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 | ...

(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 Dear Registered Shareholders, 嘉里建設有限公司* KERRY PROPERTIES LIMITED 8 September 2025 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.kerryprops.com ( ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 | | | 1,451,305,728 | | 0 | | 1,451,305,728 | 第 2 頁 共 10 頁 v 1.1.1 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 ...

Group 1 - Goldman Sachs adjusts Kerry Properties' (00683) earnings per share forecast for 2025 to 2027 to HKD 1.47, 1.31, and 2.86, maintaining a dividend of HKD 1.35, implying a yield of approximately 6% [1] - The target price is slightly raised from HKD 20.6 to HKD 20.9, with a "Neutral" rating maintained [1] - For the first half of the year, the basic earnings per share was HKD 0.67, a year-on-year decline of 30%, but 49% higher than the bank's expectations [1] Group 2 - EBITDA increased by 10% year-on-year, exceeding the bank's expectations by 34%, primarily due to better-than-expected profit margins from both development and investment properties [1] - Net interest expenses for the first half were HKD 77 million, which is 63% lower than the bank's expectations [1] - The group declared an interim dividend of HKD 0.4, unchanged year-on-year and in line with the bank's expectations [1] Group 3 - As of June 2025, the debt ratio was approximately 38.4%, a decrease of 3.1 percentage points from the end of the previous year [1] - Management aims to reduce the debt ratio to the lower end of 30% by the end of 2026, compared to an earlier target of the mid-range of 30% [1]

Group 1 - Goldman Sachs adjusted the basic earnings per share (EPS) forecast for Kerry Properties (00683) for 2025 to 2027 to HKD 1.47, 1.31, and 2.86 respectively, while maintaining the dividend per share at HKD 1.35, indicating a yield of approximately 6% [1] - The company's EPS for the first half of the year was HKD 0.67, a year-on-year decline of 30%, but exceeded Goldman Sachs' expectations by 49% [1] - EBITDA increased by 10% year-on-year, surpassing Goldman Sachs' expectations by 34%, primarily due to better-than-expected profit margins from both development and investment properties [1] Group 2 - The net interest expense for the first half was HKD 77 million, which was 63% lower than Goldman Sachs' expectations [1] - The group declared an interim dividend of HKD 0.4, which is in line with Goldman Sachs' expectations and unchanged year-on-year [1] - As of June 2025, the debt ratio was approximately 38.4%, a decrease of 3.1 percentage points from the end of the previous year, with management aiming to reduce the debt ratio to the lower end of 30% by the end of 2026, compared to an earlier target of the mid-range of 30% [1]

Core Viewpoint - The company remains optimistic about the long-term economic outlook for Hong Kong and mainland China, despite facing significant short-term challenges in the overall economy and real estate market [1][5]. Financial Performance - In the first half of 2025, the company reported a consolidated revenue of HKD 99.54 billion, a 65% year-on-year increase, while net profit decreased by 22% [1][2]. - The property sales revenue surged 176% to HKD 64.2 billion, but rental income from properties and hotels declined by 6% and 3%, respectively [1][9]. - The basic earnings per share fell to HKD 0.42, down 22% from HKD 0.54 in the same period last year [5]. Mainland Operations - The company’s mainland property division recorded a consolidated revenue of HKD 31.43 billion, down from HKD 39.87 billion year-on-year, with a consolidated profit of HKD 16.95 billion, also lower than the previous year's HKD 21.03 billion [5][6]. - The decline in revenue was attributed to a decrease in confirmed sales of development properties, with a significant drop in revenue from development properties confirmed sales [5][6]. Hong Kong Operations - In contrast, the company’s Hong Kong property division achieved a consolidated revenue of HKD 68.11 billion, a substantial increase from HKD 20.52 billion year-on-year, with a consolidated profit of HKD 9.98 billion, up from HKD 6.17 billion [11][12]. - The growth was primarily driven by increased sales confirmations from development properties, which reached HKD 62.46 billion, compared to HKD 14.41 billion in the previous year [12][13]. Market Challenges - The company faces ongoing challenges in the commercial property market, with a 5% decline in rental income due to economic uncertainties and oversupply in the office market [10][11]. - The hotel business also saw a decline in revenue, with a reported income of HKD 10.12 billion, down from HKD 10.50 billion year-on-year [11]. Future Outlook - The company plans to gradually release remaining units from four projects based on market conditions, while also preparing to convert a warehouse into residential development [16]. - Analysts maintain a positive outlook, with expectations for recovery in pre-sales for the Shanghai Jinling project, which is crucial for the company's future performance [16].