Core Viewpoint - The responsibility of urban developers is not to create spectacles but to nurture the soil, allowing roots to breathe and extend, leading to stable branches and leaves [1][23]. Group 1: Community Value - The value of a community lies in whether people are willing to stay for generations and continue living there [2][23]. - Community is the "source code" of a city, with cultural roots providing vitality, while skyscrapers only enhance the skyline [9][12]. - The shift from a commercial project brand to a community brand reflects a new proposition for the future of urban development [7][31]. Group 2: Long-term Strategy - In a turbulent real estate industry, the focus should be on community as the core, culture as the bond, and long-termism as the strategy [12][53]. - The approach of prioritizing community needs over immediate sales reflects a commitment to long-term growth rather than short-term gains [25][37]. - The development logic is shifting from investment-driven to experience and innovation-driven, emphasizing the creation of spaces that foster community interaction [34][37]. Group 3: Urban Development Philosophy - The philosophy of urban development should respect the stories and traditions of the land, focusing on "stock quality improvement" rather than large-scale demolition [40][44]. - The community should cater to diverse family structures, acknowledging the changing social dynamics beyond the traditional family model [42][44]. - Environmental considerations must be embedded in community planning, making resilience a core competitive advantage [44][46]. Group 4: Future Community Vision - The future community should be a "super composite elastic container," accommodating various functions such as living, working, learning, and entertainment [46][48]. - The emphasis on co-creation with residents highlights the need for communities to evolve through shared experiences rather than being predefined by developers [46][48]. - The integration of local culture and global dialogue is essential for creating vibrant communities that attract creative talent [48][49]. Group 5: Industry Context - The real estate market continues to face significant downward pressure, with investment and sales figures showing declines [50][52]. - Many real estate companies are struggling with survival, emphasizing the need for patience and responsibility in a short-term driven industry [52][53]. - The true value of a community is realized over time, focusing on its vitality years after construction rather than immediate financial returns [53][55].

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 ...

瑞安房地產成立於2004年，並於2006年在香港聯合交易所上市，是 中國領先的城市發展解決方案提供者，主要業務分布於全國多個核心 城市，專注於物業開發、物業投資及管理兩大核心業務板塊。作為開發 和運營卓越可持續社區的先鋒，公司充分發揮城市更新與商業創新的 優勢，將文化、社交和可持續理念融入城市發展血脈中，不斷激發城市 生命力，並憑借旗下著名品牌「新天地」和「翠湖天地」，實現人們對品 質生活的不斷追求和想象。 BUILDING A FUTURE SHARING A DREAM 新可能 新天地 INTERIM REPORT 2025 二零二五年度中期業績報告 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之有限責任公司 STOCK CODE 股份代號 272 CONTENTS 目錄 2 Chairman's Statement 主席報告 6 Management Discussion and Analysis 管理層討論與分析 29 Independent Revi ...

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)