Group 1 - The core viewpoint of the report is that Kerry Properties (00683) has successfully transformed the Changsha Bay Kerry Hongji warehouse redevelopment project into a commercial and residential project, with an estimated gross profit margin exceeding 20% [1] - Bank of America maintains a "Buy" rating on Kerry Properties, citing that the company's dividend yield remains above the industry average of 6.5% [1] - The target price for Kerry Properties has been raised from HKD 23.2 to HKD 24.7 [1] Group 2 - The report indicates that the sales revenue from the first and second phases of Shanghai Kerry Jinling Huating has exceeded RMB 19 billion [1] - The company is expected to achieve a deleveraging target of a net debt ratio below 30% by 2026, compared to 38.4% at the end of the first half of this year [1]

Group 1 - Bank of America Securities reports that Kerry Properties (00683) has recently completed the redevelopment of the Changsha Bay Kerry Hongji warehouse project into a commercial and residential project, estimating a gross profit margin exceeding 20% [1] - The company maintains a dividend yield that continues to exceed the industry average of 6.5%, reiterating a "Buy" rating [1] - The target price has been raised from HKD 23.2 to HKD 24.7 [1] Group 2 - The report indicates that the sales revenue from the first and second phases of Kerry Jinling Huating in Shanghai has exceeded RMB 19 billion [1] - The company is expected to achieve a deleveraging target with a net debt ratio below 30% by 2026, compared to 38.4% at the end of the first half of this year [1]

Core Viewpoint - Bank of America Securities reports that Kerry Properties has recently completed the redevelopment of the Cheung Sha Wan Kerry Hong Kee warehouse into a mixed-use project, estimating a gross margin exceeding 20% [1] Group 1: Financial Performance - The sales revenue from the first and second phases of Shanghai Kerry Jinling Huating has surpassed 19 billion yuan, with expectations to achieve a net debt ratio below 30% by 2026, down from 38.4% at the end of the first half of this year [1] Group 2: Investment Rating - The company maintains a dividend yield consistently above the industry average of 6.5%, reaffirming a "Buy" rating and raising the target price from 23.2 HKD to 24.7 HKD [1]

Core Viewpoint - The recent launch of the Jinling Huating Phase II project in Shanghai achieved remarkable sales, with a total sales amount of 9.843 billion yuan, indicating strong demand in the real estate market despite economic challenges [1][9]. Group 1: Sales Performance - The Jinling Huating Phase II project sold out its 120 units within a short period, with an average total price exceeding 82 million yuan per unit [5][9]. - The project attracted 227 effective customer groups during a 4.5-day subscription period, resulting in a subscription rate of approximately 189% [2][9]. - The most expensive unit in the project, a top-floor duplex, has an area of 865 m² and a total price exceeding 282 million yuan, making it the highest-priced new home in Shanghai [6][9]. Group 2: Market Context - The overall real estate market in Shanghai has seen increased activity, with 22 projects opening for subscription in the past week, and several projects recording subscription rates above 100% [10][11]. - The market is characterized by a significant increase in supply, with a 454.98% week-on-week rise in new listings, primarily focused on mid-to-high-end products [10][11]. - Despite the positive sales performance, the chairman of Kerry Properties expressed caution regarding the short-term economic and real estate market challenges, emphasizing the need for vigilance [9].

Core Viewpoint - UBS has released a research report indicating that Kerry Properties' Shanghai residential project, Jinling Huating Phase II, will launch 120 units with an expected average selling price of 205,000 yuan per square meter, representing an 8% increase from Phase I, with a total value of approximately 9.8 billion yuan [1] Group 1 - UBS expresses optimism regarding the sales of Phase II due to the strong performance of Phase I [1] - There is expected price increase potential for the remaining 40 units in Phase II [1] - UBS anticipates that Kerry's net debt ratio may decrease to 22%, with net debt potentially declining by 42% [1] Group 2 - UBS reaffirms a "Buy" rating for Kerry Properties with a target price of 24 HKD [1]

Core Viewpoint - UBS reports that Kerry Properties (00683) will launch the second phase of its Shanghai residential project, Jinling Huating, with 120 units at an average price of RMB 205,000 per square meter, an 8% increase from the first phase sold in March [1] Group 1: Project Details - The second phase of Jinling Huating will consist of 120 units, with a total estimated value of RMB 9.8 billion [1] - The average selling price for the new units is projected to be RMB 205,000 per square meter, reflecting an 8% price increase compared to the first phase [1] Group 2: Sales Performance and Financial Outlook - The strong sales performance of the first phase in March has led to an optimistic outlook for the second phase, with expectations of further price increases for the remaining 40 units [1] - Approximately half of the contracted sales revenue from the first phase is still pending recognition, which, along with the total saleable resources from the second phase, is expected to reduce the company's net debt ratio to 22% and decrease net debt by 42% [1] Group 3: Analyst Rating - UBS maintains a "Buy" rating for Kerry Properties, with a target price set at HKD 24 [1]

Core Viewpoint - UBS reports that Kerry Properties (00683) will launch the second phase of its Shanghai residential project, Jinling Huating, with 120 units at an average price of RMB 205,000 per square meter, representing an 8% increase from the first phase sold in March [1] Group 1: Sales and Pricing - The total value of the 120 units in the second phase is expected to reach RMB 9.8 billion [1] - The strong sales performance of the first phase in March supports an optimistic outlook for the second phase, with potential for further price increases on the remaining 40 units [1] Group 2: Financial Metrics - Approximately half of the contracted sales revenue from the first phase is still pending recognition [1] - With the total saleable resources from both phases, Kerry's estimated net debt ratio may decrease to 22%, and net debt could decline by 42% [1]

Core Viewpoint - UBS reports that Kerry Properties' Shanghai residential project, Jinling Huating Phase II, will launch with 120 units at an average price of 205,000 yuan per square meter, representing an 8% increase from the first phase sold in March [1] Group 1: Project Details - The total value of the 120 units in Phase II is estimated to reach 9.8 billion yuan [1] - The strong sales performance of Phase I in March has led to an optimistic outlook for the sales of Phase II [1] - An additional 40 units in Phase II are expected to have further price increase potential [1] Group 2: Financial Implications - Approximately half of the contracted sales revenue from Phase I is still pending recognition [1] - With the total saleable resources from both phases, Kerry's projected net debt ratio may decrease to 22% [1] - Net debt is also expected to decline by 42% [1] Group 3: Analyst Rating - UBS maintains a "Buy" rating for the company with a target price of 24 HKD [1]

嘉里建設有限公司* KERRY PROPERTIES LIMITED (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） website 網址: www.kerryprops.com (Stock Code 股份代號: 683) NOTIFICATION LETTER 通知信函 8 September 2025 Dear Non-registered Shareholders (Note 1), Kerry Properties Limited (the "Company") Notification of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication of the Company are available on the website of the Company at www.ker ...

本產品採用FSC®認證的和其他受控來源的材料。 目錄 掃描並下載 本報告 2 財務摘要 3 主席報告 5 管理層討論及分析 5 業務回顧 18 資本資源及流動資金 21 財務資料 21 獨立核數師審閱報告 22 簡明綜合中期收益表 23 簡明綜合中期全面收益表 24 簡明綜合中期財務狀況表 26 簡明綜合中期現金流動表 28 簡明綜合中期權益變動表 30 簡明綜合中期財務報表附註 47 企業管治及其他資料 58 股東參考資料 60 釋義 62 公司資料 財務摘要 | | 二零二五年 | 二零二四年 | | | --- | --- | --- | --- | | | 上半年 | 上半年 | 百分比變動 | | | 百萬港元 | 百萬港元 | | | 合併收入 (1) | 9,954 | 6,039 | 65% | | 物業銷售 | 6,422 | 2,325 | 176% | | 物業租賃及其他 | 2,502 | 2,649 | - 6% | | 酒店營運 | 1,030 | 1,065 | 3% - | | 收入 (2) | 8,059 | 5,040 | 60% | | 基礎溢利 (3) | 978 | ...