恒隆地产2025中期报告

2025 23783040426768 ***** 4282879 01112868 6086http://www.hanglung.comHLProperties@hanglung.com * 202516562024242024 LABUBUSubstack2014POPOP2014 80% V.3V.1V.2V.3 199230242023 V.32017 2023202613% 40%200% 2025730 2025 90% 11% 202549.68202461.1432.55202434.3046.78202448.1633.46202434.441.61202412.281.2920247,000 NET • WORK65 202563049.6819%87%1.615%32.5520253%46.7833.4684%1.293,400 9%15.870.33 6.7520246.749.12202410.610.1920240.23 2025122024122025815 20258252025924 20256303%46.78 1%2% 652025 4%94%5% 20254% 7%2%hello1%87%89% 1 1%2%5% • 2025 2025 98%8%Ohana Hatake(Goyard)Le Jardin 1%10%IP(ButterBear)99% 8%4%65Wiggle We Go96% 7%1%99%The Lounge2024112024820253 10%13%94%Wiggle We Go65 1%94%20251 4%10%96% 2%2%94%Wiggle We Go 36%31%The Lounge88% 37%58%86%2025 • 5%5.2882% 7%82% 4%84% 2%89% 83% 2%63% 2025 4%14.884%11.7079% • 7%8.7494% 2%hello 9%95% 5%94% • 1%5.0287% 83%NET • WORK64% 93%3% • 11% 2025The Aperture191.61202412.28 20255,700 20256304,700TheAperture 20252,700 3% 202483315,700 20256301,932.301,308.60623.702025630 2.0120246.34 3,20020243.51202412311% 1.6920242.83202412311% 6.7520246.74 261.3781.18120.91 500105202520252025 2025720261942025 3,0802026 44,000 372021220256 8-12A2025125,80020255 • • 547.6720241231573.7643% 202563043%202563060%2024123156% (i) (ii) • 478.6220241231470.7333.5%2024123133.4%38.3%2024123140.7% • 3.0202412312.91171%2024123165% 20251100 2025630217.5320241231125.3540202412314023.98188.2620241231161.34 20257%9.883.9%20244.3% 4.972024 20253.120243.0 • 202563070%202412311.5%14.4620246.82 • 2025630 • 2025630 80% 50%80%2025513.2202525% 20501,000205020231002050102050 Changemakers ChangemakersChangemakers20254Changemakers20256Changemakers4216238,00012% 15 152025423,000 20103,300 •2.0 7 2025 2025 The Aperture 20256302024 62.5% 241040412025630 C1 20256 30C1 C3 C32025630 XV3522025630XV 1.28,579,500 2.3,270,474,753522,423,080693,534750,000 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 1. 2. 3.2024426 13 336XV2025630 1.Merssion LimitedCole Enterprises Holdings (PTC) Limited693,534 Merssion Limited38.37%3,242,141,6533,270,474,753 2. 3,242,141,653 4.20256305,002,011,935 2025630336 13.51B(1) 202413.51B(1) 2025630 20256303,8629062,95620256308.95 436620256303434 2410 202563034 108 2025730 1.2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.4344454648494951535354545556575859596063646666 2025630 2025630 2025630 2025630 2025630 綜合財務報表附註 1. (HKICPA)(HKAS)34 HKAS 34 HKICPA24104041 HKICPA(HKFRSs) 2024 1. 2024 20241231622436 66236320241231 406240724073 2. (a) 2. (b) 2. (c) 3. 4. 5. 6. 16.5%202416.5%25%202425%5%20245% 6. 2025528(OECD)Global Anti-Base Erosion RulesGloBE20256620251115% GloBEGloBE15%2025630 7. (a) 7. (b)2025630 202413.472025124 8. (a) 8. (b) 9. (a) 202563010.38202419.15 9. (b) 2025630 10. (b) 11. (a) (b)6.01202412316.0166.67%33.33% 12. 2025616202512420242.186.17 12. 2024925202473020247,2005.516 2024614202413020232.138.012 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. 15. HKFRS 13 – – – (a) (i) 15. (a) (i) (ii) 2025630 (b) 202412312025630 16. 17. 2025730 202511202563020257302025814430202581520258152025924 20256305,002,011,935 001010101.HK101 HK41043M104/HLPPY 20256307.492025630374.7 183171712-17162862 85552865 0990 ir@hanglung.com