Di Yi Cai Jing·2025-07-30 14:04Core Viewpoint - The company aims to achieve a modest growth target for the year despite facing significant revenue declines in the first half of 2025, with a focus on enhancing customer experience and expanding its property portfolio [1][2][3] Group 1: Financial Performance - In the first half of 2025, the company reported total revenue of HKD 4.968 billion, a year-on-year decline of 19% [1] - Rental income from property leasing decreased by 3% to HKD 4.678 billion, with mainland property rental income down by 2% to HKD 3.19 billion [1] - The company's shopping mall portfolio in mainland China generated revenue of RMB 2.412 billion, showing stable performance despite a cautious consumer spending trend [1] Group 2: Key Projects and Developments - The Shanghai Hang Lung Plaza generated RMB 0.822 billion in revenue, maintaining a high occupancy rate of 98%, although tenant sales fell by 8% due to cautious high-end consumer spending [1][2] - The Shanghai Hubin Hang Lung Plaza performed better, with rental income increasing by 1% to RMB 0.597 billion and tenant sales rising by 10% [2] - The company is developing the Hangzhou Hang Lung Plaza, expected to open in mid-2026, with a pre-leasing rate of 81% [3] - The company plans to expand its footprint in Hangzhou by leasing additional properties, which will increase the project size by 40% and enhance the shopping experience [3] Group 3: Management Insights - The CEO expressed confidence in achieving a modest rental income growth in the second half of the year, despite the challenges faced in the first half [2] - The company is adapting to changing consumer preferences by enhancing the shopping experience and diversifying marketing strategies [1][3]