SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) 通 知 信 函 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」）之發佈通知 太古股份有限公司（「公司」）的本次公司通訊之中、英文版本已上載於公司網站 (www.swirepacific.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。 以電子方式發佈公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》、《公司條例》（香港法例第 622 章）（其中包括於 2025 年 4 月 17 日生效的《2025 年公司（修訂）條例》）及公司的組織章程細則，公司現特來函通知 閣下公司已採用電 子方式發佈公司通訊，即所有日後公司通訊的中、英文版均將刊登於公司網站 (www.swirepacific.com) 及香港 交易所網站 (www.hkexnews.hk)，以代替印刷本。 閣下如 ...

SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) 通 知 信 函 各位股東： 二零二五年中期報告（「本次公司通訊」）之發佈通知 太古股份有限公司（「公司」）的本次公司通訊之中、英文版本已上載於公司網站 (www.swirepacific.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 1)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。 以電子方式發佈公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「上市規則」）、《公司條例》（香港法例第 622 章）（其 中包括於 2025 年 4 月 17 日生效的《2025 年公司（修訂）條例》）及公司的組織章程細則，公司現特來函通知 閣 下 公 司 已 採 用 電 子 方 式 發 佈 公 司 通 訊 ， 即 所 有 日 後 公 司 通 訊 的 中 、 英 文 版 均 將 刊 登 於 公 司 網 站 (www.swirepacific.com) 及 ...

Corporate Statement](index=3&type=section&id=%E4%BC%81%E4%B8%9A%E5%AE%A3%E8%A8%80) Swire Pacific is a Hong Kong-headquartered international conglomerate with over 150 years of history in Greater China, focused on enhancing shareholder value through long-term returns and diversified core businesses in property, beverages, and aviation, while expanding into new sectors like healthcare - The company aims to achieve sustained growth in shareholder value by generating ideal long-term returns on equity and maintaining consistent dividend growth[5](index=5&type=chunk) - The company's strategy focuses on Greater China and Southeast Asia, developing core divisions in property, beverages, and aviation, while exploring new areas like healthcare[5](index=5&type=chunk) - Core principles include integrity, diligence, continuous improvement, humility, teamwork, and long-term development[6](index=6&type=chunk) - The company adopts prudent financial management to shield long-term investments from short-term market fluctuations and maintains high corporate governance standards[8](index=8&type=chunk)[9](index=9&type=chunk) Performance Summary](index=4&type=section&id=%E8%A1%A8%E7%8F%BE%E6%91%98%E8%A6%81) The company reported robust revenue growth of **16%** in H1 2025, but profit attributable to company shareholders significantly decreased by **79%** due to investment property fair value changes. Underlying profit and recurring underlying profit slightly declined, while dividends per share increased by **4%** Key Financial Data for H1 2025 (HKD million) | Metric | 2025 H1 | 2024 H1 | Change | 2024 Full Year | | :--- | :--- | :--- | :--- | :--- | | Profit Attributable to Company Shareholders | 815 | 3,914 | -79% | 4,321 | | Underlying Profit | 5,476 | 5,576 | -2% | 10,471 | | Recurring Underlying Profit | 4,712 | 4,762 | -1% | 9,284 | | Revenue | 45,774 | 39,563 | +16% | 81,969 | | Operating Profit | 1,861 | 4,945 | -62% | 4,240 | | Operating Profit Excluding Fair Value Changes of Investment Properties | 5,745 | 5,785 | -1% | 10,214 | | Fair Value Changes of Investment Properties | (3,884) | (840) | N/A | (5,974) | | Net Debt | 71,337 | 63,479 | +12% | 70,563 | | Net Debt to Capital Ratio (Excluding Lease Liabilities) | 22.7% | 19.8% | +2.9 percentage points | 22.1% | | Dividends Per Share ('A' Share) | 1.30 | 1.25 | +4% | 3.35 | | Dividends Per Share ('B' Share) | 0.26 | 0.25 | +4% | 0.67 | Chairman's Statement](index=5&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) The Chairman's Statement highlights the Group's solid overall business performance in H1 2025 despite an uncertain operating environment, with strong aviation and property divisions, and resilient beverages. Underlying profit attributable to company shareholders slightly decreased, but the rise in investment property fair value losses is non-cash. The Group will continue strategic initiatives in core markets and remains optimistic about long-term prospects - H1 2025 underlying profit attributable to company shareholders was **HKD5.476 billion**, a slight decrease from **HKD5.576 billion** in H1 2024[12](index=12&type=chunk) - Fair value loss on investment properties increased to **HKD4.664 billion** (H1 2024: **HKD877 million**), but this is non-cash and does not impact cash flow or underlying profit[12](index=12&type=chunk) - Swire Properties continues to advance its **HKD100 billion** investment plan, with **67%** of funds committed, focusing on expanding in Hong Kong, Mainland China, and Southeast Asia[14](index=14&type=chunk) - Swire Coca-Cola's Southeast Asia business continues to grow, and an application has been submitted for the proposed spin-off and separate listing of ThaiNamthip on the Stock Exchange of Thailand[16](index=16&type=chunk) - Cathay Group continues to invest in its fleet, cabins, and digital innovation, with total investments exceeding **HKD100 billion**, and added **19 new passenger destinations**[17](index=17&type=chunk) - The Group maintains a strong financial position with **HKD52.6 billion** in available liquidity, a net debt to capital ratio of **22.7%**, and declared a **4% increase** in the first interim dividend[21](index=21&type=chunk) - The company repurchased **25,119,000 'A' shares** and **15,402,500 'B' shares** in H1 2025, at a total cost of **HKD1.842 billion**[22](index=22&type=chunk) - The Group continues to advance its SwireTHRIVE sustainable development strategy, with its companies making progress in renewable energy use and sustainable aviation fuel development[23](index=23&type=chunk) Business Review](index=9&type=section&id=%E6%A5%AD%E5%8B%99%E8%A9%95%E8%BF%B0) This section reviews the H1 2025 operating performance, strategic developments, key project progress, and outlook for the company's five divisions: Property, Beverages, Aviation, Healthcare, and Trading & Industrial, each navigating diverse market dynamics and challenges Property Division](index=9&type=section&id=%E5%9C%B0%E7%94%A2%E9%83%A8%E9%96%80) The Property Division's H1 2025 attributable recurring underlying profit slightly decreased due to Hong Kong office market challenges and weak retail. However, progress was made in property trading and Mainland China projects through US non-core asset disposals and the **HKD100 billion** investment plan. Future focus remains on core markets, developing quality properties and residential projects - H1 2025 attributable recurring underlying profit was **HKD2.829 billion**, a **2% decrease** from H1 2024, primarily due to lower Hong Kong office rental income[18](index=18&type=chunk) - High office vacancy rates and new supply in Hong Kong create downward pressure, but the office portfolio's occupancy rate remains stable[18](index=18&type=chunk)[50](index=50&type=chunk) - Completed the disposal of Brickell City Centre retail and parking businesses in Miami, US, with proceeds supporting the **HKD100 billion** investment plan[15](index=15&type=chunk)[48](index=48&type=chunk) - Mainland China retail sales showed stable growth, with Taikoo Li Sanlitun, Beijing, HKRI Taikoo Hui, Shanghai, and Taikoo Li Qiantan retail sales increasing by **7%**, **14%**, and **4%** respectively[58](index=58&type=chunk) - Lujiazui Taikoo Li Residences in Shanghai achieved outstanding sales, with two phases totaling **RMB5.93 billion** in sales[14](index=14&type=chunk)[47](index=47&type=chunk) - As of August 1, 2025, approximately **HKD67 billion** of the **HKD100 billion** investment plan has been committed, primarily for Hong Kong, Mainland China, and residential trading projects[44](index=44&type=chunk) Property Division Total Revenue (HKD million) | Category | 2025 H1 | 2024 H1 | 2024 Full Year | | :--- | :--- | :--- | :--- | | Property Investment | 6,576 | 6,727 | 13,452 | | Property Trading | 1,706 | 88 | 88 | | Hotels | 441 | 464 | 888 | | **Total Revenue** | **8,723** | **7,279** | **14,428** | Beverages Division](index=22&type=section&id=%E9%A3%B2%E6%96%99%E9%83%A8%E9%96%80) The Beverages Division's H1 2025 attributable profit slightly decreased due to weak consumer sentiment and capacity enhancement project expenses in Vietnam and Taiwan. Despite this, total revenue and sales volume significantly grew from ThaiNamthip's contribution. Mainland China operations' profit rose, but Hong Kong, Taiwan, and Southeast Asia faced challenges. The company is actively addressing market headwinds and plans to spin off ThaiNamthip for listing - H1 2025 attributable profit was **HKD803 million**, including a non-recurring loss of **HKD58 million**, with recurring attributable profit at **HKD861 million**, a **2% decrease** year-on-year[100](index=100&type=chunk) - Total revenue (including Shanghai Shenmei and excluding sales to other bottlers) increased by **25%** to **HKD22.188 billion**, with sales volume up **20%** to **1.038 billion standard cases**, primarily due to TNCC's contribution[100](index=100&type=chunk) - Mainland China operations' attributable profit increased by **8%**, with both revenue and sales volume rising[19](index=19&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - Profits from Hong Kong, Taiwan, Vietnam, and Cambodia operations all declined, impacted by weak consumer sentiment, capacity enhancement project expenses, and Vietnamese Dong depreciation[19](index=19&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk) - An application has been submitted

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 Pacific Limited 太古股份有限公司 | | | | 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 Pacific Limited 太古股份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) | 00019 | 說明 | A股 | | | | | | | | 已發行股份（不包括 ...

Group 1 - Swire Properties plans to issue a seven-year USD bond to refinance a $500 million note maturing in September [1] - Approximately 30% of Swire's total debt is denominated in RMB, and the company is seeking opportunities to diversify into other currencies [1] - The choice of a seven-year term for the bond is influenced by the fact that most of Swire's bank financing is for five years [1]

Group 1 - Goldman Sachs has adjusted its earnings per share forecast for Swire Properties (00019) for the years 2023 to 2027, with revisions ranging from a 9% downgrade to a 3% upgrade, and has lowered the target price from HKD 91.6 to HKD 90, maintaining a "Buy" rating [1] - Swire Properties reported a net profit of HKD 8.15 billion for the first half of the year, with actual net profit down 1% year-on-year to HKD 47 billion, aligning with Goldman Sachs' expectations and representing 49% of the firm's full-year forecast [1] - The company has increased its interim dividend per share to HKD 1.3, with recurring profit per share (excluding Cathay Pacific (00293)) at 49%, and aims for a payout ratio of 50-60% [1] Group 2 - Management expressed cautious optimism regarding business outlook during the earnings meeting, anticipating continued macroeconomic challenges but committing to long-term strategies and seeking investment opportunities in Hong Kong and the Greater Bay Area [1] - The report noted that Swire's stock price discount to net asset value has widened from approximately 20% to 33% over the past quarter, which is in line with the historical average of 25% to 30% [1] - The stock is viewed as providing a balanced risk exposure across property, consumer-related, and aviation sectors, with valuations at 4 times book value, 10 times forecasted earnings for the year, and a dividend yield of 5.2% considered not expensive [1]

Core Viewpoint - UBS reported that Swire Pacific (00019) had a mid-term recurring underlying profit of HKD 4.7 billion, a year-on-year decline of 1%, which was 12% below their expectations, primarily due to lower-than-expected contributions from Cathay Pacific (00293) [1] Financial Performance - The group's mid-term dividend was HKD 1.3, representing a year-on-year increase of 4%, which was largely in line with expectations [1] - The company has adjusted its earnings forecasts for 2025 to 2027 down by 1% to 5% to reflect changes in earnings estimates for Cathay, HAECO, and the beverage business [1] Management Strategy - Management reiterated their focus on long-term strategic investments and gradual dividends rather than share buybacks [1] - Future share buybacks will depend on stock price, debt ratio, and market conditions [1] Target Price Adjustment - UBS slightly lowered the target price for Swire Pacific from HKD 75 to HKD 74, maintaining a "Neutral" rating [1]

Core Insights - The company reported a revenue of HKD 45.774 billion for the first half of 2025, representing a year-on-year increase of 16% [1] - The profit attributable to shareholders was HKD 0.815 billion, showing a significant decline of 79% compared to the previous year [1] Revenue Breakdown - The beverage segment generated revenue of HKD 21.515 billion, up from HKD 17.139 billion in the same period last year [1] - Revenue from mainland China was HKD 13.031 billion, with an attributable profit of HKD 0.588 billion, reflecting an 8% increase year-on-year [1] - Revenue from carbonated drinks, juice drinks, and energy drinks increased by 4%, 2%, and 51% respectively, while tea drinks and bottled water saw declines of 24% and 5% respectively [1] - Overall sales volume increased by 1% [1]

Financial Data and Key Metrics Changes - The underlying profit for the company was $5.5 billion, and the recurring underlying profit was $4.7 billion, remaining close to the prior year [6][10] - Statutory profits decreased to $815 million, influenced by changes in the value of investment properties [10] - The company generated strong cash flow from operations, with a net debt of $71.3 billion and a gearing ratio of 23% [11][12] Business Line Data and Key Metrics Changes - The Property division saw a 15% increase in underlying profit, driven by higher disposal gains, although rental income from Hong Kong offices was soft [14][15] - In Beverages, revenue from the Chinese Mainland increased by 3%, with EBITDA margin improving to 12.8% [20][25] - Aviation division reported a 40% increase in recurring profit for HAECO, with Cathay Pacific's passenger revenue up 14% [27][29] Market Data and Key Metrics Changes - The retail market in the Chinese Mainland is performing well, offsetting softness in Hong Kong office markets [7][18] - The Chinese Mainland's gross rental income has shown a healthy CAGR of 11% from 2016 to 2024, with retail contributions now surpassing Hong Kong office contributions [18] - Southeast Asia faced challenges, including currency depreciation and intense competition, particularly in Vietnam and Cambodia [22][25] Company Strategy and Development Direction - The company is committed to investing HKD 100 billion over the next decade, with 67% of that already committed [2][15] - There are seven major property projects under construction in the Chinese Mainland, reflecting strong investment commitment [3][16] - The company is focusing on capital recycling and upgrading existing portfolios, with significant sales in Miami contributing to cash flow for new projects [14][18] Management's Comments on Operating Environment and Future Outlook - Management expects uncertainty in core markets to continue, particularly in Hong Kong office and Southeast Asia [34] - The retail market in the Chinese Mainland is anticipated to gradually improve, while challenges in beverage sales are expected due to subdued domestic spending [34] - The aviation sector is expected to maintain robust travel demand, although cargo market conditions remain uncertain [34][35] Other Important Information - The company has a progressive dividend policy, increasing the ordinary dividend per A share by 4% to HKD 1.30 [6][10] - Sustainability efforts are highlighted, with 60% of renewable energy usage in properties and 55% in beverages [12] Q&A Session Summary Question: Beverage ASP growth in Mainland China and outlook - Management noted that revenue grew by 3% and profit by 8% in the Chinese Mainland, driven by pricing initiatives, with a positive sparkling growth rate of 2.7% [39][41] Question: Southeast Asia challenges and share buyback program - Management acknowledged challenges in Southeast Asia but emphasized ongoing efforts to improve performance, while the share buyback program is considered but prioritized behind long-term investments [42][43] Question: Strategic focus for the next 3-5 years - Management highlighted a strong pipeline of investments in core divisions, particularly in aviation and property, with a focus on the Chinese Mainland and potential new projects in healthcare [47][49]

Financial Data and Key Metrics Changes - The underlying profit for the company was $5.5 billion, and the recurring underlying profit was $4.7 billion, remaining close to the prior year [10][12] - Statutory profits decreased to $815 million due to changes in the value of investment properties [10] - The company declared a 4% increase in ordinary dividend per A share to HKD 130 [7][10] Business Line Data and Key Metrics Changes - The Property division saw a 15% growth in underlying profit, driven by higher disposal gains, while recurring profit was down 4% [15][16] - In Beverages, revenue from the Chinese Mainland increased by 3%, with EBITDA margin improving to 12.8% [22][26] - Aviation division's recurring profit increased by 40%, with Cathay Pacific's passenger revenue up 14% [28][29] Market Data and Key Metrics Changes - The retail market in the Chinese Mainland is performing well, offsetting softness in the Hong Kong office market [8][20] - The Chinese Mainland's attributable gross rental income has shown a healthy CAGR of 11% from 2016 to 2024 [20] - Revenue from the Chinese Mainland and Hong Kong grew, while revenue declined slightly in Taiwan and Vietnam due to market challenges [26] Company Strategy and Development Direction - The company is committed to investing HKD 100 billion over the next ten years, with 67% of that already committed [3][16] - There is a strong pipeline of projects in the Chinese Mainland, with several major developments underway [17][20] - The company is focusing on sustainability, with significant investments in renewable energy across its core divisions [13] Management's Comments on Operating Environment and Future Outlook - The management expects continued uncertainty in core markets, particularly in Hong Kong's office sector and Southeast Asia's beverage market [34][35] - The aviation sector is anticipated to maintain robust travel demand, while cargo market conditions remain uncertain [36] - The company is optimistic about the performance of its healthcare investments, particularly in Indonesia and Shanghai [32][51] Other Important Information - The company has completed significant land sales in Miami, contributing to its capital recycling strategy [15] - The beverage division is expanding production capacity with new plants in China and Vietnam [6][21] Q&A Session Summary Question: Regarding beverage ASP growth in Mainland China and outlook - Management noted that revenue grew by 3% and profit by 8% in the Chinese Mainland, driven by pricing initiatives, with a positive sparkling growth rate of 2.7% [40][41] - The company remains cautious about the outlook in China, focusing on long-term strategic initiatives to adapt to consumer trends [42] Question: On Southeast Asia challenges and share buyback plans - Management acknowledged the challenges in Southeast Asia but did not provide a specific timeline for a turnaround [39] - The share buyback program was completed, with a focus on long-term strategic investments over short-term solutions [43][44] Question: Strategic outlook for the next three to five years - The company has a strong pipeline of investments across core divisions, particularly in aviation and property, with a focus on the Chinese Mainland [49][50] - In healthcare, the company is taking a cautious approach, focusing on existing investments before pursuing new opportunities [52]