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]

Core Insights - Beijing Chaoyang Heshenghui announced a record-breaking performance for 2025, achieving sales exceeding 8.5 billion yuan, with a year-on-year revenue increase of nearly 15% [1] - The daily foot traffic reached nearly 230,000, marking a new high since its opening in 2017, indicating strong growth in both customer flow and revenue [1] Group 1: Operational Efficiency - Heshenghui effectively manages a large daily foot traffic of over 100,000, with peak periods approaching 200,000, by ensuring smooth operations in safety, hygiene, and facility load [1] - The integration of property management and IT digital operations, along with efficient collaboration across human resources and financial systems, is fundamental to Heshenghui's stable performance [1] - The location's accessibility to various demographics, including tourists, students, and local residents, is strategically leveraged to enhance customer experience [1] Group 2: Customer Engagement - Heshenghui fosters strong customer loyalty and emotional connections through both online and offline interactions, transforming complaints into constructive feedback for continuous improvement [2] - The implementation of special services and facilities for different customer groups, such as luggage storage and exclusive discounts for students, enhances the overall customer experience [1] Group 3: Brand and Asset Management - As a key brand under Hesheng Group, Heshenghui not only contributes to revenue but also exemplifies the company's operational capabilities and brand value [3] - The continuous upgrade of space and business formats, including the introduction of diverse retail options and innovative dining experiences, increases customer engagement and dwell time [3] - Heshenghui serves as a "live advertisement" for Hesheng's light asset model, providing strong credibility for brand partnerships and management expansion [3] Group 4: Strategic Transformation - Heshenghui represents a critical step in Hesheng Group's strategic shift from a traditional developer to an urban operator, providing stable cash flow and brand premium despite market fluctuations [4] - The success of Heshenghui is rooted in a replicable and sustainable business operation system, emphasizing long-term commitment to redefining the value logic of commercial real estate [4]

FF301 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: 2025年12月31日 狀態: 新提交 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1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 | | | ...

Core Insights - The national housing and urban construction work conference emphasized the need to stabilize the real estate market, focusing on city-specific policies to control supply, reduce inventory, and improve quality [1][2] - Guangzhou's real estate market is expected to stabilize and recover, with a consensus among industry experts on the importance of quality housing and urban renewal for high-quality development [1][3] Policy Direction - In 2026, Guangzhou will focus on "stabilizing the market" by controlling supply, reducing inventory, and improving housing quality [2] - The city aims to balance supply and demand, promote the construction of quality housing, and accelerate the pace of inventory reduction through the acquisition of existing properties for affordable housing [2] - The national meeting highlighted the need to address inventory issues, with the average inventory cycle in 100 cities reaching a historical high of 27.4 months in November [2] Urban Renewal and Quality Development - The policy shift from merely stabilizing the market to enhancing quality development emphasizes urban renewal as a key driver of economic growth [5] - Guangzhou has launched an investment plan exceeding 800 billion yuan for urban renewal, integrating stock updates with functional repairs and industry cultivation [5][6] Industry Consensus - A clear consensus is forming among industry representatives that stabilizing expectations is crucial, with product quality, urban renewal, and long-term operational capabilities being key variables for the industry's future [7][9] - Companies believe that Guangzhou's innovative policies in areas like purchase restrictions, financial support, and urban renewal provide a conducive environment for market recovery [7] - The market is entering a phase of "refined development," where competition will focus on product quality and comprehensive operational capabilities rather than mere scale expansion [9]

Group 1 - The core point of the article is that 合生创展集团 (Country Garden Holdings) reported significant sales figures for the period ending November 30, 2025, with total contract sales amounting to approximately RMB 142.70 billion [1] - The property contract sales for the same period were approximately RMB 127.85 billion, with a total sales area of about 541,358 square meters and an average price of RMB 23,620 per square meter [1] - In November 2025 alone, the total contract sales amounted to approximately RMB 11.05 billion, with property contract sales of about RMB 10.66 billion [1] Group 2 - The company also reported that the sales area for non-self-invested properties managed under the "合生" brand was approximately 55,438 square meters, generating contract sales of about RMB 48.87 billion [1] - The sales figures for the month of November included contract sales for the managed properties amounting to approximately RMB 1.81 billion from a sales area of about 1,961 square meters [1] - The operational data provided is unaudited and subject to adjustments, with detailed financial information to be disclosed in the 2025 annual report [2][3]