智通财经记者 | 王婷婷 "从中长远期来看，我觉得大陆办公楼市场还是有机会。"1月30日，恒隆集团（00010.HK）及恒隆地产 （00101.HK）董事长陈文博在业绩会上表示，对2026年的发展会持审慎乐观态度。 在老牌港资开发商中，恒隆集团最先交出2025年成绩单。过去一年，受物业销售减少影响，恒隆集团的 总收入同比下滑；租赁收入因租户组合持续优化，也有轻微下跌；而股东应占基本纯利按年上升3%。 财报数据显示，截至2025年12月31日，恒隆集团录得总收入104.14亿港元，较2024年下跌11%，整体营 业溢利为68.36亿港元。收入下跌主要由于物业销售收入大幅下降83%至2.64亿港元。股东应占基本纯利 上升3%至24.07亿港元，每股基本盈利1.77港元。 据智通财经了解，恒隆集团目前在售物业不多，内地和香港可供销售项目如蓝塘道项目、武汉恒隆府、 昆明君悦居等，这些项目素质较高且售价都不低，销售需要等待时机。 在恒隆集团及恒隆地产行政总裁卢韦柏看来，2025年下半年香港住宅市场明显回暖，是因为利率开始回 落，资金流动性也变得宽松。尤其是很多人会进行去美元化操作，要么选择相对稳定的港币，要么把资 金投 ...

Group 1 - The core announcement is that Weber Lu, the CEO of Hang Lung Group, will retire by August 31, 2026, and the board is currently conducting a search for his successor [1][6] - Lu has been with Hang Lung since May 2018 and previously held significant positions at Procter & Gamble, Coca-Cola, and Citigroup, where he served for 18 years [3] - Lu currently holds 1,128,542 shares of Hang Lung Properties, representing 0.02% of the total issued shares, and 460,000 shares of Hang Lung Group, representing 0.03% of the total issued shares [5] Group 2 - Under the leadership of Chen Wenbo, who took over as chairman in April 2024, the company is transitioning from "heavy asset expansion" to "stock optimization" as part of the "Hang Lung V.3" strategy [6] - Lu expressed gratitude for the support from the board and highlighted the achievements during his tenure, including strengthening the brand and launching significant strategies [6] - The company has faced challenges due to the adjustment in the Chinese real estate market and a decline in luxury consumption, with rental income from mainland properties dropping by 2% to HKD 3.199 billion in the first half of 2025 [7]

Core Viewpoint - The announcement of CEO Lu Weibao's retirement by Hang Lung Group and Hang Lung Properties marks a significant transition to a new management era led by Chen Wenbo, amidst challenges in the real estate market and a strategic transformation towards optimizing existing assets [1][2][4]. Management Transition - Lu Weibao will retire by August 31, 2026, and will continue to provide advisory support to the group [1][4]. - This change follows the recent transition to a third-generation management team under Chen Wenbo, who took over from the long-serving chairman Chen Qizong in April 2024 [3][4]. - The management change is seen as a natural progression in the company's strategic shift from heavy asset expansion to optimizing existing assets [4][5]. Financial Performance and Market Challenges - Hang Lung's stock price has significantly declined from over HKD 18 per share in 2019 to around HKD 8, reflecting the pressures from structural adjustments in the industry and the company's strategic transformation [2][4]. - For the first half of 2025, rental income from mainland properties fell by 2% to HKD 3.199 billion, with operating profit also declining by 2% [4][14]. - The flagship Shanghai Hang Lung Plaza's occupancy rate dropped from a long-term 100% to 98%, with sales down by 8% [4][14]. Strategic Initiatives - The company has initiated a strategic response to market pressures, including a shift away from distinguishing between "high-end" and "sub-high-end" shopping categories, indicating a more flexible approach to customer adaptation [5][14]. - Recent operational data showed a 15% year-on-year increase in total tenant sales during the National Day holiday period, with some properties like Shanghai Port International achieving a 50% sales increase [5][15]. - The V.3 strategy, led by Chen Wenbo, aims to expand core business areas through a light-asset model, with significant projects underway in Shanghai, Hangzhou, and Wuxi [5][15]. Future Outlook and Challenges - The new management team faces challenges, including uncertain retail consumption growth and a competitive office market, with a 5% decline in office income reported for the first half of the year [6][14]. - The transition to a light-asset model involves substantial investment in property renovations, raising concerns about cost overruns and maintaining the high-end brand image while attracting new customer segments [6][16]. - The upcoming selection of Lu Weibao's successor will be critical for maintaining strategic continuity and addressing the multifaceted challenges facing the company [6][18].

Core Viewpoint - The announcement of CEO Lu Weibao's retirement by Hang Lung Group and Hang Lung Properties marks a significant transition as the company enters a new era under the leadership of Chen Wenbo, the third-generation successor, amidst ongoing challenges in the real estate market and a strategic transformation towards optimizing existing assets [5][7][14]. Group 1: Management Transition - Lu Weibao will retire by August 31, 2026, and will continue to provide advisory support to the group [5][14]. - This change follows the retirement of former chairman Chen Qizong in 2024, indicating a shift to a management team led by Chen Wenbo [5][7]. - The transition is seen as a natural progression in the company's strategic transformation, with Lu having laid the groundwork for the "V.3" strategy [7][14]. Group 2: Strategic Transformation - The "V.3" strategy aims to shift from heavy asset expansion to optimizing existing assets, responding to the challenges posed by the real estate market and luxury consumption decline [7][10]. - The company has begun to adapt its operational logic by no longer distinguishing between "high-end" and "mid-range" shopping centers, indicating a more flexible approach to market demands [8][10]. - Recent operational data shows a 15% increase in total tenant sales for mainland properties during the National Day holiday, with significant sales growth in key locations [8][9]. Group 3: Market Challenges - Hang Lung's rental income from mainland properties fell by 2% to HKD 31.99 billion in the first half of 2025, with flagship projects experiencing a decline in occupancy rates [8][9]. - The office market remains under pressure, with a 5% drop in income from mainland office buildings in the first half of the year [10]. - The company faces challenges in balancing the introduction of new retail concepts while maintaining its high-end positioning to avoid losing its existing customer base [10][13]. Group 4: Future Outlook - The selection of Lu Weibao's successor will be closely watched, as the new CEO's ability to uphold strategic consensus and navigate multiple challenges will be crucial for the company's transformation [14]. - The core value of prime commercial locations remains a significant asset, supported by favorable policies and consumer potential in new first-tier cities [13][14]. - The successful execution of the "V.3" strategy and the management transition will be pivotal for restoring investor confidence and achieving sustainable growth [13][14].

Core Viewpoint - The announcement of CEO Lu Weibao's retirement by Hang Lung Group and Hang Lung Properties marks a significant transition as the company enters a new management era led by Chen Wenbo, amidst ongoing challenges in the real estate sector and a strategic shift towards optimizing existing assets [2][5]. Group 1: Management Transition - Lu Weibao will retire by August 31, 2026, and will continue to provide advisory support to the group [2]. - The transition follows the retirement of former chairman Chen Qizong in 2024, indicating a shift to a third-generation management team centered around Chen Wenbo [5]. - Chen Wenbo, who has been rapidly implementing the "Hang Lung V.3" strategy, is expected to lead the company through its transformation from "heavy asset expansion" to "asset optimization" [5][9]. Group 2: Financial Performance and Market Challenges - Hang Lung Properties reported a 2% decline in rental income from mainland properties to HKD 31.99 billion for the first half of 2025, with flagship project Shanghai Hang Lung Plaza's occupancy rate dropping from 100% to 98% [8]. - The company's stock price has halved from over HKD 18 in 2019 to around HKD 8, reflecting significant market pressure [5][8]. - The retail sector has faced compounded challenges since 2021, with a notable decline in luxury consumption impacting the company's performance [8]. Group 3: Strategic Shifts - The company has announced a strategic shift, no longer distinguishing between "high-end" and "mid-range" shopping centers, indicating a more flexible approach to market demands [8]. - Chen Wenbo's leadership has seen the acquisition of long-term rental projects in key cities, expanding retail space while focusing on existing assets rather than new city expansions [9][10]. - The V.3 strategy aims to leverage core business districts' value while addressing the need for renovation and modernization of older properties [10][13]. Group 4: Future Outlook and Challenges - The new management team faces challenges including uncertain retail growth and a competitive office market, with a 5% decline in office income reported for the first half of 2025 [9][10]. - The transition to a light-asset model will require significant investment in property renovations, posing risks related to cost overruns and project timelines [10]. - The ability of the new CEO to maintain strategic continuity and effectively respond to market dynamics will be crucial for the company's transformation and investor confidence [12][14].

Company Dynamics - Hang Lung Properties announced a collaboration with Wuxi Liangxi Urban Development Company to acquire the operating rights of a landmark commercial project adjacent to Wuxi Hang Lung Plaza through a long-term lease [1] - This project marks another significant advancement under the "Hang Lung V.3" strategy, which focuses on core cities, high capital efficiency, and selective reinvestment in existing projects [1] Strategic Insights - The expansion into Wuxi aligns with the company's strategy to consolidate its market position with relatively low investment in a competitive landscape [1] - The company has announced light-asset expansions or upgrades in four projects: Kunming, Shanghai, Hangzhou, and Wuxi, which are expected to enhance retail space and improve customer experience [1] Performance Expectations - Wuxi Hang Lung Plaza has shown strong performance since its opening in 2013, with a successful transition to luxury retail since 2019, leading to significant growth in retail sales and rental income [2] - The new project is expected to increase the retail area of Wuxi Hang Lung Plaza by 38% (or 47,000 square meters) and introduce over 80 new brands, further strengthening its competitive advantage in dining, fashion, and lifestyle experiences [2] Financial Projections - The company maintains its profit forecasts and continues to rate the stock as outperforming the industry, with a target price of HKD 9.46 per share, corresponding to a 15x core P/E for 2025 and a 5.5% dividend yield [2] - The stock is currently trading at a 14.5x core P/E for 2025 and a 5.8% dividend yield [3]

Group 1 - The core viewpoint of the article is that Hang Lung Properties has made significant progress in its V.3 strategy by partnering with Wuxi Liangxi Urban Development Company to secure the operating rights of a landmark commercial project adjacent to Wuxi Hang Lung Plaza [1] - The V.3 strategy, officially launched in September, focuses on core cities with high capital efficiency, selective reinvestment in existing projects, and expansion through partnerships [1] - The report indicates that in a relatively clear competitive landscape in core cities, consolidating market position with lower investment is a preferable strategic choice [1] Group 2 - Despite an annual increase in the fourth quarter, the company expects retail sales in mainland malls for October and November to continue the momentum from the third quarter, projecting a 10% year-on-year growth in retail sales for the third quarter [1] - Recent highlights from key projects include successful events at Shanghai Hang Lung Plaza, such as the Home-to-Luxury store celebration and the reopening of the Chanel store on the first floor [1] - The firm maintains its earnings forecast and valuation unchanged, with a rating of "outperforming the industry" and a target price of HKD 9.46 [1]

Core Viewpoint - CICC maintains a "outperform" rating and profit forecast for Hang Lung Properties (00101), with a target price of HKD 9.46 per share, corresponding to a 15x core P/E for 2025, a 5.5% dividend yield, and a 5% upside potential [1] Group 1: Retail Performance - The retail performance of mainland shopping malls is expected to improve, with a projected 10% year-on-year increase in retail sales for Q3 2025, following a trend of quarterly improvement throughout the year [2] - Contributing factors include a low base from the previous year (Q3 2024 retail sales down 18%), effective marketing strategies, and an expected 9% increase in foot traffic during July-August [2] - During the National Day holiday, retail sales increased by 15% year-on-year, with notable growth in Wuhan and Shanghai [2] Group 2: Strategic Initiatives - The company has launched the "Hang Lung V.3" strategy, focusing on reinvestment in existing projects and exploring potential opportunities in surrounding areas [3] - Specific initiatives include the expansion of Shanghai Hang Lung Plaza, which is expected to increase rental space by 30%, and the transformation of Shanghai Port Exchange into a five-star hotel [3] Group 3: Performance of Key Malls - Shanghai Hang Lung Plaza is expected to maintain its leading position in the luxury market, with new openings of high-end brands anticipated to further boost retail sales [4] - Shanghai Port Exchange is focusing on luxury brand expansion and optimizing its mix of sports, outdoor, and dining brands, with a projected 31% year-on-year increase in retail sales for Q3 2025 [4] - Wuxi Hang Lung Plaza has shown continuous growth since introducing luxury brands, with over 180 new brands expected to be signed in 2024-2025, including more than 70 first stores in Jiangsu or Wuxi [4]

Company Overview - Recent management roadshow and site visits conducted by the company revealed a strengthening trend in retail performance for its mainland shopping malls, with a projected 10% year-on-year increase in retail sales for Q3 2025, following a gradual improvement throughout the year [1] - The company attributes this improvement to a low base from the previous year, effective marketing strategies, and an increase in foot traffic, which is expected to rise by 9% in July and August [1] Strategic Initiatives - The company has launched the "Henglong V.3" strategy to reinforce its market position in core cities, focusing on reinvestment in existing projects and exploring potential opportunities in surrounding areas [2] - Specific initiatives under this strategy include a 30% increase in leasable area at Shanghai Henglong Plaza, the transformation of Shanghai Port Exchange Henglong into a five-star hotel, and a 40% increase in retail space through long-term leasing cooperation in Hangzhou [2] Performance Insights - Key shopping malls in East China are performing well, with Shanghai Henglong Plaza expected to maintain its leading position in the luxury market, bolstered by the opening of high-end brands [2] - Shanghai Port Exchange Henglong is optimizing its brand mix, with a projected 31% year-on-year increase in retail sales for Q3 2025 [2] - Wuxi Henglong Plaza has seen continuous growth since introducing luxury brands in 2019, with over 180 new brand signings expected between 2024 and 2025, including more than 70 first stores in Jiangsu or Wuxi [2] Financial Projections - The company maintains an outperform rating and unchanged profit forecasts, with a target price of HKD 9.46 per share, reflecting a 15x core P/E for 2025 and a 5.5% dividend yield [2] - Current trading is at 14.6x core P/E for 2025, with a 5.8% dividend yield, suggesting continued attention to year-on-year retail performance and the progress of new openings [3]