复旦大学的大三学生杨可（化名）第一次知道"烤匠"品牌便是在这场朋友圈的热潮中。 一条烤鱼引发的"团战" 彼时，川渝烤鱼品牌烤匠发起了一场针对上海首店选址的投票。选项包括：徐家汇、人民广场、静安 寺、五角场、淮海路等一众热门商圈，初期的投票走势符合常规商业逻辑——徐家汇以碾压之势领跑。 五角场的高校学子们不干了。 他们集结出动，在朋友圈和社交媒体上进行"团战"式的拉票。"我是大学生，请来五角场！""五角 场！！大学生们发力吧！"的呼声在评论区刷屏。 最终，五角场以超过半数的得票率完成逆袭，迎来了这家"一天排队超2000桌"的网红品牌。 去年底，一场特殊的网络投票席卷上海高校圈。 盛况源于这个网红美食的味觉诱惑，也离不开合生汇的商业运营。 从北京到上海，合生汇正在成为一个现象级商业IP。 2025年，北京朝阳合生汇以近85亿元销售额、超4100万人次客流稳居北京热门购物中心TOP1；上海五 角场合生汇销售额更突破66亿元，年客流达3900万人次。更夸张的是北京超极合生汇，46.5万平方米的 体量创下单日客流峰值超40万人次的纪录，刷新北京购物中心客流天花板。 作为上海四大城市副中心之一，杨浦五角场是北上海核心市级 ...

致：香港交易及結算所有限公司 公司名稱: 合生創展集團有限公司 呈交日期: 2026年2月2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) | 00754 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | HKD | | 0.1 | HKD | | 600,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 6,000,000,000 | HKD | | 0.1 | HKD | | 600,000,000 | 本月底法定/註冊股本總額： HKD 600,000,000 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 截至月份: ...

Market Overview - The Hong Kong stock market opened higher on January 14, with the Hang Seng Index rising by 0.46% to 26,971.97 points, the Hang Seng Tech Index up by 0.42% to 5,894.63 points, the State-Owned Enterprises Index increasing by 0.46% to 9,328.05 points, and the Red Chip Index gaining 0.25% to 4,156.46 points [1] Company News - Q Technology (01478.HK) expects a net profit growth of approximately 400% to 450% for the year ending December 31, 2025 [2] - China Coal Energy (01898.HK) anticipates a 10.2% decrease in coal sales volume to approximately 256 million tons for 2025, with December sales down by 23% year-on-year to 21.88 million tons [2] - Zhixing Technology (01274.HK) has been selected as a supplier for a Korean automotive group's driver assistance solutions for four vehicle models [2] - Country Garden (00832.HK) projects a total property contract sales amount of 8.467 billion yuan for 2025, a decrease of 16.3% year-on-year [3] - Hopson Development (00754.HK) expects total contract sales of approximately 15.607 billion yuan for 2025, down 6.15% year-on-year [4] - Chuangjie Tong (01588.HK) anticipates a profit attributable to the parent company between 76 million and 85 million yuan for 2025, representing a year-on-year increase of 127% to 154% [4] - SUTENG (02498.HK) forecasts laser radar product sales of approximately 912,000 units for 2025 [5] - Xiaocaiyuan (00999.HK) plans to establish a joint venture to develop an online mall and "community ready-to-eat stores" [6] - GDS Holdings (09698.HK) has recovered approximately 95% of the investment principal from DayOne, with an investment return rate of nearly 6.5 times [7] - China Biologic Products (01177.HK) intends to acquire 100% of Hejiya for a maximum base price of 12 million yuan to accelerate the development of its siRNA liver delivery platform [7] - Innovent Biologics (02696.HK) has had its Biologics License Application for Hanbeitai® (Bevacizumab Injection) accepted by the FDA [7] - Xiaomi Group (01810.HK) repurchased 4 million shares for 152 million HKD at prices between 37.94 and 38.04 HKD [8] - Tencent Holdings (00700.HK) repurchased 1.012 million shares for 636 million HKD at prices between 623 and 638 HKD [9] - Sunny Optical Technology (02382.HK) repurchased 640,000 shares for 41.7878 million HKD at prices between 64.55 and 65.8 HKD [10] Institutional Insights - Dongwu Securities suggests that the window for the Federal Reserve to cut interest rates this year is limited, and the impact of fiscal policies on the economy is still forthcoming. If the Fed does not cut rates in the first quarter, the rebound pace of the Hong Kong stock market will depend more on fundamental factors. The overall allocation strategy for Hong Kong stocks remains a barbell strategy, recommending a controlled allocation while waiting for more news [11] - Wanlian Securities highlights that policy opinions indicate a push to accelerate the industrialization and commercialization of brain-computer interfaces. The global competitive landscape in this sector shows the U.S. leading in invasive methods while China leads in non-invasive methods, focusing on key elements such as electrodes, chips, and algorithms [11][12]

Core Viewpoint - The company, Hopson Development Holdings, reported a total contract sales amount of approximately 1.337 billion yuan for December 2025, indicating a significant performance in the real estate market [1] Group 1: Sales Breakdown - The total contract sales included approximately 1.127 billion yuan from property sales [1] - The company also recorded around 210 million yuan from renovation contract sales [1]

Core Viewpoint - The company announced its total contract sales amounting to approximately RMB 15.607 billion for the 12 months ending December 31, 2025, indicating a significant performance in both property and renovation contracts [1] Group 1: Total Contract Sales - The total contract sales for the company and its joint ventures and associates is approximately RMB 15.607 billion for the year ending December 31, 2025 [1] - The property contract sales are approximately RMB 13.912 billion, while renovation contract sales are around RMB 1.695 billion [1] Group 2: Monthly Sales Performance - For December 2025, the total contract sales amount to approximately RMB 1.337 billion, with property contract sales at about RMB 1.127 billion and renovation contract sales at approximately RMB 210 million [1] Group 3: Sales Area and Pricing - The total property contract sales area is approximately 601,717 square meters, with an average selling price of about RMB 23,120 per square meter [1]

Core Viewpoint - The company reported a total contract sales amount of approximately RMB 15.607 billion for the 12 months ending December 31, 2025, representing a year-on-year decrease of 6.15% [1] Group 1: Total Contract Sales - The total contract sales amount for the company and its joint ventures and associates was approximately RMB 15.607 billion, with property contract sales around RMB 13.912 billion and renovation contract sales approximately RMB 1.695 billion [1] - For December 2025, the total contract sales amount was about RMB 1.337 billion, including property contract sales of approximately RMB 1.127 billion and renovation contract sales of around RMB 0.210 billion [1] Group 2: Property Sales Performance - The total property contract sales area for the company and its joint ventures and associates was approximately 601,717 square meters, with an average selling price of about RMB 23,120 per square meter [1] - The total contract sales area for non-self-invested properties managed under the "He Sheng" brand was approximately 60,955 square meters, with a contract sales amount of about RMB 5.266 billion [1] Group 3: Monthly Sales Data - In December 2025, the contract sales area for properties managed under the "He Sheng" brand was approximately 5,517 square meters, with a contract sales amount of about RMB 0.379 billion [1]

Core Viewpoint - The announcement from the company indicates a total contract sales amount of approximately RMB 156.07 billion for the 12 months ending December 31, 2025, with significant contributions from property and renovation contracts [1] Group 1: Total Contract Sales - The total contract sales amount for the company and its joint ventures and associates is approximately RMB 156.07 billion for the 12 months ending December 31, 2025 [1] - For December 2025 alone, the total contract sales amount is approximately RMB 13.37 billion [1] Group 2: Property and Renovation Sales - Property contract sales amount to approximately RMB 139.12 billion, while renovation contract sales amount to approximately RMB 16.95 billion for the 12 months ending December 31, 2025 [1] - In December 2025, property contract sales are approximately RMB 11.27 billion, and renovation contract sales are approximately RMB 2.10 billion [1] Group 3: Sales Area and Pricing - The total property contract sales area is approximately 601,717 square meters, with an average selling price of about RMB 23,120 per square meter for the 12 months ending December 31, 2025 [1] - The company’s brand "He Sheng" managed non-self-invested properties have a total contract sales area of approximately 60,955 square meters, with a contract sales amount of about RMB 52.66 billion [1] Group 4: Managed Properties Sales - For December 2025, the contract sales area for "He Sheng" managed properties is approximately 5,517 square meters, with a contract sales amount of about RMB 3.79 billion [1]

（股份代號：754） 網址︰http://www.irasia.com/listco/ hk/ hopson 截至2025年12月31日止12個月未經審核營運數據 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告之內容概不負責，對其準確性或完整性亦不 發表聲明，並明確表示概不會對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承 擔任何責任。 （ 在百慕達註冊成立的有限公司） 鑒於銷售過程中存在各種不確定性，上述銷售資料與本公司定期銷售報告披露的最終資料 可能存在差異，因此本公告所載的統計資料為概約資料，僅供參考之用。本公告所載的營 運數據未經審核。詳細的財務資料將於本公司截至2025年12月31日止的年度報告中披露。 本公司股東及潛在投資者在買賣本公司證券時務請審慎行事。 承董事會命 合生創展集團有限公司 主席 朱桔榕 香港，2026年1月13日 於本公告日期，董事會包括八名董事。執行董事為朱桔榕女士（ 主席 ）、張帆先生（ 聯席總裁 ）、歐偉建先生、 鮑文格先生及羅泰彬先生；及獨立非執行董事為陳龍清先生、程如龍先生及葉偉倫先生。 * 僅供識別 合生創展集團有限公司（「本公司」，連同 ...

Core Viewpoint - The real estate industry in China is transitioning from a "high turnover" model characterized by rapid land acquisition and construction to a "slow business" model that emphasizes quality, operational resilience, and deep understanding of customer needs [2][3][12]. Group 1: Industry Transition - The industry is moving away from the "456" high turnover model, which relied on high leverage and rapid expansion, towards a long-term strategy focused on low leverage and operational excellence [3][12]. - By 2025, the real estate sector is expected to face a debt maturity of approximately 525.7 billion yuan, indicating a significant increase in financial pressure [3]. - The market is shifting from new development to stock competition, where the ability to manage projects throughout their lifecycle is becoming crucial [3][12]. Group 2: Characteristics of "Slow" Companies - "Slow" companies like Hejing Chuangzhan, Binhai Group, and Chenjia Development are emerging as benchmarks in the industry due to their careful financial strategies and focus on high-end products in core cities [2][9]. - These companies prioritize product quality and service over rapid expansion, leading to unique offerings that meet market demands [9][11]. - The operational strategies of these firms include localized product design and a focus on understanding the values of new-generation consumers [3][11]. Group 3: Financial Performance and Business Models - Hejing Chuangzhan's commercial segment is projected to contribute 2.2 billion HKD in revenue in the first half of 2025, accounting for over one-third of the company's total revenue [6]. - The company has successfully implemented a "light asset" model, with commercial project management accounting for over 70% of new projects in 2025 [6][11]. - The "Mian" brand of Hejing Chuangzhan has achieved a gross margin of 39% in the first half of 2025, surpassing the industry average, demonstrating the effectiveness of its operational strategies [10]. Group 4: Market Dynamics and Future Outlook - The industry is evolving towards a comprehensive model that balances development, operation, and service, moving beyond mere construction and sales [5][12]. - The focus on quality living and sustainable urban development is becoming increasingly important, aligning with the broader goal of enhancing the quality of life for residents [12][13]. - As the market transitions, companies that can provide high-quality living products and create long-term value in urban operations will be better positioned for success [17].

Core Insights - The commercial real estate industry in 2025 is characterized by the rise of the experience economy, revitalization of existing assets, and deepening ecological collaboration, with the company’s commercial operations serving as a strategic pillar providing stable cash flow and profit support [1] Group 1: Business Performance - The company demonstrates robust growth across multiple business lines, including shopping centers, office buildings, hotels, and apartments, achieving a high-quality development performance [2] - The shopping center segment, as the core engine, shows strong brand value with significant sales figures, such as nearly 8.5 billion yuan in sales and over 41 million visitors at the Beijing Chaoyang shopping center, making it the top shopping center in Beijing [2] - The company has introduced over 265 new brands in its shopping centers, focusing on matching regional consumer demands and enhancing the "first store economy" [5] Group 2: Operational Strategy - The company emphasizes sustainable commercial vitality by focusing on customer value extraction and ecological collaboration, aligning with the industry trend of transitioning from developers to operators [1][5] - In the office and commercial property sector, the company achieved over 90% leasing rates and 100% occupancy in key projects, reflecting excellent asset management and customer service capabilities [3] - The company’s hotel and apartment business has gained market recognition through service quality upgrades and meticulous operations, exemplified by the successful hosting of a national sports event [3] Group 3: Innovative Practices - The company is committed to creating unique commercial scenes by integrating local culture and ecology, enhancing cultural recognition and consumer emotional resonance [4] - The operational strategy includes over 20 upgrades in hardware and services, focusing on enhancing customer experience through detailed and emotional engagement [5] - The company’s light-asset expansion model has shown stability and value-adding capabilities, acquiring seven light-asset projects in high-potential cities, which is expected to generate stable management fees and performance-sharing income [6] Group 4: Long-term Vision - The company’s approach to deepening operations with a long-term perspective and user-centric innovation in scenes and content is key to building lasting competitiveness [6] - By creating meaningful connections and vibrant commercial spaces, the company is actively contributing to urban consumption vitality and cultural richness, embodying the evolution of modern commercial spaces from transaction venues to lifestyle hubs [6]