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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 光大永年有限公司 （於英屬維爾京群島註冊成立並以存續方式在開曼群島註冊的有限公司） 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) | 03699 | 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 | | | 441,400,000 | | 0 | | 441,400,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 441,400,000 | | 0 | | 441,400,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: ...

Core Insights - The decline of Wang Jianlin symbolizes a potential end to the era of commercial real estate in China, raising questions about the future of high-end shopping malls as foot traffic decreases [1] - The rapid expansion of commercial centers in China over the past decade has led to saturation, particularly in lower-tier cities, with a significant increase in the number of shopping centers and commercial space [3][5] Industry Development - From 2011 to 2024, the number of commercial centers surged from 816 to approximately 6,700, with total commercial building area expanding from under 100 million square meters to 630 million square meters, resulting in per capita commercial space growth from 0.03 square meters to 0.55 square meters [3] - The commercial real estate sector saw explosive growth due to rising consumer spending and economic development, with GDP increasing from 6.19 trillion to 15 trillion yuan between 2010 and 2020 [5][8] Market Saturation - By 2020, the market became oversaturated, particularly in lower-tier cities, leading to a significant drop in rental yields from an average of 8% to -10% as many projects were completed [8] - The average vacancy rate for shopping centers in key cities reached a four-year high, with cities like Fuzhou experiencing vacancy rates as high as 15.03% due to intense competition and market saturation [8][12] Impact of E-commerce - The rise of e-commerce, particularly mobile and online retail, has drastically changed the retail landscape, with online retail growth averaging 17.4% annually, while offline retail growth slowed to 3.5% [11] - The shift in consumer behavior has led to a decline in foot traffic in shopping malls, with many struggling to maintain high rental prices as online platforms dominate marketing and customer engagement [11][12] Future Outlook - The future of shopping malls in China appears bleak, with predictions that many will fail unless they are strategically located, can attract population inflow, effectively integrate online and offline marketing, and offer unique brands rather than homogeneous chain stores [12]

每经评论员 付克友 因此，王健林在"虚惊一场"之后，还没有办法松一口气。从2023年珠海万达商管上市的"对赌"失败，再 到2025年的"限高令"，王健林不断启动"卖卖卖"模式，是断臂求生，更是一场难逆行业转型趋势的悲壮 转身。 军旅出身的王健林向来以铁腕著称，甩卖起来也杀伐果断。2023年以来，万达已累计出售超85座万达广 场，仅2025年5月就一次性打包出售48座予太盟、腾讯、京东等机构组成的联合体。万达酒店管理公司 100%股权被卖给同程旅行，快钱金融30%股权被卖给了中国儒意。王健林还清空了海外资产，包括美 国传奇影业股权、英国圣汐游艇公司等。 有统计显示，2024年和2025年，万达累计处置资产超900亿元，早年的"多元化"已瘦成"商管+文旅"两根 硬骨头。核心目的非常明确，就是回笼资金、降低负债。 说起来，王健林是较早就意识到房地产尤其是商业地产变迁趋势的企业家之一。他在2015年就提出从重 资产向轻资产模式的战略转型，剥离还是现金奶牛的万达广场，减少固定资产投资，降低运营风险，以 期实现商业模式的根本重构。 王健林有一句名言："优秀的企业要在好的时候做最坏的打算，在坏的时候做最好的安排。" 他还对 ...

这像是一个出人意料的"乌龙"，但又像是一个顺理成章的隐喻。 9月26日，王健林因万达下属文旅项目1.86亿元执行案被下达限制高消费令。36小时后，限高信息悄然 撤销。万达集团回应称，此次系"执行层面信息不对称导致"。 作为中国房地产特别是商业地产领域的代表符号之一，王健林被"限高"，不仅是个体困境，更反映整个 行业转型的阵痛。这位中国前首富的起伏轨迹，可以说是中国房地产行业从狂热走向理性整个周期的一 个缩影。 每经记者｜付克友 每经编辑｜陈俊杰 每经评论员 付克友 王健林有一句名言："优秀的企业要在好的时候做最坏的打算，在坏的时候做最好的安排。" 他还对下 属说过："别跟我谈规模，先谈下个月利息够不够。"这种先见之明，使得万达能够在危机中获得喘息机 会，但王健林显然还是低估了行业变迁的力度与速度。 王健林的"断臂"越发彻底，越发决绝，也在一定程度上映衬了他的悲壮。万达坚持市场化的"资产出 售"而非"债务重组"，迄今未申请境内债整体展期，保留了信用记录，却也把全部压力集中在"卖得快、 卖个好价钱"。 面对行业变迁，王健林的选择是承担而非逃避。他人未走，钱也未全部离场，"边打边退"，用资产折价 换取信用缓释。有网 ...

编者荐语： 9月28日，多家媒体报道王健林被"限高"。据"财联社"消息，9月29日，中国执行信息公开网已经没有万达集团董事长王健林"限高"信息。 万达方面回应，本次事件是万达下属项目公司经济纠纷，或因在执行层面信息不对称导致。 以下文章来源于大猫财经Pro ，作者大猫财经猫哥 而这个案子的金额是多少呢？1.86亿。 被追债的，除了王健林，还有万达集团、万达地产、武汉万达文旅、武汉楚河汉街文旅，还是万达的文旅项目惹的祸。 大猫财经Pro . 看懂大趋势、小案例、一起搞钱 作者 | 史大郎&猫哥 来源 | 大猫财经Pro 导语：王健林变"老赖"，或许只是开始...... 王健林也被限制高消费了。 2017年，那场"世纪交易"，王健林把万达的13个文旅项目和76个酒店打包卖了。 当年的那场交易，王健林缺钱，对方也趁势压价，交易一波三折，王健林一脑门子的汗，中间一度摔杯，但是最终还是卖了600多 个亿，王老板还博了"有先见之明"的名儿。 但是，王老板可没放弃文旅。 2021年，万达拿到了武汉万达文旅项目，走的还是以前万达城的路子，号称"世界级滑雪乐园、水乐园、奢侈品小镇、星级度假 酒店群、旗舰万达广场、生态体育运动中 ...

Group 1 - Renowned robotics expert Rodney Brooks warns investors that funding humanoid robot startups is a waste of money, criticizing companies like Tesla and Figure for their training methods [2] - Dalian Wanda Group and its legal representative Wang Jianlin have been restricted from high consumption due to a forced execution amounting to 186 million, with additional frozen equity information involving 47 cases [3][4] - KeyBanc downgraded Warner Bros. Discovery's rating to "hold," citing potential downside risks if a rumored acquisition does not materialize [4] Group 2 - Guangzhou has optimized its housing provident fund withdrawal policy, allowing contributors to withdraw funds for purchasing various types of housing and for old elevator renovations [6] - Anke Biological confirmed that its controlling shareholder has not lent shares to quantitative institutions, addressing market concerns [7] - Bear Electric is investigating an explosion incident involving its glass kettle, with ongoing support for the affected family [8] Group 3 - Shanghai's housing market has introduced new regulations to enhance residential quality, notably adjusting balcony design standards to meet market demand for spacious balconies [9] - Xibei Restaurant founder Jia Guolong has cleared his social media accounts, retaining only one video related to the restaurant's growth story and annual revenue of 6.2 billion [10] - Leap Motor's founder Zhu Jiangming announced the lifting of a three-day consumption restriction, acknowledging team shortcomings revealed during a recent business dispute [11] Group 4 - Shenzhen's market supervision bureau conducted a special inspection of mooncakes, with all 167 samples tested found to be compliant [12] - AI image generation startup Black Forest Labs is exploring raising $200 to $300 million at a valuation of $4 billion, following a previous round at a $10 billion valuation [12]

Group 1 - Wang Jianlin's "high consumption restriction" was a trending topic, but it has now been lifted [3] - The legal basis for "high consumption restriction" is to compel debtors to fulfill their obligations by limiting luxury spending, which includes travel by airplane, staying in star-rated hotels, and enrolling children in expensive private schools [3][4] - The restriction applies to various high consumption behaviors, such as purchasing real estate, renting high-end office spaces, and paying high insurance premiums [4] Group 2 - Despite the restrictions, individuals under "high consumption restriction" can still use their private jets, as the enforcement primarily targets ticket purchasing processes [5] - There has been a notable decline in the number of business jets in China, with a reduction of approximately 70 aircraft since 2022, marking the largest drop since 2012 [5]

Group 1 - The restriction on Wang Jianlin, chairman of Dalian Wanda Group, has been lifted, and the previous "limit high" information is now classified as a historical consumption restriction [1] - Dalian Wanda Group and its subsidiaries are currently facing significant debt pressure, with non-current liabilities due within one year amounting to approximately 40.08 billion yuan and total current liabilities around 91.42 billion yuan [3] - Dalian Wanda has sold over 30 projects in 2024, including 7 at the beginning of the year, resulting in at least 85 Wanda Plaza ownership transfers nationwide [3] Group 2 - Wang Jianlin currently has 42 companies, with only 10 in operation or migration status, while the rest are either revoked or canceled [2] - Wang Sicong's company, Shanghai Panda Interactive Entertainment Co., Ltd., is facing a court execution of 12.1 million yuan due to a contract dispute [2] - Dalian Wanda Group has a total of 10 execution records, with a total amount of approximately 5.26 billion yuan, and 47 equity freeze records totaling 41.5 billion yuan [1]

Group 1 - The restriction on Wang Jianlin, chairman of Wanda Group, has been lifted [2][3] - There is no longer any "limit height" information regarding Wang Jianlin on the China Execution Information Public Network [3] - The incident was related to economic disputes involving Wanda's subsidiary project company, potentially due to information asymmetry in the execution process [3]

Group 1 - Wei Jianjun, chairman of Great Wall Motors, emphasizes the importance of avoiding exaggerated marketing claims in the automotive industry, stating that over-exaggeration can lead to serious safety concerns for consumers [3][5] - He insists on establishing a correct value system within the company to ensure steady and solid growth, highlighting that automobiles are serious durable goods unlike fast-moving consumer goods [3][5] - Great Wall Motors supports smart technology but stresses the need for solid foundational work and thorough validation before implementation [5] Group 2 - Dalian Wanda Group and its legal representative Wang Jianlin have been restricted from high consumption due to economic disputes, with a total execution amount exceeding 5.3 billion yuan [7][8] - The company has faced multiple execution orders, indicating ongoing financial difficulties and disputes with project companies [7][8] - The Shanghai Wahaha drinking water factory has transitioned to a new brand "Hu Xiaowa" after losing the rights to the "Wahaha" trademark, citing the need to adapt for survival [9] Group 3 - Momenta is reportedly preparing for a new round of financing, with a potential valuation of around $6 billion, and has recently partnered with Mercedes-Benz to apply its technology in new electric models [14][15] - The company is recognized as a key player in the intelligent driving sector, alongside other major firms [15] Group 4 - The sales revenue of Pang Donglai has reached 17.12 billion yuan in the first nine months of 2025, surpassing the total sales of 16.9 billion yuan for the entire year of 2024 [10][11] - The company aims to control sales growth to avoid overburdening employees, maintaining a focus on employee well-being [10][11] Group 5 - Xiaomi's YU7 model has seen significant demand, with some customers waiting over three months for delivery, prompting the company to offer gifts to waiting customers [11] - The CEO of Ideal Auto confirmed that both the i8 and i6 models have independent production lines, ensuring sufficient capacity to meet demand [20]