新鸿基地产(00016) - 2025 - 中期业绩

Financial Performance - The company's basic profit attributable to shareholders for the six months ended December 31, 2024, was HKD 10.46 billion, compared to HKD 8.90 billion in the same period last year, representing an increase of approximately 17.5%[2] - The basic earnings per share for the same period was HKD 3.61, slightly down from HKD 3.70 in the previous year, indicating a decrease of about 2.4%[2] - The profit attributable to shareholders, including deferred tax and non-controlling interests, was HKD 7.52 billion, down from HKD 9.14 billion year-on-year, reflecting a decrease of approximately 17.7%[3] - Revenue for the six months ended December 31, 2024, was HKD 39,933 million, an increase of 45% compared to HKD 27,542 million in the same period of 2023[71] - Operating profit for the same period was HKD 12,098 million, up 10.5% from HKD 10,953 million year-on-year[71] - Net profit attributable to shareholders decreased to HKD 7,523 million, down 17.7% from HKD 9,145 million in the previous year[71] - Total comprehensive income for the period was HKD 6,749 million, down 40.1% from HKD 11,372 million in the same period last year[72] Revenue Breakdown - The property development segment in Hong Kong generated revenue of HKD 16,031 million with an operating profit of HKD 2,325 million, while the mainland contributed HKD 330 million in revenue and HKD 86 million in profit[78] - The rental property segment in Hong Kong reported revenue of HKD 7,485 million and an operating profit of HKD 5,319 million, while mainland operations contributed HKD 2,508 million in revenue and HKD 1,970 million in profit[78] - The hotel business generated revenue of HKD 2,278 million with an operating profit of HKD 313 million, and the telecommunications segment reported revenue of HKD 3,492 million with an operating profit of HKD 420 million[78] Property Development and Sales - The total contracted sales amount for the group during the period was approximately HKD 25.5 billion, reflecting a strong market performance[5] - The group achieved contracted sales of approximately HKD 24.8 billion in Hong Kong, driven by several key projects, including Kai Tak and North Point[9] - The group anticipates that approximately HKD 202 billion of the unrecognized contract sales of HKD 304 billion will be recognized in the second half of the fiscal year[12] - The group has approximately 1.3 million square feet of residential properties available for sale in the second half of the fiscal year[11] - The group recorded contract sales of over RMB 660 million during the period, mainly from quality residential units in multiple projects, including Guangzhou and Foshan[26] Rental Income and Occupancy - The total rental income for the group decreased by 1% year-on-year to HKD 12.28 billion, while net rental income fell by 3% to HKD 9.04 billion[6] - Total rental income decreased slightly by 0.1% year-on-year to HKD 8.813 billion, with an overall occupancy rate maintained at approximately 93%[13] - The average occupancy rate of the group's office portfolio remains stable at around 90% despite pressure from new supply in core areas[18] - The average occupancy rate of the group's hotels in Hong Kong improved from 84% to 90% during the reporting period[107] Investment Properties and Development Projects - The group is developing a major project at the West Kowloon High-Speed Rail Station, which will feature premium office space and high-end retail, with completion expected in early 2026[22] - The group plans to open a new shopping mall at The Millennity in 2025, with a total floor area of approximately 500,000 square feet, featuring selected specialty restaurants and shops[21] - The group is constructing the Hangzhou International Finance Center, which integrates smart and green elements, showcasing the group's commitment to innovative and sustainable property development[35] - The final phase of the Shanghai ITC project is expected to be completed in 2025, featuring over 5 million square feet of space, including a flagship mall and a high-rise office building[34] Financial Management and Debt - The group maintains a debt ratio of 17.8% and an interest coverage ratio of five times, reflecting strong financial management[46] - The company issued RMB 700 million in offshore bonds in July 2024 and RMB 2 billion in commercial mortgage-backed securities in August 2024, achieving the lowest interest rates for similar financing that year[47] - The group is committed to utilizing RMB debt financing to balance its RMB assets and liabilities, aiming to lower interest expenses[48] - The total debt as of December 31, 2024, was HKD 122.26 billion, with 67% being bank loans and 33% being notes and bonds[117] Sustainability and Corporate Responsibility - The group has successfully reduced greenhouse gas emissions from major commercial properties by 25% compared to the fiscal year 2019/20, achieving its ten-year target ahead of schedule[54] - The group aims to further reduce emissions by 35% from the same baseline year by the end of the fiscal year 2029/30[54] - The group has increased the number of fast electric vehicle charging stations to 80 across Hong Kong, promoting the use of electric vehicles and reducing carbon emissions[56] - The group has been recognized with eight awards at the 2024 Euromoney Real Estate Awards, including being named the "Best Real Estate Company" globally, in the Asia-Pacific region, and in Hong Kong[51] Market Outlook and Economic Conditions - The global economic outlook for 2025 faces increased uncertainty due to geopolitical risks and international trade policy uncertainties[61] - The Hong Kong economy is expected to grow slowly, prompting the government to implement reforms to solidify its traditional advantages and explore new growth points[62] - The government is promoting policies to attract talent and investment, which will support the recovery of the local property market[62] Corporate Governance and Future Plans - The company has complied with the corporate governance code provisions as of December 31, 2024, with a balanced distribution of power among the board members[133] - The mid-term report detailing all financial and related information will be published by the end of March 2025[134] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and drive future growth[80]