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 | | | 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9月1日 I. 法定/註冊股本變動 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 8,027,265,324 | | 0 | | 8,027,265,324 | | 增加 / 減少 (-) | | | | 0 | | | | | | 本月底結存 | | | | 8,027,265,324 | | 0 | | 8,027,265,324 | 第 2 ...

Core Viewpoint - The real estate adjustment is ongoing, creating uncertainty, but the company managed to maintain profitability in the first half of 2025, which is considered challenging [1] Financial Performance - In the first half of 2025, Ruian recorded revenue of 2.074 billion yuan, unchanged year-on-year; profit was 81 million yuan, down 56% [1] - Shareholders' profit was 51 million yuan, a decrease of 29% year-on-year; core profit, excluding investment property fair value impairment, increased by 144% to 263 million yuan [1] - Contract sales amounted to 3.473 billion yuan, a 457% increase compared to the same period last year, with residential sales contributing 3.29 billion yuan [1] Sales and Projects - The growth in contract sales was primarily driven by the pre-sale of 9 row houses in the Shanghai Cuihu Tiandi project, totaling 6,124 square meters [1] - The company has locked in a total sales amount of 17.521 billion yuan, expected to be delivered to customers in the second half of 2025 and beyond [1] - Upcoming projects include residential properties in Shanghai and Wuhan, with a total construction area of approximately 131,000 square meters [1] Market Outlook - As of June 30, 2025, the residential saleable value held by Ruian and its joint ventures was 48.6 billion yuan, with Ruian's equity value at 24.9 billion yuan [2] - The company remains optimistic about the sales prospects of the final phase of the Wuhan Tiandi residential project, expected to open in Q4 2025 [2] - Ruian continues to focus on first-tier cities, particularly Shanghai, where the high-end residential market remains attractive due to the influx of high-quality talent [2] Strategic Initiatives - The company is adopting a light-asset model to expand its business scale and land reserves through external capital and strategic partnerships [3] - Recent collaborations include a joint venture with Tianan Group for residential land acquisition in Shanghai and a management service project with Yongye Group [3] - Ruian is also collaborating with the Shanghai Fengxian District government on the Beigang City project, which includes approximately 326,000 square meters of residential space [4] Rental Income and Market Conditions - Rental and related income totaled approximately 1.781 billion yuan, a 1% year-on-year increase; however, excluding joint venture income, it decreased by 23% to about 965 million yuan [4] - The decline in rental income is attributed to the restructuring of equity in the Chuangzhi Tiandi project, which affected income classification [4] - The office market in Shanghai is expected to face significant pressure in the next one to two years, prompting the company to adopt flexible rental strategies [5] Future Perspectives - The company believes that the market is in a bottoming process and expects stability in the real estate market, with potential investment opportunities in Shanghai despite uncertainties [5]

Core Viewpoint - The real estate industry is still undergoing adjustments, with many uncertainties remaining in the market. Despite these challenges, the company managed to maintain profitability in the first half of the year, which is commendable [2] 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. Shareholders' profit was 51 million yuan. Excluding the impact of fair value impairment of investment properties, core profit increased by 144% to 263 million yuan. Contracted property sales amounted to 3.473 billion yuan, a year-on-year increase of 457% [2][3][7] Market Strategy - The company remains optimistic about the Shanghai real estate market and plans to continue focusing on first-tier cities, particularly Shanghai, while adhering to a cautious investment approach to maintain financial stability [2][3] - The company has identified a total sales amount of 17.521 billion yuan that is pending delivery and will be recognized in the second half of 2025 and beyond [3] Asset Expansion - As of the end of the first half of the year, the company had a total land reserve of 7.8 million square meters, including 5.7 million square meters available for lease and sale, and 2.1 million square meters for other facilities [4] - The company is pursuing a "light asset expansion" strategy, seeking external capital and strategic partners to expand its business scale and land reserves while ensuring sustainable development [5][6] Project Development - The company has added three new light asset projects in the first half of the year, including a partnership with Tianan Group for a residential and commercial land acquisition project [5] - The company is also collaborating with the Shanghai Fengxian District government on a project that includes approximately 326,000 square meters of residential and 95,000 square meters of commercial space, holding a 5% stake in the project [6] Market Outlook - The company acknowledges that profitability is challenging, with a significant decrease in profit primarily due to fair value impairment and losses from joint ventures. The management anticipates that the real estate market is in a bottoming process, which will take time to restore market confidence [7] - The management views recent regulatory policies as precise adjustments that could stimulate potential demand, particularly benefiting sales of residential properties outside the outer ring of Shanghai [7]

Group 1 - The core viewpoint of the article highlights the ongoing challenges in the real estate industry, with companies like Ruian Real Estate facing difficulties in financing while managing to maintain profitability in the first half of 2025 [1] - Ruian Real Estate reported a revenue of 2.074 billion yuan in the first half of 2025, which remained flat year-on-year, while profit decreased by 56% to 81 million yuan, with core profit increasing by 144% to 263 million yuan after excluding fair value impairment of investment properties [1] - The company achieved a contract property sales amount of 3.473 billion yuan, representing a significant year-on-year increase of 457% [1] Group 2 - Management expressed that while the overall recovery of the Chinese residential market is slow, the Shanghai market shows resilience with steady release of demand and rising land prices, particularly in the high-end residential segment [2] - Ruian Real Estate is cautious in its investment approach, focusing on light asset operations and maintaining cash flow without increasing leverage, as seen in their collaboration with Tianan Group to acquire residential land in Shanghai [2] - The company aims to maintain the leading position of its "New World" and "Cuihu" brands in Shanghai while expanding into the Greater Bay Area, with a long-term goal of sustainable profit growth and balanced development of property development and asset management [3]

Performance Summary - SF Holding reported a revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% year-on-year [2] - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a growth of 1.56%, with a net profit of 4.459 billion yuan, increasing by 51.56% [2] - New China Life Insurance's revenue reached 69.429 billion yuan, a 25.5% increase, and a net profit of 14.799 billion yuan, up 33.5% [2] - Huadian International Power's revenue was 59.953 billion yuan, down 8.98%, while net profit increased by 13.15% to 3.904 billion yuan [2] - China Pacific Insurance reported a revenue of 55.964 billion yuan, a slight increase of 0.2%, and a net profit of 6.764 billion yuan, up 12.2% [2] - CITIC Securities had a revenue of 46.552 billion yuan, a 16.28% increase, and a net profit of 13.719 billion yuan, up 29.79% [2] - Beijing Enterprises Holdings reported a revenue of 44.529 billion yuan, a 5.2% increase, and a net profit of 3.404 billion yuan, up 8.1% [2] - Li Auto's vehicle sales revenue for Q2 2025 was 28.9 billion yuan, down 4.7%, with a net profit of 1.093 billion yuan, a decrease of 0.9% [2] - Huishang Bank reported a revenue of 21.157 billion yuan, a 2.25% increase, and a net profit of 9.109 billion yuan, up 5.55% [2] - SMIC achieved a revenue of 4.456 billion USD, a 22% increase, with a net profit of 320 million USD, up 35.6% [2] - China Galaxy Securities reported a total revenue of 18.798 billion yuan, an 18.92% increase, and a net profit of 6.488 billion yuan, up 47.86% [2] - Zhongjun Group Holdings had a revenue of 18.521 billion yuan, down 25.4%, with a net loss of 3.48 billion yuan, a narrowing of 5.5% [2] - BeiGene reported a revenue of 2.433 billion USD, a 44.7% increase, and a net profit of 95.59 million USD, turning from a loss of 372 million USD [2] - SF Express City reported a revenue of 10.236 billion yuan, up 48.8%, and a net profit of 137 million yuan, up 120.4% [2] - China Shipbuilding Defense reported a revenue of 10.173 billion yuan, a 16.54% increase, and a net profit of 526 million yuan, up 258.46% [2] - Qingdao Port reported a revenue of 9.434 billion yuan, a 4.04% increase, and a net profit of 2.842 billion yuan, up 7.58% [2] - Shanghai Industrial Holdings reported a revenue of 9.476 billion yuan, down 8.6%, and a net profit of 1.042 billion yuan, down 13.2% [2] - Everbright Securities reported a revenue of 7.481 billion yuan, a 17.7% increase, and a net profit of 1.683 billion yuan, up 21% [2] - Baozun reported a revenue of 4.617 billion yuan, a 5.63% increase, with a net loss of 97.04 million yuan, narrowing [2] - Sichuan Chengyu Expressway reported a revenue of 4.08 billion yuan, down 23.3%, and a net profit of 838 million yuan, up 20.1% [2] - Baideli Holdings reported a revenue of approximately 3.813 billion yuan, down 10.9%, and a net profit of 7.1 million yuan, down 79.1% [2] - Tigermed reported a revenue of 3.25 billion yuan, down 3.21%, and a net profit of 383 million yuan, down 22.22% [2] - Zhengli New Energy reported a revenue of 3.172 billion yuan, a 71.9% increase, and a net profit of 220 million yuan, turning from a loss of 130 million yuan [2] - Sensong International reported a revenue of 2.687 billion yuan, down 22.7%, and a net profit of 338 million yuan, down 10.15% [2] - Dasheng Holdings reported a revenue of approximately 2.593 billion yuan, a 27% increase, and a net profit of 65.924 million yuan, up 504.4% [2] - SenseTime reported a revenue of 2.358 billion yuan, a 35.6% increase, with a gross profit of 908 million yuan, up 18.4%, and an adjusted net loss of 1.162 billion yuan, narrowing by 50% [2] - Ruian Real Estate reported a revenue of 2.074 billion yuan, flat year-on-year, with a net profit of 51 million yuan, down 29.2% [2] - Shangri-La Asia reported a revenue of 1.056 billion USD, a 0.7% increase, and a net profit of 57.9 million USD, down 38.7% [2] - Quanfeng Holdings reported a revenue of 912 million USD, an 11.9% increase, and a net profit of 95.217 million USD, up 54.8% [2] - COSCO Shipping Ports reported a revenue of 806 million USD, a 13.6% increase, and a net profit of approximately 182 million USD, up 30.6% [2] - Tianjin Development reported a revenue of 1.719 billion yuan, down 5.59%, and a net profit of 344 million yuan, up 19.57% [2] Company News - Sillodic Pharmaceuticals successfully administered the new radiolabeled drug 3D1015 to patients with PSMA-positive metastatic castration-resistant prostate cancer, demonstrating safety and preliminary efficacy [2] - Shoucheng Holdings signed a strategic cooperation framework agreement with Alter and Alrite to jointly promote breakthroughs in robotics technology, scene implementation, and industrial chain collaboration [2]

Core Viewpoint - 瑞安房地产 reported a slight increase in revenue and a significant rise in property sales, but a notable decline in shareholder profit for the first half of the year [1] Financial Performance - Revenue for the first half reached 2.074 billion, a year-on-year increase of 0.05% [1] - Gross profit margin was 66%, up by 1 percentage point [1] - Shareholder profit attributable decreased by 29.17% to 51 million [1] - Basic earnings per share were 0.64 cents, with no interim dividend declared [1] Sales and Income - Contracted property sales surged to 3.473 billion, a year-on-year increase of 457% [1] - Rental and related income totaled 1.781 billion, up by 0.96% [1] Cash and Debt Position - As of June 30, the group had cash and bank deposits of 5.5 billion, a decrease of 28.89% year-on-year [1] - Total debt stood at 25.761 billion, down by 13.92% [1] - Net liabilities were 20.261 billion, reduced by 8.71% [1]

Core Viewpoint - Ruian Real Estate (00272.HK) announced that Wu Yating will no longer serve as a member of the Audit and Risk Committee starting from August 28, 2025 [1] Group 1 - Wu Yating holds the position of Independent Non-Executive Director and Chair of the Sustainability Committee at Ruian Real Estate [1] - The change in committee membership is set to take effect in 2025 [1]

Core Viewpoint - Ruian Real Estate (00272) reported its interim results for the six months ending June 30, 2025, showing stable revenue but a significant decline in profit attributable to shareholders [1] Financial Performance - The company achieved revenue of RMB 2.074 billion, remaining flat year-on-year [1] - Profit attributable to shareholders decreased by 29.2% to RMB 51 million [1] - The company reported a loss per share of 0.64 cents [1] Rental and Related Income - Total rental and related income, including contributions from joint ventures and associates, experienced moderate growth, amounting to RMB 1.781 billion [1] - The retail property portfolio was strongly supported by consumers, with sales and foot traffic both showing a double-digit growth of 10.5% [1]

Core Viewpoint - 瑞安房地产 reported a stable revenue of RMB 2.074 billion for the six months ending June 30, 2025, with a year-on-year profit decline of 29.2% to RMB 51 million, resulting in a loss per share of 0.64 cents [1] Financial Performance - The total rental and related income, including contributions from joint ventures and associates, experienced moderate growth, amounting to RMB 1.781 billion [1] - The retail property portfolio saw strong consumer support, with sales and foot traffic both achieving double-digit growth of 10.5% [1]

Group 1 - The company recorded property sales revenue of RMB 145 million in the first half of 2025, with total property sales amounting to RMB 1.193 billion, and contract sales reaching RMB 3.473 billion, driven by a 457% year-on-year increase due to the pre-sale of certain townhouses in Shanghai [1] - Despite a challenging market environment characterized by heightened global trade tensions and unstable geopolitical conditions, the company achieved a profit of RMB 81 million in the first half of 2025, with attributable profit to shareholders amounting to RMB 51 million [1] Group 2 - The company's asset-liability situation remains stable, with a net debt-to-equity ratio maintained at 51% as of June 30, 2025, and total cash and bank deposits reaching RMB 5.5 billion [2] - The company's net debt decreased by 9% to slightly over RMB 20.2 billion, and it fully repaid USD 490 million of senior notes in March 2025, demonstrating a strong commitment to fulfilling financial responsibilities [2]