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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Swire Properties Limited 太古地產有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 不適用 備註： Swire Properties Limited 太古地產有限公司並無法定股本，及其股本並無股份面值。 第 1 頁 共 10 頁 v 1.1.1 FF301 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) | 01972 | 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 | | | | 5,757,484,800 | | 0 | | 5,757 ...

Core Viewpoint - Citigroup's research report indicates that the Hong Kong government's Chief Executive, John Lee, has presented his fourth Policy Address, highlighting the optimization of capital investment plans and predicting that the super luxury property market will continue to outperform [1] Group 1: Market Performance - The report states that transactions for properties priced between HKD 30 million and HKD 50 million accounted for approximately 1.2% of total transactions in the first half of the year, with a transaction value of around HKD 14 billion [1] - Hong Kong real estate stocks have risen approximately 25% year-to-date, and the fourth quarter performance is expected to be driven by several factors [1] Group 2: Influencing Factors - The CCL leading index for second-hand property prices increased by 1.2% week-on-week, with a cumulative increase of 0.8% for the year; if this trend continues, it may narrow the net asset value (NAV) discount for real estate stocks [1] - Following a 25 basis point rate cut by the Federal Reserve, it is estimated that Hong Kong's best lending rate will decrease by 12.5 basis points [1] - Strong retail performance is anticipated during the Golden Week in Hong Kong and mainland China [1] Group 3: Preferred Stocks - Citigroup's preferred stocks include Link REIT, Swire Properties, and New World Development, with a positive outlook on Hang Lung Properties as well [1] - The company expects an increase in pricing power for new developments, combined with potential interest rate cuts, leading to significant residential property prices and transaction volumes by the end of the year [1]

Group 1 - The forum "Disrupting Tradition: The 'Atypical' Cooperation Model and Community Building of New Museums" was co-hosted by the Hong Kong Palace Museum and Swire Properties, highlighting innovative collaboration in cultural and commercial spaces [1][3] - Swire Properties' "Taikoo Li" projects are designed to integrate art, culture, and commerce, creating open platforms that enhance community engagement and cultural vitality [1][3] - The Hong Kong Palace Museum emphasizes the importance of community collaboration to foster learning, dialogue, and social cohesion, which in turn supports economic vitality and sustainable development [3][4] Group 2 - The "Dual City Youth Cultural Talent Exchange Program," initiated in 2022 and sponsored by Swire Properties, aims to cultivate future cultural and artistic talents and promote the long-term development of the cultural and creative industries [3] - The forum format has expanded to Shanghai, indicating a trend of museums engaging with commercial projects to reshape urban cultural landscapes [3][4] - The collaboration between museums and commercial entities is increasingly seen as a way to enhance brand value, fulfill social responsibilities, and explore new growth points in the cultural and creative industries [4]

各位非登記持有人( 附註 1)： 二零二五年中期報告（「本次公司通訊」）之發布通知 太古地產有限公司（「公司」）的本次公司通訊之中、英文版本已上載於公司網站 (www.swireproperties.com) 之投資者關係網頁及香港交易及結算所有限公司（「香港交易所」）網站 (www.hkexnews.hk)，歡迎查閱。如 閣下已選擇收取公司通訊( 附註 2)之印刷本，現隨函附上 閣下所選擇的語言版本之本次公司通訊印刷本。 SWIRE PROPERTIES LIMITED 太古地產有限公司 (於香港註冊成立的有限公司) (股份代號：01972) 通 知 信 函 附註： 1. 本函件乃向公司之非登記持有人（「非登記持有人」指公司股份存放於中央結算及交收系統的人士或公司，透過香港中 央結算有限公司不時向公司發出通知表示該等人士或公司希望收到公司通訊）發出。倘若 閣下已出售或轉讓所持有的 所有公司股份，則無需理會本函及隨附的申請表格。 2. 「公司通訊」乃公司已發出或將予發出以供其任何證券持有人參照或採取行動的所有文件，包括（但不限於）年度和中 期財務報告及其摘要報告（及其中包含的所有報告及財務報表）、會議通告、上 ...

SWIRE PROPERTIES LIMITED 太古地產有限公司 (於香港註冊成立的有限公司) (股份代號：01972) 如果公司沒有收到 閣下的有效電郵地址，直至公司股份登記處收到 閣下有效的電郵地址前，閣下將(i)無法 收到任何有關發布公司通訊的電郵通知；及(ii)需要主動查看公司網站和香港交易所網站以留意公司通訊的發布。 公司可免費提供公司通訊的英文版和中文版的印刷本，並會在收到 閣下的書面要求（透過填妥、簽署及交回 申請表格予公司股份登記處的上述地址或電郵地址）後發送到 閣下於股東名冊上所示的地址。倘公司沒有收 到 閣下已填妥並簽署之申請表格要求收取公司通訊的印刷本， 閣下將被視為已選擇僅以電子方式透過公司 網站收取所有日後公司通訊，惟可供採取行動的公司通訊將個別發送予每位股東。 請注意，要求收取所有日後公司通訊印刷本的指示將有效至該指示被撤銷或取代，或直至公司於翌年刊發下一 份年度報告為止（以較早者為準），此後，如 閣下希望繼續收取公司通訊印刷本，則需要重新提交要求。 閣下如有任何與本函有關的疑問，請致電公司股份登記處電話 (852) 2862 8688，辦公時間為星期一至星期五 （公眾假期除外） ...

Company Overview Swire Properties is a leading integrated property developer, owner, and operator in Hong Kong and Mainland China, specializing in commercial real estate, property trading, and hotel management, and has achieved its 2030 sustainability vision six years early - The company is a leading integrated property developer, owner, and operator in Hong Kong and Mainland China, primarily focused on commercial property projects, with businesses including property investment, property trading, and hotel investment and management[4](index=4&type=chunk) - The company has operations in high-end and premium residential markets in Hong Kong, Mainland China, Indonesia, Vietnam, and Thailand, with a planned project in Miami, USA; Swire Hotels has confirmed expansion plans into Japan[4](index=4&type=chunk) - The company achieved its 2030 vision of being a global leader in sustainable development six years ahead of schedule and is now focusing on setting 2050 targets[11](index=11&type=chunk)[23](index=23&type=chunk)[35](index=35&type=chunk) - Sustainable development highlights for the first half of 2025 include: being ranked in the top 1% of S&P Global Corporate Sustainability Assessment scores in The S&P Global Sustainability Yearbook, becoming the first Asia Pacific real estate developer to receive a "Medium Green" rating from S&P Global Ratings' Climate Transition Assessment, over 150 tenants participating in the "Environmental Performance Charter", over 130 F&B tenants receiving "Green Kitchen" certification, and launching the "Green Retail Partnership"[11](index=11&type=chunk) Financial Highlights In the first half of 2025, the company's underlying profit increased by 15% year-on-year to HK$4.42 billion, driven by asset disposals, while recurring underlying profit decreased by 4%; revenue grew by 20%, and cash from operations significantly increased by 65%, maintaining a robust financial position with a net debt-to-capital ratio of 15.7%, and an interim dividend increase of 3% was announced Key Financial Results for 1H 2025 (HK$ million) | Indicator | 1H 2025 | 1H 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 8,723 | 7,279 | +20% | | Profit attributable to shareholders (Underlying) | 4,420 | 3,857 | +15% | | Profit attributable to shareholders (Recurring Underlying) | 3,420 | 3,570 | -4% | | Profit attributable to shareholders (Reported) | (1,202) | 1,796 | N/A | | Cash from operations | 6,103 | 3,701 | +65% | | Net cash inflow before financing | 6,683 | 1,284 | +420% | | Earnings per share (Underlying) | HK$0.76 | HK$0.66 | +15% | | Earnings per share (Recurring Underlying) | HK$0.59 | HK$0.61 | -3% | | Earnings per share (Reported) | (HK$0.21) | HK$0.31 | N/A | | First interim dividend | HK$0.35 | HK$0.34 | +3% | Financial Position as at June 30, 2025 (HK$ million) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total equity | 272,547 | 278,427 | -2% | | Net debt | 42,853 | 43,746 | -2% | | Net debt-to-capital ratio | 15.7% | 15.7% | Zero percentage points | | Equity per share attributable to shareholders | HK$47.01 | HK$47.35 | -1% | Underlying Profit by Segment for 1H 2025 (HK$ million) | Segment | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Property Investment | 3,747 | 3,693 | | Property Trading | (282) | (61) | | Hotels | (45) | (62) | | Recurring Underlying Profit | 3,420 | 3,570 | | Disposal of assets | 1,000 | 287 | | **Underlying Profit** | **4,420** | **3,857** | Chairman's Statement Despite global economic uncertainties, Swire Properties delivered strong performance in the first half of 2025, leveraging its premium property portfolio and community-building strategy, continuing to advance its HK$100 billion investment plan, strengthening financial resilience through capital recycling, achieving progressive dividend growth, and confidently pursuing long-term prospects in core markets after achieving its sustainability vision early - Underlying profit for the first half of 2025 increased by **15%** to **HK$4.42 billion**, primarily driven by profit from the disposal of Brickell City Centre retail mall and adjacent land in Miami[18](index=18&type=chunk) - Recurring underlying profit attributable to shareholders decreased by **4%**, mainly reflecting lower Hong Kong office rental income and increased sales and marketing expenses for residential trading projects[18](index=18&type=chunk) - The first interim dividend for 2025 was declared at **HK$0.35 per share**, a **3% increase** from 2024, with a target of mid-single-digit annual dividend growth and distributing approximately half of underlying profit as ordinary dividends[20](index=20&type=chunk) - The company repurchased **44,736,600 shares** totaling **HK$707 million** at an average price of **HK$15.8 per share**[20](index=20&type=chunk) - The HK$100 billion investment plan is progressing well, with **67%** of funds committed, focusing on three core markets: Hong Kong, Mainland China, and Southeast Asia[17](index=17&type=chunk) - The company achieved its 2030 sustainability vision six years ahead of schedule and is now focused on setting 2050 targets, committed to creating the world's most sustainable communities[23](index=23&type=chunk) Chief Executive's Report Despite a challenging operating environment, Swire Properties maintained robust performance and growth momentum in the first half of 2025 through a focus on quality, innovation, and strategic execution, continuing to advance its HK$100 billion investment plan in core markets across Hong Kong, Mainland China, and Southeast Asia, while making progress in asset recycling, sustainability, and digital transformation - Recurring underlying pre-tax profit from investment properties decreased in the first half of 2025, mainly due to lower Hong Kong office rental income[28](index=28&type=chunk) - The Hong Kong office market remains challenging, but the company's portfolio remains resilient with stable occupancy rates, and Two Taikoo Place and Six Pacific Place are progressing well with leasing[28](index=28&type=chunk) - Retail sales in Mainland China stabilized, with overall footfall increasing, reflecting the attractiveness of the company's malls, and competitive advantages were enhanced through tenant mix optimization and experiential activities[28](index=28&type=chunk)[29](index=29&type=chunk) - The disposal of interests in Brickell City Centre retail mall, car parks, and adjacent vacant land in Miami was completed, with proceeds to be reinvested into the HK$100 billion investment plan[30](index=30&type=chunk) - The company is committed to accelerating digital transformation, initiating multiple generative AI projects to enhance operational flexibility and customer experience[36](index=36&type=chunk) - Hotel business performance was mixed, with slower recovery in Hong Kong hotels, varied results for Mainland China hotels, and continued strong performance from EAST Miami in the US[29](index=29&type=chunk) Business Review This section details the company's business performance in the first half of 2025, including a financial overview, progress of the HK$100 billion investment plan, major asset transactions, and specific conditions and market outlook for investment properties, property trading, and hotel businesses in Hong Kong, Mainland China, and the United States, demonstrating the company's resilience and growth potential through strategic investments and asset management amidst macroeconomic challenges 2025 First Half Total Revenue (HK$ million) | Revenue Source | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Gross rental income | 6,576 | 6,727 | | Property trading | 1,706 | 88 | | Hotels | 441 | 464 | | **Total Revenue** | **8,723** | **7,279** | 2025 First Half Operating Profit/(Loss) (HK$ million) | Indicator | 1H 2025 | 1H 2024 | | :--- | :--- | :--- | | Property investment (from operations) | 3,918 | 4,389 | | Fair value loss on investment properties | (3,900) | (842) | | Property trading | 511 | (54) | | Hotels | (53) | (57) | | **Total Operating Profit** | **355** | **3,217** | - Reported loss attributable to shareholders was **HK$1.202 billion**, primarily due to a fair value loss on investment properties of **HK$4.68 billion** (mainly from the Hong Kong office portfolio)[44](index=44&type=chunk) - The HK$100 billion investment plan has committed approximately **HK$67 billion** in total (HK$11 billion in Hong Kong, HK$46 billion in Mainland China, and HK$10 billion in residential property trading projects)[48](index=48&type=chunk) - In April 2025, the Group acquired a **12.07% interest** in Brickell City Centre retail mall in Miami for **US$73.5 million**, increasing its total interest to **75%**[49](index=49&type=chunk) - In June 2025, the Group completed the disposal of its **75% interest** in Brickell City Centre retail mall, along with car parks and certain common facilities, to Simon Property Group for a total consideration of up to **US$548.7 million**[50](index=50&type=chunk) [Investment Properties — Hong Kong](index=23&type=section&id=投資物業%20—%20香港) The Hong Kong investment property portfolio faced challenges in the first half of 2025, with declining office rental

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 公司名稱: Swire Properties Limited 太古地產有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 不適用 備註： Swire Properties Limited 太古地產有限公司並無法定股本，及其股本並無股份面值。 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) | 01972 | 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 | | | 5,757,484,800 | | 0 | | 5,757,484,800 | | 增加 / 減少 (-) | | | 0 | | 0 | | ...

Group 1 - The one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to over 2% after remaining low for three months, which is considered expected [1] - HIBOR is anticipated to stay within the range of 2% to 3% in the foreseeable future [1] - The Hong Kong real estate sector is expected to maintain resilience in the coming month until the government announces the Policy Address, as the market is building expectations for new policies [1] Group 2 - Following the interest rate cuts in the US, the real estate sector may experience a short-term respite [1] - The industry is believed to gradually recover over time [1] - Among rental stocks, the company is optimistic about Swire Properties, Hang Lung Properties, Kowloon Development, and Link REIT; for developers, it favors Henderson Land and Sino Land [1]

Core Viewpoint - Morgan Stanley reports that after three months of low HIBOR (below 1.2%), the one-month HIBOR has risen above 2% this week, which was anticipated. The firm believes HIBOR will likely remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is considered a natural reaction [1] Group 2: Future Outlook - For the upcoming month (until mid-September), the property sector is expected to show resilience due to two main factors: 1) Increased market expectations for new policy support following the policy address on September 17; 2) Anticipated interest rate cuts in the US [1] - Over a 12-month horizon, Morgan Stanley predicts a gradual recovery in the Hong Kong property market, particularly in the residential and retail sectors [1] Group 3: Stock Recommendations - In the retail sector, the firm is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the firm favors Henderson Land Development (00012) and Sino Land Company (00083) [1]

Core Viewpoint - Morgan Stanley reports that after three months of HIBOR being below 1.2%, it has risen above 2% this week, which was anticipated. The bank expects HIBOR to remain in the range of 2-3% in the future [1] Group 1: Market Reaction - The rise in HIBOR has led to Hong Kong property stocks underperforming the Hang Seng Index by 4% over the past two days, which is seen as a natural reaction [1] Group 2: Future Outlook - For the upcoming month until mid-September, the property sector is expected to show resilience due to increased market expectations for new policy support from the policy address on September 17 and potential interest rate cuts in the US [1] - Over a 12-month horizon, the Hong Kong property market, particularly residential and retail sectors, is anticipated to gradually recover [1] Group 3: Stock Recommendations - In the retail sector, the bank is optimistic about Swire Properties (01972), Hang Lung Properties (00101), Wharf Real Estate Investment (01997), and Link REIT (00823) [1] - In the residential sector, the bank favors Henderson Land Development (00012) and Sino Land Company (00083) [1]