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: | 恒隆地產有限公司 | | | | 呈交日期: | 2025年8月6日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 恒隆地產有限公司並無法定股本，及其股本並無股份面值。 | | | | 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) | 00101 | 說明 | 不適用 | | | | | | | | 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 ...

Core Viewpoint - The worst period for Hang Lung Properties is believed to be over, with expectations for slight growth in the upcoming quarters despite a decline in revenue and profit in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, Hang Lung Properties reported revenue of HKD 4.968 billion, a decrease of 19% year-on-year [1]. - The company recorded a basic net profit attributable to shareholders of HKD 1.587 billion, down 9% year-on-year, and a net profit of HKD 0.912 billion, down 14% year-on-year [1][2]. - Property sales significantly declined, with sales amounting to HKD 0.161 billion, a staggering 87% drop from HKD 1.228 billion in the same period last year [1][2]. Revenue Sources - The primary source of revenue for Hang Lung Properties is property leasing, particularly in the mainland market, which accounted for HKD 3.190 billion in leasing income, a 2% decrease year-on-year, representing 63% of total revenue [1][2]. - Rental income from shopping malls remained stable, with HKD 2.412 billion generated from mainland shopping malls, nearly unchanged from HKD 2.414 billion in the previous year [2]. - Office rental income saw a more significant decline, with HKD 0.528 billion reported, down 5% year-on-year due to lower occupancy rates and reduced rents [2]. Management Insights - The management expressed confidence in achieving slight growth in the second half of 2025, contingent on the performance in the third and fourth quarters [1][5]. - The company has undertaken restructuring efforts to stabilize its financial position, including a 33% reduction in dividends to retain more cash [3][5]. - Future growth is expected to hinge on the performance of commercial rentals in mainland China, with several key projects set to launch in the latter half of the year [5]. Market Outlook - The outlook for the mainland retail market is closely tied to macroeconomic conditions, with potential for slight increases in rental income in the second half of the year as market confidence improves [5]. - Analysts from Citigroup have noted that the retail income in the first half of the year exceeded expectations, driven by rising rents and strong tenant sales, predicting a recovery in profitability from the second half of 2025 to 2027 [5].

Core Viewpoint - The company reported a 19% year-on-year decline in revenue for 1H25, amounting to HKD 4.97 billion, with a 3% decrease in property leasing income. The basic net profit attributable to shareholders was HKD 1.59 billion, down 9% year-on-year, aligning with expectations [1][2]. Financial Performance - The company declared an interim dividend of HKD 0.12 per share, unchanged from the previous year [1]. - The net debt ratio stood at 33.5%, remaining stable compared to the end of the previous year. Total financial expenses decreased by 7%, with the average borrowing interest rate declining by 0.4 percentage points to 3.9% [2]. Operational Trends - The sales performance of mainland shopping centers showed a significant improvement, with quarterly sales declines reducing from 18% to 1% over four quarters. The rental income from mainland shopping centers remained stable year-on-year, accounting for 56% of total rental income [1]. - The company anticipates continued improvement in sales and rental income for mainland shopping centers, supported by a stable consumer environment and operational adjustments [2]. Future Developments - New projects, such as Hangzhou Henglong Plaza, are progressing as planned, with expectations for office buildings to be completed gradually starting in the second half of 2025 and shopping centers to open in the first half of 2026 [2]. - The company aims to maintain prudent financial discipline and stable shareholder returns, with capital expenditures expected to decline after reaching a peak this year [2]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025-26 and has raised its target price by 11% to HKD 8.9 per share, reflecting an anticipated improvement in mainland shopping center operations and robust financial management [2].

Core Viewpoint - The company demonstrated resilience in its business model despite ongoing market pressures, with a gradual stabilization in property performance [2][3] Financial Performance - For the first half of 2025, the company's revenue was HKD 4.968 billion, a decrease of 19% year-on-year, primarily due to a significant drop in property sales revenue, which fell by 87% to HKD 0.161 billion [3][4] - Overall operating profit decreased by 5% to HKD 3.255 billion [3] - Core property rental income was HKD 4.678 billion, down 3% year-on-year, with a more modest decline compared to the full year of 2024 [4] Property Performance - The rental income from mainland properties was HKD 3.19 billion, a 2% decrease, while rental income from Hong Kong properties was HKD 1.488 billion, down 4% [4] - Shanghai Hang Lung Plaza maintained a rental income of RMB 0.822 billion with a 98% occupancy rate, while Shanghai Port Exchange Hang Lung Plaza saw a slight increase in rental income of 1% year-on-year [4] - Some properties in cities like Wuhan and Shenyang experienced significant revenue declines of 36% and 37% respectively due to local market competition and positioning issues [4][5] Profitability and Debt - The company recorded a net profit attributable to shareholders of HKD 1.587 billion, a 9% decline year-on-year, with basic earnings per share at HKD 0.33 [5] - The net debt-to-equity ratio stood at 33.5%, with expectations for a peak in capital expenditure post-2025 [5] Strategic Developments - The company is focusing on strategic investments in projects such as the second phase of Wuxi Hang Lung Plaza and the Hangzhou Hang Lung Plaza, which is nearing completion [6] - The Hangzhou project is expected to open in mid-2026 with a pre-leasing rate of 81% [6] - A new lease agreement for additional retail space in Hangzhou is anticipated to enhance the project's scale by 40% [7][8]

Core Viewpoint - The performance of Hang Lung Group and Hang Lung Properties for the mid-2025 period can be summarized as "steady progress," with significant declines in total revenue primarily due to reduced property sales [1] Group 1: Financial Performance - Hang Lung Group's total revenue decreased by 18% to HKD 5.202 billion, while Hang Lung Properties' total revenue fell by 19% to HKD 4.968 billion, mainly due to lower property sales [1] - The rental business accounted for 94% of total revenue, with property sales and hotel services each contributing 3% [2] - Shareholders' net profit attributable to the company dropped by 7% to HKD 1.191 billion for Hang Lung Group and by 9% to HKD 1.587 billion for Hang Lung Properties, attributed to rising financial costs [2] Group 2: Rental Business Insights - The rental income from the mainland was HKD 2.941 billion, representing 68% of total rental income, while Hong Kong's rental income was HKD 1.488 billion, accounting for 32% [2] - The rental business saw a slight decline of 3%, with mainland rental income down by 1% and Hong Kong rental income down by 4% [2] - The overall occupancy rate of the company's 10 large shopping malls in the mainland remained at 94%, with over half of the malls experiencing an increase in rental income [2] Group 3: Property Sales and Development - The company reported HKD 161 million in revenue from residential sales, with significant contributions from properties in Hong Kong and Wuhan [4] - The company plans to commence 11 real estate projects across 9 cities in the mainland, with a focus on expanding existing properties [5] - The expansion of Hang Lung Plaza Westlake 66 in Hangzhou has been initiated, increasing the mall's area by 40% [5] Group 4: Strategic Focus - The company aims to maintain high occupancy rates in shopping malls rather than focusing solely on high rental prices, as low occupancy can negatively impact rental income [1] - The company is actively introducing new brands to attract local and mainland consumers to Hong Kong [3] - The company is committed to prudent financial management, with a net debt ratio of 33.5% and a focus on increasing the proportion of RMB loans [4][5]

Core Viewpoint - The performance of Hang Lung Group and Hang Lung Properties in the first half of 2025 is characterized by a decline in total revenue, primarily due to reduced property sales income, with a cautious approach to pricing strategies for residential and commercial properties [2][4]. Financial Performance - Hang Lung Group's total revenue decreased by 18% to HKD 5.202 billion, while Hang Lung Properties' total revenue fell by 19% to HKD 4.968 billion [2]. - The rental business revenue for Hang Lung Properties saw a slight decline of 3%, with rental income accounting for 94% of total revenue [4]. - The company reported a net debt ratio of 33.5%, which increased by 0.1% compared to the end of the previous year [6]. Rental Business Insights - The rental income in mainland China decreased by 1%, while in Hong Kong, it dropped by 4% [4]. - The rental income from retail properties remained stable, while office rental income in mainland China fell by 5% [5]. - The overall rental income in Hong Kong decreased by 4%, with retail rental income down by 7% and office rental income down by 1%, although residential rental income increased by 11% [5]. Strategic Initiatives - The company plans to commence 11 real estate projects across 9 cities in mainland China, with 7 reserve projects in Hong Kong [8]. - The expansion of Hang Lung Plaza Westlake 66 in Hangzhou has been completed and is expected to enhance foot traffic significantly [8]. Debt Management - The average borrowing rate for Hang Lung Properties was approximately 3.9%, down from 4.3% the previous year [6]. - The company secured a HKD 10 billion syndicated loan to extend the average maturity of its loans, with over 70% of its debt having a repayment period of two years or more [7].

Core Viewpoint - Credit Lyonnais reports that Hang Lung Properties (00101) has met expectations for its first-half performance, maintaining its interim dividend despite a decline in luxury goods sales impacting overall tenant sales in the first half of 2025 [1] Group 1: Financial Performance - Hang Lung's tenant sales in mainland China have shown continuous improvement since the fourth quarter of last year, although overall sales are still affected by a decline in luxury goods sales [1] - The target price for Hang Lung has been raised from HKD 5.4 to HKD 7.7, with the net asset value (NAV) discount narrowing from 78% to 67% due to clearer expectations of interest rate cuts by the Federal Reserve and continuous improvement in tenant sales [1] Group 2: Market Sentiment and Future Outlook - The weak market sentiment and normalization of outbound tourism have led Credit Lyonnais to predict a continued decline in luxury goods sales over the next 12 months [1] - Positive catalysts for Hang Lung include potential over-expectation in interest rate cuts by the U.S. Federal Reserve, which could trigger a reassessment of high-yield stocks like Hang Lung [1] - Negative catalysts include weaker-than-expected tenant sales in China, which could lead to profit pressure and impact the ability to maintain absolute dividends and deleverage [1]

该行对恒隆地产转为更乐观，因见到内地租户销售回稳，同比跌幅由今年首季的7%收窄至次季的1%。 管理层指，改善趋势已延续至7月，对下半年持审慎乐观态度，预期销售将持平或轻微增长，改善情况 亦与LVMH等奢侈品牌近期的说法一致。虽然该行不预期会有强劲复苏，但回稳迹象已足以触发首轮重 新评级。加上管理层确认全年股息将维持不变，且无发行可转债计划，两大投资者的疑虑已获缓解。 摩根大通发布研报称，将恒隆地产(00101)评级由"中性"上调至"增持"，目标价由7.5港元升至10港元， 并认为公司的6.5%股息收益率在同行中仍具吸引力，该股最多自高位下跌51%，而同行跌幅为7%，有 追落后的空间。 ...

Core Viewpoint - Morgan Stanley upgraded Hang Lung Properties (00101) from "Neutral" to "Overweight," raising the target price from HKD 7.5 to HKD 10, citing the company's attractive 6.5% dividend yield compared to peers [1] Group 1: Company Performance - The stock has declined by up to 51% from its peak, while peers have only seen a 7% drop, indicating potential for recovery [1] - There is a noticeable improvement in sales from mainland tenants, with the year-on-year decline narrowing from 7% in Q1 to 1% in Q2 [1] - Management expressed cautious optimism for the second half of the year, expecting sales to remain stable or see slight growth, aligning with recent statements from luxury brands like LVMH [1] Group 2: Investor Sentiment - The management confirmed that the annual dividend will remain unchanged and there are no plans for convertible bond issuance, alleviating concerns from two major investors [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Hang Lung Properties (00101) has met performance expectations for the first half of the year, with an unchanged interim dividend. However, overall tenant sales are expected to be impacted by a decline in luxury goods sales until mid-2025 [1] Group 1: Financial Performance - Hang Lung's domestic tenant sales have shown continuous improvement since Q4 of the previous year, but are still affected by the decline in luxury goods sales [1] - Credit Lyonnais has adjusted the target price for Hang Lung from HKD 5.4 to HKD 7.7, narrowing the discount of net asset value (NAV) from 78% to 67% [1] Group 2: Market Outlook - The firm anticipates that luxury goods sales will continue to decline over the next 12 months due to weak market sentiment and normalization of outbound tourism not yet improving [1] - Positive catalysts for Hang Lung include potential unexpected rate cuts by the Federal Reserve, which could trigger a reassessment of high-yield stocks like Hang Lung [1] Group 3: Risks and Challenges - Negative catalysts include the possibility of weaker-than-expected tenant sales in China, which could lead to profit pressure and affect the ability to maintain absolute dividends and deleverage [1] - The company is viewed as a representative of luxury goods sales in China, holding one of the best luxury shopping centers in mainland China [1]