股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 本月底法定/註冊股本總額： USD 30,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 瑞安房地產有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00272 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,000,000,000 | USD | | 0.0025 USD | | 30,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 12,000,000,000 | USD | | 0.0025 USD | ...

Group 1: CASETiFY Product Launches - CASETiFY launched multiple new phone cases and accessories for the iPhone 17 series on September 10, featuring a Duo-Lock design to enhance durability and prevent wear [2][4] - The new products include a flexible anti-drop case with improved protection and a slim case with MagSafe compatibility, along with various new colors and designs [2][4] - A collaboration with the panda "Menglan" was announced on September 23, introducing a series of products including phone cases and earphone protectors, set to be released on September 26 [4] Group 2: Duravit Product Launch - Duravit introduced a new series of double bathroom basins, featuring modular designs and various materials to meet diverse home needs [6] - The series includes designs by Philippe Starck, Patricia Urquiola, and Studio F. A. Porsche, focusing on functionality and ease of cleaning [6] Group 3: XINTIANDI Brand Transformation - Ruian Real Estate announced the rebranding of "XINTIANDI" from a commercial project to a community brand on September 12, emphasizing cultural innovation and sustainable development [7] - The Shanghai Xintiandi East District project is set to open by the end of the month, combining cultural and commercial functions [7] Group 4: Art Exhibitions - The solo exhibition "Early Spring Long Song" by artist Qiu Anxiong opened in Shanghai, showcasing works that explore the cultural landscape along the Yangtze River [9] - The exhibition "One Layer of Mountains and Waters, One Layer of Screens" by artist Guo Xiaojing is being held at chik11 Art Museum, featuring a blend of traditional ink painting and pop visual language [16]

Shui On Land Limited 瑞安房地產有限公司* (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 272) 25 September 2025 Dear Non-registered holders (Note 1) , Shui On Land Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") and Arrangement of Electronic Dissemination of Corporate Communication (Note 2) We are pleased to inform you that the English and Chinese versions of the Company's Current Corporate Communication are ...

Shui On Land Limited 瑞安房地產有限公司* (Incorporated in the Cayman Islands with limited liability) (Stock Code: 272) Shui On Land Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") and Arrangement of Electronic Dissemination of Corporate Communication(Note 1) We are pleased to inform you that the English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.shuionland.com by clicking "Finan ...

Financial Performance - For the first half of 2025, the group recorded a profit of RMB 81 million, with attributable profit to shareholders amounting to RMB 51 million, and total revenue of RMB 2.074 billion, remaining stable compared to the previous year[6]. - The company recorded a profit of RMB 81 million for the six months ended June 30, 2025, a decrease of 55.8% compared to RMB 183 million in the same period of 2024[107]. - Net profit for the first half of 2025 was RMB 81 million, down from RMB 183 million in the first half of 2024, with profit attributable to shareholders of RMB 51 million compared to RMB 72 million in the previous year[89]. - The company's total liabilities decreased to RMB 29.3 billion from RMB 31.6 billion, a reduction of 7.2%[109]. - The company's equity attributable to shareholders was RMB 38.3 billion as of June 30, 2025, down from RMB 38.5 billion at the end of 2024[109]. Revenue and Sales - Total rental and related income for the period reached RMB 1.781 billion, showing a moderate growth, with a 10.5% year-on-year increase in sales and foot traffic for retail properties[21]. - Property sales revenue for the first half of 2025 amounted to RMB 145 million, with total property sales (including joint ventures) reaching RMB 1.193 billion[25]. - Contracted sales amounted to RMB 3.473 billion, with residential property sales contributing RMB 3.290 billion and commercial property sales RMB 183 million, reflecting a 457% year-on-year growth due to pre-sales in Shanghai[25]. - The group has locked in total sales of RMB 17.521 billion, pending delivery and recognition in the second half of 2025 and beyond[25]. - The total revenue for the group reached RMB 2,073 million, with property investment contributing RMB 1,257 million, accounting for approximately 60.7% of total revenue[121]. Property Development and Projects - As of June 30, 2025, Shui On Land has a total land reserve of 7.8 million square meters in key locations across multiple major cities in China[4]. - The "Zhaolou New Tiandi" project, covering approximately 71 hectares with a planned total construction area of 420,000 square meters, is set to integrate historical culture, natural landscapes, and modern urban living, with public infrastructure construction having commenced in July 2025[15]. - The group is launching a new batch of villas under the "Cuihu Tiandi" brand, which has been a benchmark in the high-end market for over 20 years, aimed at high-net-worth clients seeking a blend of Eastern aesthetics and urban tranquility[11]. - The flagship project "Urban Retreat" in Shanghai attracted over 45 million visitors within two years of opening, showcasing its strong market appeal[9]. - In Wuhan, the group has developed over 3 million square meters across three major community projects, enhancing its brand influence and driving residential sales despite ongoing market pressures[12]. Market Conditions - The overall market for new residential properties saw a decline in sales area and sales value by 3.5% and 5.5% year-on-year, respectively, indicating a fundamental shift in the real estate market dynamics[6]. - The overall real estate market in China is still in a deep adjustment phase, but structural opportunities are emerging, particularly in high-end residential projects in core urban areas driven by improving demand[15]. - Real estate investment in China decreased by 11.2% year-on-year in the first half of 2025, continuing a trend of contraction over several years[73]. - National residential sales area and transaction value fell by 3.7% and 5.2% respectively in the first half of 2025, despite government support policies[73]. - The high-end residential market in Shanghai remains attractive to high-net-worth individuals, with luxury properties priced above RMB 30 million accounting for 58% of total luxury sales in first-tier cities, totaling 313,000 square meters sold in the first half of 2025[11]. Financial Health and Debt Management - The group has maintained a healthy net debt-to-equity ratio of 51% and cash and bank deposits of RMB 5.5 billion as of June 30, 2025[8]. - The company’s net debt decreased by 9% to slightly over RMB 20.2 billion, maintaining a stable net asset liability ratio of 51% as of June 30, 2025[21]. - The group successfully repaid a significant portion of its debts due in 2025, including USD 490 million in senior notes, demonstrating strong financial responsibility[8]. - The group repaid or refinanced a total of RMB 7.24 billion of debt in the first half of 2025, representing 79% of the debt maturing in 2025[99]. - The total amount of bank financing not yet drawn as of June 30, 2025, was approximately RMB 4.313 billion, an increase from RMB 3.235 billion as of December 31, 2024[96]. Sustainability and Corporate Responsibility - The group is committed to sustainable development, with initiatives such as the "Green Movement Life Festival" and biodiversity planning to enhance community resilience and promote a green lifestyle[13]. - The "Enterprise Tiandi No. 5" project received LEED Platinum certification for operations and maintenance, while two office buildings in the "Pacific New Tiandi Commercial Center" also achieved LEED Platinum certification for core and shell[14]. - The company was recognized in the Carbon Disclosure Project's 2024 Climate Change A List, highlighting its commitment to sustainability[22]. - The company continues to focus on transforming industrial areas into knowledge innovation communities, as seen with the Chuangzhi Tiandi project[58]. - The company aims to leverage its experience in historical and cultural preservation to seize development opportunities in urban renewal[76]. Operational Efficiency - The group has implemented a "light asset strategy" since 2016, focusing on efficient business development and establishing a solid foundation for growth in challenging markets[66]. - The company aims to optimize project positioning and capture market growth opportunities through cultural experience and consumer insights[75]. - The company has established a written agreement for the issuance of $400 million 5.50% 2026 SODH notes, which includes provisions for a buyback at 101% of the principal amount in case of a change in control[188]. - The company has a commitment to equal opportunity principles in its remuneration policy, which is based on employee performance and qualifications[191]. - The company has provided a range of employee benefits, including retirement plans, long-term incentive plans, and medical insurance, to support career development[190]. Governance and Management - The board consists of 11 members, including 4 executive directors and 7 independent non-executive directors, ensuring a balance of skills and experience[173]. - The Audit and Risk Committee reviewed the unaudited consolidated financial statements for the six months ending June 30, 2025, and found no objections to the accounting treatments adopted[177]. - The Remuneration Committee is responsible for evaluating the performance of directors and senior management, as well as recommending their compensation[178]. - The Nomination Committee is tasked with reviewing the board's structure and diversity policy, and identifying suitable candidates for board membership[179]. - The Sustainability Committee provides insights on sustainability trends and assists in developing the company's sustainability strategy[180].

Core Insights - China's urbanization is transitioning from rapid growth to stable development, focusing on high-quality urban renewal as a new economic growth point [1] - Ruian Real Estate is elevating its "XINTIANDI" brand from a commercial project to a community brand, emphasizing comprehensive solutions for urban renewal [1][2] - The company aims to integrate residential, office, commercial, and cultural ecosystems to provide demonstrative solutions for future cities [1][2] Group 1: Urban Renewal Strategy - Ruian Real Estate has successfully revitalized the Shanghai Shikumen historical district using a "developmental protection" model, creating a multifunctional community that combines culture, commerce, and living spaces [2] - The company has developed various community solutions, including landmark communities, regional center communities, micro-vacation communities, and knowledge innovation communities [2] - The brand upgrade reflects the core proposition of "there's always a new world," focusing on organic updates in space, content, and services [2][3] Group 2: Community Development Initiatives - The six projects previously named "Tiandi" will now be unified under the "XINTIANDI" brand, while specific knowledge innovation communities will retain their original names [3] - Ruian plans to enhance its community development solutions by upgrading urban micro-vacation experiences and establishing new benchmarks for regional center communities [3][6] Group 3: Cultural and Economic Impact - The flagship community, Shanghai XINTIANDI, has expanded its area by 2.4 times since 2021, now covering 1.2 square kilometers [4] - New projects like XINTIANDI Dongtaili will focus on local culture and diverse culinary experiences, aiming to stimulate cultural consumption in the Huangpu core area [5] - The company emphasizes the importance of "locality" in community building, ensuring that developments meet the needs of the people and the specific characteristics of the land [6][7]

Group 1 - The core viewpoint is that Chinese companies' overseas expansion is a long-term process that requires a long-term perspective and deep localization to avoid "cultural mismatches" in foreign markets [2][4][7] - The current global economic landscape is undergoing significant changes, with rising unilateralism and trade protectionism, leading to a restructuring of global supply chains [3][4] - Emerging markets such as ASEAN, the Middle East, and Latin America are developing and seeking international cooperation, providing alternative market opportunities for Chinese companies [3][4] Group 2 - Chinese companies should focus on finding new markets, particularly in developing countries and along the "Belt and Road" initiative, to help absorb excess production capacity and create new revenue streams [6][7] - Companies need to escape intense domestic competition and engage in global markets, which will drive innovation, brand enhancement, and management optimization [6][7] - A thorough and objective assessment of potential investment locations is crucial for successful overseas expansion, including evaluating product compatibility and core competitive strengths [6][7] Group 3 - Deep localization is essential for sustainable development in overseas markets, which includes hiring local talent and forming partnerships to better understand local markets and cultures [7] - Hong Kong's unique advantages as a "super connector" can help mainland companies with high-end professional services for overseas expansion, including legal, accounting, and tax services [8] - The Hong Kong Trade Development Council (HKTDC) offers valuable support for mainland companies, with a global presence and expertise in market connections and data consulting [8]

Core Viewpoint - The current global environment necessitates that companies expand internationally to enhance their competitiveness and drive innovation, moving away from domestic competition and price wars [5][6]. Group 1: Importance of International Expansion - Companies should view international expansion as a crucial strategy to escape domestic "involution" and engage with top-tier global competitors [5]. - The process of going abroad should be supported by thorough and objective research to identify the most suitable countries for investment, assessing product compatibility and the company's core competencies [5]. Group 2: Sustainable Development and Localization - Achieving sustainable development in international markets requires deep localization, including hiring local talent and forming partnerships with local entities [5]. - Companies should prioritize long-term market cultivation over short-term gains, committing time, resources, and capital to build a presence in foreign markets [6].

[Supplementary Announcement Overview](index=1&type=section&id=Supplementary%20Announcement%20Overview) This supplementary announcement clarifies and confirms the compliance of related party transactions disclosed in Shui On Land Limited's 2024 annual report [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement supplements Shui On Land Limited's 2024 annual report, clarifying and confirming the compliance of related party transactions disclosed in the annual report under HKEX Listing Rule 14A.72 - This announcement supplements Shui On Land Limited's 2024 annual report, aiming to clarify the compliance of related party transactions[3](index=3&type=chunk)[4](index=4&type=chunk) [Disclosure and Compliance of Related Party Transactions](index=1&type=section&id=Disclosure%20and%20Compliance%20of%20Related%20Party%20Transactions) The company confirms that, except for specific transactions, related party transactions disclosed in Note 39 of the 2024 annual report's consolidated financial statements do not constitute related party transactions or continuing related party transactions requiring compliance with Listing Rule Chapter 14A's announcement, circular, shareholder approval, and/or reporting requirements; the company has complied with Chapter 14A for these specific transactions - The company confirms that, except for specific transactions, related party transactions disclosed in the annual report do not constitute related party transactions requiring compliance with Listing Rule Chapter 14A[4](index=4&type=chunk) - The company has complied with Listing Rule Chapter 14A for these specific transactions[4](index=4&type=chunk) [Related Party Transactions Not Subject to Listing Rules](index=1&type=section&id=Related%20Party%20Transactions%20Not%20Subject%20to%20Listing%20Rules) This section clarifies related party transactions that do not require compliance with HKEX Listing Rule Chapter 14A - Except for the three specific types of transactions explicitly listed in this announcement, other related party transactions disclosed in Note 39 of the 2024 annual report do not constitute related party transactions requiring compliance with Listing Rule Chapter 14A[4](index=4&type=chunk) [Related Party Transactions Subject to Listing Rules](index=1&type=section&id=Related%20Party%20Transactions%20Subject%20to%20Listing%20Rules) This section details specific related party transactions that require compliance with HKEX Listing Rule Chapter 14A - Transactions disclosed in the 'Related Party Transactions' section of the Directors' Report on pages 100-101 of the 2024 annual report[4](index=4&type=chunk) - Transactions with parties mentioned in notes (i), (ii), and (iii) of Note 39(a) to the consolidated financial statements on pages 174-175 of the 2024 annual report[4](index=4&type=chunk) Related Party Transactions Involving Service Fee Expenses | Transaction Type | Amount (RMB) | Related Party | 2024 Annual Report Page | | :--- | :--- | :--- | :--- | | Service Fee Expenses | Approximately **8,000,000** | Non-controlling shareholders of certain subsidiaries (Shanghai Jiuhai Industrial Co., Ltd., Shanghai Yangpu Knowledge Innovation Zone Investment Development Co., Ltd., and China Life Capital Investment Co., Ltd.) | 174 (Note 39) | [Other Information](index=2&type=section&id=Other%20Information) Except for the content disclosed in this supplementary announcement, the remaining content of the 2024 annual report remains unchanged; the announcement also lists the updated board of directors - Except as disclosed in this announcement, the remaining content of the 2024 annual report remains unchanged[5](index=5&type=chunk) - The announcement lists the company's board of directors as of September 12, 2025, including Chairman Mr. Vincent H.S. Lo, Deputy Chairman Ms. Stephanie B.Y. Lo, CEO Ms. Jessica Y. Wang, CFO and CIO Mr. Sunny S.H. Sun, and several independent non-executive directors[7](index=7&type=chunk)

Core Viewpoint - The real estate market in China is still undergoing significant adjustments, with uncertainties remaining. The company emphasizes maintaining financial stability and focusing on cash flow management while exploring high-potential opportunities in first-tier cities, particularly in the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area [2][5]. Financial Performance - In the first half of 2025, the company reported revenue of 2.074 billion yuan, unchanged year-on-year, and a profit of 81 million yuan, down 56% year-on-year. However, core profit, excluding fair value impairment of investment properties, increased by 144% to 263 million yuan [2]. - The company achieved a contract property sales amount of 3.473 billion yuan, a significant increase of 457% year-on-year, with residential sales contributing 3.29 billion yuan and commercial property sales 183 million yuan [3]. Market Insights - The company’s chairman noted that the real estate market, especially in third and fourth-tier cities, is still in a "bottoming" phase. However, there are structural opportunities in the high-end segment driven by improving demand [2]. - The high-end residential market in Shanghai is particularly strong, with sales of luxury homes priced over 30 million yuan reaching 313,000 square meters in the first half of 2025. Nearly 60% of the top luxury homes sold in China are located in Shanghai [3]. Future Sales and Projects - The company plans to have approximately 131,000 square meters of residential properties available for sale and pre-sale in the second half of the year, with significant projects in Shanghai and Wuhan [4]. - As of June 30, 2025, the company had a total saleable value of residential properties amounting to 48.6 billion yuan, with its equity value at approximately 24.9 billion yuan [4]. Strategic Focus - The company will continue to adopt a cautious approach, focusing on first-tier cities while maintaining financial health. It aims to enhance its brand influence in the mid-to-high-end market through its "Best-in-class" product strategy [5]. - The company has expanded its portfolio by adding three light-asset projects, including a significant collaboration in Shanghai, which is expected to generate over 30 billion yuan in residential value [6][7]. Market Outlook - The chairman expressed that the bottoming process of the real estate industry will take time, but the overall market is expected to stabilize despite facing challenges [8].