EF001 | EF001 | | --- | | 其他信息 | | --- | | 其他信息 不適用 | | 發行人董事 | | 常務董事：白德利（主席）、岑明彥、賀以禮、馬天偉； | | 非常務董事：麥廣能、施銘倫；及 | | 獨立非常務董事：包逸秋、顏文玲、歐高敦、徐瑩及張懌。 | 第 2 頁 共 2 頁 v 1.1.1 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 | 太古股份有限公司 | | 股份代號 | 00019 | | 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 | 截至二零二五年十二月三十一日止年度的第一次中期股息 | | 公告日期 | 2025年8月7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 ...

[Performance Summary](index=4&type=section&id=Performance%20Summary) The company's reported profit attributable to shareholders significantly declined, while underlying and recurring underlying profits remained relatively stable, reflecting core business resilience Summary of Financial Performance for H1 2025 | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | HKD 45.774 billion | HKD 39.563 billion | +16% | | **Operating Profit** | HKD 1.861 billion | HKD 4.945 billion | -62% | | **Profit Attributable to Company Shareholders (as per financial statements)** | HKD 0.815 billion | HKD 3.914 billion | -79% | | **Underlying Profit** | HKD 5.476 billion | HKD 5.576 billion | -2% | | **Recurring Underlying Profit** | HKD 4.712 billion | HKD 4.762 billion | -1% | | **Cash from Operations** | HKD 8.438 billion | HKD 5.307 billion | +59% | | **Net Debt** | HKD 71.337 billion | HKD 63.479 billion | +12% | | **Net Debt to Capital Ratio** | 22.7% | 19.8% | +2.9 percentage points | | **Dividend Per Share ('A' Shares)** | HKD 1.30 | HKD 1.25 | +4% | - Profit attributable to company shareholders significantly decreased by **79%**, primarily due to an expanded fair value loss on investment properties[10](index=10&type=chunk) - However, underlying profit and recurring underlying profit, which better reflect core operating performance, only slightly decreased by **2%** and **1%** respectively, indicating the Group's core business performance remained relatively stable[10](index=10&type=chunk)[12](index=12&type=chunk) [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) The Group's overall business performance in H1 2025 was stable, with underlying profit attributable to shareholders slightly down [Overall Performance](index=5&type=section&id=Chairman%27s%20Statement-Overall%20Performance) The Group's overall business performance in H1 2025 was stable, with underlying profit attributable to shareholders at HKD 5.476 billion, a slight 2% year-on-year decrease; the Aviation Division performed well, Property benefited from asset sales, while Beverages faced challenges Profit Overview for H1 2025 | Profit Type | Amount (HKD) | Year-on-Year Change | | :--- | :--- | :--- | | **Underlying Profit Attributable to Shareholders** | 5.476 billion | -2% | | **Recurring Underlying Profit** | 4.712 billion | -1% | | **Consolidated Profit Attributable to Shareholders** | 0.815 billion | -79% | - The fair value loss on investment properties expanded to **HKD 4.664 billion** in the reporting period (compared to HKD 0.877 billion in the prior period), which was the primary reason for the significant decrease in consolidated profit attributable to shareholders[12](index=12&type=chunk) - This change is non-cash in nature and does not affect cash flow or underlying profit[12](index=12&type=chunk) [Strategic Developments](index=5&type=section&id=Chairman%27s%20Statement-Strategic%20Developments) The Group continues to advance strategic initiatives in core markets across Hong Kong, Mainland China, and Southeast Asia - Swire Properties' **HKD 100 billion** investment plan is progressing well, with **67%** of funds already deployed, focusing on Hong Kong, Mainland China, and Southeast Asia markets[14](index=14&type=chunk) - Swire Properties completed the sale of its retail and car park interests in Brickell City Centre, Miami, USA, with proceeds supporting its **HKD 100 billion** investment plan[16](index=16&type=chunk) - Swire Coca-Cola proposed a spin-off and separate listing of its Thailand business (ThaiNamthip) and submitted an application in May 2025 for listing on the Stock Exchange of Thailand[17](index=17&type=chunk) - Cathay Group acquired an additional **14 Boeing 777-9** aircraft, bringing its total investment to well over **HKD 100 billion**, to strengthen Hong Kong's position as an international aviation hub[18](index=18&type=chunk) [Business Performance](index=7&type=section&id=Chairman%27s%20Statement-Business%20Performance) Business unit performance varied, with Property's recurring underlying profit slightly down, Beverages' recurring profit declining, and Aviation showing strong performance - Property Division: Recurring underlying profit was **HKD 2.829 billion**, a **2%** year-on-year decrease, primarily due to reduced office rental income in Hong Kong[19](index=19&type=chunk) - Beverages Division: Recurring profit was **HKD 0.861 billion**, mainly impacted by weak consumer sentiment and new expenses from capacity enhancement projects in Vietnam and Taiwan[20](index=20&type=chunk) - Aviation Division: Cathay Group's profit was **HKD 3.651 billion**, showing stable performance; HAECO Group's recurring profit increased to **HKD 0.561 billion**, demonstrating strong performance[22](index=22&type=chunk) [Financial Strength and Shareholder Returns](index=8&type=section&id=Chairman%27s%20Statement-Financial%20Strength%20and%20Shareholder%20Returns) The Group maintains a robust financial position with HKD 52.6 billion in available liquidity and a net debt to capital ratio of 22.7% Financial Position as of June 30, 2025 | Indicator | Value | | :--- | :--- | | **Available Liquidity** | HKD 52.6 billion | | **Net Debt to Capital Ratio** | 22.7% | | **Weighted Average Cost of Debt** | 3.7% (lower than end of 2024) | - A first interim dividend of **HKD 1.30** per 'A' share and **HKD 0.26** per 'B' share was declared, representing a **4%** year-on-year increase[23](index=23&type=chunk) - The **HKD 6 billion** share repurchase program has been terminated, with **HKD 1.842 billion** in shares repurchased in H1, bringing the total repurchased under the program to **HKD 5.9 billion**[24](index=24&type=chunk) [Outlook](index=9&type=section&id=Chairman%27s%20Statement-Outlook) The Group anticipates varying opportunities and challenges across its business segments in the future - Swire Properties: The Hong Kong office market is expected to remain weak, but the Mainland China retail market is projected to gradually accelerate development[26](index=26&type=chunk) - Swire Coca-Cola: Weak domestic consumption in Mainland China poses challenges, and some Southeast Asian markets (e.g., Thailand) also face economic and policy pressures[26](index=26&type=chunk) - Cathay Group and HAECO Group: Cathay will continue to invest in fleet expansion, while demand for HAECO's base maintenance and engine overhaul services is expected to remain stable[27](index=27&type=chunk) [Business Review](index=10&type=section&id=Business%20Review) This section provides a detailed review of the performance of the Group's various business divisions [Property Division](index=10&type=section&id=Property%20Division) The Property Division's attributable underlying profit increased to HKD 3.662 billion in H1, boosted by a one-off gain from the sale of Brickell City Centre interests, while recurring underlying profit slightly declined due to a weak Hong Kong office market Property Division H1 2025 Results | Indicator | Amount (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | | **Total Revenue** | 8,723 | +20% | | **Total Operating Profit** | 367 | -89% | | **Profit/(Loss) Attributable to Swire Pacific** | (999) | Turned from profit to loss | | **Underlying Profit Attributable to Swire Pacific** | 3,662 | +17% | | **Recurring Underlying Profit Attributable to Swire Pacific** | 2,829 | -2% | - The increase in attributable underlying profit primarily stemmed from the gain on the sale of Brickell City Centre shopping mall and related land in the USA[39](index=39&type=chunk) - The **HKD 100 billion** investment plan has committed approximately **HKD 67 billion**, with key projects including Hyde Park in Hong Kong, Taikoo Li Xi'an, and Taikoo Source Lujiazui in Shanghai[42](index=42&type=chunk) [Investment Properties](index=15&type=section&id=Property%20Division-Investment%20Properties) Investment property performance varied, with Hong Kong office and retail properties facing challenges, while Mainland China retail properties showed stable performance - Hong Kong office portfolio rental income totaled **HKD 2.455 billion**, a **5%** year-on-year decrease; the office portfolio occupancy rate was **88%** at period-end[48](index=48&type=chunk) - Hong Kong retail property portfolio rental income totaled **HKD 1.169 billion**, a **2%** year-on-year decrease; retail sales at Pacific Place and Cityplaza increased by **1%** and **2%** respectively[49](index=49&type=chunk) - Mainland China retail property rental income increased by **2%** to **HKD 2.272 billion**; retail sales at Taikoo Li Sanlitun in Beijing grew by **7%**, and HKRI Taikoo Hui in Shanghai grew by **14%**[56](index=56&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) [Hotels](index=20&type=section&id=Property%20Division-Hotels) Hotel business performance was mixed, with slower recovery in Hong Kong and varied results in Mainland China, while US-managed hotels performed strongly - Hotels managed by Swire Properties (including restaurants and hotel management offices) recorded a pre-depreciation operating profit of **HKD 25 million** in H1 2025, consistent with H1 2024[72](index=72&type=chunk) - Swire Hotels is expanding its footprint, with plans to open five new hotels in Tokyo, Japan, and Beijing, Shenzhen, Shanghai, and Xi'an in Mainland China[72](index=72&type=chunk) [Property Trading](index=21&type=section&id=Property%20Division-Property%20Trading) Property trading operations are active across Hong Kong, Mainland China, and Southeast Asia - In Hong Kong, **278** out of **432** units at the "The Southside" project in Wong Chuk Hang were sold as of August 1, 2025[76](index=76&type=chunk) - In Shanghai, Mainland China, **105** out of **107** units across two batches of "Taikoo Source Lujiazui Residences" were pre-sold as of August 1, 2025, with cumulative sales reaching **RMB 5.93 billion**[78](index=78&type=chunk)[43](index=43&type=chunk) [Beverages Division](index=24&type=section&id=Beverages%20Division) Swire Coca-Cola's recurring attributable profit for H1 2025 slightly decreased by 2% to HKD 0.861 billion, impacted by weak consumer momentum and new expenses from capacity enhancement projects, while total revenue significantly increased by 25% due to the acquisition of the Thailand business Beverages Division H1 2025 Results | Indicator | Amount (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | | **Revenue** | 21,515 | +25% | | **EBITDA** | 2,525 | +16% | | **Attributable Profit (excluding non-recurring items)** | 861 | -2% | | **Attributable Profit (including non-recurring items)** | 803 | -9% | - Total revenue (including Swire Coca-Cola Shanghai Shenmei) increased by **25%**, and sales volume increased by **20%**, primarily due to the consolidation of TNCC (Thailand business) since October 2024[95](index=95&type=chunk) - By region, Mainland China business profit grew by **8%**, while Hong Kong, Taiwan, Vietnam, and Cambodia businesses all recorded profit declines[89](index=89&type=chunk)[98](index=98&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[106](index=106&type=chunk) [Mainland China](index=26&type=section&id=Beverages%20Division-Mainland%20China) Mainland China operations recorded an attributable profit of HKD 0.588 billion, an 8% year-on-year increase, driven by a 3% revenue growth and 1% sales volume increase in local currency terms - Attributable profit was **HKD 0.588 billion**, an **8%** year-on-year increase[98](index=98&type=chunk) - Total sales volume increased by **1%**, and revenue in local currency terms increased by **3%**[98](index=98&type=chunk)[99](index=99&type=chunk) [Hong Kong, Taiwan, Southeast Asia](index=27&type=section&id=Beverages%20Division-Hong%20Kong%2C%20Taiwan%2C%20Southeast%20Asia) Hong Kong, Taiwan, and Southeast Asian markets faced challenges, with profit declines in Hong Kong, Taiwan, Vietnam, and Cambodia due to various factors including lower sales, production facility upgrades, and currency depreciation - Hong Kong: Attributable profit decreased by **15%** to **HKD 61 million**[101](index=101&type=chunk) - Taiwan: Attributable profit decreased by **26%** to **HKD 43 million**[103](index=103&type=chunk) - Vietnam and Cambodia: Attributable profit significantly decreased by **31%** to **HKD 113 million**[106](index=106&type=chunk) - Thailand and Laos: Attributable profit, excluding non-recurring items, was **HKD 105 million**, a **13%** year-on-year decrease[108](index=108&type=chunk) [Aviation Division](index=29&type=section&id=Aviation%20Division) The Aviation Division recorded an attributable profit of HKD 2.233 billion in H1 2025, a 7% year-on-year increase, driven by stable performance from Cathay Group and strong growth from HAECO Group due to increased maintenance demand Aviation Division H1 2025 Results | Segment | Attributable Profit (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | | **Cathay Group** | 1,642 | +1% | | **HAECO Group** | 599 | 0% | | **Total Aviation Division** | 2,233 | +7% | [Cathay Group](index=30&type=section&id=Aviation%20Division-Cathay%20Group) Cathay Group delivered stable performance in H1, recording a profit of HKD 3.651 billion, driven by a 14% increase in Cathay Pacific's passenger revenue and a 28% rise in passenger numbers - Cathay Pacific's passenger revenue was **HKD 34.208 billion**, a **14.0%** year-on-year increase; Revenue Passenger Kilometers (RPK) increased by **30.0%**[115](index=115&type=chunk)[119](index=119&type=chunk) - Cathay Cargo revenue was **HKD 11.141 billion**, a **2.2%** year-on-year increase; cargo carried increased by **11.4%**[115](index=115&type=chunk)[121](index=121&type=chunk) - As of June 30, 2025, Cathay Group's fleet totaled **234** aircraft, with an additional **93** aircraft on order[124](index=124&type=chunk)[125](index=125&type=chunk) [Hong Kong Aircraft Engineering Company (HAECO) Group](index=34&type=section&id=Aviation%20Division-Hong%20Kong%20Aircraft%20Engineering%20Company%20%28HAECO%29%20Group) HAECO Group demonstrated strong performance in H1, with recurring attributable profit significantly increasing to HKD 0.561 billion, driven by increased demand for base maintenance and engine overhaul services HAECO Group H1 2025 Results | Indicator | Amount (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | | **Total Revenue** | 11,201 | +7% | | **Attributable Profit (excluding non-recurring items)** | 561 | +40% | | **Attributable Profit (including non-recurring items)** | 599 | 0% | - Base maintenance services recorded **5.26 million** man-hours sold, a **6%** year-on-year increase[134](index=134&type=chunk) - Engine business attributable profit was **HKD 375 million**, a **9%** year-on-year increase, primarily driven by strong demand for engine overhaul services[141](index=141&type=chunk) [Healthcare](index=37&type=section&id=Healthcare) The Healthcare business remains in its early development stage, recording an attributable loss of HKD 0.117 billion in H1 2025, a narrowing from the HKD 0.132 billion loss in the prior period - In H1 2025, the Healthcare business recorded an attributable loss of **HKD 117 million**, a narrowing from the **HKD 132 million** loss in the prior period[151](index=151&type=chunk) - The Group has invested **HKD 3.1 billion** in the healthcare sector (including committed investments) and is actively seeking expansion opportunities in Mainland China and Southeast Asia[152](index=152&type=chunk) [Trading and Industrial](index=38&type=section&id=Trading%20and%20Industrial) The Trading and Industrial business recorded an attributable profit of HKD 41 million in H1, a significant 73% decrease from HKD 152 million in the prior period Trading and Industrial Division H1 2025 Results | Segment | Attributable Profit/(Loss) (HKD million) | Prior Period (HKD million) | | :--- | :--- | :--- | | **Swire Resources** | 17 | 47 | | **Swire Motors** | 37 | 86 | | **Swire Foods** | (16) | 5 | | **Swire Waste Management** | 7 | 22 | | **Total** | 41 | 152 | [Financial Review](index=40&type=section&id=Financial%20Review) This section provides a comprehensive review of the Group's financial performance and position [Underlying Profit and Recurring Underlying Profit](index=40&type=section&id=Underlying%20Profit%20and%20Recurring%20Underlying%20Profit) This section reconciles profit as reported in the financial statements with underlying profit and recurring underlying profit, showing that recurring underlying profit remained largely stable year-on-year Reconciliation of Profit Attributable to Company Shareholders to Underlying Profit (H1 2025) | Item | Amount (HKD million) | | :--- | :--- | | **Profit Attributable to Company Shareholders** | 815 | | Add: Fair value loss on investment properties | 4,674 | | Add: Realized fair value gain on disposal of investment property interests | 1,001 | | Less: Fair value changes attributable to non-controlling interests, etc. | (944) | | Other adjustments | (70) | | **Underlying Profit Attributable to Company Shareholders** | **5,476** | Recurring Underlying Profit by Division (H1 2025) | Division | Amount (HKD million) | | :--- | :--- | | Property | 2,829 | | Beverages | 861 | | Aviation | 2,195 | | Trading and Industrial | 41 | | Head Office, Healthcare and Other | (1,214) | | **Total Recurring Underlying Profit** | **4,712** | [Financing](index=42&type=section&id=Financing) This section details the Group's financing activities, cash flow, and debt position [Cash Flow and Debt Position](index=42&type=section&id=Cash%20Flow%20and%20Debt%20Position) The Group's cash flow from operations significantly increased by 59% to HKD 8.438 billion, with net cash inflow before financing of HKD 6.161 billion, while net debt increased to HKD 71.337 billion - Cash from operations was **HKD 8.438 billion**, a **59%** year-on-year increase; cash before financing turned from a net outflow of **HKD 1.965 billion** in the prior period to a net inflow of **HKD 6.161 billion**[168](index=168&type=chunk) Debt Overview | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Borrowings and Lease Liabilities** | HKD 103.840 billion | HKD 96.612 billion | | **Weighted Average Debt Maturity** | 3.2 years | 2.7 years | | **Weighted Average Cost of Debt** | 3.7% | 4.0% | | **Fixed Rate Debt Proportion** | 66% | 64% | - If net debt of joint ventures and associates is included, the Group's net debt to capital ratio would increase from **22.7%** to **28.8%**[180](index=180&type=chunk) [Condensed Interim Financial Statements](index=48&type=section&id=Condensed%20Interim%20Financial%20Statements) This section presents the Group's condensed interim financial statements for the period [Consolidated Income Statement](index=48&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group recorded revenue of HKD 45.774 billion, a 16% year-on-year increase, but operating profit significantly decreased to HKD 1.861 billion due to a HKD 3.884 billion fair value loss on investment properties, resulting in a 79% decrease in profit attributable to company shareholders [Consolidated Statement of Comprehensive Income](index=49&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Profit for the period was HKD 0.971 billion, and after including other comprehensive income (primarily net exchange differences gain) of HKD 2.668 billion, total comprehensive income for the period was HKD 3.639 billion, with HKD 2.629 billion attributable to company shareholders [Consolidated Statement of Financial Position](index=50&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were HKD 480.033 billion, total liabilities were HKD 165.943 billion, and net assets (total equity) were HKD 314.090 billion, a slight decrease from HKD 318.667 billion at the end of 2024, with HKD 257.884 billion attributable to company shareholders [Consolidated Cash Flow Statement](index=51&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash generated from operating activities was HKD 7.653 billion. Net cash used in investing activities was HKD 1.492 billion, primarily due to HKD 3.908 billion cash inflow from disposal of subsidiaries. Net cash used in financing activities was HKD 1.897 billion, mainly for share repurchases and dividend payments, resulting in an increase in cash and cash equivalents to HKD 24.598 billion at period-end [Consolidated Statement of Changes in Equity](index=52&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of January 1, 2025, equity attributable to company shareholders was HKD 258.300 billion, which decreased to HKD 257.884 billion as of June 30, 2025, after accounting for total comprehensive income of HKD 2.629 billion, share repurchases of HKD 1.847 billion, and dividends paid of HKD 2.849 billion [Notes to the Condensed Interim Financial Statements](index=53&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Financial%20Statements) This section provides detailed notes supporting the condensed interim financial statements [Note 1: Segment Information](index=53&type=section&id=Note%201%3A%20Segment%20Information) This note details the revenue, operating profit, assets, and liabilities for the Group's major business segments, including Property, Beverages, Aviation, and Trading and Industrial Company Shareholders' Attributable Underlying Profit by Segment for H1 2025 | Segment | Amount (HKD million) | | :--- | :--- | | Property | 3,662 | | Beverages | 803 | | Aviation | 2,233 | | Trading and Industrial | 41 | | Head Office, Healthcare and Other | (1,263) | | **Total** | **5,476** | [Note 10: Dividends](index=62&type=section&id=Note%2010%3A%20Dividends) The Board of Directors declared a first interim dividend for 2025 of HKD 1.30 per 'A' share and HKD 0.26 per 'B' share, totaling HKD 1.753 billion, payable on October 10, 2025 - A first interim dividend of **HKD 1.30** per 'A' share and **HKD 0.26** per 'B' share was declared[215](index=215&type=chunk)[216](index=216&type=chunk) [Note 13: Investment Properties](index=64&type=section&id=Note%2013%3A%20Investment%20Properties) As of June 30, 2025, the carrying value of the Group's investment properties was HKD 268.861 billion, a decrease from HKD 270.950 billion at the beginning of the year, primarily due to a net fair value loss of HKD 3.884 billion and the impact of disposals and transfers - A net fair value loss on investment properties of **HKD 3.884 billion** was recorded during the period[222](index=222&type=chunk) [Note 25: Share Capital](index=71&type=section&id=Note%2025%3A%20Share%20Capital) During the period, the company repurchased and cancelled 25,119,000 'A' shares and 15,402,500 'B' shares on the Stock Exchange under its share repurchase program, for a total consideration of HKD 1.842 billion - In H1, **25,119,000** 'A' shares and **15,402,500** 'B' shares were repurchased for a total of **HKD 1.842 billion**[241](index=241&type=chunk) [Additional Information](index=77&type=section&id=Additional%20Information) This section provides supplementary information relevant to the report [Major Shareholders](index=79&type=section&id=Major%20Shareholders) As of June 30, 2025, John Swire & Sons Limited held 56.85% of the company's 'A' shares and 74.83% of its 'B' shares, collectively owning 64.45% of the share capital and 70.97% of the voting rights - John Swire & Sons Limited holds **64.45%** of the company's share capital and controls **70.97%** of the voting rights[267](index=267&type=chunk)

| 类别 | | 公司 | | --- | --- | --- | | | 中慧生物-B | | | | (定价日) | | | 新股活动 | 东阳光药 | | | | (上市日) | | | | 太古股份公司A 太古股份公司B | | | | 易通讯集团 | | | | 理文化工 | | | | 中国移动 | | | 业绩公布日 | 亚洲水泥(中国) | | | | 太古地产 | | | | 和黄医药 | | | | 太平洋航运 | | | | 再鼎医药 | | | | 东京中央拍卖 | | | | 国家联合资源 | | | | 保德国际发展 | | | | 能源及能量环球 | | | 股东大会召开日 | WANG ON GROUP | | | | 十月稻田 | | | | 橙天嘉禾 | | | | 迷策略 | | | | 科利实业控股 | | | | 经济日报集团 | | | | （除净日） | | | | 新沣集团 | | | | （除净日） | | | 分红派息 | 首程控股 | | | | （派息日） | | | | 滨江服务 | | | | （派息日） | | 智通财经APP获悉，2025年8月7 ...

Summary of Conference Call on Mainland China and Hong Kong Property Markets Industry Overview - **Mainland China Property Market**: The asking price index for tier-1 cities has reached a new low, indicating a challenging market environment. The Centaline secondary asking price index dropped from 19.7 to 19.3, marking the lowest level since May 2024 [5] - **Hong Kong Property Market**: The Financial Secretary expressed a "cautiously optimistic" outlook for retail sales, suggesting potential recovery in private consumption after four quarters of decline [5] Key Insights and Data Mainland China - **Sales Performance**: - 60-city primary sales decreased by 14% year-over-year (Y/Y), slightly improving from a 25% decline the previous week. Compared to the four-year average, sales were 68% below, improving from a 72% decline [5] - 12-city secondary sales Y/Y decline narrowed from -6% to -4% [5] - **Market Indicators**: - Centaline manager confidence index improved from 46.1 to 46.6 but remains low [5] - Property agencies' web traffic index worsened to -24% Y/Y, indicating reduced interest [5] - **Inventory Levels**: Unsold residential inventory fell by 6% quarter-over-quarter (Q/Q) to 21.2K units, the lowest since Q4 2023 [5] - **Price Trends**: Secondary home prices rose by 1% week-over-week (W/W), the highest increase since March 2025 [5] - **Top Picks**: Recommended stocks include CR Land, CR Mixc, and COLI among large-cap state-owned enterprises (SOEs), and Longfor and Jinmao among high-beta names [5] Hong Kong - **Retail Outlook**: The Financial Secretary is optimistic about June retail sales, which could positively impact Link REIT and Wharf REIC [5] - **Sales and Inventory**: - Unsold residential inventory remains at 15 months, with potential supply decreasing from 105K to 101K units over the next 3-4 years [5] - Major projects like Villa Garda III sold 77% of units after an 18% cut in average selling price (ASP) [5] - **Market Dynamics**: - The sector rose by 4% last week, outperforming the Hang Seng Index (HSI) [5] - Outperformers included NWD (+13%) and Wharf REIC (+8%), while underperformers were Champion and HKL (both -1%) [7] - **Investor Sentiment**: Investors showed caution regarding Vanke's potential nationalization and expressed concerns over Longfor's contracted sales and refinancing arrangements [7] Additional Important Points - **Web Traffic and Appointments**: The property agency web traffic index and weekend viewing appointments indicate fluctuating interest levels in the market [45][46] - **Secondary Listings**: The number of secondary listings on Centaline decreased from over 35K units in late May to 32K units last week, which may help stabilize home prices [5] - **Tourist Arrivals**: Hong Kong's tourist arrivals showed a significant increase, with 1,128,801 arrivals recorded in the last week, a 21% increase W/W [63] This summary encapsulates the critical insights and data from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

Group 1 - The core viewpoint of the article highlights the operational performance of Swire Properties for the second quarter of 2025, showcasing strong occupancy rates across its retail properties in mainland China [1] Group 2 - In Beijing, the occupancy rate of Taikoo Li Sanlitun reached 99%, up from 98% in the same period last year [1] - Guangzhou Taikoo Hui maintained a 100% occupancy rate, consistent with the previous year [1] - Beijing Yintai Center achieved a 100% occupancy rate, an increase from 98% year-on-year [1] - Chengdu Taikoo Li reported a 97% occupancy rate, up from 96% year-on-year [1] - Shanghai Xingye Taikoo Hui's occupancy rate was 94%, an increase from 93% year-on-year [1] - Shanghai Qiantan Taikoo Li maintained a stable occupancy rate of 98%, unchanged from the previous year [1] Group 3 - In terms of development, the total floor area of Beijing Taikoo Fang is 375,837 square meters, with completion expected to begin in mid-2026 [1] - Construction is currently underway for the above-ground, curtain wall, and electromechanical installation works [1] - Xi'an Taikoo Li and Sanya Taikoo Li are projected to be completed starting in 2027, with relevant construction also in progress [1]

太古地產有限公司 (於香港註冊成立的有限公司) (股份代號：01972) 公告 SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) SWIRE PROPERTIES LIMITED 太古地產有限公司 二零二五年第二季度 營運數據滙報 本滙報載述太古地產有限公司二零二五年第二季度若干營運數據資料。有關資料 乃根據內部管理紀錄編製，並未經外聘核數師審核或審閱。 1. 已落成投資物業 辦公樓物業 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。 | 主要物業 | 租用率 | | | | 租用面積 | | | 租金調幅 (1) | | | | | 最新租金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (新簽訂或 ...

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: | Swire Pacific Limited 太古股份有限公司 | | | | 呈交日期: | 2025年8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。 | | | | 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 | 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 - Mitsubishi Corp. is one of 16 companies in the Conglomerates group and currently ranks 5 within the Zacks Sector Rank [2] - The Zacks Rank system emphasizes earnings estimates and revisions, with Mitsubishi Corp. holding a Zacks Rank of 1 (Strong Buy) [3] - The Zacks Consensus Estimate for Mitsubishi Corp.'s full-year earnings has increased by 7.1% in the past quarter, indicating improved analyst sentiment [4] Group 2 - Mitsubishi Corp. has returned 24% year-to-date, significantly outperforming the average gain of 1.7% for Conglomerates stocks [4] - Another Conglomerates stock, Swire Pacific, has returned 2.4% year-to-date and has a Zacks Rank of 2 (Buy) [5] - Both Mitsubishi Corp. and Swire Pacific belong to the Diversified Operations industry, which includes 16 companies and currently ranks 88 in the Zacks Industry Rank [6]

Core Insights - Guangzhou, a historical commercial hub, is experiencing a resurgence in high-end commercial development, primarily driven by Hong Kong capital [1][24] - The entry of notable Hong Kong enterprises into Guangzhou's commercial market signifies a shift from a "commercial depression" to a "traffic hub" for investment [1][24] Group 1: Hong Kong Capital's Influence - Hong Kong enterprises dominate the high-end commercial landscape in Guangzhou, with successful projects like Taikoo Hui and K11 leading the market [1][19] - Recent reports indicate that Hong Kong-listed Link REIT's property revenue in mainland China has seen significant growth, highlighting the robust performance of retail assets in Guangzhou [19] - The operational excellence of Hong Kong commercial entities has established them as industry leaders, creating immersive consumer experiences that differ from traditional shopping centers [19][25] Group 2: New Developments and Projects - The new Xinqing Cement Factory project, a collaboration involving Ruian New World and renowned architect Jean Nouvel, aims to revitalize an industrial site into a cultural and tourism destination [3][6] - The Guangzhou Poly Bay Taikoo Li, set to be the first waterfront Taikoo Li in the region, is expected to open in phases starting in 2027, enhancing the city's commercial offerings [8][10] - K11 Select, the first of its kind in the Greater Bay Area, is positioned as a mixed-use development that integrates residential, commercial, and high-end office spaces [10][12] Group 3: Urban Renewal and Market Potential - Guangzhou's urban renewal initiatives, including a planned investment of over 100 billion RMB for village renovations, present ample opportunities for Hong Kong enterprises to engage in redevelopment projects [21][24] - The city's consumer market is projected to exceed 1.1 trillion RMB in retail sales, with a steady growth rate of 4.5% over the past four years, indicating a vibrant economic environment [20][25] - The availability of old industrial sites for redevelopment, such as the Xinqing Cement Factory, provides a strategic advantage for Hong Kong investors looking to capitalize on urban renewal [23][24]

Investment Dynamics - Tapestry Group, the parent company of Coach, is increasing its investment in Gen Phoenix, a company that produces regenerated leather fiber materials, with a recent funding round of $15 million led by Material Impact [3] - The investment aims to innovate and meet customer demands, particularly among younger consumers focused on sustainability, while also helping Tapestry achieve carbon reduction goals [3] Food and Beverage Sector - Little Sesame, a brand specializing in hummus, successfully completed an $8.5 million Series A funding round led by InvestEco Capital, with participation from other CPG investors [5] - The funding will enhance Little Sesame's production capacity, product development, and talent recruitment to better compete in the market [5] Retail and Consumer Experience - Aveda, a high-end hair care brand under Estée Lauder, opened its first flagship store in Shanghai, showcasing over 50 products in a new experiential space [8] - Skechers unveiled a new Youth concept store designed specifically for teenagers, creating a unique shopping and social space that emphasizes street culture [11][12] - Onitsuka Tiger opened its global flagship store on the Champs-Élysées in Paris, featuring a blend of Japanese aesthetics and modern design, along with exclusive product offerings [14] Corporate Developments - DaKa International Food and DaKa International Agriculture, both established by Mixue Ice City, have been registered in Yunnan, with a focus on food production and sales [17] - Swire Coca-Cola, a joint venture between Coca-Cola and Swire Group, inaugurated a $136 million beverage production plant in Vietnam, which is the largest and first LEED Gold certified facility for Coca-Cola in the country [20][21] - Mango appointed former H&M CEO Helena Helmersson to its board, aiming to enhance innovation and sustainability as part of its 4E strategic plan [30][31] Financial Performance - Richemont reported a 6% increase in sales for the first fiscal quarter, reaching €5.4 billion, driven by strong demand for jewelry in Europe, the Americas, and the Middle East [25][27]