本公司謹訂於 2025 年 4 月 30 日（星期三）上午 11 時正假座香港金鐘道 88 號太古廣場港麗酒店大堂 低座港麗大禮堂召開股東周年大會。 個人識別號碼 (列印於本信函英文版) 各位股東： 恒隆集團有限公司（「本公司」） 恒隆集團有限公司 HANG LUNG GROUP LIMITED （於香港註冊成立之有限公司） （股份代號﹕00010） - 2025 年股東周年大會（「股東周年大會」） 倘股東就股東周年大會有任何疑問，請聯絡以下本公司之股票過戶及登記處香港中央證券登記有 限公司： 香港中央證券登記有限公司 香港灣仔皇后大道東183號 合和中心17M樓 電話： +852 2862 8555 傳真： +852 2865 0990 網頁： www.computershare.com/hk/contact 代表 恒隆集團有限公司 公司秘書 馬婉華 謹啟 2025 年 3 月 21 日 請登入網上直播連結，並輸入以下獨有之指定使用者名稱及密碼以登入網上直播： 使用者名稱: 列印於本信函（英文版）右上角條碼下方，以字母「C」為首之 閣下之十位數字股東參考 編號 密碼： 列印於股東參考編號下之五位數字個人識別 ...

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文件的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示，概不對因本文件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。 茲通告恒隆集團有限公司（「本公司」）訂於2025年4月30日（星期三）上午11時正假座香港金 鐘道88號太古廣場港麗酒店大堂低座港麗大禮堂召開股東周年大會（「股東周年大會」）， 目的為討論下列事項： 考慮並酌情通過下列決議案為普通決議案： - 1 - 1. 省覽截至2024年12月31日止年度之已審核財務報表及董事會與獨立核數師報告； 2. 宣派末期股息； 3. 重選本公司之董事會（「董事會」）之退任董事及授權董事會釐定董事袍金；及 4. 續聘畢馬威會計師事務所為核數師及授權董事會釐定核數師酬金。 5. 「動議： (a) 在下文(b)段之規限下，全面及無條件批准董事會於有關期間（定義見下文）內行 使本公司之一切權力回購本公司股份； (b) 根據上文(a)段之批准，本公司於香港聯合交易所有限公司（「聯交所」），或於證 券及期貨事務監察委員會以及聯交所根據股份回購守則所承認之任何其他證券 交易所，可回購之本公 ...

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集團有限公司股份全部售出或轉讓，應立即將本通函及隨 附之代表委任書送交買方或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商 或其他代理商，以便轉交買方或承讓人。 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，概不對因本通函全部 或任何部分內容而產生或因倚賴該等內容引致的任何損失承擔任何責任。 建議重選退任董事、 發行及回購股份之一般性授權 及 股東周年大會通告 恒隆集團有限公司謹訂於 2025年 4月 30日（星期三）上午 11時正假座香港金鐘道 88 號太古廣場港麗酒店大堂低座港麗大禮堂召開股東周年大會，召開股東周年大會 通告載於本通函第 10至 14頁。 不論 閣下能否出席股東周年大會，務請儘快按隨附之代表委任書上印列之指示 填妥，並於股東周年大會（或其任何續會）指定舉行時間不少於 48小時前交回本公 司之股票過戶及登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道 ...

2024 可持續發展報告 目錄 恒隆集團有限公司 股份代號：00010 www.hanglung.com www.hanglung.com/sustainability © 恒隆集團有限公司 2025 本報告之中英文版本如有任何歧義，概以英文版本 為準。 4 報告簡介 5 關於恒隆集團 6 董事長寄語 8 行政總裁寄語 10 2024 年亮點 15 我們的可持續發展方針 39 應對氣候變化 67 資源管理 87 福祉 109 可持續交易 138 附錄 1 – 主要可持續發展趨勢 146 附錄 2 – 組織、約章及外部認可 154 附錄 3 – 可持續發展目標、指標及關鍵績效 指標 161 附錄 4 – 可持續建築認證列表 165 附錄 5 – 可持續發展表現列表 185 附錄 6 – 獨立保證意見聲明書 187 附錄 7 – 獨立執業會計師就綠色債券和綠色貸 款發出的有限保證鑒證報告 191 附錄 8 – 報告內容索引 註冊辦事處： 香港中環德輔道中 4 號渣打銀行大廈 28 樓 +852 2879 0111 Sustainability@HangLung.com 引言 引言 我們的可持續發展策略 應對氣候變 ...

Financial Performance - Total revenue for 2024 was HKD 11,760 million, a decrease of 8.5% from HKD 10,881 million in 2023[9]. - Rental income from properties was HKD 10,033 million, down 6% from HKD 10,725 million in 2023[12]. - The company recorded a basic earnings per share of HKD 1.71, a decline of 20.5% from HKD 2.15 in 2023[10]. - Shareholders' attributable basic leasing profit decreased by 14% to HKD 2.53 billion, and net profit attributable to shareholders after property portfolio revaluation decreased by 43% to HKD 1.61 billion[28]. - The Group recorded a net revaluation loss of HKD 714 million, compared to a net revaluation loss of HKD 120 million in 2023, resulting in a total net profit attributable to shareholders of HKD 16.13 billion, down 43% from HKD 28.11 billion in 2023[198]. - Basic earnings per share decreased to HKD 1.18, down from HKD 2.06 in 2023[198]. - The Group's overall operating profit decreased by 12% to HKD 6.83 billion, down from HKD 7.79 billion in 2023[199]. - The decline in rental income and operating profit was attributed to a weak retail and office leasing market in both mainland China and Hong Kong[198]. Shareholder Returns - The dividend per share remained unchanged at HKD 0.86 for both 2024 and 2023[10]. - The board proposed a final dividend of HKD 0.65 per share, maintaining the same level as in 2023, resulting in a total annual dividend of HKD 0.86 per share for 2024[200]. - The company plans to maintain a total dividend of HKD 0.86 per share for the year ending December 31, 2024, subject to shareholder approval[28]. Market Challenges - The company anticipates challenges in the operating environment, marking the first decline in rental income from mainland China in 24 years[27]. - The current market sentiment is influenced by weak real estate prices, rising unemployment, and a sluggish stock market, creating a difficult retail environment[38]. - The company is facing challenges from various fronts, including financing, leasing, and marketing, necessitating resilience and adaptability in operations[40]. - The retail environment in China is increasingly competitive, with a zero-sum growth scenario where sales increases in one mall lead to declines in another, particularly in saturated luxury markets[37]. - The company observed that consumer confidence has dropped to recent lows, with no clear signs of improvement in the market[32]. Property Development and Expansion - The newly opened Kunming Hotel in August 2024 reflects the company's commitment to excellence and world-class living spaces[4]. - The company has diversified its property portfolio across nine mainland cities, including Shanghai and Wuhan[6]. - The expansion of Shanghai Hang Lung Plaza will add 13% more retail space, enhancing customer experience and positioning it as a luxury destination[48]. - The company is expanding its hotel portfolio, with the Kunming Junyue Hotel set to open in August 2024, alongside several other hotel projects in the coming years[188]. - The company plans to enhance its luxury residential brand series and promote completed properties effectively[179]. Retail Performance - Retail sales in Shanghai's malls saw a significant decline of approximately 20%, while overall high-end mall sales decreased by a more moderate 15%[33]. - The company noted that luxury brand tenants are significantly impacted, with sales rents based on tenant sales revenue decreasing[29]. - The luxury retail sector is experiencing aggressive price competition, with some brands resorting to discounts of around 20% to attract consumers[37]. - The company is focusing on optimizing tenant mix in the retail sector, particularly in jewelry, beauty, and dining, to counteract market competition[148]. - The retail occupancy rate at Kunming Hang Lung Plaza is 98%, while the office occupancy rate stands at 86%[128]. Future Outlook - The company aims for a single-digit growth target for rental income in 2025, reflecting a cautious outlook amidst ongoing market challenges[39]. - The company anticipates cautious investment attitudes from retail brands in the coming year despite government stimulus measures improving market sentiment[87]. - The company aims to leverage government upgrades to enhance shopping experiences and attract potential tenants in Shenyang[98]. - The company plans to further optimize its brand mix in Tianjin to enhance competitiveness and attract more foot traffic[118]. - The company aims to provide more value to tenants by increasing sales and foot traffic as a primary strategy for 2025[37]. Sustainability Initiatives - The company aims to achieve net-zero greenhouse gas emissions by 2050, with specific targets set for 2025[7]. - Jinan IFC is the first commercial property in Shandong province to achieve net zero carbon emissions in annual electricity consumption for both owners and tenants, fully utilizing renewable energy since January 1, 2023[56].

EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公布日期，恒隆集團有限公司之董事會包括： | | | 執行董事： | | | 陳文博先生 | | | 盧韋柏先生 | | | 趙家駒先生 | | | 非執行董事： | | | 陳樂宗先生 | | | 張家騏先生 | | | 陳仰宗先生 | | | 獨立非執行董事： | | | 葉錫安先生 | | | 廖柏偉教授 | | | 徐立之教授 | | | 廖長江先生 | | | 陳秀梅女士 | | 免責聲明 第 2 頁 共 2 頁 v 1.1.1 | 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。 | 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 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 恒隆集團有限公司 | | 股份代號 | 00 ...

Financial Performance - Total revenue for the year 2024 increased by 8% to HKD 11,760 million compared to HKD 10,881 million in 2023[5] - Operating profit decreased by 12% to HKD 6,826 million, down from HKD 7,794 million in the previous year[5] - Basic earnings attributable to shareholders fell by 21% to HKD 2,327 million, with basic earnings per share dropping to HKD 1.71 from HKD 2.15[5] - Net profit for the year was HKD 2,836 million, a decline of 42.3% compared to HKD 4,915 million in 2023[88] - Total comprehensive income for the year was HKD 618 million, significantly lower than HKD 3,148 million in 2023, a drop of 80.4%[88] - Basic earnings per share decreased to HKD 1.18, down from HKD 2.06 in 2023, representing a 42.7% decline[86] - Shareholders' attributable profit for 2024 was HKD 1,613 million, a decrease of 42.5% from HKD 2,811 million in 2023[110] Rental Income and Property Performance - Rental income from properties declined by 6% to HKD 10,033 million, with a 9% drop in Hong Kong rental income[10] - The company reported a 5% decline in rental income from mainland properties, attributed to economic weakness and geopolitical tensions[10] - Total rental income decreased by 4% to RMB 6,252 million, with a 6% decline in operating profit[13] - High-end mall revenue fell by 4%, with notable declines in flagship locations such as Shanghai Hang Lung Plaza (-6%) and Shenyang City Government Hang Lung Plaza (-16%) due to weakened consumer confidence[16][17][18] - Office rental income decreased by 6% to RMB 1,320 million, attributed to increased market supply and cost control measures by tenants[22] - Overall rental income in Hong Kong dollar terms fell by 5% due to RMB depreciation[13] Property Valuation and Revaluation Losses - The net revaluation loss attributable to shareholders was HKD 714 million, compared to a loss of HKD 120 million in 2023[5] - The company recorded a property revaluation loss of HKD 1.197 billion, compared to a loss of HKD 62 million in 2023[41] - The mainland property portfolio experienced a revaluation loss of HKD 851 million, down from a gain of HKD 260 million in 2023, representing less than 1% of the property portfolio value as of December 31, 2023[41] - The Hong Kong property portfolio recorded a revaluation loss of HKD 346 million, compared to a loss of HKD 322 million in 2023, also reflecting a decline of less than 1% from the property portfolio value as of December 31, 2023[41] Debt and Financial Position - The net debt to equity ratio increased to 30.8% from 28.6% in the previous year[4] - The total borrowings amount to HKD 57.794 billion as of December 31, 2024, compared to HKD 50.693 billion as of December 31, 2023[55] - The debt composition includes 64% in HKD and 36% in RMB, with fixed-rate debt accounting for 41% of total debt as of December 31, 2024[56] - The average repayment period of the overall debt portfolio is 2.9 years, with approximately 65% of loans due for repayment after two years[59] - Total financial costs increased by 7% to HKD 2.130 billion, maintaining an average effective borrowing rate of 4.3%[63] - The interest coverage ratio for 2024 was 3.0 times, down from 3.8 times in 2023[65] Cash Flow and Assets - The total cash and bank deposits balance as of December 31, 2024, is HKD 10.817 billion, up from HKD 6.343 billion in 2023[52] - Non-current assets totaled HKD 207,430 million, slightly up from HKD 207,424 million in 2023[90] - Total liabilities increased to HKD 63,414 million, compared to HKD 61,457 million in 2023, marking a 3.2% rise[90] - The company's net asset value decreased to HKD 152,688 million from HKD 154,916 million in 2023, a decline of 1.5%[90] Dividends and Shareholder Returns - The total dividend for the year remained unchanged at HKD 0.86 per share, with a payout ratio based on attributable profit of 73%[9] - The company plans to distribute a final dividend of HKD 0.65 per share, totaling HKD 885 million, consistent with the previous year's distribution[109] Sustainability and Community Engagement - The company has committed to achieving net-zero emissions by 2050, with a target to use 25% renewable energy in its mainland properties by 2025[70] - Five out of ten operational projects in mainland China are now powered by renewable energy, exceeding the 2025 sustainability goal[71] - The company successfully recycled nearly 180,000 kilograms of urban solid waste through its office renovation project, donating over 400 pieces of furniture to 33 non-profit organizations[76] - The "Caring for Caregivers" initiative has seen over 1,300 public participants in its first six months, providing community respite and leisure activities for caregivers of dementia patients[80] - The company has contributed 68,900 service hours through its volunteer team, benefiting over 30,800 individuals across 11 projects in Hong Kong and mainland China in 2024[79] Market Strategy and Future Plans - The company plans to enhance customer loyalty through marketing strategies and optimize tenant mix to improve rental rates[11] - New marketing initiatives and community engagement activities were launched to drive foot traffic and sales in malls[21] - The company introduced exclusive new stores and expanded brand offerings in response to market competition[21] - The company is actively monitoring and responding to changing corporate demands for office space, anticipating steady demand due to economic conditions[84] - The company has commenced sales activities for the Kunming Junyue Residence, which consists of 254 units, and the Kunming Junyue Hotel, which opened on August 6, 2024, with 331 rooms and suites[43]

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。 恒隆集團有限公司 HANG LUNG GROUP LIMITED （於香港註冊成立之有限公司） 董事會召開日期 恒隆集團有限公司（「本公司」）謹定於2025年1月24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2024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）。 承董事會命 公司秘書 馬婉華 香港，2025年1月3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： 陳樂宗先生、張家騏先生及陳仰宗先生 獨立非執行董事： 葉錫安先生、廖柏偉教授、徐立之教授、廖長江先生及陳秀梅女士 （股份代號﹕00010） ...

Financial Performance - Property sales reached HKD 1.2 billion, contributing to a total revenue increase of 15% to HKD 6.4 billion[6] - Total revenue for the first half of 2024 reached HKD 6,379 million, a decrease of 15% compared to HKD 5,525 million in the same period of 2023[11] - Operating profit for the first half of 2024 was HKD 3,613 million, down from HKD 4,034 million in the same period of 2023, reflecting a decline of 10%[11] - Shareholders' attributable net profit for the first half of 2024 was HKD 1,281 million, a decrease of 18% from HKD 1,560 million in the same period of 2023[11] - The company's profit for the six months ended June 30, 2024, was HKD 1,526 million, a decrease of 47.5% compared to HKD 2,909 million in the same period of 2023[81] - Basic earnings per share for the period were HKD 0.65, down from HKD 1.24 in the same period last year, reflecting a decline of 47.6%[80] Revenue Breakdown - Core business (recurring rental income) decreased by 7% to HKD 5.2 billion, while basic rental profit attributable to shareholders fell by 18% to HKD 1.3 billion[6] - Property leasing income decreased by 7% to HKD 5.151 billion, impacted by a decline in luxury goods consumption in mainland China and a weak retail market in Hong Kong[16] - Rental income decreased to HKD 4,464 million in 2024 from HKD 4,824 million in 2023, representing a decline of 7.5%[91] - The overall leasing income in Hong Kong fell by 8%, with a corresponding 11% decline in operating profit due to a slow market recovery[16] - Retail property revenue fell by 7% to HKD 950 million, with a tenant sales decline of 3% and an overall occupancy rate maintained at 97%[29] Expenses and Financial Costs - Interest expenses increased by 46% compared to the same period in 2023, significantly impacting basic profit[6] - Total financial expenses increased by 19% when including capitalized interest[6] - The average effective borrowing rate rose to 4.4% in the first half of 2024, leading to a 19% increase in total financial costs to HKD 1,069 million[47] - The net interest expense increased to HKD 421 million in 2024 from HKD 265 million in 2023[95] Market Conditions - Tenant sales in Shanghai shopping malls dropped over 20%, leading to a 13% decline in tenant sales across the mainland property portfolio[6] - Consumer confidence remains low, contributing to a 4% decline in tenant sales in shopping malls outside Shanghai[7] - The company anticipates challenges in the first half of 2024, with expectations for tenant sales to recover diminishing as of June[6] - The macroeconomic environment remains uncertain, with high interest rates expected to persist, but a trend towards rate cuts is anticipated to improve global economic sentiment[52] Debt and Equity - The company expects debt and interest levels to peak at around 35% in two years, which is considered acceptable[8] - The net debt-to-equity ratio increased to 30.2% as of June 30, 2024, compared to 28.6% as of December 31, 2023[12] - Total borrowings reached HKD 53,715 million, up from HKD 50,693 million as of December 31, 2023, with 35% denominated in RMB[41] - The company has prioritized debt repayment over dividends and new investments until the debt situation improves[8] Sustainability Initiatives - The collaboration with LVMH has entered its second year, enhancing the company's sustainability efforts[9] - The "Changemakers: Tenant Sustainability Collaboration Program" was launched in December 2023, involving 16 tenants across 14 properties with a total leased area of over 78,000 square meters[50] - The company has transitioned half of its operational properties in mainland China to renewable energy, exceeding its 2025 sustainability target[49] Shareholder Information - The company declared an interim dividend of HKD 0.21 per share, consistent with the previous year[15] - Major shareholder Chen Wenbo holds 551,502,580 shares, representing 40.50% of the total issued shares[70] - The total number of shares held by Hang Lung Properties Limited is 3,008,256,189, accounting for 63.85% of the total issued shares[60] Future Outlook - The company plans to continue optimizing tenant mix and enhancing customer experience to drive foot traffic and stimulate consumer spending[16] - The demand for office space is expected to remain weak in the second half of 2024 due to ongoing challenges in Hong Kong's retail environment[52] - The company plans to continue selling high-end serviced apartments, including those in Wuhan, Kunming, and Wuxi, leveraging superior product and property management services[52]

Revenue Performance - Total revenue for the six months ended June 30, 2024, increased by 15% to HKD 6,379 million, with property sales revenue of HKD 1,228 million compared to HKD 2 million in 2023[5] - Revenue for the six months ended June 30, 2024, was HKD 6,379 million, an increase of 15.4% compared to HKD 5,525 million in 2023[56] - The hotel segment recorded a 3% increase in revenue, indicating some recovery in domestic business and leisure travel[9] - The company's shopping mall revenue decreased by 3% in the first half of 2024 compared to the same period in 2023, with high-end malls experiencing a 4% decline[10] - Total revenue from property leasing decreased by 5% to RMB 668 million compared to RMB 701 million in 2023[17] Profitability and Earnings - Basic earnings attributable to shareholders decreased by 18% to HKD 1,281 million, resulting in basic earnings per share of HKD 0.94[5] - Net profit for the period was HKD 1,526 million, down 47.5% from HKD 2,909 million in the previous year[51] - Net profit attributable to shareholders was HKD 888 million, a decrease of 47.5% compared to HKD 1,682 million in the previous year[57] - Basic and diluted earnings per share for 2024 were HKD 0.94, down from HKD 1.15 in 2023, reflecting a decline of 18.3%[68] - Total comprehensive income for the period was HKD 870 million, compared to a loss of HKD 644 million in 2023[51] Property and Investment Valuation - The total value of investment properties as of June 30, 2024, was HKD 201.301 billion, with a revaluation loss of HKD 715 million[26] - The fair value of investment properties decreased by HKD 715 million, contrasting with an increase of HKD 241 million in the previous year[50] - The Hong Kong property portfolio recorded a revaluation loss of HKD 282 million, compared to a gain of HKD 33 million in 2023, representing a decline of less than 1% from the valuation as of December 31, 2023[27] - The impact of property fair value changes on shareholders' net profit was HKD 656 million for 2024, compared to a negative impact of HKD 202 million in 2023[67] Debt and Financial Position - The net debt-to-equity ratio increased to 30.2% from 28.6% in the previous year[4] - The total borrowing as of the reporting date was HKD 53.715 billion, an increase from HKD 50.693 billion as of December 31, 2023, with 35% denominated in RMB[35] - The net financial expenses increased by 19% to HKD 1.069 billion in the first half of 2024, with an average effective borrowing rate rising to 4.4%[42] - The interest coverage ratio for the first six months of 2024 was 3.2 times, down from 4.4 times in 2023[42] - The average repayment term of the overall debt portfolio is 3.0 years, with approximately 65% of loans due for repayment in over 2 years[39] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.21 per share, unchanged from the previous year[7] - The interim dividend declared was HKD 286 million, consistent with the previous year[64] Market and Operational Insights - The luxury goods market weakened, particularly affecting Shanghai's business, with high-end mall revenues down 4%[12] - The retail outlook for the second half of 2024 is conservative due to ongoing challenges in Hong Kong, with expected weak demand for office leasing[49] - The company plans to enhance tenant mix and implement promotional activities to drive foot traffic and customer spending[8] - The company launched various marketing activities to enhance customer experience and increase foot traffic across its malls[15] Future Projects and Developments - The Kunming project includes 254 residences and a hotel with 331 rooms, both expected to receive completion certificates in April 2024, with the hotel planned to open in Q3 2024[29] - The Hangzhou project, which includes a shopping center and luxury hotel, is expected to open in H2 2026, with other parts of the project to be completed in phases starting in 2025[29] - The Shanghai project has received government approval for a new retail building of approximately 3,000 square meters, expected to be completed in 2026[30] Employee and Operational Costs - Employee costs for the first half of 2024 amounted to HKD 936 million, with a total workforce of 4,141 employees[74] - The company has implemented a strict credit policy to minimize credit risk, including rigorous assessments of tenants[71]