Core Viewpoint - China Jinmao (00817) reported a year-on-year increase of 13.56% in signed sales amount for January 2026, totaling RMB 7.603 billion [1] Group 1: Sales Performance - The company and its subsidiaries achieved a signed sales amount of RMB 76.03 billion in January 2026, which includes various projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City [1] - The signed sales area for the month was 336,600 square meters [1] Group 2: Future Sales - As of January 31, 2026, the company recorded a subscribed (but not yet signed) property sales amount of RMB 604 million [1]

Core Viewpoint - CICC reports that Hang Lung Properties (00101) announced its performance for the previous year, with revenue of 9.95 billion, a year-on-year decrease of 11.5%, primarily affected by fluctuations in property sales [1] Group 1: Financial Performance - Revenue decreased to 9.95 billion, down 11.5% year-on-year, mainly due to property sales volatility [1] - Rental business revenue fell by 1% year-on-year [1] - Shareholders' net profit attributable increased to 3.2 billion, a year-on-year growth of 3.5%, slightly above market expectations, driven by reduced losses in property sales and a narrower decline in rental income [1] Group 2: Dividends and Market Expectations - Final dividend declared at 0.40 HKD (total annual dividend of 0.52 HKD), corresponding to a dividend yield of 5.5%, in line with market expectations [1] - CICC maintains an "outperform" rating and raises the target price by 12% to 11.6 HKD [1] Group 3: Market Outlook - In January, the retail sales in mainland China remained largely flat year-on-year [1] - Management anticipates a stable and moderate recovery in luxury goods, while non-luxury and dining experiences are expected to continue their positive momentum, projecting single-digit growth in retail sales for the company's mainland shopping malls [1] - Based on adjustments to property sales settlement progress and interest expenses, CICC raised the group's profit forecasts for this year and next by 5% and 8% to 3.2 billion and 3.29 billion, respectively, with year-on-year growth expected to be flat and 3% [1]

Financial Data and Key Metrics Changes - The leasing revenue decreased by 1% year-on-year, primarily due to the depreciation of the renminbi, while operating profit increased by 1% and underlying profit improved by 3% compared to 2024 [8][9] - The net gearing ratio decreased to 32.7%, lower than the previous year, aided by a scrip dividend arrangement and reduced capital expenditures [32][66] - Overall finance costs declined by 8% due to lower borrowing costs, although net finance costs increased by 3% due to a lower capitalization ratio [33] Business Line Data and Key Metrics Changes - Mainland rental revenue remained flat year-on-year, with retail revenue up by 1% and office revenue facing headwinds, expected to continue for 18-24 months [10][20] - In Hong Kong, retail revenue decreased by 2%, but the decline was mitigated from a previous 4% drop in the first half of the year [9][24] - The residential segment showed positive momentum with significant sales in the Blue Pool Road project, indicating a recovery in the Hong Kong residential market [29][73] Market Data and Key Metrics Changes - The mainland market is experiencing structural and cyclical corrections, with a cautious outlook for the office sector due to increased supply and tenant bargaining power [7][20] - Hong Kong's retail market is seen as more structural, with a slower recovery expected compared to the cyclical nature of the mainland market [63][64] - The company reported record-high foot traffic and sales in Q4, driven by non-luxury segments, while luxury brands showed mixed performance [54][56] Company Strategy and Development Direction - The company introduced its V3 strategy, focusing on scaling with minimal capital expenditure and faster project execution, aiming to enhance market share in key cities like Shanghai and Hangzhou [4][6][37] - The strategy emphasizes leveraging existing resources and relationships to improve return on investment and return on equity [6][37] - The company plans to continue enhancing its non-luxury offerings while maintaining a balanced approach to luxury retail [61] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the retail outlook in mainland China, with expectations for gradual recovery in tenant sales [54][56] - The company is preparing for potential foreign investment returns to China, which could positively impact the office market [23] - Management remains conservative about the luxury segment's recovery, noting that growth has primarily come from non-luxury categories [56][58] Other Important Information - The company is celebrating its 66th anniversary in 2026, planning to enhance consumer engagement through various marketing initiatives [18][55] - The company has achieved significant improvements in its ESG goals, including a 42% reduction in carbon emissions [36] Q&A Session Summary Question: CEO succession plans and qualities sought in a new CEO - The outgoing CEO clarified that retirement was a personal goal and not a surprise to the board, emphasizing the importance of family time [47][49] - The board is actively seeking a successor and will announce details when available, with an advisory role for the outgoing CEO confirmed [52][53] Question: Outlook for Mainland China retail and tenant sales - Management noted that Q4 performance exceeded expectations, with record-breaking sales and foot traffic, but remains cautious about future growth in luxury retail [54][56] Question: Leasing strategy for 2026 and performance stabilization in Wuhan and Shenyang - The company plans to continue adding experiential non-luxury spaces and is optimistic about stabilization in repositioned malls by 2026 or 2027 [77]

January 2026 Contents 2025 Annual Results Announcement 2025 Annual Results Investor Presentation 2025 Annual Results Presentation 03 2025 Annual Results Highlights 19 Hang Lung V.3 24 ESG Highlights 36 Chinese Mainland Portfolio 40 Hong Kong Portfolio 45 Development Highlights 48 Appendix 49 HLP – Financial Highlights and Position 52 HLG – Financial Highlights and Position 2025 Annual Results Highlights Hang Lung Properties (101.HK) | | | | Operating | | Underlying | | HLP – | | Dividends per share | | | -- ...

January 2026 2025 Annual Results Presentation Contents 2025 Annual Results Announcement 2025 Annual Results Investor Presentation 03 2025 Annual Results Highlights 19 Hang Lung V.3 24 ESG Highlights 36 Chinese Mainland Portfolio 40 Hong Kong Portfolio 45 Development Highlights 48 Appendix 49 HLP – Financial Highlights and Position 52 HLG – Financial Highlights and Position 2025 Annual Results Highlights Hang Lung Properties (101.HK) | | | | Operating | | Underlying | | HLP – | | Dividends per share | | | -- ...

Core Viewpoint - Hang Lung Properties (00101) experienced a midday surge, rising over 2% after an initial drop of more than 2.5%, with a current price of HKD 9.57 and a trading volume of HKD 168 million [1] Financial Performance - For the fiscal year 2025, Hang Lung Properties reported total revenue of HKD 9.95 billion, a decrease of 11% compared to the previous year [1] - The decline in revenue was primarily due to a significant drop in property sales revenue, which fell by 83% to HKD 264 million [1] - Overall operating profit increased by 1% to HKD 6.53 billion, despite challenges in the rental market [1] Rental and Sales Performance - The rental income and operating profit from property leasing both decreased by 1%, amounting to HKD 9.39 billion and HKD 6.66 billion, respectively, influenced by a weak office leasing market in mainland China and a slower-than-expected economic recovery in Hong Kong [1] - Shareholders' attributable net profit rose by 3% to HKD 3.20 billion, indicating resilience despite the downturn in property sales [1] Earnings and Dividends - Basic earnings per share were reported at HKD 0.65, with a proposed final dividend of HKD 0.40 per share [1]

Core Viewpoint - Hang Lung Properties (00101) reported a decline in total revenue for the fiscal year 2025, primarily due to a significant drop in property sales revenue, while overall operating profit showed a slight increase [1] Group 1: Financial Performance - Total revenue for Hang Lung Properties was HKD 99.50 billion, down 11% from the previous year [1] - Property sales revenue decreased by 83% to HKD 2.64 billion [1] - Overall operating profit increased by 1% to HKD 65.27 billion [1] Group 2: Rental Income and Market Conditions - Rental income and operating profit both fell by 1%, reaching HKD 93.89 billion and HKD 66.63 billion respectively, impacted by a weak leasing market in mainland China and a slower-than-expected economic recovery in Hong Kong [1] - The decline in rental income was attributed to ongoing challenges in the office leasing market [1] Group 3: Profitability and Dividends - Shareholders' attributable net profit rose by 3% to HKD 32.02 billion [1] - Basic earnings per share were HKD 0.65 [1] - A final dividend of HKD 0.40 per share is proposed [1]

Core Viewpoint - Hang Lung Group (00010) reported a decline in total revenue by 11% to HKD 10.414 billion for the fiscal year 2025, primarily due to a significant drop in property sales revenue by 83% to HKD 264 million [1][6]. Financial Performance - Overall operating profit remained stable at HKD 6.836 billion [1][6]. - Rental income and operating profit from properties decreased by 2%, reaching HKD 9.853 billion and HKD 6.972 billion respectively, attributed to a weak leasing market for office spaces in mainland China and a slow economic recovery in Hong Kong [1][6]. - Hotel revenue increased by 57% to HKD 297 million, with operating losses, after accounting for asset depreciation, narrowing by 46% to HKD 34 million [1][6]. - The final dividend declared was HKD 0.65 per share [1][6]. Profitability Metrics - Shareholders' basic net profit rose by 3% to HKD 2.407 billion [1][6]. - Losses from property sales narrowed sufficiently to offset the decline in rental operating profit and the increase in financial expenses due to reduced capitalized interest [1][6]. - Basic earnings per share were HKD 1.77 [1][6]. - After accounting for a net revaluation loss of HKD 1.037 billion on properties attributable to shareholders (compared to HKD 714 million in 2024), the group recorded a net profit attributable to shareholders of HKD 1.370 billion (down from HKD 1.613 billion in 2024), with corresponding earnings per share of HKD 1.01 (compared to HKD 1.18 in 2024) [1][6]. Operational Developments - The company implemented targeted measures and a multi-currency strategy to retain tenants, resulting in improved occupancy rates for retail and office properties, which rose to 95% and 90% respectively by year-end [2][7]. - The residential and serviced apartment business experienced steady growth, with occupancy rates and revenue increasing by three percentage points and 6% year-on-year, driven by the government's talent immigration program [2][7].

Core Viewpoint - Hang Lung Group (00010) reported a decline in total revenue for the fiscal year 2025, primarily driven by a significant drop in property sales revenue, indicating challenges in the real estate market [1] Group 1: Financial Performance - Total revenue decreased by 11% to HKD 10.414 billion, mainly due to property sales revenue falling by 83% to HKD 264 million [1] - Overall operating profit remained stable at HKD 6.836 billion, while property leasing revenue and operating profit both declined by 2% to HKD 9.853 billion and HKD 6.972 billion respectively [1] - Basic net profit attributable to shareholders increased by 3% to HKD 2.407 billion, with basic earnings per share at HKD 1.77 [1] Group 2: Property and Rental Performance - The rental rates for retail and office properties improved significantly, reaching 95% and 90% respectively by year-end, due to targeted measures and a multi-currency strategy to retain tenants [2] - The residential and serviced apartment business experienced steady growth, with rental rates and income increasing by three percentage points and 6% year-on-year, supported by the government's talent immigration program [2] Group 3: Hotel Operations - Hotel revenue rose by 57% to HKD 297 million, with operating losses narrowing by 46% to HKD 34 million after accounting for asset depreciation [1]

Core Viewpoint - Hang Lung Group reported a decline in total revenue for the fiscal year 2025, primarily due to a significant drop in property sales revenue, indicating challenges in the real estate market and overall economic conditions in Hong Kong and mainland China [1][2]. Group 1: Financial Performance - Total revenue decreased by 11% to HKD 10.414 billion, mainly driven by an 83% drop in property sales revenue to HKD 264 million [1]. - Overall operating profit remained stable at HKD 6.836 billion, while property leasing revenue and operating profit both fell by 2% to HKD 9.853 billion and HKD 6.972 billion, respectively [1]. - Basic earnings attributable to shareholders increased by 3% to HKD 2.407 billion, with basic earnings per share at HKD 1.77 [1]. Group 2: Property and Hotel Performance - The decline in property sales was offset by a 57% increase in hotel revenue to HKD 297 million, with operating losses narrowing by 46% to HKD 34 million after accounting for asset depreciation [1]. - The company implemented targeted measures and a multi-currency strategy to retain tenants, resulting in improved occupancy rates for retail and office properties, reaching 95% and 90% respectively by year-end [2]. - The residential and serviced apartment business experienced steady growth, with occupancy rates and revenue increasing by three percentage points and 6% year-on-year, respectively, driven by the government's talent immigration program [2].