太古股份公司A(00019) - 2025 - 中期财报

Corporate Statement](index=3&type=section&id=%E4%BC%81%E4%B8%9A%E5%AE%A3%E8%A8%80) Swire Pacific is a Hong Kong-headquartered international conglomerate with over 150 years of history in Greater China, focused on enhancing shareholder value through long-term returns and diversified core businesses in property, beverages, and aviation, while expanding into new sectors like healthcare - The company aims to achieve sustained growth in shareholder value by generating ideal long-term returns on equity and maintaining consistent dividend growth[5] - The company's strategy focuses on Greater China and Southeast Asia, developing core divisions in property, beverages, and aviation, while exploring new areas like healthcare[5] - Core principles include integrity, diligence, continuous improvement, humility, teamwork, and long-term development[6] - The company adopts prudent financial management to shield long-term investments from short-term market fluctuations and maintains high corporate governance standards[8][9] Performance Summary](index=4&type=section&id=%E8%A1%A8%E7%8F%BE%E6%91%98%E8%A6%81) The company reported robust revenue growth of 16% in H1 2025, but profit attributable to company shareholders significantly decreased by 79% due to investment property fair value changes. Underlying profit and recurring underlying profit slightly declined, while dividends per share increased by 4% Key Financial Data for H1 2025 (HKD million) | Metric | 2025 H1 | 2024 H1 | Change | 2024 Full Year | | :--- | :--- | :--- | :--- | :--- | | Profit Attributable to Company Shareholders | 815 | 3,914 | -79% | 4,321 | | Underlying Profit | 5,476 | 5,576 | -2% | 10,471 | | Recurring Underlying Profit | 4,712 | 4,762 | -1% | 9,284 | | Revenue | 45,774 | 39,563 | +16% | 81,969 | | Operating Profit | 1,861 | 4,945 | -62% | 4,240 | | Operating Profit Excluding Fair Value Changes of Investment Properties | 5,745 | 5,785 | -1% | 10,214 | | Fair Value Changes of Investment Properties | (3,884) | (840) | N/A | (5,974) | | Net Debt | 71,337 | 63,479 | +12% | 70,563 | | Net Debt to Capital Ratio (Excluding Lease Liabilities) | 22.7% | 19.8% | +2.9 percentage points | 22.1% | | Dividends Per Share ('A' Share) | 1.30 | 1.25 | +4% | 3.35 | | Dividends Per Share ('B' Share) | 0.26 | 0.25 | +4% | 0.67 | Chairman's Statement](index=5&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) The Chairman's Statement highlights the Group's solid overall business performance in H1 2025 despite an uncertain operating environment, with strong aviation and property divisions, and resilient beverages. Underlying profit attributable to company shareholders slightly decreased, but the rise in investment property fair value losses is non-cash. The Group will continue strategic initiatives in core markets and remains optimistic about long-term prospects - H1 2025 underlying profit attributable to company shareholders was HKD5.476 billion, a slight decrease from HKD5.576 billion in H1 2024[12] - Fair value loss on investment properties increased to HKD4.664 billion (H1 2024: HKD877 million), but this is non-cash and does not impact cash flow or underlying profit[12] - Swire Properties continues to advance its HKD100 billion investment plan, with 67% of funds committed, focusing on expanding in Hong Kong, Mainland China, and Southeast Asia[14] - Swire Coca-Cola's Southeast Asia business continues to grow, and an application has been submitted for the proposed spin-off and separate listing of ThaiNamthip on the Stock Exchange of Thailand[16] - Cathay Group continues to invest in its fleet, cabins, and digital innovation, with total investments exceeding HKD100 billion, and added 19 new passenger destinations[17] - The Group maintains a strong financial position with HKD52.6 billion in available liquidity, a net debt to capital ratio of 22.7%, and declared a 4% increase in the first interim dividend[21] - The company repurchased 25,119,000 'A' shares and 15,402,500 'B' shares in H1 2025, at a total cost of HKD1.842 billion[22] - The Group continues to advance its SwireTHRIVE sustainable development strategy, with its companies making progress in renewable energy use and sustainable aviation fuel development[23] Business Review](index=9&type=section&id=%E6%A5%AD%E5%8B%99%E8%A9%95%E8%BF%B0) This section reviews the H1 2025 operating performance, strategic developments, key project progress, and outlook for the company's five divisions: Property, Beverages, Aviation, Healthcare, and Trading & Industrial, each navigating diverse market dynamics and challenges Property Division](index=9&type=section&id=%E5%9C%B0%E7%94%A2%E9%83%A8%E9%96%80) The Property Division's H1 2025 attributable recurring underlying profit slightly decreased due to Hong Kong office market challenges and weak retail. However, progress was made in property trading and Mainland China projects through US non-core asset disposals and the HKD100 billion investment plan. Future focus remains on core markets, developing quality properties and residential projects - H1 2025 attributable recurring underlying profit was HKD2.829 billion, a 2% decrease from H1 2024, primarily due to lower Hong Kong office rental income[18] - High office vacancy rates and new supply in Hong Kong create downward pressure, but the office portfolio's occupancy rate remains stable[18][50] - Completed the disposal of Brickell City Centre retail and parking businesses in Miami, US, with proceeds supporting the HKD100 billion investment plan[15][48] - Mainland China retail sales showed stable growth, with Taikoo Li Sanlitun, Beijing, HKRI Taikoo Hui, Shanghai, and Taikoo Li Qiantan retail sales increasing by 7%, 14%, and 4% respectively[58] - Lujiazui Taikoo Li Residences in Shanghai achieved outstanding sales, with two phases totaling RMB5.93 billion in sales[14][47] - As of August 1, 2025, approximately HKD67 billion of the HKD100 billion investment plan has been committed, primarily for Hong Kong, Mainland China, and residential trading projects[44] Property Division Total Revenue (HKD million) | Category | 2025 H1 | 2024 H1 | 2024 Full Year | | :--- | :--- | :--- | :--- | | Property Investment | 6,576 | 6,727 | 13,452 | | Property Trading | 1,706 | 88 | 88 | | Hotels | 441 | 464 | 888 | | Total Revenue | 8,723 | 7,279 | 14,428 | Beverages Division](index=22&type=section&id=%E9%A3%B2%E6%96%99%E9%83%A8%E9%96%80) The Beverages Division's H1 2025 attributable profit slightly decreased due to weak consumer sentiment and capacity enhancement project expenses in Vietnam and Taiwan. Despite this, total revenue and sales volume significantly grew from ThaiNamthip's contribution. Mainland China operations' profit rose, but Hong Kong, Taiwan, and Southeast Asia faced challenges. The company is actively addressing market headwinds and plans to spin off ThaiNamthip for listing - H1 2025 attributable profit was HKD803 million, including a non-recurring loss of HKD58 million, with recurring attributable profit at HKD861 million, a 2% decrease year-on-year[100] - Total revenue (including Shanghai Shenmei and excluding sales to other bottlers) increased by 25% to HKD22.188 billion, with sales volume up 20% to 1.038 billion standard cases, primarily due to TNCC's contribution[100] - Mainland China operations' attributable profit increased by 8%, with both revenue and sales volume rising[19][103][104] - Profits from Hong Kong, Taiwan, Vietnam, and Cambodia operations all declined, impacted by weak consumer sentiment, capacity enhancement project expenses, and Vietnamese Dong depreciation[19][105][107][109][111] - An application has been submitted