為確保及時收到最新的公司通訊及可供採取行動的公司通訊**，本公司建議 閣下透過掃描隨本函附上的回條（「回條」） 上列印的專屬二維碼以提供 閣下的電子郵件地址。在行使上述選擇權時，請 閣下填妥回條，並在回條上簽名，然後把回條 寄回或親手交回本公司（經本公司之股票過戶及登記處（「股票過戶及登記處」），即香港中央證券登記有限公司，地址為香港灣 仔皇后大道東 183 號合和中心 17M 樓）。倘 閣下在香港投寄回條，可使用回條上的郵寄標籤寄回，而毋須貼上郵票；否則， 請貼上適當的郵票。如 閣下提供之電子郵件地址無效，直至股票過戶及登記處收到 閣下有效的電子郵件地址前， 閣下或 (i)無法收到任何有關發布公司通訊的通知；及(ii)需要主動查看本公司網頁 www.hanglung.com（「本公司網頁」）和香港交易及結 算所有限公司的網頁 www.hkexnews.hk（「交易所網頁」）以留意公司通訊的發布。 如本公司於 2025 年 10 月 22 日前尚未收到 閣下已妥為填寫及簽署的回條，及在 閣下按照有關法例及規例另行透過本 公司股票過戶及登記處預先給予合理時間的書面通知本公司前， 閣下將被視為已同意以電子形式閱覽 ...

2025 2025 2 0 2 5 目錄 | 2 | 公司資料 | | --- | --- | | 3 | 董事長致股東函 | | 7 | 財務摘要 | | 8 | 業務回顧 | | 30 | 其他資料 | | 40 | 獨立核數師審閱報告 | | 42 | 財務報表 | | 67 | 詞彙 | | 68 | 投資者參考資料 | 公司資料 榮譽董事長 陳啟宗 大紫荊勳賢 董事 陳文博 （董事長） 盧韋柏 （行政總裁） 袁偉良* 陳南祿* 陳嘉正 銅紫荊星章、太平紳士 * 馮婉眉 銅紫荊星章、太平紳士 * 李天芳* 趙家駒 （首席財務總監） 授權代表 盧韋柏 馬婉華 公司秘書 馬婉華 註冊辦事處 香港中環德輔道中4號28樓 電話：2879 0111 傳真：2868 6086 網址：http://www.hanglung.com 電郵：HLProperties@hanglung.com 核數師 畢馬威會計師事務所 於《會計及財務匯報局條例》下的註冊公眾利益實體核數師 * 獨立非執行董事 審核委員會 馮婉眉 銅紫荊星章、太平紳士（主席） 陳南祿 陳嘉正 銅紫荊星章、太平紳士 提名及薪酬委員會 袁偉良 （主席） 陳嘉 ...

Core Viewpoint - CICC maintains a "outperform" rating and profit forecast for Hang Lung Properties (00101), raising the target price by 6% to HKD 9.46 per share, reflecting a 15x target core P/E for 2025 and a 5.5% target dividend yield, with an 8% upside potential [1] Group 1: Expansion and Development - The company is actively expanding its leasable area, with the third phase of Shanghai Hang Lung Plaza expected to open in Q3 2026, adding approximately 3,000 square meters to the current 32,000 square meters of leasable area [2] - The opening of the third phase is anticipated to enhance the project’s leasable area, accommodate more flagship stores, and improve customer experience through better space utilization [2] Group 2: Brand Adjustment and Performance - The company expects to see results from brand adjustments within this year, with a new three-story flagship store for Chanel anticipated to open in Q4, potentially contributing significantly to retail sales [3] - New brands such as Rolex have already opened this year, and the company is also introducing experiential brands like DJI and Hasselblad to enhance brand diversity [3] Group 3: Operational Performance Outlook - The retail performance of Hang Lung Properties' mainland shopping centers showed improvement in the first half of 2025, with Shanghai Hang Lung Plaza experiencing a quarterly improvement trend [4] - The company expects the operational performance to continue improving in the second half of the year, supported by a lower comparative base from last year and various marketing activities planned [4] - Shanghai Hang Lung Plaza is crucial for the company's overall performance, contributing approximately 16% to total rental income in the first half of 2025, providing support for annual performance and dividend payout [4]

Core Viewpoint - CICC maintains a "outperform" rating and profit forecast for Hang Lung Properties (00101), raising the target price by 6% to HKD 9.46 per share, corresponding to a 15x 2025 target core P/E and a 5.5% target dividend yield, indicating an 8% upside potential [1] Group 1: Expansion and Development - The company is actively expanding its leasable area, with the third phase of Shanghai Hang Lung Plaza expected to open in Q3 2026, adding approximately 3,000 square meters to the current 32,000 square meters of leasable area [2] - The opening of the third phase is anticipated to enhance the project’s leasable area, accommodate more flagship stores, and improve customer experience through better space utilization [2] Group 2: Brand Adjustment and Performance - The company expects to see results from brand adjustments within this year, with Chanel's new three-story flagship store likely to open in Q4, potentially contributing significantly to retail sales [3] - New brands such as Rolex have already opened this year, and the company is also introducing experiential brands like DJI and Hasselblad to enhance brand diversity [3] Group 3: Operational Performance Outlook - The retail sales of Hang Lung Properties' mainland shopping centers showed a trend of improvement, with Shanghai Hang Lung Plaza's sales improving quarter by quarter [4] - The company anticipates that the operational performance in the second half of the year will continue to improve, supported by a lower comparative base from last year and various marketing activities planned [4] - Shanghai Hang Lung Plaza is expected to contribute approximately 16% to the company's total rental income in the first half of 2025, providing support for the company's overall performance and dividend payout [4]

"我们认为内地消费市场是个很好的市场，我们也继续在投资，加大我们的面积。" 9月22日，在恒隆地产65周年活动上，公司董事长陈文博在谈及对市场的看法时表示，对内地零售市场 有信心，从跟租户的交流来看，租户对市场态度有所保留，但看到增长的数字，租户的态度出现了积极 的转变。"我们认为内地消费市场是个很好的市场，我们也继续在投资，加大我们的面积。" ...

Core Viewpoint - Morgan Stanley believes that Hang Lung Properties (00101) will outperform the market in the next 60 days, with an estimated probability of over 80% due to improvements in China's luxury retail sales driven by rising stock markets, improved market sentiment, increased attention on local brands, and a rise in inbound tourism [1] Company Summary - Hang Lung Properties has an attractive price-to-book ratio of 0.3 times and a dividend yield of 6.5% [1] - Morgan Stanley has set a target price of HKD 9 for Hang Lung Properties and has rated it as "Buy" [1] Industry Summary - There is a noted improvement in China's luxury retail sales, which is a positive indicator for companies in the sector [1] - Factors contributing to this improvement include a rising stock market, enhanced market sentiment, increased focus on domestic brands, and a boost in inbound tourism [1]

Core Viewpoint - Morgan Stanley believes that Hang Lung Properties (00101) will outperform the market in the next 60 days, with an estimated probability of over 80% due to improvements in China's luxury retail sales driven by rising stock markets, improved market sentiment, increased attention on local brands, and a rise in inbound tourism [1] Company Summary - Hang Lung Properties has an attractive price-to-book ratio of 0.3 times and a dividend yield of 6.5% [1] - Morgan Stanley sets a target price of HKD 9 for Hang Lung Properties and rates it as "Buy" [1]

Core Viewpoint - Morgan Stanley believes that Hang Lung Properties' stock price will outperform the market in the next 60 days, with an estimated probability of over 80% [1] Group 1: Market Trends - There is an observed improvement in China's luxury retail sales, driven by a rising stock market, improved market sentiment, increased attention on local brands, and a rise in inbound tourism [1] Group 2: Company Valuation - Hang Lung Properties has an attractive price-to-book ratio of 0.3 times and a dividend yield of 6.5% [1] - Morgan Stanley sets a target price of HKD 9 for Hang Lung Properties and rates it as "Buy" [1]

Group 1 - Morgan Stanley upgraded the rating of Sun Hung Kai Properties (00101) to "Overweight" and raised the target price from HKD 6.5 to HKD 9 [1] - In the short term, the sales of tenants in the mainland shopping malls improved in July and August, compared to a 4% year-on-year decline in the first half of the year [1] - Shanghai Plaza 66's sales turned from a 4% decline in Q2 to flat [1] Group 2 - Long-term growth is expected to benefit from the recovery in consumer demand driven by inbound tourism and tax refund policies [1] - The pre-leasing rate of the retail portion of Westlake 66 in Hangzhou has reached 81%, with an expected opening in 2026 [1] - The company is leasing an additional 452,000 square feet of space to expand the street-facing area of the mall [1] Group 3 - Potential residential unit sales could generate over HKD 10 billion in revenue, reducing the debt ratio by more than 5 percentage points [1] - The current dividend yield of the company is 6.5%, which is higher than its peers [1] - It is anticipated that share dilution from scrip dividends may cease after the full-year results announcement in 2025 [1]

Group 1 - Morgan Stanley upgraded the rating of Hang Lung Properties (00101) to "Overweight" and raised the target price from HKD 6.5 to HKD 9 [1] - In the short term, the sales of tenants in the mainland shopping malls improved in July and August, compared to a 4% year-on-year decline in the first half of the year [1] - Shanghai Plaza 66's sales turned from a 4% decline in Q2 to flat [1] Group 2 - Long-term growth is expected to benefit from the recovery in consumer demand driven by inbound tourism and tax refund policies [1] - The pre-leasing rate of the retail portion of Westlake 66 in Hangzhou has reached 81%, with an expected opening in 2026 [1] - The company is leasing an additional 452,000 square feet of space to expand the street-facing area of the mall [1] Group 3 - Potential residential unit sales could generate over HKD 10 billion in revenue, reducing the debt ratio by more than 5 percentage points [1] - The current dividend yield of the company is 6.5%, which is higher than its peers [1] - It is anticipated that share dilution from scrip dividends may cease after the full-year results announcement in 2025 [1]