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 | | | | 5,056,646,442 | | 0 | | 5,056,646,442 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 5,056,646,442 | | 0 | | 5,056,646,442 | 第 2 頁 共 10 頁 v 1.1.1 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12月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交 ...

董事會召開日期 恒隆地產有限公司（「本公司」）謹定於2026年1月30日（星期五）舉行董事會會議， 藉以批准（其中包括）本公司及其附屬公司截至2025年12月31日止年度之全年業 績，以及考慮派發末期股息之建議（如適用）。 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） 香港，2026年1月2日 於本公布日期，本公司董事會包括： 執行董事： 陳文博先生、盧韋柏先生及趙家駒先生 非執行董事： 韋安祖先生 獨立非執行董事： 袁偉良先生、陳南祿先生、陳嘉正博士、馮婉眉女士及李天芳女士 承董事會命 公司秘書 馬婉華 ...

Group 1 - The core announcement is that Weber Lu, the CEO of Hang Lung Group, will retire by August 31, 2026, and the board is currently conducting a search for his successor [1][6] - Lu has been with Hang Lung since May 2018 and previously held significant positions at Procter & Gamble, Coca-Cola, and Citigroup, where he served for 18 years [3] - Lu currently holds 1,128,542 shares of Hang Lung Properties, representing 0.02% of the total issued shares, and 460,000 shares of Hang Lung Group, representing 0.03% of the total issued shares [5] Group 2 - Under the leadership of Chen Wenbo, who took over as chairman in April 2024, the company is transitioning from "heavy asset expansion" to "stock optimization" as part of the "Hang Lung V.3" strategy [6] - Lu expressed gratitude for the support from the board and highlighted the achievements during his tenure, including strengthening the brand and launching significant strategies [6] - The company has faced challenges due to the adjustment in the Chinese real estate market and a decline in luxury consumption, with rental income from mainland properties dropping by 2% to HKD 3.199 billion in the first half of 2025 [7]

Core Viewpoint - The retirement of CEO Lu Weibao from Hang Lung Group and Hang Lung Properties is seen as an unexpected event, but it is not expected to significantly impact the company's operations as major decisions will still be made by the family [1] Company Summary - Hang Lung Properties' stock rebounded over 3%, with a current price of HKD 8.98 and a trading volume of HKD 63.088 million [1] - Following the announcement of Lu Weibao's retirement, the stock price initially dropped by 2.9%, but analysts view this as a good buying opportunity [1] - The company's positive outlook is supported by improved sales from mainland tenants, driven by stable luxury retail sales, and new growth from light asset leasing in cities like Hangzhou, Wuxi, and Shanghai [1] - Hang Lung Properties offers a high certainty dividend yield of 6%, which is considered not demanding [1]

Core Viewpoint - Hang Lung Properties (00101) experienced a rebound of over 3%, closing at HKD 8.98 with a trading volume of HKD 63.088 million, following the announcement of CEO Richard Lu's retirement by August 31, 2026, which was unexpected but deemed to have minimal operational impact on the company [1][1][1] Group 1 - The announcement of Richard Lu's retirement led to a 2.9% drop in Hang Lung Properties' stock price, but it is considered a good buying opportunity as it does not alter the bank's "overweight" view on the company [1][1][1] - The bank's positive outlook is supported by improved sales from mainland tenants due to stabilizing luxury retail sales, new growth drivers from light-asset leasing in Hangzhou, Wuxi, and Shanghai, and a high certainty 6% dividend yield with low demands [1][1][1]

公告发布后，恒隆地产股价下跌，但该行认为这是一个良好的买入时机，因为行政总裁退休并未改变该 行对恒隆地产的"增持"观点。该观点基于：内地租户销售额改善(得益于奢侈品零售销售趋于稳定)；来 自轻资产营运租赁(杭州/无锡/上海)的新增长动力；以及具高确定性且要求不高的6%股息收益率。该行 对其目标价为10港元。 摩根大通发表报告，指恒隆地产行政总裁卢韦柏退休，对该行而言是一个意外，因为公司在宣布行政总 裁退休前并未确定继任者，且卢韦柏现年54岁，早于通常的退休年龄。目前，该行认为这对恒隆地产的 营运影响甚微，因为主要决策(例如策略与股息)仍由家族作出；恒隆地产目前没有任何依赖卢韦柏执行 的重大举措或战略转向。 ...

恒隆地产(00101)午后走低，现跌超3%领跌蓝筹。截至发稿，跌3.02%，报8.67港元，成交额8060.36万 港元。 消息面上，今日午间，恒隆集团、恒隆地产联合公告宣布卢韦柏将于2026年8月31日或之前荣休，并不 再担任集团行政总裁及执行董事的职位。董事会正在进行全面的甄选，以物色卢先生的继任人，而卢韦 柏将协助并促进领导层顺利交接。卢韦柏确认彼与董事会并无任何意见分歧，亦不知悉任何关于彼退休 的事宜须提请集团股东注意。 ...

消息面上，今日午间，恒隆集团、恒隆地产联合公告宣布卢韦柏将于2026年8月31日或之前荣休，并不 再担任集团行政总裁及执行董事的职位。董事会正在进行全面的甄选，以物色卢先生的继任人，而卢韦 柏将协助并促进领导层顺利交接。卢韦柏确认彼与董事会并无任何意见分歧，亦不知悉任何关于彼退休 的事宜须提请集团股东注意。 智通财经APP获悉，恒隆地产(00101)午后走低，现跌超3%领跌蓝筹。截至发稿，跌3.02%，报8.67港 元，成交额8060.36万港元。 ...

Company Overview - The company announced a 20-year operational lease agreement for the Shanghai Nanjing West Road 1038 commercial project (formerly Meilong Town Plaza) with Shanghai Jiubai on December 12 [1] - The project is part of the "V.3" strategy, focusing on light asset expansion in key areas of the Yangtze River Delta [1] Strategic Insights - The V.3 strategy prioritizes the expansion of core projects in the Yangtze River Delta, with initial projects located in Shanghai, Wuxi, and Hangzhou [1] - The cities involved have significant consumer capacity and potential for multiple brand placements, enhancing the company's competitive advantage in these markets [1] Project Details - The company will consider a mix of luxury and experiential brands for the new project, based on the existing project conditions [1] - The three projects have a total capital expenditure of approximately 1.6 billion yuan, with around 1 billion yuan attributable to the company, primarily for soft decoration costs [2] Financial Structure - The Hangzhou project is fully owned by the company, while the Shanghai and Wuxi projects are joint ventures with a 60% stake, not consolidated due to technical reasons [2] - The lease agreements for all three projects are set for 20 years, with the company potentially having a priority renewal right [2] Cost Management - The company maintains strict control over initial costs, with fixed rent being the primary cost structure, and no rent payments required during the renovation period before project delivery [2] - The management team will be shared with existing projects to reduce marginal management costs [2] Profitability Forecast - The company expects a payback period of under 10 years for the three projects, with an internal rate of return (IRR) projected to reach double digits [2] - Financial contributions from these projects are anticipated to begin between 2028 and 2030 [2] Valuation and Ratings - The company maintains its earnings forecast and continues to rate as outperforming the industry, with a target price of HKD 9.46 per share, corresponding to a 15x core P/E for 2025 and a 5.5% dividend yield [2] - The current trading valuation is at 14.6x core P/E for 2025, with a 5.8% dividend yield [3]

Core Viewpoint - Hang Lung Properties (00101.HK) announced that CEO and Executive Director, Mr. Weber Lo, will retire on or before August 31, 2026, and will no longer hold his positions [1] Group 1 - The board is conducting a comprehensive search for Mr. Lo's successor [1] - Mr. Lo will assist in facilitating a smooth leadership transition [1]