近日，中山海雅缤纷天地官宣2025年第四季度开业。海雅缤纷天地商业面积约60万㎡，涵盖海雅缤纷天地购物中心、蘭桂坊缤纷里、海雅HCC商务中 心、国际星级酒店、全国首家超2万㎡综合性室内运动馆、高端公寓，是迄今为止中山最大体量的商业综合体项目。项目以湾区一站式轻度假奥特莱斯新 模式，实现"奥莱购物中心化"定位新升级和战略深度转型。 目前，项目外立面装修已基本完成，部分区域进行收尾工作，目前整体工程建设进度超95%；整体招商进度已超80%，其中众多为中山地区首店，包括中 影南方国际巨幕影城、鹏泰超市、爱潮尚KTV、广美力健游泳健身，兰蔻、ICICLE、歌力思、赢家、马天奴，FILA奥莱精品店、ANTA奥莱综合店、 SKECHERS奥莱A级店、名创优品全球一号店、悦空之城等知名品牌。 3.杭州恒隆广场预计2026年年底开业，杭州百大扩建部分预计2029年成型 1.大连港湾奥特莱斯"银悦公园 MUSIC PARK"正式亮相 7月27日，大连港湾奥特莱斯"银悦公园 MUSIC PARK"正式亮相。该项目位于西岗区香炉礁商贸园区，于2014年开业，商业面积10.8万平方米，是大连首 个奥莱项目。 此次升级将北广场打造为银 ...

Core Viewpoint - The company reported a 19% year-on-year decline in revenue for 1H25, amounting to HKD 4.97 billion, with a 3% decrease in property leasing income. The basic net profit attributable to shareholders was HKD 1.59 billion, down 9% year-on-year, aligning with expectations [1][2]. Financial Performance - The company declared an interim dividend of HKD 0.12 per share, unchanged from the previous year [1]. - The net debt ratio stood at 33.5%, remaining stable compared to the end of the previous year. Total financial expenses decreased by 7%, with the average borrowing interest rate declining by 0.4 percentage points to 3.9% [2]. Operational Trends - The sales performance of mainland shopping centers showed a significant improvement, with quarterly sales declines reducing from 18% to 1% over four quarters. The rental income from mainland shopping centers remained stable year-on-year, accounting for 56% of total rental income [1]. - The company anticipates continued improvement in sales and rental income for mainland shopping centers, supported by a stable consumer environment and operational adjustments [2]. Future Developments - New projects, such as Hangzhou Henglong Plaza, are progressing as planned, with expectations for office buildings to be completed gradually starting in the second half of 2025 and shopping centers to open in the first half of 2026 [2]. - The company aims to maintain prudent financial discipline and stable shareholder returns, with capital expenditures expected to decline after reaching a peak this year [2]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025-26 and has raised its target price by 11% to HKD 8.9 per share, reflecting an anticipated improvement in mainland shopping center operations and robust financial management [2].

Core Viewpoint - The company demonstrated resilience in its business model despite ongoing market pressures, with a gradual stabilization in property performance [2][3] Financial Performance - For the first half of 2025, the company's revenue was HKD 4.968 billion, a decrease of 19% year-on-year, primarily due to a significant drop in property sales revenue, which fell by 87% to HKD 0.161 billion [3][4] - Overall operating profit decreased by 5% to HKD 3.255 billion [3] - Core property rental income was HKD 4.678 billion, down 3% year-on-year, with a more modest decline compared to the full year of 2024 [4] Property Performance - The rental income from mainland properties was HKD 3.19 billion, a 2% decrease, while rental income from Hong Kong properties was HKD 1.488 billion, down 4% [4] - Shanghai Hang Lung Plaza maintained a rental income of RMB 0.822 billion with a 98% occupancy rate, while Shanghai Port Exchange Hang Lung Plaza saw a slight increase in rental income of 1% year-on-year [4] - Some properties in cities like Wuhan and Shenyang experienced significant revenue declines of 36% and 37% respectively due to local market competition and positioning issues [4][5] Profitability and Debt - The company recorded a net profit attributable to shareholders of HKD 1.587 billion, a 9% decline year-on-year, with basic earnings per share at HKD 0.33 [5] - The net debt-to-equity ratio stood at 33.5%, with expectations for a peak in capital expenditure post-2025 [5] Strategic Developments - The company is focusing on strategic investments in projects such as the second phase of Wuxi Hang Lung Plaza and the Hangzhou Hang Lung Plaza, which is nearing completion [6] - The Hangzhou project is expected to open in mid-2026 with a pre-leasing rate of 81% [6] - A new lease agreement for additional retail space in Hangzhou is anticipated to enhance the project's scale by 40% [7][8]

业绩持续承压，恒隆集团（00010.HK）尝试加码内地核心城市以对冲业绩波动。 7月30日，恒隆集团披露2025年中期业绩。报告期内，恒隆总收入同比下降18%至52.02亿港元。其中，物业销售收入同比锐减87%至1.61亿港元，拖累整 体表现；租赁业务相对稳健，收入下降3%至49.12亿港元，占比进一步提升至94%。 尽管上半年业绩出现负增长，恒隆反而表现出进取之姿。 7月，恒隆拟承租百大集团（600865.SH）位于杭州核心商圈武林商圈的杭州百货大楼南、北楼物业，租期20年，总租金约33.36亿元。该物业现为武林银 泰百货B、C区，与将于今年下半年起分阶段落成的杭州恒隆广场仅一路之隔。 交易完成后，恒隆在武林商圈的商业体量将扩大40%，"该扩容将增强杭州恒隆广场的可达性和可见度，为公司带来更具持续性的长期回报。"恒隆称。 "我们希望传递一个不同的信号——'稳中求进'。"恒隆集团及恒隆地产行政总裁卢韦柏说，最坏的时候已经过去了。 半年卖出20个单位，进账1.61亿港元 "总体而言，今年上半年无论是内地还是香港，股市表现活跃，楼市也趋于稳定。尽管尚难断言是否已触底，但市场情绪已有所企稳。在此背景下，消费 者的购 ...

该行指出，恒隆地产上半年的内地零售收入胜于预期，主要是受到租金回升和租户销售良好所带动。该 行预期恒隆地产盈利在今年下半年至2027年恢复增加，因考虑到下半年零售租金收入或增长约5%;杭州 恒隆广场(Westlake66)的写字楼及零售部分将分别于今年下半年及明年上半年启用;而且平均利率下降。 随着资本支出高峰已过，认为集团能够维持每年稳定的股息，并预计其可能在明年发布中期业绩时，停 止目前的以股代息安排。 智通财经APP获悉，花旗发布研报称，由于预期恒隆地产(00101)的利息支出资本化减少及内地写字楼市 场受压，将今年的核心盈利预测下调2.8%至29.35亿元，不过，由于零售租金前景改善及新项目启用， 升2026及27年的核心盈测1.1%和5.6%，分别至29.67亿及32.35亿元。该行维持集团"买入"评级，目标价 由7.05港元上调至8.65港元。 ...

财务管控稳健，利息成本下降 截至2025年中期，公司净负债率为33.5%，与去年年底基本持平。总财务费用同比下降7%，平均借贷利 息环比下降0.4个百分点至3.9%，主要由HIBOR变动及债务结构优化(人民币贷款比例增加)所支持。 智通财经APP获悉，中金发布研报称，维持恒隆地产(00101)2025-26年盈利预测不变。维持跑赢行业评 级，上调目标价11%至8.9港元/股，对应14.5倍目标2025年核心P/E、5.8%目标2025年股息收益率和12% 上行空间，主要考虑内地购物中心经营改善、且公司财务管控稳健。公司交易于12.9倍2025年核心P/E 和6.5% 2025年股息收益率。 中金主要观点如下： 1H25业绩符合该行预期 公司公布1H25业绩：收入49.7亿港元，同比下降19%，其中物业租赁收入同比下降3%;股东应占基本纯 利15.9亿港元，同比下降9%，对应每股盈利0.33港元，符合预期;其中物业租赁对应股东应占基本纯利 为16.5亿港元，同比下降6%。公司宣派中期股息0.12港元/股，如期同比持平。 内地商场经营趋势明显扭转，其余租赁物业维持相对平稳 公司旗下10家内地购物中心销售额在3Q2 ...

中金发布研报称，维持恒隆地产(00101)2025-26年盈利预测不变。维持跑赢行业评级，上调目标价11% 至8.9港元/股，对应14.5倍目标2025年核心P/E、5.8%目标2025年股息收益率和12%上行空间，主要考虑 内地购物中心经营改善、且公司财务管控稳健。公司交易于12.9倍2025年核心P/E和6.5%2025年股息收 益率。 中金主要观点如下： 1H25业绩符合该行预期 公司公布1H25业绩：收入49.7亿港元，同比下降19%，其中物业租赁收入同比下降3%;股东应占基本纯 利15.9亿港元，同比下降9%，对应每股盈利0.33港元，符合预期;其中物业租赁对应股东应占基本纯利 为16.5亿港元，同比下降6%。公司宣派中期股息0.12港元/股，如期同比持平。 内地商场经营趋势明显扭转，其余租赁物业维持相对平稳 公司旗下10家内地购物中心销售额在3Q24-2Q25四个季度分别同比下跌18%、11%、7%、1%，经营压 力按季度明显缓解、带动租金收入企稳，1H25内地商场人民币口径租金收入与去年相比基本持平(该组 合占公司总租金收入的56%)。该行认为变化背后的原因包括内地整体消费环境稳中向好、出境消费 ...

Core Viewpoint - Citigroup's research report indicates that Hang Lung Properties' retail revenue in mainland China exceeded expectations in the first half of the year, driven by a recovery in rental income and strong tenant sales [1] Group 1: Financial Performance - The company is expected to see profit recovery in the second half of this year through 2027, with retail rental income projected to grow by approximately 5% in the second half [1] - Core profit forecast for this year has been revised down by 2.8% to HKD 29.35 billion due to reduced interest expense capitalization and pressure in the mainland office market [1] - Core profit estimates for 2026 and 2027 have been increased by 1.1% and 5.6%, respectively, to HKD 29.67 billion and HKD 32.35 billion [1] Group 2: Strategic Developments - The Westlake 66 office and retail components in Hangzhou are set to open in the second half of this year and the first half of next year, respectively [1] - The peak of capital expenditure has passed, allowing the company to maintain stable annual dividends and potentially end the current scrip dividend arrangement during the mid-term results announcement next year [1] Group 3: Investment Rating - Citigroup maintains a "Buy" rating for Hang Lung Properties, with the target price raised from HKD 7.05 to HKD 8.65 [1]

7月30日，恒隆地产有限公司(以下简称"恒隆地产")公布2025年中期业绩。根据公告，受物业销售收入 锐减87%影响，恒隆地产上半年总收入同比下降19%至49.68亿港元。不过，物业租赁仍是业绩压舱石， 期内实现总租赁收入46.78亿港元，仅下滑3%。其中，内地及香港的零售物业租出率分别维持在94%和 93%的高位。盈利方面，恒隆地产上半年实现15.87亿港元的股东应占基本纯利，同比下滑9%。 酒店业务方面，得益于新酒店开业与旅游复苏，恒隆地产相应的收入同比大增84%至1.29亿港元，尽管 占比仍小，但仍释放了积极信号。 作为恒隆地产目前最受关注的扩展项目，杭州恒隆广场有望成为公司"下一个增长引擎"。据公司管理层 透露，该项目首期商场预计于2026年年中开幕，目前预租率已达到81%。与此同时，恒隆地产与百大集 团（600865）股份有限公司签署20年租赁协议，租用杭州百货大楼南北楼共计4.2万平方米商业面积， 将使项目零售体量扩大约40%。 "这不仅仅是增加空间，更是大幅拉升外立面的曝光与可达性，整个商场的氛围会发生质变。"卢韦柏表 示，该交易将从城市主干道层面增强项目的吸引力，对未来租金收益也将产生积极影响 ...

Core Viewpoint - Hang Lung Group demonstrates a resilient business model amidst a challenging macroeconomic environment, despite a significant decline in revenue for the first half of 2025 [1][2]. Financial Performance - Total revenue for Hang Lung Group and Hang Lung Properties decreased by 18% and 19% to HKD 5.202 billion and HKD 4.968 billion, respectively, with mainland China contributing HKD 3.502 billion and Hong Kong contributing HKD 1.7 billion [1][2]. - Property sales revenue plummeted by 87% to HKD 161 million, while core leasing income showed relative stability, with rental income and operating profit down by 3% and 4% to HKD 4.912 billion and HKD 3.499 billion, respectively [2]. - Shareholders' net profit for Hang Lung Group fell by 7% to HKD 1.191 billion, and for Hang Lung Properties, it decreased by 9% to HKD 1.587 billion [2][3]. Debt and Financial Strategy - As of the reporting date, total borrowings amounted to HKD 55.972 billion, with 42% denominated in RMB as a natural hedge against mainland investments [3]. - Fixed-rate debt accounted for 42% of total debt, including bonds and fixed-rate bank loans [3]. Market Adaptation and Strategy - The company is adjusting its mall brand mix to adapt to changing retail market conditions and consumer habits, eliminating the categorization of malls into "high-end" and "sub-high-end" [3]. - In Hong Kong, the company is implementing measures such as offering fully furnished or partitioned office space solutions to meet tenant demands [3]. Future Outlook and Expansion - The company is optimistic about achieving "micro-growth" in 2025, although the performance in the second half of the year will be crucial [4][5]. - Hang Lung is intensifying its market presence in mainland China, with a significant 20-year operating lease signed for the Hangzhou department store, which will increase retail space by 40% [6][7]. - Upcoming projects include the Hangzhou Hang Lung Plaza, which is expected to enhance revenue and returns significantly, with a current pre-leasing rate of approximately 81% [7][8]. Challenges and Market Conditions - The overall office market remains challenging, with rising vacancy rates and declining rents due to insufficient demand for premium office spaces [2]. - The uncertain market environment poses challenges for upcoming projects, particularly if economic pressures continue to affect high-end consumer markets [8].