EF001 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 | 九龍倉集團有限公司 | | 股份代號 | 00004 | | 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○二五年六月三十日止半年度中期股息 | | | 公告日期 | 2025年8月12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 0.2 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 0.2 HKD | | 匯率 | 1 HKD : 1 HKD | | ...

[Performance Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) [Group Performance Overview](index=1&type=section&id=%E9%9B%86%E5%9C%98%E6%A5%AD%E7%B8%BE) The Group achieved a 3% increase in underlying net profit to HKD 2.035 billion, turning around to a HKD 535 million profit attributable to shareholders, while maintaining a low gearing ratio and stable interim dividend Half-Year Core Financial Indicators | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Underlying Net Profit | HKD 2.035 billion | HKD 1.979 billion | +3% | | Profit/(Loss) Attributable to Shareholders | HKD 535 million | (HKD 2.637 billion) | Turnaround to Profit | Interim Dividend | Item | Amount | | :--- | :--- | | First Interim Dividend | HKD 0.20 per share | | Total Dividend Payout | HKD 611 million | - The Group's financial strategy emphasizes prudent management, including asset revaluation, maintaining a **low gearing ratio**, and using RMB debt for risk hedging and cost savings[6](index=6&type=chunk) [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E8%A9%95%E8%AD%B0) [Macroeconomic Environment](index=2&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) The global economy faces challenges from tariffs and geopolitical instability, while Hong Kong's residential market shows resilience, Mainland China's property market remains weak, and the Group maintains a healthy financial position with a 4.4% gearing ratio - The global economy faces multiple pressures from **US tariffs**, **policy uncertainties**, and **geopolitical instability**[7](index=7&type=chunk) - The Hong Kong residential market demonstrated resilience, contrasting with the **weak Mainland China property market** and subdued consumer sentiment[7](index=7&type=chunk) - The Group maintained a **healthy financial position** with a **low gearing ratio of 4.4%** and ample liquidity at period-end[7](index=7&type=chunk) [Hong Kong Property](index=2&type=section&id=%E9%A6%99%E6%B8%AF%E7%89%A9%E6%A5%AD) The Group strategically focused on the high-end residential market, achieving a record-breaking sale at Mount Nicholson, yet operating profit for development properties declined despite increased recognized revenue - A penthouse unit at Mount Nicholson sold for **HKD 609 million**, achieving a record-breaking **HKD 144,000 per square foot** for stratified units[8](index=8&type=chunk) Hong Kong Development Property Financial Performance (Share of) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Recognized Revenue | HKD 475 million | - | | Operating Profit | HKD 31 million | HKD 179 million | [Mainland China Investment Property](index=2&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) Mainland China investment properties faced challenges from weak consumer sentiment, oversupply, and e-commerce trends, leading to pressure on office rents and occupancy, with both segment revenue and operating profit declining Mainland China Investment Property Financial Performance | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 2.244 billion | -4% | | Operating Profit | HKD 1.470 billion | -5% | [Mainland China Development Property](index=3&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E7%99%BC%E5%B1%95%E7%89%A9%E6%A5%AD) The Group's decision to halt land replenishment reduced portfolio risk, resulting in limited contracted sales and significant declines in recognized revenue and operating profit, alongside impairment provisions for slow-selling office inventory Mainland China Development Property Financial and Sales Performance (Share of) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Contracted Sales | RMB 859 million | RMB 699 million | | Recognized Revenue | HKD 520 million | - (YoY -79%) | | Operating Profit | HKD 40 million | - (YoY -92%) | | Impairment Provisions | HKD 522 million | HKD 564 million | [Hotels](index=3&type=section&id=%E9%85%92%E5%BA%97) The hotel business faced a challenging environment with pressured room rates and declining Mainland China occupancy due to competition, resulting in an overall operating loss despite revenue growth Hotel Segment Financial Performance | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | HKD 312 million | - (YoY +7%) | | Operating Profit/(Loss) | (HKD 11 million) | HKD 12 million | [Logistics Infrastructure](index=3&type=section&id=%E7%89%A9%E6%B5%81%E5%9F%BA%E5%BB%BA) The logistics business was impacted by shipping alliance restructuring and trade concerns, with Hong Kong throughput declining but Shenzhen terminals growing, leading to a slight revenue increase and double-digit operating profit growth - Throughput at Hong Kong Modern Terminals decreased by **3% to 1.7 million TEUs**, while Shenzhen Da Chan Bay and Shekou Container Terminals grew by **20% and 11%** respectively[12](index=12&type=chunk) Logistics Segment Financial Performance | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.076 billion | Slight increase | | Operating Profit | HKD 137 million | +11% | [Outlook](index=3&type=section&id=%E5%B1%95%E6%9C%9B) Future market volatility is expected due to geopolitical and trade uncertainties, while Mainland China's property market faces fundamental recovery challenges, and Hong Kong's property market depends on interest rates and economic recovery, requiring the Group to remain vigilant - Future markets will continue to be impacted by complex external factors like **geopolitical developments** and **trade uncertainties**, limiting global economic growth[15](index=15&type=chunk) - Mainland China's property market recovery faces fundamental challenges including **oversupply**, **weak confidence**, and a **sluggish job market**[15](index=15&type=chunk) [Financial Review](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E8%A9%95%E8%AD%B0) [Interim Results Review](index=4&type=section&id=(I)%20%E4%BA%8C%E2%97%8B%E4%BA%94%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E8%A9%95%E8%AD%B0) The Group's underlying net profit increased by 3% to HKD 2.035 billion, achieving a turnaround to HKD 535 million profit attributable to shareholders, despite declines in total revenue and operating profit primarily from development properties [Revenue and Operating Profit](index=4&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E7%87%9F%E6%A5%AD%E7%9B%88%E5%88%A9) Group total revenue decreased by 19% to HKD 5.669 billion and operating profit by 14% to HKD 2.657 billion, primarily due to development property declines and weak investment property rents, while hotels turned to loss and logistics profit rose Revenue and Operating Profit Performance by Business Segment | Business Segment | Revenue Change (YoY) | Operating Profit/Loss Change (YoY) | Main Reason | | :--- | :--- | :--- | :--- | | Investment Property | -4% | -6% | Soft mall and office rents | | Development Property | -64% | -82% | Slow sales of Mainland inventory | | Hotels | +7% | Turnaround from profit to loss | New Changsha hotel in early operation | | Logistics | Slight increase | +11% | Increased Mainland throughput and favorable cargo mix | | Investments | - | -2% | Reduced dividend income | [Profit/(Loss) Attributable to Shareholders](index=5&type=section&id=%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E7%9B%88%E5%88%A9%EF%BC%8F%EF%BC%88%E虧%E6%90%8D%EF%BC%89) Underlying net profit increased by 3% to HKD 2.035 billion, driven by logistics and development property improvements, but offset by investment property declines, resulting in HKD 535 million profit attributable to shareholders and HKD 0.18 basic EPS after revaluation adjustments Profitability Indicators Comparison | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Underlying Net Profit | HKD 2.035 billion | HKD 1.979 billion | | Profit/(Loss) Attributable to Shareholders | HKD 535 million | (HKD 2.637 billion) | | Basic Earnings/(Loss) Per Share | HKD 0.18 | (HKD 0.86) | [Liquidity, Financial Resources and Capital Commitments](index=6&type=section&id=(III)%20%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E8%88%87%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) The Group maintained a robust financial position with shareholders' equity increasing to HKD 143.3 billion, net debt decreasing to HKD 6.5 billion, and a low 4.4% gearing ratio, supported by ample credit facilities and a liquid investment portfolio [Shareholders' Equity and Asset Position](index=6&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%8F%8A%E7%B8%BD%E6%AC%8A%E7%9B%8A) As of June 30, 2025, shareholders' equity increased by 5% to HKD 143.3 billion, with NAV per share at HKD 46.89, and total operating assets grew 3% to HKD 185 billion, primarily in property, logistics, and investments Equity and Asset Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Shareholders' Equity | HKD 143.3 billion | HKD 136.8 billion | | Net Asset Value Per Share | HKD 46.89 | HKD 44.77 | | Total Operating Assets | HKD 185.0 billion | HKD 179.6 billion | [Long-Term Investments](index=7&type=section&id=%E9%95%B7%E6%9C%9F%E6%8A%95%E8%B3%87) Long-term investments increased by 15% to HKD 48.4 billion, with listed equities at HKD 39.8 billion, primarily concentrated in Hong Kong across property, new economy, and financial sectors Long-Term Investment Portfolio Analysis (HKD billion) | By Industry | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property | 19.6 | 17.6 | | New Economy | 14.1 | 12.6 | | Financial & Others | 14.7 | 11.8 | | **Total** | **48.4** | **42.0** | [Net Debt and Gearing Ratio](index=7&type=section&id=%E8%B2%A0%E5%82%B5%E6%B7%A8%E9%A1%8D%E5%8F%8A%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) Net debt decreased by 9% to HKD 6.5 billion due to operating cash flow and dividend income, maintaining a low 4.4% gearing ratio against total equity Debt Position | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | HKD 6.5 billion | HKD 7.1 billion | | Gearing Ratio | 4.4% | 5.0% | [Capital Commitments](index=10&type=section&id=%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's estimated future capital expenditures total HKD 17.6 billion, with HKD 9.5 billion committed primarily for development and investment property construction in Hong Kong and Mainland China Future Major Expenditure Commitments (HKD million) | Segment | Committed | Uncommitted | Total | | :--- | :--- | :--- | :--- | | Investment Property | 33 | 6,448 | 6,481 | | Development Property | 8,120 | 1,643 | 9,763 | | Others | 1,336 | 55 | 1,391 | | **Group Total** | **9,489** | **8,146** | **17,635** | [Human Resources](index=10&type=section&id=(IV)%20%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group employed approximately 6,000 staff, with remuneration based on responsibilities and market trends, including discretionary performance bonuses linked to individual and Group performance - The Group employed approximately **6,000 staff**, with about **1,200** in management operations[45](index=45&type=chunk) [Consolidated Financial Statements](index=11&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Income Statement](index=11&type=section&id=%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The Consolidated Income Statement shows the Group's operating results for the six months ended June 30, 2025, with revenue at HKD 5.669 billion, and a turnaround to HKD 592 million profit from a prior-year loss, largely due to a narrowed fair value decrease in investment properties Key Items from Consolidated Income Statement (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 5,669 | 7,032 | | Operating Profit | 2,657 | 3,085 | | Profit/(Loss) Before Tax | 755 | (5,543) | | Profit/(Loss) for the Period | 592 | (2,558) | | Profit/(Loss) Attributable to Company Shareholders | 535 | (2,637) | | Basic Earnings/(Loss) Per Share | HKD 0.18 | (HKD 0.86) | [Consolidated Statement of Comprehensive Income](index=12&type=section&id=%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Consolidated Statement of Comprehensive Income shows a significant improvement to HKD 7.182 billion total comprehensive income for the period, primarily driven by a HKD 5.966 billion gain from fair value changes in equity investments, compared to a prior-year comprehensive loss Key Items from Consolidated Statement of Comprehensive Income (HKD million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 592 | (2,558) | | Fair Value Change of Equity Investments | 5,966 | (4,920) | | Other Comprehensive Income for the Period | 6,590 | (5,073) | | Total Comprehensive Income for the Period | 7,182 | (7,631) | [Consolidated Statement of Financial Position](index=13&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The Consolidated Statement of Financial Position as of June 30, 2025, shows total assets at HKD 198.606 billion, total liabilities at HKD 49.565 billion, and net assets at HKD 149.041 billion, all increasing from year-end 2024 Key Items from Consolidated Statement of Financial Position (HKD million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 148,390 | 142,597 | | Current Assets | 50,216 | 47,442 | | **Total Assets** | **198,606** | **190,039** | | Total Liabilities | (49,565) | (47,569) | | **Net Assets** | **149,041** | **142,470** | | Shareholders' Equity | 143,304 | 136,832 | [Notes to the Financial Statements](index=14&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Segment Information](index=15&type=section&id=2.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This note details revenue and performance for the Group's five operating segments, highlighting investment property and investments as key operating profit contributors, with Mainland China generating most revenue and Hong Kong showing stable operating profit Revenue and Operating Profit by Business Segment (H1 2025, HKD million) | Business Segment | Revenue | Operating Profit/(Loss) | | :--- | :--- | :--- | | Investment Property | 2,281 | 1,484 | | Development Property | 739 | 71 | | Hotels | 312 | (11) | | Logistics | 1,076 | 137 | | Investments | 1,000 | 1,000 | Revenue and Operating Profit by Geographical Segment (H1 2025, HKD million) | Region | Revenue | Operating Profit | | :--- | :--- | :--- | | Hong Kong | 2,316 | 1,147 | | Mainland China | 3,219 | 1,379 | | Others | 134 | 131 | [Dividends Attributable to Shareholders](index=21&type=section&id=8.%20%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E8%82%A1%E6%81%AF) The Board declared a first interim dividend of HKD 0.20 per share for the half-year ended June 30, 2025, consistent with the prior year, totaling HKD 611 million First Interim Dividend Details | Item | 2025 | 2024 | | :--- | :--- | :--- | | Dividend Per Share | HKD 0.20 | HKD 0.20 | | Total Dividend | HKD 611 million | HKD 611 million | [Other Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E8%A8%8A) [Corporate Governance Code](index=23&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with the Corporate Governance Code, except for the combined Chairman and CEO roles, which the Board believes enhances strategic efficiency and maintains a balance of power - The company deviated from Corporate Governance Code Rule C.2.1 regarding the separation of **Chairman and CEO roles**, which the Board considers more effective[68](index=68&type=chunk) [Interim Dividend Related Dates](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E7%9B%B8%E9%97%9C%E6%97%A5%E6%9C%9F) The announcement details the 2025 first interim dividend payment schedule, requiring share transfer documents by September 1, 2025, with the dividend payable on September 16 Key Dividend Payment Dates | Item | Date | | :--- | :--- | | Ex-dividend Date | August 29, 2025 | | Latest Time for Lodging Transfer Documents | September 1, 2025 | | Record Date | September 1, 2025 | | Payment Date | September 16, 2025 |

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: | 九龍倉集團有限公司 | | | 呈交日期: | 2025年8月6日 | | | I. 法定/註冊股本變動 不適用 | | | 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 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 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) | | 00004 | 說明 | | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | 本月 ...

格隆汇7月31日丨九龙仓集团(00004.HK)宣布，公司将于2025年8月12日(星期二)举行董事会会议，藉以 (其中包括)批准发放公司截至2025年6月30日止六个月的中期业绩公告，以及考虑派发一项中期股息(如 有)。 ...

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。 九龍倉集團有限公司 董事兼公司秘書 許仲瑛 代行 香港，二○二五年七月三十一日 於本公告日期，本公司董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士、陳國邦 先生和許仲瑛先生，以及七位獨立非執行董事陳坤耀教授、方剛先生、捷成漢先生、 羅君美女士、鄧日燊先生、謝秀玲女士和唐寶麟先生。 九龍倉集團有限公司 － 公告 (二○二五年七月三十一日) 董事會召開日 期 九龍倉集團有限公司（「本公司」）宣布，本公司將於二○二五年八月十二日 （星期二）舉行董事會會議，藉以（其中包括）批准發放本公司截至二○二五年六月 三十日止六個月的中期業績公告，以及考慮派發一項中期股息（如有）。 ...

Core Viewpoint - Shenzhen Textile (Group) Co., Ltd. is expected to report a significant decline in net profit for the first half of 2025, primarily due to falling product prices, rising procurement costs from yen exchange rate fluctuations, and increased R&D investments [2][4]. Trading Information Summary - As of July 11, 2025, Shenzhen Textile A (000045) closed at 10.73 yuan, down 3.16%, with a turnover rate of 3.4%, trading volume of 155,300 shares, and a transaction value of 166 million yuan [1]. - On the same day, the fund flow indicated a net outflow of 26.972 million yuan from main funds, accounting for 16.22% of the total transaction value, while retail investors saw a net inflow of 12.537 million yuan, representing 7.54% of the total [2][4]. Company Announcement Summary - The company announced a forecast for the first half of 2025, estimating a net profit attributable to shareholders of between 28 million yuan and 42 million yuan, which represents a year-on-year decline of 431% to 362% from the previous year's profit of 43.89 million yuan [2][4]. - The forecasted net profit after excluding non-recurring gains and losses is expected to be between 20 million yuan and 30 million yuan, reflecting a year-on-year decrease of 1489% to 4326% from the previous year's profit of 35.26 million yuan [2]. - The basic earnings per share are projected to be between 0.0553 yuan and 0.0829 yuan, compared to 0.0867 yuan per share in the same period last year [2].

Group 1 - As of July 7, 2023, the stock price of Wheelock and Company Limited (00004.HK) closed at HKD 24.600, marking a 0.41% increase from the previous trading day, with an intraday high of HKD 24.950, the highest in nearly a year [1] - On the same day, the net capital inflow was HKD 2.2043 million, with no specific data on capital inflow and outflow [1] Group 2 - Wheelock and Company Limited, established in 1886, is one of the oldest companies in Hong Kong and was among the first 30 companies included in the Hang Seng Index [2] - The company focuses on property development in Hong Kong and China, with a strong emphasis on luxury residential properties in prestigious locations [2] - The company has a land reserve of 3.9 million square meters in mainland China, primarily in six cities, with significant projects in Beijing, Shanghai, Suzhou, and Hangzhou [2] - The hotel division operates 16 hotels across Asia, including three modern Niccolo hotels and 13 Marco Polo hotels, with plans for two new Niccolo hotels to open in the next two years [2] - The logistics division consists of modern container terminals and air cargo facilities, which are essential for Hong Kong's role as an international trade and transportation hub [2]

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown a mixed performance, with a recent increase over the past month but a decline over the last three months, indicating volatility in the real estate sector [2]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a 3.41% increase over the past month, a 0.88% decrease over the last three months, and a 7.81% increase year-to-date [2]. - The index was established on November 14, 2014, with a base value of 3000.0 points [2]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that meet the real estate theme criteria [2]. - The top ten weighted companies in the index are: Sun Hung Kai Properties (13.77%), Beike-W (13.5%), China Resources Land (10.84%), Cheung Kong Property (7.94%), China Overseas Land & Investment (6.58%), Wharf Holdings (4.42%), Henderson Land Development (4.42%), Sino Land (4.26%), Wharf Real Estate Investment (3.23%), and China Resources Mixc Lifestyle (2.97%) [2]. Group 3: Market and Sector Allocation - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation to the real estate sector [3][4]. - The index undergoes biannual adjustments every June and December, with provisions for temporary adjustments in special circumstances [4].

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Real Estate has shown positive performance, with a 2.32% increase over the past month, 5.66% over the past three months, and a 4.20% increase year-to-date [1]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Real Estate reported a current value of 1491.62 points [1]. - The index was established on November 14, 2014, with a base value of 3000.0 points [1]. Group 2: Index Composition - The index includes a maximum of 50 eligible Hong Kong-listed companies that meet the real estate theme criteria [1]. - The top ten weighted companies in the index are: - Sun Hung Kai Properties (15.33%) - China Resources Land (11.68%) - Cheung Kong Property (8.89%) - China Overseas Land & Investment (7.48%) - Sino Land (4.72%) - Henderson Land Development (4.62%) - Wharf Real Estate Investment (4.57%) - Longfor Group (3.58%) - China Resources Mixc Lifestyle (3.32%) - Wharf Holdings (3.18%) [1]. Group 3: Market and Sector Allocation - The index's holdings are entirely composed of real estate companies, with a 100% allocation to the real estate sector [2]. - The index is exclusively composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation to this market [1].

Land Reserves and Property Development - As of the end of 2024, the group's land reserves in Hong Kong amount to approximately 2.8 million square feet, with about 550,000 square feet located on The Peak[5] - The group's unsold land reserves for development properties in mainland China stand at 1.2 million square meters, primarily consisting of commercial properties due to market oversupply[5] - The total developed and undeveloped inventory amounts to 1.2 million square meters, down from 1.4 million square meters as of December 31, 2023[47] - The group has not directly acquired new land since 2019, leading to a reduction in both sales projects and unsold inventory[47] - The land bank consists of 2.8 million square feet in Hong Kong and 1.2 million square meters in mainland China[129] Financial Performance - The group's revenue decreased by 36% to HKD 12.11 billion, primarily due to a decline in recognized sales from unsold development properties[19] - The operating profit fell by 18% to HKD 5.64 billion, reflecting weak performance across most segments[26] - The basic net profit decreased by 22% to HKD 2.80 billion, with a significant increase in impairment provisions for development properties to HKD 21.25 billion[19] - Total revenue fell by 36% to HKD 12.115 billion (2023: HKD 18.95 billion), with operating profit decreasing by 18% to HKD 5.644 billion (2023: HKD 6.896 billion) mainly driven by property development[96] - Revenue from property development dropped 74% to HKD 2.255 billion (2023: HKD 8.562 billion), while operating profit fell 61% to HKD 466 million (2023: HKD 1.202 billion)[96] - The net impairment loss on investment properties was HKD 5.999 billion (2023: HKD 1.617 billion), impacting the overall financial performance significantly[99] - Shareholders' attributable loss was HKD 3.224 billion (2023: profit of HKD 0.945 billion), with basic loss per share of HKD 1.05 (2023: earnings of HKD 0.31)[104] - The group's underlying net profit decreased by 22% to HKD 2.798 billion (2023: HKD 3.566 billion) primarily due to a decline in recognized sales and increased impairment provisions for properties in mainland China[95] Hotel Operations - The group operates 16 hotels under the brands Niccolo, Marco Polo, and Moko, with four fully owned and one with a 50% stake; a new hotel under the Hyatt brand is set to open in June 2024[6] - The hotel division experienced a decline in room rates due to increased competition and changing customer preferences[18] - The hotel division's revenue increased by 1% to HKD 610 million, but operating profit decreased by 90% to HKD 11 million[58] - The group plans to introduce the first Hyatt hotel in Central China at Changsha International Finance Center in June 2024[18] Economic Environment and Market Conditions - The overall economic environment remains challenging, with geopolitical risks and trade tensions affecting international capital flows and market sentiment[16] - The central government in mainland China has implemented significant monetary stimulus measures to stabilize the real estate market and promote domestic consumption[17] - Future outlook indicates potential economic volatility due to geopolitical tensions and the effectiveness of fiscal support measures in the mainland real estate sector[23] - The optimized "New Capital Investor Entry Scheme" has sparked strong interest from high-net-worth buyers in luxury properties in Hong Kong[17] Sustainability and Corporate Responsibility - The group has committed to establishing science-based carbon reduction targets and has submitted recent goals for verification to the Science Based Targets initiative (SBTi)[6] - The group received recognition as the third highest fundraising organization for the 2023/24 Community Chest and maintained its position in the Hang Seng Sustainable Development Index with an AA+ ESG rating[7] - The group has been recognized in the Hang Seng Sustainable Development Index series since 2014, highlighting its commitment to sustainable business practices[78] - The group aims to achieve carbon reduction and other environmental goals by 2030, aligning with global carbon neutrality agendas[83] - The group has identified significant climate-related risks, including acute risks from extreme weather events and chronic risks from long-term changes, which could impact operations and increase costs[81] - The group has secured over HKD 20.3 billion in sustainable finance loans to enhance environmental sustainability across various projects[86] Governance and Board Structure - The board consists of 12 directors, with 5 executive directors and 7 independent non-executive directors, ensuring a balanced skill set and diverse perspectives[140] - Female representation on the board is 25%, with 3 women among the 12 directors, reflecting the company's commitment to gender diversity[141] - Independent non-executive directors make up 58% of the board, enhancing independent judgment and governance[149] - The company has adopted a Nomination Policy to ensure a sustainable and diverse board composition, aligning with business needs[152] - The board will review the performance of independent non-executive directors annually to maintain their independence and effectiveness[151] - The company emphasizes the importance of a diverse board for achieving strategic goals and sustainable development[140] Risk Management and Internal Controls - The risk management and internal control committee plays a crucial role in overseeing the effectiveness of the group's risk management and internal control systems[184] - The audit committee is responsible for continuously monitoring and evaluating the effectiveness of the risk management and internal control systems, reporting to the board[183] - The group has established internal monitoring functions at all levels to prevent significant errors and omissions[185] - The risk management and internal control system is dynamic and integrated into daily operations, with clear delineation of responsibilities[186] - The group has implemented a whistleblowing policy to allow employees and stakeholders to report concerns confidentially without fear of retaliation[187] Shareholder Communication and Engagement - The company values transparent communication with shareholders and investors, aiming to provide timely and fair disclosure of key information[194] - The company holds at least one annual general meeting to interact directly with shareholders, allowing board members and management to address shareholder inquiries[199] - The company regularly updates its website with investor relations information, including performance announcements and presentations following interim and annual results[198] - The company has established a shareholder communication policy to ensure shareholders have access to clear and understandable information[196] - The company emphasizes shareholder privacy, protected under the Shareholder Communication Policy, and will not disclose shareholder information without consent unless legally required[200]