智通财经APP讯，恒隆地产(00101)发布2025年度全年业绩，恒隆地产总收入为99.50亿港元，较去年下 跌11%，主要因为物业销售收入下降83%至2.64亿港元。整体营业溢利上升1%至65.27亿港元。受内地办 公楼租赁市场持续疲弱及香港经济复苏较预期慢影响，物业租赁收入及营业溢利同步下跌1%，至93.89 亿港元及66.63亿港元。酒店物业组合扩展规模，带动相关收入上升57%至2.97亿港元，营业亏损计及资 产折旧后收窄46%至3,400万港元。 计及13.96亿港元股东应占物业之净重估亏损(2024年：9.42亿港元)后，恒隆地产录得股东应占纯利18.06 亿港元(2024年：21.53亿港元)，相应每股盈利为0.37港元(2024年：0.46港元)。 股东应占基本纯利上升3%至32.02亿港元。物业销售亏损收窄足以抵销物业租赁营业溢利下跌，以及资 本化利息减少导致财务费用上升所带来的影响。每股基本盈利为0.65港元。拟派末期息每股0.40港元。 公司继续致力开发有利长远发展目标项目，透过"恒隆V.3"策略，于主要城市拓展业务版图、提升顾客 体验，以及严格挑选具资本效益项目进行再投资，从而加强业务规 ...

截至2025年12月31日止年度，恒隆地产总收入为港币99.50亿元，较去年下跌11%，主要因为物业销售 收入下降83%至港币2.64亿元。整体营业溢利上升1%至港币65.27亿元。受内地办公楼租赁市场持续疲 弱及香港经济复苏较预期慢影响，物业租赁收入及营业溢利同步下跌1%，至港币93.89亿元及港币66.63 亿元。酒店物业组合扩展规模，带动相关收入上升57%至港币2.97亿元，营业亏损计及资产折旧後收窄 46%至港币3,400万元。 股东应占基本纯利上升3%至港币32.02亿元。物业销售亏损收窄足以抵销物业租赁营业溢利下跌，以及 资本化利息减少导致财务费用上升所带来的影响。 格隆汇1月30日丨恒隆地产(00101.HK)公布2025年度全年业绩，2025年度，公司收入总额99.50亿港元， 同比减少11.49%；股东应占基本纯利32.02亿港元，同比增长3.46%；股东应占纯利18.06亿港元，同比 减少16.12%，基本每股盈利0.37港元，拟派末期息每股0.40港元。 ...

EF003 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（可選擇以股份代替）公告 | | 發行人名稱 | 恒隆地產有限公司 | | 股份代號 | 00101 | | 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2025年12月31日止年度之末期股息 | | 公告日期 | 2026年1月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 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 0.4 HKD | | 股東批准日期 | 2026年4月30日 | | 預設選項 | 現金 | | 代息股份信息 | | | 現金股息轉換為代息股份的價格 | 有待公佈 | | 寄 ...

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布的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公布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。 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED ﹙於香港註冊成立之有限公司﹚ ﹙股份代號︰00101﹚ 2025 年度全年業績 2025 年度全年業績 目錄 | | 頁 | | --- | --- | | 財務摘要 | 1 | | 業務回顧 | 2 | | 綜合財務報表 | 27 | | 綜合財務報表附註 | 30 | | 其他資料 | 41 | | 詞彙 | 43 | 2025 年度全年業績 財務摘要 業績 | | | 2025（港幣百萬元） | | | | 2024（港幣百萬元） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 物業 | | 物業 | | 物業 | | 物業 | | | | 租賃 | 酒店 | 銷售 | 總額 | 租賃 | 酒店 | 銷售 | 總額 | | 收入 | 9,3 ...

汇丰研究发布研报称，随着恒隆地产购物中心业务表现改善，加上新的轻资产扩张策略，其盈利前景及 股息确定性有望增强，为股价带来支持。恒隆地产将于月30日公布2025年度业绩，汇丰预期，撇除物业 销售因素，公司2025年盈利将大致按年持平，较之前一年下跌25%明显改善。该行指出，旗下商场租户 销售额正逐步回升，尤其两个上海商场表现稳健，加上香港商场业务呈现企稳迹象，均有利推动2026年 盈利增长。 汇丰预期，恒隆地产中国内地商场的租户销售额在第四季度将维持第三季度按年增长10%的势头。从历 峰集团及Burberry等高端零售商近期业绩可见类似趋势。香港零售销售额亦于2025年11月录得连续第七 个月增长，按年上升6.5%，料支持公司香港本地零售业务回稳。改善中的租户销售表现，预计将逐步 转化为2026年的盈利增长。 恒隆地产(00101)涨超3%，截至发稿，涨2.85%，报9.37港元，成交额8254.87万港元。 ...

汇丰研究发布研报称，随着恒隆地产购物中心业务表现改善，加上新的轻资产扩张策略，其盈利前景及 股息确定性有望增强，为股价带来支持。恒隆地产将于月30日公布2025年度业绩，汇丰预期，撇除物业 销售因素，公司2025年盈利将大致按年持平，较之前一年下跌25%明显改善。该行指出，旗下商场租户 销售额正逐步回升，尤其两个上海商场表现稳健，加上香港商场业务呈现企稳迹象，均有利推动2026年 盈利增长。 汇丰预期，恒隆地产中国内地商场的租户销售额在第四季度将维持第三季度按年增长10%的势头。从历 峰集团及Burberry等高端零售商近期业绩可见类似趋势。香港零售销售额亦于2025年11月录得连续第七 个月增长，按年上升6.5%，料支持公司香港本地零售业务回稳。改善中的租户销售表现，预计将逐步 转化为2026年的盈利增长。 智通财经APP获悉，恒隆地产(00101)涨超3%，截至发稿，涨2.85%，报9.37港元，成交额8254.87万港 元。 ...

Core Viewpoint - Morgan Stanley believes that the market has priced in the stable recovery of the Hong Kong property market over the next two years, as several Hong Kong real estate stocks have reached or are close to historical highs [1] Group 1: Market Analysis - The potential upside for rental stocks is greater, as improvements in their commercial real estate businesses have not yet been fully reflected in stock prices, with most stock prices still over 30% lower than their peaks [1] Group 2: Stock Recommendations - The preferred stocks are Hang Lung Properties and Swire Properties, due to the continuous improvement in their retail businesses in mainland China [1] - Kowloon Development could become a dark horse if management expresses a more positive outlook on tenant sales during the earnings release in March [1] - Among developers, the preference is for Sino Land and Henderson Land, but the overall recommendation is to wait for a better entry point [1]

Core Viewpoint - CICC forecasts that the retail sales growth of Hang Lung Properties (00101) in mainland China will continue to recover throughout the year, leading to a narrowing of the decline in property leasing income, which fell by 3% year-on-year in the interim [1] Group 1: Financial Performance - The expected year-on-year decline in basic net profit attributable to shareholders for the full year is projected to narrow to 4%, compared to a 9% decline in the interim [1] - The total annual dividend per share is expected to be 52 Hong Kong cents, consistent with 2024, with 12 Hong Kong cents already distributed in the interim [1] Group 2: Target Price and Ratings - CICC maintains a "outperform" rating for the group and raises the target price by 10% to HKD 10.4, reflecting a 17 times price-to-earnings ratio for 2026, a 5% dividend yield, and a 10% upside potential [1] Group 3: Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been reduced by 3% and 4% to HKD 2.97 billion and HKD 3.04 billion, respectively, reflecting a 4% year-on-year decline and a 2% increase [1] - The introduction of the 2027 profit forecast is set at HKD 3.04 billion, remaining flat compared to 2026 [1] Group 4: Future Performance Outlook - If considering the adjusted capitalized interest for property leasing basic net profit, the company's operating performance and dividend capacity are expected to continue to recover at a single-digit percentage annual rate starting from 2026 [1]

Core Viewpoint - CICC forecasts that the retail sales growth of Hang Lung Properties (00101) in mainland China will continue to recover throughout the year, leading to a narrowing of the decline in property leasing income, which fell by 3% year-on-year in the interim [1] Group 1: Financial Performance - The expected year-on-year decline in basic net profit attributable to shareholders for the full year is projected to narrow to 4%, compared to a 9% decline in the interim [1] - CICC has adjusted the target price upward by 10% to HKD 10.4, reflecting a 17 times price-to-earnings ratio for 2026 and a 5% dividend yield, indicating a 10% upside potential [1] - The forecasts for basic net profit attributable to shareholders for 2025 and 2026 have been reduced by 3% and 4% to HKD 2.97 billion and HKD 3.04 billion, respectively, reflecting a 4% year-on-year decline and a 2% increase [1] Group 2: Dividend and Capitalization - The company is expected to declare a total annual dividend of HKD 0.52 per share, maintaining the same level as in 2024, with HKD 0.12 already distributed in the interim [1] - If considering the adjusted capitalized interest for property leasing basic net profit, the company's operating performance and dividend capacity are expected to continue to recover at a single-digit percentage annual rate starting from 2026 [1]

Core Viewpoint - CICC forecasts that the retail sales growth of Hang Lung Properties' mainland shopping malls will continue to recover throughout the year, leading to a narrowing of the decline in property leasing income, which is expected to decrease by 3% year-on-year in the mid-term [1] Group 1: Financial Performance - The expected year-on-year decline in the basic net profit attributable to shareholders is projected to narrow to 4% for the full year, compared to a 9% decline in the mid-term [1] - The total expected dividend per share for the year is 52 Hong Kong cents, with an interim dividend of 12 Hong Kong cents already distributed, maintaining the same level for 2024 [1] Group 2: Market Outlook - CICC maintains a "outperform the industry" rating for the group and raises the target price by 10% to HKD 10.4, reflecting a 17 times price-to-earnings ratio for 2026, a 5% dividend yield, and a 10% upside potential [1] - The adjustments in the target price primarily reflect changes in market risk appetite [1]