恒隆集團（00010.HK）於9月10日刊發2026年中期報告全文，內容與7月31日已公布的中期業績、中期股息及CEO交接公告一致，無新增事實

恒隆集團有限公司 HANG LUNG GROUP LIMITED

恒隆集團有限公司
股 份 代 號：0 0 0 10

2026

Interim Report

中 期 報 告 2026 Interim Report

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2026

中期報告

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Hang Lung
Group Limited

We Do It Well

CONTENTS
2

Corporate Information

3

Chair’s Letter to Shareholders

6

Financial Highlights

7

Review of Operations

23

Other Information

32

Independent Auditor’s Review Report

33

Financial Statements

55

Glossary

56

Information for Investors

Corporate Information
HONORARY CHAIR

AUTHORIZED REPRESENTATIVES

Ronnie C. Chan GBM

Weber W.P. Lo
Winnie Ma

DIRECTORS
Adriel Chan (Chair)
Weber W.P. Lo (Chief Executive Officer)
Gerald L. Chan#
Simon S.O. Ip GBS, CBE, JP*
P.W. Liu SBS, JP*
Martin C.K. Liao GBM, GBS, JP*
George K.K. Chang#
Roy Y.C. Chen#
May S.B. Tan*
Kenneth K.K. Chiu (Chief Financial Officer)
#

Non-Executive Director

*

Independent Non-Executive Director

AUDIT COMMITTEE
Simon S.O. Ip GBS, CBE, JP (Chair)
P.W. Liu SBS, JP
George K.K. Chang
May S.B. Tan

NOMINATION AND
REMUNERATION COMMITTEE
P.W. Liu SBS, JP (Chair)
Adriel Chan
Simon S.O. Ip GBS, CBE, JP
Martin C.K. Liao GBM, GBS, JP
May S.B. Tan

2

Hang Lung Group Limited

COMPANY SECRETARY
Winnie Ma

REGISTERED OFFICE
28th Floor, 4 Des Voeux Road Central,
Hong Kong
Tel: 2879 0111
Fax: 2868 6086
Website: http://www.hanglunggroup.com
Email: HLGroup@hanglung.com

AUDITOR
KPMG
Public Interest Entity Auditor registered in accordance with
the Accounting and Financial Reporting Council Ordinance

Chair’s Letter to Shareholders
Dear Stakeholders,
The first half of 2026 has, as a whole, seen continued broad-based performance improvements across our projects in the
Chinese Mainland. However, the market is not without challenges that weigh on various sectors and geographies.
Mall foot traffic, sales, occupancy, and rentals are generally improving, with several exceptions, while office occupancy is
still high despite significant pressure on pricing. Residential markets are, unfortunately, yet to emerge from the doldrums,
but we remain committed to making the most of the market when opportunities present themselves.
Beginning with our primary segment — retail — the first two quarters of 2026 were markedly different. The first quarter
was characterized by double-digit sales growth and record foot traffic and rentals, while the second quarter saw a distinct
slowdown in retail sales, especially for luxury products. Had I been writing this letter in April, I would likely have predicted
a record-breaking first half. Unfortunately, while April was still a reasonably strong month, May brought a noticeable loss
of momentum, reflected in the often-cited official Chinese retail growth rate dipping into negative territory for the first
time since December 2022. However, I note that this measurement was primarily dragged down by drops in automotive
(namely new electric vehicle sales) and residential sales, neither of which directly reflects retail consumption in the mall
environment. Of particular importance is that the steep decline in car sales was driven largely by the Chinese government’s
reduction and partial discontinuation of electric vehicle subsidies, which began in January. The subsidies are expected to
be completely phased out by December 31 this year. Although our sales numbers did not turn negative, they also dipped in
May. Thankfully, sales returned to a healthier level in June, and we expect our full-year performance to be positive.
The mall sector in the Chinese Mainland continues to be broadly oversaturated. While a subset of well-positioned malls
continues to perform, a growing number are being left behind. In every city in which we operate, we observe multiple
closures and an abundance of “zombie” malls — properties that remain open but very few operating stores inside. Many
have entirely closed their upper floors, with some lights, air conditioning, and escalators turned off. This polarization
reflects a consumer shift toward fewer, higher-quality destinations, accelerating the decline of malls that fail to meet rising
expectations.
This is the result of a number of factors, the main ones being:
1)

Consumers now have significantly more options for how and where to spend their free time than before: the rapidly
growing range of leisure, sports, and entertainment options beyond shopping has diverted attention away from malls.
(At the same time, this has proven to be a boon for some brands, namely those who supply the clothing, accessories,
and equipment for these activities.)

2)

Due to the above, the large stock of existing mall space, combined with competition between retailers and from other
channels, has driven consumer expectations for retail environments dramatically higher. What was once considered
good design, cleanliness, and customer experience is no longer sufficient, and mall operators have been forced to
invest in enhancements or risk being overtaken by newer, more compelling retail spaces.

3)

Consumer sentiment is still negative, hovering around 90 points, which is below the neutral 100-point level and well
below the pre-pandemic level of around 125 points. These figures, from the National Bureau of Statistics of China’s
Consumer Confidence Index (CCCI), are at least still above the low of 85.5, measured in November 2022.

Meanwhile, for our Hong Kong portfolio, we are encouraged to see that the retail sales trend has finally moved into positive
territory, up 3% year on year. Although I do not anticipate any immediate catalysts for a sudden, strong retail recovery, I am
happy enough to close this chapter of nearly seven years of sluggish retail sales. To be sure, it will be many years until we
return to the 2018 peak, but with the team’s active efforts and our resilient portfolio, I expect we should see stability and
growth in the years to come. Our continued tenant and space upgrades across our properties, in particular in Causeway
Bay and The Peak, should bear fruit in the coming months.

Hang Lung Group Limited

3

Our Mainland office portfolio faced similar conditions, but they manifested slightly differently. Supply of office towers (and
therefore competition) is extremely high in almost all of our cities, pushing prices to new lows. Thankfully, our strategy of
building only top-quality international Grade-A office towers in prime locations (and atop our high-end malls, to boot) has
given us a wide moat and defensibility against the competition. We are always at the top of the food chain, so to speak,
which means that we can always attract tenants and maintain occupancy, even if we are pressured to reduce prices.
However, competitors with lower quality office hardware or software, or those in off-center locations, are more likely
to suffer from both low occupancy and low rents. Therefore, even though office revenue numbers are not particularly
encouraging, our specific position remains strong.
Hong Kong offices are, thankfully, another bright spot in our portfolio. The expansion of financial services, the influx of
family offices, and related services have helped write the recovery story, which began in Central last year and is now
starting to lift other office districts. We have experienced a 1% rise in office receipts, which is commensurate with the
market.
The most important milestone for Hang Lung since my last letter has been the opening of our Westlake 66 project in
Hangzhou, which welcomed its first customers on April 28. It is no exaggeration to say that this has been our best new
mall opening yet. Strong opening tenancies (even without luxury brands), consistently high foot and car traffic, continued
social media buzz, and, of course, healthy sales and rental numbers, are all signals of the mall’s success. As of June 30, the
mall was 89% occupied, and by year-end, that number will rise to about 100%. The opening of additional areas, including
two historic buildings immediately outside the mall and a new connection to the subway system to our north, will give the
project continued momentum over the next six to nine months. Most malls are able to attract traffic on opening day or
during opening month, but the real test is these metrics over time. I am encouraged by what we have delivered so far, and
confident that I will be able to report back with equal optimism in six months’ time and again a year from now.
Although not all our office space in the project is available for lease yet, using the total eventual available area, we are
currently at 13% occupancy and hope to reach about 50% by the end of the year. This represents a healthy uptake in any
market, but is especially notable under current conditions. Of course, it must be said that the strong performance of the
mall and offices alike also reflects the dynamism of Hangzhou and again highlights the importance of choosing the right
cities in which to invest.
The relative lack of luxury brands at opening has been noticeable, given our reputation and history of partnerships with
these brands. However, I am pleased to report that several luxury names will open at Westlake 66 later this year, and that
we are working closely with other leading brands to secure further openings. The mall’s success to date will undoubtedly
bolster our position in future negotiations. Combined with the additional office towers and Mandarin Oriental Hangzhou,
which are due to open later this year and in early 2027, respectively, we have already cemented our position as a Hangzhou
landmark. However, more important to our long-term success than the presence of luxury brands is the design and
utilization of the space. Of course, shop layouts are important, but even more directly relevant to consumers are the public
spaces we provide. Westlake 66’s rooftop garden, The Oasis , provides pop-up retailers, restaurants, and customers with
a beautifully landscaped and truly compelling outdoor space, great for al fresco dining, unique shopping environments,
and the simple luxury of being able to touch grass. The Oasis links the mall, office towers, and Mandarin Oriental together,
providing a dynamic, engaging space for shoppers, browsers, workers, and travelers to mingle.
While Westlake 66 represents the last greenfield project in our existing pipeline, I am excited to report that our “V.3”
expansion projects are moving along steadily as well. In Shanghai, the Plaza 66 Pavilion will open later this year, welcoming
27 new brands over an additional 4,300 square meters of leasable space. Shortly after that, we will open our new, larger VIC
lounge, as well as a completely reimagined rooftop. Together, these additions and enhancements mark a meaningful and
important upgrade to our flagship, just in time for the project’s 25th anniversary. For our new asset-light projects, all relevant
joint venture agreements are now in place, and we are set to take possession of all three projects, namely Westlake 66
Expansion, Center 66 Expansion, and No. 1038 West Nanjing Road Commercial Project, in 2027–2028. If things go well as
planned, we expect to see our first dollar back in 2028 — a significantly shorter return timeline than in our traditional assetheavy projects.

4

Hang Lung Group Limited

<August 7 addendum>
We announced on July 31 — along with our interim results — that we had identified our next CEO, followed by the
announcement on August 7 that our current CEO, Mr. Weber LO, would retire on September 30, after a three-week
transitional overlap with the incoming CEO. I am delighted to announce that Mr. Leo TSOI has been selected by the Boards
to lead Hang Lung into its next chapter.
This marks the end of a nearly eight-and-a-half-year tenure for Weber, and I want to express my profound thanks for all he
has achieved during this time. A lesser CEO might have been content simply to survive the multi-year barrage we faced
over this period. For us, this “new normal” of abnormalities began with the 2019 riots in Hong Kong, followed immediately
by more than three years of extraordinary disruption caused by Covid. The post-Covid V-shaped (for us, but otherwise more
broadly K-shaped) recovery in 2021–22 gave way to the “Covid hangover” in the Mainland in 2022–23. In 2024, Weber
helped ensure that Hang Lung’s Chair transition went smoothly, even against the backdrop of the irrational characterization
of Mainland and Hong Kong markets as “uninvestable.” Partly as a result of that perception, the same year also saw our
lowest share price since 2000. Last year brought another US-led global trade war, and now in 2026, the world has witnessed
the start of yet another serious regional war with huge global implications. All of these have had significant knock-on
effects on our operations, share price, and access to finance, but Weber and the team managed them very ably. In fact, we
have not only weathered these challenges, but I would go so far as to say we have thrived. As an organization, our people
are more energized and dynamic than ever; we have the highest-performing and most engaged team in our history, and
I truly believe we are as well-positioned for the future as we could be — thanks to Weber.
While I am naturally sad that Weber has decided to step down, I am more excited for the future because of the legacy that
he leaves. On behalf of the Company, I extend a deep and heartfelt thank you, Weber . May your future endeavors all be
measured against your achievements at Hang Lung!
Adriel Chan
Chair
Hong Kong, July 31, 2026

Hang Lung Group Limited

5

Financial Highlights
in HK$ Million (unless otherwise stated)

RESULTS
For the six months ended June 30
2026

2025

Property
Leasing

Hotels

Property
Sales

Total

Property
Leasing

Hotels

Property
Sales

Total

5,151

147

1,043

6,341

4,912

129

161

5,202

– Chinese Mainland
– Hong Kong

3,610
1,541

147
–

28
1,015

3,785
2,556

3,363
1,549

129
–

10
151

3,502
1,700

Operating profit/(loss)

3,623

(29)

(187)

3,407

3,499

(34)

(57)

3,408

– Chinese Mainland
– Hong Kong

2,434
1,189

(29)
–

(157)
(30)

2,248
1,159

2,284
1,215

(34)
–

(26)
(31)

2,224
1,184

Underlying net profit/(loss)
attributable to shareholders

1,285

(42)

(120)

1,123

1,259

(49)

(19)

1,191

Net decrease in fair value of
properties attributable to
shareholders

(377)

–

–

(377)

(494)

–

–

(494)

Net profit/(loss) attributable to
shareholders

908

(42)

(120)

746

765

(49)

(19)

697

Revenue

At June 30,
2026

At December 31,
2025

102,299

98,881

$75.1

$72.6

2026

2025

Earnings per share
– Based on underlying net profit attributable to
shareholders
– Based on net profit attributable to shareholders

$0.82
$0.55

$0.87
$0.51

Interim dividend per share

$0.21

$0.21

At June 30,
2026

At December 31,
2025

30.5%
34.9%

30.9%
35.3%

Shareholders’ equity
Net assets attributable to shareholders
per share (HK$)

Earnings and Dividends (HK$)

Financial Ratios

Net debt to equity ratio
Debt to equity ratio

6

Hang Lung Group Limited

Review of Operations
RESULTS HIGHLIGHTS
For the six months ended June 30, 2026, consumer sentiment in the Chinese Mainland showed improvement, underpinned
by government stimulus measures and a low-interest-rate environment. In Hong Kong, the stronger Renminbi (“RMB”)
helped revive tourism flows and retail momentum. Hang Lung Group Limited (the “Company”) and its subsidiaries
(collectively known as “the Group”) maintained high occupancy and disciplined execution, underscoring the Group’s
resilience amid market challenges. Core leasing revenue delivered growth in the Chinese Mainland, while performance in
Hong Kong remained stable.
In the Chinese Mainland, our mall portfolio generated revenue growth of 6% in RMB terms, with overall occupancy level
achieving 96% by the end of June. We continued to upgrade our tenant composition by exiting underperforming brands and
introducing new and exclusive offerings, strengthening overall retail competitiveness throughout the reporting period. These
efforts were complemented by a wide range of city-specific experiential initiatives, that deepened customer engagement,
sustained foot traffic, and boosted tenant sales, reinforcing our malls as key community hubs.
In Hong Kong, active leasing initiatives and tenant retention efforts helped maintain stable occupancy across both our retail
and office portfolios, with occupancy rates of approximately 95% and 91%, respectively. Upgrades to our Central Business
and Tourist District Portfolio contributed to steady retail occupancy and enhanced the overall tenant offering. For the
office segment, occupancy of our Hong Kong Island Portfolio was underpinned by increased leasing activity at Standard
Chartered Bank Building, including our flexible coworking space NET•WORK, as well as at 228 Electric Road. Benefiting
from the government’s talent admission scheme, revenue and occupancy of the residential and serviced apartments
segment rose 7% and nine points year-on-year, respectively.
The Group recorded total revenue of HK$6,341 million in the first half of 2026 (2025: HK$5,202 million). Overall operating
profit was HK$3,407 million (2025: HK$3,408 million). Revenue and operating profit from property leasing reached
HK$5,151 million (2025: HK$4,912 million) and HK$3,623 million (2025: HK$3,499 million), respectively. Hotel revenue
reported HK$147 million (2025: HK$129 million), and property sales revenue recorded HK$1,043 million (2025: HK$161
million).
Marking Hang Lung’s 66th anniversary, the Group commenced a new stage of growth under the theme “66 and beyond,”
reaffirming our dedication to creating exceptional spaces that enrich communities. This milestone was highlighted by
the launch of Westlake 66 in Hangzhou, together with a series of nationwide initiatives across our retail, office, and hotel
portfolios, aimed at strengthening customer and community engagement and reinforcing the long-term competitiveness of
our portfolio.

CONSOLIDATED RESULTS
Overall revenue of the Group for the six months ended June 30, 2026 increased 22% year-on-year to HK$6,341 million,
primarily driven by a 548% rise in property sales, which amounted to HK$1,043 million. Overall operating profit maintained
at HK$3,407 million. The mall leasing market in the Chinese Mainland improved, with property leasing achieved steady
growth, with revenue and operating profit increased 5% to HK$5,151 million and 4% to HK$3,623 million, respectively. Hotel
revenue advanced 14% to HK$147 million on the back of stronger domestic and inbound travel demand, while the operating
loss after depreciation narrowed 15% to HK$29 million.
Underlying net profit attributable to shareholders dropped 6% to HK$1,123 million, primarily due to higher operating loss
from property sales in the Chinese Mainland after a non-cash inventory provision and increased finance costs from reduced
interest capitalization, which offset the improvement in property leasing performance. The underlying earnings per share
was HK$0.82.

Hang Lung Group Limited

7

The Group reported a net profit attributable to shareholders of HK$746 million (2025: HK$697 million) when including a net
revaluation loss on properties attributable to shareholders of HK$377 million (2025: HK$494 million). The corresponding
earnings per share amounted to HK$0.55 (2025: HK$0.51).

Revenue and Operating Profit for the Six Months Ended June 30
Revenue

Operating Profit/(Loss)

2026
HK$ Million

2025
HK$ Million

Change

2026
HK$ Million

2025
HK$ Million

Change

5,151

4,912

5%

3,623

3,499

4%

Property Leasing
Chinese Mainland

3,610

3,363

7%

2,434

2,284

7%

Hong Kong

1,541

1,549

-1%

1,189

1,215

-2%

147

129

14%

(29)

(34)

15%

1,043

161

548%

(187)

(57)

-228%

28

10

180%

(157)

(26)

-504%

1,015

151

572%

(30)

(31)

3%

6,341

5,202

22%

3,407

3,408

–

Hotels (Chinese Mainland)
Property Sales
Chinese Mainland
Hong Kong
Total

DIVIDEND
The Board of Directors (the “Board”) of the Company has declared an interim dividend of HK21 cents per share for 2026
(2025: HK21 cents) to be paid in cash on September 25, 2026, to shareholders whose names are listed on the register of
members of the Company on August 14, 2026.

PROPERTY LEASING
Overall rental revenue increased 5% to HK$5,151 million for the first half of 2026. Rental revenue of the Chinese Mainland
portfolio rose 3% in RMB terms and 7% in HKD terms, reflecting the year-on-year RMB appreciation. Rental revenue of the
Hong Kong portfolio dropped 1%.
On the back of stable demand from affluent consumers and a growing emphasis on quality, craftsmanship, and experiential
value, the high-end retail market in the Chinese Mainland continued its gradual and selective recovery. To capture these
trends, we further refined our tenant mix and worked in close partnership with tenants to expand store formats and
introduce more immersive retail concepts, including curated IP collaborations and first-to-market offerings, as well as
additional marketing initiatives tailored to local narratives. This drove a stronger presence of food and beverage, wellness,
beauty, and lifestyle offerings, which helped sustain customer traffic and support tenant sales. As a result, overall rental
revenue from our mall portfolio grew 6%, while tenant sales climbed 17% year-on-year in RMB terms. Overall occupancy
level at the end of the period edged up two points to 96%.
The Chinese Mainland’s office market remains oversupplied, with elevated vacancy levels and ongoing pressure on rental
rates. Compared with the first half of 2025, revenue from our office portfolio decreased 11%, while occupancy stayed at
81% at the end of the period. Nevertheless, the rate of decline has started to ease, supported by flight-to-quality demand in
prime business districts, particularly from the technology, financial, and consumption-related sectors.
During the first half of 2026, Hong Kong’s retail sector demonstrated initial signs of stabilization. Northbound spending by
local residents moderated slightly, while improved performance in residential property prices lifted consumer confidence.
Visitor arrivals continued to grow, driven by the city’s mega event initiatives. During the reporting period, as part of the retail
mix upgrade, the expiration of certain anchor tenant leases in Causeway Bay and renovation works by incoming tenants in
some vacant spaces caused a slight decrease in overall rental revenue of 2%, while tenant sales recorded modest growth
of 3%. This transitional phase enabled the introduction of short-term pop-up concepts, keeping customer engagement
strong. Occupancy remained high at 95%.
8

Hang Lung Group Limited

Supported by flight-to-quality demand, capital inflows, and a more active capital market, the Hong Kong office market
also began to exhibit early signs of stabilization. Leasing demand remained focused on core business districts, led mainly
by financial institutions and professional services firms, while non-core locations faced persistent headwinds. Our office
portfolio recorded a stable performance, with overall rental revenue rising 1% and occupancy increasing by three points to
91%, reflecting resilient leasing demand in prime locations and gradually improving market conditions.
During Hang Lung’s 66th anniversary year, we achieved a significant expansion of our Chinese Mainland footprint with
the opening of Westlake 66 in Hangzhou, strategically located in the core location of the Yangtze River Delta. We also
implemented a series of portfolio-wide initiatives, including targeted marketing campaigns, experiential programming, and
customer relationship management (“CRM”) programs to strengthen customer engagement, enhance loyalty, and bolster
the long-term value of our assets.

Chinese Mainland1
Property Leasing – Chinese Mainland Portfolio for the Six Months Ended June 30
Revenue
(RMB Million)
2026

2025

Change

Malls
Offices
Residential & Serviced Apartments

2,567
566
50

2,412
638
50

6%
-11%
–

Total

3,183

3,100

3%

Total in HK$ Million equivalent

3,610

3,363

7%

For the six months ended June 30, 2026, overall rental revenue and operating profit in RMB terms increased 3% and 2%,
respectively. Buoyed by our strategic initiatives and rising consumer confidence in the Chinese Mainland, our mall portfolio
sustained high occupancy and recorded robust rental revenue growth. Revenue from our premium office portfolio, however,
fell 11%, mainly due to excess supply in highly competitive markets.

•

Malls

In the first half of 2026, total revenue from our mall portfolio reached RMB2,567 million, representing a year-on-year
increase of 6% and marking a record high. Strong performance across most malls was partly dampened by declines at
Riverside 66 in Tianjin, Heartland 66 in Wuhan and Forum 66 in Shenyang amid intensified regional competition.

1

Percentage changes pertaining to the Chinese Mainland portfolio are expressed in RMB terms unless otherwise specified.

Hang Lung Group Limited

9

Property Leasing – Chinese Mainland Mall Portfolio for the Six Months Ended June 30
Revenue

Period-end Occupancy Rate

(RMB Million)
Name of Mall and City

2026

2025

Change

June
2026

December
2025

June
2025

Plaza 66, Shanghai
Grand Gateway 66, Shanghai
Center 66, Wuxi
Olympia 66, Dalian
Spring City 66, Kunming
Parc 66, Jinan
Palace 66, Shenyang
Riverside 66, Tianjin
Heartland 66, Wuhan
Westlake 66, Hangzhou #
Forum 66, Shenyang

887
604
269
177
172
165
91
80
62
37
23

822
597
245
159
162
159
83
82
76
–
27

8%
1%
10%
11%
6%
4%
10%
-2%
-18%
N/A
-15%

98%
98%
100%
97%
99%
96%
98%
96%
92%
89%
88%

96%
100%
100%
95%
99%
97%
98%
94%
90%
N/A
89%

98%
99%
96%
94%
99%
94%
96%
94%
88%
N/A
86%

2,567

2,412

6%

Total
#

Opened on April 28, 2026

Revenue and tenant sales of our flagship Plaza 66 mall in Shanghai rose 8% and 24%, respectively, supported by flagshipdriven retail experiences and robust demand for gold products. Occupancy rate remained high at 98%. In celebration of
Plaza 66’s silver jubilee, the “Echoing Variation: Celebrating the 25th anniversary” campaign, combining music and collective
memories of the mall, intensified engagement with high-value customers and expanded the membership base of HOUSE
66, our CRM program, further strengthening the mall’s leading position in Shanghai and the Chinese Mainland.
The Grand Gateway 66 mall, also in Shanghai, delivered a 1% and 24% growth in revenue and tenant sales, respectively,
with occupancy staying strong at 98% at period end. Continued refinement of the tenant mix contributed to the solid
performance, including further expansions of personal care and beauty offerings to enrich customer engagement and
diversify touchpoints. Tailored campaigns, such as the “LOVE OUT LOUD” for the 520 festival, further stimulated customer
interest through immersive experiences, limited-time promotions, and exclusive collections.
Revenue of the Center 66 mall in Wuxi increased 10%, supported by continued tenant mix enhancement, particularly in
the food and beverage and lifestyle segments, alongside strengthened CRM engagement, which helped mitigate softer
performance in the high-end retail segment. Tenant sales rose 7%, and the mall maintained full occupancy at period end.
The “Wonderlost in Spring” campaign transformed the mall into an immersive destination through curated installations, live
performances, and interactive activities, driving footfall and customer interest.
Olympia 66 in Dalian achieved solid results, with revenue and tenant sales both rising 11%, and occupancy increasing three
points to 97% at period end. The introduction of the Wuzhen Theatre Festival Parade served as a key cultural initiative,
featuring captivating performances, street-style parades, creative installations, and exclusive brand showcases. The
campaign generated higher footfall and heightened customer engagement, further reinforcing Olympia 66’s positioning as
a premier lifestyle hub in northeastern China.

10

Hang Lung Group Limited

Revenue and tenant sales of the Spring City 66 mall in Kunming grew 6% and 12%, respectively, with occupancy remaining
high at 99% at period end. The mall enhanced its non-luxury offering by upgrading selected brands to exclusive flagship
formats. A series of lifestyle-focused events, aligned with the revitalization of Shangyi Street as an open-air extension of the
mall, further reinforced its role as a community destination and expanded its appeal to a wider audience.
Revenue and tenant sales of Parc 66 in Jinan rose 4% and 13%, respectively, with occupancy rate improving two points to
96%. The “Sweet Sips Market” initiative integrated cultural concepts, lifestyle dining, fragrance experiences, and immersive
settings, establishing a high-quality holiday destination that resonated with younger audiences and strengthened the mall’s
positioning as a relaxed, experience-driven lifestyle hub.
Palace 66 in Shenyang achieved revenue and tenant sales growth of 10% and 23%, respectively. Occupancy rate climbed
two points to 98% at the end of the period. The mall further enhanced its outdoor athleisure offering, significantly boosting
tenant sales and establishing itself as the city’s leading destination for this segment. Over the Golden Week of May, “Gourmet
Lab” at Tonghang Alley was launched, introducing a barbecue-themed street activation featuring live entertainment and
experiential dining concepts. Refurbished spaces, new food and beverage offerings, and tenant collaborations further
supported foot traffic and broadened Palace 66’s appeal among younger customers.
Riverside 66 in Tianjin recorded 2% decline in revenue, with tenant sales rising 1% and occupancy edging up two points
to 96%. Customer engagement was maintained through the “Sweet Encounters” campaign, staged along the historic
pedestrian street with dessert-themed art installations and interactive experiences. Anchored by the iconic “Century Wall,”
the campaign integrated contemporary visual elements with heritage architecture, further enhancing the mall’s cultural
vibrancy and connection with the local community.
Amid intense promotional competition, revenue and tenant sales of the Heartland 66 mall declined 18% and 13%,
respectively. In response, the mall enhanced its tenant mix by introducing Michelin-starred restaurants and stepped up its
marketing initiatives to lift customer loyalty. In early June, the mall debuted its 24KR Korean-themed zone, offering over 100
Korean brands spanning fashion, beauty, and lifestyle—most entering the local market for the first time alongside a dance
studio. Together with the newly opened FunVille food village, the B1 level was repositioned as a vibrant, youth-oriented
destination. The addition of sports amenities, including a climbing playground and a basketball court, further enriched the
mall’s lifestyle proposition. Footfall increased and occupancy rose four points to 92% at period end.
Opened on April 28, 2026, Westlake 66 in Hangzhou, Hang Lung’s 11th Chinese Mainland project, is emerging as a new
landmark for commerce, culture, and community, delivering thoughtfully curated lifestyle experiences for a new generation
of consumers. Benefiting from its prime location, the mall features a highly curated retail offering spanning 105,900
square meters with approximately one-third of tenants representing first-to-market brands. Tenant openings will continue
in phases, with occupancy and tenant sales expected to increase progressively throughout 2026. To date, the mall has
welcomed over 3 million visitors. Average daily footfall reached 120,000 during the Golden Week of May, while weekend
traffic has remained robust. The mall recorded a revenue of RMB37 million during the reporting period, and occupancy
reached 89% at period end.
Revenue and tenant sales at the Forum 66 mall in Shenyang decreased 15% and 5%, respectively, while occupancy
improved two points to 88% at period end. A strategic repositioning is underway to strengthen the mall’s lifestyle and foodand-beverage mix, aiming to boost traffic and elevate the shopping experience.

•

Offices

Total office revenue dropped 11% to RMB566 million for the six months ended June 30, 2026, primarily reflecting lower
occupancy and negative rental reversions. Leasing demand was mostly driven by tenants from the technology, finance,
and consumer sectors seeking quality space in core districts. Notwithstanding this activity, market conditions remained
challenging, with persistent oversupply, high vacancy levels, and continued rental pressure across cities. Amid this
environment, management continued to maintain high service standards and preserve asset quality.

Hang Lung Group Limited

11

Property Leasing – Chinese Mainland Office Portfolio for the Six Months Ended June 30
Revenue

Period-end Occupancy Rate

(RMB Million)
Name of Office and City

2026

2025

Change

June
2026

Plaza 66, Shanghai
Grand Gateway 66, Shanghai
Spring City 66, Kunming
Forum 66, Shenyang
Center 66, Wuxi
Heartland 66, Wuhan
Westlake 66, Hangzhou

240
102
64
56
52
46
6

289
110
67
60
60
52
–

-17%
-7%
-4%
-7%
-13%
-12%
N/A

83%
85%
90%
85%
78%
72%
^
47%

Total

566

638

-11%

^

December
2025

June
2025

82%
89%
86%
86%
78%
65%
N/A

82%
87%
84%
89%
83%
63%
N/A

Refers to the occupancy rate of two out of five office towers which were completed and delivered to tenants.

Revenue from our two Grade A office towers at Plaza 66 in Shanghai receded 17%, mainly due to lower unit rents amid
persistent market weakness and excess supply. Despite continued pressure on both rents and occupancy in Shanghai’s
Grade A office sector, occupancy increased by one point to 83% at the end of the period. In a competitive operating
environment, we continued to capitalize on our prime location and operational strengths to maintain Plaza 66’s position as
a premier office destination in Shanghai.
Revenue of the office tower at Grand Gateway 66 in Shanghai declined 7%, with occupancy rate dropping two points to
85% due to negative rental reversions against a backdrop of subdued market sentiment and rising vacancy rates.
The office tower at Spring City 66 in Kunming recorded a 4% fall in revenue. We sustained our market-leading position
by capitalizing on our prime location, offering modular offices with high-standard fit-outs and furnishings, and delivering
premium facilities and services. With these efforts, occupancy improved six points to 90% at period end.
Reflecting weak demand and new office supply, revenue of the office tower at Forum 66 in Shenyang declined 7%, with
occupancy rate dropped four points to 85% at period end. Amid ongoing market headwinds, we continued to focus on
strengthening tenant engagement while maintaining our rigorous standards of property management.
Revenue and occupancy of our two office towers at Center 66 in Wuxi decreased 13% and five points to 78% at the end of
the period, respectively. In a highly competitive market, we continued to reinforce our position as a leading office destination
in Wuxi, supported by our exclusive services, flexible multifunctional workspace (HANGOUT), and the forthcoming
hospitality expansion with the opening of Xi Zhe Wuxi, Curio Collection by Hilton.
The office tower at Heartland 66 in Wuhan recorded a decline in revenue of 12%, primarily due to negative rental reversions
and reduced average occupancy in a crowded market environment. Following the commencement of a new lease with
an anchor tenant starting in mid-June, occupancy rose nine points to 72% at period end. Our flexible multifunctional
workspace, HANGOUT, will continue to deliver flexible layouts that support tenants’ evolving business needs while
enhancing collaboration.
Westlake 66 in Hangzhou comprises five office towers, Tower E is fully occupied at period end, while Tower B began
phased occupancy in March 2026. During the period, the two office towers generated RMB6 million revenue and achieved
occupancy of 47% at period end.

12

Hang Lung Group Limited

•

Residential & Serviced Apartments

Revenue from the residential towers at Grand Gateway 66 in Shanghai receded 6% during the reporting period but recorded
two-point increase in occupancy.

Hong Kong
In the first half of 2026, Hong Kong’s retail sector showed early signs of stabilization, supported by improving consumer
sentiment and a pick-up in visitor arrivals. The office market also exhibited indications of bottoming out, with demand
concentrated in core business districts, while non-core locations remained challenged.
Overall revenue slightly dropped 1% to HK$1,541 million and operating profits receded 2% to HK$1,189 million.
Nevertheless, diversified leasing strategies and ongoing tenant mix optimization supported a consistently high occupancy
level. The rental margin declined one point to 77%.

Property Leasing – Hong Kong Portfolio for the Six Months Ended June 30
Revenue

Period-end Occupancy Rate

(HK$ Million)
Retail
Offices and Industrial/Office
Residential & Serviced
Apartments
Total

•

2026

2025

Change

June
2026

December
2025

June
2025

864
557

884
553

-2%
1%

95%
91%

95%
90%

93%
88%

120

112

7%

91%

91%

82%

1,541

1,549

-1%

Retail

Our Hong Kong retail portfolio recorded a decline in revenue of 2% to HK$864 million, primarily driven by the transitional
impact of trade reshuffling in the Central Business and Tourist District Portfolio. Tenant sales increased 3% and the overall
occupancy increased two points to 95%.
Revenue of our Central Business and Tourist District Portfolio declined 5% year-on-year, mainly due to the expiry of
certain anchor tenant leases in Causeway Bay and renovation works undertaken by incoming tenants in part of the vacated
space during the period. Occupancy fell to 89% at period end. To support the transformation of Paterson Street and
commemorate Hang Lung’s 66th anniversary, Fashion Walk introduced “Paterson Vibe” in May, featuring cross-platform
urban cultural experiences and limited-time activations combining fashion, art, music, and style. The initiative drove higher
footfall among local consumers, tourists, and lifestyle audiences, while enhancing tenant collaboration and synergy,
reinforcing Paterson Street’s market positioning as a leading urban subculture and lifestyle destination.
Overall revenue of our Community Mall Portfolio remained stable year-on-year, with a slight moderation in northbound
spending by local residents. Occupancy grew to 98% at the end of the period. The new pedestrian bridge connecting Amoy
Plaza in Kowloon Bay with East Kowloon Cultural Centre commenced full operation in July 2026. Linking the East Kowloon
Cultural Centre to the MTR station, the bridge strengthened the accessibility and is expected to drive incremental footfall
and support trading performance at Amoy Plaza.

Hang Lung Group Limited

13

•

Offices and Industrial/Office

Revenue increased 1% to HK$557 million, attributable to proactive measures, including the introduction of fitted office
space and the subdivision of premises to cater to evolving tenant needs. Occupancy remained at a relatively high level of
91% at period end.
Revenue of our Hong Kong Island Portfolio rose 3%, with occupancy climbing five points to 88%. NET•WORK, our dynamic
and flexible office platform strategically located within Central’s iconic Standard Chartered Bank Building, achieved an
occupancy rate of 80% at period end, marking a notable increase of 16 points year-on-year.
Our Kowloon Portfolio recorded a 3% decline in revenue, reflecting negative rental reversions amid continued cost
discipline by semi-retail tenants and ongoing rental adjustments, while occupancy rose two points to 93%.

•

Residential & Serviced Apartments

Our residential and serviced apartments segment delivered a 7% increase in revenue, underpinned by the talent admission
scheme introduced by the Hong Kong government, a growing customer base, and the provision of flexible terms for
serviced apartments.

HOTELS
Benefiting from expanded visa-free policies and recovering flight capacity, hotel operations saw demand from inbound
premium leisure and international visitors. Despite higher fuel costs stemming from geopolitical tensions in the Middle
East, travel demand remained resilient, while hotel performance stayed solid.

(for the six months ended June 30)

Revenue
(RMB Million)

Average
Occupancy Rate

2026

2025

Change

2026

2025

Grand Hyatt Kunming
Conrad Shenyang

68
61

57
62

19%
-2%

72%
72%

59%
70%

Total

129

119

8%

Total in HK$ Million equivalent

147

129

14%

With positive momentum sustained in the first half of 2026, revenue of Grand Hyatt Kunming climbed 19%, driven by
increases in both occupancy and average daily rate.
Conrad Shenyang reported 2% drop in revenue year-on-year. Occupancy grew two points, supported by domestic travel
demand, while a reduction in food and beverage revenue offset the effect of higher occupancy.

PROPERTY SALES
In the first half of 2026, revenue of HK$1,043 million (2025: HK$161 million) was recognized for the sale of 83 residential
units at The Aperture and one house at Blue Pool Road in Hong Kong, two units at Heartland Residences in Wuhan, and
two units at Grand Hyatt Residences Kunming.
Due to challenging market conditions in the Chinese Mainland, a non-cash inventory provision of RMB108 million (or
HK$124 million) was recognized during the reporting period.

14

Hang Lung Group Limited

With gross losses from property sales in the Chinese Mainland and Hong Kong, together with related selling and marketing
expenses, a non-cash inventory provision and other operating expenditures, an operating loss from property sales of
HK$187 million was recorded in the first half of 2026.
As of June 30, 2026, the contracted property sales yet to be recognized amounted to HK$1,317 million, comprising the sale
of 22 residential units at The Aperture and one house at Blue Pool Road in Hong Kong, and 74 units at Center Residences in
Wuxi. Revenue from all contracted units will be recognized upon completion of each respective sale.

DISPOSAL OF INVESTMENT PROPERTIES
During the reporting period, the following properties were disposed of for an aggregate consideration of HK$271 million.
a)

In January 2026, we completed the disposal of a subsidiary holding one house at Blue Pool Road in Hong Kong to
an independent third party. As the sale and purchase agreement had already been signed in November 2025, the
property was valued with reference to the agreed selling price at December 31, 2025; therefore, no gain or loss on
disposal was recognized during the reporting period; and

b)

In June 2026, we completed the disposal of one unit at Summit at The Peak on Hong Kong Island to an independent
third party and recognized a gain on disposal of HK$8 million in Other Net Income during the reporting period.

Also in June 2026, we entered into sale and purchase agreements with independent third parties for the disposal of two
units at Summit and four car parking spaces at AquaMarine in Hong Kong. These transactions are expected to complete in
the second half of 2026.

PROPERTY REVALUATION
As of June 30, 2026, the total value of our investment properties and those under development amounted to HK$208,349
million, including the Chinese Mainland portfolio of HK$144,504 million and the Hong Kong portfolio of HK$63,845 million.
These properties were appraised by Savills Valuation and Professional Services Limited, an independent valuer, as of June
30, 2026.
A revaluation loss of HK$567 million was recorded (2025: loss of HK$269 million).
The Chinese Mainland portfolio recorded a revaluation loss of HK$463 million (2025: loss of HK$93 million), representing
less than 1% of the portfolio value as of December 31, 2025.
The Hong Kong portfolio had a revaluation loss of HK$104 million (2025: loss of HK$176 million), representing less than 1%
of the portfolio value as of December 31, 2025.
A net revaluation loss after tax and non-controlling interests of HK$377 million was reported (2025: net revaluation loss of
HK$494 million).

Hang Lung Group Limited

15

PROPERTY DEVELOPMENT
The aggregated values of our subsidiaries’ projects under development for leasing and sales as of June 30, 2026 were
HK$7,636 million and HK$8,073 million, respectively. The projects under development held by subsidiaries and joint
ventures are located in Wuxi, Hangzhou, Shanghai, Shenyang and Hong Kong.

Chinese Mainland
Center Residences in Wuxi and Xi Zhe Wuxi, Curio Collection by Hilton form the Phase Two development of Center 66.
The residences, currently available for sale, are scheduled for completion and handover in phases starting in the fourth
quarter of 2026. The lifestyle hotel, featuring 105 rooms across a seven-story new-build tower and a three-story heritage
building, will commence operation in the third quarter of 2026.
Westlake 66 in Hangzhou is a mixed-use development comprising a retail podium, five Grade A office towers, and the first
Mandarin Oriental in Zhejiang Province, Mandarin Oriental Hangzhou. The project also features an in-mall exhibition hall
of Song and Yuan dynasty relics, two historic buildings, and “The Oasis”—a landscaped area of over 10,000 square meters
linking the office towers, shopping mall, and hotel through an elevated, open-air corridor. Office Tower E is fully occupied,
while Tower B began phased occupancy in March 2026. The mall opened on April 28, 2026, while the 194-key luxury hotel is
scheduled to open in the first quarter of 2027.
The Westlake 66 Expansion Project aims to strengthen the Westlake 66 mall’s competitive edge by enhancing its scale,
street frontage, accessibility, and visibility. In July 2025, we entered into a lease agreement with the landlord of Hangzhou
Department Store, located at 546 Yan’an Road in Hangzhou, adjacent to Westlake 66. The 20-year lease will commence on
April 1, 2028. Upon completion of renovation works and phased openings from 2029 onward, the aggregate retail area of
the Westlake 66 complex will increase by nearly 40% to 150,000 square meters.
As part of the ongoing enhancement efforts in Jing’an District, Shanghai, we have initiated the Plaza 66 Pavilion Extension.
The project, which is expected to strengthen the mall’s presence in the city and create a more compelling customer
experience, will add around 4,300 square meters of leasable space, including above-ground and basement levels, through
a three-story standalone retail and dining podium with a basement connection to Plaza 66. The operation permit was
obtained in June 2026 and tenant handover commenced progressively thereafter. The project is targeted to open in the
second half of 2026.
Kimpton Xujiahui Shanghai, a luxury boutique brand under InterContinental Hotels Group, forms part of Grand Gateway
66’s ongoing revitalization project. The hotel, with 149 rooms, is scheduled to open in the second half of 2027, and
renovation work is currently underway.
The remaining mixed-use development at Forum 66 in Shenyang, with a site area of 44,000 square meters, has been
temporarily designated for the development of an urban park to enhance community well-being while market conditions
are being monitored. The space is intended to provide a vibrant gathering area for families and visitors, energizing the
surrounding area and generating foot traffic.

16

Hang Lung Group Limited

Joint Ventures in the Chinese Mainland
On December 9, 2025, we entered into a partnership with Wuxi Liangxi City Development Group Co., Ltd. (無錫市梁溪城市發
展集團有限公司 ) — a state-owned enterprise under the Liangxi District government in Wuxi — to obtain a 20-year operating
lease for a landmark commercial redevelopment project adjacent to Center 66 (the “Center 66 Expansion Project”). A joint
venture company, in which the Group holds a 60% equity interest, was established in January 2026. The property, formerly
known as the Wuxi New World Department Store, is located at 319-339, 341 Zhongshan Road, Wuxi. The redevelopment
will increase the total retail area of the Center 66 complex by 38% to approximately 169,000 square meters. Featuring
experiential retail concepts, enhanced community engagement, and seamless integration with Center 66, the upgraded
complex will introduce more than 80 curated brands across dining, fashion, and lifestyle categories. The development
scheme is currently in the planning stage.
On December 12, 2025, we successfully secured the No. 1038 West Nanjing Road Commercial Project — formerly
Westgate Mall — through a partnership with Shanghai Xinnanxi (Group) Co., Ltd. (上海新南西 (集團 )有限公司 ) (formerly
known as Shanghai Join Buy Group Co., Ltd. (上海九百 (集團 )有限公司 )) and Shanghai Join Buy Co., Ltd. (上海九百股份
有限公司 ), both of which are state-owned enterprises under the Jing’an District government in Shanghai. A joint venture
company, in which the Group holds a 60% equity interest, was established in July 2026. The 20-year lease project will add
approximately 96,000 square meters to Hang Lung’s portfolio on West Nanjing Road, representing a 44% increase in the
total gross floor area to approximately 312,000 square meters. The property will be transformed into a dynamic mixed-use
complex featuring integrated retail, hospitality, and office spaces. The strategic initiative will significantly enhance the scale
and synergy of our Shanghai portfolio, foster a vibrant local community, enrich the cultural atmosphere, and strengthen
West Nanjing Road’s position as a premier lifestyle destination in the Chinese Mainland.

Hong Kong
The land site at 37 Shouson Hill Road in the Southern District of Hong Kong Island will be redeveloped into luxury houses.
The site formation plan was approved in September 2025, and following the lease modification and land premium agreed
with the government in July 2026, the project will be better positioned to offer a broader mix of layouts to meet the diverse
needs of the ultra-luxury residential market.
The redevelopment project at 8-12A Wilson Road in Jardine’s Lookout on Hong Kong Island, with an expected gross floor
area of approximately 25,800 square feet, will consist of detached luxury houses with spacious gardens overlooking the
eastern Mid-Levels and the Central skyline. The development scheme was approved by the government in May 2025 and
demolition work was completed in March 2026.

FINANCING MANAGEMENT
We maintain an appropriate capital structure with multiple financing channels to ensure that financial resources are always
available to meet operational needs and support corporate expansions. Adequate standby banking facilities are in place to
cushion the Group from any unforeseen external economic shocks.
All financial risk management, including debt refinancing, foreign exchange exposure, and interest rate volatility, is centrally
managed and controlled at the corporate level. Interest rate and foreign currency swaps are used as appropriate, solely
for risk management and hedging activities. Funding needs are closely monitored and regularly reviewed to allow for a
fair degree of financial flexibility and liquidity while optimizing the cost of funds. We also maintain various sources of debt
financing channels to mitigate concentration risks and diversify the funding channels.
For debt portfolio management, we prioritize mitigating foreign exchange, interest rate, and refinancing risks through a
balanced mix of HKD/RMB borrowings, a balanced combination of fixed/floating-rate debts, a staggered debt repayment
profile, and diversified sources of funding.

Hang Lung Group Limited

17

•

Cash Management

Total cash and bank balances at the reporting date by currency:
At June 30, 2026

At December 31, 2025

HK$ Million

% of Total

HK$ Million

% of Total

Denominated in:
HKD
RMB
USD

2,949
4,080
1

42%
58%
–

3,811
2,980
1

56%
44%
–

Total cash and bank balances

7,030

100%

6,792

100%

All deposits are placed with banks that carry a strong credit rating, with thresholds set for concentration management and
routine monitoring of counterparty risk.

•

Debt Portfolio

At the balance sheet date, total borrowings amounted to HK$55,619 million (December 31, 2025: HK$54,837 million), of
which 48% was denominated in RMB, which acts as a natural hedge to net investments in the Chinese Mainland.
Our fixed-rate borrowings primarily consist of bonds, fixed-rate bank loans, and floating-rate bank loans converted into
fixed-rate loans through interest rate swaps. Fixed-rate borrowings accounted for 39% of total borrowings as of June 30,
2026. After excluding the onshore floating-rate debts, the fixed-rate borrowings would comprise 57% of total offshore
borrowings as of June 30, 2026 (December 31, 2025: 59%).
The composition of our debt portfolio can be categorized as follows:
(i)

by currency (after currency swap):
At June 30, 2026

At December 31, 2025

HK$ Million

% of Total

HK$ Million

% of Total

Denominated in:
HKD
RMB

29,198
26,421

52%
48%

29,598
25,239

54%
46%

Total borrowings

55,619

100%

54,837

100%

(ii)

by fixed or floating interest (after interest rate swap):
At June 30, 2026

At December 31, 2025

HK$ Million

% of Total

HK$ Million

% of Total

Fixed
Floating

21,618
34,001

39%
61%

22,418
32,419

41%
59%

Total borrowings

55,619

100%

54,837

100%

18

Hang Lung Group Limited

•

Gearing Ratios

At the balance sheet date, the net debt balance amounted to HK$48,589 million (December 31, 2025: HK$48,045 million).
The net debt to equity ratio was 30.5% (December 31, 2025: 30.9%), and the debt to equity ratio was 34.9% (December 31,
2025: 35.3%).

•

Maturity Profile and Refinancing

At the balance sheet date, the average tenure of our debt portfolio was maintained at 3.0 years (December 31, 2025: 2.9
years). The maturity profile staggered over more than 10 years. Around 69% of our outstanding debts would be repayable
after two years (December 31, 2025: 60%).
At June 30, 2026

At December 31, 2025

HK$ Million

% of Total

HK$ Million

% of Total

Repayable:
Within 1 year
After 1 but within 2 years
After 2 but within 5 years
Over 5 years

5,714
11,462
34,659
3,784

10%
21%
62%
7%

4,913
16,868
29,250
3,806

9%
31%
53%
7%

Total borrowings

55,619

100%

54,837

100%

As of June 30, 2026, the total undrawn committed banking facilities amounted to HK$18,501 million (December 31, 2025:
HK$22,739 million). The available balances of the US$4 billion (December 31, 2025: US$4 billion) medium-term note
program amounted to US$2,977 million, equivalent to HK$23,342 million (December 31, 2025: HK$21,731 million).

•

Net Finance Costs and Interest Cover

For the period ended June 30, 2026, gross finance costs further decreased 3% to HK$968 million (2025: HK$1,002 million),
while the average effective cost of borrowing fell to 3.7% (2025: 3.9%). This was mainly driven by the lower borrowing
costs of facilities obtained in the market, alongside an increased proportion of lower-cost RMB-denominated (CNH/
CNY) borrowings, which offset and outweighed the higher interest from the increase in borrowings deployed for capital
expenditure.
The net amount charged to the statement of profit or loss (after excluding capitalized amounts) increased 13% to HK$578
million (2025: HK$511 million), as certain Chinese Mainland projects ceased capitalizing interests upon completion,
outweighing the lower borrowing costs.
Interest cover for the six months of 2026 improved to 3.3 times (2025: 3.2 times).

•

Foreign Exchange Management

RMB fluctuations remain our principal exchange rate risk. Our exposure is primarily determined by the currency translation
risk from our subsidiaries’ net assets in the Chinese Mainland.
We refrain from speculating on the movement of RMB/HKD. Considering the cash inflows from local operations and
RMB borrowings, we maintain an appropriate level of RMB resources to meet our capital needs in the Chinese Mainland.
We regularly conduct business reviews to assess the funding requirements for our Chinese Mainland projects, guided
by regulatory restrictions, project development schedules, and market conditions. Our funding plan is modified to
accommodate any changes in circumstances.

Hang Lung Group Limited

19

As of June 30, 2026, net assets denominated in RMB accounted for approximately 69% of our total net assets. The RMB
appreciated against the HKD by 4.0% compared with December 31, 2025. The translation of these net assets from RMB
into HKD at the exchange rate as of the reporting date resulted in a translation gain of HK$4,311 million (2025: gain of
HK$1,529 million), recognized in other comprehensive income.

CHARGE OF ASSETS
None of the Group’s assets was charged to third parties as of June 30, 2026, and December 31, 2025.

CAPITAL COMMITMENTS
As of June 30, 2026, our capital commitments in respect of investment properties and property, plant and equipment
amounted to HK$4,409 million (December 31, 2025: HK$7,223 million).
The capital commitments in relation to capital injection to new joint ventures projects were RMB768 million (or HK$884
million) (December 31, 2025: RMB790 million (or HK$875 million)).
In relation to the Westlake 66 Expansion Project, subject to the fulfillment of certain conditions of the lease, the estimated
total fixed lease payments for the 20-year lease with effect from April 1, 2028, will amount to approximately RMB3.2 billion
(or HK$3.7 billion) (December 31, 2025: RMB3.2 billion (or HK$3.5 billion)).

CONTINGENT LIABILITIES
As of June 30, 2026, an amount of RMB211 million (or HK$243 million) (December 31, 2025: RMB120 million (or HK$132
million)) was given to banks with respect to mortgage loans procured by the buyers of property units in Center Residences,
Wuxi. Such guarantees will be released by banks upon the issuance of real estate ownership certificates to the buyers and
upon completion of the registration of the relevant mortgage properties.

SUSTAINABILITY
In the first half of 2026, we refreshed our 2030 Sustainability Goals and Targets across four priorities: Climate Resilience,
Resource Management, Wellbeing, and Sustainable Transactions. We remain committed to reducing emissions and
achieving net zero by 2050, in line with the Science Based Targets initiative (SBTi) Buildings Criteria.

Integrating sustainability, heritage, and community at Westlake 66
On April 28, 2026, Hang Lung celebrated the opening of Westlake 66, a 390,200-square-meter mixed-use development in
Hangzhou. The project reflects our commitment to placemaking through the thoughtful integration of commercial, cultural,
historical, and natural elements. “The Oasis,” a 10,000+ square-meter landscaped urban sanctuary, connects the office
towers, retail spaces, and hotel through an elevated open-air corridor, enhancing connectivity and wellbeing. Westlake 66
also celebrates and preserves Hangzhou’s cultural heritage by showcasing relics from the Song and Yuan dynasties in a
dedicated exhibition space. Two historic buildings at 5 Yesutang Lane and 1 Jingqingli have also been carefully restored
and will open later this year, creating a meaningful link between the city’s past and present.
The project also demonstrates Hang Lung’s leadership in sustainable development through the adoption of innovative lowcarbon emissions materials. It is the first commercial development in the Chinese Mainland and Hong Kong to utilize lowcarbon concrete bricks. In addition, low-carbon emissions steel was used for more than 80% of the reinforcing bars in a key
connecting tunnel, reducing embodied carbon emissions by approximately 45% compared with conventional materials.
Westlake 66 has secured multiple certifications and pre-certifications under leading sustainability standards, including
China Green Building Design Label, WELL, LEED, and BREEAM, reflecting a comprehensive approach to environmental
performance, occupant wellbeing, and long-term resilience.
20

Hang Lung Group Limited

10 Chinese Mainland properties are now powered by renewable electricity
Hang Lung is a leader in renewable energy procurement through power purchase agreements (PPAs) in the Chinese
Mainland. We received the “Best Newcomer” award at the RE100 Leadership Awards in 2025, organized by the Climate
Group, and were the only real estate company featured as a case study in RE100’s China Guidebook, published in May
2026. On January 1, Heartland 66 became the first commercial complex in Hubei Province to be powered by renewable
electricity, while Westlake 66 became Zhejiang Province’s first commercial property to be powered by renewable electricity
in May. In total, 10 of Hang Lung’s 11 Chinese Mainland properties now procure renewable electricity through PPAs,
delivering value to both Hang Lung and our tenants.

Driving cooling decarbonization through lifecycle refrigerant management
Hang Lung, in collaboration with LVMH Group, co-sponsored a research paper published by the Carbon Containment Lab
in January 2026, titled Bending the Curve: Cost-effective cooling emission reduction pathways for commercial real estate
in China and the U.S. The report highlights practical, no-regret measures to reduce emissions from air conditioning and
refrigeration. Building on these insights, we held workshops in the Chinese Mainland in June for internal and external
stakeholders to exchange insights, identify implementation opportunities, and foster collaboration to address coolingrelated emissions across our portfolio.

Celebrating sustainability achievements with tenants
Hang Lung continued to strengthen tenant engagement through the Changemakers: Tenant Partnerships on Sustainability
Program (“Changemakers Program”), which brings together office, retail, and hospitality tenants to reduce energy use and
waste, promote circularity, and enhance community wellbeing. The program supports tenant capacity-building through
initiatives such as training workshops and energy audits across our portfolio, as well as food waste management advisory
services for food and beverage tenants in Hong Kong.
In the first half of 2026, more than 220 tenants partnered with Hang Lung on sustainability initiatives at 20 properties in
Hong Kong and the Chinese Mainland, representing a diverse mix of sectors, including office, retail, and hospitality. These
partnerships cover approximately 24% of the leased floor area at participating properties.
In June, we hosted the Changemakers Tenant Sustainability Awards in Shenyang, Shanghai, and Hong Kong to recognize
tenants’ sustainability achievements and inspire broader adoption of best practices. The ceremonies included award
presentations to acknowledge tenants’ efforts, as well as practical knowledge-sharing sessions. The Hong Kong and
Shanghai events also featured gala events with interactive experiences for participants.

Refreshed community investment strategy
Hang Lung continues to strengthen its community investment strategy through the theme “Connected Futures”, creating
sustainable value through meaningful connections. The Company is rolling out programs across Hong Kong and nine
Chinese Mainland cities, expanding reach and deepening engagement.
Guided by our long-held vision to create compelling spaces that enrich lives, we focus on three pillars: Cultural Connections
(promoting identity and creativity across generations), Vibrant Wellbeing (supporting physical, mental, and community
health), and Inspiring Youth, (empowering young people to realize their potential).
•

Cultural Connections: Hang Lung supported the inaugural Hong Kong Comic Con, where 40 emerging artists
engaged with global and local creators, facilitating industry exposure and creative collaboration.

Hang Lung Group Limited

21

•

Vibrant Wellbeing: In partnership with Hong Kong Christian Service, Hang Lung expanded our dementia support
program by introducing mall-based Carer Cafés and community testing initiatives, serving over 2,500 individuals.

•

Inspiring Youth: Through the “Well Being · Start-Up 2.0” initiative, two participating entrepreneurs renewed leases
within our malls, indicating progress toward sustained, community-rooted business operations.

We continue to enhance our approach to social impact measurement by tracking both reach and outcomes, improving
accountability and refining our programs. We aim to create at least HK$40 million in social value by 2030, reinforcing our
commitment to delivering measurable, long-term community impact.

OUTLOOK
Ongoing conflicts in the Middle East and geopolitical uncertainties are expected to weigh on business environment in
the second half of 2026. Cash flow visibility, disciplined operational execution, and stable recurring rental income remain
increasingly essential.
In the Chinese Mainland, economic growth is anticipated to be moderate, underpinned by policy support to reinforce
domestic demand and consumption. The retail leasing market is expected to remain competitive as consumer spending
stays selective and value-conscious, with stronger demand for experience-led, lifestyle-oriented and emotionally engaging
offerings. To capture these trends, we will further optimize our tenant mix and implement targeted marketing and
placemaking initiatives to enhance footfall and sales conversions across our portfolio.
Opened on April 28, 2026, Westlake 66 is set to contribute progressively to recurring income as operations scale up. In
the second half of the year, a number of high-quality tenants are due to complete fit-outs and commence operations,
complemented by targeted CRM initiatives to enhance customer loyalty and engagement. The office towers have also been
delivered in phases, aligned with tenant absorption and operational ramp-up, allowing the asset to come on stream in a
measured manner. The forthcoming opening of the Plaza 66 Pavilion Extension in Shanghai will further strengthen the retail
and dining mix of this flagship asset, reinforcing its status and competitiveness on West Nanjing Road. Marking its silver
jubilee this year, Plaza 66 continues to enhance its luxury appeal, supported by ongoing improvement works to its rooftop
and VIC lounge. In Wuxi, the opening of Xi Zhe Wuxi, Curio Collection by Hilton in the third quarter of 2026 is expected to
generate integrated benefits with Center 66 and further elevate the project’s premium positioning.
In Hong Kong, retail performance is projected to strengthen over time, supported by rising visitor arrivals, high-profile mega
events, a more experience-oriented tenant mix, and stabilizing consumer sentiment. Notwithstanding this, inflationary
pressures driven by oil price volatility may temper sentiment and introduce uncertainties to the recovery trajectory. Amid
ample supply and cautious demand, office leasing is likely to remain competitive, although enhanced liquidity for larger
office assets may help moderate rental reversions.
Our property sales strategy will continue to emphasize disciplined pricing, phased launches, and premium product quality
across the Chinese Mainland and Hong Kong, while staying attuned to policy changes and buyer sentiment. The Hong Kong
property market is recovering steadily, with our premium products continuing to attract strong interest from discerning
buyers.
Marking our 66th anniversary under the theme “66 and beyond,” we reaffirm our commitment to sustainable growth
through our V.3 strategy and customer-centric development, creating distinctive spaces where commerce, culture, and
lifestyle converge, and delivering lasting value for the communities we serve.

22

Hang Lung Group Limited

Other Information
CORPORATE GOVERNANCE
We are committed to maintaining the highest standards of corporate governance. During the six months ended June 30,
2026, we adopted corporate governance principles that emphasize a qualified Board, sound internal controls, and effective
risk management to enhance transparency and accountability towards our stakeholders. The general framework of our
corporate governance practices is set out in our corporate governance report in the 2025 annual report, which is available
on our website under “Financial Report” in the “Financial Information” subsection of the “Investor” section.

The Board
As at the date of this report, July 31, 2026, the Board comprised three Executive Directors, three Non-Executive Directors,
and four Independent Non-Executive Directors. The Independent Non-Executive Directors accounts for approximately 40%
of the Board, exceeding the requirement of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”). An updated list of Board members with their roles and functions is
maintained on both our website and the website of Hong Kong Exchanges and Clearing Limited (“HKEX”). The biographical
details of the Board members are also available on our website under “Our Management” of the “Corporate Governance”
section. There is a clear division of responsibilities between the Chair and the Chief Executive Officer to ensure a balance
of power and authority. The Board generally meets six times a year and continues to review its practices from time to time,
constantly seeking to improve the corporate governance procedures of the Company and its subsidiaries (the “Group”) in
accordance with international best practices.

Nomination and Remuneration Committee
As at the date of this report, July 31, 2026, our Nomination and Remuneration Committee comprised a majority of
Independent Non-Executive Directors, with one director of a different gender. It is chaired by an Independent Non-Executive
Director. The Committee members meet at least once a year. Its duties include reviewing significant changes to the salary
structure within the Group and the terms and conditions affecting Executive Directors and senior management. The
Committee members also conduct regular reviews of the Board’s structure, size and diversity, and make recommendations
to the Board on the appointment, re-appointment and succession planning of Directors. The terms of reference of
the Committee are available on both our website under “Nomination & Remuneration Committee” of the “Corporate
Governance” section, and the website of HKEX.

Hang Lung Group Limited

23

Audit Committee
As at the date of this report, July 31, 2026, our Audit Committee, which is chaired by an Independent Non-Executive
Director, comprised three Independent Non-Executive Directors and one Non-Executive Director. The Committee members
meet at least four times a year. Meetings are attended by external and internal auditors, the Chair, the Chief Executive
Officer, the Chief Financial Officer and the Company Secretary for the purposes of, inter alia , discussing the nature and
scope of internal audit work and assessing the Company’s internal controls. The terms of reference of the Committee,
which include duties pertaining to corporate governance functions and the oversight of risk management, are available on
both our website under “Audit Committee” of the “Corporate Governance” section, and the website of HKEX.
This unaudited interim financial report was reviewed by KPMG, our auditor, in accordance with the Hong Kong Standard
on Review Engagements 2410, Review of interim financial information performed by the independent auditor of the entity ,
issued by the Hong Kong Institute of Certified Public Accountants. The Independent Auditor’s Review Report is set out on
page 32 of this report. The Audit Committee has reviewed this report, including the unaudited interim financial report for
the six months ended June 30, 2026, and has recommended their adoption by the Board.

Compliance with Corporate Governance Code contained in Appendix C1 to the Listing
Rules
During the six months ended June 30, 2026, the Company complied with the code provisions set out in the Corporate
Governance Code contained in Appendix C1 to the Listing Rules, and in certain areas exceeded them.

Compliance with Model Code contained in Appendix C3 to the Listing Rules
We have adopted a code of conduct with regard to securities transactions by Directors (the “Code of Conduct”) on terms
that are no less exacting than the required standard set out in the Model Code for Securities Transactions by Directors
of Listed Issuers contained in Appendix C3 to the Listing Rules (the “Model Code”). All Directors confirmed, upon specific
enquiries made by the Company, that they have complied with the Model Code and the Code of Conduct throughout the six
months ended June 30, 2026.

24

Hang Lung Group Limited

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SH ARES,
UNDERLYING SHARES AND DEBENTURES
As at June 30, 2026, the interests or short positions of each Director in the shares, underlying shares and debentures of
the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance
(the “SFO”)) which were required to be notified to the Company and the Stock Exchange pursuant to Part XV of the SFO or
pursuant to the Model Code or which were recorded in the register required to be kept by the Company under section 352
of the SFO were as follows:
The Company
(Long Positions)

Name

Capacity

Adriel Chan

Personal & Other

Hang Lung Properties Limited
(Long Positions)

Number
of Shares

% of Total
Number of
Issued
Shares

551,752,580

40.52

(Notes 1 & 2)

Weber W.P. Lo
Gerald L. Chan
Simon S.O. Ip
P.W. Liu
Martin C.K. Liao
George K.K. Chang
Roy Y.C. Chen
May S.B. Tan
Kenneth K.K. Chiu

Personal
–
–
Personal & Family
–
–
–
Personal
Personal

460,000
–
–
–
–
–
–
300,000
–

Number
of Shares

% of Total
Number of
Issued
Shares

Number
of Share
Options

3,464,877,216

66.59

15,050,000

0.02
–
–
–
–
–
–
–
–

25,750,000
–
–
–
–
–
–
–
6,800,000

(Note 3)

(Note 2)

0.03
–
–
–
–
–
–
0.02
–

1,145,385
–
–
100,000
–
–
–
–
–

Notes:
1.

Other interests included 28,579,500 shares of the Company held by a trust of which Mr. Adriel Chan was a settlor and a discretionary beneficiary.
Accordingly, Mr. Adriel Chan was deemed to be interested in such shares under the SFO.

2.

Other interests included 522,423,080 shares of the Company and 3,464,142,255 shares of Hang Lung Properties Limited (“HLP”) held or deemed to be
held by another trust of which Mr. Adriel Chan was a discretionary beneficiary. Accordingly, Mr. Adriel Chan was deemed to be interested in such shares
under the SFO. Mr. Adriel Chan was also personally interested in 750,000 shares of the Company and 734,961 shares of HLP.

3.

Movements of Directors’ share options under the share option scheme of HLP adopted on April 18, 2012 (the “2012 Share Option Scheme”) and
another share option scheme of HLP adopted on April 27, 2022 (the “2022 Share Option Scheme”) are set out under the section below headed under
“Share Option Schemes”.

4.

Shareholding percentages were calculated based on the total number of issued shares of the Company as at June 30, 2026, being 1,361,618,242
shares and the total number of issued shares of HLP as at June 30, 2026, being 5,203,082,528 shares.

Hang Lung Group Limited

25

Save as disclosed above, as at June 30, 2026, none of the Directors had any interests or short positions in the shares,
underlying shares or debentures of the Company or any associated corporations (within the meaning of Part XV of the
SFO).
Other than as stated above, at no time during the six months ended June 30, 2026 was the Company or any of its
subsidiaries a party to any arrangement to enable the Directors to acquire benefits by means of the acquisition of shares in
or debentures of the Company or any other body corporate.

SHARE OPTION SCHEMES
The purposes of the 2012 Share Option Scheme and the 2022 Share Option Scheme (together, the “Share Option Schemes”)
are to enable HLP, the Company’s subsidiary, to grant options to selected participants as rewards or incentives for their
contributions to HLP and its subsidiaries (the “HLP Group”), to attract skilled and experienced personnel, to incentivize them
to remain with the HLP Group and to motivate them to strive for the future development and expansion of the HLP Group
by providing them with the opportunity to acquire equity interest in HLP.
Under the Share Option Schemes, the board of directors of HLP is authorized to grant options to selected participants,
including employees and directors of any company in the HLP Group, subject to the terms and conditions as the board
of directors of HLP may specify on a case-by-case basis or generally. The Share Option Schemes do not provide for
any minimum vesting period. The vesting period, the period open for acceptance of the option and the amount payable
thereon, the exercisable period and the number of HLP shares subject to each option under the Share Option Schemes are
determined by the board of directors of HLP at the time of grant. The exercise price of the options is determined by the
board of directors of HLP at the time of grant, and shall not be less than the higher of the nominal value of HLP shares,
the closing price of HLP shares at the date of grant and the average closing price of HLP shares for the five business days
immediately preceding the date of grant.
Pursuant to the resolutions passed by the shareholders of the Company and HLP at their respective annual general
meetings held on April 27, 2022, the 2022 Share Option Scheme was adopted and became effective on the same date for
a period of 10 years. The 2022 Share Option Scheme has a remaining life of approximately five years and nine months and
will expire on April 26, 2032. Upon the adoption of the 2022 Share Option Scheme, the 2012 Share Option Scheme was
terminated upon its expiry.
As at January 1, 2026, no further share option shall be granted under the 2012 Share Option Scheme and the total number
of share options available for grant under the 2022 Share Option Scheme was 276,275,550.
During the six months ended June 30, 2026, no share option was granted under the 2022 Share Option Scheme. As at June
30, 2026, the total number of share options available for grant under the 2022 Share Option Scheme was 276,275,550.
As at the date of this report, July 31, 2026, the total number of HLP shares available for issue in respect of the share options
granted under the 2012 Share Option Scheme and the 2022 Share Option Scheme were 156,528,500 and 48,893,000,
respectively, representing approximately 3.0% and 0.9% of the total number of issued shares of HLP. As at the date of this
report, July 31, 2026, the total number of HLP shares available for issue in respect of which options may be granted under
the 2022 Share Option Scheme was 276,275,550, representing approximately 5.3% of the total number of issued shares of
HLP.
The total number of HLP shares issued and to be issued upon exercise of options (including both exercised and
outstanding) granted to each participant under the 2012 Share Option Scheme and the 2022 Share Option Scheme in any
12-month period shall not exceed 1% of HLP shares in issue.

26

Hang Lung Group Limited

As no share option was granted during the six months ended June 30, 2026, the number of HLP shares that may be issued
in respect of options granted under the Share Option Schemes during the six months ended June 30, 2026 divided by the
weighted average number of HLP ordinary shares in issue for the six months ended June 30, 2026 is 0.
Movements of the share options under the 2012 Share Option Scheme during the six months ended June 30, 2026 (the
“Period”) were set out below:
Number of Share Options
Closing
Price Per
Lapsed/

Exercise

Share on

Category of

Outstanding

Granted

Exercised

Forfeited

Outstanding

Price

the Date

Vesting

Date of

Participants

as at

during

during

during

as at

per Share

of Grant

Dates

Date

Grant

(Note 1)

Jan 1, 2026

the Period

the Period

the Period

Jun 30, 2026

HK$

HK$

(Note 2)

(Note 2)

Aug 10, 2017

Honorary Chair:

19.98

19.86

Aug 10, 2019: 10%

Aug 9, 2027

1,925,000

–

–

–

1,925,000

Ronnie C. Chan

Expiry

Aug 10, 2020: 20%

(Note 3)

Aug 10, 2021: 30%
Aug 10, 2022: 40%

Director:
Adriel Chan

May 16, 2018

–

–

–

1,850,000

Director of HLP

2,500,000

–

–

–

2,500,000

Employees

16,881,000

–

–

(620,000)

16,261,000

23,156,000

–

–

(620,000)

22,536,000

10,000,000

–

–

–

10,000,000

10,000,000

–

–

–

10,000,000

3,025,000

–

–

–

3,025,000

Director:
Weber W.P. Lo

Jun 28, 2019

1,850,000

18.98

Honorary Chair:
Ronnie C. Chan

May 16, 2020: 10% May 15, 2028
May 16, 2021: 20%
May 16, 2022: 30%
May 16, 2023: 40%

18.58

(Note 3)

18.98

18.58

Jun 28, 2021: 10%

Jun 27, 2029

Jun 28, 2022: 20%
Jun 28, 2023: 30%
Jun 28, 2024: 40%

Directors:
Adriel Chan

2,200,000

–

–

–

2,200,000

Weber W.P. Lo

2,750,000

–

–

–

2,750,000

25,365,500

–

–

(809,000)

24,556,500

33,340,500

–

–

(809,000)

32,531,500

Employees

Hang Lung Group Limited

27

Movements of the share options under the 2012 Share Option Scheme during the six months ended June 30, 2026 were
set out below:
Number of Share Options
Closing
Price Per
Lapsed/

Exercise

Share on

Category of

Outstanding

Granted

Exercised

Forfeited

Outstanding

Price

the Date

Vesting

Date of

Participants

as at

during

during

during

as at

per Share

of Grant

Dates

Date

Grant

(Note 1)

Jan 1, 2026

the Period

the Period

the Period

Jun 30, 2026

HK$

HK$

(Note 2)

(Note 2)

May 12, 2021

Honorary Chair:

19.95

19.60

3,300,000

–

–

–

3,300,000

Ronnie C. Chan

Expiry

May 12, 2023: 10% May 11, 2031
May 12, 2024: 20%

(Note 3)

May 12, 2025: 30%
May 12, 2026: 40%

Directors:
Adriel Chan

3,000,000

–

–

–

3,000,000

Weber W.P. Lo

3,000,000

–

–

–

3,000,000

Employees

Oct 6, 2021

35,080,000

–

–

(1,125,000)

33,955,000

44,380,000

–

–

(1,125,000)

43,255,000

2,000,000

–

–

–

2,000,000

2,000,000

–

–

–

2,000,000

3,300,000

–

–

–

3,300,000

Director:

17.65

Kenneth K.K. Chiu

Feb 21, 2022

Honorary Chair:
(Note 3)

Oct 6, 2023: 10%
Oct 6, 2025: 30%
Oct 6, 2026: 40%

16.32

Feb 21, 2024: 10%
Feb 21, 2025: 20%
Feb 21, 2026: 30%
Feb 21, 2027: 40%

Directors:
Adriel Chan

3,000,000

–

–

–

3,000,000

Weber W.P. Lo

3,000,000

–

–

–

3,000,000

Kenneth K.K. Chiu

2,100,000

–

–

–

2,100,000

Employees

36,272,000

–

–

(1,282,000)

34,990,000

47,672,000

–

–

(1,282,000)

46,390,000

Honorary Chair

11,550,000

–

–

–

11,550,000

Directors

32,900,000

–

–

–

32,900,000

Director of HLP

2,500,000

–

–

–

2,500,000

113,598,500

–

–

(3,836,000)

109,762,500

160,548,500

–

–

(3,836,000)

156,712,500

Employees

Total

28

Hang Lung Group Limited

Oct 5, 2031

Oct 6, 2024: 20%

16.38

Ronnie C. Chan

17.58

Feb 20, 2032

Movements of the share options under the 2022 Share Option Scheme during the six months ended June 30, 2026 were
set out below:
Number of Share Options
Closing
Price Per
Lapsed/

Exercise

Share on

Category of

Outstanding

Granted

Exercised

Forfeited

Outstanding

Price

the Date

Vesting

Date of

Participants

as at

during

during

during

as at

per Share

of Grant

Dates

Date

Grant

(Note 1)

Jan 1, 2026

the Period

the Period

the Period

Jun 30, 2026

HK$

HK$

(Note 2)

(Note 2)

Jun 28, 2023

Honorary Chair:

12.49

12.34

Jun 28, 2025: 20%

Jun 27, 2033

3,300,000

–

–

–

3,300,000

Ronnie C. Chan

Expiry

Jun 28, 2026: 30%

(Note 3)

Jun 28, 2027: 50%

Directors:
Adriel Chan

3,000,000

–

–

–

3,000,000

Weber W.P. Lo

3,000,000

–

–

–

3,000,000

Kenneth K.K. Chiu

2,100,000

–

–

–

2,100,000

32,593,000

–

–

(1,525,000)

31,068,000

43,993,000

–

–

(1,525,000)

42,468,000

Adriel Chan

2,000,000

–

–

–

2,000,000

Jan 27, 2028: 30%

Weber W.P. Lo

4,000,000

–

–

–

4,000,000

Jan 27, 2029: 50%

Kenneth K.K. Chiu

600,000

–

–

–

600,000

6,600,000

–

–

–

6,600,000

Employees

Jan 27, 2025

Total

Directors:

6.21

Honorary Chair

3,300,000

–

–

–

3,300,000

Directors

14,700,000

–

–

–

14,700,000

Employees

32,593,000

–

–

(1,525,000)

31,068,000

50,593,000

–

–

(1,525,000)

49,068,000

6.21

Jan 27, 2027: 20%

Jan 26, 2035

Notes:
1.

“Employees” include current and former employees of the HLP Group and persons who were granted share options as an incentive to enter into
employment contracts with HLP and/or any of its subsidiaries.

2.

Exercise periods of the share options start from the respective vesting dates and end on the respective expiry dates.

3.

Mr. Ronnie C. Chan retired as the Chair and an Executive Director on April 26, 2024, and the Board bestowed upon him the title of “Honorary Chair” on
the same date. Mr. Adriel Chan is the son of Mr. Ronnie C. Chan, the Honorary Chair.

4.

No share options were cancelled during the Period.

Please also refer to Note 13 to the consolidated financial statements for further details of the Share Option Schemes.

Hang Lung Group Limited

29

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS
AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES
As at June 30, 2026, to the best of the knowledge of the Directors, details of substantial shareholders’ and other persons’
(who are required to disclose their interests pursuant to Part XV of the SFO) interests and short positions in the shares and
underlying shares of the Company as recorded in the register required to be kept under section 336 of the SFO were as
follows:

Note

Name
Adriel Chan
Chan Tan Ching Fen
Cole Enterprises Holdings (PTC) Limited
Merssion Limited
Kingswick Investment Limited
Silchester International Investors LLP
Dodge & Cox

1
2
2
2
3
4
4

Number of
Shares or Underlying
Shares Held
(Long Positions)

% of Total
Number of
Issued Shares
(Long Positions)
(Note 5)

551,752,580
522,423,080
522,423,080
522,423,080
103,609,000
110,342,000
93,181,000

40.52
38.37
38.37
38.37
7.61
8.10
6.84

Notes:
1.

These shares were the same parcel of shares held by two trusts, 522,423,080 shares of which were held by Merssion Limited under a trust and
28,579,500 shares of which were held by another trust. As Mr. Adriel Chan was a discretionary beneficiary (for 522,423,080 shares) of a trust and both
a settlor and a discretionary beneficiary (for 28,579,500 shares) of another trust, he was deemed to be interested in such shares under the SFO. Mr.
Adriel Chan was also personally interested in 750,000 shares of the Company.

2.

These shares were the same parcel of shares held by Merssion Limited which was held under a trust. As Ms. Chan Tan Ching Fen was the founder and
Cole Enterprises Holdings (PTC) Limited was the trustee, they were deemed to be interested in such shares under the SFO. These shares were included
in the 551,002,580 shares deemed to be interested by Mr. Adriel Chan.

3.

This company was a wholly-owned subsidiary of Merssion Limited, its interests were included in 522,423,080 shares held by Merssion Limited.

4.

These shares were held in the capacity of investment managers.

5.

Shareholding percentages were calculated based on the total number of issued shares of the Company as at June 30, 2026, being 1,361,618,242
shares.

Save as disclosed above, as at June 30, 2026, no other interests or short positions in the shares or underlying shares of the
Company required to be recorded in the register kept under section 336 of the SFO has been notified to the Company.

30

Hang Lung Group Limited

CHANGE IN INFORMATION OF DIRECTORS
Changes in Directors’ other major offices which are required to be disclosed under Rule 13.51B(1) of the Listing Rules are
set out below.

Director

Position

Mr. Adriel Chan

A member of the Nomination and Remuneration
Committee of the Company
Chairman of Apellis Pharmaceuticals, Inc.
An independent non-executive director, a member
of each of the Nomination and Remuneration
Committee, Risk Committee and Sustainability
Committee of BOC Hong Kong (Holdings) Limited

Mr. Gerald L. Chan
Mr. Martin C.K. Liao

Appointment
(Effective Date)

Cessation
(Effective Date)

July 31, 2026

–

–
March 11, 2026

May 14, 2026
–

The updated biographies of the Directors will be available in the next annual report of the Company.
Save as disclosed above, there is no other information required to be disclosed under Rule 13.51B(1) of the Listing Rules.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES
During the six months ended June 30, 2026, neither the Company nor any of its subsidiaries purchased, sold or redeemed
any of the Company's listed securities, and the Company did not hold any treasury shares (as defined in the Listing Rules)
during that period and as at June 30, 2026.

EMPLOYEES
As at June 30, 2026, the Group had 4,616 employees. We offer competitive remuneration packages to all employees,
including discretionary bonuses determined by individual performance, and review these packages regularly to ensure they
remain in line with market conditions.
The Group also operates a share option scheme and provides employees with regular, diversified training on topics that are
relevant to their roles and keep their knowledge current. During the six months ended June 30, 2026, the Group organized
in-house training courses to enhance employees’ job knowledge, skills and well-being, recording a total of 42,333 training
hours. For details of the share option scheme, please refer to the section headed “SHARE OPTION SCHEMES” on pages 26
to 29 of this report. Further details of employee remuneration and benefits are set out in Notes 5 and 13 to the Financial
Statements.

Hang Lung Group Limited

31

Independent Auditor’s Review Report

Review report to the Board of Directors of Hang Lung Group Limited
(Incorporated in the Hong Kong with limited liability)

INTRODUCTION
We have reviewed the interim financial report set out on pages 34 to 54 which comprises the consolidated statement of
financial position of Hang Lung Group Limited (“the Company”) as at June 30, 2026 and the related consolidated statement
of profit or loss, consolidated statement of profit or loss and other comprehensive income, consolidated statement of
changes in equity and condensed consolidated cash flow statement for the six-month period then ended, and explanatory
notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation
of an interim financial report to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard
34 Interim financial reporting as issued by the Hong Kong Institute of Certified Public Accountants. The directors are
responsible for the preparation and presentation of the interim financial report in accordance with Hong Kong Accounting
Standard 34.
Our responsibility is to express a conclusion, based on our review, on the interim financial report and to report our
conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do
not assume responsibility towards or accept liability to any other person for the contents of this report.

SCOPE OF REVIEW
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, Review of interim
financial information performed by the independent auditor of the entity as issued by the Hong Kong Institute of Certified
Public Accountants. A review of the interim financial report consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.

CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the interim financial report as at
and for the six months ended 30 June 2026 are not prepared, in all material respects, in accordance with Hong Kong
Accounting Standard 34 Interim financial reporting .

KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
July 31, 2026

32

Hang Lung Group Limited

Financial Statements

34
35
36
37
39
40
40
41
43
43
44
44
45
46
47
47
48
48
48
51
52
54
54
54

CONSOLIDATED STATEMENT OF PROFIT OR LOSS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
2. REVENUE AND SEGMENT INFORMATION
3. OTHER NET INCOME
4. NET INTEREST EXPENSE
5. PROFIT BEFORE TAXATION
6. TAXATION IN THE CONSOLIDATED STATEMENT OF
PROFIT OR LOSS
7. DIVIDENDS
8. EARNINGS PER SHARE
9. INVESTMENT PROPERTIES AND INVESTMENT
PROPERTIES UNDER DEVELOPMENT
10. TRADE AND OTHER RECEIVABLES
11. TRADE AND OTHER PAYABLES
12. SHARE CAPITAL
13. SHARE OPTION SCHEMES
14. RESERVES
15. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
16. COMMITMENTS
17. CONTINGENT LIABILITIES
18. REVIEW AND APPROVAL OF INTERIM FINANCIAL REPORT

Hang Lung Group Limited

33

Consolidated Statement of Profit or Loss
For the six months ended June 30, 2026 (Unaudited)
For information purpose only
2026
HK$ Million

2025
HK$ Million

2026
RMB Million

2025
RMB Million

6,341
(2,934)

5,202
(1,794)

5,586
(2,584)

4,813
(1,660)

3,407

3,408

3,002

3,153

13
(325)

41
(320)

12
(287)

38
(299)

Profit from operations before changes
in fair value of properties
Decrease in fair value of properties

3,095
(567)

3,129
(269)

2,727
(493)

2,892
(247)

Profit from operations after changes in fair
value of properties
Interest income
Finance costs

2,528
19
(578)

2,860
24
(511)

2,234
17
(507)

2,645
22
(475)

Note
Revenue
Direct costs and operating expenses
Other net income
Administrative expenses

2(a)

3

Net interest expense
Share of profits of joint ventures

4

(559)
173

(487)
23

(490)
150

(453)
22

Profit before taxation

5

2,142

2,396

1,894

2,214

Taxation

6

(894)

(1,088)

(786)

(1,001)

Profit for the period

2(b)

1,248

1,308

1,108

1,213

746
502

697
611

662
446

648
565

1,248

1,308

1,108

1,213

HK$0.55
HK$0.55

HK$0.51
HK$0.51

RMB0.49
RMB0.49

RMB0.48
RMB0.48

Attributable to:
Shareholders
Non-controlling interests
Profit for the period
Earnings per share
Basic
Diluted

8(a)

The accompanying notes form part of the interim financial report.

34

Hang Lung Group Limited

Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the six months ended June 30, 2026 (Unaudited)
For information purpose only
2026
HK$ Million

2025
HK$ Million

2026
RMB Million

2025
RMB Million

1,248

1,308

1,108

1,213

4,610
(299)

1,739
(210)

(1,541)
–

(1,365)
–

60
17
(12)

(145)
(6)
24

53
15
(11)

(136)
(5)
22

1

–

1

–

Other comprehensive income for the period,
net of tax

4,377

1,402

(1,483)

(1,484)

Total comprehensive income for the period

5,625

2,710

(375)

(271)

Attributable to:
Shareholders
Non-controlling interests

3,434
2,191

1,535
1,175

(360)
(15)

(361)
90

Total comprehensive income for the period

5,625

2,710

(375)

(271)

Profit for the period
Other comprehensive income
Items that are or may be reclassified subsequently to
profit or loss:
Movement in exchange reserve:
Exchange difference arising from translation to
presentation currency
Loss on net investment hedge
Movement in hedging reserve:
Effective portion of changes in fair value
Net amount transferred to profit or loss
Deferred tax
Item that will not be reclassified to profit or loss:
Net change in fair value of equity investments

Hang Lung Group Limited

35

Consolidated Statement of Financial Position
At June 30, 2026
For information purpose only

(Unaudited)

(Audited)

June 30,
2026
HK$ Million

December 31,
2025
HK$ Million

June 30,
2026
RMB Million

December 31,
2025
RMB Million

9

200,713

175,536

174,250

158,263

9

7,636
3,646
4,474
1,431
144

27,359
3,567
4,377
1,431
157

6,632
3,167
3,881
1,241
125

24,711
3,222
3,934
1,286
142

218,044

212,427

189,296

191,558

7,030
2,791
13,854

6,792
2,720
14,293

6,102
2,423
12,025

6,117
2,454
12,880

23,675

23,805

20,550

21,451

5,714
9,787
28
387

4,913
10,064
26
335

4,958
8,497
24
336

4,429
9,078
23
302

15,916

15,338

13,815

13,832

7,759

8,467

6,735

7,619

Total assets less current liabilities

225,803

220,894

196,031

199,177

Non-current liabilities
Bank loans and other borrowings
Lease liabilities
Deferred tax liabilities

49,905
256
16,312

49,924
254
15,449

43,304
222
14,167

44,932
229
13,951

66,473

65,627

57,693

59,112

159,330

155,267

138,338

140,065

4,065
98,234

4,065
94,816

3,164
85,654

3,164
86,026

Shareholders’ equity
Non-controlling interests

102,299
57,031

98,881
56,386

88,818
49,520

89,190
50,875

TOTAL EQUITY

159,330

155,267

138,338

140,065

Note
Non-current assets
Investment properties
Investment properties under
development
Property, plant and equipment
Interests in joint ventures
Other assets
Deferred tax assets
Current assets
Cash and deposits with banks
Trade and other receivables
Properties for sale
Current liabilities
Bank loans and other borrowings
Trade and other payables
Lease liabilities
Current tax payable

10

11

Net current assets

NET ASSETS
Capital and reserves
Share capital
Reserves

12

The accompanying notes form part of the interim financial report.

36

Hang Lung Group Limited

Consolidated Statement of Changes in Equity
For the six months ended June 30, 2026 (Unaudited)
HK$ Million

Shareholders’ equity

Total

Noncontrolling
interests

Total
equity

86,654

98,881

56,386

155,267

–

746

746

502

1,248

–
–

2,839
(194)

–
–

2,839
(194)

1,771
(105)

4,610
(299)

–

42

–

42

23

65

–

1

–

1

–

1

–

2,688

746

3,434

2,191

5,625

–
–

–
7

(885)
4

(885)
11

–
8

(885)
19

–

858

–

858

(847)

11

–

–

–

–

(707)

(707)

At June 30, 2026

4,065

11,715

86,519

102,299

57,031

159,330

At January 1, 2025
Profit for the period

4,065

5,273

86,438

95,776

56,912

152,688

–

–

697

697

611

1,308

–
–

1,053
(134)

–
–

1,053
(134)

686
(76)

1,739
(210)

–

(81)

–

(81)

(46)

(127)

–

838

697

1,535

1,175

2,710

At January 1, 2026
Profit for the period
Exchange difference arising from
translation to presentation
currency
Loss on net investment hedge
Cash flow hedges: net movement
in hedging reserve
Net change in fair value of
equity investments
Total comprehensive income for
the period
Final dividend in respect of
previous year
Employee share-based payments
Change from increase of
the Group’s shareholding in
a subsidiary
Dividend paid to non-controlling
interests

Exchange difference arising from
translation to presentation
currency
Loss on net investment hedge
Cash flow hedges: net movement
in hedging reserve
Total comprehensive income for
the period
Final dividend in respect of
previous year
Employee share-based payments
Change from increase of
the Group’s shareholding in
a subsidiary
Dividend paid to non-controlling
interests
At June 30, 2025

Share
capital
(Note 12)

Other
reserves
(Note 14)

Retained
profits
(Note 14)

4,065

8,162

–

–

–

(885)

(885)

–

(885)

–

12

8

20

11

31

–

1,203

–

1,203

(1,074)

129

–

–

–

–

(695)

(695)

4,065

7,326

86,258

97,649

56,329

153,978

The accompanying notes form part of the interim financial report.

Hang Lung Group Limited

37

For information purpose only
RMB Million

Shareholders’ equity

Total

Noncontrolling
interests

Total
equity

72,434

89,190

50,875

140,065

–

662

662

446

1,108

–

(1,061)

–

(1,061)

(480)

(1,541)

–

38

–

38

19

57

–

1

–

1

–

1

–

(1,022)

662

(360)

(15)

(375)

–
–

–
6

(766)
3

(766)
9

–
7

(766)
16

–

745

–

745

(735)

10

–

–

–

–

(612)

(612)

At June 30, 2026

3,164

13,321

72,333

88,818

49,520

138,338

At January 1, 2025

3,164

13,762

72,225

89,151

52,911

142,062

–

–

648

648

565

1,213

–

(935)

–

(935)

(430)

(1,365)

–

(74)

–

(74)

(45)

(119)

–

(1,009)

648

(361)

90

(271)

–

–

(810)

(810)

–

(810)

–

11

7

18

11

29

–

1,102

–

1,102

(984)

118

–

–

–

–

(637)

(637)

3,164

13,866

72,070

89,100

51,391

140,491

At January 1, 2026
Profit for the period
Exchange difference arising from
translation to presentation
currency
Cash flow hedges: net movement
in hedging reserve
Net change in fair value of
equity investments
Total comprehensive income for
the period
Final dividend in respect of
previous year
Employee share-based payments
Change from increase of
the Group’s shareholding in
a subsidiary
Dividend paid to non-controlling
interests

Profit for the period
Exchange difference arising from
translation to presentation
currency
Cash flow hedges: net movement
in hedging reserve
Total comprehensive income for
the period
Final dividend in respect of
previous year
Employee share-based payments
Change from increase of
the Group’s shareholding in
a subsidiary
Dividend paid to non-controlling
interests
At June 30, 2025

38

Hang Lung Group Limited

Share
capital

Other
reserves

Retained
profits

3,164

13,592

–

Condensed Consolidated Cash Flow Statement
For the six months ended June 30, 2026 (Unaudited)
For information purpose only
2026
HK$ Million

2025
HK$ Million

2026
RMB Million

2025
RMB Million

4,252
(573)

2,979
(553)

3,715
(506)

2,743
(510)

Net cash generated from operating activities
Investing activities
Payment for investment properties
Payment for investment properties under
development
Payment for property, plant and equipment
Dividends from joint ventures
Increase in bank deposits with maturity greater
than 3 months
Increase in cash restricted for use
Other cash flows arising from investing activities

3,679

2,426

3,209

2,233

(164)

(384)

(137)

(351)

(599)
(426)
100

(805)
(171)
113

(528)
(372)
88

(744)
(158)
105

(164)
(10)
261

(174)
–
175

(145)
(9)
228

(160)
–
164

Net cash used in investing activities
Financing activities
Proceeds from new bank loans and other
borrowings
Repayment of bank loans and other borrowings
Interest and other borrowing costs paid
Dividend paid
Dividend paid to non-controlling interests
Other cash flows used in financing activities

(1,002)

(1,246)

(875)

(1,144)

19,573
(19,816)
(918)
(885)
(696)
(14)

24,130
(26,456)
(953)
(885)
(566)
(13)

17,188
(17,395)
(804)
(766)
(602)
(12)

22,458
(24,628)
(885)
(810)
(519)
(12)

Net cash used in financing activities

(2,756)

(4,743)

(2,391)

(4,396)

Decrease in cash and cash equivalents
Effect of foreign exchange rate changes
Cash and cash equivalents at January 1

(79)
128
6,409

(3,563)
46
10,712

(57)
(109)
5,771

(3,307)
(181)
10,056

Cash and cash equivalents at June 30

6,458

7,195

5,605

6,568

7,030

7,476

6,102

6,824

(306)
(266)

(281)
–

(266)
(231)

(256)
–

6,458

7,195

5,605

6,568

Operating activities
Cash generated from operations
Income tax paid

Analysis of the balance of cash and cash equivalents
Cash and deposits with banks
Less: Bank deposits with maturity greater than
3 months
Less: Cash restricted for use
Cash and cash equivalents at June 30

Hang Lung Group Limited

39

Notes to the Consolidated Financial Statements

1. BASIS OF PREPARATION
The unaudited interim financial report has been prepared in accordance with Hong Kong Accounting Standard (HKAS)
34, Interim Financial Reporting , issued by the Hong Kong Institute of Certified Public Accountants (HKICPA) and the
applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited.
The preparation of interim financial report in conformity with HKAS 34 requires management to make judgments,
estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income
and expenses on a year-to-date basis. Actual results may differ from these estimates.
The interim financial report is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard
on Review Engagements 2410, Review of interim financial information performed by the independent auditor of the
entity , issued by the HKICPA. KPMG’s independent review report to the Board of Directors is included on page 32.
The HKICPA has issued certain amendments to HKFRS Accounting Standards that are first effective for the current
accounting period of the Company and its subsidiaries (collectively the “Group”). These developments have no
material effect on how the Group’s results and financial position for the current or prior periods have been prepared or
presented in this interim financial report. The Group has not applied any new standard or interpretation that is not yet
effective for the current accounting period.
The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2025
annual financial statements.
The presentation currency of these consolidated financial statements is Hong Kong dollar. In view of the Group’s
significant business operations in the Chinese Mainland, management has included additional financial information
prepared in Renminbi in the consolidated financial statements. Such supplementary information is prepared on the
same basis as 2025 as if the presentation currency is Renminbi.
The financial information relating to the financial year ended December 31, 2025 included in the interim financial
report as comparative information does not constitute the Company’s statutory annual consolidated financial
statements for that financial year but is derived from those financial statements. Further information relating to these
statutory financial statements disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Cap.
622) is as follows:
The Company has delivered the financial statements for the year ended December 31, 2025 to the Registrar of
Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance.
The Company’s auditor has reported on those financial statements. The auditor’s report was unqualified; did not
include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its
report; and did not contain a statement under sections 406(2), 407(2) or 407(3) of the Hong Kong Companies
Ordinance.

40

Hang Lung Group Limited

2. REVENUE AND SEGMENT INFORMATION
The Group manages businesses according to the nature of services and products provided. Management has
determined property leasing, hotels and property sales to be the reportable operating segments for the measurement
of performance and the allocation of resources.
Segment assets principally comprise all non-current assets and current assets directly attributable to each segment
with the exception of interests in joint ventures, other assets, deferred tax assets and cash and deposits with banks.

(a) Disaggregation of revenue
For the six months ended June 30, 2026

HK$ Million

Revenue from contracts with customers
(HKFRS 15)

Leases
(HKFRS 16)

Total

recognized
at a point
in time

recognized
over time

Subtotal

–
49
1,043

–
98
–

–
147
1,043

4,500
–
–

4,500
147
1,043

–

651

651

–

651

1,092

749

1,841

4,500

6,341

Revenue from contracts with customers
(HKFRS 15)

Leases
(HKFRS 16)

Total

Rental income
Hotel revenue
Sales of completed properties
Building management fees and
other income from property
leasing

For the six months ended June 30, 2025

HK$ Million

Rental income
Hotel revenue
Sales of completed properties
Building management fees and
other income from property
leasing

recognized
at a point
in time

recognized
over time

Subtotal

–
48
161

–
81
–

–
129
161

4,302
–
–

4,302
129
161

–

610

610

–

610

209

691

900

4,302

5,202

Hang Lung Group Limited

41

2. REVENUE AND SEGMENT INFORMATION (Continued)
(b) Revenue and results by segments
HK$ Million

Revenue
– Chinese Mainland
– Hong Kong
Profit/(loss) from
operations before
changes in fair value
of properties
– Chinese Mainland
– Hong Kong

2026

2025

Property
Leasing

Hotels

Property
Sales

Total

Property
Leasing

Hotels

Property
Sales

Total

3,610
1,541

147
–

28
1,015

3,785
2,556

3,363
1,549

129
–

10
151

3,502
1,700

5,151

147

1,043

6,341

4,912

129

161

5,202

2,214
1,089

(29)
–

(157)
(22)

2,028
1,067

2,088
1,105

(34)
–

(26)
(4)

2,028
1,101

3,303

(29)

(179)

3,095

3,193

(34)

(30)

3,129

Decrease in fair value
of properties

(567)

–

–

(567)

(269)

–

–

(269)

– Chinese Mainland
– Hong Kong

(463)
(104)

–
–

–
–

(463)
(104)

(93)
(176)

–
–

–
–

(93)
(176)

Net interest expense

(535)

(24)

–

(559)

(464)

(23)

–

(487)

– Interest income
– Finance costs

18
(553)

1
(25)

–
–

19
(578)

23
(487)

1
(24)

–
–

24
(511)

Share of profit/(loss) of
joint ventures

181

(8)

–

173

36

(13)

–

23

Profit/(loss) before
taxation
Taxation

2,382
(889)

(61)
–

(179)
(5)

2,142
(894)

2,496
(1,088)

(70)
–

(30)
–

2,396
(1,088)

Profit/(loss) for the
period

1,493

(61)

(184)

1,248

1,408

(70)

(30)

1,308

Net profit/(loss)
attributable to
shareholders

908

(42)

(120)

746

765

(49)

(19)

697

Certain comparative figures have been reclassified to conform with information provided to the Group’s most
senior executive management.

42

Hang Lung Group Limited

2. REVENUE AND SEGMENT INFORMATION (Continued)
(c) Total segment assets
HK$ Million

Chinese Mainland
Hong Kong

June 30, 2026

December 31, 2025

Property
Leasing

Hotels

Property
Sales

Total

Property
Leasing

Hotels

Property
Sales

Total

146,794
64,146

3,405
–

7,830
6,465

158,029
70,611

141,056
64,488

3,299
–

7,434
7,198

151,789
71,686

210,940

3,405

14,295

228,640

205,544

3,299

14,632

223,475

Interests in joint
ventures
Other assets
Deferred tax assets
Cash and deposits
with banks

4,474
1,431
144

4,377
1,431
157

7,030

6,792

241,719

236,232

3. OTHER NET INCOME
HK$ Million

2026

2025

8
2
–
3

27
(2)
15
1

13

41

2026

2025

Interest income on bank deposits

19

24

Interest expense on bank loans and other borrowings
Interest on lease liabilities
Other borrowing costs

898
7
63

932
6
64

Total borrowing costs
Less: Borrowing costs capitalized

968
(390)

1,002
(491)

Finance costs

578

511

Net interest expense

(559)

(487)

Gain on disposal of investment properties
Net exchange gain/(loss)
Government grants
Others

4. NET INTEREST EXPENSE
HK$ Million

Hang Lung Group Limited

43

5. PROFIT BEFORE TAXATION
HK$ Million

2026

2025

Profit before taxation is arrived at after charging:
Cost of properties sold
Provision for properties for sale
Staff costs (Note)
Depreciation

946
124
772
76

164
–
757
76

Note: The staff costs included employee share-based payments of HK$19 million (2025: HK$31 million). If the amounts not recognized in the
statement of profit or loss, including amounts capitalized, were accounted for, staff costs would have been HK$912 million (2025: HK$902
million).

6. TAXATION IN THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Provision for Hong Kong Profits Tax is calculated at 16.5% (2025: 16.5%) of the estimated assessable profits for the
period. Chinese Mainland Income Tax represents Chinese Mainland Corporate Income Tax calculated at 25% (2025:
25%) and Chinese Mainland withholding tax calculated at the applicable rates. The withholding tax rate applicable
to Hong Kong companies in respect of dividend distributions from foreign investment enterprises in the Chinese
Mainland was 5% (2025: 5%).
LAT is levied on properties in the Chinese Mainland developed by the Group for sale, at progressive rates ranging from
30% to 60% (2025: 30% to 60%) on the appreciation of land value, which under the applicable regulations is calculated
based on the revenue from sale of properties less deductible expenditure including lease charges of land use rights,
borrowing costs and property development expenditure.
HK$ Million

2026

2025

Current tax
Hong Kong Profits Tax
Chinese Mainland Income Tax
Chinese Mainland Land Appreciation Tax (“LAT”)

125
491
1

130
468
–

617

598

134
143

366
124

277

490

894

1,088

Total current tax
Deferred tax
Changes in fair value of properties
Other origination and reversal of temporary differences
Total deferred tax
Total income tax expense

44

Hang Lung Group Limited

6. TAXATION IN THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(Continued)
The Hong Kong government has enacted legislation to implement the Pillar Two Model rules (the Global Anti-Base
Erosion Rules, or GloBE rules) published by the Organisation for Economic Co-operation and Development (OECD)
which became effective on June 6, 2025, having retrospective effect for the Group’s financial year beginning on
January 1, 2025. The new legislation includes an income inclusion rule and a domestic minimum tax, which together
are designed to ensure a minimum effective tax rate of 15% in each of Hong Kong and the Chinese Mainland where
the Group operates. The Group is in scope of the enacted legislation and has performed an assessment of the
Group’s potential exposure to Pillar Two income taxes.
Although the Chinese Mainland has yet to introduce its draft legislation for implementation on the GloBE rules, the
Company as the ultimate parent entity domiciled in Hong Kong, will be liable to pay a top-up tax for the difference
between its GloBE effective tax rate per jurisdiction and the minimum effective tax rate of 15% apart from those
where the Group’s subsidiaries have already been subject to qualified domestic minimum top-up-tax and/or exempted
under safe harbours or other OECD permitted exemptions. Based on the latest financial information, the Group has
no top-up tax exposure for the six months ended June 30, 2026.

7. DIVIDENDS
(a) Interim dividend
HK$ Million

2026

2025

Declared after the end of the reporting period:
HK21 cents (2025: HK21 cents) per share

286

286

The dividend declared after the end of the reporting period has not been recognized as a liability at the end of
the reporting period.

(b) Final dividend approved and paid during the six months ended June 30, 2026
HK$ Million

2026

2025

2025 final dividend of HK65 cents
(2024: HK65 cents) per share

885

885

Hang Lung Group Limited

45

8. EARNINGS PER SHARE
(a)

The calculation of basic and diluted earnings per share is based on the following data:
HK$ Million

2026

2025

Net profit attributable to shareholders

746

697

Number of shares
Weighted average number of shares used in calculating basic
and diluted earnings per share (Note)

2026

2025

1,361,618,242

1,361,618,242

Note: Diluted earnings per share was the same as the basic earnings per share for the periods as there were no dilutive potential ordinary
shares in existence during both periods.

(b)

The underlying net profit attributable to shareholders, which excluded changes in fair value of properties net of
related income tax and non-controlling interests, is calculated as follows:
HK$ Million

2026

2025

Net profit attributable to shareholders

746

697

Effect of changes in fair value of properties
Effect of income tax for changes in fair value of properties
Effect of changes in fair value of investment properties of joint
ventures

567
134

269
366

(95)

44

606
(229)

679
(185)

377

494

1,123

1,191

Non-controlling interests
Underlying net profit attributable to shareholders

The earnings per share based on underlying net profit attributable to shareholders was:

Basic
Diluted

46

Hang Lung Group Limited

2026

2025

HK$0.82
HK$0.82

HK$0.87
HK$0.87

9. INVESTMENT PROPERTIES AND INVESTMENT PROPERTIES UNDER
DEVELOPMENT
(a) Additions
During the six months ended June 30, 2026, additions to investment properties and investment properties
under development amounted to HK$740 million (2025: HK$1,045 million).

(b) Valuation
The investment properties and investment properties under development of the Group were revalued as of June
30, 2026 by Savills Valuation and Professional Services Limited, on a market value basis.

10. TRADE AND OTHER RECEIVABLES
(a)

Included in trade and other receivables are trade receivables (based on the due date) with the following aging
analysis:
HK$ Million
Not past due or less than 1 month past due
1 – 3 months past due
More than 3 months past due

(b)

June 30,
2026

December 31,
2025

229
16
3

166
10
3

248

179

The Group maintains a defined credit policy including stringent credit evaluation on and payment of a rental
deposit from tenants. In addition to the payment of rental deposits, tenants are required to pay monthly rents in
respect of leased properties in advance. Receivables are regularly reviewed and closely monitored to minimize
any associated credit risk.
Provision for expected credit losses was assessed and adequately made on a tenant-by-tenant basis, based on
the historical default experience and forward-looking information that may impact the tenants’ ability to repay
the outstanding balances.

Hang Lung Group Limited

47

11. TRADE AND OTHER PAYABLES
Included in trade and other payables are trade creditors with the following aging analysis:
HK$ Million
Due within 3 months
Due after 3 months

June 30,
2026

December 31,
2025

822
2,627

1,175
2,874

3,449

4,049

12. SHARE CAPITAL
At January 1, 2026 and
June 30, 2026

Ordinary shares, issued and fully paid:

At January 1, 2025 and
December 31, 2025

Number of
shares
Million

Amount of
share capital
HK$ Million

Number of
shares
Million

Amount of
share capital
HK$ Million

1,362

4,065

1,362

4,065

There was no movement in the share capital of the Company during the year ended December 31, 2025 and the six
months ended June 30, 2026.

13. SHARE OPTION SCHEMES
Pursuant to the resolutions passed by the shareholders of the Company and the Company’s subsidiary, Hang Lung
Properties Limited (“HLP”), at their respective annual general meetings held on April 27, 2022, a new share option
scheme (the “2022 Share Option Scheme”) was adopted and became valid and effective on the same date for a period
of 10 years. The 2022 Share Option Scheme will expire on April 26, 2032. Upon the adoption of the 2022 Share Option
Scheme, the share option scheme adopted by HLP on April 18, 2012 (the “2012 Share Option Scheme”, together with
the 2022 Share Option Scheme are referred to as the “Schemes”) was terminated upon its expiry. Upon termination
of the 2012 Share Option Scheme, no further share options could be granted under the 2012 Share Option Scheme
but in all other respects the provisions of the 2012 Share Option Scheme remain in full force and effect, and all share
options granted prior to such termination and not exercised nor forfeited/lapsed at the date of termination remain
valid.
The share options granted under the Schemes to the directors and employees of HLP and its subsidiaries are at
nominal consideration and each share option gives the holder the right to subscribe for one share of HLP.

48

Hang Lung Group Limited

13. SHARE OPTION SCHEMES (Continued)
The movements of share options of HLP during the six months ended June 30, 2026 are as follows:

(a) 2012 Share Option Scheme
Number of share options

Outstanding on
January 1, 2026

Forfeited/
Lapsed

Outstanding on
June 30, 2026

August 10, 2017

23,156,000

(620,000)

22,536,000

May 16, 2018

10,000,000

–

10,000,000

June 28, 2019

33,340,500

(809,000)

32,531,500

May 12, 2021

44,380,000

(1,125,000)

43,255,000

October 6, 2021

2,000,000

–

2,000,000

February 21, 2022

47,672,000

(1,282,000)

46,390,000

Total

160,548,500

(3,836,000)

156,712,500

Date granted

Period during
which share options
are exercisable
(subject to different
vesting schedule)
August 10, 2019 to
August 9, 2027
May 16, 2020 to
May 15, 2028
June 28, 2021 to
June 27, 2029
May 12, 2023 to
May 11, 2031
October 6, 2023 to
October 5, 2031
February 21, 2024 to
February 20, 2032

Exercise price
(HK$)
19.98
18.98
18.58
19.95
17.65
16.38

All the above share options may vest after two to five years of the grant date and are exercisable up to the tenth
anniversary of the date of grant, after which they will lapse. No share options were exercised or cancelled during
the six months ended June 30, 2026.
During the six months ended June 30, 2026, 3,836,000 share options (2025: 8,598,500 share options) were
forfeited upon cessations of the grantees’ employments and no share options (2025: Nil) lapsed due to the
expiry of the period for exercising the share options.

Hang Lung Group Limited

49

13. SHARE OPTION SCHEMES (Continued)
(b) 2022 Share Option Scheme
Number of share options

Date granted

Outstanding on
January 1, 2026

Forfeited/
Lapsed

Outstanding on
June 30, 2026

June 28, 2023

43,993,000

(1,525,000)

42,468,000

January 27, 2025

6,600,000

–

6,600,000

Total

50,593,000

(1,525,000)

49,068,000

Period during
which share options
are exercisable
(subject to different
vesting schedule)
June 28, 2025 to
June 27, 2033
January 27, 2027 to
January 26, 2035

Exercise price
(HK$)
12.49
6.21

All the above share options may vest after two to four years of the grant date and are exercisable up to the tenth
anniversary of the date of grant, after which they will lapse. No share options were exercised or cancelled during
the six months ended June 30, 2026.
During the six months ended June 30, 2026, 1,525,000 share options (2025: 2,531,000 share options) were
forfeited upon cessations of the grantees’ employments and no share options (2025: Nil) lapsed due to the
expiry of the period for exercising the share options.

50

Hang Lung Group Limited

14. RESERVES
HK$ Million

At January 1, 2026
Profit for the period
Exchange difference arising
from translation to
presentation currency
Loss on net investment
hedge
Cash flow hedges:
net movement in hedging
reserve
Net change in fair value of
equity investments
Total comprehensive income
for the period
Final dividend in respect of
previous year
Employee share-based payments
Change from increase of the Group’s
shareholding in a subsidiary (Note)

Other reserves
Employee
Investment
share-based
revaluation compensation
reserve
reserve

General
reserve

Other
capital
reserve

Total

Retained
profits

Total
reserves

297

275

10,678

8,162

86,654

94,816

–

–

–

–

746

746

–

–

–

–

2,839

–

2,839

–

–

–

–

–

(194)

–

(194)

–

42

–

–

–

–

42

–

42

–

–

1

–

–

–

1

–

1

2,645

42

1

–

–

–

2,688

746

3,434

–
–

–
–

–
–

–
7

–
–

–
–

–
7

(885)
4

(885)
11

Exchange
reserve

Hedging
reserve

(3,104)

(47)

63

–

–

–

2,839

–

(194)

–

–

–

4

–

854

858

–

858

At June 30, 2026

(459)

(5)

64

308

275

11,532

11,715

86,519

98,234

At January 1, 2025
Profit for the period
Exchange difference arising
from translation to
presentation currency
Loss on net investment
hedge
Cash flow hedges:
net movement in hedging
reserve

(4,608)
–

18
–

64
–

270
–

275
–

9,254
–

5,273
–

86,438
697

91,711
697

1,053

–

–

–

–

–

1,053

–

1,053

(134)

–

–

–

–

–

(134)

–

(134)

–

(81)

–

–

–

–

(81)

–

(81)

919

(81)

–

–

–

–

838

697

1,535

–
–

–
–

–
–

–
12

–
–

–
–

–
12

(885)
8

(885)
20

Total comprehensive income
for the period
Final dividend in respect of
previous year
Employee share-based payments
Change from increase of the Group’s
shareholding in a subsidiary (Note)
At June 30, 2025

–

–

–

7

–

1,196

1,203

–

1,203

(3,689)

(63)

64

289

275

10,450

7,326

86,258

93,584

Note: During the six months ended June 30, 2026, the Group’s equity interests in its subsidiary, HLP, increased from 65.1% to 66.0% through
distribution of scrip dividend from HLP.
During the six months ended June 30, 2025, the Group’s equity interests in its subsidiary, HLP, increased from 63.7% to 64.8% through
distribution of scrip dividend from HLP.

Hang Lung Group Limited

51

15. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
The fair value of the Group’s financial instruments is measured at the end of the reporting period on a recurring basis,
categorized into a three-level fair value hierarchy as defined in HKFRS 13, Fair value measurement . The level into
which a fair value measurement is classified and determined with reference to the observability and significance of
the inputs used in the valuation technique is as follows:
–

Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets
for identical assets or liabilities at the measurement date

–

Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1,
and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not
available.

–

Level 3 valuations: Fair value measured using significant unobservable inputs

(a) Financial assets and liabilities measured at fair value

(i) The level of fair value hierarchy within which the fair value measurements are
categorized and analyzed below:
HK$ Million

Financial assets
Trade and other receivables
Interest rate swaps
(cash flow hedges)
Other assets
Investment in equity instruments
Financial liabilities
Trade and other payables
Cross currency swaps
(cash flow hedges)
Interest rate swaps
(cash flow hedges)

52

Hang Lung Group Limited

Fair value
June 30,
2026

December 31,
2025

Fair value
measurements
categorized into

3

–

Level 2

89

89

Level 3

(2)

(8)

Level 2

(8)

(79)

Level 2

15. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued)
(a) Financial assets and liabilities measured at fair value (Continued)

(i) The level of fair value hierarchy within which the fair value measurements are
categorized and analyzed below: (Continued)
The fair value of the cross currency swaps and interest rate swaps is determined based on the amount
that the Group would receive or pay to terminate the swaps at the end of the reporting period taking into
account current interest rates and current creditworthiness of the swap counter-parties.
The fair value of non-publicly traded equity investments is determined by reference to the net asset value
of these investments.

(ii) Transfers of instruments between the three-level fair value hierarchy
During the six months ended June 30, 2026, there were no transfers of instruments between Level 1 and
Level 2, or transfers into or out of Level 3. The Group’s policy is to recognize transfers between levels of
fair value hierarchy as of the end of the reporting period in which they occur.

(b) Fair value of financial instruments carried at other than fair value
The carrying amounts of the Group’s financial instruments carried at amortized cost were not materially
different from their fair values as of December 31, 2025 and June 30, 2026.

Hang Lung Group Limited

53

16. COMMITMENTS
At the end of the reporting period, the Group’s capital commitments in respect of investment properties and property,
plant and equipment which were not provided for in the financial statements were as follows:
HK$ Million

June 30,
2026

December 31,
2025

Contracted for

2,587

4,518

Authorized but not contracted for

1,822

2,705

4,409

7,223

Included in the above amounts is the Group’s share of capital commitments of its joint ventures that had been
authorized but not contracted for amounted to RMB199 million (or HK$229 million) (December 31, 2025: Nil).
At the end of the reporting period, the Group’s capital commitments in relation to capital injection to new joint venture
projects were RMB768 million (or HK$884 million) (December 31, 2025: RMB790 million (or HK$875 million)).
In addition, a wholly owned subsidiary of the Group has entered into an agreement with an independent third party
to lease a property for subleasing purposes that is not yet commenced. Subject to fulfillment of certain conditions,
the estimated total fixed lease payments under the lease agreement will amount to approximately RMB3.2 billion (or
HK$3.7 billion) (December 31, 2025: RMB3.2 billion (or HK$3.5 billion)) over the lease term of 20 years.

17. CONTINGENT LIABILITIES
At the end of the reporting period, an amount of RMB211 million (or HK$243 million) (December 31, 2025: RMB120
million (or HK$132 million)) was given to banks with respect to mortgage loans procured by the buyers of the
properties in the Chinese Mainland. Such guarantees will be released by banks upon the issuance of the real estate
ownership certificates to the buyers and completion of the relevant mortgage properties registration.

18. REVIEW AND APPROVAL OF INTERIM FINANCIAL REPORT
The interim financial report is unaudited, but has been reviewed by the Audit Committee. It was authorized for issue
by the Board of Directors on July 31, 2026.

54

Hang Lung Group Limited

Glossary
FINANCIAL TERMS
Finance costs:

Total of interest expense on total borrowings and other borrowing costs, net of
amount capitalized

Total borrowings:

Total of bank loans and other borrowings, net of unamortized other borrowing
costs

Net debt:

Total borrowings net of cash and deposits with banks

Net profit attributable to shareholders:

Profit for the period (after tax) less amounts attributable to non-controlling
interests

Underlying net profit attributable to
shareholders:

Net profit attributable to shareholders excluding changes in fair value of
properties net of related income tax and non-controlling interests

FINANCIAL RATIOS
Net profit attributable to shareholders

Basic earnings
per share

=

Net assets
attributable to
shareholders per
share

=

Interest cover

=

Total borrowings

Weighted average number of shares in issue
during the period

Debt to equity

=

Shareholders’ equity

Net debt to
equity

=

Number of shares issued at the end of the
reporting period

Total equity

Net debt
Total equity

Profit from operations before changes in fair
value of properties
Finance costs before capitalization less
interest income

Hang Lung Group Limited

55

Information for Investors
FINANCIAL CALENDAR
Financial period
Announcement of interim results
Latest time for lodging transfers
Closure of share register
Record date for interim dividend
Interim dividend payment date

January 1, 2026 to June 30, 2026
July 31, 2026
4:30 p.m. on August 13, 2026
August 14, 2026
August 14, 2026
September 25, 2026

SHARE LISTING
As at June 30, 2026, 1,361,618,242 shares are listed on The Stock Exchange of Hong Kong Limited. The Company has a
sponsored American Depositary Receipt (ADR) Program in the New York market.

STOCK CODE
Hong Kong Stock Exchange: 00010
Reuters: 0010.HK
Bloomberg: 10HK
CUSIP Number/Ticker Symbol for ADR Code: 41043E102/HNLGY

SHARE INFORMATION
Share price as at June 30, 2026: HK$12.58 per share
Market capitalization as at June 30, 2026: HK$17.13 billion

SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor, Hopewell Centre
183 Queen’s Road East, Wan Chai, Hong Kong
Tel: 2862 8555
Fax: 2865 0990

INVESTOR RELATIONS CONTACT
Joyce Kwock
Email: ir@hanglung.com

56

Hang Lung Group Limited

恒隆集團有限公司 HANG LUNG GROUP LIMITED

恒隆集團有限公司
股 份 代 號：0 0 0 10

2026

Interim Report

中 期 報 告 2026 Interim Report

只做對的

Stock C ode : 0 0 0 1 0

2026

中期報告

只選好的

Hang Lung
Group Limited

We Do It Well

目錄
2
3
6
7
23
32
33
55
56

公司資料

董事長致股東函
財務摘要
業務回顧
其他資料

獨立核數師審閱報告
財務報表
詞彙

投資者參考資料

公司資料
榮譽董事長
陳啟宗 大紫荊勳賢

董事

陳文博（董事長）

盧韋柏（行政總裁）
陳樂宗

#

葉錫安 金紫荊星章、CBE、太平紳士 *
廖柏偉 銀紫荊星章、太平紳士 *

廖長江 大紫荊勳賢、金紫荊星章、太平紳士 *

授權代表
盧韋柏
馬婉華

公司秘書
馬婉華

註冊辦事處

香港中環德輔道中 4 號 28 樓

張家騏 #

電話：2879 0111

陳秀梅 *

網址：http://www.hanglunggroup.com

陳仰宗 #

趙家駒（首席財務總監）
#

*

非執行董事

獨立非執行董事

審核委員會

葉錫安 金紫荊星章、CBE、太平紳士（主席）

傳真：2868 6086

電郵：HLGroup@hanglung.com

核數師

畢馬威會計師事務所

於
《會計及財務匯報局條例》
下的註冊公眾利益實體核數師

廖柏偉 銀紫荊星章、太平紳士
張家騏
陳秀梅

提名及薪酬委員會

廖柏偉 銀紫荊星章、太平紳士（主席）
陳文博

葉錫安 金紫荊星章、CBE、太平紳士

廖長江 大紫荊勳賢、金紫荊星章、太平紳士
陳秀梅

恒隆集團有限公司

2

董事長致股東函
各位持份者：
2026 年上半年，我們內地項目整體表現持續錄得廣泛改善。然而，市場亦不乏挑戰，對不同行業及地區構成壓力。
商場客流量、銷售額、租出率和租賃收入普遍有所改善，惟個別項目除外；辦公樓的租出率仍然高企，儘管其租金
水平顯著受壓。住宅市場仍未走出低谷，實屬可惜；然而，我們將繼續全力以赴，把握市場出現的合適機遇。

先回顧我們的核心零售業務，2026 年首兩季的表現可謂截然不同。第一季銷售額錄得雙位數增長，客流量和租賃收

入更同創新高；第二季的零售銷售額明顯放緩，奢侈品尤為明顯。若我是在 4 月撰寫本函，我很可能會預測上半年

表現將打破紀錄。可惜，雖然 4 月份表現尚算不俗，但 5 月份市場明顯減慢，經常被引用的內地官方零售增長率亦反

映同樣趨勢，該指標自 2022 年 12 月以來首次錄得負增長。然而，我注意到該指標主要受汽車銷售（即新能源汽車）
和住宅銷售下滑拖累，而兩者都不能直接反映商場零售消費表現。尤其重要的是，汽車銷售額大幅下滑主要源於中
國政府自今年 1 月起開始削減並逐步取消新能源汽車補貼，並預計於今年 12 月 31 日前全面終止。雖然我們的銷售額

並沒有錄得負增長，但 5 月亦有所回落。幸而，6 月份銷售額回復至較健康水平，我們亦預期全年將保持增長。

內地的商場板塊整體依然過於飽和。部分定位優越的商場持續表現良好，但同時被市場拋離的也愈來愈多。在每個
我們營運的城巿中，商場結業的案例屢見不鮮，而所謂的「殭屍」商場也比比皆是。這些商場雖然仍在營運，但場內
實際營業店舖寥寥可數。當中許多甚至已完全關閉較高樓層，並關掉部分照明、冷氣和扶手電梯。這種兩極化現象
反映消費者正逐漸轉移至少數質素更高的商場，並加快淘汰未能符合市場期望的項目。
上述現象的因由眾多，其中主要包括：
1） 消費者現時的消閒方式和地點較以往有更多選擇：除購物外，休閒、運動和娛樂的迅速發展，分薄了商場的吸
引力。（同時，這趨勢亦令部分品牌受惠，即是那些為相關活動提供服裝、配飾和裝備的品牌。）

2） 基於上述原因，加上大量現有商場空間，以及來自其他零售商和消費渠道的競爭，令消費者對零售環境的期望
大幅提高。過往被視為優質設計、整潔環境和消費者體驗，已不能滿足市場需求。商場營運商必須持續投入進
行資產優化，否則會有被更新穎、更具吸引力的零售空間取代的風險。

3） 消費情緒依然低迷，中國消費者信心指數徘徊於 90 點左右，低於 100 點中性水平，更遠遜於疫情前約 125 點水
平。儘管如此，這些國家統計局數據至少仍高於 2022 年 11 月的 85.5 點的谷底。

與此同時，我們樂見旗下香港物業組合零售銷售額終於重拾正增長，按年增長 3%。雖然目前未見能即時催化零售業
迅速強勁復甦的因素，但零售銷售額能結束長達近七年的疲態，令我感到欣慰。誠然，要重返 2018 年的高峰水平仍
需多年，但憑藉團隊的積極努力，以及我們具韌性的物業組合，我相信未來幾年將可實現穩定增長。我們持續提升
旗下物業的租戶組合及空間質素，預期在未來幾個月得見成效，尤其是位於銅鑼灣和山頂的項目。

3

恒隆集團有限公司

我們的內地辦公樓物業組合亦面對類似情況，但形勢略顯不同。在幾乎所有營運的城市中，辦公樓供應量（以及隨之

而來的競爭）都極高，把租金推至新低。值得慶幸的是，我們一直堅持只在核心地段興建最高品質的國際甲級辦公樓

（並與旗下高端商場形成協同佈局），構築猶如護城河般穩固的防禦屏障 ⸺ 換言之，我們始終處於食物鏈的頂端；
即使有減租壓力，我們依然能吸引優質租戶並維持穩定租出率。相反，在硬件或軟件上較弱，或處於非核心地段的
競爭對手，則有可能同時面對租出率及租賃收入低迷的困境。因此，儘管辦公樓的租賃收入不算亮麗，我們的特定
市場定位依然穩健。

香港的辦公樓是我們物業組合中另一亮點。金融服務擴展、家族辦公室進駐不斷，加上相關配套服務帶動，均有助

市場復甦。這輪復甦去年始現於中環，現正逐步帶動其他辦公地區。我們的辦公樓租賃收入錄得 1% 增長，與市場趨
勢相符。

自上一封《致股東函》以來，恒隆最重要的里程碑莫過於杭州恒隆廣場於 4 月 28 日開業，迎來首批顧客。若說這是我

們迄今最成功的新商場開業，也毫不誇張。即使沒有奢侈品牌，開業租戶陣容強勁，客流量和車流量持續高企，社

交媒體熱度不斷升溫，當然還有可觀的銷售和租賃數據，均是商場取得成功的明確信號。截至 6 月 30 日，商場租出

率已達 89%，並預計到年底會提升至接近 100%。此外，隨着更多區域陸續開放，包括商場外緊鄰的兩座歷史建築，

以及商場北面連接鐵路系統的新隧道，啟用後將會在未來六至九個月持續為整個項目注入動力。大多數購物商場在

開業當日或開業首月都能吸引人流，但真正的考驗在於這些指標的長遠表現。我為項目至今取得的成果感到鼓舞，
也有信心能在半年以至一年後，同樣樂觀地向各位匯報進展。

雖然杭州恒隆廣場的辦公空間並未全面推出市場，但若以整體最終可出租樓面面積計算，目前租出率為 13%，我們

期望年底前提升至約 50%。放眼任何市場，這樣的租賃進度均屬穩健，在當前環境更尤為突出。當然，有一點必須
補充，就是商場和辦公樓雙雙取得佳績也反映了杭州的活力，再次突顯選對城市投資的重要性。

鑑於恒隆的品牌聲譽及與奢侈品牌的長期合作關係，杭州恒隆廣場開業時高端品牌相對較少確實引人關注。然而，
我欣然告訴大家，有數家奢侈品牌將於今年稍後在該項目開業，我們亦正與其他頂尖品牌緊密磋商，以爭取更多品
牌進駐。杭州恒隆廣場打響頭炮，無疑增強我們日後議商的籌碼，再加上餘下辦公樓將於今年稍後啟用，以及杭州

文華東方酒店在 2027 年初開業，這一切已奠定我們成為杭州地標項目的地位。然而，除了奢侈品牌外，空間設計與

運用對我們的長遠成功更為重要。店舖設計佈局固然關鍵，但更直接影響消費者感受的是我們所提供的公共空間。
杭州恒隆廣場天台的「綠堤公園」為快閃零售商、餐飲商戶和顧客提供了一個景觀優美、引人入勝、非常適合露天用

餐的戶外地方，令人置身於獨特的購物環境，盡享綠意盎然的奢華。「綠堤公園」把購物商場、辦公樓、文華東方酒
店三者連成一體，成為充滿活力與互動性的共享空間，不論是來購物、瀏覽、工作還是旅遊人士，都能在這裏匯聚
交流。

杭州恒隆廣場是我們現有發展項目組合中最後一個全新開發項目，我亦欣然向各位報告，「恒隆 V.3」擴建項目也正在

穩步推進。上海恒隆廣場擴建項目將於今年稍後開業，屆時將新增4,300平方米可租賃空間，並引入27個全新品牌。

不久將來，我們會推出更寬敞的新 VIC 貴賓室，以及全新規劃的天台空間。綜合來看，這些新增及升級項目將進一

步提升我們的旗艦商場，為該項目開業 25 周年增添意義。至於輕資產項目，相關合營合約已經簽妥，預期可於 2027

至 2028 年間接管全部三個項目，包括杭州恒隆廣場擴建項目、無錫恒隆廣場擴建項目，以及南京西路 1038 號商業

營運項目。若一切按計劃推展，我們預期可於 2028 年開始獲得收益 ⸺ 回報週期比我們的傳統重資產項目大幅縮
短。

恒隆集團有限公司

4

〈8 月 7 日補充內容〉
我們在 7 月 31 日發布中期業績時，同步宣布已物色下任行政總裁；其後在 8 月 7 日公布，現任行政總裁盧韋柏先生

(Weber) 將於 9 月 30 日榮休，並於離任前與繼任人有三星期交接。我欣然宣布，恒隆集團及恒隆地產董事會已選任

蔡德粦先生帶領恒隆譜寫新篇章。

這標誌着 Weber 近八年半的任期將會結束，對於他在任內所取得的斐然成績，我向他深表謝意。若換作能力稍遜的
行政總裁，可能會為僅僅撐過這些年來接二連三的挑戰而心滿意足。就我們而言，異常情況的「新常態」始於 2019

年香港動亂，然後緊接三年多新冠疫情所帶來的衝擊。疫情過後，我們在 2021 至 2022 年間迎來疫後的 V 形（就我們

而言如此，但更廣義地說則屬於 K 形）反彈，以及 2022 至 2023 年間，內地市場又面對所謂的「後疫情效應」。2024
年，在 Weber 協助下，恒隆順利完成董事長交接，儘管當時內地和香港市場被非理性地描述為「不宜投資」，我們的

股價也一定程度上因此被推低至 2000 年以來的低位。去年，美國再度掀起全球貿易戰；如今 2026 年，大家又目睹
了另一場對全球影響深遠的地區戰爭爆發。上述種種事件都對我們的營運、股價、融資途徑產生連鎖影響。然而，
Weber 與團隊始終沉著應對，表現出色。事實上，我們不單成功克服了這些挑戰，我敢說我們甚至在逆境中壯大。

從機構層面，我們的團隊活力和衝勁更勝從前，整個團隊業績之輝煌、投入之程度前所未見。我深信，恒隆已為未
來做好最充分準備，而這一切都要歸功於 Weber 的領導。

因此，雖然我對 Weber 決定引退感到不捨，但憑藉他所留下的深厚基礎和寶貴成果，我對恒隆的未來反而比以往任

何時候都更加充滿期待。謹代表公司，衷心說聲「謝謝你，Weber」，祝願你未來無論投身於任何領域，皆以你在恒
隆所締造的佳績為標竿！

董事長

陳文博

香港，2026 年 7 月 31 日

5

恒隆集團有限公司

財務摘要

以港幣百萬元計算（除另有註明）

業績

收入
－ 內地
－ 香港

營業溢利╱（虧損）
－ 內地
－ 香港

股東應佔基本純利╱（淨虧損）

股東應佔物業之公允價值淨減少
股東應佔純利╱（淨虧損）

股東權益

股東權益

股東應佔每股資產淨值（港元）

2026

截至 6 月 30 日止六個月

2025

6,341
3,785
2,556

物業
租賃

4,912
3,363
1,549

酒店

物業
銷售
161
10
151

5,202
3,502
1,700

(187)
(157)
(30)

3,407
2,248
1,159

3,499
2,284
1,215

(34)
(34)
–

(57)
(26)
(31)

3,408
2,224
1,184

(42)

(120)

1,123

1,259

(49)

(19)

1,191

(377)

–

–

(377)

(494)

–

–

(494)

908

(42)

(120)

746

765

(49)

(19)

697

物業
租賃

酒店

147
147
–

1,043
28
1,015

3,623
2,434
1,189

(29)
(29)
–

1,285

5,151
3,610
1,541

物業
銷售

總額

129
129
–

總額

於 2026 年
6 月 30 日

於 2025 年
12 月 31 日

$75.1

$72.6

2026

2025

$0.82
$0.55

$0.87
$0.51

$0.21

$0.21

於 2026 年
6 月 30 日

於 2025 年
12 月 31 日

102,299

98,881

盈利及股息（港元）

盈利及股息（港元）

每股盈利
－ 基於股東應佔基本純利
－ 基於股東應佔純利
每股中期股息

財務比率

財務比率

淨債項股權比率
債項股權比率

30.5%
34.9%

30.9%
35.3%

恒隆集團有限公司

6

業務回顧
業績摘要

截至 2026 年 6 月 30 日止六個月，內地消費市況在政府提振經濟措施及低利率環境下有所改善。香港方面，人民幣升

值有助吸引旅客和推動零售增長。恒隆集團有限公司（「本公司」）及其附屬公司（統稱「本集團」）維持高租出率及嚴謹
的營運執行力，在市場充滿挑戰下盡展韌性。內地核心物業租賃收入錄得增長，香港維持穩定。

內地商場組合按人民幣計算錄得 6% 收入增長，六月底整體物業租出率進一步提升至 96%。商場於報告期內持續完善
租戶組合，替換表現欠佳品牌，同時引入新的或獨家品牌，以提升零售業務競爭力。我們於各物業舉辦充滿本土特
色的體驗式零售活動，加深與顧客聯繫，維持客流量，並提升租戶銷售額，樹立核心社區地標形象。

於香港，憑藉積極租賃推廣和租戶保留措施，零售及辦公樓組合租出率分別穩守約 95% 和 91%。其中主要商業及旅
遊區組合持續優化，成功穩定零售物業租出率並有助強化整體租戶組合。恒隆共享辦公空間 NET • WORK 所在的渣

打銀行大廈及電氣道 228 號租務需求增加，帶動香港島辦公樓組合租出率上升。受惠於政府推行人才入境計劃，住
宅及服務式寓所收入和租出率亦分別按年增加 7% 和九個百分點。

2026年上半年，本集團錄得總收入港幣63.41億元（2025年：港幣52.02億元），整體營業溢利為港幣34.07億元
（2025

年：港幣 34.08 億元）。物業租賃收入和營業溢利分別達港幣 51.51 億元（2025 年：港幣 49.12 億元）和港幣 36.23 億
元（2025 年：港幣 34.99 億元）。酒店總收入為港幣 1.47 億元（2025 年：港幣 1.29 億元）。物業銷售收入則為港幣

10.43 億元（2025 年：港幣 1.61 億元）。

恒隆以「66 成就無限」為主題展開 66 周年誌慶，標誌業務邁向新發展階段，同時印證集團致力為社區締造優享生

活空間。杭州恒隆廣場於期內開幕，標誌著此重要里程碑，並同步於全國各地零售、辦公樓及酒店組合籌辦多項活
動，深入客群，走進社區，從而提升物業組合長遠競爭力。

綜合業績

截至 2026 年 6 月 30 日止六個月，本集團總收入按年增加 22% 至港幣 63.41 億元，主要因為物業銷售收入上升 548%
至港幣 10.43 億元。整體營業溢利維持港幣 34.07 億元。內地商場租賃市況好轉，物業租賃業穩健增長，收入上升 5%

至港幣 51.51 億元，營業溢利亦增加 4% 至港幣 36.23 億元。在旅遊業內需和外需雙重利好下，酒店收入上升 14% 至
港幣 1.47 億元，營業虧損計及資產折舊後收窄 15% 至港幣 2,900 萬元。

股東應佔基本純利下跌 6% 至港幣 11.23 億元，主要由於內地物業銷售業務因確認非現金物業減值撥備而錄得較高營
業虧損，加上資本化利息減少導致財務費用上升，抵銷物業租賃表現的增長。每股基本盈利為港幣 0.82 元。

7

恒隆集團有限公司

計及港幣 3.77 億元的股東應佔物業之淨重估虧損（2025 年：港幣 4.94 億元）後，本集團錄得港幣 7.46 億元的股東應

佔純利（2025 年：港幣 6.97 億元），相應每股盈利為港幣 0.55 元（2025 年：港幣 0.51 元）。

收入及營業溢利（截至 6 月 30 日止六個月）
2026

收入

2025

2026

營業溢利╱（虧損）
2025

港幣百萬元

港幣百萬元

變動

港幣百萬元

港幣百萬元

變動

3,610

3,363

7%

2,434

2,284

7%

1,541

1,549

-1%

1,189

1,215

-2%

物業銷售

147

129

14%

(29)

(34)

15%

1,043

161

548%

(187)

(57)

-228%

香港

28

10

180%

(157)

(26)

-504%

1,015

151

572%

(30)

(31)

3%

6,341

5,202

22%

3,407

3,408

–

物業租賃
內地
香港

酒店（內地）
內地

總額

5,151

4,912

5%

3,623

3,499

4%

股息

本公司董事會（「董事會」
）宣布以現金方式派發 2026 年度中期股息，每股港幣 2 角 1 仙（2025 年：港幣 2 角 1 仙）。中
期股息將於 2026 年 9 月 25 日派發予於 2026 年 8 月 14 日名列本公司股東名冊的股東。

物業租賃

2026 年上半年，整體租賃收入上升 5% 至港幣 51.51 億元。內地物業組合租賃收入按人民幣和港幣計值分別增加 3%
和 7%，反映人民幣兌港幣按年升值影響。香港物業組合租賃收入則減少 1%。

由於高消費力內地客群需求持續暢旺，對產品品質、工藝水平和體驗價值的追求日益強烈，高端零售市場正局部復
甦。為把握相關機遇，我們進一步優化租戶組合，並與品牌緊密合作，開創更多店舖模式和嶄新零售概念，包括引

入精選 IP 品牌聯乘和首店，以及舉辦富有本地文化特色的市場推廣活動等。上述措施豐富了餐飲、保健、美容及時
尚生活體驗，並提升客流量和租戶銷售額，以人民幣計值，商場組合整體租賃收入增長 6%，租戶銷售額則按年攀升

17%，期末整體租出率上升兩個百分點至 96%。

內地辦公樓市場持續供應過剩，空置率仍然高企，租金亦長期受壓。辦公樓組合收入較 2025 年上半年減少 11%，期

末租出率維持於 81%。核心商業區需求流向優質辦公樓，其中科技、金融及消費相關行業尤其明顯，令收入跌幅漸
見收窄。

2026 年上半年，香港零售業呈現回穩跡象。一方面，港人北上消費熱潮稍退，加上住宅樓價向好，帶動消費者信心

回升。另外，各項大型盛事亦帶動訪港旅客人次增長。報告期內，作為零售租戶組合優化策略的一部分，銅鑼灣若
干主要租戶於租約期滿後，由新租戶承租，相關舖位正進行翻新工程，導致整體租賃收入微跌 2%，租戶銷售額則錄
得 3% 的溫和增長。相關物業利用過渡期推出期間限定概念店，以維持顧客互動。租出率維持於 95% 高位。

恒隆集團有限公司

8

受惠於需求流向優質辦公樓、資金流入和資本市場轉趨活躍，香港辦公樓市場呈現初步穩定跡象。惟租賃需求以核
心商業區的金融機構及專業服務企業為主，非核心地段業務仍然充滿挑戰。辦公樓組合表現穩健，整體租賃收入上
升 1%，租出率則增加三個百分點至 91%，顯示優越地段租賃需求強韌，整體市況穩步上揚。

在慶祝恒隆成立 66 周年之際，位於長江三角洲核心地點的杭州恒隆廣場開幕，進一步拓展我們於內地的據點。我們

亦藉着周年誌慶推行一系列具針對性市場推廣活動、體驗式零售活動和會員專屬禮遇，以加深與顧客聯繫，提升其
忠誠度，並鞏固資產長遠價值。

內地 1

物業租賃 – 內地組合（截至 6 月 30 日止六個月）

收入

2026

商場

辦公樓

住宅及服務式寓所
總額

總額等值港幣（百萬元）

（人民幣百萬元）
2025

變動

2,567

2,412

566

638

-11%

50

50

–

3,183

3,100

3%

3,610

3,363

7%

6%

截至 2026 年 6 月 30 日止六個月，整體租賃收入及營業溢利按人民幣計值分別上升 3% 和 2%。在一系列策略性舉措
和消費者信心增強支持下，內地商場組合維持高租出率，租賃收入錄得穩健增長。相反，高端辦公樓組合收入下跌
11%，主要由市場競爭激烈和供過於求所致。

•

商場

2026 年上半年，商場組合總收入創下人民幣 25.67 億元歷史新高，按年增加 6%。大部分商場表現強勁，惟天津恒隆
廣場、武漢恒隆廣場和瀋陽市府恒隆廣場因地區競爭加劇，導致收入下跌，抵銷部分升幅。

1

9

除另有註明，內地組合的百分比變動均按人民幣計值。

恒隆集團有限公司

物業租賃 – 內地商場組合（截至 6 月 30 日止六個月）
收入

（人民幣百萬元）

所在城市商場名稱

2026

2025

上海港匯恒隆廣場

887

822

604

上海恒隆廣場
無錫恒隆廣場

大連恒隆廣場
昆明恒隆廣場
濟南恒隆廣場

瀋陽皇城恒隆廣場
天津恒隆廣場

武漢恒隆廣場
杭州恒隆廣場

#

瀋陽市府恒隆廣場

總額
#

變動

2026 年

期末租出率

6月

2025 年

2025 年

96%

98%

12 月

6月

8%

98%

597

1%

98%

100%

99%

269

245

10%

100%

100%

96%

177

159

11%

97%

95%

94%

172

162

6%

99%

99%

99%

165

159

4%

96%

97%

94%

91

83

10%

98%

98%

96%

80

82

-2%

96%

94%

94%

62

76

-18%

92%

90%

88%

37

–

23

27

2,567

2,412

不適用
-15%

89%
88%

不適用
89%

不適用
86%

6%

於 2026 年 4 月 28 日開業

受惠旗艦品牌引領的體驗活動和黃金產品需求上升，旗艦商場上海恒隆廣場收入和租戶銷售額分別攀升 8% 和 24%，

租出率維持於 98% 高位。「廿五同行，共奏新程」25 周年銀禧誌慶活動結合音樂和集體回憶元素，成功加深與高端消

費者聯繫，並擴大會員計劃「恒隆會」的會員網絡，進一步加強商場在市內乃至全國領導地位。

同樣於上海的上海港匯恒隆廣場收入和租戶銷售額分別增長 1% 和 24%，期末租出率維持於 98% 高位。商場持續優化
租戶組合，進一步拓展個人護理和美容選擇，運用多元化渠道深化顧客聯繫。商場亦精心策劃「LOVE OUT LOUD 全

城獵愛」520 特別慶典等活動，透過精彩體驗、限時推廣及獨家系列進一步吸引顧客目光。

無錫恒隆廣場持續重點優化餐飲和時尚生活租戶組合，並加強管理會員關係，有效緩減高端零售表現疲弱的影響，
帶動收入上升 10%，租戶銷售額增長 7%，及商場於期末維持悉數租出。「春日奇航」主題活動期間，商場化身成奇趣
體驗樂園，匯聚精心設計的藝術裝置、現場演出和互動體驗，推動客流量及提升顧客參與度。

大連恒隆廣場收入和租戶銷售額均取得佳績，同步增加 11%，期末租出率亦上升三個百分點至 97%。烏鎮戲劇節巡

遊是商場首次舉辦的重點文化盛事，設有矚目表演、街頭風格巡遊、創意藝術裝置和獨家品牌展區，成功提升客流
量和顧客參與度，進一步鞏固商場在中國東北部頂級生活時尚地標定位。

恒隆集團有限公司

10

昆明恒隆廣場收入和租戶銷售額分別增長 6% 和 12%，期末租出率則維持於 99% 高位，表現理想。商場將部分專門店

品牌升級為獨家旗艦店，提升非高端零售組合，並配合尚義街戶外街區活化項目舉辦一系列生活品味活動，積極推
動社區發展，吸引更多不同類型的本地及外地客群。

濟南恒隆廣場收入和租戶銷售額分別增長 4% 和 13%，租出率亦增長兩個百分點至 96%。「66 靈感小市 • 恒隆廣場小

甜市集」糅合文創概念店、時尚生活餐飲理念、香氛體驗和互動場景，打造引起年輕人共鳴的優質假日消閒熱點，進
一步奠定商場作為休閒體驗型時尚生活樞紐定位。

瀋陽皇城恒隆廣場收入和租戶銷售額分別增長 10% 和 23%，期末租出率亦上升兩個百分點至 98%。商場引入多元化

戶外運動休閒服飾品牌，帶動租戶銷售額顯著提升，更成功確立其於市內運動休閒服飾的零售市場領導地位。五一
黃金周期間，商場舉辦全新燒烤主題街頭活動，將銅行北巷改造成匯聚現場娛樂和體驗式餐飲概念的「炙愛銅行 · 奇

妙烤串實驗室」。商場亦透過內部翻新、引入嶄新餐飲選擇和與租戶合作，進一步提升客流量，並贏得更多年輕顧客
青睞。

天津恒隆廣場收入下跌 2%，租戶銷售額則上升 1%，租出率增加兩個百分點至 96%。為維繫顧客關係，商場於歷史

悠久的步行街舉辦「『甜』津遇見你」主題活動，沿着著名百年牆呈獻各種甜品主題藝術裝置和互動體驗。活動在古蹟
建築中融入現代化視覺元素，突顯商場文化活力和與本地社區密切聯繫。

受促銷市況影響，武漢恒隆廣場收入和租戶銷售額分別下降 18% 和 13%。為應對挑戰，商場積極提升租戶組合，包

括引入多家米芝蓮星級餐廳，並加大市場推廣力度，以提升顧客忠誠度。全新 24KR 韓流街區於 6 月初揭幕，聚集過

百家韓國時裝、美容及時尚生活品牌，當中大多為內地或華中首店，更設有專業舞蹈教室；連同新增的「恒享里」美
食街，將 B1 層轉型為充滿青春活力的年輕人聚集地。商場更引入攀岩體驗空間和籃球館等體育設施，提供豐富多元

生活消閒享受。商場客流量錄得增長，期末租出率則上升四個百分點至 92%。

恒隆內地第 11 個項目杭州恒隆廣場於 2026 年 4 月 28 日開業，是市內新興商業文娛及社區地標，為新一代消費者悉

心挑選各種時尚生活體驗。憑藉優越的地理位置，我們精心打造面積達 105,900 平方米的零售空間，品牌陣容更經過

細意挑選，約三分一為杭州首店品牌。隨着租戶分階段開業，2026 年下半年租出率和租戶銷售額可望持續上升。商

場至今已迎來超過三百萬訪客，五一黃金周期間日均客流量高達 120,000 人次，周末客流量亦維持穩定。報告期內，
商場已錄得人民幣 3,700 萬元收入，期末租出率達 89%。

瀋陽市府恒隆廣場收入和租戶銷售額分別減少 15% 和 5%，期末租出率則上升兩個百分點至 88%。商場正調整戰略定

位，透過優化其時尚生活及餐飲租戶組合，帶動客流量並提升整體購物體驗。

•

辦公樓

截至 2026 年 6 月 30 日止六個月，辦公樓總收入下跌 11% 至人民幣 5.66 億元，反映租出率下滑和租金下調。科技、

金融及消費行業租戶傾向核心地段的優質辦公空間，為租賃需求提供增長動力。惟各地供應長期過剩，導致空置率
高企和租金持續受壓。儘管如此，我們將繼續維持優質服務水平以確保物業質素。

11

恒隆集團有限公司

物業租賃 – 內地辦公樓組合（截至 6 月 30 日止六個月）
收入

（人民幣百萬元）

2025 年

2025 年

82%

82%

85%

89%

87%

-4%

90%

86%

84%

-7%

85%

86%

89%

78%

83%

65%

63%

變動

2026 年

所在城市辦公樓名稱

2026

2025

上海港匯恒隆廣場

240

289

-17%

83%

102

110

-7%

64

67

56

60

上海恒隆廣場
昆明恒隆廣場

瀋陽市府恒隆廣場
無錫恒隆廣場

武漢恒隆廣場

杭州恒隆廣場

總額
^

期末租出率

6月

52

60

-13%

78%

46

52

-12%

72%

6

–

566

638

不適用
-11%

^

47%

12 月

不適用

6月

不適用

租出率僅反映五座辦公樓中已完工及完成交付的兩座辦公樓。

上海恒隆廣場兩座甲級辦公樓收入合共跌 17%，主要由於市況長期積弱和供應持續過剩，導致單位租金下調。市內

甲級辦公樓市場租金和租出率持續承壓，然而租出率於期末反升一個百分點至 83%。為應對競爭激烈的營商環境，
上海恒隆廣場繼續發揮優越地利和雄厚營運實力，穩守市內頂級辦公地點地位。

由於市況低迷和空置率上升導致租金下調，影響上海港匯恒隆廣場辦公樓收入下跌 7%，租出率亦減少兩個百分點至
85%。

昆明恒隆廣場辦公樓收入下降 4%，但項目憑藉優越地利、高規格模組化精裝修辦公室方案和高端設施及服務，繼續
領先市場同業，並帶動期末租出率增長六個百分點至 90%。

瀋陽市府恒隆廣場辦公樓收入下跌 7%，期末租出率亦下挫四個百分點至 85%，因受需求疲弱和新供應影響。為應對
市場挑戰，我們專注加強與租戶聯繫，並秉持嚴謹物業管理標準。

無錫恒隆廣場兩座辦公樓收入合共跌 13%，期末租出率亦減少五個百分點至 78%。項目持續透過提供尊貴服務和多

功能辦公空間「恒聚」，加上即將開業的「無錫錫喆寓，希爾頓格芮精選」酒店，可望在激烈市場競爭下保持市內領先
地位。

武漢恒隆廣場辦公樓收入下挫 12%，主要是市場飽和導致租金下調和平均租出率下跌。項目與一家主要租戶簽訂的
新租約於六月中開始生效，帶動期末租出率上升九個百分點至 72%。「恒聚」將繼續提供靈活彈性的多功能辦公空
間，以迎合租戶不斷演變的業務需求，並促進租戶間協作。

杭州恒隆廣場設有五座辦公樓，其中 E 座於期末已悉數租出，B 座亦於 2026 年 3 月起供租戶分批進駐。期內，兩座
辦公樓合共帶來人民幣 600 萬元收入，期末租出率達 47%。

恒隆集團有限公司

12

住宅及服務式寓所

•

報告期內，上海港匯恒隆廣場住宅大樓收入下跌 6%，但租出率上升兩個百分點。

香港

2026 年上半年，香港消費市況回暖和訪港旅客人次上升，零售業呈初步靠穩跡象。辦公樓市場亦呈見底趨勢，惟需
求集中於核心商業區，非核心地段仍然疲弱。

整體收入微跌 1% 至港幣 15.41 億元，營業溢利則下跌 2% 至港幣 11.89 億元。在多元化租賃策略和租戶組合持續優化
措施帶動下，租出率得以維持高水平。租賃利潤率下跌一個百分點至 77%。

物業租賃 – 香港組合（截至 6 月 30 日止六個月）
收入

2026

零售

辦公樓及工業╱辦公樓
住宅及服務式寓所
總額

•

（港幣百萬元）
2025

864

884

557

變動

2026 年
6月

期末租出率
2025 年

2025 年

12 月

6月

-2%

95%

95%

93%

553

1%

91%

90%

88%

120

112

7%

91%

91%

82%

1,541

1,549

-1%

零售

香港零售物業組合收入下跌 2% 至港幣 8.64 億元，主要受主要商業及旅遊區組合租戶重整的過渡性影響所致。相反，

租戶銷售額上升 3%，整體租出率上升兩個百分點至 95%。

主要商業及旅遊區組合收入按年跌 5%，主要由於銅鑼灣若干主要租戶租約屆滿後，相關舖位新租戶於期內展開翻新

工程。期末租出率跌至89%。為配合百德新街煥新項目和慶祝恒隆成立66周年，Fashion Walk於5月舉辦「百德新派」

活動，提供跨平台城市文化體驗，以及融合時尚風格、藝術與音樂限時活動，成功吸引更廣泛本地消費者、旅客及
生活品味族群到訪，並促進租戶間合作和發揮協同效應，奠定百德新街作為本地次文化殿堂和城市生活地標的市場
地位，提升整體品牌形象。

由於港人北上消費步伐放緩，社區購物商場組合整體收入按年持平，期末租出率升至 98%。連接九龍灣淘大商場及

東九文化中心的新行人天橋已於 2026 年 7 月正式啟用。由於東九文化中心與港鐵站相連，該天橋使交通配套更為方
便，可望持續帶旺商場客流量和生意額。

13

恒隆集團有限公司

•

辦公樓及工業╱辦公樓

辦公樓組合積極採取措施，例如引入精裝修和分間辦公空間以滿足租戶不斷變化的需求，帶動收入上升 1% 至港幣

5.57 億元。期末租出率維持於 91% 高水平。

香港島辦公樓組合收入上升 3%，租出率亦攀升五個百分點至 88%。恒隆共享辦公空間 NET • WORK 選址中環具標誌

性的渣打銀行大廈，期末租出率按年顯著上升十六個百分點至 80%。

九龍辦公樓組合收入下跌 3%，反映半零售租戶持續控制成本，導致租金持續下調。租出率則增長兩個百分點至
93%。

•

住宅及服務式寓所

受惠於香港政府人才入境計劃，加上成功開拓新客源並為服務式寓提供靈活模式租賃條款，住宅及服務式寓所業務
收入增長 7%。

酒店

免簽政策放寬和航班載客量恢復正常，使酒店業務受惠於高端休閒及海外入境旅客的住宿需求。儘管中東地緣政治
緊張引發燃油成本上漲，對旅遊需求影響有限，酒店表現持續理想。

（截至 6 月 30 日止六個月）

昆明君悅酒店

瀋陽康萊德酒店

總額

總額等值港幣（百萬元）

收入

（人民幣百萬元）

平均租出率

變動

2026

2025

19%

72%

59%

62

-2%

72%

70%

129

119

8%

147

129

14%

2026

2025

68

57

61

受惠於租出率上升和平均每日房價上漲，昆明君悅酒店於 2026 年上半年表現持續向好，收入攀升 19%。
瀋陽康萊德酒店按年收入下跌 2%。旅遊業內需帶動租出率上升兩個百分點，惟餐飲收入下降抵銷相關升幅。

物業銷售

2026 年上半年，我們售出位於香港皓日（The Aperture）83 個住宅單位及藍塘道一間大宅、武漢「恒隆府」兩個單位
和昆明君悅居兩個單位，合共進賬港幣 10.43 億元收入（2025 年：港幣 1.61 億元）。

由於內地市場環境充滿挑戰，我們於報告期內確認人民幣 1.08 億元（或港幣 1.24 億元）的非現金物業減值撥備。

恒隆集團有限公司

14

計及內地及香港物業銷售虧損，相關銷售及營銷開支，非現金物業減值撥備以及其他營業開支，物業銷售業務於
2026 年上半年錄得港幣 1.87 億元營業虧損。

截至 2026 年 6 月 30 日，已簽約但未入賬物業銷售共港幣 13.17 億元，包括銷售位於香港皓日（The Aperture）22 個住

宅單位及藍塘道一間大宅和無錫「恒隆府」74 個單位。所有已簽約單位收入將於相關銷售完成後入賬。

投資物業出售

期內集團出售以下投資物業，總代價為港幣 2.71 億元：
我們於 2026 年 1 月完成與獨立第三方的交易，出售持有香港藍塘道一間大宅的附屬公司。由於買賣協議已於

a)

2025 年 11 月簽訂，該物業截至 2025 年 12 月 31 日價值乃根據雙方所協定的售價估算，因此報告期內未有錄得

出售投資物業收益或虧損；及

我們於 2026 年 6 月完成與獨立第三方售出位於香港島山頂區御峯一個單位的銷售交易，港幣 800 萬元出售投資

b)

物業收益已於報告期內計入其他收入淨額。

我們亦於 2026 年 6 月與獨立第三方達成買賣協議，出售位於香港的御峯兩個單位及碧海藍天四個車位。相關交易預

期於 2026 年下半年完成。

物業重估

截至 2026 年 6 月 30 日，物業及發展中投資物業總值為港幣 2,083.49 億元，內地物業組合和香港物業組合價值分別為

港幣 1,445.04 億元及港幣 638.45 億元。以上物業均由獨立估值師第一太平戴維斯估值及專業顧問有限公司進行截至
2026 年 6 月 30 日的估值。

我們錄得港幣 5.67 億元物業重估虧損（2025 年：港幣 2.69 億元虧損）。
內地物業組合錄得港幣 4.63 億元重估虧損（2025 年：港幣 9,300 萬元虧損），佔 2025 年 12 月 31 日物業組合價值不足

1%。

香港物業組合錄得港幣 1.04 億元的重估虧損（2025 年：港幣 1.76 億元虧損），佔 2025 年 12 月 31 日物業組合價值不

足 1%。

計及稅項及非控股權益後，錄得淨重估虧損港幣 3.77 億元（2025 年：港幣 4.94 億元淨重估虧損）。

15

恒隆集團有限公司

物業發展

截至 2026 年 6 月 30 日，附屬公司持有作出租及待售的發展項目總值分別為港幣 76.36 億元和港幣 80.73 億元。附屬
公司及合營企業持有的物業發展項目分布於無錫、杭州、上海、瀋陽和香港。

內地

無錫恒隆廣場第二期發展項目包括無錫「恒隆府」及無錫錫喆寓，希爾頓格芮精選。前者現可供出售，預期於 2026

年第四季度起分階段落成和交付。後者為一家時尚酒店，包括一幢七層高新建大樓及一幢樓高三層文物建築，合共
提供 105 間客房，將於 2026 年第三季度開業。

杭州恒隆廣場綜合發展項目包括一座購物商場、五幢甲級辦公樓及浙江省首家杭州文華東方酒店。項目於商場內設
立宋元時期文物展廳，並修繕與活化兩座歷史建築。佔地逾 10,000 平方米的「綠堤公園」連接辦公樓、購物商場及酒

店，提供開闊的空中露天環境。E 座辦公樓已悉數租出，B 座亦於 2026 年 3 月起供租戶分批進駐。繼商場於 2026 年
4 月 28 日開業後，設有 194 間豪華客房的酒店亦計劃於 2027 年第一季度開業。

杭州恒隆廣場擴展項目將提升杭州恒隆廣場規模、臨街面積、可達性及可見度等競爭優勢。2025 年 7 月，我們與杭

州百貨大樓業主簽訂 20 年期租賃協議，自 2028 年 4 月 1 日起承租毗鄰杭州恒隆廣場的延安路 546 號杭州百貨大樓，

並計劃於 2029 年完成翻新後分階段開業，將杭州恒隆廣場總零售面積增加近 40% 至 150,000 平方米。

為配合上海靜安區持續城市更新，上海恒隆廣場擴建項目為一座樓高三層的獨立零售及餐飲建築物，其地庫將連接

現有購物商場，地面連地庫合計將新增約 4,300 平方米可租賃面積，將鞏固上海恒隆廣場在市內影響力，打造更豐富
的顧客體驗。項目於 2026 年 6 月取得營運許可證，其後開始分階段移交予租戶。項目計劃於 2026 年下半年開業。

上海金普頓徐家匯酒店是洲際酒店集團旗下奢華精品品牌，屬於上海港匯恒隆廣場持續煥新升級項目一部分。酒店
現正展開翻新，預計於 2027 年下半年開業，屆時將提供 149 間客房。

瀋陽市府恒隆廣場餘下佔地 44,000 平方米的綜合發展項目暫時改劃作城市公園發展之用，以提升社區福祉，同時觀

望市況作長期部署。該用地旨在為家庭和訪客提供充滿動感的休憩空間，活化周邊環境，並刺激客流量。

恒隆集團有限公司

16

內地合營企業
2025 年 12 月 9 日，我們與無錫市梁溪區人民政府旗下無錫市梁溪城市發展集團有限公司合夥簽訂 20 年期租賃協議，

取得無錫恒隆廣場毗鄰一座地標商業重建項目（「無錫恒隆廣場擴展項目」）的經營權。2026 年 1 月，本集團成立合營
企業，並持有 60% 股權。相關物業坐落於無錫中山路 319-339 及 341 號，前身為無錫新世界百貨，重建後將擴大無

錫恒隆廣場總零售面積達 38% 至約 169,000 平方米。煥新改造項目將引入 80 多個精選餐飲、時尚及潮流生活品牌，

以體驗式零售概念和社區連結為招徠，與無錫恒隆廣場無縫銜接。發展方案目前處於規劃階段。

2025 年 12 月 12 日，我們與上海靜安區人民政府旗下上海新南西（集團）有限公司（前身為上海九百（集團）有限公司）

及上海九百股份有限公司合作，成功取得南京西路 1038 號商業營運項目合約。2026 年 7 月，本集團成立合營企業，
並持有 60% 股權。此 20 年期租賃協議的項目前身為梅龍鎮廣場，將為恒隆在南京西路物業組合新增約 96,000 平方米

樓面面積，總樓面面積將增至約 312,000 平方米，增幅約 44%。該項目升級後將成為集零售、酒店及辦公空間於一體

的綜合商業地標，顯著提升我們上海物業規模和協同效應，並為南京西路注入更多活力與文化氣息，強化國內高端
時尚商圈定位。

香港

位於香港島南區壽山村道 37 號地塊將重建為豪華大宅。項目已於 2025 年 9 月獲批地盤平整圖，以及於 2026 年 7 月
與政府達成地契修訂和補地價協議後，預期能提供更多元化的屋型選擇，滿足超級豪宅市場不同需求。

位於香港島渣甸山衛信道 8-12A 號重建項目將由多幢豪華獨立大宅組成，並配有寬敞花園，俯瞰東半山和中環天際
線，預計總樓面面積約 25,800 平方尺。發展方案於 2025 年 5 月獲政府批准，清拆工程於 2026 年 3 月完成。

財務管理

我們一直透過多個融資渠道保持適度的資本結構，確保隨時備有財務資源來滿足經營需要及支持企業拓展。我們亦
一直保持充足備用銀行信貸金額，以緩解本集團在面對突如其來的外部經濟衝擊時所承受的壓力。

所有財務風險管理，包括債務再融資、外匯風險及利率波動等，均於企業層面集中統籌管理和監控。在合適情況

下，利率和外幣掉期合約只用於風險管理和對沖活動。我們密切監察及定期檢視資金需求，以確保擁有相當程度的
財務靈活性和流動性，同時盡可能降低財務成本。債務融資渠道方面，我們亦會保持多個融資來源，以降低集中風
險，並確保資金渠道多元化。

債務組合管理方面，我們透過維持平衡的港幣╱人民幣借款組合和定息╱浮息債項組合、償還期分布以及多元化融
資渠道，優先注重降低外匯風險、利率風險及再融資風險。

17

恒隆集團有限公司

現金管理

•

於報告日按貨幣種類劃分的現金及銀行存款結餘總額如下：
於 2026 年 6 月 30 日

於 2025 年 12 月 31 日

港幣百萬元

所佔百分比

港幣百萬元

所佔百分比

港幣

2,949

42%

3,811

56%

美元

4,080

58%

2,980

44%

1

–

1

–

7,030

100%

6,792

100%

貨幣種類：
人民幣

現金及銀行存款結餘總額

所有存款均存放在享有高度信貸評級的銀行，在集中風險管理方面設有限額，並定期監控存放風險。

債務組合

•

於結算日，借貸總額為港幣 556.19 億元（2025 年 12 月 31 日：港幣 548.37 億元），其中 48% 以人民幣計值，自然對沖

內地淨投資。

我們的定息債項主要包括債券、定息銀行貸款及透過利率掉期合約轉換為定息貸款的浮息銀行貸款。定息債項佔債

項總額比率於 2026 年 6 月 30 日為 39%。撇除在岸浮息債項後，定息債項佔離岸債項總額比率於 2026 年 6 月 30 日為

57%（2025 年 12 月 31 日：59%）。

我們的債務組合構成可分類如下：
按貨幣（在貨幣掉期合約後）：

(i)

於 2026 年 6 月 30 日

於 2025 年 12 月 31 日

港幣百萬元

所佔百分比

港幣百萬元

所佔百分比

港幣

29,198

52%

29,598

54%

借貸總額

26,421

48%

25,239

46%

55,619

100%

54,837

100%

貨幣種類：
人民幣

(ii)

按定息或浮息（在利率掉期合約後）：
於 2026 年 6 月 30 日

定息
浮息

借貸總額

於 2025 年 12 月 31 日

港幣百萬元

所佔百分比

港幣百萬元

所佔百分比

34,001

61%

32,419

59%

55,619

100%

54,837

100%

21,618

39%

22,418

41%

恒隆集團有限公司

18

•

負債率

於結算日，淨債項結餘為港幣 485.89 億元（2025 年 12 月 31 日：港幣 480.45 億元）。淨債項股權比率為 30.5%（2025
年 12 月 31 日：30.9%），債項股權比率為 34.9%（2025 年 12 月 31 日：35.3%）。

•

還款期組合及再融資

於結算日，整體債項組合平均償還年期維持於3.0年（2025年12月31日：2.9年）。債項組合的償還期分布超過10年。

約 69% 貸款需於兩年後償還（2025 年 12 月 31 日：60%）。

於 2026 年 6 月 30 日

於 2025 年 12 月 31 日

港幣百萬元

所佔百分比

港幣百萬元

所佔百分比

1 年後但 2 年內

5,714

10%

4,913

9%

11,462

21%

16,868

31%

5 年後

34,659

62%

29,250

53%

3,784

7%

3,806

7%

55,619

100%

54,837

100%

償還期 ︰
1 年內

2 年後但 5 年內
借貸總額

截至 2026 年 6 月 30 日，備用銀行承諾信貸金額的未提取結餘為港幣 185.01 億元（2025 年 12 月 31 日：港幣 227.39

億元）。40億美元（2025年12月31日：40億美元）中期票據的未提取結餘為29.77億美元，等值港幣233.42億元
（2025
年 12 月 31 日：港幣 217.31 億元）。

•

淨財務費用及利息保障倍數

截至 2026 年 6 月 30 日止報告期，總財務費用進一步下跌 3% 至港幣 9.68 億元（2025 年：10.02 億元），而平均有效借
貸利率則大致維持於 3.7%（2025 年：3.9%），主因是市場信貸的借貸成本下降，加上成本較低的人民幣計值借貸（離
岸人民幣╱在岸人民幣）所佔比率上升，足以抵銷借貸（用作資本支出）增加所產生的更高利息支出。

由於若干內地項目於竣工後停止利息資本化，抵銷借貸成本的降幅，計入損益表的淨額（撇除資本化金額後）增加
13% 至港幣 5.78 億元（2025 年：5.11 億元）。

2026 年首六個月的利息保障倍數改善至 3.3 倍（2025 年：3.2 倍）。

•

外匯管理

人民幣匯率波動仍然是我們所面對的主要匯率風險。我們的風險承擔主要取決於內地附屬公司資產淨值所產生的貨
幣換算風險。

我們不會就人民幣兌港幣走勢採取任何投機行為。考慮到內地營運所得現金流及人民幣借貸，我們在滿足內地資本

需求方面維持適量人民幣資源。我們以法規規限、項目發展進度及營商環境為指引，定期檢討業務，以評估內地項
目資金需求，並根據任何情況變化對融資規劃作出適當調整。

19

恒隆集團有限公司

於 2026 年 6 月 30 日，以人民幣計值的資產淨值佔資產淨值總額約 69%。由於人民幣兌港幣較 2025 年 12 月 31 日升值

4.0%，按報告日匯率將該等資產淨值由人民幣換算為港幣而產生的換算收益為港幣 43.11 億元（2025 年：港幣 15.29
億元收益），並已計入其他全面收入。

資產抵押

於 2026 年 6 月 30 日及 2025 年 12 月 31 日，本集團的資產均無抵押予第三方。

資本承擔

於 2026 年 6 月 30 日，投資物業和物業、廠房及設備的資本承擔總額為港幣 44.09 億元（2025 年 12 月 31 日：港幣

72.23 億元）。

有關向新合營項目注資的資本承擔總額為人民幣 7.68 億元（或港幣 8.84 億元）
（2025 年 12 月 31 日：人民幣 7.90 億元

或港幣 8.75 億元）。

有關杭州恒隆廣場擴展項目，在符合若干租賃條件下，自 2028 年 4 月 1 日起為期 20 年租賃期的預計固定租賃付款總

額約為人民幣 32 億元（或港幣 37 億元）
（2025 年 12 月 31 日：人民幣 32 億元或港幣 35 億元）。

或然負債

於 2026 年 6 月 30 日，我們就無錫「恒隆府」物業買家取得按揭貸款向有關銀行提供擔保額為人民幣 2.11 億元（或港

幣2.43億元）
（2025年12月31日：人民幣1.20億元或港幣1.32億元）。待買家獲發房產證及完成相關物業按揭登記後，

該等擔保將被解除。

可持續發展

在 2026 年上半年，恒隆更新了 2030 年可持續發展目標及指標，涵蓋四大優先議題：應對氣候變化、資源管理、福

祉和可持續交易。我們嚴格參照科學碳目標倡議 (SBTi) 所制定的目標推動減排工作，包括依循相關建築行業標準致
力於 2050 年或之前實現淨零碳排放。

杭州恒隆廣場融入可持續發展、文物保育和社區發展

於2026年4月28日開業的杭州恒隆廣場是一個總樓面面積約390,200平方米的綜合發展項目，巧妙糅合商業、文化、
歷史及自然元素，充分貫徹締造優享生活空間的承諾。項目設有佔地逾 10,000 平方米的城市綠化空間「綠堤公園」，

透過戶外空中走廊連接辦公樓、零售商場及酒店，提升整體連通性，同時營造更舒適宜人的步行環境。為推廣並保

存市內文化遺產，杭州恒隆廣場特設宋元時期文物展廳。此外，耶穌堂弄 5 號及鏡清里 1 號兩座歷史建築亦經過精心
修繕，將於今年稍後對外開放，進一步連繫城市歷史與當代生活。

杭州恒隆廣場採用多項創新低碳建材，突顯其在可持續發展的領導地位。該項目為香港和內地首個採用低碳混凝土

磚的商業發展項目，其中一條主要連接通道逾八成的鋼筋使用低碳鋼材，與傳統物料相比，隱含碳排放量減少約
45%。

項目獲得多項國際領先的可持續發展標準認證及預認證，包括中國綠色建築設計標識、WELL、美國綠色建築協會能
源及環境設計先鋒獎 (LEED)，以及 BREEAM，反映項目在環境效益、租戶福祉及長遠業務韌性的全方位考量。

恒隆集團有限公司

20

恒隆內地 10 座物業採用可再生電力

恒隆在內地積極簽訂電力採購協議，成為業界可再生能源採購的先行者及領導者之一。我們不僅榮獲氣候組織

（Climate Group）頒發 2025 年度 RE100 領袖大獎 －「最佳新晉企業獎」，更獲收錄於 2026 年 5 月發表之《RE100 中國
實施指南》，成為房地產業唯一入選為研究案例的企業。繼武漢恒隆廣場於 1 月 1 日成為湖北省首個採用可再生電力

的綜合商業項目後，杭州恒隆廣場亦於 5 月成為浙江省首個採用可再生電力的綜合商業項目。目前，恒隆旗下內地

11 個物業項目中，已有 10 個簽訂了可再生能源電力採購協議，為業務自身和租戶創造價值。

探討製冷劑全生命周期管理以推動製冷減排

2026 年 1 月，恒隆與 LVMH 集團共同贊助碳遏制實驗室（Carbon Containment Lab）發表研究報告《扭轉曲線：面向中

國與美國商業地產的成本高效型製冷減排路徑》。報告提出多項切實可行且具成本效益的措施，以減少空調及製冷系
統產生的排放。根據研究結果，我們於 6 月在內地分別舉行面向內部及外部持份者的工作坊，交流見解並探討實踐

機會並促進合作，合力減少旗下物業組合的製冷相關排放量。

與租戶共同慶祝可持續發展成果

恒隆持續透過「Changemakers：租戶可持續發展合作計劃」
（「Changemakers 計劃」）加強聯動辦公樓、零售及酒店租

戶，共同減少能源消耗與浪費，攜手推動循環經濟，並提升社區福祉。該計劃透過為租戶舉辦培訓工作坊、進行能
源審核，以及為香港餐飲租戶提供廚餘管理顧問服務等，協助租戶提升其可持續發展能力。

2026 年上半年，香港和內地共有 20 個物業、超過 220 家租戶參與恒隆的可持續發展合作項目，涵蓋辦公樓、零售及
酒店物業內多個行業機構，佔參與物業總租賃樓面面積約 24%。

為表揚租戶的可持續發展成果並推動最佳實踐的普及應用，瀋陽、上海及香港分別於 6 月舉行「Changemakers 租戶

可持續發展大獎」頒獎典禮及成果分享會。香港及上海更設有年度盛會，透過互動體驗展示實用的可持續發展理念。

社區投資策略煥新

恒隆以「Connected Futures」為主題，持續深化其社區投資策略，透過建立有意義的連繫，創造可持續價值。我們
正於香港和 9 個內地城市推行多項社區投資計劃，拓展並加深與社區的聯繫。

為實現締造優享生活空間的長期願景，恒隆聚焦三大社區範疇：文化連繫（提倡不同世代之間的身份認同和創意思
維）、全人健康（促進身心及社區健康）及啟迪青年（協助年輕人盡展潛能）。
•

21

文化連繫：恒隆支持首屆香港國際動漫展（Hong Kong Comic Con），讓 40 名新晉藝術家與一眾本地及海外創

作者交流互動，促進業界交流與創意協作。

恒隆集團有限公司

•

全人健康：恒隆與香港基督教服務處合作，共同拓展認知友善計劃規模，於商場設立照顧者茶室和社區檢測項

•

啟迪青年：「共築 • 創業家 2.0」計劃當中兩名創業家已於恒隆旗下商場續租，反映其業務正持續發展並扎根社

目，服務超過 2,500 人。
區。

恒隆持續完善社會效益評估方法，透過追蹤計劃受惠人數及成效，提升評估之準確性，以進一步優化各個項目。我
們目標於 2030 年或之前創造不低於港幣 4,000 萬元的社會價值，實踐為社區帶來可量化及長遠發展的承諾。

展望

中東地區衝突和地緣政治變局持續發酵，預期將影響 2026 年下半年營商環境。因此，維持透明現金流、堅定營運執
行能力和穩定經常性租賃收入愈發重要。

內地方面，在鞏固內需和消費政策支持下，經濟可望繼續溫和增長。隨着消費者越趨講究及著重性價比，能夠提升

生活享受和引發情感共鳴的體驗型消費將更受追捧，而零售租賃市場競爭將持續激烈。為把握商機，我們將進一步
優化租戶組合，並推行具針對性的市場推廣及社區營造舉措，以提升客流量並將其轉化為銷售額。

杭州恒隆廣場於 2026 年 4 月 28 日開業後，營運漸上軌道，經常性收入預期將逐步提升。多家優質租戶將於下半年完

成裝修後開業，而項目亦將陸續推出針對特定客群的會員活動，以加強顧客忠誠度和參與度。辦公樓已按照租戶吸
納量和營運進度分階段交付，以確保有序投入運作。另外，即將揭幕的上海恒隆廣場擴建項目將進一步提升該旗艦
物業的零售及餐飲組合，鞏固其於南京西路的市場地位和競爭力。為慶祝 25 周年銀禧，上海恒隆廣場透過優化頂層

露天平台及 VIC 專享貴賓室設施，務求打造更令人嚮往的尊尚體驗。無錫錫喆寓，希爾頓格芮精選酒店將於 2026 年
第三季度開業，與無錫恒隆廣場產生協同效益，提升項目高端定位。

香港方面，訪港旅客人次上升、矚目盛事接連舉行、消費市道逐步回穩，加上我們零售租戶組合引入更多體驗元

素，預期將為零售業務帶來支持。惟油價波動帶來通脹壓力或削弱市場信心，令復甦進程增添變數。辦公樓流動性
改善有望穩定市場租金調整，但由於供應過剩且需求審慎，辦公樓租賃競爭難有突破。

內地和香港物業銷售策略將繼續以嚴謹定價、分階段放售和優質產品為重點，並密切關注政策變動和買家情緒。其
中香港樓市正穩步回暖，我們的優質產品繼續受品味高尚的買家青睞。

恒隆將把握「66 成就無限」周年誌慶的契機，繼續貫徹「恒隆 V.3」策略和「以客為尊」發展方針，致力推動業務長遠

可持續發展，並構建融合商業、文化與品味的優質生活空間，為社區創造長久價值。

恒隆集團有限公司

22

其他資料
企業管治

我們矢志維持最高水平的企業管治標準。截至 2026 年 6 月 30 日止六個月內，本公司採納之企業管治準則強調一個能

幹稱職的董事會、健全的內部監控機制，以及有效的風險管理，加強透明度和對公司持份者的問責性。我們的企業

管治常規之整體架構已載於 2025 年報中之企業管治報告內，該報告載於公司網頁「投資者關係」項下的「財務資料」
分項下之「財務報告」，以供瀏覽。

董事會
於本報告日期（即 2026 年 7 月 31 日），董事會由三名執行董事、三名非執行董事及四名獨立非執行董事組成。獨立非

執行董事佔董事會約 40%，超越香港聯合交易所有限公司（「聯交所」）證券上市規則（「《上市規則》」）的要求。本公司
及香港交易及結算所有限公司（「香港交易所」）之網頁提供最新的董事會成員名單，列明其角色和職能。董事會成員

的履歷詳情已載於公司網頁「企業管治」項下的「董事會及主要行政人員」內。董事長及行政總裁的責任清楚區分，
以確保權力和授權分布均衡。董事會一般每年會面六次及會不時審閱本公司及其附屬公司（「本集團」）之企業管治常
規，務求不斷改進，與國際水平之最佳常規看齊。

提名及薪酬委員會
於本報告日期（即 2026 年 7 月 31 日），本公司之提名及薪酬委員會由大多數獨立非執行董事組成，其中包括一名不同

性別的董事，並由一名獨立非執行董事擔任主席。委員會成員每年舉行至少一次會議。委員會之職責包括檢討有關
本集團薪酬架構之重大改變及影響執行董事和高級管理人員之條款及條件。委員會成員亦定期檢討董事會之架構、

規模及多元化，並就董事之委任、重新委任及繼任計劃等事宜向董事會提出建議。委員會之職權範圍已載於公司網
頁「企業管治」項下的「提名及薪酬委員會」內及香港交易所網頁，以供瀏覽。

23

恒隆集團有限公司

審核委員會
於本報告日期（即 2026 年 7 月 31 日），本公司之審核委員會由三名獨立非執行董事及一名非執行董事組成，並由一名

獨立非執行董事擔任主席。委員會成員每年舉行至少四次會議，外聘核數師及內部審計師、董事長、行政總裁、首
席財務總監及公司秘書均出席會議，以討論（其中包括）內部審計工作之性質及範疇，以及評核本公司之內部監控。

委員會之職權範圍（當中已涵蓋企業管治職能及監察風險管理的有關職責）已載於公司網頁「企業管治」項下的「審核
委員會」內及香港交易所網頁，以供瀏覽。

本未經審核中期財務報告已由本公司核數師畢馬威會計師事務所按照香港會計師公會頒布的《香港審閱工作準則》第
2410 號「獨立核數師對中期財務資料的審閱 」作出審閱。獨立核數師審閱報告載於本報告第 32 頁。審核委員會已審
閱本報告，包括截至 2026 年 6 月 30 日止六個月之未經審核中期財務報告，並已建議董事會採納。

遵守《上市規則》附錄 C1 所載之《企業管治守則》
截至 2026 年 6 月 30 日止六個月內，本公司已遵守《上市規則》附錄 C1 之《企業管治守則》所載之守則條文規定，且在

某些領域下超越了其規定。

遵守《上市規則》附錄 C3 所載之《標準守則》
就董事進行證券交易，我們已採納一套不低於《上市規則》附錄 C3 所載之《上市發行人董事進行證券交易的標準守則》

（「《標準守則》」）內規定標準之紀律守則（「《紀律守則》」）。經本公司向所有董事作出特定查詢，全體董事均確認於截
至 2026 年 6 月 30 日止六個月內已遵守《標準守則》及《紀律守則》。

恒隆集團有限公司

24

董事於股份、相關股份及債權證之權益及淡倉

根據《證券及期貨條例》
（「《證券條例》」）第 XV 部或根據《標準守則》須知會本公司及聯交所，或根據《證券條例》第 352

條規定須予備存之登記冊所記錄，各董事於 2026 年 6 月 30 日持有本公司及其相聯法團（定義見《證券條例》第 XV 部）

之股份、相關股份及債權證之權益或淡倉如下 ︰

本公司

（好倉）
姓名

身份

陳文博

個人及其他

盧韋柏

個人

葉錫安

陳樂宗

股份數目

恒隆地產有限公司
（好倉）

佔已發行
股份總數

佔已發行

股份期權

之百分比

（附註 3）

股份總數

數目

之百分比

股份數目

551,752,580

40.52

3,464,877,216

66.59

15,050,000

460,000

0.03

1,145,385

0.02

25,750,000

–

–

–

–

–

–

–

–

–

–

–

–

（附註 1 及 2）

（附註 2）

廖柏偉

個人及家屬

–

–

100,000

–

–

張家騏

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

300,000

0.02

–

–

–

–

–

–

–

6,800,000

廖長江

陳仰宗

陳秀梅
趙家駒

個人
個人

附註：
1.

2.

3.

4.

25

其他權益包括由一項信託基金（陳文博先生為財產授予人及酌情受益人）持有之本公司 28,579,500 股股份。據此，根
據《證券條例》，陳文博先生被視為於該等股份中擁有權益。

其他權益包括由另一項信託基金（陳文博先生為酌情受益人）持有或被視為持有之本公司 522,423,080 股股份及恒隆
地產有限公司（「恒隆地產」）3,464,142,255 股股份。據此，根據《證券條例》，陳文博先生被視為於該等股份中擁有權
益。陳文博先生亦於本公司 750,000 股股份及恒隆地產 734,961 股股份中擁有個人權益。

根據恒隆地產於 2012 年 4 月 18 日採納之股份期權計劃（「2012 年股份期權計劃」）及於 2022 年 4 月 27 日採納之另一項
股份期權計劃（「2022 年股份期權計劃」）下的董事期權變動載於下文「股份期權計劃」項下內。

持股百分比乃根據本公司截至 2026 年 6 月 30 日已發行股份總數 1,361,618,242 股及恒隆地產截至 2026 年 6 月 30 日已
發行股份總數 5,203,082,528 股計算。

恒隆集團有限公司

除以上所披露外，於 2026 年 6 月 30 日，概無董事持有本公司或任何相聯法團（定義見《證券條例》第 XV 部）之股份、

相關股份或債權證之權益或淡倉。

除以上所述外，於截至 2026 年 6 月 30 日止六個月內任何時間，本公司或其任何附屬公司並無作出任何安排使董事可

藉購入本公司或任何其他機構之股份或債權證而獲益。

股份期權計劃

2012 年股份期權計劃及 2022 年股份期權計劃（統稱「股份期權計劃」）旨在令本公司之附屬公司恒隆地產可向經揀選

參與者授出股份期權，獎勵或激勵彼等為恒隆地產及其附屬公司（「恒隆地產集團」）所作出的貢獻。透過向其提供機

會購買恒隆地產之股權方式，以吸引具備專業技術及經驗豐富之人才，鼓勵彼等留任恒隆地產集團，並激勵彼等為
恒隆地產集團之未來發展及擴充作出努力。

根據股份期權計劃，恒隆地產董事會獲授權向經揀選參與者（包括恒隆地產集團旗下任何成員公司之僱員及董事）授

出股份期權，惟須遵照相關條款及條件，如恒隆地產董事會或會逐個或整體訂明。股份期權計劃均無規定任何最短
歸屬期。股份期權計劃項下的歸屬期、可接納期權之期間及其應付之款項、行使期及每份期權可認購恒隆地產股份
之數目均由恒隆地產董事會於授出時予以釐定。股份期權之行使價由恒隆地產董事會於授出時釐定，並必須為恒隆

地產股份之面值、於授出日期之恒隆地產股份之收市價及於緊接授予前五個營業日之恒隆地產股份平均收市價三者
中之較高價。

根據本公司及恒隆地產各自於 2022 年 4 月 27 日舉行股東周年大會上通過的決議案，2022 年股份期權計劃已於同日

獲採納並且於十年內有效。2022 年股份期權計劃的剩餘年期約為五年九個月，並將於 2032 年 4 月 26 日到期。當
2022 年股份期權計劃獲採納，2012 年股份期權計劃已於期滿後終止。

於 2026 年 1 月 1 日，概無任何股份期權可根據 2012 年股份期權計劃進一步授出，而根據 2022 年股份期權計劃下可

授出之股份期權總數為 276,275,550 股。

截至 2026 年 6 月 30 日止六個月期間，概無任何股份期權根據 2022 年股份期權計劃授出。於 2026 年 6 月 30 日，根據

2022 年股份期權計劃下可授出之股份總數為 276,275,550 股。

於本報告日期（即 2026 年 7 月 31 日），根據 2012 年股份期權計劃及 2022 年股份期權計劃已授出股份期權而可予發

行之恒隆地產股份總數分別為 156,528,500 股及 48,893,000 股，即佔恒隆地產已發行股份總數約 3.0% 及 0.9%。於

本報告日期（即 2026 年 7 月 31 日）
，根據 2022 年股份期權計劃可授出之股份期權而可予發行的恒隆地產股份總數為
276,275,550 股，即佔恒隆地產已發行股份總數約 5.3%。

2012 年股份期權計劃及 2022 年股份期權計劃下的每名參與者在任何 12 個月內獲授的期權（包括已行使或未行使）予

以行使時所發行及將發行之股份總數將不超過恒隆地產發行股份之 1%。

恒隆集團有限公司

26

由於截至 2026 年 6 月 30 日止六個月內並無根據股份期權計劃授出任何股份期權，因此，可就所有股份期權計劃授出

的期權而發行的恒隆地產股份數目除以恒隆地產截至 2026 年 6 月 30 日止六個月期間已發行普通股的加權平均股數為

0。

2012 年股份期權計劃項下之股份期權於截至 2026 年 6 月 30 日止六個月（「期內」）的變動如下：
股份期權數目

參與者類別

授出日期

（附註1）

2017 年8 月10 日

榮譽董事長：
陳啟宗

（附註3）

董事：

陳文博

恒隆地產董事
僱員

2018 年5 月16 日

2019 年6 月28 日

董事：

盧韋柏

榮譽董事長：
陳啟宗

（附註3）

董事：

陳文博
盧韋柏

僱員

27

恒隆集團有限公司

於2026年

股份於

於期內

於2026年

已沒收

尚未被行使

–

1,925,000

1月1日

於期內

於期內

已失效╱

1,925,000

–

–

尚未被行使

已授出

已行使

6月30日

每股

行使價

授出日期
當天的
收市價

（港幣）

（港幣）

19.98

19.86

歸屬日期

到期日

（附註2）

（附註2）

2019 年8 月10 日：10%

2027 年 8月 9 日

2020 年8 月10 日：20%
2021 年8 月10 日：30%
2022 年8 月10 日：40%

1,850,000

–

–

–

1,850,000

2,500,000

–

–

–

2,500,000

16,881,000

–

–

(620,000)

16,261,000

23,156,000

–

–

(620,000)

22,536,000

10,000,000

–

–

–

10,000,000

10,000,000

–

–

–

10,000,000

3,025,000

–

–

–

3,025,000

18.98

18.98

2020 年5 月16 日：10%

2021 年 5月16 日：20%
2022 年 5月16 日：30%
2023 年 5月16 日：40%

18.58

18.58

2021 年6 月28 日：10%

2022 年6 月28 日：20%
2023 年6 月28 日：30%
2024 年6 月28 日：40%

2,200,000

–

–

–

2,200,000

2,750,000

–

–

–

2,750,000

25,365,500

–

–

(809,000)

24,556,500

33,340,500

–

–

(809,000)

32,531,500

2028 年 5月 15日

2029 年 6月 27日

2012 年股份期權計劃項下之股份期權於截至 2026 年 6 月 30 日止六個月內的變動如下：
股份期權數目

參與者類別

授出日期

（附註1）

2021 年5 月12 日

榮譽董事長：
陳啟宗

（附註3）

董事：

陳文博
盧韋柏

僱員

2021 年10 月 6日

2022 年2 月21 日

董事：

趙家駒

榮譽董事長：
陳啟宗

（附註3）

董事：

於期內

於2026年

已沒收

尚未被行使

–

3,300,000

1月1日

於期內

於期內

已失效╱

3,300,000

–

–

尚未被行使

已授出

已行使

6月30日

3,000,000

–

–

–

3,000,000

3,000,000

–

–

–

3,000,000

35,080,000

–

–

(1,125,000)

33,955,000

44,380,000

–

–

(1,125,000)

43,255,000

2,000,000

–

–

–

2,000,000

2,000,000

–

–

–

2,000,000

3,300,000

–

–

–

3,300,000

19.95

19.60

歸屬日期

到期日

（附註2）

（附註2）

2023 年5 月12 日：10%

2031年5月11日

2024 年5 月12 日：20%
2025 年5 月12 日：30%

17.58

2023 年10 月6 日：10%

2024 年 10月 6日：20%

2031 年 10月 5 日

2025 年 10月 6日：30%
2026 年 10月 6日：40%
16.32

2024 年2 月21 日：10%

2025 年2 月21 日：20%

2032 年 2月 20日

2026 年2 月21 日：30%
2027 年2 月21 日：40%

–

–

–

3,000,000

趙家駒

–

–

–

3,000,000

2,100,000

–

–

–

2,100,000

36,272,000

–

–

(1,282,000)

34,990,000

47,672,000

–

–

(1,282,000)

46,390,000

榮譽董事長

11,550,000

–

–

–

11,550,000

恒隆地產董事

32,900,000

–

–

–

32,900,000

2,500,000

–

–

–

2,500,000

113,598,500

–

–

(3,836,000)

109,762,500

160,548,500

–

–

(3,836,000)

156,712,500

僱員

收市價

（港幣）

16.38

3,000,000

董事

當天的

（港幣）

17.65

3,000,000

僱員

每股

行使價

2026 年5 月12 日：40%

陳文博
盧韋柏

總計

於2026年

股份於

授出日期

恒隆集團有限公司

28

2022 年股份期權計劃項下之股份期權於截至 2026 年 6 月 30 日止六個月內的變動如下：
股份期權數目

參與者類別

於期內

於2026年

已沒收

尚未被行使

–

–

3,300,000

–

–

–

3,000,000

–

–

–

3,000,000

2,100,000

–

–

–

2,100,000

1月1日

於期內

於期內

已失效╱

3,300,000

–

陳文博

3,000,000

趙家駒

3,000,000

授出日期

（附註1）

2023 年6 月 28日

榮譽董事長：
陳啟宗

（附註3）

董事：

盧韋柏

僱員

2025 年1 月27 日

於2026年

股份於

董事：

陳文博

盧韋柏

趙家駒

榮譽董事長
董事

僱員

總計

尚未被行使

已授出

已行使

6月30日

32,593,000

–

–

(1,525,000)

31,068,000

43,993,000

–

–

(1,525,000)

42,468,000

2,000,000

–

–

–

2,000,000

4,000,000

–

–

–

4,000,000

600,000

–

–

–

600,000

6,600,000

–

–

–

6,600,000

每股

行使價

3,300,000

–

–

–

3,300,000

–

–

–

14,700,000

32,593,000

–

–

(1,525,000)

31,068,000

50,593,000

–

–

(1,525,000)

49,068,000

當天的
收市價

（港幣）

（港幣）

12.49

12.34

歸屬日期

到期日

（附註2）

（附註2）

2025 年6 月28 日：20%

2033 年 6月 27日

2026 年6 月28 日：30%
2027 年6 月28 日：50%

6.21

14,700,000

授出日期

6.21

2027 年1 月27 日：20%

2028 年1 月27 日：30%

2035 年 1月 26日

2029 年1月 27日：50%

附註：
1.

2.
3.

4.

「僱員」包括恒隆地產集團的現任及前任僱員以及包括獲授股份期權以作為與恒隆地產及╱或其任何附屬公司訂立僱
傭合約之人士。
股份期權之行使期由各歸屬日期起開始及於各自的到期日終止。

陳啟宗先生於 2024 年 4 月 26 日退任董事長及執行董事之職位，以及董事會同意於當日賦予彼「榮譽董事長」之職銜。
陳文博先生為榮譽董事長陳啟宗先生之兒子。
於期內，概無股份期權被註銷。

有關股份期權計劃的進一步資料，請參閱綜合財務報表附註 13。

29

恒隆集團有限公司

主要股東及其他人士於股份及相關股份之權益及淡倉

據董事所知，根據《證券條例》第 336 條規定須予備存之登記冊所記錄，主要股東及根據《證券條例》第 XV 部須披露其
權益之其他人士於 2026 年 6 月 30 日持有本公司之股份及相關股份之權益以及淡倉之詳情如下 ︰
持有股份或

名稱

附註

陳文博

相關股份數目

佔已發行股份
總數之百分比

（好倉）

（好倉）

（附註 5）

1

551,752,580

40.52

2

522,423,080

38.37

Cole Enterprises Holdings (PTC) Limited

2

522,423,080

38.37

Merssion Limited

2

522,423,080

38.37

Kingswick Investment Limited

3

103,609,000

7.61

Silchester International Investors LLP

4

110,342,000

8.10

Dodge & Cox

4

93,181,000

6.84

陳譚慶芬

附註：
1.

2.

3.

4.
5.

該等股份與兩項信託基金所持有之股份為同一批股份，其中 522,423,080 股股份由一項信託基金透過 Merssion
Limited 持 有 及 28,579,500 股 股 份 由 另 一 項 信 託 基 金 持 有。 由 於 陳 文 博 先 生 為 一 項 信 託 基 金 之 酌 情 受 益 人（ 就
522,423,080 股股份而言）及另一項信託基金之財產授予人及酌情受益人（就 28,579,500 股股份而言），故根據《證券條
例》彼被視為於此等股份中擁有權益。陳文博先生亦於本公司 750,000 股股份中擁有個人權益。

該等股份與一項信託基金透過 Merssion Limited 持有之股份為同一批股份。由於陳譚慶芬女士為該信託基金之成立人
及 Cole Enterprises Holdings (PTC) Limited 為該信託基金之受託人，故根據《證券條例》彼等均被視為於該等股份中擁
有權益。該等股份已包括在陳文博先生被視為擁有權益的 551,002,580 股股份內。

該公司為 Merssion Limited 之全資附屬公司，其持有之權益已包括在由 Merssion Limited 所持有之 522,423,080 股股
份內。
該等股份乃以投資經理身份持有。

持股百分比乃根據本公司截至 2026 年 6 月 30 日已發行股份總數 1,361,618,242 股計算。

除以上所披露外，於 2026 年 6 月 30 日，本公司並無獲知會任何其他本公司之股份或相關股份之權益或淡倉，而須記

錄於根據《證券條例》第 336 條規定須予備存之登記冊內。

恒隆集團有限公司

30

有關董事資料變動

根據《上市規則》第 13.51B(1) 條須予披露之董事其他主要職務變動載列如下。
董事

職位

委任（生效日期）

終止（生效日期）

陳文博先生

本公司提名及薪酬委員會成員

2026 年 7 月 31 日

–

廖長江先生

中銀香港（控股）有限公司獨立非執行董事，

2026 年 3 月 11 日

–

陳樂宗先生

Apellis Pharmaceuticals, Inc. 的主席

提名及薪酬委員會、風險委員會及

–

2026 年 5 月 14 日

可持續發展委員會成員

董事之最新履歷資料將載於本公司下一份年報。
除上文所披露者外，概無其他資料須根據《上市規則》第 13.51B(1) 條作出披露。

購回、出售或贖回上市證券

截至 2026 年 6 月 30 日止六個月內，本公司或其任何附屬公司並無購回、出售或贖回本公司任何上市證券。本公司於

期內及截至 2026 年 6 月 30 日亦無持有任何庫存股份（定義見《上市規則》）。

僱員

於 2026 年 6 月 30 日，本集團共有 4,616 名僱員。本集團為全體僱員提供具競爭力的薪酬待遇，包括按個人表現釐定
的酌情花紅，並定期檢討有關薪酬待遇，以確保其符合市場水平。

本集團亦設有股份期權計劃，並為僱員提供與其工作職務相關及有助更新專業知識的定期及多元化培訓。於截至

2026 年 6 月 30 日止六個月期間，本集團舉辦多項內部培訓課程，以提升僱員的工作知識、技能及身心健康。期內錄
得培訓總時數為 42,333 小時。有關購股份期權計劃的詳情，請參閱本報告第 26 至 29 頁「股份期權計劃」一節。有關

僱員薪酬及福利的進一步資料，載於財務報表附註 5 及附註 13。

31

恒隆集團有限公司

獨立核數師審閱報告

審閱報告致恒隆集團有限公司董事會

（於香港註冊成立的有限公司）

引言

我們已審閱列載於第 34 至 54 頁恒隆集團有限公司的中期財務報告，此中期財務報告包括於 2026 年 6 月 30 日的綜合

財務狀況表與截至該日止六個月期間的綜合損益表、綜合損益及其他全面收入表、綜合權益變動表和簡明綜合現金
流量表以及附註解釋。根據
《香港聯合交易所有限公司證券上市規則》，上市公司必須符合上市規則中的相關規定和

香港會計師公會頒布的《香港會計準則》第 34 號「中期財務報告 」的規定編製中期財務報告。董事須負責按照《香港會
計準則》第 34 號編製及列報中期財務報告。

我們的責任是根據我們的審閱對中期財務報告表達結論，並按照我們雙方所協定的應聘條款，僅向全體董事會報
告。除此以外，我們的報告不可用作其他用途。我們概不就本報告的內容，對任何其他人士負責或承擔法律責任。

審閱範圍

我們已根據香港會計師公會頒布的《香港審閱工作準則》第 2410 號「獨立核數師對中期財務資料的審閱 」進行審閱。
中期財務報告審閱工作包括主要向負責財務和會計事項的人員作出查詢，並實施分析和其他審閱程序。由於審閱範

圍遠較按照香港審計準則進行審核的範圍為小，所以不能保證我們會注意到在審核中可能會被發現的所有重大事
項。因此，我們不會發表任何審核意見。

結論

根據我們的審閱工作，我們並沒有注意到任何事項，使我們相信於 2026 年 6 月 30 日與截至該日止六個月期間的中期

財務報告在所有重大方面沒有按照《香港會計準則》第 34 號「中期財務報告 」的規定編製。

畢馬威會計師事務所
執業會計師
香港中環

遮打道 10 號

太子大廈 8 樓
2026 年 7 月 31 日

恒隆集團有限公司

32

財務報表

34
35
36
37
39
40
40
41
43
43
44
44
45
46
47
47
48
48
48
51
52
54
54
54

33

恒隆集團有限公司

綜合損益表
綜合損益及其他全面收入表
綜合財務狀況表
綜合權益變動表
簡明綜合現金流量表
綜合財務報表附註
1. 編製基準
2. 收入及分部資料
3. 其他收入淨額
4. 利息支出淨額
5. 除稅前溢利
6. 綜合損益表內之稅項
7. 股息
8. 每股盈利
9. 投資物業與發展中投資物業
10. 應收賬款及其他應收款
11. 應付賬款及其他應付款
12. 股本
13. 股份期權計劃
14. 儲備
15. 金融工具公允價值之計量
16. 承擔
17. 或然負債
18. 審閱及核准中期財務報告

綜合損益表

截至 2026 年 6 月 30 日止六個月（未經審核）

收入

直接成本及營業費用
其他收入淨額
行政費用

附註
2(a)

3

未計入物業之公允價值變動來自
營業的溢利

物業之公允價值減少

已計入物業之公允價值變動來自
營業的溢利

利息收入
財務費用

2026

2025

資料僅供參考
2026

2025

港幣百萬元

人民幣百萬元

人民幣百萬元

(2,934)

(1,794)

(2,584)

(1,660)

3,407

3,408

3,002

3,153

13

41

12

38

(325)

(320)

(287)

(299)

3,095

3,129

2,727

2,892

(567)

(269)

(493)

(247)

2,528

2,860

2,234

2,645

19

24

17

22

(578)

(511)

(507)

(475)

(559)

(487)

(490)

(453)

173

23

150

22

港幣百萬元

6,341

5,202

5,586

4,813

利息支出淨額

4

除稅前溢利

5

2,142

2,396

1,894

2,214

本期溢利

6

(894)

(1,088)

(786)

(1,001)

2(b)

1,248

1,308

1,108

1,213

股東

746

697

662

648

本期溢利

502

611

446

565

1,248

1,308

1,108

1,213

港幣 0.55 元

港幣 0.51 元

人民幣 0.49 元

人民幣 0.48 元

應佔合營企業溢利

稅項

應佔本期溢利：
非控股權益

每股盈利
基本

8(a)

攤薄

港幣 0.55 元

港幣 0.51 元

人民幣 0.49 元

人民幣 0.48 元

綜合財務報表附註乃本中期財務報告之一部分。
恒隆集團有限公司

34

綜合損益及其他全面收入表

截至 2026 年 6 月 30 日止六個月（未經審核）

2026

本期溢利

其他全面收入

2025

資料僅供參考
2026

2025

港幣百萬元

港幣百萬元

人民幣百萬元

人民幣百萬元

4,610

1,248

1,308

1,108

1,213

已經或其後可被重新分類至損益之項目：
匯兌儲備之變動：

換算至列報貨幣產生之匯兌差異
淨投資對沖虧損

對沖儲備之變動：

公允價值變動之有效部分

轉出至損益淨額
遞延稅項

不會被重新分類至損益之項目：
權益投資之公允價值變動淨額

除稅後本期其他全面收入
本期全面收入總額

應佔本期全面收入總額：
股東

非控股權益

本期全面收入總額

35

恒隆集團有限公司

1,739

(1,541)

(1,365)

(299)

(210)

–

–

60

(145)

53

(136)

17

(6)

15

(5)

(12)

24

(11)

22

1

–

1

–

4,377

1,402

(1,483)

(1,484)

5,625

2,710

(375)

(271)

3,434

1,535

(360)

(361)

2,191

1,175

(15)

90

5,625

2,710

(375)

(271)

綜合財務狀況表

於 2026 年 6 月 30 日

（未經審核）

（經審核）

6 月 30 日

12月31日

2026 年

非流動資產
投資物業

發展中投資物業

物業、廠房及設備

人民幣百萬元

人民幣百萬元

9

200,713

175,536

174,250

158,263

9

7,636

27,359

6,632

24,711

3,646

3,567

3,167

3,222

4,474

4,377

3,881

3,934

1,431

1,431

1,241

1,286

144

157

125

142

218,044

212,427

189,296

191,558

7,030

6,792

6,102

6,117

2,791

2,720

2,423

2,454

13,854

14,293

12,025

12,880

23,675

23,805

20,550

21,451

5,714

4,913

4,958

4,429

9,787

9,078

流動資產

10

流動負債

銀行貸款及其他借貸

應付賬款及其他應付款

12月31日

港幣百萬元

遞延稅項資產

待售物業

6 月 30 日

2025年

港幣百萬元

其他資產

應收賬款及其他應收款

2026 年

附註

合營企業權益

現金及銀行存款

2025年

資料僅供參考

10,064

8,497

28

26

24

23

387

335

336

302

15,916

15,338

13,815

13,832

7,759

8,467

6,735

7,619

225,803

220,894

196,031

199,177

銀行貸款及其他借貸

49,905

49,924

43,304

44,932

遞延稅項負債

256

254

222

229

16,312

15,449

14,167

13,951

66,473

65,627

57,693

59,112

159,330

155,267

138,338

140,065

4,065

4,065

3,164

3,164

股東權益

98,234

94,816

85,654

86,026

102,299

98,881

88,818

89,190

總權益

57,031

56,386

49,520

50,875

159,330

155,267

138,338

140,065

租賃負債

11

應付稅項

流動資產淨值

資產總值減流動負債
非流動負債
租賃負債

資產淨值

資本及儲備
股本

儲備

12

非控股權益

綜合財務報表附註乃本中期財務報告之一部分。
恒隆集團有限公司

36

綜合權益變動表

截至 2026 年 6 月 30 日止六個月（未經審核）

港幣百萬元

股東權益

股本

其他儲備

保留溢利

4,065

8,162

86,654

98,881

56,386

155,267

–

–

746

746

502

1,248

–

2,839

–

2,839

1,771

4,610

–

(194)

–

(194)

(105)

(299)

–

42

–

42

23

65

本期全面收入總額

–

1

–

1

–

1

–

2,688

746

3,434

2,191

5,625

僱員股權費用

–

–

(885)

(885)

–

(885)

–

7

4

11

8

19

–

858

–

858

(847)

11

於 2026 年 6 月 30 日

–

–

–

–

(707)

(707)

4,065

11,715

86,519

102,299

57,031

159,330

於 2025 年 1 月 1 日

4,065

5,273

86,438

95,776

56,912

152,688

–

–

697

697

611

1,308

–

1,053

–

1,053

686

1,739

–

(134)

–

(134)

(76)

(210)

本期全面收入總額

–

(81)

–

(81)

(46)

(127)

–

838

697

1,535

1,175

2,710

僱員股權費用

–

–

(885)

(885)

–

(885)

–

12

8

20

11

31

增加而產生之變動

–

1,203

–

1,203

(1,074)

129

於 2025 年 6 月 30 日

–

–

–

–

(695)

(695)

4,065

7,326

86,258

97,649

56,329

153,978

於 2026 年 1 月 1 日
本期溢利

換算至列報貨幣產生之匯兌差異
淨投資對沖虧損

現金流量對沖：對沖儲備變動
淨額

權益投資之公允價值變動淨額
上年度末期股息

因本集團在一間附屬公司之股權
增加而產生之變動

已付非控股權益股息

本期溢利

換算至列報貨幣產生之匯兌差異
淨投資對沖虧損

現金流量對沖：對沖儲備變動
淨額

上年度末期股息

因本集團在一間附屬公司之股權
已付非控股權益股息

（附註 12） （附註 14） （附註 14）

綜合財務報表附註乃本中期財務報告之一部分。

37

恒隆集團有限公司

總額 非控股權益

總權益

資料僅供參考
人民幣百萬元

股東權益

股本

其他儲備

保留溢利
72,434

89,190

50,875

140,065

–

–

662

662

446

1,108

–

(1,061)

–

(1,061)

(480)

(1,541)

–

38

–

38

19

57

本期全面收入總額

–

1

–

1

–

1

–

(1,022)

662

(360)

(15)

(375)

僱員股權費用

–

–

(766)

(766)

–

(766)

–

6

3

9

7

16

–

745

–

745

(735)

10

於 2026 年 6 月 30 日

–

–

–

–

(612)

(612)

3,164

13,321

72,333

88,818

49,520

138,338

於 2025 年 1 月 1 日

3,164

13,762

72,225

89,151

52,911

142,062

–

–

648

648

565

1,213

–

(935)

–

(935)

(430)

(1,365)

本期全面收入總額

–

(74)

–

(74)

(45)

(119)

–

(1,009)

648

(361)

90

(271)

僱員股權費用

–

–

(810)

(810)

–

(810)

–

11

7

18

11

29

增加而產生之變動

–

1,102

–

1,102

(984)

118

於 2025 年 6 月 30 日

–

–

–

–

(637)

(637)

3,164

13,866

72,070

89,100

51,391

140,491

於 2026 年 1 月 1 日
本期溢利

換算至列報貨幣產生之匯兌差異
現金流量對沖：對沖儲備變動
淨額

權益投資之公允價值變動淨額
上年度末期股息

因本集團在一間附屬公司之股權
增加而產生之變動

已付非控股權益股息

本期溢利

換算至列報貨幣產生之匯兌差異
現金流量對沖：對沖儲備變動
淨額

上年度末期股息

因本集團在一間附屬公司之股權
已付非控股權益股息

3,164

13,592

總額 非控股權益

總權益

恒隆集團有限公司

38

簡明綜合現金流量表

截至 2026 年 6 月 30 日止六個月（未經審核）

2026

2025

資料僅供參考
2026

2025

港幣百萬元

港幣百萬元

人民幣百萬元

人民幣百萬元

來自經營業務之現金

4,252

2,979

3,715

2,743

來自經營活動之現金淨額

(573)

(553)

(506)

(510)

3,679

2,426

3,209

2,233

購買投資物業款項

(164)

(384)

(137)

(351)

購買物業、廠房及設備款項

(599)

(805)

(528)

(744)

(426)

(171)

(372)

(158)

存款期大於三個月的銀行存款之增加

100

113

88

105

(164)

(174)

(145)

(160)

來自其他投資活動之現金

(10)

–

(9)

–

261

175

228

164

(1,002)

(1,246)

(875)

(1,144)

19,573

24,130

17,188

22,458

(19,816)

(26,456)

(17,395)

(24,628)

(918)

經營活動

已付稅項

投資活動

購買發展中投資物業款項
已收合營企業股息
受限制現金之增加

用於投資活動之現金淨額

融資活動

新增銀行貸款及其他借貸所得款項
償還銀行貸款及其他借貸

已付利息及其他借貸費用

(953)

(804)

(885)

(885)

(885)

(766)

(810)

(696)

(566)

(602)

(519)

(14)

(13)

(12)

(12)

(2,756)

(4,743)

(2,391)

(4,396)

(79)

(3,563)

(57)

(3,307)

128

46

(109)

(181)

於 6 月 30 日之現金及現金等價物

6,409

10,712

5,771

10,056

6,458

7,195

5,605

6,568

現金及銀行存款

7,030

7,476

6,102

6,824

減：受限制現金

(306)

(281)

(266)

(256)

(266)

–

(231)

–

6,458

7,195

5,605

6,568

已付股息

已付非控股權益股息

用於其他投資活動之現金

用於融資活動之現金淨額
現金及現金等價物之減少
匯率變動之影響

於 1 月 1 日之現金及現金等價物

現金及現金等價物結餘之分析

減：存款期大於三個月的銀行存款
於 6 月 30 日之現金及現金等價物

39

恒隆集團有限公司

綜合財務報表附註

1. 編製基準

本中期財務報告（未經審核）已按照由香港會計師公會 (HKICPA) 所頒布之《香港會計準則》(HKAS) 第 34 號「中期

財務報告 」編製而成及根據香港聯合交易所有限公司的證券上市規則作出適當披露。

遵照 HKAS 34 的規定，編製中期賬目時管理層可作出判斷、估算和假設。這或會影響會計政策的應用及截至結

算日資產、負債和收支的列賬金額，實際結果可能有別於估計。

本中期財務報告乃未經審核，惟已由畢馬威會計師事務所按照HKICPA頒布之《香港審閱工作準則》第2410號「獨

立核數師對中期財務資料的審閱 」進行審閱。而畢馬威會計師事務所致董事會之獨立審閱報告載於第 32 頁。

HKICPA 頒布了多項《香港財務報告會計準則》的修訂，並於本公司及其附屬公司（統稱「本集團」）當前之會計期
間開始生效。此等發展對本集團於本中期財務報告中編製或呈列於目前的會計期間或過往期間的業績及財務狀
況時沒有重大影響。本集團尚未應用任何在目前會計期間尚未生效的新準則或詮釋。
編製本中期財務報告所採用之會計政策與 2025 年度之財務報表所採用的保持一致。
此綜合財務報表以港幣列報。由於本集團在中國內地有重大業務經營，因此管理層在本綜合財務報表另以人民
幣列報附加的財務資料。此附加資料以人民幣為列報貨幣，並按照 2025 年的相同基準編製。

本中期財務報告中載有有關截至 2025 年 12 月 31 日止年度之財務資料。雖此比較數據不構成本公司於該財政

年度之法定年度綜合財務報表，惟此財務資料均源自該財務報表。更多關於此按照香港公司條例（第 622 章）第

436 節披露之法定財務報表的資料如下：

本公司已按照香港公司條例第 662（3）條及附表 6 第 3 部之規定遞交截至 2025 年 12 月 31 日止年度之財務報表予

公司註冊處。

本公司之核數師已就該年度之財務報表發出報告書。該核數師報告書並無保留意見；其中不包含核數師在不出
具保留意見的情況下以強調的方式提請使用者注意的任何事項；亦不包含根據香港公司條例第 406（2），407

（2）或 407（3）條作出的聲明。

恒隆集團有限公司

40

2. 收入及分部資料

本集團按所提供之服務及產品性質管理其業務。管理層以物業租賃，酒店及物業銷售為列報經營分部，用以計
量表現及分配資源。

分部資產主要包括直接屬於每個分部的全部非流動資產及流動資產，惟合營企業權益、其他資產、遞延稅項資
產和現金及銀行存款除外。

(a) 收入分項
截至 2026 年 6 月 30 日止六個月
港幣百萬元

租賃收入
酒店收入

已建成物業之銷售

物業管理費和物業租賃
其他收入

來自與客戶合約之收入
於某一時點
確認收入

租賃

(HKFRS 15)
隨時間逐步

(HKFRS 16)

總額

確認收入

合計

–

4,500

4,500

49

98

147

–

147

1,043

–

1,043

–

1,043

–

651

651

–

651

1,092

749

1,841

4,500

6,341

–

–

截至 2025 年 6 月 30 日止六個月
港幣百萬元

租賃收入

酒店收入

已建成物業之銷售

物業管理費和物業租賃
其他收入

41

恒隆集團有限公司

來自與客戶合約之收入
於某一時點
確認收入

租賃

(HKFRS 15)
隨時間逐步

(HKFRS 16)

總額

確認收入

合計

–

4,302

4,302

48

81

129

–

129

161

–

161

–

161

–

610

610

–

610

209

691

900

4,302

5,202

–

–

2. 收入及分部資料（續）
(b) 分部收入及業績
港幣百萬元

物業

2026

物業

物業

2025

銷售

總額

129

10

3,502

1,549

–

151

1,700

6,341

4,912

129

161

5,202

(157)

2,028

2,088

(34)

(26)

2,028

–

(22)

1,067

1,105

–

(4)

1,101

3,303

(29)

(179)

3,095

3,193

(34)

(30)

3,129

(567)

–

–

(567)

(269)

–

–

(269)

(463)

–

–

(463)

(93)

–

–

(93)

利息支出淨額

(104)

–

–

(104)

(176)

–

–

(176)

(535)

(24)

–

(559)

(464)

(23)

–

(487)

－ 財務費用

18

1

–

19

23

1

–

24

(553)

(25)

–

(578)

(487)

(24)

–

(511)

（虧損）

除稅前溢利╱（虧損）

181

(8)

–

173

36

(13)

–

23

2,382

(61)

(179)

2,142

2,496

(70)

(30)

2,396

本期溢利╱（虧損）

(889)

–

(5)

(894)

(1,088)

–

–

(1,088)

1,493

(61)

(184)

1,248

1,408

(70)

(30)

1,308

908

(42)

(120)

746

765

(49)

(19)

697

收入

－ 內地

－ 香港

未計入物業之公允價

租賃

酒店

3,785

3,363

1,015

2,556

147

1,043

2,214

(29)

1,089

物業

租賃

酒店

銷售

總額

3,610

147

28

1,541

–

5,151

值變動來自營業的
溢利╱（虧損）
－ 內地

－ 香港

物業之公允價值減少
－ 內地
－ 香港

－ 利息收入

應佔合營企業溢利╱
稅項

股東應佔純利╱
（淨虧損）

為符合向本集團最高管理層所提供的資訊，若干比對數字已重新分類。

恒隆集團有限公司

42

2. 收入及分部資料（續）
(c) 分部資產總值
港幣百萬元

內地

香港

合營企業權益

物業
租賃

2026 年 6 月 30 日
酒店

146,794

3,405

64,146

–

210,940

3,405

其他資產

遞延稅項資產

現金及銀行存款

物業

物業
租賃

2025 年 12 月 31 日
酒店

銷售

總額

7,830 158,029

141,056

3,299

6,465

70,611

64,488

–

14,295 228,640

205,544

3,299

物業
銷售

總額

7,198

71,686

7,434 151,789
14,632 223,475

4,474

4,377

1,431

1,431

144

157

7,030

6,792

241,719

236,232

3. 其他收入淨額
港幣百萬元

2026

2025

8

27

2

(2)

–

15

3

1

13

41

港幣百萬元

2026

2025

銀行貸款及其他借貸利息支出

19

24

898

932

其他借貸成本

7

6

63

64

減：借貸成本資本化

968

1,002

(390)

(491)

利息支出淨額

578

511

(559)

(487)

出售投資物業收益

匯兌收益╱（虧損）淨額
政府補助
其他

4. 利息支出淨額
銀行存款利息收入
租賃負債之利息
借貸成本總額
財務費用

43

恒隆集團有限公司

5. 除稅前溢利
港幣百萬元

2026

2025

已出售物業成本

946

164

職工成本（附註）

124

–

772

757

76

76

除稅前溢利已扣除下列各項：
待售物業撥備

折舊
附註：

職工成本包括僱員股權費用港幣 1,900 萬元（2025 年：港幣 3,100 萬元）。假若計入於損益表內並未確認的
金額，包括資本化金額，職工成本則為港幣 9.12 億元（2025 年：港幣 9.02 億元）。

6. 綜合損益表內之稅項

香港利得稅稅項撥備乃按期內估計應課稅溢利以 16.5%（2025 年：16.5%）計算。內地所得稅為內地企業所得稅

按 25%（2025 年：25%）計算及內地預提所得稅按適用稅率計算。香港公司從內地之外商投資企業之股息派發適
用稅率為 5%（2025 年：5%）。

本集團於內地開發作銷售用途之物業需按土地增值金額以累進稅率 30% 至 60%（2025 年：30% 至 60%）基準繳

交土地增值稅。按照現行適用法例，土地增值金額乃根據物業銷售收入減去可扣減支出項目（包括土地使用權
租賃費用、借貸成本及物業發展開支）而釐定。
港幣百萬元

2026

2025

125

130

491

468

1

–

本期稅項合計

617

598

物業之公允價值變動

134

366

遞延稅項合計

143

124

277

490

894

1,088

本期稅項

香港利得稅
內地所得稅

內地土地增值稅
遞延稅項

其他源自及撥回暫時性差額
稅項支出總額

恒隆集團有限公司

44

6. 綜合損益表內之稅項（續）

香港政府就實施經濟合作與發展組織 (OECD) 發佈的第二支柱示範規則（即全球反侵蝕稅基規則（Global Anti-

Base Erosion Rules），簡稱「GloBE 規則」
）通過法案，並於 2025 年 6 月 6 日起追溯生效，適用於本集團自 2025

年 1 月 1 日起計財政年度。該法案採用收入納入規則和當地最低稅雙重機制，旨在確保本集團業務所及的香港

和內地兩地均設有不低於 15% 有效稅率安排。由於本集團屬相關法案適用範圍以內，我們已就集團業務被徵收

第二支柱收入稅潛在風險展開評估。

雖然內地暫時未就落實 GloBE 規則草擬法案，但本公司作為在香港註冊最終母實體，將須就每個 GloBE 有效稅

率低於 15% 最低有效稅率司法管轄區繳付補足稅以填補差額，惟本集團附屬公司已須繳納合資格內地最低補足
稅及╱或根據安全港或經 OECD 許可的其他豁免除外。根據最新財務資料顯示，截至 2026 年 6 月 30 日止六個

月，本集團毋須課繳任何補足稅。

7. 股息

(a) 中期股息
港幣百萬元

2026

2025

286

286

港幣百萬元

2026

2025

（2024 年度：港幣 6 角 5 仙）

885

885

於結算日後宣布派發股息：

每股港幣 2 角 1 仙（2025 年：港幣 2 角 1 仙）

於結算日後宣布派發之股息，並無確認為結算日之負債。

(b) 末期股息於截至 2026 年 6 月 30 日止六個月批准及派發
2025 年度末期股息每股港幣 6 角 5 仙

45

恒隆集團有限公司

8. 每股盈利
(a)

每股基本及攤薄盈利乃按以下數據計算：
港幣百萬元

股東應佔純利

2026

2025

746

697

股份數目

用以計算每股基本及攤薄盈利之股份加權
平均數（附註）

2026

2025

1,361,618,242

1,361,618,242

附註：由於該兩期內並無具攤薄作用之潛在普通股，因此每股攤薄盈利與每股基本盈利相同。

(b)

股東應佔基本純利（不包括物業公允價值變動，並扣除相關所得稅及非控股權益）之計算如下：
港幣百萬元

2026

2025

物業之公允價值變動影響

746

697

567

269

134

366

(95)

44

非控股權益

606

679

(229)

(185)

股東應佔基本純利

377

494

1,123

1,191

2026

2025

股東應佔純利

物業之公允價值變動相關所得稅影響

合營企業的投資物業之公允價值變動影響

根據股東應佔基本純利計算之每股盈利為：
基本

攤薄

港幣 0.82 元

港幣 0.82 元

港幣 0.87 元

港幣 0.87 元

恒隆集團有限公司

46

9. 投資物業與發展中投資物業
(a) 添置

截至 2026 年 6 月 30 日止六個月，投資物業及發展中投資物業之添置額為港幣 7.40 億元（2025 年：港幣

10.45 億元）。

(b) 估值
本集團之投資物業及發展中投資物業由第一太平戴維斯估值及專業顧問有限公司按市值基準進行截至
2026 年 6 月 30 日的估值。

10. 應收賬款及其他應收款
(a)

已計入應收賬款及其他應收款之應收賬款賬齡分析（以到期日為基礎）如下：
港幣百萬元
未逾期或逾期少於一個月

逾期一至三個月
逾期三個月以上

(b)

2026 年

2025 年

6 月 30 日

12 月 31 日

16

10

3

3

248

179

229

166

本集團推行明確之信貸政策，其中涵蓋對租戶之嚴謹信貸評估及需支付租賃按金的規定。租客除支付租
賃按金外亦需預繳有關租賃物業的月租。本集團定期檢閱其應收款，並嚴格監控，藉以將任何相關之信
貸風險減至最低。

根據過往違約經驗及可能影響租客償還未清餘額能力的前瞻性資料，本集團按個別租戶情況評估及計提
充足預期信用損失撥備。

47

恒隆集團有限公司

11. 應付賬款及其他應付款

已計入應付賬款及其他應付款之應付賬款賬齡分析如下：
港幣百萬元
三個月內到期

2,627

2,874

3,449

4,049

1,175

於 2026 年 1 月 1 日及

於 2025 年 1 月 1 日及

股份數目

股本金額

股份數目

4,065

1,362

2026 年 6 月 30 日

普通股，已發行及繳足：

12 月 31 日

822

三個月後到期

12. 股本

2025 年

2026 年

6 月 30 日

百萬股

1,362

港幣百萬元

2025 年 12 月 31 日
百萬股

股本金額

港幣百萬元
4,065

截至 2025 年 12 月 31 日止年度及截至 2026 年 6 月 30 日止六個月，本公司之股本沒有變動。

13. 股份期權計劃

根據本公司及本公司附屬公司恒隆地產有限公司（「恒隆地產」）在 2022 年 4 月 27 日舉行的年度股東大會上通過

的決議，決定採納新股份期權計劃（「2022 年股份期權計劃」），自其採納日起計十年內有效。2022 年股份期權

計劃將於2032年4月26日到期。於2012年4月18日恒隆地產所採納之股份期權計劃（「2012年股份期權計劃」，

連同 2022 年股份期權計劃統稱為「計劃」）已到期，並於 2022 年股份期權計劃採納後終止。2012 年股份期權計

劃終止後，無任何股份期權可根據 2012 年股份期權計劃進一步授出，惟 2012 年股份期權計劃之條文於所有其
他方面繼續具十足效力及作用，且於終止日期前授出及於終止日期尚未被行使、沒收╱失效之所有股份期權將
會繼續有效。

根據計劃授予恒隆地產及其附屬公司董事及僱員之股份期權乃按象徵式代價授出，及每份股份期權給予持有人
權利認購一股恒隆地產股份。

恒隆集團有限公司

48

13. 股份期權計劃（續）

截至 2026 年 6 月 30 日止六個月，股份期權之變動如下：

(a) 2012 年股份期權計劃
於 2026 年

股份期權數目

於 2026 年
6 月 30 日

股份期權

(620,000)

22,536,000

2019 年 8 月 10 日至

10,000,000

–

10,000,000

2020 年 5 月 16 日至

18.98

2019 年 6 月 28 日

33,340,500

(809,000)

32,531,500

2021 年 6 月 28 日至

18.58

2021 年 5 月 12 日

44,380,000

(1,125,000)

43,255,000

2023 年 5 月 12 日至

19.95

2021 年 10 月 6 日

2,000,000

–

2,000,000

2023 年 10 月 6 日至

17.65

2022 年 2 月 21 日

47,672,000

(1,282,000)

46,390,000

2024 年 2 月 21 日至

16.38

總計

160,548,500

(3,836,000)

156,712,500

1月1日

已沒收╱

23,156,000

2018 年 5 月 16 日

授出日期

2017 年 8 月 10 日

尚未被行使

已失效

尚未被行使

之行使期

2027 年 8 月 9 日

2028 年 5 月 15 日

2029 年 6 月 27 日

2031 年 5 月 11 日

2031 年 10 月 5 日

2032 年 2 月 20 日

行使價

（港幣）
19.98

上述所有股份期權可於授出日期起計兩至五年後歸屬，並可於授出日期十周年屆滿前行使，此後股份期
權將告失效。截至 2026 年 6 月 30 日止六個月，並無股份期權被行使或被註銷。

截至 2026 年 6 月 30 日止六個月，3,836,000 份股份期權（2025 年：8,598,500 份股份期權）因終止承授人的
僱傭而被沒收，並無股份期權（2025 年：無）因行使期限屆滿而失效。

49

恒隆集團有限公司

13. 股份期權計劃（續）

(b) 2022 年股份期權計劃
於 2026 年

股份期權數目

6 月 30 日

股份期權

(1,525,000)

42,468,000

2025 年 6 月 28 日至

6,600,000

–

6,600,000

2027 年 1 月 27 日至

50,593,000

(1,525,000)

49,068,000

1月1日

已沒收╱

43,993,000

2025 年 1 月 27 日
總計

授出日期

2023 年 6 月 28 日

於 2026 年

尚未被行使

已失效

尚未被行使

之行使期

2033 年 6 月 27 日

2035 年 1 月 26 日

行使價

（港幣）
12.49
6.21

上述所有股份期權可於授出日期起計兩至四年後歸屬，並可於授出日期十周年屆滿前行使，此後股份期
權將告失效。截至 2026 年 6 月 30 日止六個月，並無股份期權被行使或被註銷。

截至 2026 年 6 月 30 日止六個月，1,525,000 份股份期權（2025 年：2,531,000 份股份期權）因終止承授人的
僱傭而被沒收，並無股份期權（2025 年：無）因行使期限屆滿而失效。

恒隆集團有限公司

50

14. 儲備

港幣百萬元

於 2026 年 1 月 1 日

本期溢利
換算至列報貨幣產生之匯兌差異
淨投資對沖虧損
現金流量對沖：對沖儲備
變動淨額
權益投資之公允價值變動淨額

本期全面收入總額
上年度末期股息
僱員股權費用
因本集團在一間附屬公司之股權
增加而產生之變動（附註）
於 2026 年 6 月 30 日

於 2025 年 1 月 1 日
本期溢利
換算至列報貨幣產生之
匯兌差異
淨投資對沖虧損
現金流量對沖：
對沖儲備變動淨額

匯兌儲備

對沖儲備

投資
重估儲備

–
2,839
(194)

–
–
–

–
–
2,645
–
–

(3,104)

其他儲備

僱員股份
報酬儲備

普通
儲備金

275

10,678

8,162

總額

保留溢利

86,654

94,816

–
–
–

–
–
–

–
–
–

–
–
–

–
2,839
(194)

746
–
–

746
2,839
(194)

42
–

–
1

–
–

–
–

–
–

42
1

–
–

42
1

42
–
–

1
–
–

–
–
7

–
–
–

–
–
–

2,688
–
7

746
(885)
4

3,434
(885)
11

(47)

63

297

其他資
本儲備

總儲備

–

–

–

4

–

854

858

–

858

(459)

(5)

64

308

275

11,532

11,715

86,519

98,234

(4,608)
–

18
–

64
–

270
–

275
–

9,254
–

5,273
–

86,438
697

91,711
697

1,053
(134)

–
–

–
–

–
–

–
–

–
–

1,053
(134)

–
–

1,053
(134)

本期全面收入總額

–

(81)

–

–

–

–

(81)

–

(81)

919

(81)

–

–

–

–

838

697

1,535

–
–

–
–

–
–

–
12

–
–

–
–

–
12

(885)
8

(885)
20

於 2025 年 6 月 30 日

–

–

–

7

–

1,196

1,203

–

1,203

(3,689)

(63)

64

289

275

10,450

7,326

86,258

93,584

上年度末期股息
僱員股權費用
因本集團在一間附屬公司之股權
增加而產生之變動（附註）

附註：截至 2026 年 6 月 30 日止六個月，本集團透過收取恒隆地產以股代息而發行之股份，使其於恒隆地產的股權從
65.1% 增加至 66.0%。

截至 2025 年 6 月 30 日止六個月，本集團透過收取恒隆地產以股代息而發行之股份，使其於恒隆地產的股權從
63.7% 增加至 64.8%。

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恒隆集團有限公司

15. 金融工具公允價值之計量

本集團按經常性基準於結算日按公允價值計量金融工具的價值，並根據 HKFRS 13「公允價值之量計 」所界定的

公允價值層級分類為三個級別。公允價值之級別分類乃參考估值方法採用的輸入數據之可觀察性及重要性，說
明如下：
–

第一級估值：僅使用第一級輸入數據計量的公允價值，即於計量日採用相同資產或負債於活躍市場的未

–

第二級估值：使用第二級輸入數據計量的公允價值，即可觀察的輸入數據，其未能滿足第一級的要求，

–

第三級估值：使用重大不可觀察輸入數據計量的公允價值

經調整報價

但也不屬於重大不可觀察的輸入數據。不可觀察輸入元素為無市場數據的輸入數據。

(a) 按公允價值計量的金融資產及負債

(i) 公允價值計量於公允價值層級中的級別分類及分析如下：
港幣百萬元

公允價值

2026 年

2025 年

公允價值

6 月 30 日

12 月 31 日

計量分類為

（現金流量對沖）

3

–

第二級

權益工具之投資

89

89

第三級

（現金流量對沖）

(2)

(8)

第二級

（現金流量對沖）

(8)

(79)

第二級

金融資產

應收賬款及其他應收款
利率掉期合約

其他資產
金融負債

應付賬款及其他應付款
貨幣掉期合約
利率掉期合約

恒隆集團有限公司

52

15. 金融工具公允價值之計量（續）

(a) 按公允價值計量的金融資產及負債
（續）

(i) 公允價值計量於公允價值層級中的級別分類及分析如下：（續）
貨幣掉期合約及利率掉期合約的公允價值是根據本集團於結算日終止掉期合約時將會收到或支付的
金額而釐定，同時考慮到當前利率和掉期交易對手的當前信用度。

非公開買賣的權益投資之公允價值乃按照此等投資的資產淨值而釐定。

(ii) 於公允價值層級之間的工具轉移
截至 2026 年 6 月 30 日止六個月，在第一與第二級之間並無出現任何工具轉移，亦無任何工具轉入

第三級或自第三級轉出。按本集團之政策，當公允價值層級發生轉撥時於結算日予以確認。

(b) 按公允價值以外列賬的金融工具的公允價值
於 2025 年 12 月 31 日及 2026 年 6 月 30 日，本集團之金融工具（以攤銷成本列賬）的賬面價值與其公允價值

並無重大差異。

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恒隆集團有限公司

16. 承擔

於結算日，本集團就投資物業及物業、廠房及設備之資本承擔（未於財務報表作出撥備）如下：
港幣百萬元
已簽約

已授權但尚未簽約

2026 年

2025 年

6 月 30 日

12 月 31 日

1,822

2,705

4,409

7,223

2,587

4,518

上述金額已包括本集團應佔其合營企業已授權但尚未簽約的資本承擔，為人民幣 1.99 億元（或港幣 2.29 億元）

（2025 年 12 月 31 日：無）。

於結算日，本集團向新合營項目注資的資本承擔總額為人民幣7.68億元（或港幣8.84億元）
（2025年12月31日：
人民幣 7.90 億元（或港幣 8.75 億元））。

此外，本集團一間全資附屬公司與一名獨立第三方訂立協議，租賃一項物業作分租用途，有關租賃尚未生效。
在符合若干租賃條件下，該租賃協議於為期 20 年租賃期內的預計固定租賃付款總額約為人民幣 32 億元（或港幣

37 億元）
（2025 年 12 月 31 日：人民幣 32 億元（或港幣 35 億元））。

17. 或然負債

截至結算日，我們就內地物業買家取得按揭貸款向有關銀行提供擔保額為人民幣 2.11 億元（或港幣 2.43 億元）

（2025 年 12 月 31 日：人民幣 1.20 億元（或港幣 1.32 億元）
）。待買家獲發房產證及完成相關物業按揭登記後，
該等擔保將被解除。

18. 審閱及核准中期財務報告

本中期財務報告為未經審核，但已經由審核委員會審閱。董事會於 2026 年 7 月 31 日許可刊發中期財務報告。

恒隆集團有限公司

54

詞彙
財務術語
財務費用：

借貸總額利息支出及其他借貸成本總額，扣除已資本化金額

借貸總額：

銀行貸款及其他借貸總額，扣除尚未攤銷之其他借貸成本

淨債項：

借貸總額扣除現金及銀行存款

股東應佔純利：

本期溢利（稅後）扣除非控股權益所佔部分

股東應佔基本純利：

股東應佔純利不包括物業之公允價值變動（扣除相關所得稅及非控股權益）

財務比率

每股基本盈利
股東應佔

每股資產淨值

利息保障倍數

55

恒隆集團有限公司

=

=

股東應佔純利

期內已發行股份加權平均數
股東權益

於結算日已發行股數
未計入物業之

=

公允價值變動來自營業的溢利
未扣除資本化借貸成本的
財務費用扣減利息收入

債項股權比率
淨債項股權
比率

=

借貸總額

=

淨債項

總權益
總權益

投資者參考資料
財務日誌
財政期

中期業績公布

2026 年 1 月 1 日至 2026 年 6 月 30 日
2026 年 7 月 31 日

截止辦理股份過戶

2026 年 8 月 13 日下午 4 時 30 分

中期股息記錄日期

2026 年 8 月 14 日

暫停辦理股份過戶登記

中期股息派發日期

股份上市

2026 年 8 月 14 日

2026 年 9 月 25 日

於 2026 年 6 月 30 日，1,361,618,242 股股份在香港聯合交易所有限公司上市，本公司以美國預託證券形式在紐約股

票市場進行直接買賣交易。

股份代號

香港聯合交易所：00010
路透社：0010.HK
彭博：10 HK

美國預託證券證券識別統一號碼╱票據代號：41043E102/HNLGY

股份資料

於 2026 年 6 月 30 日之股價：每股港幣 12.58 元

於 2026 年 6 月 30 日之市值：港幣 171.3 億元

股票過戶及登記處

香港中央證券登記有限公司
香港灣仔皇后大道東 183 號

合和中心 17 樓 1712-1716 號舖
電話：2862 8555
傳真：2865 0990

投資者關係聯絡
郭美姍

電郵：ir@hanglung.com

恒隆集團有限公司

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