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，概不對因本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。 由於根據上市規則第14.07條，就現金預支協議項下擬進行之交易計算之一項或多項 適用百分比率高於0.1%但低於5%，故現金預支協議項下擬進行之交易須遵守上市規 則第14A.76(2)條之公告及申報規定，惟可獲豁免遵守有關通函（包括獨立財務意見） 及股東批准之規定。 * 僅供識別 - 1 - 關連交易 有關向中國前海合資公司預支現金 現金預支協議 於二零二六年三月三十一日，上海卓妙（貸款方，為本公司之全資附屬公司）與寰裕 置業（預支方，為前海項目地塊成立之合資公司）訂立現金預支協議，據此，上海卓 妙同意向寰裕置業預支本金額上限為人民幣550,000,000元（約623,700,000港元）之 現金，期限由各筆預支款項之相關提取日期起至二零二八年十二月三十一日止，為 期不超過三年。所預支之款項將按下文所述用於與嘉里項目有關之用途。 上市規則之涵義 由於寰裕置業由嘉里控股間接持有50%權益，而嘉里控股為本公司 ...

Group 1 - The core viewpoint of the report is that Kerry Properties (00683) continues to offer an attractive dividend yield, with the target price raised from HKD 19.6 to HKD 22.2, maintaining an "outperform" rating [3] - Kerry Properties' basic earnings are expected to decline by 22% year-on-year in 2025, primarily due to increased expenses, rising financial costs, and higher taxes [3] - The company has made significant progress in deleveraging, with the net debt ratio improving from 41.5% at the end of December 2024, and is expected to drop below 30% by the end of 2026 [3] Group 2 - The report indicates that Kerry Properties now has a clear profit trajectory and will focus on new investments, particularly in the Hong Kong residential market [3] - Core earnings forecasts for 2026 and 2027 have been revised down by 38.9% and 19.6% respectively, reflecting higher expense levels, while maintaining stable dividend forecasts [3]

Core Viewpoint - The company reported mixed financial results for 2025, with a slight increase in revenue but a significant drop in basic profit, indicating challenges in certain business segments while maintaining a high dividend policy [1][2]. Group 1: Financial Performance - In 2025, the company achieved a revenue of 19.568 billion HKD, a year-on-year increase of 0.4% [1]. - Shareholder profit reached 938 million HKD, reflecting a year-on-year increase of 16% [1]. - Basic profit decreased to 2.008 billion HKD, showing a year-on-year decline of 22% [1]. Group 2: DP Business Performance - The DP business generated a revenue of 13.1 billion HKD, with a year-on-year increase of 1% [1]. - Revenue from mainland China was 3.8 billion HKD, down 49% year-on-year, while Hong Kong's revenue was 9.3 billion HKD, up 70% [1]. - The overall gross margin for the DP business was 14.9%, down 2.6 percentage points year-on-year [1]. Group 3: Sales Performance - The company reported a contract sales amount of 34.7 billion HKD, a significant year-on-year increase of 175% [1]. - Sales in Hong Kong were 9.4 billion HKD, down 7% year-on-year, while mainland China saw sales of 25.3 billion HKD, up 920% [1]. - The Jinling Huating project contributed significantly, with sales reaching 23.6 billion HKD [1]. Group 4: IP Business Performance - Property rental income for 2025 was 4.8 billion HKD, a year-on-year decrease of 2% [2]. - The gross margin for the IP business was 65.8%, showing a decline across all regions [2]. - Rental rates in mainland China were 90% for offices, 92% for retail, and 92% for apartments, while Hong Kong's rates were 97% for retail, 99% for apartments, and 81% for offices [2]. Group 5: Dividend Policy - The company maintained a high dividend policy, declaring a mid-term dividend of 0.4 HKD per share and a final dividend of 0.95 HKD per share, totaling 1.35 HKD per share for the year [2]. - The payout ratio based on adjusted earnings per share of 1.39 HKD was 97%, compared to 76% in 2024 [2]. Group 6: Future Outlook - The company anticipates a decline in DP business revenue in 2026, but expects significant profit growth from the Jinling Huating project in 2027-2028 [2]. - Projected net profits for 2026-2028 are 1.2 billion HKD, 3.26 billion HKD, and 3.79 billion HKD, representing year-on-year growth of 27.6%, 172.0%, and 16.5% respectively [2].

Group 1 - The core view of the report indicates that Kerry Properties' basic earnings are expected to decline by 22% year-on-year in 2025, primarily due to increased costs, rising financial expenses, and higher taxes [1] - The company has made significant progress in deleveraging, with the net debt ratio improving from 41.5% at the end of December 2024, and is expected to drop below 30% by the end of 2026 [1] - The report states that Kerry Properties now has a clear profit trajectory and will focus on new investments, particularly in the Hong Kong residential market [1] Group 2 - Core earnings forecasts for 2026 and 2027 have been revised down by 38.9% and 19.6% respectively, reflecting higher expenditure [1] - The dividend forecast remains stable despite the earnings adjustments [1] - The target price has been raised from HKD 19.6 to HKD 22.2, as the company is believed to still offer an attractive dividend yield, maintaining an "outperform" rating [1]

Investment Rating - The report maintains a "Buy" rating for Kerry Properties (00683) [3][8] Core Insights - The company is experiencing short-term pressure on IP leasing, but has seen a significant increase in sales and has optimized its finances with generous dividends [8] - For the fiscal year 2025, the company reported a core profit of HKD 2 billion, a decrease of 22% year-on-year, which is slightly below expectations [8] - The company’s total revenue for 2025 is projected at HKD 19.57 billion, reflecting a marginal increase of 0.4% year-on-year, while the consolidated revenue is expected to reach HKD 25.02 billion, a 17% increase [8] Financial Data and Profit Forecast - Revenue projections for the upcoming years are as follows: - 2024: HKD 19.499 billion - 2025: HKD 19.568 billion - 2026E: HKD 16.354 billion - 2027E: HKD 25.227 billion - 2028E: HKD 26.416 billion - Year-on-year growth rates for revenue are projected at 48.96% for 2024, 0.35% for 2025, -16.43% for 2026E, 54.26% for 2027E, and 4.71% for 2028E [7] - Net profit attributable to ordinary shareholders is forecasted as follows: - 2024: HKD 808 million - 2025: HKD 938 million - 2026E: HKD 1.404 billion - 2027E: HKD 2.671 billion - 2028E: HKD 2.923 billion - The projected PE ratios are 40 for 2024, 34 for 2025, 23 for 2026E, 12 for 2027E, and 11 for 2028E [7][9] Business Segments Performance - The company’s property development revenue for 2025 is expected to be HKD 17.67 billion, a year-on-year increase of 28%, with significant contributions from mainland China and Hong Kong [8] - The sales amount for 2025 is projected at HKD 34.68 billion, reflecting a substantial year-on-year increase of 175% [8] - The company’s IP value is estimated at HKD 87.2 billion for 2025, a 3% increase year-on-year, with a total area of 21.06 million square feet, a 13% increase [8] Financial Optimization and Dividends - The company has optimized its finances with a total debt of HKD 55.8 billion, a decrease of 6% year-on-year, and a net debt ratio of 33.3%, down 8.2 percentage points [8] - The dividend per share (DPS) for 2025 is projected to be HKD 1.35, maintaining the same level as the previous year, with a dividend payout ratio of 97% and a corresponding dividend yield of 6% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a stable performance in its DP business with a revenue of HKD 131 billion, a year-on-year increase of 1%, while the overall gross margin decreased [7] - The sales revenue significantly increased due to the Jinling Huating project, achieving a contract sales amount of HKD 34.7 billion, a year-on-year increase of 175% [7] - The company maintained a high dividend policy, distributing a total dividend of HKD 1.35 per share, resulting in a payout ratio of 97% based on adjusted earnings per share of HKD 1.39 [7] - The forecast for net profit attributable to shareholders for 2026-2028 is HKD 1.2 billion, HKD 3.3 billion, and HKD 3.8 billion, representing year-on-year growth of 27.6%, 172.0%, and 16.5% respectively [7] Financial Performance Summary - For the fiscal year 2025, the company achieved a revenue of HKD 19.568 billion, a slight increase of 0.4% year-on-year, with a net profit of HKD 938 million, up 16% year-on-year [7] - The projected revenues for 2026 and 2027 are HKD 13.891 billion and HKD 21.390 billion, reflecting a year-on-year decrease of 29.01% and an increase of 53.98% respectively [6] - The earnings per share (EPS) for 2026 is projected to be HKD 0.82, with a price-to-earnings (P/E) ratio of 25.68 [6] - The company's return on equity (ROE) is expected to improve from 1.15% in 2026 to 3.52% in 2028 [6] Market Performance - The company's stock price closed at HKD 21.18 on March 23, 2026, with a circulating share capital of 1.451 billion shares [2] - The company has experienced a market performance of -17% over the last 12 months, compared to the Hang Seng Index and the real estate sector [4]

智通财经APP获悉，里昂发布研报称，相信嘉里建设(00683)仍提供具吸引力的股息收益率，目标价由 19.6港元上调至22.2港元，维持"跑赢大市"评级。嘉里建设2025年基础盈利同比跌22%，主要受费用增 加、财务成本上升及税项增加所影响。公司在去杠杆方面取得重大进展，净借贷比率已由2024年12月底 的41.5%改善，预计到2026年底将降至30%以下。 报告指，嘉里建设现已拥有清晰的盈利轨迹，并将重点放在新的投资上，尤其是在香港住宅市场。该行 将2026年及2027年核心盈利预测分别下调38.9%及19.6%，以反映较高的费用开支，但维持股息预测稳 定不变。 ...

Core Viewpoint - Kerry Properties (00683) reported a revenue of HKD 19.568 billion for the year ending December 31, 2025, reflecting a year-on-year increase of 0.4% [3] Financial Performance - The company's attributable profit to shareholders reached HKD 938 million, marking a 16% increase year-on-year [3] - Earnings per share were HKD 0.65, with a proposed final dividend of HKD 0.95 per share [3] Sales and Revenue Breakdown - Annual contract sales amounted to HKD 34.684 billion, significantly boosted by strong pre-sales performance of the Shanghai Jinling Huating project [3] - Consolidated revenue grew by 17% to HKD 25.015 billion, up from HKD 21.361 billion in 2024, primarily due to a 28% increase in property sales recognition for 2025 [3] - The growth was largely driven by projects in Hong Kong, including Ti Wai, Hoi Ying Shan, and Long Tian Feng [3] Challenges - The growth in revenue was partially offset by a 3% decline in rental income from investment properties and hotels, indicating ongoing challenges in the commercial property market [3]

Core Viewpoint - Kerry Properties reported a 16% year-on-year increase in shareholder profit for the fiscal year 2025, amounting to HKD 938 million, despite a 22% decrease in underlying profit to HKD 2.008 billion when excluding non-cash fair value changes of investment properties [3] Group 1: Financial Performance - The group's annual contract sales reached HKD 34.684 billion, a significant increase from HKD 12.605 billion in 2024, driven by strong pre-sales performance of the Shanghai Jinling Huating project [3] - Consolidated revenue grew by 17% year-on-year to HKD 25.015 billion, primarily due to a 28% increase in sales recognition from development properties, with most contributions coming from projects in Hong Kong, including Ti Wai, Hoi Ying Shan, and Long Tian Feng [3] - However, the growth in revenue was offset by a 3% decline in rental income from investment properties and hotels, indicating ongoing challenges in the commercial property market [3]

Core Viewpoint - Kerry Properties reported a 16% year-on-year increase in shareholder profit to HKD 938 million for the fiscal year 2025, although the underlying profit decreased by 22% to HKD 2.008 billion when excluding non-cash fair value changes of investment properties [1] Group 1: Financial Performance - The annual contract sales reached HKD 34.684 billion, significantly up from HKD 12.605 billion in 2024, driven by strong pre-sales performance of the Shanghai Jinling Huating project [1] - Consolidated revenue grew by 17% year-on-year to HKD 25.015 billion, primarily due to a 28% increase in sales recognition from development properties, mainly from projects in Hong Kong such as Tiwai, Hoi Ying Shan, and Long Tian Feng [1] - However, this growth was offset by a 3% decline in rental income from investment properties and hotels, indicating ongoing challenges in the commercial property market [1]