Financial Performance - The company's attributable profit for the six months ended December 31, 2025, was HKD 12.213 billion, an increase from HKD 10.463 billion in the same period last year, with basic earnings per share rising to HKD 4.21 from HKD 3.61[2] - Total revenue for the six months ended December 31, 2025, was HKD 52,705 million, an increase of 32% compared to HKD 39,933 million for the same period last year[68] - Operating profit rose to HKD 13,398 million, up 10.7% from HKD 12,098 million year-on-year[68] - Net profit for the period was HKD 10,585 million, representing a 35% increase from HKD 7,841 million in the previous year[69] - Earnings per share attributable to shareholders increased to HKD 3.54, up from HKD 2.60, marking a 36% rise[68] - The company reported a total comprehensive income of HKD 12,317 million, significantly higher than HKD 6,749 million in the previous year[69] - The fair value change of investment properties resulted in a loss of HKD 1,307 million, compared to a loss of HKD 2,875 million in the previous year[68] - Total assets decreased to HKD 741,024 million from HKD 746,801 million, reflecting a slight decline in asset value[70] - Cash and cash equivalents increased to HKD 19,529 million, up from HKD 16,919 million, indicating improved liquidity[70] - The group's net asset value rose to HKD 626,409 million, compared to HKD 622,374 million, showing a modest growth[70] Dividends and Shareholder Returns - The interim dividend declared is HKD 0.98 per share, representing a 3% increase compared to the same period last year[3] - The interim dividend declared was HKD 0.98 per share, an increase from HKD 0.95 per share in the previous year, totaling HKD 2.840 billion compared to HKD 2.753 billion[87] Property Development - Profit from property development for the period was HKD 4.885 billion, up from HKD 2.506 billion year-on-year, with total contracted sales amounting to approximately HKD 18.9 billion[4] - The company recorded a total contracted sales amount of approximately HKD 17.4 billion in Hong Kong during the period, driven by strong demand in the primary residential market[8] - Property development revenue in Hong Kong reached HKD 26,474 million with an operating profit of HKD 2,005 million, while mainland China contributed HKD 3,383 million in revenue and HKD 2,021 million in operating profit[73] - The average gross profit margin for property development projects decreased to approximately 8%, down from 15% in the same period last year[98] - The unrecognized contract sales revenue from properties amounted to HKD 26.3 billion, with HKD 22.2 billion expected to be recognized in the current fiscal year[100] Rental Income and Leasing - Total rental income for the period remained flat at HKD 12.285 billion, while net rental income decreased by 1% to HKD 8.955 billion[5] - The group achieved a total rental income of HKD 8.79 billion, maintaining stable performance year-on-year[11] - The average occupancy rate of the shopping mall portfolio was 94% during the period[12] - The group’s residential leasing business saw moderate growth in rental income, benefiting from rising residential rents[17] - The occupancy rate of the International Finance Centre (IFC) rose to 98%, while the International Commerce Centre (ICC) maintained a high occupancy rate of 91%[16] Strategic Developments and Projects - The company holds approximately 5.73 million square feet of land reserves in Hong Kong, with 3.82 million square feet being completed properties primarily for rental and long-term investment[6] - The company has successfully increased the total gross floor area of the residential project in Kwu Tung South from approximately 162,000 square feet to about 1.2 million square feet, planning to provide over 2,700 units[7] - The group plans to complete approximately 1.9 million square feet of properties in the second half of the fiscal year, with around 600,000 square feet available for sale as residential properties[10] - The IGC project, located above the West Kowloon High-Speed Rail Station, consists of two twin towers providing approximately 2.6 million square feet of office space, with the company holding about 1.2 million square feet for long-term investment[18] - The ITC project in Shanghai is expected to provide approximately 5.6 million square feet of premium office, retail, and hotel space, with completion anticipated in the second half of the fiscal year[25] Technology and Innovation - The company is leveraging artificial intelligence and 5G technology to create a comprehensive smart living ecosystem in its new residential projects[9] - The company has launched several new services, including "SmarTone PRIORITY" for high-speed internet during peak hours, "AI Connect" for easy access to global AI platforms, and "Kids CARE" for parental digital solutions[38] - The company continues to enhance its digital infrastructure to support various sectors, including residential, retail, and hospitality, reflecting confidence in its future prospects[39] Sustainability and Corporate Responsibility - The solar power plant in Tseung Kwan O is expected to produce 1.2 million kWh of green electricity annually, reducing CO2 emissions by 468 tons[49] - The group installed 20,000 solar panels across managed properties and construction sites, generating approximately 9 million kWh of electricity and reducing emissions by about 3,800 tons annually[49] - The group donated HKD 20 million for emergency support following the Tai Po fire, and provided 160 hotel rooms for affected residents[51] - The group raised approximately HKD 4.6 million through the "Charity Marathon 2025" to support rehabilitation and counseling services, including youth mental health programs[52] Market Outlook and Economic Conditions - The group anticipates moderate global economic growth by 2026, driven by easing U.S. interest rates, improved U.S.-China relations, and accelerated technology investments[56] - The group expects continued robust performance in the domestic economy, supported by increased high-tech investments and closer trade cooperation with ASEAN countries[56] - Local governments are expected to implement flexible policies to promote supply-demand balance, benefiting the medium to long-term development of the residential market[56] - Hong Kong's economy is expected to maintain stable growth, supported by strong stock market performance and new policies for family offices and gold trading, enhancing its position as a global wealth management center[57] Corporate Governance and Management - The company has complied with the corporate governance code during the six months ending December 31, 2025, although the roles of Chairman and CEO are not separated[125] - The board of directors consists of eight executive directors, including the chairman and managing director, and two non-executive directors[126] - The company is committed to providing detailed financial and other relevant information as required by listing rules[126] - The report will be sent to shareholders, ensuring transparency and compliance with regulatory requirements[126] - The company aims to enhance shareholder communication through timely disclosures and updates[126]

Group 1 - Morgan Stanley has raised its forecast for Hong Kong property price increase this year from 5%-7% to 10%-15%, with an expectation of an additional 5% increase next year [1][2] - The industry is believed to have entered a new phase, transitioning from "initial recovery" to "expansion" [1][2] - In a positive market environment, valuation standards are shifting from "dividend yield" to "net asset value discount" [1][2] Group 2 - The rating for Sun Hung Kai Properties (00016) has been upgraded to "Overweight," with a target price of HKD 162, reflecting a 20% discount to net asset value based on historical averages during the expansion phase [1][2] - The firm is also optimistic about Cheung Kong Property (00083) and Henderson Land Development (00012), with the former being particularly suitable for yield-seeking investors, while the latter awaits clearer performance and dividend policy [1][2] - The overall target price for the covered industry stocks has been raised by 13% to 49% [1][2]

Core Viewpoint - Morgan Stanley has raised its forecast for Hong Kong property price increases from 5%-7% to 10%-15% for this year, expecting an additional rise of about 5% next year, indicating a shift from the "initial recovery" phase to the "expansion phase" in the industry [1] Group 1: Market Outlook - The industry is transitioning into a new phase characterized by an optimistic market environment, with valuation standards shifting from "dividend yield" to "net asset value discount" [1] - The overall target price for the covered sector has been increased by 13% to 49% [1] Group 2: Company Ratings - New World Development (00016) has had its rating upgraded to "Overweight" with a target price of HKD 162, reflecting a 20% discount to net asset value based on historical average levels during the expansion phase [1] - The firm is optimistic about Sino Land (00083) for income-seeking investors, while Henderson Land (00012) awaits clearer performance and dividend policy, with mid-March identified as a better entry point [1]

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rental rates for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, supported by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Stock Recommendations - Morgan Stanley prefers stocks such as Sun Hung Kai Properties (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Development Challenges - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1]

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rents for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, driven by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Company Preferences - Morgan Stanley prefers New World Development (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the commercial property vacancy rate remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Risk Factors - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1] - Geopolitical risks and macroeconomic uncertainties may pose downward pressure on the market [1]

Group 1 - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% growth in rental rates for this year [1] - The firm favors New World Development, Cheung Kong Property, and Henderson Land Development, assigning them "overweight" ratings, while it is bearish on Wharf Real Estate Investment Company, giving it a "underweight" rating [1] - Recent discussions with JLL Hong Kong Chairman, C. K. Chan, indicated that strong purchasing power from mainland buyers is expected to drive property prices up by 5% this year after hitting a bottom last year, with this upward cycle likely to continue for several years [1] Group 2 - The report highlights that a reduction in interest rates and favorable capital market performance could provide further upward momentum for the property market, although geopolitical risks and macroeconomic uncertainties may pose downward pressures [1] - Despite an overall improvement in market sentiment, C. K. Chan noted that the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1]

Core Viewpoint - Morgan Stanley's report indicates that Sun Hung Kai Properties (00016) is expected to announce its interim results for the fiscal year ending December 2026 at the end of February, with a projected year-on-year increase of 13% in basic earnings per share to HKD 3.89, while maintaining an interim dividend of HKD 0.95 per share [1] Group 1: Financial Performance - The report anticipates a profit margin for property development projects to reach high double-digit levels due to the accounting of completed inventory at lower costs and recent price increases for new sales [1] - The expected earnings per share growth of 13% reflects strong operational performance and market conditions [1] Group 2: Project Developments - The Sierra Sea Phase 2A & 2B project is performing well, and the company is expected to launch a luxury residential project, Tianxi-Hai Phase 2, in the Kai Tak runway area [1] - The initial pricing for the second phase is anticipated to exceed HKD 45,000 per square foot, with a projected profit margin of over 15%, based on the first phase's average transaction price exceeding HKD 50,000 per square foot [1] Group 3: Investment Rating - Morgan Stanley has assigned an "Overweight" rating to Sun Hung Kai Properties, with a target price set at HKD 120 [1]

Core Viewpoint - Morgan Stanley's report indicates that Sun Hung Kai Properties (00016) is expected to announce its interim results for the fiscal year ending December 2026 at the end of February, with a projected 13% year-on-year increase in basic earnings per share to HKD 3.89, while maintaining an interim dividend of HKD 0.95 per share [1] Group 1: Financial Performance - The expected basic earnings per share for the first half of the fiscal year is projected to be HKD 3.89, reflecting a 13% increase compared to the previous year [1] - The interim dividend is anticipated to remain unchanged at HKD 0.95 per share [1] Group 2: Property Development Insights - The report highlights that the profit margin for property development projects may reach high double-digit levels due to the accounting of low-cost completed inventory and recent price increases for new sales [1] - The Sierra Sea Phase 2A & 2B projects are performing well, and the company is expected to launch a luxury project, Tianxi-Hai Phase 2, in the Kai Tak runway area [1] - The average transaction price for the first phase exceeded HKD 50,000 per square foot, with initial pricing for the second phase expected to exceed HKD 45,000 per square foot, potentially yielding a profit margin of over 15% [1] Group 3: Investment Rating - Morgan Stanley has assigned an "Overweight" rating to Sun Hung Kai Properties, with a target price set at HKD 120 [1]

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: 2026年1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: 新鴻基地產發展有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 00016 | | 說明 | | | | | | | 多櫃檯證券代號 | 80016 | RMB 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 | | | | 2,897,780,274 | | 0 | | 2,897,780,274 | | 增加 / 減少 (-) | | | | ...

（文/解红娟 编辑/张广凯） 新鸿基地产深夜发声，回应沸沸扬扬的市场传言。 2月3日晚间，新鸿基回应，集团执行董事冯秀炎因健康原因已提出请辞，董事局接纳其辞任并即日生 效。公司表示已安排人员接替其职务，相关工作与日常运作均不受影响。 至于市场传言冯秀炎离职是因为与上海环贸iapm商场相关腐败问题深度关联，新鸿基方面并未正面回 应，仅表示，"公司正进行检视并会作出适当跟进。" 本文系观察者网独家稿件，未经授权，不得转载。 此前于2月2日，多家香港媒体报道冯秀炎疑因涉及上海环贸iapm商场相关贪腐问题已被停职，焦点集中 在商场营销活动招标、广告资源投放及品牌合作等业务环节。 公开资料显示，冯秀炎持有英国雷丁大学房地产管理理学士、美国东北路易斯安那大学工商管理硕士及 香港大学房屋管理硕士学位。她于1991年加入新鸿基地产，2022年8月起出任执行董事，负责集团在香 港、上海、南京、北京及杭州多个主要商场的策略规划与发展管理。根据公司2024/2025财年数据，其 年度薪酬合计约2426万港元。 此次事件涉及的上海环贸iapm商场是新鸿基地产在上海打造的高端商业项目，位于淮海中路陕西南路核 心地段，2013年开业，以 ...