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Hang Lung Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary30 Jul, 2025
Executive summary
Revenue for the first half of 2025 declined 18% year-over-year to HK$5,202 million, mainly due to an 87% drop in property sales revenue, with rental revenue down 3% year-over-year.
Operating profit decreased by 6% to HK$3,408 million, with underlying net profit attributable to shareholders down 7% to HK$1,191 million.
Net profit attributable to shareholders was HK$697 million, down from HK$888 million a year earlier, reflecting higher revaluation losses and lower operating profits.
Interim dividend maintained at HK$0.21 per share.
Hotels segment saw strong growth, with revenue up 84% year-over-year, though it remained a small contributor and posted an operating loss.
Financial highlights
Property leasing revenue fell 3% to HK$4,912 million; operating profit from leasing dropped 4% to HK$3,499 million.
Total revenue for 1H25 was HK$4,968 million, down 19% year-over-year; underlying net profit was HK$1,587 million, down 9% year-over-year.
Net decrease in fair value of properties attributable to shareholders was HK$494 million, higher than last year’s HK$393 million.
Earnings per share based on underlying net profit was HK$0.87 (2024: HK$0.94); based on net profit, HK$0.51 (2024: HK$0.65).
Gross margin remained stable at 72%.
Outlook and guidance
Management expects moderate demand growth in mainland China, supported by fiscal expansion and government measures, while Hong Kong retail remains challenging but with a positive long-term outlook.
New projects, including Westlake 66 in Hangzhou and other major developments, are set to open from 2H25 onwards, expanding the portfolio.
Ongoing focus on asset management, tenant retention, immersive retail experiences, and sustainability initiatives.
Pre-sale launches and asset enhancements in both Hong Kong and mainland China are expected to support future growth.
Dividend policy is expected to normalize after major project completions.
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Next Hang Lung Group earnings date
H2 202523 Jan, 2026
Next Hang Lung Group earnings date
H2 202523 Jan, 2026
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Frequently asked questions
Hang Lung Group Limited is an investment holding company engaged primarily in property development, leasing, and management across Hong Kong and mainland China. The company’s portfolio includes a range of commercial and residential properties, with a focus on high-end shopping malls, office buildings, and mixed-use complexes in major Chinese cities. Through its subsidiaries, Hang Lung Group develops and manages premium properties that serve as retail and lifestyle destinations. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.
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