此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的持牌證券 交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的恒隆地產有限公司股份全部售出或轉讓，應立即將本通函及隨 附的選擇表格（如有）送交買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交 易商或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本通函全 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。 在香港境外任何地區收到本通函及╱或選擇表格的海外股東，不得將其視為參與 以股代息安排的邀約，除非本公司可毋須遵照相關司法權區任何登記或其他要求 或手續，合法地向股東作出有關邀約。任何海外股東如欲收取以股代息股份，須 自行承擔責任，遵守一切任何有關司法權區之法律規定，包括獲得任何政府或其 他同意或遵守任何規定及辦理所需手續。因海外股東違反任何相關司法管轄區的 法律而導致或產生與根據以股代息安排收取中期股息及╱或以股代息股份有關的 任何後果，將由相關海外股東獨自承擔。 釋 義 於 ...

Core Viewpoint - UBS's report suggests that the potential spin-off of assets into a private REIT could change investor perceptions of Hang Lung Properties (00101) [1] Group 1: Financial Metrics - The stock's price-to-book (P/B) ratio is only 0.29 times, indicating a significant discount to net asset value (NAV) [1] - Any asset divestiture could help narrow the NAV discount per share [1] Group 2: Debt and Revenue Implications - Potential asset spin-off may assist Hang Lung in reducing its debt burden [1] - Hang Lung could generate ongoing fee income through a private REIT and establish a platform for future capital recovery [1] Group 3: Target Price and Earnings Forecast - UBS raised the target price for Hang Lung Properties by 14%, from HKD 8.4 to HKD 9.6, while maintaining a "Buy" rating [1] - Adjustments to earnings forecasts for the next two years are -4% and +3%, reflecting the latest interim results and the timeline for the completion of the Hangzhou mall [1]

Core Viewpoint - UBS's report suggests that the potential spin-off of assets into a private REIT could change investor perceptions of Hang Lung Properties (00101) [1] Group 1: Financial Metrics - The stock's price-to-book (P/B) ratio is only 0.29 times, indicating a significant discount to net asset value (NAV) [1] - Any asset divestiture could help narrow the NAV discount per share [1] Group 2: Debt and Revenue Generation - Potential asset spin-offs may assist Hang Lung in reducing its liabilities [1] - The company could generate ongoing fee income through a private REIT and maintain a platform for future capital recovery [1] Group 3: Target Price and Earnings Forecast - UBS raised the target price for Hang Lung Properties by 14%, from HKD 8.4 to HKD 9.6, while maintaining a "Buy" rating [1] - Earnings estimates for the next two years have been adjusted by -4% and +3% to reflect the latest interim results and the completion timeline of the Hangzhou mall [1]

Group 1 - UBS's research report suggests that a potential asset spin-off into a private REIT could change investors' perception of Hang Lung Properties [1] - The stock's P/B ratio is only 0.29 times, and any asset divestiture would help narrow the discount to net asset value (NAV) per share [1] - Potential asset spin-offs may assist Hang Lung in reducing its debt [1] Group 2 - Hang Lung can generate fee income through a private REIT and has a platform for future capital recovery [1] - UBS raised the target price for Hang Lung Properties from HKD 8.4 to HKD 9.6, maintaining a "Buy" rating [1] - Earnings estimates for the next two years have been adjusted by -4% and +3% to reflect the latest interim results and the completion timeline of the Hangzhou mall [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].