Core Viewpoint - Swire Properties (1972.HK) reported strong mid-year results for 2025, with revenue of HKD 87.23 billion, a 20% year-on-year increase, and a net profit attributable to shareholders of HKD 44.2 billion, up 15% [1] Group 1: Financial Performance - The company achieved a basic earnings per share of HKD 0.76 and declared an interim dividend of HKD 0.35 per share [1] - Despite a 4% decrease in recurring net profit attributable to shareholders, from HKD 35.7 billion in the first half of 2024 to HKD 34.2 billion in the first half of 2025, the overall performance remained robust [1] Group 2: Market Conditions - The retail market in Hong Kong showed weakness due to increased outbound tourism, changing consumer habits, and economic uncertainty from U.S. tariff policies [1] - However, Swire Properties' shopping malls maintained high occupancy rates, with retail sales rebounding in the second quarter, outperforming the market [1] Group 3: Mainland China Operations - In mainland China, government measures and policy relaxations positively impacted retail sales, with notable occupancy rates and sales growth in key locations: - Beijing Sanlitun Taikoo Li: 99% occupancy, 6.8% sales growth - Shanghai Xinyi Taikoo Hui: 94% occupancy, 13.5% sales growth - Shanghai Qiantan Taikoo Li: 98% occupancy, 4.0% sales growth [2] - Swire Properties has committed to investing HKD 100 billion over the next decade in core markets, with 50% allocated for mainland investments [2] Group 4: New Projects and Developments - The company is set to commence construction on the largest Taikoo Li project in Xi'an in November 2023, aiming for completion in 2027 [3] - The Taikoo Place project in Beijing is expected to start completion in mid-2026, focusing on sustainability and community development [3] - Swire Properties acquired stakes in two companies from Lujiazui Group for HKD 9.70997 billion to develop new landmark projects in Shanghai [3] - The company is also advancing projects in the Greater Bay Area, including the expansion of Guangzhou Taikoo Hui and the first Taikoo Li project in Liwan District [4]

瑞银发表研究报告指，太古地产上半年经常性基本溢利按年跌4%至为34亿港元，符合该行预期。集团 提高中期息3%至0.35港元，并重申目标是每股派息有中单位数按年增长。净负债比率为15.7%，与上半 年持平。 该行预期资产回收势头将于短期内持续，因迈阿密发展项目South Brickell Key项目的预售表现强劲，截 至5月销售额已达10亿美元，加上集团处置青衣工业大厦获7.5亿港元。此外，集团将推出柴湾住宅及深 水湾豪宅项目销售，该行料分别涉85亿及13亿港元。该行指，股份现时仍可提供5.5%股息率，市账率 (PB)0.44倍，估值具吸引力，目标价为23港元，评级"买入"。 ...

Core Viewpoint - Citic Lyon has raised the target price for Swire Properties (01972) by 21.3%, from HKD 18.3 to HKD 22.2, while maintaining a "Buy" rating [1] Group 1: Financial Performance - Swire Properties' performance in the first half of 2025 exceeded expectations, benefiting from the sale of U.S. assets and U.S. tax credits [1] - The company has not yet announced a second round of share buybacks, but Citic Lyon believes that improvements in fundamentals, strong property sales bookings, and the completion of investment properties can accelerate profit growth and support the stock price [1] Group 2: Earnings Forecast - Based on the aforementioned factors, Citic Lyon has increased its earnings forecasts for the company by 6.9% for 2025 and 1.1% for 2027, while slightly decreasing the 2026 earnings forecast by 0.3% to reflect changes in sales and delivery plans [1]

Group 1 - The core viewpoint of the report is that Citic Securities has raised the target price for Swire Properties (01972) by 21.3%, from HKD 18.3 to HKD 22.2, while maintaining a "Buy" rating [1] - The improvement in Swire Properties' fundamentals, strong real estate sales bookings, and the completion of investment properties are expected to accelerate profit growth and support the stock price [1] - Citic Securities has adjusted its earnings forecasts for Swire Properties, increasing the 2025 and 2027 earnings estimates by 6.9% and 1.1% respectively, while slightly decreasing the 2026 earnings forecast by 0.3% to reflect changes in asset sales and delivery plans [1]

Core Viewpoint - Swire Properties reported a 15% year-on-year increase in basic profit to HKD 4.42 billion for the first half of 2025, despite a 4% decrease in recurring profit attributable to shareholders due to declining rental income from office properties in Hong Kong [2][3] Group 1: Financial Performance - Basic profit for the first half of 2025 increased by 15% to HKD 4.42 billion [2] - Recurring profit attributable to shareholders decreased by 4% from HKD 3.57 billion in the first half of 2024 to HKD 3.42 billion in the first half of 2025 [2] - Total rental income from office properties in Hong Kong fell by 5% to HKD 2.455 billion [3] Group 2: Market Conditions - The Hong Kong office market is expected to remain sluggish in the second half of the year due to intense competition and unstable demand growth [3] - The overall occupancy rate of Swire Properties' office portfolio in Hong Kong is 88% [3] - Retail properties in Hong Kong showed a slight decline in rental income, down 2% to approximately HKD 1.169 billion, while the occupancy rate for major shopping centers reached 100% [3] Group 3: Strategic Focus - Swire Properties continues to focus on its HKD 100 billion investment plan, with 67% of the funds already committed [4] - The company has made significant progress in its investment in mainland China, with 92% of the planned HKD 50 billion investment already implemented [4] - Future projects include expanding residential properties in Hong Kong and increasing total floor area in mainland China [5]

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。 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) 公告 與香港太古集團進行的持續關連交易 謹此提述公司二零一一年十二月二十一日的上市文件及二零一三年十一月十四 日、二零一六年八月十九日、二零一九年八月九日及二零二二年八月十一日的公 告，其中包括就有關公司與香港太古集團於二零零四年十二月一日訂立的服務協 議。服務協議將於二零二五年十月一日續期，以延長協議期限三年，自二零二六 年一月一日至二零二八年十二月三十一日。由於香港太古集團為公司的關連人 士，因此根據上市規則第 14A.31 條，按照服務協議進行的交易構成公司的持續關 連交易，須符合上市規則第 14A 章的申報、年度審核及公告規定。 服務協議於二零零四年十二月一日訂立，於二零一零年一月一日修訂及重列，並 於二零一九年八月九日進一步修訂及重列，及將於二零二五年十月一日續期 協議各 ...

Core Viewpoint - Swire Properties announced that its Executive Director and Chief Financial Officer, Long Yan, plans to resign in May 2026, with current Group Financial Director of Hong Kong Aircraft Engineering Company, Shi Shihua, set to succeed him [1] Company Leadership Changes - Long Yan will step down as Executive Director and CFO of Swire Properties in May 2026 [1] - Shi Shihua, currently the Group Financial Director at Hong Kong Aircraft Engineering Company, will take over the CFO role upon Long Yan's departure [1] Background of Successor - Shi Shihua, aged 49, joined Swire Group in 2015 and has held senior financial positions in the shipping and marine services sectors in Singapore and the UK [1] - He was appointed Group Financial Director of Hong Kong Aircraft Engineering Company in August 2021, overseeing financial, procurement, and legal matters [1] - Prior to joining Swire Group, Shi held various financial roles in the oil and gas industry across the UK, Netherlands, and UAE [1]

Group 1 - The core viewpoint of the article highlights that Swire Properties reported a strong performance for the first half of 2025, with revenue reaching HKD 87.23 billion, a 20% year-on-year increase, and a 15% rise in shareholder profit to HKD 44.2 billion [1] - The company plans to focus on enhancing shareholder value through capital flow strategies and reallocating funds to high-growth potential markets, including Hong Kong, mainland China, and Southeast Asia [1] - Retail sales in mainland China showed signs of stabilization, with rental income from investment properties totaling HKD 30.73 billion, remaining stable compared to the same period in 2024 [1] Group 2 - Swire Properties has initiated a HKD 100 billion investment plan, with 67% of the funds already allocated, primarily targeting Hong Kong, mainland China, and Southeast Asia [2] - The company plans to invest HKD 50 billion in the mainland market, with 92% of this already secured, focusing on large-scale development projects such as Lujiazui Swire Source and the expansion of Qiantan Swire [2] - Swire Properties is enhancing its commitment to sustainable development and community building in projects like Beijing Taikoo Li, while also advancing innovative retail projects in Sanya and establishing a retail-focused Taikoo Li project in Xi'an [2]

Financial Data and Key Metrics Changes - The company reported an underlying profit of HKD 4.4 billion, an increase of 15% year on year, primarily due to capital recycling of non-core assets in Miami [4] - Recurring underlying profit decreased by 4% to HKD 3.4 billion, largely due to softness in the Hong Kong office market, offset by resilient rental income from the retail portfolio and contributions from the Chinese Mainland [5][20] - The interim dividend per share was declared at HKD 0.35, a 3% increase from the previous year, marking nine consecutive years of sustainable dividend growth [5][23] - The valuation of the investment properties portfolio stood at HKD 169.4 billion, reflecting a 1% decrease from December 2024, primarily due to fair value losses in Hong Kong and the Chinese Mainland [24] Business Line Data and Key Metrics Changes - The Hong Kong office sector saw a 5% decline in attributable gross rental income, reflecting ongoing market headwinds and pressure from new supply, with overall occupancy at 91% [11][21] - The retail portfolio in Hong Kong maintained 100% occupancy, with a slight 2% decrease in attributable gross rental income year on year [12][22] - In the Chinese Mainland, retail rental income increased by 1% in renminbi terms, with a steady CAGR of 11% over the past decade, now contributing 42% of the company's attributable gross rental income [13][22] Market Data and Key Metrics Changes - The office market in Hong Kong remains challenging due to oversupply, but there are signs of a capital markets-led recovery, with increased inquiries, especially at Pacific Place [10][11] - Retail sales in the Chinese Mainland grew by 1% year on year, significantly ahead of 2019 levels, with high occupancy rates across the portfolio [15][16] - The hotel portfolio performance has improved, particularly in the Chinese Mainland, despite a slower recovery in Hong Kong [19] Company Strategy and Development Direction - The company is focused on active capital recycling and has committed 67% of its HKD 100 billion investment plan across core markets, with a strong pipeline of retail-led mixed-use projects [9][28] - The strategy includes maintaining a balanced portfolio with a focus on premium residential projects in Hong Kong, Shanghai, and Southeast Asia [10][17] - The company aims to enhance shareholder value through sustainable dividend growth and continuous investment in core markets [35][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite the uncertain operating environment, highlighting the strength of the balance sheet and quality of properties [35] - The retail business in the Chinese Mainland is expected to stabilize, with improved consumer sentiment anticipated [36] - The office sector is expected to remain subdued, but the company is focused on tenant retention and anticipates a recovery for premium office space in the medium term [37] Other Important Information - The company has achieved significant sustainability milestones, including being named number one globally in the Dow Jones Best in Class Wealth Index 2024 and reaching the top 1% in the S&P Global CSA score [29][30] - The company is committed to achieving net zero emissions by 2050 and has made substantial progress in reducing carbon emissions [30] Q&A Session Summary Question: Future capital recycling plans - Management confirmed ongoing efforts in capital recycling, including the divestment of non-core assets in Hong Kong and Miami [41][43] Question: Share buyback strategy - Management emphasized that share buybacks are part of a broader capital allocation strategy, prioritizing sustainable dividend growth [45][46] Question: Investment plan and project completions - Management indicated a focus on quality execution of projects under the HKD 100 billion investment plan, with ongoing evaluations for opportunities in Shenzhen and Hong Kong [49][51] Question: Tenant sales performance in Mainland China - Management noted strong retail sales performance in the Chinese Mainland, attributing it to effective management and continuous upgrades to shopping malls [56] Question: Hong Kong office inquiries - Management reported a 30% increase in inquiries, with interest coming from various sectors, including financial services and retail [62] Question: Upcoming new Mainland retail malls - Management highlighted strong interest from luxury brand partners for new retail centers, with positive developments expected in Sanya [71][72]

Financial Data and Key Metrics Changes - The company reported an underlying profit of HKD 4.4 billion, an increase of 15% year on year, primarily driven by capital recycling of non-core assets in Miami [4] - Recurring underlying profit decreased by 4% to HKD 3.4 billion, largely due to softness in the Hong Kong office market, offset by resilient rental income from the retail portfolio and contributions from the Chinese Mainland [5][18] - The interim dividend per share was declared at HKD 0.35, a 3% increase from the previous year, marking nine consecutive years of sustainable dividend growth [5][21] - The valuation of the investment properties portfolio stood at HKD 169.4 billion, reflecting a 1% decrease from December 2024, primarily due to fair value losses from office properties in Hong Kong and the Chinese Mainland [22] Business Line Data and Key Metrics Changes - The Hong Kong office sector experienced a 5% decline in attributable gross rental income, with overall occupancy at 91% across the office portfolio [10][19] - The retail portfolio in Hong Kong maintained 100% occupancy, with a slight 2% decrease in attributable gross rental income year on year [11][20] - In the Chinese Mainland, retail rental income increased by 1% in renminbi terms, with a steady CAGR of 11% over the past decade [12][20] - The hotel portfolio showed steady performance, with occupancy and rates improving in the Chinese Mainland [17] Market Data and Key Metrics Changes - The office market in Hong Kong remains challenging due to oversupply, but there are signs of a capital markets-led recovery [9] - Retail sales in the Chinese Mainland grew by 1% year on year, significantly ahead of 2019 levels, with high occupancy rates across the portfolio [14] - The company anticipates a stabilization in the retail market in the Chinese Mainland as consumer sentiment improves [33] Company Strategy and Development Direction - The company is committed to a HKD 100 billion investment plan, with 67% already committed, focusing on retail-led mixed-use projects in Tier one and emerging Tier one cities in the Chinese Mainland [8] - The strategy includes active capital recycling and continuous investment in core markets to deliver sustainable dividend growth [32] - The company aims to maintain a balanced portfolio with a focus on premium residential projects in Hong Kong, Shanghai, and Southeast Asia [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite the challenging operating environment, supported by a strong balance sheet and quality properties [32] - The outlook for the Hong Kong office sector remains subdued, but there is an increase in inquiries, particularly at Pacific Place [34] - The residential market sentiment in Hong Kong is gradually improving, supported by policy measures [34] Other Important Information - The company has made significant progress in sustainability, achieving top rankings in global sustainability indices and committing to net zero emissions by 2050 [27][28] - The company has a robust liquidity position, with cash on hand increasing to RMB 24.3 billion and a stable gearing ratio of 15.7% [25][24] Q&A Session Summary Question: Future capital recycling plans - Management confirmed ongoing efforts in capital recycling, including the divestment of non-core assets in Hong Kong and Miami [41][42] Question: Share buyback program considerations - Management emphasized that share buybacks are part of a broader capital allocation strategy, prioritizing sustainable dividend growth [43][44] Question: Investment plan and project completions - Management indicated a focus on execution quality for the HKD 100 billion investment plan, with potential for accelerated acquisitions if opportunities arise [49][50] Question: Tenant sales performance in Mainland China - Management noted strong retail sales performance in the Chinese Mainland, attributing it to effective management and continuous upgrades to shopping malls [54] Question: Office inquiries and cap rates - Management reported a 30% increase in inquiries, with interest from various sectors, and explained the rationale behind the reduction in cap rates for certain office properties [60][63] Question: Asset held for disposal and Miami redevelopment - Management clarified that the asset held for disposal relates to the 40 Third Floor of 1 Island East, and they are evaluating options for the Mandarin Oriental site in Miami [67][68]