| EF001 | | --- | | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | 執行董事：郭孔華先生 | | | 獨立非執行董事：許震宇先生、鄭君諾先生及李銳博士 | | | 非執行董事：唐紹明女士 | | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 | Kerry Properties Limited 嘉里建設有限公司 | | 股份代號 | 00683 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | ...

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。 (1) 合併收入包括來自本公司、其附屬公司以及應佔聯營公司及合營公司在內地及香港的收入。 (2) 收入僅包括來自本公司及其附屬公司的收入。 (3) 基礎溢利指股東應佔溢利，不計入二零二五年上半年發展物業的非現金減值撥備、二零二四年上半年就本集團於古洞 北新發展區持有的若干土地作出的一次性非現金撥備，以及兩個期間投資物業的非現金公允價值變動。 * 僅供識別 二零二五年中期業績公告 董事會欣然公布本集團截至二零二五年六月三十日止六個月之未經審核中期業績。本公司 審核與企業管治委員會在向董事會作出建議以待批准前，已召開會議審閱本集團截至 二零二五年六月三十日止六個月之業績及未經審核之簡明綜合中期財務報表。 | | 二零二五年 | 二零二四年 | 百分比變動 | | --- | --- | --- | --- | | | 上半年 | 上半年 | | | | 百萬港元 | 百萬港元 | | | 合併收入 (1) ...

Core Viewpoint - UBS has downgraded Kerry Properties' earnings forecast for the next two years by 25% to 27% due to updated project completion timelines, lower profit margin expectations, and reduced interest capitalization, while raising the target price from HKD 21.4 to HKD 24 and maintaining a "Buy" rating [1] Group 1: Earnings Forecast and Valuation - The earnings forecast for Kerry Properties has been reduced by 25% to 27% for the next two years [1] - The target price has been increased from HKD 21.4 to HKD 24, with a maintained "Buy" rating [1] - The company is expected to report a profit of less than HKD 1 billion for the first half of the year, with a projected profit margin of 15% for its Hong Kong development properties, similar to last year [1] Group 2: Market Opportunities - The development of private real estate investment trusts (REITs) in China is seen as a potential new funding channel for Hong Kong developers like Kerry Properties [1] - Over 40% of Kerry Properties' asset value is related to mainland investment properties, with an estimated 68% of these properties meeting the requirements for private REITs [1] - The asset divestiture is expected to drive an increase in the company's stock price, based on a current price-to-earnings ratio of 0.29 and a conservative valuation of 4.8% to 7% for mainland investment properties [1] Group 3: Rental Income Expectations - The company anticipates a mid-single-digit decline in rental income from both Hong Kong and mainland properties [1]

Core Viewpoint - UBS has downgraded Kerry Properties' earnings forecast for the next two years by 25% to 27% due to updated project completion timelines, lower profit margin predictions, and reduced interest capitalization, while raising the target price from HKD 21.4 to HKD 24, maintaining a "Buy" rating [1] Group 1: Earnings Forecast and Valuation - The earnings forecast for Kerry Properties has been reduced by 25% to 27% for the next two years [1] - The target price for Kerry Properties has been increased from HKD 21.4 to HKD 24 [1] - The company is expected to report a profit of less than HKD 1 billion for the first half of the year, with a projected profit margin of 15% for its Hong Kong development properties, similar to last year [1] Group 2: Market Opportunities - The development of private real estate investment trusts (REITs) in China is seen as a new funding recovery channel for Hong Kong developers like Kerry Properties [1] - Over 40% of Kerry Properties' asset value is related to mainland investment properties, with an estimated 68% of these properties meeting the requirements for private REITs [1] - The asset divestiture is expected to potentially increase the company's stock price, based on a current price-to-earnings ratio of 0.29 and a conservative valuation of 4.8% to 7% for mainland investment properties [1] Group 3: Rental Income Expectations - The company anticipates a mid-single-digit decline in rental income from both Hong Kong and mainland properties [1]

董事會會議召開日期 嘉里建設有限公司（「本公司」）董事會（「董事會」）宣布，本公司將於 二零二五年八月二十日（星期三）舉行董事會會議，藉以（其中包括）批准本公司及 其附屬公司截至二零二五年六月三十日止六個月之中期業績公告及其發布，以及考慮 派發中期股息（如有）。 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。 承董事會命 嘉里建設有限公司 公司秘書 鄭慧善 香港，二零二五年八月六日 於本公告日期，本公司之董事為： 執行董事： 郭孔華先生 獨立非執行董事： 許震宇先生、鄭君諾先生及李銳博士 非執行董事： 唐紹明女士 * 僅供識別 ...

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7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8月4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 | H ...

2 嘉里建設有限公司 嘉里建設有限公司 嘉里建設有限公司 （「嘉里建設」） 為最具規模的物業企業 之一，於亞洲擁有重大投資，中港兩地之物業建設尤享聲 譽。嘉里建設於兩地之投資重心，在於精選中心地段，發 展專尚物業。本公司堅守此發展方針，持之以恆，藉此創 建成功的營運模式，並在優質物業發展及管理方面累積了 豐富經驗。本公司信守公平與誠信之原則，在悠久的企業 歷程中，與員工、供應商、合作夥伴、政府機構及其他重 要持份者建立了彌足珍貴的長遠關係。 二零二四年年報 1 香港嘉里中心 財務摘要 2 嘉里建設有限公司 目錄 掃描並下載 本年報 二零二四年年報 3 財務摘要 4 財務摘要 6 主席報告 8 管理層討論及分析 8 業務回顧 21 資本資源及流動資金 23 業務概覽 30 企業可持續發展 38 主要獎項及嘉許 40 企業管治報告 78 董事及高級管理人員 80 董事會報告 97 財務資料 97 獨立核數師報告 103 綜合收益表 104 綜合全面收益表 105 綜合財務狀況表 107 綜合現金流動表 109 綜合權益變動表 111 綜合財務報表附註 201 所持物業詳情 212 五年財務概要 213 釋義 21 ...

Financial Performance - The consolidated revenue for the year ended December 31, 2024, was HKD 21,361 million, an increase of 18% compared to HKD 18,127 million in 2023[3]. - The group recorded a net profit attributable to shareholders of HKD 808 million, a decrease of 75% from HKD 3,243 million in 2023[3]. - Basic earnings per share for 2024 were HKD 0.56, down 75% from HKD 2.23 in 2023[11]. - The adjusted earnings per share increased by 25% to HKD 2.74 from HKD 2.20 in the previous year[11]. - The group's consolidated profit decreased by 13% to HKD 6,850 million, with a gross profit margin of 32%, down from 44% in the previous year[25]. - The group's basic profit, including impairment provisions, was HKD 2,576 million, a slight increase of 2% from HKD 2,518 million in 2023[23]. - The group reported a net profit of HKD 1,512 million for 2024, down from HKD 4,163 million in 2023, with basic and diluted earnings per share at HKD 0.56[64]. - The total tax expense for the year ended December 31, 2024, was HKD 1,070 million, down from HKD 2,696 million in 2023, indicating a reduction of about 60.3%[4]. Property Sales and Revenue - Property sales revenue reached HKD 13,830 million, up 33% from HKD 10,416 million in the previous year[3]. - Contract sales amounted to HKD 12,605 million, a decline from HKD 14,071 million in 2023, primarily due to reduced saleable resources in mainland China[8]. - The mainland property division recorded consolidated revenue of HKD 136,650 million, up from HKD 99,000 million in 2023, driven by increased recognized sales[35]. - The mainland property division reported consolidated revenue of HKD 7.457 billion in 2024, up from HKD 3.459 billion in 2023, driven by increased sales recognition from completed projects[36]. - The Hong Kong property division recorded consolidated revenue of HKD 7.696 billion in 2024, down from HKD 8.227 billion in 2023, primarily due to reduced sales recognition from development properties[43]. Investment Properties - Rental income from investment properties (excluding hotel operations) decreased by 2% to HKD 5,355 million from HKD 5,450 million in 2023[10]. - The investment property and hotel portfolio has a total attributable floor area of 18.6 million square feet, with 83% (15.5 million square feet) located in mainland China[21]. - The mainland investment property and hotel portfolio generated consolidated revenue of HKD 6.208 billion in 2024, down from HKD 6.441 billion in 2023, with rental income from investment properties contributing HKD 4.069 billion[38]. - The investment property portfolio in Hong Kong generated consolidated rental income of HKD 1.286 billion in 2024, an increase from HKD 1.234 billion in 2023, with a gross profit margin of 76%[47]. Debt and Financial Management - The debt ratio increased to 41.5% as of December 31, 2024, up from 34.1% in 2023, due to an increase in total debt[33]. - Total borrowings increased to HKD 595.81 billion in 2024 from HKD 551.31 billion in 2023, with net borrowings rising to HKD 483.74 billion[56]. - The group's available financial resources decreased by 13% to HKD 381.36 billion in 2024, covering approximately 64% of total borrowings[57]. - The group maintains a cautious financial policy to manage liquidity and financial risks, with regular reviews by the finance committee[52]. - The group plans to increase the proportion of sustainable financing in its overall debt portfolio to enhance cost efficiency and advance environmental goals[59]. Sustainability and Future Outlook - The company plans to reduce operational carbon emissions by 2% annually until 2030 as part of its sustainability goals[12]. - The company maintains an optimistic long-term growth outlook for the mainland market, driven by urbanization and rising middle-class consumption[14]. - The company plans to add 1.04 million square feet to its investment property and hotel portfolio over the next six years, including approximately 570,000 square feet of office space and 410,000 square feet of retail space[21]. - The company is focused on developing and selling premium and luxury properties in key urban areas of Hong Kong and mainland China, aiming to generate stable recurring income[97]. - The company remains committed to ESG initiatives, with plans to reduce carbon emissions by 30% over the next five years[112]. Corporate Governance and Compliance - The company has fully complied with the corporate governance code throughout 2024, except for the dual role of the chairman and CEO, which is deemed beneficial for business development[102]. - The annual general meeting for the year ending December 31, 2024, is scheduled for May 23, 2025[109]. - The company will publish its annual report on April 29, 2025, which will be available on the "disclosure" website and the company's website[111].

Financial Performance - Total revenue for the first half of 2024 was HKD 5.04 billion, a decrease of 8% compared to HKD 5.472 billion in the same period of 2023[4]. - Basic profit attributable to shareholders decreased by 55% to HKD 788 million, compared to HKD 1.739 billion in the first half of 2023[6]. - Adjusted earnings per share for the first half of 2024 was HKD 0.97, down 19% from HKD 1.20 in the same period last year[4]. - The net profit for the period was HKD 1,128,391, representing a 44.4% decrease from HKD 2,030,820 in 2023[51]. - The company's debt ratio increased to 40.9% as of June 30, 2024, compared to 34.1% on December 31, 2023[46]. - The total liabilities as of June 30, 2024, amounted to HKD 60,844 million, up from HKD 55,131 million at the end of 2023[46]. - The basic and diluted earnings per share for the period were HKD 0.54, down from HKD 1.20 in the same period last year[50]. - The company reported a total comprehensive loss of HKD 1,048,460 for the period, compared to a loss of HKD 1,432,080 in 2023[51]. Property Sales and Revenue - Property sales amounted to HKD 1.792 billion, down 16% from HKD 2.123 billion year-on-year[4]. - The total contracted sales for the first half of 2024 was HKD 7.044 billion, a decline from HKD 8.170 billion in the first half of 2023[7]. - The group's consolidated revenue from property development decreased by 59% year-on-year to HKD 2.325 billion, primarily due to a short-term timing gap between contract sales and revenue recognition[10]. - The total contracted sales amount for the mainland properties was HKD 1.204 billion in the first half of 2024, with significant contributions from projects in Wuhan and Shenyang[24]. - The total contracted sales amount for the Hong Kong property segment reached HKD 5,840 million, significantly up from HKD 1,575 million year-on-year[31]. Rental Income and Investment Properties - Rental income from investment properties (excluding hotel operations) decreased by 3% to HKD 2.426 billion, compared to HKD 2.498 billion in the previous year[7]. - The group's investment property and hotel revenue slightly decreased by 3% year-on-year to HKD 3.714 billion[11]. - The group's total rental income from investment properties in Hong Kong for the first half of 2024 was HKD 596 million, a decrease of 7% compared to HKD 640 million in the same period of 2023[35]. - The mainland property segment reported a total rental income of HKD 2,053 million, down 2% from HKD 2,086 million year-on-year[27]. - The gross profit from the mainland investment properties and hotel portfolio was HKD 1.40 billion, with a gross profit margin of 74%[26]. Debt and Financial Management - The debt ratio increased to 40.9% as of June 30, 2024, up from 34.1% on December 31, 2023, following the final payment for the Shanghai Huangpu project[13]. - As of June 30, 2024, the total borrowings amounted to HKD 60.844 billion, an increase from HKD 55.131 billion as of December 31, 2023[42]. - Approximately 69% of the borrowings are due for repayment in the next two years[45]. - The company's available financial resources decreased by 20% to HKD 37.351 billion compared to HKD 44.971 billion as of December 31, 2023, mainly due to land cost payments[43]. - The financing costs for the first half of 2024 totaled HKD 195,166,000, a decrease from HKD 317,789,000 in the same period of 2023, representing a reduction of approximately 38.6%[90]. Corporate Governance and Compliance - The company has adopted the standard code for securities trading by directors, ensuring compliance with trading regulations during the blackout period before financial announcements[107]. - The board has reviewed and updated policies including diversity, insider information disclosure, and securities trading procedures to enhance corporate governance practices[108]. - The company is committed to high levels of corporate governance, which is deemed critical for long-term success and sustainability[108]. - The company has established internal control procedures to ensure that related party transactions are conducted fairly and reasonably, with independent non-executive directors reviewing these transactions annually[142]. - The company has not identified any non-compliance with the standard code during the six months ending June 30, 2024[107]. Future Outlook and Strategic Initiatives - The company plans to continue its market expansion and product development strategies to enhance future performance despite the current financial challenges[1]. - The company is focused on developing and selling premium and luxury properties in key urban areas of Hong Kong and mainland China, while managing a portfolio of investment properties in mainland China[140]. - The company plans to launch a new marketing campaign with a budget of HKD 5 million to boost brand awareness[147]. - New product development initiatives are underway, with an investment of HKD 10 million allocated for R&D in innovative technologies[147]. - Market expansion plans include entering two new regions, projected to increase market share by 5%[147].

Financial Performance - Total revenue for the first half of 2024 was HKD 5.04 billion, a decrease of 8% compared to HKD 5.47 billion in the first half of 2023[3] - Basic profit attributable to shareholders decreased by 55% to HKD 788 million, compared to HKD 1.74 billion in the same period last year[6] - Adjusted earnings per share for the first half of 2024 was HKD 0.97, a decline of 19% from HKD 1.20 in the first half of 2023[3] - The group reported a net profit of HKD 1,128,391,000 for the period, with attributable profit to shareholders amounting to HKD 788,036,000[66] - The net profit for the period was HKD 1,128.39 million, a decline from HKD 2,030.82 million year-on-year, indicating a decrease of about 44.4%[48] - The company's total assets decreased to HKD 184,296,273,000 from HKD 182,586,530,000, reflecting a slight increase of 0.9% year-over-year[50] - The group reported a decrease in shareholder's profit attributable to HKD 788,036,000 for the six months ended June 30, 2024, compared to HKD 1,738,831,000 in the same period of 2023, a decline of 54.6%[72] Revenue Breakdown - Property sales revenue dropped to HKD 1.79 billion, down 16% from HKD 2.12 billion year-on-year[3] - The total contracted sales amount for the first half of 2024 was HKD 7.04 billion, down from HKD 8.17 billion in the previous year[7] - The combined revenue from investment properties and hotels for the group is 3.714 billion, a decrease of 3% compared to 3.819 billion in the previous period[19] - Revenue from mainland properties was HKD 3,579,766,000, while revenue from Hong Kong properties was HKD 1,459,841,000[66] - The investment property segment in Hong Kong generated revenue of HKD 542 million in the first half of 2024, down from HKD 578 million in the same period of 2023, with a gross margin of 77%[35] Property Development and Sales - The group's consolidated revenue from property development decreased by 59% year-on-year to HKD 2.325 billion (1H 2023: HKD 5.724 billion) due to a short-term timing gap between contract sales and revenue recognition[20] - Contract sales amounted to HKD 7.044 billion, down 14% from HKD 8.170 billion in the same period last year, with mainland sales decreasing significantly while Hong Kong sales improved[22] - The development property sales revenue for the first half of 2024 was HKD 918 million, a decrease from HKD 1.94 billion in the same period of 2023, with a gross margin of 16%[33] Rental Income and Occupancy - Rental income from investment properties (excluding hotel operations) decreased by 3% to HKD 2.43 billion, compared to HKD 2.50 billion in the first half of 2023[8] - Rental income from mainland leasing properties is 2.053 billion, down 2% year-over-year, while Hong Kong leasing properties decreased by 7% to 596 million[19] - The overall occupancy rate of the mainland investment property portfolio remained stable compared to December 31, 2023[29] - As of June 30, 2024, the overall occupancy rates for the group's properties in mainland cities are 90% for offices, 87% for retail, and 92% for apartments[30] - The occupancy rate for MegaBox in Hong Kong dropped to 89% as of June 30, 2024, down from 95% at the end of 2023, primarily due to renovation works[38] Financial Position and Debt - The group's debt ratio increased to 40.9% as of June 30, 2024, from 34.1% as of December 31, 2023, following the final payment for the Shanghai Huangpu project[23] - Total borrowings amounted to HKD 608.44 billion as of June 30, 2024, an increase from HKD 551.31 billion on December 31, 2023[42] - Approximately 69% of the total borrowings are due for repayment in the next five years, with HKD 41.81 billion (69%) maturing in the third to fifth year[46] - The company aims to maintain a prudent financial management strategy to keep the debt ratio at a reasonable level while executing its deleveraging plan[20] Sustainability and Corporate Governance - The MSCI ESG rating improved from "A" to "AA," reflecting the company's commitment to sustainability[9] - The group emphasizes sustainable development standards for ongoing projects and aims to positively impact the community[85] - The company has fully complied with the corporate governance code during the six months ending June 30, 2024, except for the dual role of the chairman and CEO[88] Future Outlook and Strategy - The group has a robust pipeline of integrated development projects in major cities, which will contribute to stable recurring income growth[18] - The company focuses on developing and selling premium properties in key urban areas in Hong Kong and mainland China, aiming for stable recurring income[85] - The group expects to add 11.028 million square feet of floor area to its investment properties and hotel portfolio over the next six years, primarily in Shanghai, Wuhan, and Hangzhou[18] Interim Dividend and Shareholder Returns - The company maintained an interim dividend of HKD 0.40 per share, consistent with the previous year[6] - The company will distribute an interim dividend of HKD 0.40 per share, totaling approximately HKD 581 million based on 1,451,305,728 shares issued as of June 30, 2024[90] Audit and Reporting - The independent auditor's review report will be included in the upcoming interim report to shareholders[84] - The interim report will be published on or around September 9, 2024, and will be available on the company's website[91]