Core Viewpoint - The company is confident in achieving slight growth this year, contingent on the performance in the third and fourth quarters [1] Financial Performance - In the first half of 2025, the company reported total revenue of HKD 52.02 billion, a decrease of 18% compared to HKD 63.79 billion in the same period of 2024 [1] - Overall operating profit was HKD 34.08 billion, down 6% from HKD 36.13 billion year-on-year [1] - Shareholders' basic net profit was HKD 11.91 billion, a decline of 7% from HKD 12.81 billion in 2024 [1] Property Sales - Property sales revenue fell significantly to HKD 1.61 billion, down 87% year-on-year, with mainland property sales at HKD 0.1 billion (down 60%) and Hong Kong property sales at HKD 1.51 billion (down 87%) [1] Hotel Business - The hotel segment showed strong performance with revenue of HKD 1.29 billion, an increase of 84% year-on-year, all derived from mainland operations [1] - The Shenyang Conrad Hotel generated HKD 0.62 billion (down 3%), while the newly opened Kunming Hyatt Hotel achieved HKD 0.57 billion in revenue [1] Rental Income - Rental income remained stable, decreasing only 3% to HKD 49.12 billion, despite a slowdown in consumer and office demand in Hong Kong and mainland China [2] - Shanghai Hang Lung Plaza was the top performer with revenue of HKD 8.22 billion, significantly higher than other locations [2] Office Market Performance - The office rental market faced challenges with declining occupancy rates across several properties, attributed to oversupply [3] - Shanghai Hang Lung Plaza's income dropped 7% due to market pressures, with occupancy falling to 82% [3] Future Developments - The company has signed a 20-year operating lease with Baida Group for the Hangzhou department store, which will increase retail space by 40% [4] - The total value of properties available for lease and sale is HKD 261.37 billion and HKD 81.18 billion, respectively, including various development projects [5] - The Hangzhou project is expected to open in mid-2026, with a pre-leasing rate of 81% [6]

Financial Data and Key Metrics Changes - The core rental business saw a decline of 3%, which was anticipated at the beginning of the year, with hopes for improvement in the second half [7][8] - Overall revenue contribution from property sales and hotel business accounted for 33% of total revenue, down 6% [8] - The Mainland China rental revenue decreased by 1% in renminbi terms, but due to RMB depreciation, it was down by 2% in Hong Kong dollars [9][10] - Hong Kong rental revenue decreased by 4%, with the core rental business representing 94% of total operations [10][11] - Net gearing stood at 33.5%, with a slight increase of 0.1% compared to December [35] Business Line Data and Key Metrics Changes - Rental revenue in Mainland China improved from a decline of 4% in 2024 to a decline of 1% in 2025 [11] - Retail business remained flat compared to a decline of 3% in 2024, with seven out of ten projects showing positive growth [12] - The hotel business was reclassified under property, contributing to the overall revenue decline [10] - New letting increased by 36%, indicating strong demand despite market challenges [17] - The occupancy rate improved from 83% to 88% in certain properties, reflecting effective management strategies [19] Market Data and Key Metrics Changes - The retail landscape in Mainland China has evolved, with athleisure brands performing better than luxury brands [16] - The company is focusing on enhancing customer experience through events and tenant management to adapt to changing consumer behavior [16] - The luxury retail segment saw a decline of 12%, while other segments showed resilience [90] Company Strategy and Development Direction - The company aims to leverage its strengths and adapt to market changes, focusing on customer-centric strategies and enhancing tenant offerings [16][18] - Plans to launch a national program to improve operational efficiency and attract foot traffic in second-tier cities [16] - The company is exploring hybrid models for expansion, particularly in cities where it already has a presence [61] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the stability and potential uplift in the market, with expectations for mild growth in the second half of the year [6][62] - The sentiment in the property sector has stabilized, contributing to improved occupancy and traffic [66] - Management acknowledged the challenges posed by competition and the need for differentiation in the retail space [76] Other Important Information - The company is committed to sustainability, with 80% of projects in Mainland China powered by renewable energy [39] - The company is focusing on maintaining a strong balance sheet and managing finance costs effectively [36][38] Q&A Session Summary Question: Future expansion using high room property models - Management indicated that expansion will only occur when there is demand and synergy with existing projects [60] Question: Tenant sales trend in the next twelve months - Management anticipates a potential improvement from negative sales to mild growth in the second half of the year [62] Question: Reasons for improvement in the second quarter - Factors included improved occupancy, traffic, and external market conditions stabilizing [66] Question: Dividend guidance for the full year - Management intends to maintain a flat dividend, with discussions ongoing regarding future cash dividends [83][84] Question: Potential issuance of convertible bonds - Management is cautious about dilutive instruments and is monitoring the market but does not plan to issue convertible bonds at this time [72][73] Question: Transition progress in specific projects - Management reported improvements in occupancy and traffic, with a focus on enhancing the tenant mix and customer experience [74][75]

Financial Data and Key Metrics Changes - The core rental business revenue decreased by 3%, which was anticipated at the beginning of the year, with hopes for improvement in the second half [8][10] - Overall revenue contribution from property sales and hotel business accounted for 33% of total revenue, down by 6% [9][10] - The net gearing of Hang Lung Properties stood at 33.5%, reflecting a slight increase of 0.1% compared to December [35] Business Line Data and Key Metrics Changes - Rental revenue in Mainland China decreased by 1% in the first half of 2025, an improvement from a 4% decline in 2024 [12][10] - Retail business remained flat compared to a 3% decline in 2024, with seven out of ten projects showing positive revenue growth [13][14] - The office segment continued to face challenges, with a decline of 4% in rental revenue [28][30] Market Data and Key Metrics Changes - Hong Kong's rental revenue saw a decline of 4%, but residential and service apartment rentals improved by 11% [32][30] - The overall sales in Hong Kong decreased by 2%, which is better than the market average decline of 4% [33][32] - The luxury retail segment reported a decline of 12%, while non-luxury sales increased by 8% [97] Company Strategy and Development Direction - The company is focusing on enhancing its retail offerings and tenant management to adapt to the evolving retail landscape [17][19] - A national program is being launched to improve operational efficiency and attract customers in second-tier cities [17] - The company is exploring hybrid models for expansion, particularly in cities where it already has a presence [65] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the stability and potential uplift in the market, particularly in the second half of the year [6][10] - The sentiment in the property sector has stabilized, which may lead to mild growth in tenant sales [66][71] - The company is committed to maintaining its dividend policy, with intentions to return to a cash dividend structure after the Westlake 66 Mall opens [88][89] Other Important Information - The company has increased its focus on renewable energy, with 80% of its projects in Mainland China now powered by renewable sources [41] - The company is actively working on several projects, including the Westlake 66 Mall, which is expected to enhance its market position [44][49] Q&A Session Summary Question: Future expansion using asset-light models - Management indicated that future expansions will depend on demand and synergy with existing projects, emphasizing a holistic approach [64][65] Question: Tenant sales trends in the next twelve months - Management anticipates a potential improvement in tenant sales, moving from a negative trend to mild growth in the second half of the year [66][71] Question: Reasons for improvement in the second quarter - The improvement was attributed to increased occupancy and traffic, along with external factors such as stock market stabilization [70][71] Question: Dividend policy for the full year - Management intends to maintain the current dividend structure, with a focus on not cutting dividends unless absolutely necessary [76][88] Question: Thoughts on issuing convertible bonds - The CFO expressed caution regarding dilutive instruments, noting that the company is not considering issuing convertible bonds at this time [78][79] Question: Progress on transitioning properties - Management reported improvements in occupancy rates and is focused on enhancing the tenant mix to attract customers [79][82]

Financial Performance - Hang Lung Properties (HLP) - HLP's total revenue decreased by 19% YoY to HK$4968 million [8] - Rental revenue decreased by 3% YoY to HK$4678 million [8] - Sales revenue decreased significantly by 87% YoY to HK$161 million [8] - Hotel revenue increased significantly by 84% YoY to HK$129 million [8] - Underlying profit decreased by 9% YoY to HK$1587 million [8] Financial Performance - Hang Lung Group (HLG) - HLG's total revenue decreased by 18% YoY to HK$5202 million [10] - Rental revenue decreased by 3% YoY to HK$4912 million [10] - Sales revenue decreased significantly by 87% YoY to HK$161 million [10] - Hotel revenue increased significantly by 84% YoY to HK$129 million [10] - Underlying profit decreased by 7% YoY to HK$1191 million [10] Mainland China Rental Performance (HLP) - Mainland China rental revenue decreased by 1% YoY to RMB 2941 million [14] - Retail rental revenue in Mainland China remained flat YoY at RMB 2412 million [14, 17] - Office rental revenue in Mainland China decreased by 5% YoY to RMB 528 million [14, 62] Hong Kong Rental Performance (HLP) - Hong Kong rental revenue decreased by 4% YoY to HK$1488 million [12, 65] - Retail rental revenue in Hong Kong decreased by 7% YoY to HK$874 million [65] - Office rental revenue in Hong Kong decreased by 1% YoY to HK$502 million [65] - Residential & serviced apartments rental revenue in Hong Kong increased by 11% YoY to HK$112 million [65]

恒隆集团(00010)发布公告，该公司将于2025年9月24日派发中期股息每股0.21港元。 ...

智通财经APP讯，恒隆集团(00010)发布公告，该公司将于2025年9月24日派发中期股息每股0.21港元。 ...

Group 1: Financial Performance - The company reported a revenue of HKD 5.202 billion for the first half of 2025, representing a year-on-year decrease of 18.45% [1] - Shareholders' net profit was HKD 0.697 billion, down 21.51% compared to the previous year [1] - Earnings per share based on shareholders' net profit stood at HKD 0.51 [1] Group 2: Business Development and Marketing - The company is actively developing investment projects, including the second phase of Wuxi Hang Lung Plaza, Hangzhou Hang Lung Plaza, Shanghai Hang Lung Plaza expansion, and a new co-working space project in Hong Kong called NET WORK [1] - To celebrate its 65th anniversary, the company organized a series of marketing activities nationwide, which successfully increased customer traffic and strengthened customer relationships [1] - The company anticipates that these initiatives will further improve revenue and enhance brand loyalty [1] Group 3: Retail Performance - The overall income from the shopping mall portfolio remained stable, despite a cautious trend in high-end consumer spending [1] - Targeted marketing projects were launched to drive revenue and customer traffic, tailored to the unique preferences of different customer segments [1] - Overall occupancy rates remained high, although certain malls experienced rental income declines due to competitive pricing and promotional efforts from peers [1] Group 4: Office Leasing Market - The office leasing market continues to be weak due to economic uncertainty, with overall income declining by 4% year-on-year to RMB 638 million [2] - The revenue from Shanghai Hang Lung Plaza's Grade A office space saw a significant drop of 77%, attributed to tenant relocations, changing demand patterns, and cost-effectiveness considerations [2] - Despite multiple market pressures, the company successfully maintained high levels of property management services and actively retained quality tenants [2]

Group 1: Financial Performance - The company reported a revenue of HKD 5.202 billion for the first half of 2025, representing a year-on-year decrease of 18.45% [1] - Shareholders' net profit was HKD 697 million, down 21.51% compared to the previous year [1] - Earnings per share based on shareholders' net profit stood at HKD 0.51 [1] Group 2: Business Development Initiatives - The company is actively developing investment projects, including the second phase of Wuxi Hang Lung Plaza, Hangzhou Hang Lung Plaza, Shanghai Hang Lung Plaza expansion, and a new co-working space project in Hong Kong called NET•WORK [1] - To celebrate its 65th anniversary, the company organized a series of marketing activities nationwide, which successfully increased customer traffic and strengthened customer relationships [1] - The company anticipates that these initiatives will further improve revenue and enhance brand loyalty [1] Group 3: Market Conditions and Challenges - The overall income from the shopping mall portfolio remained stable, despite a cautious trend in high-end consumer spending [1] - Targeted marketing projects were launched to attract different customer segments, resulting in revenue growth for most shopping malls, except for Tianjin, Wuhan, and Shenyang Hang Lung Plazas, which experienced rental declines due to competitive pricing and promotional efforts from peers [1] - The office leasing market continues to struggle due to economic uncertainty, with overall income declining by 4% to RMB 638 million, primarily affected by a 77% drop in income from Shanghai Hang Lung Plaza's Grade A office space [2] - The decline in Grade A office income is attributed to tenant relocations, changes in demand patterns, and cost-effectiveness considerations [2] - Despite multiple market pressures, the company has maintained high levels of property management services and actively retained quality tenants [2]

Core Viewpoint - Hang Lung Group reported a significant decline in total revenue for the first half of 2025, primarily driven by a sharp drop in property sales revenue [1] Financial Performance - Total revenue decreased by 18% year-on-year to HKD 5.202 billion, mainly due to a 87% drop in property sales revenue to HKD 161 million [1] - Overall operating profit fell by 6% to HKD 3.408 billion [1] - Rental income and operating profit from property leasing declined by 3% and 4% respectively, reaching HKD 4.912 billion and HKD 3.499 billion, attributed to ongoing slow demand in Hong Kong and mainland office spaces [1] Hotel Operations - Hotel portfolio revenue increased by 84% to HKD 129 million, although operating losses, including asset depreciation, widened to HKD 34 million [1] Shareholder Earnings - Basic net profit attributable to shareholders decreased by 7% to HKD 1.191 billion, primarily due to lower leasing operating profit and increased financial expenses [1] - Basic earnings per share fell to HKD 0.87 [1] - After accounting for a net revaluation loss of HKD 494 million on properties attributable to shareholders, the group recorded a net profit attributable to shareholders of HKD 697 million, with corresponding earnings per share of HKD 0.51 [1]

Core Viewpoint - Hang Lung Group (00010.HK) reported a significant decline in total revenue for the first half of 2025, primarily driven by a sharp drop in property sales revenue, indicating ongoing challenges in the real estate market [1] Financial Performance - Total revenue decreased by 18% year-on-year to HKD 5.202 billion, mainly due to property sales revenue falling by 87% to HKD 161 million [1] - Overall operating profit reduced by 6% to HKD 3.408 billion [1] - Rental income and operating profit from property leasing declined by 3% and 4% respectively, reaching HKD 4.912 billion and HKD 3.499 billion, attributed to weakened demand in Hong Kong and mainland China [1] Hotel Operations - Hotel portfolio revenue increased by 84% to HKD 129 million, although operating losses, including asset depreciation, widened to HKD 34 million [1] Shareholder Returns - Basic earnings attributable to shareholders fell by 7% to HKD 1.191 billion, primarily due to decreased rental operating profit and increased financial expenses [1] - Basic earnings per share decreased to HKD 0.87 [1] - After accounting for a net revaluation loss of HKD 494 million on properties (compared to HKD 393 million in 2024), the group recorded a net profit attributable to shareholders of HKD 697 million, with earnings per share of HKD 0.51 [1] Dividend Announcement - The board announced an interim dividend of HKD 0.21 per share for the 2025 fiscal year, consistent with the previous year [1] - The interim dividend is set to be distributed on September 24, 2025, to shareholders listed on the register as of August 15, 2025 [1]