2026.03. 19 本文字数：1733，阅读时长大约3分钟 作者 | 第一财经 郑娜 香港楼市历经震荡，终在2025年迎来全面回暖，而首富李嘉诚旗下的长实集团（01113.HK）却没在 这轮楼市回暖中获得理想收益。 3月19日，长实集团发布2025年财报显示，报告期内实现收入579.35亿港元，按年增长27.25%；投 资物业重估前溢利为119.6亿港元，每股溢利3.42港元，同比上年增长2.7%。计入投资物业重估带来 的影响后，长实在2025年的股东应占溢利为108.47亿港元，每股溢利为3.1港元，较上年度减少 20.3%。 | 截至 12 月 31 日止年度 | 2025 年 | 2024 年 | 2025 年 | 2024 年 | | | --- | --- | --- | --- | --- | --- | | | 百萬港元 | 百萬港元 | 每股港元 | 每股港元 | 參唱 | | 投資物業重估前溢利 | 11,960 | 11,688 | 3.42 | 3.33 | + 2.7% | | 投資物業重估 (扣除稅項及非控股股東權益) | (1,113) | 1 * 969 | (0.32) | ...

Group 1: Company Performance - CK Hutchison Holdings (长和) reported total revenue of HKD 240.66 billion for the first half of the year, representing a year-on-year increase of 3.45% [1] - The group's profit attributable to ordinary shareholders was HKD 8.52 billion, a significant decrease of 91.65%, while the basic earnings attributable to ordinary shareholders increased by 10.94% to HKD 11.32 billion [1] - The port division showed strong growth, with improvements in the retail sector and increased contributions from the infrastructure sector, despite challenges from commodity price declines and maintenance activities affecting Cenovus Energy's contributions [1] Group 2: Real Estate and Sales - Cheung Kong Property Holdings (长实) saw property sales revenue increase by 58.9% to HKD 7.37 billion, although sales revenue decreased by 2.9% to HKD 1.77 billion due to market weakness and discount promotions [2] - The group's investment property revaluation profit increased by 1.2% to HKD 6.81 billion, while net profit decreased by 26.7% to HKD 6.30 billion [2] - The Hong Kong property sales revenue rose by 7.8% to HKD 2.80 billion, but sales revenue plummeted by 92.9% to HKD 74 million [2] Group 3: Leasing and Hospitality - The retail and commercial property leasing market in Hong Kong remains weak, with rental income and profits showing slight declines compared to the same period in 2024 [3] - Hotel and serviced suite revenue increased by 2.9% to HKD 2.19 billion, but related profits fell by 3.5% to HKD 794 million due to ongoing cost pressures in the industry [4] - The average room rates in the hotel sector have decreased, despite an increase in both inbound and local accommodation travelers [4] Group 4: Financial Position - As of June 30, Cheung Kong Property's total bank and other borrowings amounted to HKD 54.4 billion, with bank deposits and time deposits at HKD 33 billion, resulting in a net debt to total capital ratio of approximately 5% [4]