重估向下调整不会减少现金流，因此不会直接影响本公司的流动性。本公司预计，于2025年年底的总银 行结余及现金将高于2025年6月30日的水平，以及本集团净资产负债率将维持稳定为约52%。 考虑到中国房地产市场仍然疲弱，本公司对近期业务前景保持谨慎态度，基于房地产行业整体流动性可 能仍将保持紧张。本公司将继续审慎管理其财务及审查及采取最佳策略，以维持长期增长。 智通财经APP讯，瑞安房地产(00272)发布公告，预期截至2025年12月31日止年度(2025年年度)股东应占 亏损净额将介乎人民币17亿元至人民币18亿元，相较2024年同期股东应占溢利净额人民币1.80亿元。预 计亏损净额主要是由于本集团投资物业的公平值减值以及未出售存货的减值拨备。该等重估及拨备对本 公司综合总资产(以归属基准计算)的影响预计为2%至3%。剔除上述影响，预计本公司于2025年年度将 取得核心溢利。 ...

Core Viewpoint - Ruian Real Estate (00272.HK) anticipates a significant net loss attributable to shareholders for the fiscal year ending December 31, 2025, estimated between RMB 1.7 billion and RMB 1.8 billion, contrasting with a net profit of RMB 180 million for the same period in 2024 [1] Financial Performance - The expected net loss is primarily attributed to the impairment of the fair value of investment properties and provisions for unsold inventory [1] - The impact of these revaluations and provisions on the company's total assets (on a attributable basis) is estimated to be between 2% and 3% [1] - Excluding the aforementioned impacts, the company is projected to record core profit for the fiscal year 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Shui On Land Limited 瑞安房地產有限公司* (於開曼群島註冊成立之有限責任公司) (股份代號: 272) 公佈 二零二五年全年業績盈利警告 考慮到中國房地產市場仍然疲弱，本公司對近期業務前景保持謹慎態度，基於房地 產行業整體流動性可能仍將保持緊張。本公司將繼續審慎管理其財務及審查及採取 最佳策略，以維持長期增長。 本公佈所載資料乃基於對截至本公佈日期所得之內部管理帳目的初步審閱及分析， 惟該等資料未經本公司核數師審核或審閱。 本公佈由瑞安房地產有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 根據第 571 章證券及期貨條例第 XIVA 部項下內幕消息條文(定義見香港聯合交易所 有限公司證券上市規則（「上市規則」））及上市規則第 13.09(2)(a)條刊發。 本公司董事會（「董事會」）謹此通知潛在投資者及本公司股東，根據本公司目前 所得資料，預期截至二零二五年十二月三十一日止 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The 2026 real estate market is expected to experience a "front low and back high" trend, with two significant turning points anticipated throughout the year [2] - The overall sales volume and price are projected to face pressure in Q1, with potential policy adjustments by the end of Q1 to stabilize the market in Q2 [3][24] - The report emphasizes the need for policy measures to support demand and stabilize investment, particularly focusing on the financial pressures faced by developers [8][19] Sales Forecast - The report forecasts a total sales area of 810 million square meters in 2026, representing a year-on-year decrease of 8% - The average sales price is expected to be 9,144 yuan per square meter, down 4% year-on-year - The total sales amount is projected to be 7.4 trillion yuan, reflecting a 12% decline compared to the previous year [3][22][21] Development Investment - Real estate development investment is anticipated to reach 6.9 trillion yuan in 2026, a decrease of 16% year-on-year, although the rate of decline is expected to narrow compared to 2025 [4][21] - The report indicates that the decline in new construction area is expected to be 18% year-on-year, with a total of 480 million square meters [4][21] Completion Forecast - The report predicts that the completion area will be 490 million square meters in 2026, down 19% year-on-year, continuing the trend of cyclical contraction [5][21] Market Dynamics - The report highlights that the main contradiction in the real estate market has shifted from "shrinking transaction volume" to "continuing price declines," particularly affecting the second-hand housing market [9] - It suggests that the market's recovery will depend on effective policy measures and the stabilization of developer financing [8][19] Investment Recommendations - The report recommends focusing on three main lines for investment: 1. Developers with stable fundamentals and high market share in first and second-tier cities 2. Smaller developers showing significant breakthroughs in sales and land acquisition 3. Commercial real estate companies exploring new operational models in the new consumption era [9][21]

Core Viewpoint - Xiaosong Co., Ltd. (002723) announced that its investment in Songguo Digital Culture (Jiangxi) Co., Ltd. is still in the early investment stage and will not significantly impact the company's business at this time [1][5]. Group 1: Investment and Shareholding - On September 16, 2025, Xiaosong Co. invested 10.5 million yuan to acquire a 51.22% stake in Songguo Digital Culture (Jiangxi), which was included in the consolidated financial statements from October 2025 [2][6]. - On December 17, 2025, Xiaosong Co. disclosed that its controlling shareholder, Huaxin Chuangli, signed a share transfer agreement to transfer 30.7379 million shares (9.25% of total shares) to Shanghai Jiasheng Times, at a price of 9.32 yuan per share, totaling 286 million yuan [2][6]. Group 2: Management and Control Changes - If the share transfer is completed, Jiasheng Times will become the new controlling shareholder of Xiaosong Co., with the actual controllers changing to Luo Minghua and Liu Lingshuang [2][6]. - Jiasheng Times was established on November 18, 2025, with a registered capital of 200 million yuan, and its partners include Shanghai Yanxi Chuangji and Zhongshan Hengdeshun Technology [3][7]. Group 3: Business Operations and Financial Performance - Xiaosong Co. primarily engages in home appliance and engineering construction businesses, with a projected loss of 15 million to 22.5 million yuan for 2025 [3][7]. - The company stated that the revenue and profit from Songguo Jiangxi's short drama business are currently low and will not have a significant impact on overall business performance [3][7].

Investment Rating - The report rates the real estate sector as "Outperform" [6] Core Insights - The real estate market is experiencing significant year-on-year growth due to a low base from the previous year, particularly during the Spring Festival period, but there is a month-on-month decline in transactions [1][6] - The Shanghai pilot program for purchasing second-hand homes for rental housing is expected to positively influence market expectations and confidence if implemented effectively [2][6] - The new housing transaction area has shifted from positive to negative month-on-month, with a narrowing year-on-year growth rate [6][17] - The inventory of new homes is decreasing both month-on-month and year-on-year, while the de-stocking cycle has decreased month-on-month but increased year-on-year [6][46] Summary by Sections New Housing Market Tracking - In the week of January 31 to February 6, 2026, new housing transaction volume in 40 cities was 17,000 units, a month-on-month decrease of 4.3% and a year-on-year increase of 225.1% [18][19] - The new housing transaction area was 163.1 million square meters, with a month-on-month decline of 9.6% and a year-on-year increase of 203.0% [18][27] - The transaction volume and area for first, second, and third/fourth-tier cities showed varying month-on-month and year-on-year growth rates [20][21][22] Second-Hand Housing Market Tracking - The transaction area for second-hand homes in 18 cities was 174.1 million square meters, with a month-on-month decline of 4.7% and a year-on-year increase of 349.7% [6][19] - The month-on-month decline in transaction volume for second-hand homes is more pronounced in first-tier cities compared to second and third/fourth-tier cities [6][19] Inventory and De-stocking Cycle - The inventory of new homes in 12 cities was 11,235 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 6.4% [46][47] - The de-stocking cycle for new homes is 17.4 months, showing a month-on-month decrease but a year-on-year increase [46][47] Land Market Tracking - The total area of land transactions across 100 cities was 1,188.4 million square meters, with a month-on-month increase of 74.1% and a year-on-year increase of 582.1% [6][14] - The average land price per square meter decreased month-on-month and year-on-year, indicating a cooling in land prices [6][14] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, those that have made significant breakthroughs in sales and land acquisition, and commercial real estate companies exploring new consumption scenarios [7][6]

Core Viewpoint - Ruian Real Estate Limited has announced the establishment of a joint venture for equity transfer and project asset management, with a total investment commitment of RMB 3.3002 billion [1] Group 1: Joint Venture Details - The joint venture will include partners such as Ruian General Partner, Shanghai Ruian, Manulife Financial Corporation, China Life Trust, and others, with Ruian General Partner and Shanghai Ruian committing approximately RMB 1.3366 billion [1][2] - The joint venture will hold 99% of the project company, and Ruian Real Estate will own 40.5% of the partnership interests through Ruian General Partner and Shanghai Ruian [2][3] Group 2: Project Company Information - The project company, Shanghai Xingqiao Real Estate Co., Ltd., is indirectly owned by Top Fountain Limited, which is held by Ruian Real Estate (45%), Manulife Financial Corporation (45%), and China Life Insurance (10%) [3] - The project assets include office buildings, shopping malls, and other facilities in Huangpu District, Shanghai, with a total saleable and rentable area of approximately 79,000 square meters [3] Group 3: Financial Performance and Strategic Benefits - For the first three quarters of 2025, the project company reported a pre-tax profit of approximately RMB 76 million and a post-tax profit of approximately RMB 51 million, with a net asset value of about RMB 5.505 billion [3] - The transaction allows for domestic investment in project assets, enables the project company to obtain domestic bank financing, and helps mitigate foreign exchange risks associated with offshore holdings [3]

Core Viewpoint - Ruian Real Estate Co., Ltd. has announced the establishment of a joint venture for equity transfer and project asset management, with a total investment commitment of RMB 3.3002 billion [1] Group 1: Joint Venture Details - The joint venture will include partners such as Ruian General Partner, Shanghai Ruian, Manulife Financial Corporation, China Life Trust, and others, with Ruian General Partner and Shanghai Ruian committing approximately RMB 1.3366 billion [2] - The joint venture will hold 99% of the equity in the project company, and Ruian Real Estate will own 40.5% of the partnership interests through its subsidiaries [2][3] Group 2: Project Company Information - The project company, Shanghai Xingqiao Real Estate Co., Ltd., is indirectly owned by Top Fountain Limited, which is held by Ruian Real Estate (45%), Manulife Financial Corporation (45%), and China Life Insurance (10%) [3] - The project assets include office buildings, shopping malls, and other facilities in Huangpu District, Shanghai, with a total saleable and rentable area of approximately 79,000 square meters [3] Group 3: Financial Performance - For the first three quarters of 2025, the project company reported a pre-tax profit of approximately RMB 76 million and a post-tax profit of approximately RMB 51 million, with a net asset value of approximately RMB 5.505 billion [3] - The transaction allows for domestic investment through the joint venture, enabling new investors to participate and facilitating domestic bank financing, which helps mitigate foreign exchange risks associated with overseas holdings [3]

该等交易完成后，合营企业将持有项目公司99%的股权。本公司将透过瑞安普通合伙人及上海瑞安(各 自为本公司的间接全资附属公司)拥有合营企业40.5%的合伙权益。该等交易完成后，本集团对项目公司 的会计处理将不会发生变化。合营企业及项目公司的财务业绩均不会于本集团的财务报表综合入账。 瑞安房地产(00272)发布公告，于2026年2月6日，瑞安普通合伙人及上海瑞安(各自为本公司的间接全资 附属公司)、控股公司侨亨有限公司、项目公司上海兴侨房地产有限公司、宏利有限合伙人、中国人寿 （601628）信托、大家有限合伙人及大家普通合伙人订立合作协议，为进行股权转让及透过项目公司 (项目公司拥有的资产，包括位于上海黄浦区的办公楼、商场及其他设施，其可供销售及可供出租总建 筑面积为约7.9万平方米)持有项目资产的目的而将成立合营企业。 该等交易使本公司能将透过控股公司对项目资产进行的境外投资，转换为透过合营企业进行的境内投 资，从而允许新投资者透过合营企业投资于项目资产;使项目公司能够获得境内银行融资，有助于减轻 因境外持股及融资结构与项目资产产生的人民币收入不匹配而产生的外汇风险;透过利用境内融资降低 项目资产的融资成本 ...

该等交易使本公司能将透过控股公司对项目资产进行的境外投资，转换为透过合营企业进行的境内投 资，从而允许新投资者透过合营企业投资于项目资产;使项目公司能够获得境内银行融资，有助于减轻 因境外持股及融资结构与项目资产产生的人民币收入不匹配而产生的外汇风险;透过利用境内融资降低 项目资产的融资成本。 智通财经APP讯，瑞安房地产(00272)发布公告，于2026年2月6日，瑞安普通合伙人及上海瑞安(各自为 本公司的间接全资附属公司)、控股公司侨亨有限公司、项目公司上海兴侨房地产有限公司、宏利有限 合伙人、中国人寿信托、大家有限合伙人及大家普通合伙人订立合作协议，为进行股权转让及透过项目 公司(项目公司拥有的资产，包括位于上海黄浦区的办公楼、商场及其他设施，其可供销售及可供出租 总建筑面积为约7.9万平方米)持有项目资产的目的而将成立合营企业。 该等交易完成后，合营企业将持有项目公司99%的股权。本公司将透过瑞安普通合伙人及上海瑞安(各 自为本公司的间接全资附属公司)拥有合营企业40.5%的合伙权益。该等交易完成后，本集团对项目公司 的会计处理将不会发生变化。合营企业及项目公司的财务业绩均不会于本集团的财务报表综合入 ...