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]

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 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) 公告 與香港太古集團進行的持續關連交易 謹此提述公司二零零四年十二月一日、二零零七年十月一日、二零一零年十月 一日、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，該等公告是有關公司及太古公司集團旗下 若干成員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或其後訂立，於二零零八年九月十八日修訂 及重列，並於 ...

Financial Performance Highlights - Swire Pacific's underlying profit decreased by 2% to HK$5476 million in 1H2025, compared to HK$5576 million in 1H2024 [24, 34] - Recurring underlying profit decreased slightly by 1% to HK$4712 million in 1H2025 from HK$4762 million in 1H2024 [24, 34] - Ordinary dividend per 'A' share increased by 4% to HK$130 [24, 31, 34] - Revenue increased by 16% to HK$45774 million in 1H2025 from HK$39563 million in 1H2024 [34] Business Segment Performance - Property division's underlying profit increased by 15% to HK$4406 million [56] - Beverages division's attributable profit decreased by 9% to HK$803 million [89] - Aviation division (Cathay group) attributable profit increased by 1% to HK$1642 million [38, 98] - HAECO group recurring profit increased significantly by 40% to HK$561 million [30, 98, 118] Property Investment and Development - 67% committed in HK$100 billion investment plan [22, 58] - Completed the sale of interests in Brickell City Centre retail and parking spaces, as well as the adjacent sites, in Miami, USA [22] - Chinese Mainland portfolio contributed 42% attributable gross rental income in 1H2025 [71, 73] Beverages - Swire Coca-Cola - Revenue increased by 25% to HK$22188 million [89] - EBITDA margin remained almost flat at 128% [89, 91] - Inaugurated a new US$136 million flagship plant in Tay Ninh, Vietnam [78] Aviation - Cathay Pacific and HAECO - Cathay group reported a group profit of HK$43 billion [101] - HAECO group achieved a 40% growth in recurring profit [30, 98, 118]

Core Viewpoint - Morgan Stanley reports that Swire Properties (00019) increased its interim ordinary share dividend by 4% year-on-year to HKD 1.3, aligning with the bank's expectations, making it one of the few companies under its coverage to raise dividends [1] Financial Performance - Swire Properties' recurring underlying profit was HKD 4.7 billion, reflecting a 1% year-on-year decline, which was below Morgan Stanley's estimates due to lower operating margins in intellectual property and reduced contributions from associates and joint ventures [1] Investment Rating - Morgan Stanley maintains a "Market Perform" rating for Swire Properties with a target price of HKD 71, suggesting that the current price corresponds to a projected price-to-earnings ratio of 9 times for 2025, with a dividend yield of 5.2% [1]