Group 1 - The company Swire Properties Limited (00087.HK) announced an interim dividend of HKD 0.26 per share to be distributed on October 10, 2025 [1]

太古股份公司B(00087)发布公告，该公司将于2025年10月10日派发中期股息每股0.26港元。 ...

EF001 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 | 00087 | | 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 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.26 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.26 HKD | ...

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。 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) 二零二五年中期業績 太古股份有限公司二零二五年中期報告 | 目錄 | | | --- | --- | | 企業宣言 | 1 | | 表現摘要 | 2 | | 主席報告 | 3 | | 業務評述 | 8 | | 財務評述 | 38 | | 融資 | 40 | | 簡明中期財務報表的審閲報告 | 45 | | 簡明中期財務報表 | 46 | | 簡明中期財務報表附註 | 51 | | 附加資料 | 75 | | 詞彙 | 78 | | 財務日誌及投資者資訊 | 80 | 太古股份有限公司二零二五年中期報告 企業宣言 永續發展 長遠增長 太古公司是基地設於香港的國際綜合企業，其多元化的業務在市場擁有領先地位。公司在大中 華區歷史悠久，「太古」的名字在這地區享譽超過一百五十年。 我們的目標是透過長遠地創造理想的權益回報以實 ...

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。 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) 1. 已落成投資物業 辦公樓物業 | 主要物業 | 租用率 | | | | 租用面積 | | | 租金調幅 (1) | | | | | 最新租金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (新簽訂或 | 巿值 ) | 6 月 | ( 截至 30 | 2025 日止六個月 | 年 ) | | | ( | | | | ( 於 2024 年 12 月 31 日 ) | ( 於 2025 6 月 30 | 年 日 ) | | 已續約) | | ( | | 包括租金檢討 | ) | 年 | | | | | | ...

Core Insights - New Hope's stock closed at 9.87 yuan, with a slight increase of 0.1% and a trading volume of 30.46 million shares, amounting to a transaction value of 3.01 billion yuan [1] - The company experienced a net outflow of main funds amounting to 19.03 million yuan, representing 6.32% of the total transaction value [1] - New Hope reported total revenue of 24.42 billion yuan for Q1 2025, reflecting a year-on-year growth of 2.13%, while net profit surged by 122.99% to 445 million yuan [1] Financial Performance - Total revenue for Q1 2025 was 24.42 billion yuan, with a year-on-year increase of 2.13% [1] - Net profit reached 445 million yuan, marking a significant year-on-year growth of 122.99% [1] - The company's current ratio is 0.452, quick ratio is 0.239, and debt-to-asset ratio stands at 69.25% [1] Company Overview - New Hope Liuhe Co., Ltd. was established in 1998 and is based in Mianyang, primarily engaged in the agricultural and food processing industry [2] - The company has a registered capital of 42.16 billion yuan and a paid-in capital of 1 billion yuan [1] - The company has made investments in 67 enterprises and participated in 2,485 bidding projects [2]

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 dropped by 85% to HKD 4,321 million in 2024 from HKD 28,853 million in 2023[14]. - Revenue fell 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 decreased by 85% to HKD 3.06 in 2024 from HKD 19.96 in 2023[14]. - The consolidated profit attributable to shareholders for 2024 was HKD 4.32 billion, down from HKD 28.85 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 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 is HKD 6,713 million for 2024, compared to HKD 11,531 million in 2023, a decrease of 41.56%[77]. - The company reported a fair value loss on investment properties of HKD 6,197 million in 2024, compared to HKD 4,423 million in 2023[79]. - The recurring basic profit for 2024, excluding asset sales, was HKD 5.727 billion, down from HKD 5.942 billion in 2023, reflecting a decline in rental income from Hong Kong office properties[100]. - The company reported a total profit including non-recurring items of HKD 2,039 million, down 91.9% from HKD 25,097 million in 2023[199]. Debt and Liquidity - The net debt increased by 28% to HKD 70,563 million in 2024 from HKD 55,136 million in 2023[14]. - The group's available liquid funds at the end of 2024 amounted to HKD 43.1 billion, with a net debt-to-capital ratio of 22.1%[30]. - The company reported a net cash generated from operating activities, indicating a focus on maintaining liquidity[67]. Sustainability and Environmental Impact - The company reported a 11% reduction in greenhouse gas emissions to 645 thousand tons of CO2 equivalent in 2024 from 723 thousand tons in 2023[15]. - The energy consumption decreased by 11% to 5.4 million gigajoules in 2024 from 6.1 million gigajoules in 2023[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]. - Swire Coca-Cola's sustainability goals for 2030 are integrated into its business plans, ensuring that all decision-making processes consider sustainable development[190]. Business Expansion and Investments - The company is focusing on expanding its business in healthcare, particularly in major urban areas in mainland China and Southeast Asia[13]. - The company aims to maintain a stable dividend payout while pursuing long-term growth strategies in the Greater China and Southeast Asia regions[7]. - 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 plans to continue its HKD 100 billion investment program, focusing on core markets and seeking business expansion opportunities, particularly in the Greater Bay Area[33]. - The company is actively pursuing new strategies, including enhancing community engagement and sustainability measures within its office properties[107]. - Swire Properties announced a HKD 100 billion investment plan for property development projects in Hong Kong and mainland China over the next decade, with HKD 30 billion allocated for Hong Kong, HKD 50 billion for mainland China, and HKD 20 billion for residential sales projects[103]. Market Performance and Outlook - The Hong Kong office market is expected to remain weak, but the company's properties in Taikoo Place 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 company expects revenue growth from its Coca-Cola business in mainland China, driven by an excellent product and packaging mix[33]. - The Hong Kong office market remains challenging, with weak demand and high vacancy rates putting downward pressure on rental prices[101]. - Retail sales in mainland China showed signs of stabilization in Q4 2024, following government stimulus measures announced in September[83]. - The hotel business outlook in Hong Kong is cautiously optimistic, depending on the recovery of international and business travelers[170]. 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 Coca-Cola acquired 39% of the issued share capital of ThaiNamthip Corporation Public Company Limited (TNTC) and increased its stake to approximately 55.7% by September 30, 2024, making TNTC a non-wholly owned subsidiary[176]. - The company completed acquisitions of exclusive operations in Cambodia and Vietnam on November 25, 2022, and January 1, 2023, respectively[198]. - The acquisition of exclusive operations in Thailand and Laos is expected to be completed by September 30, 2024[198]. Operational Performance - The overall performance of Swire Coca-Cola remained robust in 2024, reflecting the continued recovery in the aviation industry and the 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]. - Cathay Pacific Group achieved a profit of HKD 9.888 billion in 2024, including special income of HKD 751 million, compared to HKD 9.789 billion in 2023, driven by strong travel demand and cargo performance[27]. - The beverage division serves 941 million consumers across various regions, including mainland China, Hong Kong, and Southeast Asia[173]. - Swire Coca-Cola's operational regions include 42 bottling plants, with a total annual sales volume of 2.132 billion standard cases[197]. Real Estate and Property Development - The company’s total floor area for investment properties and hotels is approximately 35.2 million square feet, with 24.4 million square feet completed[61]. - The company holds a 20% stake in several hotels in Hong Kong and has plans to expand its hotel management business into Japan and various cities in mainland China[62]. - The total investment property area is projected to be 35.2 million square feet by December 31, 2024, an increase from 34.4 million square feet in 2023[74]. - The rental income from office properties is HKD 5,488 million, down from HKD 5,835 million in 2023, a decrease of 5.95%[76]. - The rental income from Hong Kong office properties for 2024 was HKD 5.109 billion, a decrease of 7% compared to 2023, with a rental income decline of 4% after excluding losses from the sale of nine floors of the Island East Centre[107]. - The occupancy rate of Swire Properties' office portfolio was 89% as of December 31, 2024, with the newly launched properties achieving a 53% occupancy rate[107]. - The residential property portfolio's occupancy rate was 76% as of December 31, 2024, with ongoing developments including the residential project in Lujiazui, Shanghai, where 49 out of 50 units have been pre-sold[106]. - The company is expanding its retail presence in first-tier cities in mainland China, planning to double the total floor area[104]. - The company is committed to developing high-quality residential properties as part of its long-term growth strategy[73].

Financial Performance - The company's equity return decreased to 1.6% in 2024 from 11.0% in 2023, a decline of 9.4 percentage points [4]. - The basic profit attributable to shareholders dropped by 85% to HKD 4,321 million in 2024 from HKD 28,853 million in 2023 [4]. - Revenue fell by 14% to HKD 81,969 million in 2024 compared to HKD 94,823 million in 2023 [4]. - The net debt increased by 28% to HKD 70,563 million in 2024 from HKD 55,136 million in 2023 [4]. - The consolidated profit attributable to shareholders for 2024 was HKD 4.32 billion, down from HKD 28.85 billion in 2023 [15]. - 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 [15]. - The recurring basic profit for 2024 was HKD 9.28 billion, a decrease from HKD 10.44 billion in 2023 [15]. - The group reported a loss attributable to shareholders of HKD 751 million, compared to a profit of HKD 2,599 million in 2023 [49]. - Basic profit attributable to shareholders was HKD 6,713 million, down 41.5% from HKD 11,531 million in 2023 [49]. - The hotel segment reported an operating loss of HKD 154 million, compared to a loss of HKD 103 million in 2023 [46]. Investment and Expansion Plans - The company plans to continue investing in the healthcare sector, particularly in major urban areas in mainland China and Southeast Asia [12]. - 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 [17]. - The group announced a new investment plan exceeding HKD 100 billion, including the acquisition of over 100 new generation aircraft [21]. - Swire Properties plans to continue its HKD 100 billion investment program, focusing on core markets and expanding business opportunities, particularly in the Greater Bay Area [34]. - The company is actively pursuing a HKD 1 billion investment plan over the next decade, focusing on property development projects in Hong Kong and mainland China [61]. - The company plans to acquire the remaining 12.07% interest in Bal Harbour Shops in January 2025, increasing its ownership in the Brickell City Centre shopping center to 62.93% [90]. Operational Performance - The operating cash flow decreased by 13% to HKD 12,580 million in 2024 from HKD 14,479 million in 2023 [4]. - The operating profit for property investment was HKD 8,242 million, slightly down from HKD 8,253 million in 2023 [46]. - The hotel management segment includes ownership and management of several hotels in Hong Kong and mainland China, with plans to expand into Tokyo and other cities [39]. - The company recorded a depreciation before interest and tax of HKD 170 million for its hotels managed in 2024, down from HKD 880 million in 2023, indicating challenges in the hospitality sector [96]. - The company anticipates stable demand for base maintenance services in 2025, with continued growth in field maintenance workload as Hong Kong's air traffic is expected to recover to pre-pandemic levels [193]. Market Conditions and Challenges - The Hong Kong office market is anticipated to remain weak, but Swire Properties' office portfolio in Taikoo Place is well-positioned for recovery [34]. - The office market in Hong Kong remains weak due to soft demand and increased supply, impacting rental rates negatively [51]. - The hotel business in Hong Kong is recovering slower than expected, while the performance of hotels in mainland China remains stable [60]. - The company anticipates sales growth in Taiwan and Cambodia, despite challenges in the Hong Kong business environment [34]. - The retail sales in Hong Kong decreased in 2024, while the retail sales and rental income in the US increased compared to 2023, driven by tenant mix optimization and higher store opening rates [60]. Sustainability and Corporate Responsibility - The company aims to achieve net-zero carbon emissions by 2050 as part of its long-term strategy [159]. - 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 [33]. - The group is preparing for regulatory requirements to enhance internal monitoring of sustainability-related processes and data [33]. - The company has set sustainability goals for 2030, integrating them into its business planning [126]. - The company plans to enhance its brand portfolio and improve operational efficiency to drive long-term sustainable growth [122]. Sector-Specific Insights - The beverage segment reported revenues of HKD 36,609 million, a decrease of 29.3% from HKD 51,844 million in 2023 [127]. - The operating business revenue from Mainland China increased to HKD 25.234 billion in 2024, up 3% from HKD 24.725 billion in 2023 [128]. - The total number of beverage brands produced and distributed by the company reached 41, covering a population of 909.9 million in its operating regions [118]. - The company expects continued contributions from newly acquired operations in Thailand and Laos, despite the adverse impact from the sale of the US operations [133]. - The company anticipates revenue growth in mainland China, despite rising raw material and operating costs [150]. Aviation Sector Performance - Cathay Pacific Group reported a revenue of HKD 21,662 million for 2024, up 21.0% from HKD 17,787 million in 2023 [160]. - Passenger revenue increased to HKD 62,595 million, representing an 11.9% growth compared to HKD 55,951 million in 2023 [162]. - Cargo revenue reached HKD 24,000 million, reflecting an 8.3% increase from HKD 22,162 million in 2023 [162]. - The total number of passengers carried by Cathay Pacific in 2024 was 22.8 million, averaging 62,500 passengers per day, a 27% increase from 2023 [165]. - The group plans to receive 12 new aircraft in 2024 and has the option to purchase an additional 82 aircraft [174].

Financial Performance - The company reported a profit attributable to shareholders of HKD 3,914 million for the six months ended June 30, 2024, a decrease of 7% compared to HKD 4,221 million in the same period of 2023[9]. - Revenue for the same period was HKD 39,563 million, down 23% from HKD 51,544 million year-on-year[9]. - The operating profit was HKD 4,945 million, reflecting a 3% decline from HKD 5,079 million in the previous year[9]. - In the first half of 2024, the attributable consolidated profit for shareholders was HKD 39.14 billion, down from HKD 42.21 billion in the same period of 2023, representing a decrease of approximately 6.5%[16]. - The recurring basic profit, excluding changes in investment property values, was HKD 55.76 billion, compared to HKD 55.94 billion in the first half of 2023, showing a slight decrease of about 0.3%[16]. - The attributable profit for the first half of 2024 was HKD 1,795 million, a decrease from HKD 2,222 million in the same period of 2023[40]. - The total attributable profit, excluding non-recurring items, for the first half of 2024 was HKD 878 million, compared to HKD 714 million in the same period of 2023[103]. - The attributable profit for the first half of 2024 from mainland China was HKD 543 million, a decrease of 12% compared to the same period in 2023, with local currency profit down by 7%[118]. Debt and Financial Position - The company’s net debt decreased by 5% to HKD 63,479 million from HKD 66,915 million in 2023[9]. - The net debt to equity ratio (excluding lease liabilities) improved to 19.8%, down from 21.4% in the previous year[9]. - The group has a robust financial position with available liquid funds of HKD 46.8 billion as of June 30, 2024, and a capital net debt ratio of 19.8%[26]. - The total borrowings and debt securities as of June 30, 2024, amounted to HKD 109.72 billion, with HKD 30.46 billion (27%) remaining undrawn[200]. - The company reported a net cash increase of HKD 3,741 million for the six months ended June 30, 2024, compared to HKD 633 million in the same period of 2023[198]. Investment and Development Plans - The company is committed to a ten-year investment plan of HKD 100 billion, with 65% of the funds allocated to property development projects in core markets as of August 2, 2024[13]. - The company plans to continue investing in core markets and is actively seeking opportunities in the Greater Bay Area, having signed a memorandum of understanding with the Shenzhen government[29]. - The company has committed approximately HKD 650 billion for planned investments, with HKD 110 billion allocated to Hong Kong and HKD 440 billion to mainland China[49]. - The investment plan includes HKD 300 billion for Hong Kong, HKD 500 billion for mainland China, and HKD 200 billion for residential sales projects[49]. - The company plans to increase the total floor area of retail-led developments in mainland China by 100%[50]. Sector Performance - The beverage sector showed stable performance, while the real estate sector performed well despite increasing adverse factors[12]. - The aviation sector significantly contributed to the company's performance, with Cathay Pacific achieving a profit of HKD 36.13 billion in the first half of 2024, down from HKD 42.68 billion in the same period of 2023, which included a special income of HKD 21 billion[20]. - Swire Properties reported a recurring basic profit of HKD 28.98 billion in the first half of 2024, a decrease of 9% from HKD 31.88 billion in the same period of 2023, attributed to increased financial expenses and reduced rental income from office properties[17]. - Swire Coca-Cola recorded a recurring profit of HKD 8.78 billion in the first half of 2024, down from HKD 16.27 billion in the same period of 2023, primarily due to the sale of Swire Coca-Cola USA[19]. Shareholder Returns - The company plans to enhance shareholder returns through regular dividends and a share buyback program set to complete in May 2025[13]. - The company announced an interim dividend of HKD 1.25 per 'A' share and HKD 0.25 per 'B' share, representing a 4% increase compared to the first interim dividend in 2023[24]. Market Outlook - The company remains confident in the business outlook across core markets despite market volatility and global uncertainties[12]. - The Hong Kong office market is expected to remain weak in the second half of 2024 due to soft market demand and oversupply[64]. - The retail market is expected to stabilize in the second half of 2024, with luxury brand retailers showing strong demand in Guangzhou and Chengdu[78]. - The overall sentiment in the office rental market remains negative due to economic uncertainty, with expectations of rental declines in major cities like Beijing and Shanghai[78]. Operational Highlights - Cathay Pacific's passenger flights reached 80% of pre-pandemic levels in the second quarter of 2024, reflecting a strong recovery in the aviation sector[20]. - The number of passengers carried increased by 36.4% to 10.66 million in the first half of 2024, compared to 7.816 million in the same period of 2023[139]. - The company completed 158 engine overhauls in the first half of 2024, up from 141 in the same period of 2023, reflecting strong demand for engine repair services[164]. - The company’s engine business recorded a profit of HKD 345 million in the first half of 2024, a 31% increase compared to the same period of 2023[163]. Challenges and Risks - The hotel business in Hong Kong is recovering slower than expected, while performance in mainland China remains relatively stable[48]. - The company anticipates continued challenges in mainland China due to sluggish local consumption, but stable raw material costs and effective cost management may alleviate profit pressures[127]. - Despite the Hong Kong government's removal of stamp duty measures in February 2024, the residential property market remains soft due to economic uncertainty and high interest rates[99].

Financial Performance - For the six months ended June 30, 2024, the company's profit attributable to shareholders was HKD 3,914 million, a decrease of 7% compared to HKD 4,221 million in the same period of 2023[10] - The company's revenue for the same period was HKD 39,563 million, reflecting a decline of 23% from HKD 51,544 million in 2023[10] - The basic earnings per share for 'A' shares was HKD 3.90, an increase of 1% from HKD 3.86 in the previous year[10] - Swire Group reported a consolidated profit attributable to shareholders of HKD 39.14 billion for the first half of 2024, down from HKD 42.21 billion in the same period of 2023[18] - Swire Properties' recurring underlying profit for the first half of 2024 was HKD 28.998 billion, a decrease of 9% compared to HKD 31.888 billion in the first half of 2023[19] - Swire Coca-Cola recorded a recurring profit of HKD 8.778 billion in the first half of 2024, down from HKD 16.627 billion in the same period of 2023[20] - Cathay Pacific's profit for the first half of 2024 was HKD 36.131 billion, compared to HKD 42.668 billion in the same period of 2023[22] - The attributable profit excluding non-recurring items for Swire Properties was HKD 878 million for the six months ended June 30, 2024[98] - The attributable profit for Swire Coca-Cola in the first half of 2024 was HKD 878 million, a decrease of 38% compared to HKD 1.423 billion in the same period of 2023[105] Debt and Financial Ratios - The company reported a net debt of HKD 63,479 million, a decrease of 5% from HKD 66,915 million in 2023[10] - The capital net debt ratio (excluding lease liabilities) improved to 19.8%, down from 21.4% in the previous year[10] - As of June 30, 2024, the company has available liquid funds of HKD 46.8 billion and a net debt-to-capital ratio of 19.8%[26] - The total borrowings and debt securities as of June 30, 2024, amounted to HKD 109,723 million, with HKD 30,046 million remaining undrawn[195] - The weighted average debt maturity was 2.8 years as of June 30, 2024, compared to 3.2 years as of December 31, 2023[197] - The weighted average cost of debt was 4.0% as of June 30, 2024, consistent with the rate as of December 31, 2023[197] Sector Performance - The aviation sector continued to be a major driver of basic earnings, benefiting from strong demand for travel and cargo services[12] - The beverage sector showed stable performance, while the real estate sector performed well despite increasing adverse factors[12] - The hotel business in Hong Kong showed slower recovery than expected, while the performance of hotels in mainland China remained relatively stable[44] - The rental income from office properties decreased, partly due to the loss of revenue from the sale of the office floors in the Island East Centre in December 2023[44] - The retail property portfolio in Hong Kong performed weakly, prompting the company to implement optimization measures and marketing activities to attract local customers and tourists[44] Strategic Investments and Plans - The company is focused on strategic and long-term investment plans in core markets including Hong Kong, mainland China, and Southeast Asia[13] - Swire Properties has committed 65% of its HKD 100 billion investment plan in core market property development projects as of August 2, 2024[14] - The company plans to enhance shareholder returns through regular dividends and a share buyback program to be completed by May 2025[13] - The company plans to continue investing in core markets, with a focus on opportunities in the Greater Bay Area, having signed a memorandum of understanding with the Shenzhen government in June 2024[28] - Swire Properties announced a HKD 100 billion investment plan over the next decade, allocating HKD 30 billion for Hong Kong, HKD 50 billion for mainland China, and HKD 20 billion for residential projects including Southeast Asia[45] Market Outlook - The outlook for the next six months remains cautious due to market volatility, economic slowdown, and global uncertainties, but the company maintains confidence in its core market prospects[12] - The company anticipates continued challenges in Hong Kong's retail market due to changing consumer patterns and outbound travel trends, despite efforts to optimize tenant mix and enhance marketing activities[57] - The company expects stable demand for base maintenance services in the second half of 2024, with continued recovery in line maintenance workload[163] Operational Highlights - Cathay Pacific's passenger flights reached 80% of pre-pandemic levels in Q2 2024, marking a significant recovery milestone[17] - The total revenue for the first half of 2024 reached HKD 10,445 million, an increase of 23.3% compared to HKD 8,464 million in the same period of 2023[149] - The group plans to invest significantly in fleet, cabin products, lounges, digital upgrades, and sustainability initiatives to enhance its competitive position as an international aviation hub[144] - The company is actively seeking opportunities to sell assets in the United States as part of its capital recycling strategy[75] Healthcare and Other Operations - In the first half of 2024, the group's attributable loss from healthcare operations was HKD 132 million, compared to a loss of HKD 80 million in the same period of 2023[169] - The group has invested HKD 3.1 billion in the healthcare industry, including investments in mainland China and Indonesia, marking its first entry into the Southeast Asian healthcare market[170] - For the first half of 2024, Swire's attributable profit from trading and industrial operations was HKD 152 million, down from HKD 185 million in the first half of 2023[175] Retail Performance - The rental income from retail properties in Hong Kong totaled HKD 1.198 billion, a decrease of 3% compared to the same period in 2023[51] - Retail sales at Taikoo Place, Cityplaza, and East Point City fell by 13%, 4%, and 3% respectively in the first half of 2024, with overall retail sales in Hong Kong declining by 7%[51] - The overall demand for retail space is expected to stabilize in the second half of 2024, with luxury brand retailers showing strong demand in Guangzhou and Chengdu[71]