恒隆 集 團有 限 公司 HANG LUNG GROUP LIMITED (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) (Stock Code 股份代號: 00010) 各位新登記股東： 收取公司通訊語言版本及方式之選擇 隨函附上恒隆集團有限公司（「本公司」）2025 中期報告（英文及中文版），以供閱覽。 根據《香港聯合交易所有限公司證券上市規則》及本公司的組織章程細則，本公司將向 閣下提供下述方案，選擇以下 列方式收取本公司所有日後公司通訊*， 閣下可選擇： 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 ...

Financial Performance - Total revenue for the first half of 2025 was HKD 5.202 billion, a decrease of 18% compared to HKD 6.379 billion in 2024[18]. - Property leasing income decreased by 3% to HKD 4.912 billion, while operating profit from property leasing fell by 4% to HKD 3.499 billion[19]. - Hotel revenue increased by 84% to HKD 1.29 billion, compared to HKD 0.7 billion in 2024[19]. - Total revenue for the six months ended June 30, 2025, decreased by 18% to HKD 5,202 million compared to HKD 6,379 million in 2024[20]. - Property sales plummeted by 87% to HKD 161 million, with Hong Kong sales dropping significantly from HKD 1,203 million to HKD 151 million[20]. - Operating profit decreased by 6% to HKD 3,408 million from HKD 3,613 million in the previous year[20]. - The company recorded a net loss attributable to shareholders of HKD 0.494 billion due to property revaluation losses[14]. - Basic earnings per share decreased by 7% to HKD 0.87, down from HKD 0.94 in 2024[15]. - Net profit for the period was HKD 1,308 million, a decline of 14.3% compared to HKD 1,526 million in 2024[108]. - Basic earnings per share for 2025 was HKD 0.51, down from HKD 0.65 in 2024, representing a decrease of 21.5%[106]. Rental and Occupancy Trends - The rental occupancy rate remained stable at over 90% in mainland China despite a decline in consumer confidence[17]. - The overall rental rate for the property portfolio remained stable at 94%, with a slight increase of 1%[23]. - The flagship Shanghai Hang Lung Plaza maintained a high occupancy rate of 98%, with rental income remaining stable despite an 8% drop in tenant sales[28]. - Shanghai Hong Kong Plaza reported a 1% increase in revenue and a 10% increase in tenant sales, with a high occupancy rate of 99%[29]. - Wuxi Hang Lung Plaza experienced an 8% increase in revenue despite a 4% decline in tenant sales, maintaining a 96% occupancy rate[29]. - Kunming Hang Lung Plaza recorded a 7% revenue growth, while tenant sales slightly decreased by 1%, with occupancy rising to 99%[30]. - Dalian Hang Lung Plaza achieved a 10% increase in revenue and a 13% increase in tenant sales, with a 94% occupancy rate[30]. - Shenyang Royal Hang Lung Plaza saw a 4% increase in revenue and a 10% increase in tenant sales, with occupancy rising by 4 percentage points to 96%[31]. - Wuhan Hang Lung Plaza faced a significant decline, with revenue and tenant sales dropping by 36% and 31% respectively, but occupancy improved by 5 percentage points to 88%[32]. Strategic Initiatives - The company has introduced a new strategy called "Hang Lung V.3," focusing on strategic reinvestment in existing assets to enhance their scale and visibility[9]. - The company is strategically pursuing retail management contracts in certain markets to consolidate its existing position while investing additional capital in others[10]. - The company aims to maintain its leading position in every city where it operates, emphasizing the importance of physical retail in the current market[8]. - The company plans to expand Shanghai Hang Lung Plaza, increasing the leasable area by over 13%, with completion expected in 2026[11]. - A new partnership with Baida Group in Hangzhou is projected to increase leasable floor area by approximately 40% and street-facing area by over 200%[12]. - The company is developing multiple investment projects, including the second phase of Wuxi Hang Lung Plaza and a new co-working space project in Hong Kong[18]. Debt and Financial Management - The net debt-to-equity ratio increased to 31.5% from 30.8% in the previous year[16]. - Total borrowings as of June 30, 2025, were HKD 55,972 million, a decrease from HKD 57,794 million on December 31, 2024, with 42% denominated in RMB[56]. - The average repayment period of the debt portfolio was 3.1 years as of June 30, 2025, compared to 2.9 years on December 31, 2024, with approximately 72% of loans due after two years[59]. - Total financial expenses decreased by 6% to HKD 1,002 million in the first half of 2025, with an average effective borrowing rate reduced to 3.9% from 4.4% in 2024[62]. - The interest coverage ratio for the first six months of 2025 remained stable at 3.2 times, consistent with 2024[64]. Sustainability and Corporate Responsibility - 80% of the properties in the mainland portfolio are now powered by renewable energy, up from 50%, with a target of procuring approximately 320 million kWh of renewable energy by the end of the year[67]. - The company has released a discussion paper on achieving net-zero emissions by 2050, aiming to reduce greenhouse gas emissions from nearly 1 million tons in 2023 to below 100,000 tons[68]. - The "Changemakers Tenant Sustainability Cooperation Program" has attracted 42 tenants, covering over 238,000 square meters, which is 12% of the total leasable area of the group[69]. - The group has donated over RMB 33 million since 2010 to support Tsinghua University's real estate projects and academic research[71]. Governance and Shareholder Information - The board consists of three executive directors, three non-executive directors, and five independent non-executive directors, with independent directors making up approximately 46%[76]. - The company has complied with the Corporate Governance Code as per Appendix C1 of the Listing Rules, exceeding certain requirements in some areas during the six months ending June 30, 2025[79]. - As of June 30, 2025, the company’s major shareholder, Chen Wenbo, holds 551,752,580 shares, representing 40.52% of the issued shares[81]. - The total number of options available for grant under the 2022 Share Option Scheme is 276,275,550 shares, which accounts for approximately 5.5% of the total issued shares of the company[85]. - The company has not made any arrangements for directors to benefit from purchasing shares or debt securities of the company or any other entity during the six months ending June 30, 2025[82]. Market Outlook - The company is actively adjusting its business operations in response to government initiatives aimed at stimulating consumption and tourism[22]. - The group anticipates a moderate improvement in domestic demand due to fiscal expansion and targeted government support measures in the coming months[73]. - The residential market in Hong Kong is showing signs of bottoming out, with confidence in better sales performance as the economy recovers[74].

Core Viewpoint - TCL Technology plans to invest approximately 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line, marking a significant step in advancing China's display industry from a "follower" to a "leader" in the high-generation AMOLED sector [2][6][12]. Investment Details - The total investment for the t8 project is estimated at 29.5 billion yuan, with TCL Huaxing contributing 8.85 billion yuan and the Guangzhou government and state-owned enterprises contributing a total of 5.9 billion yuan [6][12]. - The project aims to establish a production line capable of processing approximately 22,500 glass substrates per month, targeting applications in flat panels, laptops, and monitors [6][9]. Technology and Production - The printed OLED technology utilized in the t8 project is proprietary to TCL Huaxing, which has extensive experience and a significant patent portfolio in the OLED field, holding over 9,700 patents, including more than 1,200 for printed OLED technology [9][10]. - The project is expected to commence construction in November 2025, with a planned construction period of 24 months [7][12]. Market Opportunity - The global AMOLED panel shipment is projected to reach 1.01 billion units in 2024, with an expected increase to over 1.33 billion units by 2030, indicating a growing market for high-end display technologies [12]. - The t8 project is positioned to capitalize on the increasing demand for OLED technology in various applications, including IT and automotive displays, with significant projected growth rates in these sectors [12]. Financial Performance - TCL Huaxing has shown strong financial performance, with a 14.4% year-on-year increase in revenue to 50.43 billion yuan and a 74% increase in net profit to 4.32 billion yuan in the first half of 2025 [13]. - As of June 30, 2025, TCL Huaxing reported total assets of 213.6 billion yuan and net assets of 78.1 billion yuan [13].

Core Viewpoint - TCL Technology plans to invest approximately 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line, marking a significant step in China's display industry to transition from "catching up" to "leading" in OLED technology [1][4]. Investment Details - The total investment for the t8 project is estimated at 29.5 billion yuan, with a monthly processing capacity of about 22,500 glass substrates sized 2290mm × 2620mm [4][10]. - TCL Huaxing will contribute 8.85 billion yuan, while the Guangzhou government and state-owned enterprises will contribute a total of 5.9 billion yuan [5][10]. - The project will be financed through a combination of equity contributions and loans from a banking syndicate [6][10]. Project Timeline and Technology - The construction of the t8 project is planned to commence in November 2025, with a construction period of 24 months [7][10]. - The project will utilize TCL Huaxing's proprietary printed OLED technology, which offers advantages such as high color performance, resolution, material utilization, and lower energy consumption [8][10]. Market Opportunities - The t8 project aims to capitalize on the growing demand for high-end display products, particularly in the context of emerging applications like foldable screens and automotive displays [10]. - According to Omdia, global AMOLED panel shipments are expected to reach 1.01 billion units in 2024, with a projected increase to over 1.33 billion units by 2030 [10]. Financial Performance - TCL Huaxing has shown significant growth, with a 14.4% increase in revenue to 50.43 billion yuan and a 74.0% increase in net profit to 4.32 billion yuan in the first half of 2025 [11][12]. - As of June 30, 2025, TCL Huaxing's total assets were reported at 213.6 billion yuan, with net assets of 78.1 billion yuan [12].

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8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: | 恒隆集團有限公司 | | | 呈交日期: | 2025年9月3日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 恒隆集團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) | 00010 | 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 | | | 1,361,618,242 ...

Group 1: Market Overview - The non-ferrous metal sector showed strong performance, particularly the rare earth permanent magnet segment, with leading stocks Baogang Co. and Northern Rare Earth reaching their daily limit and increasing by 8.45% respectively [1][3] - The overall market saw significant gains, with the Shanghai Composite Index rising by 0.86%, the Shenzhen Component Index by 1.61%, and the ChiNext Index by 2.22% [1] Group 2: Non-Ferrous Metals Sector - The rise in the non-ferrous metals sector is attributed to two main factors: increased expectations for a Federal Reserve rate cut and supportive domestic policies aimed at boosting demand [5] - The recent implementation of a management measure for rare earth mining and separation is expected to sustain upward pressure on rare earth prices, especially with strong demand from the electric vehicle sector [5] Group 3: Computing Power Sector - The computing power sector also experienced significant gains, with leading stocks such as Cambrian, Haiguang Information, and Zhongji Xuchuang showing notable increases [1][5] - NVIDIA's recent launch of the Spectrum-XGS Ethernet is anticipated to enhance AI computing capabilities, potentially transforming distributed data centers into a billion-watt AI super factory [7]

Group 1: Market Performance - The non-ferrous metal sector showed strong performance, with the rare earth permanent magnet sector leading the gains, particularly Baogang Co. and Northern Rare Earth, which saw significant price increases of 9.93% and 8.45% respectively [2][4][6] - The overall market indices also rose, with the Shanghai Composite Index up by 0.86%, Shenzhen Component Index up by 1.61%, and the ChiNext Index up by 2.22% [2] Group 2: Factors Driving Performance - Two main reasons contributed to the rise in the non-ferrous metal sector: increased expectations for a potential interest rate cut by the Federal Reserve and supportive domestic policies aimed at boosting demand [7] - The recent announcement of a management regulation on rare earth mining and smelting is expected to further support rare earth prices, especially with strong demand from the electric vehicle sector [7] Group 3: Strength in Computing Power Sector - The computing power sector also experienced significant gains, with leading stocks such as Cambrian and Zhongji Xuchuang seeing price increases of 5.54% and notable performance from other key players [7][8] - NVIDIA's recent launch of the Spectrum-XGS Ethernet is anticipated to enhance AI computing capabilities, potentially leading to the development of large-scale AI super factories [9][10]

Core Viewpoint - TCL Technology successfully completed a private placement raising 4.359 billion yuan, attracting significant interest from various institutional investors, with a subscription rate of 3.61 times the offering amount [1][4]. Group 1: Fundraising Details - The private placement attracted 43 institutions, including major foreign and domestic investors, with a total subscription amount of 15.727 billion yuan [1][4]. - The final issuance price was set at 4.21 yuan per share, representing a discount of 95% compared to the closing price on August 4, marking the smallest discount for large-scale fundraising projects in 2023 [8]. - The funds raised will be used entirely for acquiring a 21.5311% stake in Shenzhen Huaxing Semiconductor [11]. Group 2: Investor Participation - The final allocation included 16 investors, with notable allocations to UBS (1.025 billion yuan), and E Fund (over 300 million yuan) [2][5]. - Public funds have shown increased participation in private placements, with over 24 public funds participating in such projects this year, achieving an average floating profit of over 20% [3][15]. Group 3: Strategic Implications - Following the acquisition, TCL Technology's stake in Shenzhen Huaxing Semiconductor increased from 62.68% to 84.21%, enhancing control over its G11 production lines [12]. - The acquisition is expected to strengthen TCL's position in the semiconductor display industry, capitalizing on the growing demand for large-size and high-end panels [12]. Group 4: Market Context - The A-share private placement market has seen a resurgence in 2023, with public institutions actively participating and achieving significant floating profits [14][16]. - The trend indicates a shift towards strategic emerging industries, with institutional investors becoming dominant players in the private placement market [16].

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: | 恒隆集團有限公司 | | | | 呈交日期: | 2025年8月6日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 恒隆集團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) | 00010 | 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 - 恒隆集团和恒隆地产在2025年度中期业绩中显示出收入和净利润的显著下降，主要受到物业销售收入减少和财务费用上升的影响 [1][2] Financial Performance - 恒隆集团总收入约为52.02亿港元，同比减少18%；股东应占净利润约为11.91亿港元，同比减少7% [1] - 恒隆地产总收入约为49.68亿港元，同比减少19%；股东应占净利润约为15.87亿港元，同比减少9% [1] - 报告期内，恒隆来自物业销售的收入约为1.61亿港元，同比减少87% [2] Rental Income - 恒隆集团及恒隆地产的总物业租赁收入均同比下降3%，分别为49.12亿港元和46.78亿港元 [2] - 内地物业租赁收入约为33.63亿港元，同比减少3% [4] - 香港物业租赁收入约为15.49亿港元，同比减少4% [9] Dividend Announcement - 恒隆集团董事会宣布派发中期股息每股港币2角1仙，恒隆地产董事会宣布派发中期股息每股港币1角2仙 [2] Market Conditions - 内地办公楼租赁市场持续乏力，整体收入较去年同期下跌 [7] - 上海恒隆广场的甲级办公楼收入跌幅达到77% [7] - 香港零售物业整体租出率维持在93%高位，因市场情绪疲弱，租户销售额微跌2% [10][11] Strategic Insights - 恒隆集团及恒隆地产行政总裁表示，消费者希望在商场中获得更多体验，未来将增加体验机会 [6] - 公司在多城市布局策略继续发挥成效，来自上海以外城市的项目为整体业绩提供支持 [11]