恒隆集团2025中期报告

2025 23673040426768 #CBE**OC**##* 4282879 01112868 6086http://www.hanglunggroup.comHLGroup@hanglung.com #* CBE CBE 202516562024242024 LABUBUSubstack2014POPOP2014 80% V.3V.1V.2V.3 199230242023 V.32017 2023202613% 40%200% 2025730 2025 90% 11% 202552.02202463.7934.08202436.1349.12202450.8134.99202436.271.61202412.281.2920247,000 NET • WORK65 202563018%52.0287%1.616%34.0820253%4%49.1234.9984%1.293,400 7%11.910.87 4.9420243.936.9720248.880.5120240.65 20252120242120259242025815 20256303%49.12 2%3% 652025 4%94%4% 20254% 7%2%hello2%88%90% 1 2%3%4% • 2025 2025 98%8%100Ohana Hatake(Goyard)Le Jardin 1%10%IP(ButterBear)99% 4%8%65Wiggle We Go96% 7%1%99%The Lounge2024112024820253 10%13%94%Wiggle WeGo65 1%94%20251 4%10%96% 2%2%94%Wiggle We Go 36%31%The Lounge88% 37%58%86%2025 • 4%6.3877% 7%82% 87%2% 4%84% 2%89% 83% 2%63% • 28%202521316% 2025 4%15.494%12.1578% • 7%8.8493% 2%hello 9%95% 5%94% • 2%5.5388% 83%NET • WORK64% 4%92% • 11% The Aperture191.61202412.28 20255,700 20256304,700TheAperture 20252,700 3% 202483315,700 20256302,008.581,366.89641.692025630 2.6920247.15 9,30020244.33202412311% 1.7620242.82202412311% 4.9420243.93 261.3781.18125.55 500105202520252025 2025720261942025 3,0802026 2027148 44,000 372021220256 8-12A2025125,80020255 • • 559.7220241231577.9442% 202563042%202563059%2024123155% (i) • 484.9620241231469.7731.5%2024123130.8%36.4%2024123137.9% 6.34202412319,600 • 3.1202412312.91172%2024123165% 20251100 2025630231.2820241231139.5540202412314023.98188.2620241231161.34 13.752024123114.20 • 20256%10.023.9%20244.4% 5.112024 20253.220243.2 • 202563068%202412311.5%15.2920247.25 • 2025630 • 2025630 80% 50%80%2025513.2202525% 20501,000205020231002050102050 Changemakers ChangemakersChangemakers20254Changemakers20256Changemakers4217238,00012% 15 152025423,000 20103,300 •2.0 7 2025 2025 The Aperture 20256302024 46% 241040412025630 C1 20256 30C1 C3 C32025630 XV3522025630XV 1.28,579,500 2.522,423,0803,270,474,753750,000693,534 3.2012418201220224272022 2025630XV 2025630 20122022 202242720222022203242620222012 20251120122022282,875,550 202563020226,600,00020256302022276,275,550 20122022164,714,50051,659,0003.3%1.0%2022276,275,5505.5% 20122022121% 202563020256300.02 2025630 1.2.3.2024426 13 336XV2025630 1.522,423,080Merssion Limited28,579,500522,423,08028,579,500750,000 2.Merssion LimitedCole Enterprises Holdings (PTC) Limited551,002,580 3.Merssion LimitedMerssion Limited522,423,080 4. 5.20256301,361,618,242 2025630336 13.51B(1) 202413.51B(1) 2025112025331 20252 26 2025327 202581 2025630 20256303,9349063,02820256309.02 436620256303434 2410 202563034 108 2025730 1.2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.4344454648494951535454555656585859606063646666 2025630 2025630 2025630 2025630 2025630 1. (HKICPA)(HKAS)34 HKAS 34 HKICPA24104041 HKICPA(HKFRSs) 2024 1. 2024 20241231622436 66236320241231 406240724073 2. (a) 2025630 2. (b) 2. (c) 3. 4. 5. 6. 16.5%202416.5%25%202425%5%20245% 2025528(OECD)Global Anti-Base Erosion RulesGloBE20256620251115% GloBEGloBE15%2025630 7. (a) (b)2025630 8. (a) 8. (b) 9. (a) 202563010.45202419.25 (b) 2025630 10. (a) 10. (b) 11. 12. 13. 20224272022202220324262012418201220222022201220122012 13. 2025630 (a)2012 2025630 20256308,598,50020249,900,5002024 13. (b)2022 2025630 20256302,531,00020243,284,0002024 20256305.95 0.756.216.213.68%731.10%0.52 13. (b)2022 14. 202563063.7%64.8% 202463061.2%63.2% 15. HKFRS 13 – – – (a) (i) 15. (a) (i) (ii) 2025630 (b) 202412312025630 16. 17. 2025730 202511202563020257302025814430202581520258152025924 20256301,361,618,242 000100010.HK10 HK41043E102/HNLGY 202563013.662025630186.0 183171712-17162862 85552865 0990 ir@hanglung.com