Core Viewpoint - The company is expected to achieve a revenue of HKD 19.5 billion in 2024, representing a year-on-year increase of 49%, driven by its diversified business model focusing on high-end residential development and quality IP leasing [1] Business Segments Property Development - The company achieved sales of HKD 16.2 billion in the first half of 2025, a year-on-year increase of 130%, with mainland China and Hong Kong contributing 66% and 34% respectively [3] - In mainland China, the company is focusing on the Shanghai market, with the Jinling Huating project being a key driver, achieving sales of HKD 10.6 billion in the first half of 2025 [3] - In Hong Kong, sales were HKD 5.5 billion in the first half of 2025, a decrease of 5%, primarily relying on the luxury project Tiwai [3] IP and Hotel Operations - The company's IP value reached HKD 86.3 billion in the first half of 2025, a year-on-year increase of 14%, with mainland China and Hong Kong accounting for 67% and 33% respectively [2] - Total IP and hotel area is 21.33 million square feet, with a projected increase of 36% by 2031, and a 7-year CAGR growth rate of 7% [2] - Rental income from IP decreased by 5.5% to HKD 2.502 billion, while hotel rental income fell by 3.3% to HKD 1.03 billion, attributed to a low market sentiment [2] Financial Performance and Dividends - The company maintains a robust financial position with total borrowings of HKD 59.6 billion, a decrease of 2% year-on-year, and a net debt ratio of 38.4% [4] - The company has consistently paid a dividend of HKD 1.35 since 2017, resulting in a high dividend yield of 6.9% [4] - Projected net profit for 2025-2027 is HKD 1.75 billion, HKD 1.62 billion, and HKD 4.03 billion respectively, with year-on-year growth rates of 116%, -7%, and 149% [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7]. Core Insights - The company is positioned as a high-end residential developer with a focus on premium commercial assets, anticipating a revaluation of its quality IP [6][7]. - The company is expected to achieve significant revenue growth, with projected revenues of HKD 19.5 billion in 2024, representing a year-on-year increase of 49% [6]. - The financial outlook includes a forecasted net profit of HKD 1.75 billion in 2025, reflecting a substantial year-on-year growth of 116% [6][7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: HKD 13.09 billion - 2024: HKD 19.5 billion - 2025E: HKD 20.17 billion - 2026E: HKD 15.08 billion - 2027E: HKD 24.44 billion - Year-on-year growth rates for revenue are projected at -10.3% for 2023, 49.0% for 2024, and 3.5% for 2025 [5]. - The net profit forecast is as follows: - 2023: HKD 3.24 billion - 2024: HKD 0.81 billion - 2025: HKD 1.75 billion - 2026: HKD 1.62 billion - 2027: HKD 4.03 billion - The projected net profit growth rates are 17.7% for 2023, 75.1% for 2024, and 116.1% for 2025 [5][6]. Business Structure - The company operates a diversified business model with revenue contributions from property development (66%), IP leasing (25%), and hotel operations (9%) [6][27]. - The geographical revenue distribution shows a focus on mainland China (66%) and Hong Kong (34%) [6][27]. Property Development - The company achieved a sales amount of HKD 16.2 billion in the first half of 2025, a year-on-year increase of 130%, with mainland sales contributing HKD 10.6 billion [6][42]. - The company is focusing on high-end residential projects, particularly in Shanghai and Hong Kong, with significant sales from the Jinling Huating project [6][45]. IP and Hotel Operations - The company’s IP value reached HKD 86.3 billion in the first half of 2025, with a year-on-year increase of 14% [6]. - The total area of IP and hotel operations is projected to increase by 36% by 2031, with a compound annual growth rate (CAGR) of 7% [6][7]. Financial Health and Dividends - The company maintains a healthy financial position with a net debt ratio of 38.4% as of the first half of 2025, expected to decrease to around 30% by the end of 2026 [6]. - The company has consistently provided dividends, with a dividend per share (DPS) of HKD 1.35 since 2017, resulting in a high dividend yield of 6.9% [6][7].

FF301 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10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: Kerry Properties Limited 嘉里建設有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 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) | 00683 | 說明 | | | | | | | | | 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 | | | 1,451,305,728 | | 0 | | 1,451,305,728 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | ...

Core Viewpoint - Kerry Properties (00683) announced the sale of a property located in Shanghai for a total consideration of RMB 117 million, indicating ongoing activity in the real estate market despite broader economic conditions [1] Group 1: Transaction Details - The seller is Shanghai Zhuomiao Real Estate Co., Ltd., a wholly-owned subsidiary of the company [1] - The buyer is Mr. Guo Konghua, who is the chairman, CEO, and executive director of the company [1] - The property is a four-bedroom unit with a construction area of approximately 449 square meters [1] Group 2: Project Information - The property is part of the Jinling Huating project, which is currently under development [1] - The project is located at 99 Ninghai East Road, Huangpu District, Shanghai, with the pre-sale permit number being Huangpu Housing Management (2025) Pre-Word 0000267 [1]

Core Viewpoint - Kerry Properties (00683) announced the sale of a property for RMB 117 million, indicating ongoing activity in the real estate market in Shanghai [1] Group 1: Transaction Details - The seller is Shanghai Zhuomiao Real Estate Co., Ltd., a wholly-owned subsidiary of the company [1] - The buyer is Mr. Guo Konghua, the chairman, CEO, and executive director of the company [1] - The property is a four-bedroom unit with a construction area of approximately 449 square meters [1] Group 2: Project Information - The project is identified as Jinling Huating, with the pre-sale permit number Huangpu Housing Management (2025) Pre-Word 0000267 [1] - The property is located at 99 Ninghai East Road, Huangpu District, Shanghai, China [1]

格隆汇10月31日丨嘉里建设(00683.HK)公布，于2025年10月31日，卖方上海卓妙置业(为公司全资附属 公司)与买方郭孔华(公司主席、行政总裁及执行董事)订立协议，据此，卖方同意出售，而买方同意购买 位于该项目第二座的一个四房单位，建筑面积约为449平方米，代价为人民币1.17亿元。 出售该物业所得款项将用作集团的一般营运资金。该物业尚在建设中，随着项目进一步发展，将产生额 外成本、相关开支及税项。于完成交易后，预期集团将因该交易录得约人民币2300万元的收益。该项目 指金陵华庭(预售证号：黄浦房管(2025)预字0000267)，由卖方目前开发中的住宅项目，位于中国上海市 黄浦区宁海东路99号。 ...

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。 於二零二五年十月三十一日，賣方（為本公司之全資附屬公司）與買方訂立協 議，據此，賣方同意出售，而買方同意購買該物業，代價為人民幣116,838,258元 （約127,704,216港元）。 上市規則之涵義 買方為本公司主席、行政總裁及執行董事，故根據上市規則第十四A章，屬本公司 之關連人士。因此，根據上市規則，賣方向買方出售該物業對本公司而言構成一 項關連交易。 由於根據上市規則第14.07條計算的其中一項或多項適用百分比率超過0.1%但少於 5%，故該交易須遵守上市規則第十四A章項下之公告及申報規定，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 - 緒言 於二零二五年十月三十一日，賣方（為本公司之全資附屬公司）與買方訂立協議，據 此，賣方同意出售，而買方同意購買該物業，代價為人民幣116,838,258元（含增值稅） （約127,704,216港元）。 關連交易 ...

Core Viewpoint - Daiwa Capital Markets maintains a "Market Perform" rating for the real estate sector in mainland China and Hong Kong, with selected stocks including China Resources Land (01109) and Sun Hung Kai Properties (00016), both rated "Buy" with target prices of HKD 34.1 and HKD 106.9 respectively [1] Group 1: Company Ratings and Target Prices - Kerry Properties' rating has been upgraded to "Buy" with a target price maintained at HKD 22.8, as the Jinling Huating project is expected to yield substantial profits upon completion of the residential portion in 2027, despite high construction costs [1] - The first batch of units for the second phase of Kerry Properties' Shanghai residential project, Jinling Huating, sold out on the first day of sales with a subscription rate of 190%, and an average price of RMB 20,500 per square meter, which is an increase of RMB 16,000 compared to the launch in March [1] Group 2: Market Demand and Trends - The buyer demographic primarily consists of self-occupiers aged 35 to 55 from high-income sectors, indicating a steady demand for residential properties in mainland China [1] - Despite the robust demand for residential properties, investment sentiment remains weak, as evidenced by a year-on-year decline in new and second-hand home transactions in major cities in October [1]

Core Viewpoint - The report from Daiwa Capital Markets indicates that the first batch of units for Kerry Properties' Jinling Huating Phase II in Shanghai sold out immediately upon launch, with a subscription rate of 190% and an average price of 205,000 yuan per square meter, reflecting a 16,000 yuan increase from the previous sale in March [1] Group 1: Company Analysis - Kerry Properties' rating has been upgraded to "Buy" with a target price maintained at HKD 22.8, as the Jinling Huating project is expected to yield substantial profits upon completion of the residential portion in 2027, enhancing the company's core net profit [1] - The recent decline in stock price is viewed as an attractive entry point for investors [1] Group 2: Industry Insights - The report suggests that while residential demand in mainland China is stabilizing, investment sentiment remains weak, as evidenced by a year-on-year decline in new and second-hand home transactions in October [1] - The company maintains a "Market Perform" rating for the mainland and Hong Kong real estate sectors, with selected stocks including China Resources Land and Sun Hung Kai Properties, both rated "Buy" with target prices of HKD 34.1 and HKD 106.9 respectively [1]

截至月份: 2025年9月30日 狀態: 新提交 FF301 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 致：香港交易及結算所有限公司 公司名稱: Kerry Properties Limited 嘉里建設有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 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) | 00683 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 1 HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 1 ...