各位非登記股東 1： 恒基兆業地產有限公司（「本公司」） 刊發 2025 中期報告（「中期報告」） 謹通知 閣下本公司之中期報告現已刊發於本公司網站及香港交易所披露易網站。 閣下 可在本公司網站 www.hld.com 主頁按「投資者資訊」之連結或瀏覽香港交易所披露易網 站 www.hkexnews.hk，以閱覽中期報告。若 閣下已選擇收取公司通訊 2 之印刷本，現附 上中期報告之印刷本以供 閣下細閱。 電郵地址 : HendersonLand.ecom@computershare.com.hk 電話 : (852) 2862 8555（星期一至星期五（香港公眾假期除外） 上午九時正至下午六時正辦公時間內） 公司秘書 廖祥源 謹啟 二零二五年九月十一日 附註： HLLH-110925 為響應環保，本公司建議 閣下選擇於網站閱覽日後公司通訊以代替收取印刷本。作為非 登記股東，若 閣下選擇於網站閱覽公司通訊， 閣下應聯絡代 閣下持有股份之銀行、 經紀、託管商、代理人或香港中央結算（代理人）有限公司（統稱「中介公司」），並向 閣下之中介公司提供 閣下之電郵地址以收取網站上相關發布的電郵通知。 若 閣下選擇收取中期報 ...

各位登記股東： 恒基兆業地產有限公司（「本公司」） 刊發 2025 中期報告（「中期報告」） 謹通知 閣下本公司之中期報告現已刊發。 對於尚未選擇公司通訊*之收取方式及已選擇收取公司通訊之印刷本的股東，現附上中期 報告之印刷本以供 閣下細閱。為響應環保，本公司建議 閣下選擇於本公司網站 www.hld.com 或香港交易所披露易網站 www.hkexnews.hk 閱覽日後公司通訊以代替收 取印刷本。請透過掃描背頁回條上列印之 閣下專屬二維碼或填寫回條並交回本公司股份 登記及過戶處（見下文），以提供 閣下之電郵地址，以便收取公司通訊於網站上發布的電 郵通知。 對於已選擇（或被視為已同意）通過本公司網站閱覽公司通訊的股東，請在本公司網站 www.hld.com 主 頁 按 「 投 資 者 資 訊 」 之 連 結 或 瀏 覽 香 港 交 易 所 披 露 易 網 站 www.hkexnews.hk，以閱覽中期報告。 閣下有權隨時發出不少於七天的書面通知予本公司股份登記及過戶處，以更改收取公司通 訊之語言版本及／或收取方式之選擇。 閣下收取公司通訊印刷本之要求將持續有效，直 至該要求經書面方式被撤回，或由收悉 閣下指 ...

Financial Performance - For the six months ended June 30, 2025, the group's attributable basic profit was HKD 3,048 million, a decrease of 44% compared to HKD 5,441 million in the same period last year[5]. - The group's attributable announced profit for the same period was HKD 2,908 million, down 8% from HKD 3,174 million year-on-year[5]. - Total revenue for the six months ended June 30, 2025, was HKD 9,552 million, a decrease of 19% compared to HKD 11,762 million for the same period in 2024[82]. - Basic profit for the six months ended June 30, 2025, was HKD 3,048 million, down 44% from HKD 5,441 million in 2024[83]. - The overall basic profit, excluding certain fair value adjustments, was HKD 2,760 million, down 8% from HKD 2,999 million in 2024[83]. - The net profit for the period was HKD 2,992 million, a decrease of 25% compared to HKD 3,985 million in the previous year[123]. - The company reported a profit of HKD 2,992 million for the six months ended June 30, 2025, a decrease of 25% compared to HKD 3,985 million in the same period of 2024[124]. Revenue Breakdown - Total revenue from property development was HKD 6,173 million, representing a 21% decline from HKD 7,768 million in the previous year[3]. - Revenue from property development segment was HKD 4,008 million, a decrease of 19% from HKD 4,943 million in 2024[82]. - Revenue from property leasing segment was HKD 3,363 million, down 3% from HKD 3,459 million in 2024[82]. - Revenue from Hong Kong property sales was HKD 3,019 million, a decrease of 39% from HKD 4,927 million in 2024[85]. - Revenue from mainland China property sales was HKD 989 million, an increase of 6,081% from HKD 16 million in 2024[85]. - The total revenue from the utilities and energy segment was HKD 17,182 million, with a segment performance of HKD 1,937 million[153]. Property Development and Sales - The total contract sales amount for self-owned properties in Hong Kong reached approximately HKD 62,998 million for the six months ended June 30, 2025[8]. - The group's pre-tax profit contribution from property development in Hong Kong was approximately HKD 310 million, a significant decrease from HKD 1,499 million in the previous year[7]. - The total self-owned usable/floor area of properties under development or completed is 11.9 million square feet, with 2.8 million square feet available for sale in the second half of 2025[10][11]. - The group has 1.3 million square feet of unsold units from major development projects, with 1.5 million square feet planned for sale in the second half of 2025[10]. - The group is planning to develop the Hung Shui Kiu/Sha Tsui new development area, with a floor area of 0.6 million square feet allocated for future projects[11]. Rental Income and Occupancy - Total rental income decreased by 3% to HKD 4,333 million, while the net rental income before tax fell by 4% to HKD 3,144 million[3]. - The average occupancy rate of the group's rental properties was 93% as of June 30, 2025, with a total self-owned rental property portfolio expanding to approximately 10.5 million square feet[29]. - The retail property portfolio maintained a high occupancy rate despite challenges in the retail market due to economic uncertainties and changing consumer patterns[30]. - The group’s office properties maintain a stable performance with an overall occupancy rate of approximately 90% or above, despite weak leasing demand in Hong Kong[32]. - The newly completed "The Henderson" has achieved an occupancy rate of about 80%, further solidifying the group's recurring income base[33]. Debt and Financing - The group's net debt to equity ratio remained stable at 21.1%[3]. - As of June 30, 2025, the group's net borrowings amounted to HKD 67.41 billion, with a debt-to-equity ratio of 21.1%[76]. - The group has secured over HKD 50 billion in green loans and sustainable financing since 2020, highlighting its commitment to sustainability[76]. - The group issued HKD 8 billion convertible bonds with a 0.5% annual interest rate, reflecting investor confidence in its business[76]. - The overall effective borrowing rate was approximately 3.67%, down from 4.50% in the previous year[101]. Market Conditions and Future Outlook - The real estate market in mainland China has stabilized, with first-tier cities showing resilience and second-tier cities gradually alleviating inventory pressure[38]. - The group anticipates increased housing demand due to the influx of talent and students in Hong Kong, supported by government initiatives[78]. - The group is actively pursuing land acquisitions and redevelopment opportunities, with a focus on urban areas to enhance its property portfolio[21]. - The group plans to launch several projects in the second half of 2025, with a total floor area of 2,723,602 square feet and 5,238 residential units[17]. - The group is actively supplementing its land reserves in Hong Kong, ensuring sufficient sales floor area for the coming years[9]. Awards and Recognition - The group won the "Developer of the Year - Hong Kong" award at the 2025 Asia Property Awards, highlighting its commitment to excellence and innovation in property development[35]. - The group has received multiple awards for its sustainable development efforts, including the "Developer of the Year - Hong Kong" at the 2025 Asia Property Awards[77].

Group 1 - The Hong Kong government is expected to announce its policy address next Wednesday, with low likelihood for the immediate launch of the "Home Purchase Fund" and no expectation for a nationwide plan in the short term [1] - The potential for further relaxation of investment restrictions for capital investors in luxury properties is considered moderate [1] - There is an expectation that the "multiple-entry" individual travel visa may be expanded to residents of other Greater Bay Area cities beyond Shenzhen [1] Group 2 - The new policy address is anticipated to benefit developers such as Henderson Land, Sun Hung Kai Properties, and Sino Land [1] - An increase in mainland tourists visiting Hong Kong is expected to support regional mall owners, including Wharf Real Estate Investment, Hysan Development, and New World Development [1] - Concerns over capital expenditure may negatively impact the development of North District for MTR, but could accelerate the reclamation of agricultural land, which is seen as positive for Henderson Land [1] - Progress in the inclusion of REITs in the mutual market access is expected to have a positive impact on Link REIT [1]

Core Viewpoint - Morgan Stanley anticipates the upcoming policy report on September 17 may include measures such as easing new capital investor entry plans, adjusting residential property stamp duties, and establishing home purchase funding plans, but expresses skepticism about the simultaneous implementation of all measures [1] Group 1: Market Outlook - The real estate market in Hong Kong shows signs of stabilization, but if the policies announced are weaker than expected, there may be short-term profit-taking in real estate stocks following the policy report [1] - Historically, if the Federal Reserve's interest rate cuts align with market expectations, Hong Kong real estate stocks tend to underperform the broader market [1] Group 2: Investment Recommendations - Morgan Stanley maintains a positive outlook for the local real estate sector over the next year, suggesting investors take advantage of lower prices [1] - Among developers, the company is particularly optimistic about Henderson Land Development (00012) and Sino Land Company (00083) [1] - For rental stocks, it recommends Swire Properties (01792) and Link Real Estate Investment Trust (00823) for investors with lower risk tolerance, while also noting that Hang Lung Properties (00101) and Wharf Real Estate Investment Company (01997) have significant upside potential [1]

Group 1 - The core viewpoint of the article is that the upcoming policy report on September 17 may introduce measures to ease capital investor entry, stamp duty on residential properties, and establish a home purchase fund plan, but there are doubts about the extent of these measures [1] - Morgan Stanley expresses skepticism about whether all measures will be introduced at once, noting that the property market shows signs of stabilization, and if the policies are weaker than expected, there may be short-term profit-taking in real estate stocks after the report is released [1] - The day after the policy report, the Federal Reserve will announce its interest rate decision, and historically, if a rate cut meets expectations, Hong Kong real estate stocks tend to underperform the market [1] Group 2 - Despite the short-term concerns, Morgan Stanley maintains a positive outlook on the local real estate sector for the next year, suggesting investors take advantage of lower prices [1] - Among developers, Morgan Stanley is more optimistic about Henderson Land Development (00012) and Sino Land Company (00083) [1] - For rental stocks, it recommends Swire Properties (01792) and Link Real Estate Investment Trust (00823) for investors with lower risk appetite, while also noting that Hang Lung Properties (00101) and Wharf Real Estate Investment Company (01997) have significant upside potential [1]

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: | 恒基兆業地產有限公司 | | | 呈交日期: | 2025年9月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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) | 00012 | 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 | | | 4,841,387,003 | | 0 | | 4,841,387,003 | | 增加 / 減少 (-) | | | 0 | ...

Core Viewpoint - 恒基地产的2025年中期业绩显示出显著的盈利下降，主要由于去年同期的特殊收益影响，同时公司通过发行可换股债券来筹集资金以支持其业务发展和再融资 [1][2][3] Financial Performance - 恒基地产2025年半年报实现营业收入87.11亿元，净利润27.29亿元，每股收益0.6元，毛利128.8亿元，市盈率20.7倍 [1] - 股东应占基础盈利为30.48亿港元，同比减少44%，去年同期为54.41亿港元 [2] - 每股基础盈利为0.63港元，较去年同期的1.12港元下降 [2] Bond Issuance - 恒基地产完成发行80亿港元的可换股债券，年利率为0.5%，到期日为2030年 [2][3] - 预计债券的净筹资额约为79.2亿港元，主要用于一般公司用途及再融资 [2][3] - 初始换股价为36港元，较发行时的收市价溢价27% [3]

Group 1 - The Hong Kong interbank offered rates (HIBOR) have generally decreased, with the overnight rate reported at 4.00012%, an increase of 1.786 basis points, marking the highest level since May 2 [1] - The one-week HIBOR decreased by 9.143 basis points to 3.61405%, while the two-week rate fell by 15.512 basis points to 3.49262% [1] - The one-month HIBOR, which is related to mortgage rates, ended a three-month increase, reporting at 3.29655%, down by 0.994 basis points [1] Group 2 - The three-month HIBOR, reflecting the cost of bank funding, reported at 3.29583%, a decrease of 1.137 basis points [1] - The six-month HIBOR increased slightly by 0.428 basis points to 3.26952%, while the one-year HIBOR decreased by 3.196 basis points to 3.27167% [2]

Core Viewpoint - Morgan Stanley has downgraded the target price for Henderson Land Development (00012) from HKD 31 to HKD 30, citing a discount of approximately 50% to the net asset value per share, while anticipating a potential bottoming out of Hong Kong property prices [1] Group 1: Market Outlook - Morgan Stanley expects Hong Kong residential property prices to remain flat this year, while office and shopping mall rents may decline by 5% year-on-year [1] Group 2: Earnings Forecast - The earnings per share forecast for Henderson Land Development for the fiscal years 2025 to 2027 has been reduced by 8% to reflect underwhelming mid-term performance, the latest pre-sale status of property development projects, rental income expectations, and the progress of land reclamation [1] Group 3: Dividend Expectations - Despite the earnings downgrade, Morgan Stanley maintains the dividend forecast for fiscal years 2025 to 2027 at HKD 1.8 per share, expecting stable rental income, dividends from Hong Kong and China Gas (00003), accelerated land reclamation, improved residential sales in the second half, and support from major shareholders [1]