希慎兴业(00014)今日盘中股价大跌5.13%，引起了市场的关注。
消息面上，公司近日发布了2025年度业绩。尽管受惠于奢华品牌旗舰店的进驻及扩充，续租租金水平维持上升，且下半年租户销售额录得双位数增长，但公司整体盈利逊于市场预期。这主要归因于“竹林苑”项目的入帐时间因素以及投资收入减少。此外，公司为香港合资项目计提了高达8.05亿港元的减值拨备，较2024年大幅增加，其中2025年下半年就计提了7.75亿港元。同时，公司住宅业务的EBIT（息税前利润）在2025年按年下跌了28%，分析认为这可能与可供出租单位减少有关。
不过，也有机构观点认为市场反应可能过度。美银指出，公司租金收入符合预期，且维持着143亿港元的可用流动资金，足以应对到期债务，流动性并非主要忧虑。大摩则指出，撇除永续债分派后的纯利实际较其预测高出9%，显示业务基本面仍有韧性。
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