河南省坐拥殷墟、龙门石窟、少林寺等世界级文旅资源，在《黄河古都群世界级旅游目的地建设规划》 等政策赋能下，2025年国庆中秋假期，全省接待游客8136.3万人次，旅游收入539.1亿元。郑州地处中华 腹地，是华夏文明发祥地之一，同时也是全国综合性交通枢纽。郑州2025年文旅产业持续升温，前三季 度，全市接待国内游客1.41亿人次，同比增长6.7%；旅游收入1780.3亿元，同比增长7.6%。 核心文旅项目如"只有河南·戏剧幻城""嵩山少林全域文旅集群"等表现亮眼，城市旅游影响力显著提 升。据悉，只有河南·戏剧幻城 2021年6月6日开城纳客，以沉浸式戏剧艺术为手法，以独特的"幻城"建 筑为载体，用全新的观演模式，讲述关于"土地、粮食、传承"的故事。2021年6月至2025年12月底，景 区累计接待超5800万观剧人次，85%为85后游客、80%为省外游客，全年接待超60国国外游客。 1月8日，希尔顿集团迎来在华发展的"千店"里程碑，旗下第1000家运营酒店——郑州航空港 希尔顿逸林酒店正式开业，进一步完善区域高端商旅配套，推动当地 "交通+会展+文旅" 融 合发展。集团预计在未来几年内实现在华酒店规模翻番。 ...

Core Insights - The signing of the third phase of the Wuxi Henglong Plaza project on December 9, 2025, marks the beginning of a super commercial cluster exceeding 600,000 square meters, focusing on revitalizing the city center and enhancing the commercial competitiveness of the Liangxi District [2][19] - Henglong Group's strategy "Henglong V.3" is being implemented in the Yangtze River Delta, aiming to address urban renewal challenges and reshape the Zhongshan Road core business circle [2][19] Group 1 - Wuxi Henglong Plaza has become a leading commercial entity outside Shanghai since its opening in 2013, contributing significantly to Henglong Group's revenue growth [4][21] - The project is strategically located at the intersection of Zhongshan Road and Renmin Middle Road, with direct access to subway lines, enhancing its market position [6][23] - The first and second phases of the project have successfully attracted over 250 global high-end brands, with many being first-time entrants to Wuxi and Jiangsu [6][25] Group 2 - The third phase will introduce over 80 new brands, expanding the retail space by approximately 47,000 square meters, increasing the total retail area by 38% to about 169,000 square meters [9][27] - Henglong's strategy focuses on experience-based retail and community connection, aiming to create a new urban lifestyle space for young consumers [10][27] - The project will enhance the overall value and appeal of Wuxi Henglong Plaza, reinforcing its status as a top commercial landmark in the region [16][33] Group 3 - The "Henglong V.3" strategy emphasizes asset optimization and aims to deepen existing market presence while enhancing customer experience [14][31] - The project is expected to complement the existing commercial landscape, fostering a collaborative business environment in the Zhongshan Road area [30][31] - Initiatives such as tax refund services and foreign currency payment options will enhance Wuxi's attractiveness as an international consumption center [31][33]

Financial Performance - The total revenue of Hang Lung Group and Hang Lung Properties decreased by 18% and 19% to HKD 5.202 billion and HKD 4.968 billion, primarily due to a reduction in property sales revenue [1][7] - Core property leasing income remained stable, only declining by 3%, with overall rental rates for mainland shopping malls maintaining a high level of 94% [1][7] - Shareholders' basic net profit for Hang Lung Group and Hang Lung Properties fell by 7% and 9% to HKD 1.191 billion and HKD 1.587 billion, mainly due to rising financial costs [1][8] Strategic Developments - A 20-year operating lease agreement was signed with Baida Group for the south and north buildings of Hangzhou Department Store, potentially adding approximately 42,000 square meters of retail space, a 40% increase [2] - The Hangzhou Hang Lung Plaza is set to open in phases starting in the second half of 2025, with a current pre-leasing rate of about 77% [5] - The second phase of the Wuxi Hang Lung Plaza development is also scheduled to open in phases starting in the second half of 2025 [4] - The third phase expansion of Shanghai Hang Lung Plaza was successfully topped off in June this year, with an expected opening in the second half of 2026 [6] Sustainability Initiatives - 80% of the operational properties in mainland China are now powered by renewable energy, a significant increase from 50% last year, exceeding the 2025 target of 25% [7][10] - The company has committed to achieving net-zero emissions by 2050, demonstrating its leadership in sustainable development within the real estate industry [10] Dividend Announcements - The board of Hang Lung Group announced an interim dividend of HKD 0.21 per share, to be distributed on September 24, 2025 [8] - Hang Lung Properties also announced an interim dividend of HKD 0.12 per share, with a cash or scrip option for shareholders [9] Market Position and Strategy - The company has shown resilience in its business model despite market pressures, with a gradual recovery in property performance [9] - The diversified property portfolio in Hong Kong includes prime office buildings and luxury residential projects, while the mainland projects are recognized as quality commercial landmarks [10]