Group 1 - The core revenue for Swire Properties in the first half of 2025 was HKD 45.774 billion, representing a 16% year-on-year increase [1] - The company's attributable profit to shareholders decreased by 79% to HKD 0.815 billion [1] - The proposed interim dividend is HKD 1.03 per 'A' share and HKD 0.26 per 'B' share [1] Group 2 - The overall business performance of the group remained robust in the first six months of the year, with strong results from the aviation sector and the Hong Kong Aircraft Engineering Company [1] - The real estate sector showed strong performance in terms of basic profit, benefiting from the recent sale of the Brickell City Centre retail and parking business in Miami [1] - The beverage sector faced challenges despite stable performance amid current economic adversities [1] Group 3 - The fair value loss of investment properties increased significantly to HKD 4.664 billion in the first half of 2025, compared to HKD 0.877 billion in the same period of 2024 [1] - The fair value changes of investment properties are non-cash in nature, thus not impacting cash flow or basic profit attributable to shareholders [1] Group 4 - The group continued to advance strategic plans in core markets including Hong Kong, mainland China, and Southeast Asia [2] - Swire Properties is progressing well with its HKD 100 billion investment plan, with 67% of the funds already deployed [2] - The focus remains on expanding in the three core markets despite a soft office market in Hong Kong, with strong demand for quality office spaces [2]

EF001 | EF001 | | --- | | 其他信息 | | --- | | 其他信息 不適用 | | 發行人董事 | | 常務董事：白德利（主席）、岑明彥、賀以禮、馬天偉； | | 非常務董事：麥廣能、施銘倫；及 | | 獨立非常務董事：包逸秋、顏文玲、歐高敦、徐瑩及張懌。 | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 太古股份有限公司 | | 股份代號 | 00019 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度的第一次中期股息 | | 公告日期 | 2025年8月7日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財 ...

[Performance Summary](index=4&type=section&id=Performance%20Summary) The company's reported profit attributable to shareholders significantly declined, while underlying and recurring underlying profits remained relatively stable, reflecting core business resilience Summary of Financial Performance for H1 2025 | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | HKD 45.774 billion | HKD 39.563 billion | +16% | | **Operating Profit** | HKD 1.861 billion | HKD 4.945 billion | -62% | | **Profit Attributable to Company Shareholders (as per financial statements)** | HKD 0.815 billion | HKD 3.914 billion | -79% | | **Underlying Profit** | HKD 5.476 billion | HKD 5.576 billion | -2% | | **Recurring Underlying Profit** | HKD 4.712 billion | HKD 4.762 billion | -1% | | **Cash from Operations** | HKD 8.438 billion | HKD 5.307 billion | +59% | | **Net Debt** | HKD 71.337 billion | HKD 63.479 billion | +12% | | **Net Debt to Capital Ratio** | 22.7% | 19.8% | +2.9 percentage points | | **Dividend Per Share ('A' Shares)** | HKD 1.30 | HKD 1.25 | +4% | - Profit attributable to company shareholders significantly decreased by **79%**, primarily due to an expanded fair value loss on investment properties[10](index=10&type=chunk) - However, underlying profit and recurring underlying profit, which better reflect core operating performance, only slightly decreased by **2%** and **1%** respectively, indicating the Group's core business performance remained relatively stable[10](index=10&type=chunk)[12](index=12&type=chunk) [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) The Group's overall business performance in H1 2025 was stable, with underlying profit attributable to shareholders slightly down [Overall Performance](index=5&type=section&id=Chairman%27s%20Statement-Overall%20Performance) The Group's overall business performance in H1 2025 was stable, with underlying profit attributable to shareholders at HKD 5.476 billion, a slight 2% year-on-year decrease; the Aviation Division performed well, Property benefited from asset sales, while Beverages faced challenges Profit Overview for H1 2025 | Profit Type | Amount (HKD) | Year-on-Year Change | | :--- | :--- | :--- | | **Underlying Profit Attributable to Shareholders** | 5.476 billion | -2% | | **Recurring Underlying Profit** | 4.712 billion | -1% | | **Consolidated Profit Attributable to Shareholders** | 0.815 billion | -79% | - The fair value loss on investment properties expanded to **HKD 4.664 billion** in the reporting period (compared to HKD 0.877 billion in the prior period), which was the primary reason for the significant decrease in consolidated profit attributable to shareholders[12](index=12&type=chunk) - This change is non-cash in nature and does not affect cash flow or underlying profit[12](index=12&type=chunk) [Strategic Developments](index=5&type=section&id=Chairman%27s%20Statement-Strategic%20Developments) The Group continues to advance strategic initiatives in core markets across Hong Kong, Mainland China, and Southeast Asia - Swire Properties' **HKD 100 billion** investment plan is progressing well, with **67%** of funds already deployed, focusing on Hong Kong, Mainland China, and Southeast Asia markets[14](index=14&type=chunk) - Swire Properties completed the sale of its retail and car park interests in Brickell City Centre, Miami, USA, with proceeds supporting its **HKD 100 billion** investment plan[16](index=16&type=chunk) - Swire Coca-Cola proposed a spin-off and separate listing of its Thailand business (ThaiNamthip) and submitted an application in May 2025 for listing on the Stock Exchange of Thailand[17](index=17&type=chunk) - Cathay Group acquired an additional **14 Boeing 777-9** aircraft, bringing its total investment to well over **HKD 100 billion**, to strengthen Hong Kong's position as an international aviation hub[18](index=18&type=chunk) [Business Performance](index=7&type=section&id=Chairman%27s%20Statement-Business%20Performance) Business unit performance varied, with Property's recurring underlying profit slightly down, Beverages' recurring profit declining, and Aviation showing strong performance - Property Division: Recurring underlying profit was **HKD 2.829 billion**, a **2%** year-on-year decrease, primarily due to reduced office rental income in Hong Kong[19](index=19&type=chunk) - Beverages Division: Recurring profit was **HKD 0.861 billion**, mainly impacted by weak consumer sentiment and new expenses from capacity enhancement projects in Vietnam and Taiwan[20](index=20&type=chunk) - Aviation Division: Cathay Group's profit was **HKD 3.651 billion**, showing stable performance; HAECO Group's recurring profit increased to **HKD 0.561 billion**, demonstrating strong performance[22](index=22&type=chunk) [Financial Strength and Shareholder Returns](index=8&type=section&id=Chairman%27s%20Statement-Financial%20Strength%20and%20Shareholder%20Returns) The Group maintains a robust financial position with HKD 52.6 billion in available liquidity and a net debt to capital ratio of 22.7% Financial Position as of June 30, 2025 | Indicator | Value | | :--- | :--- | | **Available Liquidity** | HKD 52.6 billion | | **Net Debt to Capital Ratio** | 22.7% | | **Weighted Average Cost of Debt** | 3.7% (lower than end of 2024) | - A first interim dividend of **HKD 1.30** per 'A' share and **HKD 0.26** per 'B' share was declared, representing a **4%** year-on-year increase[23](index=23&type=chunk) - The **HKD 6 billion** share repurchase program has been terminated, with **HKD 1.842 billion** in shares repurchased in H1, bringing the total repurchased under the program to **HKD 5.9 billion**[24](index=24&type=chunk) [Outlook](index=9&type=section&id=Chairman%27s%20Statement-Outlook) The Group anticipates varying opportunities and challenges across its business segments in the future - Swire Properties: The Hong Kong office market is expected to remain weak, but the Mainland China retail market is projected to gradually accelerate development[26](index=26&type=chunk) - Swire Coca-Cola: Weak domestic consumption in Mainland China poses challenges, and some Southeast Asian markets (e.g., Thailand) also face economic and policy pressures[26](index=26&type=chunk) - Cathay Group and HAECO Group: Cathay will continue to invest in fleet expansion, while demand for HAECO's base maintenance and engine overhaul services is expected to remain stable[27](index=27&type=chunk) [Business Review](index=10&type=section&id=Business%20Review) This section provides a detailed review of the performance of the Group's various business divisions [Property Division](index=10&type=section&id=Property%20Division) The Property Division's attributable underlying profit increased to HKD 3.662 billion in H1, boosted by a one-off gain from the sale of Brickell City Centre interests, while recurring underlying profit slightly declined due to a weak Hong Kong office market Property Division H1 2025 Results | Indicator | Amount (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | | **Total Revenue** | 8,723 | +20% | | **Total Operating Profit** | 367 | -89% | | **Profit/(Loss) Attributable to Swire Pacific** | (999) | Turned from profit to loss | | **Underlying Profit Attributable to Swire Pacific** | 3,662 | +17% | | **Recurring Underlying Profit Attributable to Swire Pacific** | 2,829 | -2% | - The increase in attributable underlying profit primarily stemmed from the gain on the sale of Brickell City Centre shopping mall and related land in the USA[39](index=39&type=chunk) - The **HKD 100 billion** investment plan has committed approximately **HKD 67 billion**, with key projects including Hyde Park in Hong Kong, Taikoo Li Xi'an, and Taikoo Source Lujiazui in Shanghai[42](index=42&type=chunk) [Investment Properties](index=15&type=section&id=Property%20Division-Investment%20Properties) Investment property performance varied, with Hong Kong office and retail properties facing challenges, while Mainland China retail properties showed stable performance - Hong Kong office portfolio rental income totaled **HKD 2.455 billion**, a **5%** year-on-year decrease; the office portfolio occupancy rate was **88%** at period-end[48](index=48&type=chunk) - Hong Kong retail property portfolio rental income totaled **HKD 1.169 billion**, a **2%** year-on-year decrease; retail sales at Pacific Place and Cityplaza increased by **1%** and **2%** respectively[49](index=49&type=chunk) - Mainland China retail property rental income increased by **2%** to **HKD 2.272 billion**; retail sales at Taikoo Li Sanlitun in Beijing grew by **7%**, and HKRI Taikoo Hui in Shanghai grew by **14%**[56](index=56&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) [Hotels](index=20&type=section&id=Property%20Division-Hotels) Hotel business performance was mixed, with slower recovery in Hong Kong and varied results in Mainland China, while US-managed hotels performed strongly - Hotels managed by Swire Properties (including restaurants and hotel management offices) recorded a pre-depreciation operating profit of **HKD 25 million** in H1 2025, consistent with H1 2024[72](index=72&type=chunk) - Swire Hotels is expanding its footprint, with plans to open five new hotels in Tokyo, Japan, and Beijing, Shenzhen, Shanghai, and Xi'an in Mainland China[72](index=72&type=chunk) [Property Trading](index=21&type=section&id=Property%20Division-Property%20Trading) Property trading operations are active across Hong Kong, Mainland China, and Southeast Asia - In Hong Kong, **278** out of **432** units at the "The Southside" project in Wong Chuk Hang were sold as of August 1, 2025[76](index=76&type=chunk) - In Shanghai, Mainland China, **105** out of **107** units across two batches of "Taikoo Source Lujiazui Residences" were pre-sold as of August 1, 2025, with cumulative sales reaching **RMB 5.93 billion**[78](index=78&type=chunk)[43](index=43&type=chunk) [Beverages Division](index=24&type=section&id=Beverages%20Division) Swire Coca-Cola's recurring attributable profit for H1 2025 slightly decreased by 2% to HKD 0.861 billion, impacted by weak consumer momentum and new expenses from capacity enhancement projects, while total revenue significantly increased by 25% due to the acquisition of the Thailand business Beverages Division H1 2025 Results | Indicator | Amount (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | | **Revenue** | 21,515 | +25% | | **EBITDA** | 2,525 | +16% | | **Attributable Profit (excluding non-recurring items)** | 861 | -2% | | **Attributable Profit (including non-recurring items)** | 803 | -9% | - Total revenue (including Swire Coca-Cola Shanghai Shenmei) increased by **25%**, and sales volume increased by **20%**, primarily due to the consolidation of TNCC (Thailand business) since October 2024[95](index=95&type=chunk) - By region, Mainland China business profit grew by **8%**, while Hong Kong, Taiwan, Vietnam, and Cambodia businesses all recorded profit declines[89](index=89&type=chunk)[98](index=98&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[106](index=106&type=chunk) [Mainland China](index=26&type=section&id=Beverages%20Division-Mainland%20China) Mainland China operations recorded an attributable profit of HKD 0.588 billion, an 8% year-on-year increase, driven by a 3% revenue growth and 1% sales volume increase in local currency terms - Attributable profit was **HKD 0.588 billion**, an **8%** year-on-year increase[98](index=98&type=chunk) - Total sales volume increased by **1%**, and revenue in local currency terms increased by **3%**[98](index=98&type=chunk)[99](index=99&type=chunk) [Hong Kong, Taiwan, Southeast Asia](index=27&type=section&id=Beverages%20Division-Hong%20Kong%2C%20Taiwan%2C%20Southeast%20Asia) Hong Kong, Taiwan, and Southeast Asian markets faced challenges, with profit declines in Hong Kong, Taiwan, Vietnam, and Cambodia due to various factors including lower sales, production facility upgrades, and currency depreciation - Hong Kong: Attributable profit decreased by **15%** to **HKD 61 million**[101](index=101&type=chunk) - Taiwan: Attributable profit decreased by **26%** to **HKD 43 million**[103](index=103&type=chunk) - Vietnam and Cambodia: Attributable profit significantly decreased by **31%** to **HKD 113 million**[106](index=106&type=chunk) - Thailand and Laos: Attributable profit, excluding non-recurring items, was **HKD 105 million**, a **13%** year-on-year decrease[108](index=108&type=chunk) [Aviation Division](index=29&type=section&id=Aviation%20Division) The Aviation Division recorded an attributable profit of HKD 2.233 billion in H1 2025, a 7% year-on-year increase, driven by stable performance from Cathay Group and strong growth from HAECO Group due to increased maintenance demand Aviation Division H1 2025 Results | Segment | Attributable Profit (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | | **Cathay Group** | 1,642 | +1% | | **HAECO Group** | 599 | 0% | | **Total Aviation Division** | 2,233 | +7% | [Cathay Group](index=30&type=section&id=Aviation%20Division-Cathay%20Group) Cathay Group delivered stable performance in H1, recording a profit of HKD 3.651 billion, driven by a 14% increase in Cathay Pacific's passenger revenue and a 28% rise in passenger numbers - Cathay Pacific's passenger revenue was **HKD 34.208 billion**, a **14.0%** year-on-year increase; Revenue Passenger Kilometers (RPK) increased by **30.0%**[115](index=115&type=chunk)[119](index=119&type=chunk) - Cathay Cargo revenue was **HKD 11.141 billion**, a **2.2%** year-on-year increase; cargo carried increased by **11.4%**[115](index=115&type=chunk)[121](index=121&type=chunk) - As of June 30, 2025, Cathay Group's fleet totaled **234** aircraft, with an additional **93** aircraft on order[124](index=124&type=chunk)[125](index=125&type=chunk) [Hong Kong Aircraft Engineering Company (HAECO) Group](index=34&type=section&id=Aviation%20Division-Hong%20Kong%20Aircraft%20Engineering%20Company%20%28HAECO%29%20Group) HAECO Group demonstrated strong performance in H1, with recurring attributable profit significantly increasing to HKD 0.561 billion, driven by increased demand for base maintenance and engine overhaul services HAECO Group H1 2025 Results | Indicator | Amount (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | | **Total Revenue** | 11,201 | +7% | | **Attributable Profit (excluding non-recurring items)** | 561 | +40% | | **Attributable Profit (including non-recurring items)** | 599 | 0% | - Base maintenance services recorded **5.26 million** man-hours sold, a **6%** year-on-year increase[134](index=134&type=chunk) - Engine business attributable profit was **HKD 375 million**, a **9%** year-on-year increase, primarily driven by strong demand for engine overhaul services[141](index=141&type=chunk) [Healthcare](index=37&type=section&id=Healthcare) The Healthcare business remains in its early development stage, recording an attributable loss of HKD 0.117 billion in H1 2025, a narrowing from the HKD 0.132 billion loss in the prior period - In H1 2025, the Healthcare business recorded an attributable loss of **HKD 117 million**, a narrowing from the **HKD 132 million** loss in the prior period[151](index=151&type=chunk) - The Group has invested **HKD 3.1 billion** in the healthcare sector (including committed investments) and is actively seeking expansion opportunities in Mainland China and Southeast Asia[152](index=152&type=chunk) [Trading and Industrial](index=38&type=section&id=Trading%20and%20Industrial) The Trading and Industrial business recorded an attributable profit of HKD 41 million in H1, a significant 73% decrease from HKD 152 million in the prior period Trading and Industrial Division H1 2025 Results | Segment | Attributable Profit/(Loss) (HKD million) | Prior Period (HKD million) | | :--- | :--- | :--- | | **Swire Resources** | 17 | 47 | | **Swire Motors** | 37 | 86 | | **Swire Foods** | (16) | 5 | | **Swire Waste Management** | 7 | 22 | | **Total** | 41 | 152 | [Financial Review](index=40&type=section&id=Financial%20Review) This section provides a comprehensive review of the Group's financial performance and position [Underlying Profit and Recurring Underlying Profit](index=40&type=section&id=Underlying%20Profit%20and%20Recurring%20Underlying%20Profit) This section reconciles profit as reported in the financial statements with underlying profit and recurring underlying profit, showing that recurring underlying profit remained largely stable year-on-year Reconciliation of Profit Attributable to Company Shareholders to Underlying Profit (H1 2025) | Item | Amount (HKD million) | | :--- | :--- | | **Profit Attributable to Company Shareholders** | 815 | | Add: Fair value loss on investment properties | 4,674 | | Add: Realized fair value gain on disposal of investment property interests | 1,001 | | Less: Fair value changes attributable to non-controlling interests, etc. | (944) | | Other adjustments | (70) | | **Underlying Profit Attributable to Company Shareholders** | **5,476** | Recurring Underlying Profit by Division (H1 2025) | Division | Amount (HKD million) | | :--- | :--- | | Property | 2,829 | | Beverages | 861 | | Aviation | 2,195 | | Trading and Industrial | 41 | | Head Office, Healthcare and Other | (1,214) | | **Total Recurring Underlying Profit** | **4,712** | [Financing](index=42&type=section&id=Financing) This section details the Group's financing activities, cash flow, and debt position [Cash Flow and Debt Position](index=42&type=section&id=Cash%20Flow%20and%20Debt%20Position) The Group's cash flow from operations significantly increased by 59% to HKD 8.438 billion, with net cash inflow before financing of HKD 6.161 billion, while net debt increased to HKD 71.337 billion - Cash from operations was **HKD 8.438 billion**, a **59%** year-on-year increase; cash before financing turned from a net outflow of **HKD 1.965 billion** in the prior period to a net inflow of **HKD 6.161 billion**[168](index=168&type=chunk) Debt Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Borrowings and Lease Liabilities** | HKD 103.840 billion | HKD 96.612 billion | | **Weighted Average Debt Maturity** | 3.2 years | 2.7 years | | **Weighted Average Cost of Debt** | 3.7% | 4.0% | | **Fixed Rate Debt Proportion** | 66% | 64% | - If net debt of joint ventures and associates is included, the Group's net debt to capital ratio would increase from **22.7%** to **28.8%**[180](index=180&type=chunk) [Condensed Interim Financial Statements](index=48&type=section&id=Condensed%20Interim%20Financial%20Statements) This section presents the Group's condensed interim financial statements for the period [Consolidated Income Statement](index=48&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group recorded revenue of HKD 45.774 billion, a 16% year-on-year increase, but operating profit significantly decreased to HKD 1.861 billion due to a HKD 3.884 billion fair value loss on investment properties, resulting in a 79% decrease in profit attributable to company shareholders [Consolidated Statement of Comprehensive Income](index=49&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Profit for the period was HKD 0.971 billion, and after including other comprehensive income (primarily net exchange differences gain) of HKD 2.668 billion, total comprehensive income for the period was HKD 3.639 billion, with HKD 2.629 billion attributable to company shareholders [Consolidated Statement of Financial Position](index=50&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 480.033 billion, total liabilities were HKD 165.943 billion, and net assets (total equity) were HKD 314.090 billion, a slight decrease from HKD 318.667 billion at the end of 2024, with HKD 257.884 billion attributable to company shareholders [Consolidated Cash Flow Statement](index=51&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash generated from operating activities was HKD 7.653 billion. Net cash used in investing activities was HKD 1.492 billion, primarily due to HKD 3.908 billion cash inflow from disposal of subsidiaries. Net cash used in financing activities was HKD 1.897 billion, mainly for share repurchases and dividend payments, resulting in an increase in cash and cash equivalents to HKD 24.598 billion at period-end [Consolidated Statement of Changes in Equity](index=52&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of January 1, 2025, equity attributable to company shareholders was HKD 258.300 billion, which decreased to HKD 257.884 billion as of June 30, 2025, after accounting for total comprehensive income of HKD 2.629 billion, share repurchases of HKD 1.847 billion, and dividends paid of HKD 2.849 billion [Notes to the Condensed Interim Financial Statements](index=53&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Financial%20Statements) This section provides detailed notes supporting the condensed interim financial statements [Note 1: Segment Information](index=53&type=section&id=Note%201%3A%20Segment%20Information) This note details the revenue, operating profit, assets, and liabilities for the Group's major business segments, including Property, Beverages, Aviation, and Trading and Industrial Company Shareholders' Attributable Underlying Profit by Segment for H1 2025 | Segment | Amount (HKD million) | | :--- | :--- | | Property | 3,662 | | Beverages | 803 | | Aviation | 2,233 | | Trading and Industrial | 41 | | Head Office, Healthcare and Other | (1,263) | | **Total** | **5,476** | [Note 10: Dividends](index=62&type=section&id=Note%2010%3A%20Dividends) The Board of Directors declared a first interim dividend for 2025 of HKD 1.30 per 'A' share and HKD 0.26 per 'B' share, totaling HKD 1.753 billion, payable on October 10, 2025 - A first interim dividend of **HKD 1.30** per 'A' share and **HKD 0.26** per 'B' share was declared[215](index=215&type=chunk)[216](index=216&type=chunk) [Note 13: Investment Properties](index=64&type=section&id=Note%2013%3A%20Investment%20Properties) As of June 30, 2025, the carrying value of the Group's investment properties was HKD 268.861 billion, a decrease from HKD 270.950 billion at the beginning of the year, primarily due to a net fair value loss of HKD 3.884 billion and the impact of disposals and transfers - A net fair value loss on investment properties of **HKD 3.884 billion** was recorded during the period[222](index=222&type=chunk) [Note 25: Share Capital](index=71&type=section&id=Note%2025%3A%20Share%20Capital) During the period, the company repurchased and cancelled 25,119,000 'A' shares and 15,402,500 'B' shares on the Stock Exchange under its share repurchase program, for a total consideration of HKD 1.842 billion - In H1, **25,119,000** 'A' shares and **15,402,500** 'B' shares were repurchased for a total of **HKD 1.842 billion**[241](index=241&type=chunk) [Additional Information](index=77&type=section&id=Additional%20Information) This section provides supplementary information relevant to the report [Major Shareholders](index=79&type=section&id=Major%20Shareholders) As of June 30, 2025, John Swire & Sons Limited held 56.85% of the company's 'A' shares and 74.83% of its 'B' shares, collectively owning 64.45% of the share capital and 70.97% of the voting rights - John Swire & Sons Limited holds **64.45%** of the company's share capital and controls **70.97%** of the voting rights[267](index=267&type=chunk)

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 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) SWIRE PROPERTIES LIMITED 太古地產有限公司 二零二五年第二季度 營運數據滙報 本滙報載述太古地產有限公司二零二五年第二季度若干營運數據資料。有關資料 乃根據內部管理紀錄編製，並未經外聘核數師審核或審閱。 1. 已落成投資物業 辦公樓物業 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 部分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。 | 主要物業 | 租用率 | | | | 租用面積 | | | 租金調幅 (1) | | | | | 最新租金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (新簽訂或 ...

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7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8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。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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 - Mitsubishi Corp. is one of 16 companies in the Conglomerates group and currently ranks 5 within the Zacks Sector Rank [2] - The Zacks Rank system emphasizes earnings estimates and revisions, with Mitsubishi Corp. holding a Zacks Rank of 1 (Strong Buy) [3] - The Zacks Consensus Estimate for Mitsubishi Corp.'s full-year earnings has increased by 7.1% in the past quarter, indicating improved analyst sentiment [4] Group 2 - Mitsubishi Corp. has returned 24% year-to-date, significantly outperforming the average gain of 1.7% for Conglomerates stocks [4] - Another Conglomerates stock, Swire Pacific, has returned 2.4% year-to-date and has a Zacks Rank of 2 (Buy) [5] - Both Mitsubishi Corp. and Swire Pacific belong to the Diversified Operations industry, which includes 16 companies and currently ranks 88 in the Zacks Industry Rank [6]

Core Viewpoint - The article emphasizes the importance of timing and sustainability in short-term investing, highlighting that a solid trend can lead to successful investments if supported by strong fundamentals and positive earnings revisions [1][2]. Group 1: Stock Performance - Swire Pacific (SWRAY) has shown a solid price increase of 7.5% over the past 12 weeks, indicating investor confidence in its potential upside [4]. - The stock has also increased by 6.5% over the last four weeks, suggesting that the upward trend is still intact [5]. - SWRAY is currently trading at 88.5% of its 52-week high-low range, indicating a potential breakout opportunity [5]. Group 2: Fundamental Strength - SWRAY holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks with sufficient fundamental strength to maintain their upward trends [3]. - The article suggests that investors should consider other stocks that pass through this screening process, as well as explore various Zacks Premium Screens tailored to different investing styles [8].

Summary of Key Points Core Viewpoint - Swire Properties A has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3]. Share Buyback Activity - The company repurchased 210,000 shares on April 29 at prices ranging from HKD 65.700 to HKD 66.750, totaling HKD 13.9023 million [2]. - Since March 13, the company has conducted buybacks for 31 consecutive days, acquiring a total of 10.9975 million shares for a cumulative amount of HKD 733 million [2]. - The stock has experienced a cumulative decline of 6.73% during this buyback period [2]. Year-to-Date Buyback Summary - Year-to-date, Swire Properties A has completed 76 buyback transactions, acquiring a total of 22.298 million shares for a total expenditure of HKD 1.482 billion [3]. - The buyback details include various dates, share quantities, and price ranges, reflecting a consistent effort to stabilize the stock price [3][4][5].

Financial Performance - The company's return on equity decreased to 1.6% in 2024 from 11.0% in 2023, a decline of 9.4 percentage points[14]. - The total profit attributable to shareholders fell to HKD 4,321 million in 2024, down 85% from HKD 28,853 million in 2023[14]. - Revenue decreased by 14% to HKD 81,969 million in 2024, compared to HKD 94,823 million in 2023[14]. - The basic earnings per share for 'A' shares dropped to HKD 3.06 in 2024, an 85% decrease from HKD 19.96 in 2023[14]. - The net debt increased by 28% to HKD 70,563 million in 2024, up from HKD 55,136 million in 2023[14]. - The consolidated profit attributable to shareholders for 2024 was HKD 43.21 billion, down from HKD 288.53 billion in 2023[16]. - The basic profit attributable to shareholders, excluding losses from fair value changes of investment properties, was HKD 10.47 billion in 2024, compared to HKD 36.17 billion in 2023[16]. - The recurring basic profit, excluding fair value changes and significant non-recurring items, was HKD 9.28 billion in 2024, down from HKD 10.44 billion in 2023[16]. - The operating cash flow from operations was HKD 12,580 million in 2024, a decrease of 13% from HKD 14,479 million in 2023[14]. - The company reported a total operating profit of HKD 1,716 million for 2024, significantly down from HKD 5,141 million in 2023, a decline of 66.66%[76]. - The basic profit attributable to shareholders for 2024 is HKD 6,713 million, compared to HKD 11,531 million in 2023, a decrease of 41.56%[77]. - The investment property fair value loss for 2024 is HKD 5,974 million, compared to HKD 2,860 million in 2023, indicating a significant increase in losses[76]. - The recurring basic profit for 2024, excluding asset sale profits, was HKD 5.727 billion, down from HKD 5.942 billion in 2023[99]. - The rental income from the Hong Kong office property portfolio for 2024 was HKD 5.109 billion, a decrease of 7% compared to 2023, with a rental occupancy rate of 89% as of December 31, 2024[106]. Dividends and Share Buybacks - The company reported a 70% reduction in the 'A' share dividend to HKD 3.35 in 2024, down from HKD 11.32 in 2023[14]. - The board announced a second interim dividend of HKD 2.10 per 'A' share and HKD 0.42 per 'B' share, resulting in a total annual dividend of HKD 3.35 per 'A' share and HKD 0.67 per 'B' share, a 5% increase from 2023[29]. - The group plans to continue its share buyback program with a maximum amount of HKD 6 billion, having repurchased 50,091,000 'A' shares and 54,547,500 'B' shares in 2024[29]. Sustainability and Environmental Impact - The greenhouse gas emissions from direct business operations decreased by 11% to 645 thousand tons of CO2 equivalent in 2024[15]. - Swire Coca-Cola utilized 42% renewable energy in its major operations by the end of 2024, with all eight bottling plants in mainland China using 100% renewable energy[32]. - The group continues to focus on sustainable development through its SwireTHRIVE strategy, achieving recognition in various sustainability indices[31]. - The company aims to achieve its sustainability goals by 2030, integrating these objectives into its business planning and decision-making processes[189]. Business Expansion and Investments - The company aims to expand its business in healthcare, particularly in major urban areas in mainland China and Southeast Asia[13]. - Swire Properties has committed approximately 67% of its HKD 100 billion investment plan, with HKD 50 billion allocated for major retail-led projects in mainland China[19]. - The company is focusing on a HKD 100 billion investment plan, particularly in the Greater Bay Area, to enhance shareholder value by 2025[33]. - The company plans to expand its hotel management business into Tokyo, Japan, and several cities in mainland China, including Beijing, Shenzhen, Shanghai, and Xi'an[62]. - The company is also expanding its residential property transactions in Hong Kong, mainland China, Miami, and Southeast Asia[103]. Market Conditions and Outlook - The Hong Kong office market is expected to remain weak, but the company's properties like Taikoo Place and Taikoo Square are well-positioned for recovery[33]. - Retail sales growth in mainland China is anticipated to accelerate due to improved domestic demand and recent economic stimulus measures[33]. - The hotel business outlook in Hong Kong is cautiously optimistic, depending on the recovery of international and business travelers[169]. - The overall market sentiment for residential properties in Hong Kong has slightly improved due to interest rate cuts, indicating signs of slow recovery[86]. - The residential market in Hong Kong is seeing increased sales due to interest rate cuts, with expectations for improved demand in the medium to long term[168]. Operational Performance - The overall performance of Swire Coca-Cola remained robust in 2024 despite industry and economic challenges faced by Swire Properties[23]. - Swire Coca-Cola recorded a recurring profit of HKD 1.388 billion in 2024, down from HKD 2.394 billion in 2023, with a 20% increase in recurring profit when excluding the impact of the sale of US Swire Coca-Cola[25]. - The recurring profit from mainland China operations increased by 11% due to revenue growth and lower raw material costs[26]. - The company produced and distributed 41 beverage brands in its operating regions, while the U.S. Swire Coca-Cola managed 36 beverage brands with a population coverage of 31.5 million[176]. Acquisitions and Joint Ventures - Swire Coca-Cola agreed to acquire over 55.6% of ThaiNamthip Corporation for approximately THB 42.61 billion (about HKD 9.47 billion) in two phases, completing the first phase in February 2024[21]. - The group completed the acquisition of a controlling stake in Dada Healthcare in April 2024, marking its first major investment in the healthcare sector[28]. - Swire Properties increased its stake in Beijing Taikoo Li from 35% to 49.895% through a transaction valued at approximately RMB 8.91 billion and RMB 29.84 billion[105]. - The company completed the acquisition of the remaining 30% of LCCB's issued share capital by December 27, 2024, further consolidating its market position[175]. Property Development and Projects - Swire Properties is set to complete the redevelopment of Taikoo Place in November 2024, marking a significant milestone in its flagship commercial development[19]. - The total area of completed properties in Hong Kong is 13.4 million square feet, slightly up from 13.2 million square feet in 2023[74]. - The total area of the upcoming Xi'an Taikoo Li project is projected to be 2,896,119 square feet, pending approval[136]. - The total area of the Chengdu Taikoo Li shopping center is 1,314,237 square feet, with additional developments in the Lujiazui area totaling 1,539,252 square feet[135]. - The total area of the Beijing East Corner office project under development is 2,809,103 square feet[127]. Retail Performance - Retail sales in mainland China decreased by 7% in 2024, but increased by 55% compared to 2019 pre-pandemic levels[111]. - Total rental income from retail properties in mainland China increased by 7% to HKD 4.4889 billion in 2024, with a 4% increase excluding currency fluctuations[112]. - Beijing Sanlitun Taikoo Li recorded a record rental income increase of 12% in 2024, with a rental rate of 98% as of December 31, 2024[113]. - The retail property rental income in Hong Kong for 2024 was HKD 2.369 billion, down 3% from 2023, with overall retail sales in the Hong Kong market declining by 7%[108].

Financial Data and Key Metrics Changes - The recurring underlying profit decreased by 11% to HKD 9.3 billion compared to the prior year, but excluding the impact of the U.S. bottler sale in 2023, there was a small gain in recurring underlying profit in 2024 [5][10] - The company increased its dividend by 5%, reflecting confidence in its financial position despite the profit decline [6][11] - Net debt stands at HKD 70 billion with a healthy gearing ratio of 22.1%, and a weighted average cost of debt remains at 4% [14] Business Line Data and Key Metrics Changes - Property segment faced lower office rental income in Hong Kong, with a 42% drop in underlying profit primarily due to fewer disposals compared to the previous year [7][19] - Beverages segment saw an overall profit decrease, driven by the disposal of the U.S. bottling business, but recurring profit from the Chinese Mainland increased by 11% due to price increases [8][29] - Aviation division reported strong results, with Cathay Pacific achieving a profit of HKD 9.9 billion in 2024, reflecting robust demand for passenger travel and cargo [9][34] Market Data and Key Metrics Changes - Retail sales in both the Chinese Mainland and Hong Kong began to normalize towards the end of 2024 [7] - The Chinese Mainland is becoming a significant growth engine for the company, with retail contributions nearly equal to those from the Hong Kong office portfolio [24] Company Strategy and Development Direction - The company continues to invest confidently in various sectors, including a commitment of HKD 100 billion over the next seven years for aviation and HKD 100 billion for property investments [3][4] - The focus remains on expanding in the Greater Bay Area and Southeast Asia, with significant investments in residential projects and beverage franchises [4][18][26] Management's Comments on Operating Environment and Future Outlook - Management characterized the operating environment as challenging but expressed confidence in future growth due to ongoing investments [3] - The outlook for 2025 includes expectations of continued revenue growth in the Chinese Mainland and normalization of yields in aviation, while challenges in the Hong Kong office market are anticipated to persist [41][42] Other Important Information - The company is committed to sustainability, with Swire Properties recognized as a leader in the Dow Jones Best in Class World Index for real estate management [15][19] - The beverage segment is focusing on price increases and market execution to maintain revenue growth in a deflationary environment [50] Q&A Session Summary Question: Thoughts on renewing the buyback program and pressure from credit rating metrics - Management indicated that the share buyback program is relatively small and part of a broader shareholder return strategy, with a decision to be made in May [44][48] Question: Outlook on EBITDA trend in the Chinese Mainland - Management expects steady EBITDA growth in the Chinese Mainland, driven by revenue management and operational efficiency [52][54] Question: Comfortable gearing level for Swire Pacific - Management stated a comfortable gearing level of 30%, with both Swire Properties and Swire Pacific well under that level [58][60] Question: Opportunities for capital recycling - Management confirmed ongoing capital recycling as part of their portfolio strategy, with a focus on timing and market conditions [66][67]