratio, rigorously screen capital investments, and utilize robust cash flow to seize future opportunities[15](index=15&type=chunk) [Financial Review](index=4&type=section&id=Financial%20Review) This section provides a detailed review of the Group's interim financial results, liquidity, financial resources, capital commitments, and human resources [Interim Results Review](index=4&type=section&id=Interim%20Results%20Review) The Group's total revenue slightly decreased by 1% to HKD 6.407 billion, and operating profit fell by 5% to HKD 4.684 billion, primarily due to a decline in investment property segment revenue, while hotel business revenue and profit both grew; despite an expanded revaluation loss on investment properties leading to a HKD 2.406 billion loss attributable to shareholders, underlying net profit remained stable at HKD 3.119 billion after excluding non-cash items Revenue and Operating Profit by Business Segment (HKD million) | Business Segment | Revenue (2025) | Revenue (2024) | Operating Profit (2025) | Operating Profit (2024) | | :--- | :--- | :--- | :--- | :--- | | Investment Properties | 5,371 | 5,542 | 4,528 | 4,718 | | Hotels | 766 | 748 | 47 | 24 | | Property Development | 58 | 8 | (1) | 74 | | Investments | 143 | 140 | 143 | 140 | | **Group Total** | **6,407** | **6,501** | **4,684** | **4,915** | - **Investment Property Revaluation**: Generated a **2%** revaluation loss totaling **HKD 5.15 billion**, resulting in an unrealized revaluation loss attributable to shareholders of **HKD 5.118 billion**[18](index=18&type=chunk) - **Finance Costs**: Effective annual borrowing interest rate decreased from **5.7%** to **4.4%**, primarily due to a decline in HIBOR[20](index=20&type=chunk) [Liquidity, Financial Resources, and Capital Commitments](index=5&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Commitments) The Group's financial position is robust, with shareholders' equity at HKD 185.2 billion and total assets at HKD 234.2 billion as of period-end, 94% of which are in Hong Kong; net debt further decreased to HKD 33.3 billion, and the net debt to total equity ratio fell to 17.6%, with ample credit facilities and liquid investment portfolios, and future capital commitments primarily for Hong Kong investment properties and mainland development properties Key Financial Position Indicators (As of June 30, 2025) | Indicator | Amount/Ratio | Compared to December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Equity | HKD 185.2 billion | Decreased by HKD 2.6 billion | | Total Assets | HKD 234.2 billion | Decreased by HKD 3.9 billion | | Net Debt | HKD 33.3 billion | Decreased by HKD 0.9 billion | | Net Debt to Total Equity Ratio | 17.6% | 17.8% | - **Asset Composition**: Investment property assets accounted for **93%** of operating assets, totaling **HKD 217.2 billion**[25](index=25&type=chunk) - **Credit Facilities**: Total available credit facilities and issued debt securities amounted to **HKD 44.1 billion**, with **HKD 9.4 billion** unused[32](index=32&type=chunk) - **Capital Commitments**: Estimated principal planned expenditures for the coming years are **HKD 936 million**, of which **HKD 240 million** has been committed[35](index=35&type=chunk) [Human Resources](index=8&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed approximately 2,900 staff, with remuneration policies determined by job responsibilities and market trends, including discretionary bonuses linked to individual and Group performance - **Number of Employees**: Approximately **2,900** staff[37](index=37&type=chunk) - **Remuneration Structure**: Fixed remuneration plus performance-linked variable bonuses[37](index=37&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated income statement, consolidated statement of comprehensive income, and consolidated statement of financial position [Consolidated Income Statement](index=9&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group recorded revenue of HKD 6.407 billion, a 1.4% year-on-year decrease; a HKD 5.15 billion decrease in fair value of investment properties resulted in a loss before tax of HKD 1.847 billion, with the ultimate loss attributable to company shareholders being HKD 2.406 billion Consolidated Income Statement Summary (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 6,407 | 6,501 | | Operating Profit | 4,684 | 4,915 | | Decrease in Fair Value of Investment Properties | (5,150) | (4,450) | | Loss Before Tax | (1,847) | (460) | | Loss Attributable to Company Shareholders | (2,406) | (1,052) | | Basic Loss Per Share | (HKD 0.79) | (HKD 0.35) | [Consolidated Statement of Comprehensive Income](index=10&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Loss for the period was HKD 2.475 billion, but positive impacts from fair value changes in equity investments, generating HKD 1.225 billion, and other foreign exchange differences, resulted in other comprehensive income of HKD 1.806 billion, narrowing the total comprehensive loss to HKD 669 million Consolidated Statement of Comprehensive Income Summary (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period | (2,475) | (1,067) | | Other Comprehensive Income for the Period | 1,806 | (1,123) | | Total Comprehensive Income for the Period | (669) | (2,190) | | Total Comprehensive Income Attributable to Company Shareholders | (777) | (2,052) | [Consolidated Statement of Financial Position](index=11&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 234.2 billion, total liabilities HKD 44.7 billion, and net assets HKD 189.5 billion, with investment properties as core assets valued at HKD 217.2 billion, and shareholders' equity at HKD 185.2 billion Consolidated Statement of Financial Position Summary (HKD million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets (primarily Investment Properties) | 231,084 | 234,808 | | Total Assets | 234,219 | 238,072 | | Total Liabilities | (44,728) | (46,088) | | Net Assets | 189,491 | 191,984 | | Shareholders' Equity | 185,229 | 187,820 | [Notes to Interim Financial Information](index=12&type=section&id=Notes%20to%20Interim%20Financial%20Information) This section provides detailed segment information and other key notes to the interim financial statements [Segment Information](index=13&type=section&id=Segment%20Information) The Group's business is divided into four segments: investment properties, property development, hotels, and investments, with investment properties being the core source of revenue and profit, contributing over 80% of revenue and the vast majority of operating profit; geographically, Hong Kong is the Group's primary focus, contributing over 94% of revenue and 96% of operating profit H1 2025 Revenue and Operating Profit by Business Segment (HKD million) | Segment | Revenue | Operating Profit/(Loss) | | :--- | :--- | :--- | | Investment Properties | 5,371 | 4,528 | | Property Development | 58 | (1) | | Hotels | 766 | 47 | | Investments | 143 | 143 | | **Group Total** | **6,407** | **4,684** | H1 2025 Revenue and Operating Profit by Geographical Region (HKD million) | Region | Revenue | Operating Profit | | :--- | :--- | :--- | | Hong Kong | 6,043 | 4,504 | | Outside Hong Kong | 364 | 180 | | **Group Total** | **6,407** | **4,684** | [Other Key Notes](index=16&type=section&id=Other%20Key%20Notes) This section provides further explanations of key financial statement items, noting that operating profit is stated after deducting staff costs of HKD 583 million and direct operating expenses for investment properties of HKD 817 million; total finance costs were HKD 853 million, including HKD 749 million in total interest expenses, and total income tax was HKD 628 million; the Board declared a first interim dividend of HKD 0.66 per share - **Composition of Finance Costs**: Total finance costs of **HKD 853 million** included interest expenses on bank and other borrowings of **HKD 749 million** and fair value losses on derivative financial instruments of **HKD 74 million**[54](index=54&type=chunk) - **Income Tax**: Income tax expense for the period was **HKD 628 million**, with Hong Kong profits tax provision at **HKD 595 million**[55](index=55&type=chunk) - **Trade Receivables**: The Group's credit period typically ranges from **0 to 60 days**, with the vast majority of trade receivables aged within **30 days**[60](index=60&type=chunk) Interim Dividend Declared | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interim Dividend Per Share | HKD 0.66 | HKD 0.64 | | Total Dividend | HKD 2.004 billion | HKD 1.943 billion | [Corporate Governance and Other Matters](index=21&type=section&id=Corporate%20Governance%20and%20Other%20Matters) This section outlines the Group's adherence to corporate governance principles, details on securities transactions, and key dates related to the interim dividend [Corporate Governance and Securities Transactions](index=21&type=section&id=Corporate%20Governance%20and%20Securities%20Transactions) During the reporting period, the Company complied with all applicable provisions of the Corporate Governance Code, with the sole exception of the Chairman and Chief Executive Officer roles being held by the same individual, which the Board believes is more effective for executing long-term strategies; neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - **Governance Code Compliance**: The Company complied with the Listing Rules' Corporate Governance Code, except for the Chairman and Chief Executive Officer roles being held by the same person[64](index=64&type=chunk) - **Securities Transactions**: No purchases, sales, or redemptions of the Company's listed securities occurred during the reporting period[65](index=65&type=chunk) [Interim Dividend Related Dates](index=21&type=section&id=Interim%20Dividend%20Related%20Dates) The Company announced the key timetable for interim dividend distribution, requiring shareholders to submit share transfer documents by 4:30 p.m. on August 27, 2025, with dividends to be paid on September 11 Interim Dividend Timetable | Event | Date | | :--- | :--- | | Ex-dividend Date | August 26, 2025 | | Record Date | August 27, 2025 | | Payment Date | September 11, 2025 |

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: 九龍倉置業地產投資有限公司 呈交日期: 2025年8月6日 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) | 01997 | 說明 | | | | | | | | | | 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 | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500 ...