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 ...

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].

作为恒隆地产核心业务的物业租赁收入仍呈现下降的趋势。报告期内，恒隆地产共实现收入港币46.78 亿元，同比下降3%；其中，内地物业组合租赁收入按港币计值下跌2%，实现港币31.9亿元，同比下降 约2%。 7月30日，港资开发商恒隆地产（00101.HK）发布的2025年中期业绩显示，上半年实现总收入港币49.68 亿元，同比仍下降19%。 值得一提的是，恒隆地产董事长陈文博在2025年初设定了一个业绩目标，即全年的租赁收入增长个位 数。恒隆在上半年的租赁收入整体还是呈下跌的趋势，这也意味着所有的压力都压在了今年下半年。对 实现收入的"微增长"，卢伟柏表示有信心在第三、第四季度实现。 今年6月末，与上海恒隆广场距离仅1公里的兴业太古汇，落地了奢侈品牌路易威登的全新概念地标、全 球首个"路易号"，吸引了大批客流。对此，卢韦柏表示，目前零售项目的"体验"很重要，现在的顾客到 商场除了购物外，还会想要打卡、期待能有更多的体验，所以也会学习这种方式，在商场的每一个角落 为消费者提供更多体验。 目前备受关注的莫过于正在建设中的杭州恒隆广场。这一项目是恒隆在2018年时以超百亿总价拿下，历 经约7年的建设，终于进入尾声。卢 ...