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](index=5&type=chunk) - 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](index=5&type=chunk) - Core principles include integrity, diligence, continuous improvement, humility, teamwork, and long-term development[6](index=6&type=chunk) - The company adopts prudent financial management to shield long-term investments from short-term market fluctuations and maintains high corporate governance standards[8](index=8&type=chunk)[9](index=9&type=chunk) 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](index=12&type=chunk) - 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](index=12&type=chunk) - 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](index=14&type=chunk) - 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](index=16&type=chunk) - 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](index=17&type=chunk) - 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](index=21&type=chunk) - 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](index=22&type=chunk) - 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](index=23&type=chunk) 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](index=18&type=chunk) - High office vacancy rates and new supply in Hong Kong create downward pressure, but the office portfolio's occupancy rate remains stable[18](index=18&type=chunk)[50](index=50&type=chunk) - Completed the disposal of Brickell City Centre retail and parking businesses in Miami, US, with proceeds supporting the **HKD100 billion** investment plan[15](index=15&type=chunk)[48](index=48&type=chunk) - 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](index=58&type=chunk) - Lujiazui Taikoo Li Residences in Shanghai achieved outstanding sales, with two phases totaling **RMB5.93 billion** in sales[14](index=14&type=chunk)[47](index=47&type=chunk) - 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](index=44&type=chunk) 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](index=100&type=chunk) - 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](index=100&type=chunk) - Mainland China operations' attributable profit increased by **8%**, with both revenue and sales volume rising[19](index=19&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - 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](index=19&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk) - An application has been submitted

Group 1 - In August, the total issuance scale of offshore Chinese bonds was approximately $22.7 billion, a month-on-month decrease of about 9% [2] - The issuance included $6.3 billion in sovereign bonds, $1.4 billion in government bonds, $5.7 billion in financial bonds, $4.8 billion in local government bonds, $4.0 billion in industrial bonds, and $0.5 billion in real estate bonds [2] - The average financing cost for offshore RMB-denominated bonds decreased to 3.42%, while the average financing cost for USD-denominated bonds increased slightly to 5.74% [4] Group 2 - In August, 51 Chinese enterprises issued 82 offshore bonds, totaling $15.1 billion, with an average bond size of $1.84 million [7] - The financial sector accounted for 25% of the total issuance, while local government and industrial sectors accounted for 21% and 18%, respectively [7] - The issuance volume in the financial sector increased by 37% month-on-month to $5.7 billion, with 13 issuers [10] Group 3 - The real estate sector saw a net financing outflow of approximately $0.4 billion in August, with a total outflow of $5.4 billion from January to August [20] - Several real estate companies reported their mid-year performance, with notable growth in sales and profits for state-owned enterprises [23] - Private real estate companies showed mixed results, with some managing to repay debts while others faced significant losses [24] Group 4 - The issuance of offshore bonds in the industrial sector increased by 66% month-on-month to $4.0 billion, with 6 companies issuing 9 bonds [16] - Notable issuances included a $1.6 billion senior unsecured note by China Aircraft Leasing and a zero-coupon convertible bond by ZTE Corporation [17]

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8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: | Swire Pacific Limited 太古股份有限公司 | | | | 呈交日期: | 2025年9月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | Swire Pacific Limited 太古股份有限公司並無法定股本，及其股本並無股份面值。 | | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00019 | 說明 | A股 | | | | | | | | 已發行股份（不包括 ...

Group 1 - Swire Properties plans to issue a seven-year USD bond to refinance a $500 million note maturing in September [1] - Approximately 30% of Swire's total debt is denominated in RMB, and the company is seeking opportunities to diversify into other currencies [1] - The choice of a seven-year term for the bond is influenced by the fact that most of Swire's bank financing is for five years [1]

转自：证券时报 在业绩"静默期"结束后，腾讯控股迅速启动股票回购计划，以真金白银向市场传递对公司长期价值的坚 定信心。 8月18日，腾讯控股耗资约5.5亿港元回购公司股份。这是今年7月11日腾讯控股暂停股票回购后，实施 的新一轮回购。 不过，记者也注意到，随着港股市场回暖，腾讯控股等公司的回购力度相对2024年同期有所减弱。 年内回购金额超400亿港元 回购是指上市公司利用流动现金从二级市场购回发行在外一定数额股票的行为，国内市场上的大规模回 购潮往往发生在下跌过程中，通常意味着上市公司认为当前自家的股票价格远低于其内在价值，同时， 也是借此向投资者表达当前股价已被严重低估的积极信号，以此来稳定投资者信心和公司股价。 8月18日，腾讯控股发布公告称，公司以每股587港元至595.50港元的价格回购93.10万股股票，耗资约 5.5亿港元。自此，腾讯控股开启了新一轮股票回购。 据统计，在2024年回购超1120亿港元的基础上，腾讯控股今年仍在继续回购公司股份，年内累计回购金 额超过400亿港元，展现出管理层对公司长期价值的坚定信心。 今年7月11日，腾讯控股股票回购曾按下暂停键。根据港交所相关规则，上市公司在年 ...

瑞银指出，太古地产自2018年以来累计处置资产规模达580亿元，相对公司目前市值为约1,210亿港元， 展现出拥有卓越的资本循环能力，公司早前承诺的1,000亿元投资计划已累计投入约67%，相信资产循 环将为深圳福田及香港金钟等新项目提供更大发展空间。该行又指，若分拆资产设REITs，将有助于太 古A(00019)降低杠杆，亦可为公司创造经常性费用收入。 智通财经APP获悉，瑞银发布研报称，太古地产(01972)若能设立私募房地产信托基金(REITs)，将可开 拓资产循环新渠道，有助改变投资者对公司的看法，相信市场可能会愿意为新增私人REITs渠道给予更 高估值。该行对其资产净值(NAV)折让由原先50%收窄至45%，相应将目标价由原先23港元上调至26.1 港元，维持"买入"评级，并将2025至2027年盈利预测上调1%至2%，以反映人民币升值。 ...

Core Viewpoint - UBS reports that Swire Properties (01972) could explore the establishment of a private Real Estate Investment Trust (REIT), which would open new channels for asset recycling and potentially change investor perceptions of the company, leading to a higher valuation for the new private REITs channel [1] Group 1: Financial Metrics - UBS has narrowed the discount to net asset value (NAV) from 50% to 45%, raising the target price from HKD 23 to HKD 26.1 while maintaining a "Buy" rating [1] - The earnings forecast for 2025 to 2027 has been increased by 1% to 2% to reflect the appreciation of the Renminbi [1] Group 2: Asset Management - Since 2018, Swire Properties has disposed of assets totaling HKD 58 billion, which is approximately 4.8% of the company's current market capitalization of about HKD 121 billion, demonstrating strong capital recycling capabilities [1] - The company has already invested about 67% of its previously committed HKD 100 billion investment plan, indicating further growth potential for new projects in Shenzhen Futian and Hong Kong Admiralty [1] Group 3: Strategic Initiatives - The potential separation of assets to establish REITs could help Swire A (00019) reduce leverage and create a source of recurring fee income for the company [1]

Core Viewpoint - The article highlights the transformation of the Bahe River into a vibrant public space that integrates nature and urban life, promoting recreational activities and economic development through the establishment of a world-class waterfront economic zone [2][3][7]. Group 1: Urban Development and Infrastructure - The Bahe River has undergone significant improvements, with a 2.3 km demonstration section completed, featuring a total area of approximately 21.6 hectares, including 14.6 hectares of greenery and 7 hectares of water [3][4]. - The newly opened Yiti Port Bay Terminal, covering about 18,000 square meters, serves as the starting point for a planned tourist yacht route, enhancing the river's recreational appeal [7]. - The Bahe River's historical significance as a transportation route is being revived with the planned opening of the city's first tourist yacht line, connecting various urban landmarks [6][7]. Group 2: Environmental and Community Impact - The Bahe River's revitalization aims to create a shared space for people, water, and greenery, addressing the need for high-quality public spaces in a water-scarce city like Beijing [3][9]. - The project has fostered collaboration among multiple departments, leading to the successful integration of community needs into the river's management and beautification efforts [8][10]. - The transformation has resulted in increased foot traffic and commercial activity along the river, with local businesses adapting to the new environment and experiencing revenue growth [11][12]. Group 3: Cultural and Recreational Opportunities - The Bahe River area has become a popular destination for leisure activities, with facilities for cycling, yoga, and picnicking, enhancing the quality of life for residents [2][3]. - The integration of cultural spaces, such as the Langyuan Station creative park, has attracted new businesses and visitors, contributing to a vibrant cultural scene along the river [11][12]. - The ongoing development of the Yiti Port and surrounding areas is expected to further enhance the region's appeal as a destination for both locals and tourists, with plans for additional commercial and cultural projects [12].

Group 1 - Goldman Sachs has adjusted its earnings per share forecast for Swire Properties (00019) for the years 2023 to 2027, with revisions ranging from a 9% downgrade to a 3% upgrade, and has lowered the target price from HKD 91.6 to HKD 90, maintaining a "Buy" rating [1] - Swire Properties reported a net profit of HKD 8.15 billion for the first half of the year, with actual net profit down 1% year-on-year to HKD 47 billion, aligning with Goldman Sachs' expectations and representing 49% of the firm's full-year forecast [1] - The company has increased its interim dividend per share to HKD 1.3, with recurring profit per share (excluding Cathay Pacific (00293)) at 49%, and aims for a payout ratio of 50-60% [1] Group 2 - Management expressed cautious optimism regarding business outlook during the earnings meeting, anticipating continued macroeconomic challenges but committing to long-term strategies and seeking investment opportunities in Hong Kong and the Greater Bay Area [1] - The report noted that Swire's stock price discount to net asset value has widened from approximately 20% to 33% over the past quarter, which is in line with the historical average of 25% to 30% [1] - The stock is viewed as providing a balanced risk exposure across property, consumer-related, and aviation sectors, with valuations at 4 times book value, 10 times forecasted earnings for the year, and a dividend yield of 5.2% considered not expensive [1]

Group 1: Economic Growth and Investment - Hong Kong has assisted over 1,300 overseas and mainland enterprises in establishing or expanding their businesses, resulting in over HKD 160 billion in foreign direct investment and the creation of more than 19,000 new jobs from January 2023 to mid-2025 [1] - The local GDP has experienced growth for 10 consecutive quarters, with various economic indicators showing positive trends and vitality [1] - The Hong Kong Stock Exchange has welcomed 31 new listings in the first half of 2025, raising over HKD 884 billion, ranking first globally [2][3] Group 2: Financial Market Performance - The market capitalization of Hong Kong's securities market increased to HKD 42.7 trillion in the first half of 2025, a 33% increase year-on-year [3] - The number of registered funds reached 976, with a net inflow of over USD 44 billion, marking a 285% increase year-on-year [3] - Hong Kong's banking deposits exceeded HKD 18 trillion, reflecting a 19% increase compared to June 2022 [3] Group 3: Consumer Market Recovery - Visitor numbers to Hong Kong increased by 12% in the first half of 2025, totaling approximately 24 million [5] - Retail sales value in May 2025 was estimated at HKD 31.32 billion, a 2.4% increase year-on-year, surpassing market expectations [5] - The Hong Kong Ocean Park saw a 19% increase in visitor numbers in May and June compared to the previous year, driven by the addition of new giant pandas [4] Group 4: Trade and International Relations - Hong Kong has signed 9 free trade agreements with 21 economies and 24 investment agreements with 33 economies, expanding its trade network [7] - The overall export value of goods from Hong Kong increased by 11.9% year-on-year in June 2025, marking 16 consecutive months of growth [8] - The establishment of a London Metal Exchange warehouse in Hong Kong is expected to enhance the efficiency of metal delivery in the Asian time zone [7] Group 5: Innovation and Development Initiatives - Hong Kong has launched several innovative measures, including a cross-border payment system and a digital asset development policy framework [3] - The government aims to enhance the breadth, depth, and efficiency of the financial market by encouraging new products and attracting new investments [3] - The Hong Kong government is optimistic about long-term prospects, with significant investments planned in real estate and aviation sectors [6]