各位非登記股東1 ： 致非登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）、香港法例第622章《公司條例》及九龍倉集團有限公司 （「本公司」）之組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公司通訊（「公 司通訊」2 ）。 本公司網站www.wharfholdings.com和香港交易及結算所有限公司網站www.hkexnews.hk（「披露易網站」）（統稱「該等網 站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，可在本公司網站主頁點擊「投資 者關係」欄，然後選擇「財務報告」以閱覽年報和中期報告書，及選擇「公告」或「股東通函及其它」以閱覽其它公司通訊，或 亦可瀏覽披露易網站。 閣下作為非登記股東，不會直接從本公司收到任何可供採取行動的公司通訊3 。 閣下應聯絡代 閣下持有股份的銀 行、經紀、託管商、代理人或香港中央結算（代理人）有限公司（統稱「中介公司」），以了解透過 閣下的中介公司就相關可 供採取行動的公司通訊下之公司行動行使 閣下之權利或作出選擇的程序。 公司通訊已在該等網站刊發的通 ...

致登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第2.07A條、香港法例第622章《公司條例》及九龍倉集 團有限公司（「本公司」）之組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公 司通訊（「公司通訊」1 ）。 1. 在網站刊發公司通訊 本公司網站www.wharfholdings.com和香港交易及結算所有限公司網站www.hkexnews.hk（「披露易網站」）（統稱「該等網 站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，可在本公司網站主頁點擊「投資 者關係」欄，然後選擇「財務報告」以閱覽年報和中期報告書，及選擇「公告」或「股東通函及其它」以閱覽其它公司通訊，或 亦可瀏覽披露易網站。 2. 可供採取行動的公司通訊2 根據《上市規則》，本公司須向每名本公司股東（「股東」）個別發送可供採取行動的公司通訊。為方便以電子形式發布 可供採取行動的公司通訊，本公司建議 閣下向本公司提供有效的電郵地址。 閣下提供電郵地址即表示同意以電子形式接 收可供採取行動的公司通訊和任何其它適用文件。如 閣 ...

Core Viewpoint - Kowloon Warehouse Group reported a significant turnaround in its financial performance, moving from a loss to a profit, despite a decline in revenue [1] Financial Performance - For the half-year period ending June 30, 2025, the company reported revenue of HKD 5.669 billion, a year-on-year decrease of 19.38% [1] - Shareholders' profit was HKD 535 million, compared to a loss of HKD 2.637 billion in the same period last year, indicating a successful turnaround [1] - Basic earnings per share were HKD 0.18, with an interim dividend proposed at HKD 0.20 per share [1] Investment Property Revenue - Revenue from investment properties decreased by 4% to HKD 2.281 billion, down from HKD 2.364 billion in 2024 [1] - Operating profit also saw a decline of 6%, falling to HKD 1.484 billion from HKD 1.573 billion in 2024, attributed to soft rental rates for malls and office buildings [1] Debt and Cash Position - Citigroup reported that the company's debt ratio stands at 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stocks treated as quasi-cash, the net cash position is approximately HKD 33 billion, representing 50% of its market value [1] - The company is not in a hurry to reinvest due to macroeconomic uncertainties and may focus on monetizing existing land reserves [1] Shareholder Returns and Valuation - Citigroup believes that investors may be pricing in expectations for increased shareholder returns, but anticipates that the company will maintain stable dividends per share without increases [1] - The likelihood of share buybacks is considered low, and the company is viewed as having the highest valuation in the industry, with a strong balance sheet allowing for various actions within the group, though not necessarily beneficial for the stock price [1]

Core Viewpoint - Kowloon Warehouse Group reported a significant decline in revenue but achieved profitability compared to the previous year, indicating a potential recovery despite ongoing market challenges [1] Financial Performance - Revenue for the half-year period ending June 30, 2025, was HKD 5.669 billion, a decrease of 19.38% year-on-year [1] - Shareholders' profit was HKD 535 million, a turnaround from a loss of HKD 2.637 billion in the same period last year [1] - Basic earnings per share were HKD 0.18, with an interim dividend proposed at HKD 0.2 per share [1] Investment Property Revenue - Investment property income decreased by 4% to HKD 2.281 billion, down from HKD 2.364 billion in 2024 [1] - Operating profit fell by 6% to HKD 1.484 billion, compared to HKD 1.573 billion in 2024, attributed to soft rental rates for malls and office buildings [1] Debt and Cash Position - The company's debt ratio stands at 4.4%, with a net cash position of HKD 33 billion when considering HKD 39.8 billion in stocks as quasi-cash from a total long-term investment of HKD 48 billion [1] - The market capitalization is supported by this strong cash position, representing 50% of the company's value [1] Market Outlook - Citigroup's report suggests that the company is not in a hurry to reinvest due to macroeconomic uncertainties and may focus on monetizing existing land reserves [1] - The expectation for increased shareholder returns is reflected in the pricing, but the company is likely to maintain stable dividends without increases, and the likelihood of share buybacks is considered low [1] - The valuation of Kowloon Warehouse Group is viewed as the highest in the industry, with a strong balance sheet allowing for various actions within the group, though not necessarily beneficial for the stock price [1]

Core Viewpoint - Citigroup's report indicates that Kowloon Warehouse Group (00004) has a debt ratio of 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stock holdings treated as quasi-cash, the company effectively holds HKD 33 billion in net cash, representing 50% of its market value [1] Financial Summary - The company is not in a hurry to reinvest due to macroeconomic uncertainties and market conditions, and may focus on monetizing existing land reserves [1] - Citigroup maintains a "Sell" rating on Kowloon Warehouse, lowering the target price from HKD 18.8 to HKD 18.3 [1] Shareholder Returns - The report suggests that investors may be pricing in expectations for increased shareholder returns, but the company is expected to maintain stable dividends per share without an increase [1] - The likelihood of share buybacks is considered low by Citigroup [1] Valuation Insights - Kowloon Warehouse is viewed as having the highest valuation in the industry, with a strong balance sheet allowing for various actions within the group, though this may not necessarily benefit the stock price [1]

Core Viewpoint - Citigroup's report indicates that Kowloon Warehouse Group (00004) has a debt ratio of 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stock holdings treated as near cash, the company effectively holds HKD 33 billion in net cash, representing 50% of its market value [1] Summary by Relevant Sections Financial Position - Kowloon Warehouse Group's debt ratio stands at 4.4% [1] - The company has long-term investments totaling HKD 48 billion, with HKD 39.8 billion in stock holdings considered as near cash [1] - The effective net cash held by the company is HKD 33 billion, which accounts for 50% of its market capitalization [1] Investment Strategy - The company is not in a hurry to reinvest due to macroeconomic uncertainties and market conditions, and may focus on monetizing existing land reserves [1] - Citigroup maintains a "sell" rating on the company, lowering the target price from HKD 18.8 to HKD 18.3 [1] Shareholder Returns - There is an expectation among investors for the company to increase shareholder returns, but Citigroup anticipates that the company will maintain stable dividends per share without any increase [1] - The likelihood of share buybacks is considered low by Citigroup [1] Valuation - Citigroup believes that Kowloon Warehouse Group has the highest valuation in the industry, and its strong balance sheet allows for various actions within the group, though this may not necessarily benefit the stock price [1]

Group 1 - The core viewpoint of the article is that Citigroup's report indicates that the Kowloon Warehouse Group has a debt ratio of 4.4%, and if most stock investments are considered as quasi-cash, its net cash reaches HKD 33 billion [1] - Due to macroeconomic uncertainties, the company is not in a hurry to reinvest and may focus on monetizing interest-bearing assets [1] - Although investors may expect an increase in shareholder returns, Citigroup anticipates that the company will maintain stable dividends per share and is unlikely to conduct stock buybacks [1] Group 2 - Citigroup believes that Kowloon Warehouse's valuation is the highest in the industry [1] - The firm maintains a "sell" rating on Kowloon Warehouse and has lowered the target price from HKD 18.8 to HKD 18.3 [1]

Core Viewpoint - Citigroup's report indicates that the Kowloon Warehouse Group has a debt ratio of 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stock holdings treated as quasi-cash, the company effectively holds HKD 33 billion in net cash, representing 50% of its market value [1] Financial Summary - The company is not in a hurry to reinvest due to macroeconomic uncertainties and market conditions, and may focus on monetizing existing land reserves [1] - Citigroup maintains a "Sell" rating on Kowloon Warehouse Group, lowering the target price from HKD 18.8 to HKD 18.3 [1] Shareholder Returns - There is an expectation among investors for the company to increase shareholder returns, but Citigroup anticipates that the company will maintain stable dividends per share without any increase [1] - The likelihood of share buybacks is considered low by Citigroup [1] Valuation Insights - Kowloon Warehouse Group is viewed as having the highest valuation in the industry, with a strong balance sheet allowing for various actions within the group, though this may not necessarily benefit the stock price [1]

Core Viewpoint - Citigroup's report indicates that Kowloon Warehouse Group has a debt ratio of 4.4%, and when considering its HKD 48 billion long-term investments, with HKD 39.8 billion in stock holdings treated as quasi-cash, the company effectively holds HKD 33 billion in net cash, representing 50% of its market value [1] Financial Position - The company is not in a hurry to reinvest due to macroeconomic uncertainties and market conditions, and may focus on monetizing existing land reserves [1] - Investors may price in expectations for increased shareholder returns, but Citigroup anticipates that the company will maintain stable dividends per share without raising them, and believes the likelihood of share buybacks is low [1] Valuation and Rating - Citigroup considers Kowloon Warehouse's valuation to be the highest in the industry, and its strong balance sheet allows for various actions within the group, though this may not necessarily benefit the stock price [1] - The firm maintains a "sell" rating on Kowloon Warehouse, lowering the target price from HKD 18.8 to HKD 18.3 [1]

Core Viewpoint - The company reported a mixed performance for the half-year ending June 30, 2025, with a slight increase in net profit but a significant decline in revenue and operating profit across various segments [1]. Financial Performance Summary - The group's underlying net profit increased by 3% to HKD 2.035 billion, primarily due to reduced interest expenses and taxes [1]. - Total revenue decreased by 19% to HKD 5.669 billion, down from HKD 7.032 billion in 2024 [1]. - Operating profit fell by 14% to HKD 2.657 billion, compared to HKD 3.085 billion in 2024 [1]. Segment Performance Summary - Investment property revenue decreased by 4% to HKD 2.281 billion, with operating profit down 6% to HKD 1.484 billion, attributed to soft rental rates for malls and offices [1]. - Development property revenue plummeted by 64% to HKD 739 million, with operating profit down 82% to HKD 71 million, with only one sale recognized during the period [1]. - Hotel revenue increased by 7% to HKD 312 million, but the segment recorded an operating loss of HKD 11 million, primarily due to the early operational phase of new hotels in Changsha [1]. - Logistics revenue slightly rose to HKD 1.076 billion, with operating profit up 11% to HKD 137 million, driven by increased throughput in mainland China [2]. - Investment operating profit decreased by 2% to HKD 1 billion, due to reduced dividend income [3].