1月30日，恒隆集团有限公司（恒隆集团，00010.HK）和恒隆地产有限公司（恒隆地产， 00101.HK）发布2025年全年业绩。 据恒隆地产披露，2025年分季度来看，内地租户销售额表现同比均呈上涨的趋势。"2024 年第四季 度零售是下跌11%，"卢韦柏表示，"2025年第一季度恢复，第二季度基本追平，第三季度恢复正常，第 四季度增长约18%。" 财务数据显示，报告期内恒隆集团总收入约104.14亿港元，同比减少11%；股东应占基本净利润约 24.07亿港元，同比增长3%；股东应占净利润约13.7亿港元，同比减少15%。恒隆地产总收入约99.5亿港 元，同比减少11%；股东应占基本净利润约32.02亿港元，同比增长3%；股东应占净利润约18.06亿港 元，同比减少16%。 在内地物业租赁组合中，零售商业是核心，实现收入约48.71亿元，同比微增1%，扭转了2024年的 下跌趋势；截至2025年底，整体出租率因租户优化调整提升2个百分点，达到96%。 报告显示，位于上海的恒隆广场、港汇恒隆广场仍是收入支柱，年内分别实现租赁收入16.61亿 元、11.97亿元，同比分别增长1%、2%。此外，无锡恒隆广场、大 ...

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 ...

位于上海的恒隆广场、港汇恒隆广场仍是收入支柱，年内分别实现租赁收入16.61亿元、11.97亿元，同 比分别增长1%、2%。此外，无锡恒隆广场、大连恒隆广场亦分别实现10%以上的收入涨幅，租金收入 分别为5.02亿元、3.31亿元。 内地消费见底修复，零售商场率先感知到暖意。1月30日，恒隆地产（00101.HK）披露了2025年业绩， 报告期内，实现营收99.5亿港元，同比下降11%；股东应占基本纯利为港币32.02亿港元，同比增长 3%。 具体来看，恒隆地产全年收入下滑是受物业销售收入贡献减少的影响，而作为核心收入来源的物业租赁 业务，在2025年实现收入93.89亿港元，同比下降1%。其中，内地物业租赁收入实现64.14亿港元，同比 下降1%，按人民币计则实现58.78亿元，同比持平。 在内地物业租赁组合中，零售商业是核心，实现收入约48.71亿元，同比微增1%，扭转了2024年的下跌 趋势；截至2025年底，整体出租率因租户优化调整提升2个百分点，达到96%。 | | | 收入 | | | --- | --- | --- | --- | | | | (人民幣百萬元) | | | | 2025 | 20 ...

Core Viewpoint - Morgan Stanley has raised the target price for Hang Lung Properties (00101) from HKD 9 to HKD 10.5 due to improved fundamentals and a narrowing NAV discount from 60% to 50%, maintaining an "Overweight" rating [1] Group 1: Financial Performance - The mainland retail business of the group has started to improve, with tenant sales in Shanghai's Grand Gateway 66 and Plaza 66 increasing by 31% and 8% year-on-year in Q3, compared to a 10% increase and an 8% decline in the first half of the year [1] - During the first four days of the National Day Golden Week, overall tenant sales in mainland malls increased by 15% year-on-year, with Wuhan's Heartland 66 and Shanghai's Grand Gateway 66 recording over 70% and 50% year-on-year increases, respectively [1] Group 2: Earnings Forecast - The bank has lowered its earnings per share forecasts for 2026 and 2027 to HKD 0.62 and HKD 0.68, respectively, from previous estimates of HKD 0.65 and HKD 0.69, due to expectations of a slower recovery in EBIT margins from now until 2027 [1] Group 3: Catalysts for Growth - The luxury goods group LVMH has indicated improvements in its mainland business in Q3, and the upcoming opening of the Hang Lung Plaza in Hangzhou, which has already pre-leased 83% of its retail space and 27% of its office space, is expected to be a significant growth catalyst, contributing notably by 2027 [1]

Core Viewpoint - Morgan Stanley raised the target price for Hang Lung Properties from HKD 9 to HKD 10.5 due to improved fundamentals and a narrowing NAV discount from 60% to 50, maintaining an "Overweight" rating [1] Group 1: Retail Performance - The mainland retail business of the group is showing signs of recovery, with tenant sales in Shanghai's Plaza 66 and Hang Lung Plaza increasing by 31% and 8% year-on-year in Q3, compared to 10% growth and an 8% decline in the first half [1] - During the National Day Golden Week, overall tenant sales in mainland malls grew by 15% year-on-year in the first four days, with Wuhan Hang Lung Plaza and Shanghai Plaza 66 recording year-on-year increases of over 70% and 50%, respectively [1] Group 2: Key Catalysts - The luxury goods group LVMH indicated an improvement in mainland operations in Q3, alongside the establishment of a gold shop at Plaza 66 and the opening of Hang Lung Plaza in Hangzhou, which are seen as key catalysts [1] - Hang Lung Plaza in Hangzhou has already pre-leased 83% of its retail space and 27% of its office space, expected to contribute significantly by 2027 [1]

Core Viewpoint - UBS reports that Hang Lung Properties' management revealed a 10% year-on-year growth in tenant sales in mainland China for Q3, reversing the declines of -7% in Q1 and -1% in Q2 [1] Group 1: Sales Performance - Q3 tenant sales in Shanghai Hang Lung Plaza and Port 88 increased by 8% and 31% year-on-year, respectively, showing improvement compared to the first half of the year [1] - Overall tenant sales in mainland China for Q3 remain 10% lower compared to 2023, but have improved from a 16% decline in the first half of the year [1] Group 2: Golden Week Performance - The sales growth trend continued into the National Day Golden Week, with a 15% year-on-year increase in tenant sales during the first four days and a 3% increase in foot traffic [1] - The overall sales growth is primarily driven by domestic champion brands, while traditional luxury brand tenant sales recorded slight growth from July to August [1] Group 3: Future Expectations - With the anticipated openings of the Old Shop Golden and Chanel flagship stores at the end of October and November, respectively, tenant sales growth at Shanghai Hang Lung Plaza is expected to accelerate further [1] - UBS expects the stock price to respond positively to the strong sales performance and maintains a "Buy" rating for Hang Lung Properties with a target price of HKD 9.6 [1]

Core Viewpoint - Hang Lung Group is facing ongoing performance pressure but is actively expanding its presence in key mainland cities to mitigate revenue fluctuations [1][3]. Financial Performance - For the first half of 2025, Hang Lung reported total revenue of HKD 5.202 billion, a year-on-year decline of 18% [3]. - Property sales revenue plummeted by 87% to HKD 161 million, significantly impacting overall performance [3]. - Rental income decreased by 3% to HKD 4.912 billion, now accounting for 94% of total revenue [1][3]. - The overall operating profit fell by 6% to HKD 3.408 billion, with net profit attributable to shareholders at HKD 1.191 billion, affected by reduced rental profits and increased financial costs [3]. Strategic Initiatives - In July, Hang Lung announced plans to lease two properties in the core Wulin business district of Hangzhou for 20 years, with a total rental of approximately HKD 3.336 billion [1]. - This expansion is expected to increase Hang Lung's commercial footprint in the Wulin area by 40%, enhancing visibility and accessibility for Hangzhou Hang Lung Plaza [1][7]. Market Outlook - The company anticipates a slight recovery in retail business in the second half of the year, driven by improved market sentiment and consumer confidence [4]. - Hang Lung's ongoing projects in Shanghai and Hangzhou are crucial for its growth strategy, with Shanghai remaining the most significant market for the company [5][9]. Development Projects - Hang Lung is developing a high-end commercial complex in Hangzhou, which includes a shopping mall, office buildings, and a hotel, set to open in phases starting in the second half of 2025 [5][7]. - The company has ongoing construction projects valued at HKD 26.137 billion in rental assets and HKD 8.118 billion in saleable assets, primarily in mainland cities [9].

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].

Core Viewpoint - Hang Lung Properties reported a 19% year-on-year decline in total revenue for the first half of 2025, amounting to HKD 4.968 billion, with core rental income also showing a downward trend [2] Group 1: Revenue Performance - The rental income from properties decreased by 3% year-on-year, totaling HKD 4.678 billion, with mainland property rental income down by 2% to HKD 3.19 billion [2] - The overall performance of the mainland shopping mall portfolio remained stable, generating RMB 2.412 billion in revenue, with a notable 8% decline in tenant sales attributed to cautious high-end consumer spending [2][3] - Shanghai Hang Lung Plaza led the revenue among malls with RMB 0.822 billion, maintaining a high occupancy rate of 98% [2] Group 2: Challenges and Strategies - The rental income from smaller projects in Tianjin, Wuhan, and Shenyang saw significant declines, with the largest drop exceeding 35% [3] - The office properties faced pressure, with overall income down 5% to RMB 0.528 billion, primarily due to decreased occupancy rates and rental adjustments [3] - The CEO expressed confidence in achieving slight rental income growth in the latter half of the year, despite the current downward trend [3] Group 3: Future Developments - The construction of Hangzhou Hang Lung Plaza, acquired for over RMB 10 billion in 2018, is nearing completion, with the mall expected to open in mid-2026 and a pre-leasing rate of 81% [4] - The company plans to expand by leasing additional properties in Hangzhou, which will increase the project size by 40% and enhance the shopping experience [5]