（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） EVERBRIGHT GRAND CHINA ASSETS LIMITED 光大永年有限公司 （股份代號：3699） 提名委員會 — 職權範圍 3. 會議 – 1 – 1.1 本公司提名委員會（「提名委員會」）應由本公司董事會（「董事會」）設 立，且應包括大多數獨立非執行董事及至少一名不同性別的成員。 1.2 提名委員會的主席必須由董事會主席或提名委員會內由董事會委任 的獨立非執行董事出任。 1.3 提名委員會成員的任職期限應由董事會於委任日期確定。 2.1 本公司的公司秘書應擔任提名委員會秘書。 2.2 提名委員會可不時委任具備適當資格及經驗的任何其他人士擔任提 名委員會秘書。 3.1 提名委員會成員在必要情況下可隨時召開會議。 3.2 任何會議均應至少提前14日發出通知，除非提名委員會全體成員一致 同意豁免發出該通知。即使有上述通知期，提名委員會成員出席會議 1. 成員 2. 提名委員會秘書 4. 出席會議 5. 股東週年大會 將被視為豁免必須發出通知之規定。倘續會於有關會議結束後的14日 內舉行，則有關續會毋須作出通知。 7.1 提名委 ...

Core Viewpoint - Shanghai is experiencing a commercial supply surplus, with a significant number of shopping malls opening without a corresponding increase in consumer demand, leading to many malls being abandoned or underperforming [3][5][10]. Group 1: Commercial Landscape in Shanghai - Shanghai has over 400 shopping centers, with one large shopping center for every 80,000 people, compared to Tokyo's one for every 200,000 [3]. - The city is expected to open around 60 new commercial spaces this year, totaling over 3 million square meters, with Minhang leading in new openings [3]. - Despite the increase in commercial space, the retail sales growth in Shanghai was negative in the first quarter of this year, indicating a disconnect between supply and consumer spending [4]. Group 2: Decline of Shopping Malls - Many shopping malls in prime locations are closing, including notable names like Pacific Department Store and Isetan, highlighting a trend of commercial attrition [5][6]. - The Aegean Shopping Center, which opened in 2017, has seen a dramatic increase in vacancy rates, with outdoor shops nearly 90% vacant [6][9]. - The competition among large malls, such as the Aegean and China Resources Mixc, is fierce, with the latter currently attracting more foot traffic [10]. Group 3: Market Dynamics and Consumer Behavior - The emergence of new shopping centers has led to a phenomenon where older malls are being abandoned, as consumer preferences shift [11][12]. - The Seven Puxian Road wholesale market has seen rental prices plummet from a peak of 70,000 to 500 yuan per month, indicating a significant decline in demand [15][17]. - The market is experiencing a bifurcation, with some malls successfully transitioning to high-end offerings while others remain stagnant [19][20]. Group 4: Corporate Strategies and Asset Sales - Wanda Group has been actively selling off commercial assets, including over 90 Wanda Plazas, to alleviate financial pressures, reflecting a broader trend among real estate companies [21][22]. - Other companies, such as Vanke and various insurance firms, are also divesting commercial properties to improve liquidity and focus on core assets [24][27]. - The shift from expansion to efficiency in the commercial real estate sector is evident, as companies adapt to a new era of competition and consumer behavior [28][29].

Core Viewpoint - The article highlights the efforts of the Dongying District Taxation Bureau to implement tax and fee preferential policies aimed at supporting small and micro enterprises, thereby enhancing the business environment and invigorating the local economy [1][3]. Group 1: Tax Policy Promotion - The taxation officials focused on explaining the announcement regarding further support for small and micro enterprises and individual businesses, detailing tax reduction policies such as property tax and urban land use tax exemptions, as well as VAT deductions [3]. - The event included practical demonstrations of online processes for issuing real estate rental invoices, helping management streamline tax-related business operations [3]. Group 2: Direct Support for Merchants - Tax officials set up consultation stations in the shopping mall, distributing over a thousand copies of materials on small and micro enterprise tax benefits and providing one-on-one guidance tailored to different business types [5]. - Specific guidance was given on VAT exemption policies for small-scale taxpayers with quarterly sales not exceeding 300,000 yuan, with practical training on using the electronic tax bureau app for tax declaration [5]. Group 3: Consumer Engagement - The event featured an interactive area for consumers, addressing tax-related inquiries and promoting policies such as vehicle purchase tax exemptions for new energy vehicles and subsidies for replacing old appliances [7]. - Over 200 consumer tax-related questions were answered, and more than 800 informational materials were distributed during the event [7]. Group 4: Long-term Support Mechanism - The establishment of a "Tax + Business Circle" collaboration mechanism was announced, including the creation of tax service stations in commercial areas for immediate response to tax-related inquiries [9]. - The Dongying District Taxation Bureau plans to enhance its "policy outreach" mechanism, utilizing tax big data to accurately push preferential policies to support small and micro enterprises [9].

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，概不對因本公告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。 EVERBRIGHT GRAND CHINA ASSETS LIMITED 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） （股份代號：3699） 於2025年6月11日舉行之 股東週年大會投票表決結果 光大永年有限公司（「本公司」）於2025年6月11日舉行之股東週年大會（「股東週 年大會」）上，所有列載於日期為2025年4月25日之股東週年大會通告內的提呈 決議案均已進行投票。投票表決結果如下： | | 普通決議案 | | 票數（概約百分比）* | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 省覽截至2024年12月31日止年度的經審核 | 331,015,100 | 500 | | | 綜合財務報表及董事與核數師的報告。 | (99.9998%) | (0.0002%) | | 2. | 宣派截至2024年 ...

Group 1 - The core narrative revolves around the contrasting fortunes of Wang Jianlin and his son Wang Sicong, highlighting the father's struggles to manage Wanda's debt while the son enjoys a lavish lifestyle [1][3][18] - Wang Jianlin has sold 48 Wanda Plazas for 50 billion yuan to alleviate the company's financial burdens, indicating a significant shift from the company's peak when it owned 368 plazas [3][5] - The buyers of the plazas include familiar names like Tencent, JD.com, and Sunshine Life Insurance, suggesting a network of established relationships in the business community [3][5] Group 2 - Wang Sicong's lifestyle is characterized by extravagant spending, including luxury items and private jet travels, contrasting sharply with his father's financial struggles [5][7][9] - The article discusses the implications of family dynamics, noting that Wang Sicong benefits from a supportive family structure, particularly from his mother, Lin Ning, who has substantial wealth [11][13] - The narrative reflects broader societal themes about wealth distribution and the different paths available to the wealthy versus the average individual, emphasizing the advantages of being born into affluence [18][37]

Core Viewpoint - Wang Jianlin, once a prominent figure in the real estate industry, is now facing significant financial difficulties, leading to the repeated sale of Wanda Plaza assets to manage debt obligations [1][3][12]. Group 1: Background and Initial Success - Wang Jianlin built his fortune through real estate, with Wanda Plaza thriving until 2017, generating substantial income from shopping malls and cinemas [3][5]. - In 2014, Wanda went public, marking a peak in Wang's success, but he later decided to delist the company, believing its value was underestimated [3][5]. Group 2: Challenges and Debt Accumulation - Following the delisting, Wang faced a drastically changed market environment, with strict regulations on real estate investments, making it difficult for Wanda to relist [5][7]. - Wang's failure to relist by 2018, as per a betting agreement with investors, led to escalating debts, which have now reached 600 billion yuan [9][10]. Group 3: Asset Sales and Financial Strategy - To alleviate financial pressure, Wang has sold numerous assets, including over 70 hotels and 13 cultural tourism projects in 2017, and recently, 48 Wanda Plazas [10][12][18]. - The recent sales have been to familiar investors, including Taikang, which previously invested 78 billion yuan in Wanda [12][15]. Group 4: Ongoing Financial Struggles - Despite asset sales, Wanda continues to face significant financial challenges, with a large portion of revenue dependent on rental income from physical stores, which have been adversely affected by the rise of e-commerce [20][22]. - The ongoing sales of Wanda Plaza indicate a persistent struggle to manage debt, with speculation about the company's future viability [20][22].

Core Insights - The article highlights the strategic shift of Wang Jianlin, who is focusing on smaller cities rather than traditional first and second-tier cities, indicating a calculated move rather than a desperate gamble [1][3][11] Group 1: Market Dynamics - Smaller cities like Yidu, Hubei, are showing promising investment returns with lower costs, such as land and labor, which are approximately 30% lower than in larger cities, leading to an investment return rate of 6.8% [3][5] - The trend indicates that while first and second-tier cities have become saturated with high operational costs and longer payback periods, smaller markets present untapped opportunities for growth [5][9] Group 2: Consumer Behavior - The consumer base in smaller cities has evolved, with increased demand for high-quality brands and experiences, which were previously lacking [7][9] - The opening of Starbucks in Yidu, generating over 2 million in revenue in its first month, exemplifies the potential for high consumer engagement in these markets [5][9] Group 3: Strategic Execution - Wang Jianlin's approach involves meticulous site selection and brand partnerships, leveraging a well-established operational framework to minimize risks and maximize returns [9][11] - The strategy is not merely about retreating from larger markets but rather about capitalizing on overlooked opportunities in smaller cities, which can yield quicker returns and lower risks [7][11]

Core Insights - The article discusses the significant divestment of Wanda Plaza by Wang Jianlin, with 85 plazas sold in two years, representing nearly one-fifth of the total 498 plazas at peak by the end of 2023 [2] - A consortium including TPG, Tencent, and JD.com has acquired 48 Wanda Plazas, with market predictions estimating the transaction value at approximately 50 billion yuan [6] - This marks the third large-scale asset disposal by Wanda in 2023, following the sale of over 30 plazas in the previous two years, including 32 sold in 2024 alone [6] Market Trends - The shift towards a "sell-sell-sell" strategy indicates Wanda's complete transition to a light-asset operation model, with the sold plazas located in competitive first and second-tier cities [8] - In contrast, the performance in county markets is strong, with significant foot traffic and sales reported in newly opened Wanda Plazas [8] Competitive Landscape - Wang Jianlin had anticipated higher rental returns in third and fourth-tier cities since 2015, but competitors like New City Holdings and China Resources are expanding rapidly, posing a threat to Wanda's market position [10] - Continuous asset sales may impact Wanda's brand reputation, as the lower-tier market becomes increasingly competitive, necessitating a demonstration that asset divestiture is a strategic pivot rather than an endpoint [10]

Core Insights - The article highlights the unexpected success of Wanda Plaza in county-level cities, showcasing a shift in consumer behavior and market dynamics that defy traditional perceptions of consumption in lower-tier cities [1][4][21] Group 1: Performance Metrics - In Jiangsu's Shuyang, Wanda Plaza achieved a daily foot traffic of over 80,000, with long queues at stores like Uniqlo and Haidilao [1] - In Zhejiang's Cangnan, the opening day saw record-breaking sales, including over 10,000 cups of milk tea sold in a single day and a single-day sales figure exceeding 10 million for jewelry [4] - County-level Wanda Plazas have an average rental return rate of 8.2%, significantly higher than the 2.3% seen in first-tier cities [4] Group 2: Strategic Advantages - Wanda's strategy in county markets includes a "dislocated competition" approach, offering a mix of affordable luxury brands and experiential consumption options, which avoids direct competition with e-commerce [6] - The average land acquisition cost for Wanda in county areas is only 1/8 of that in core cities, and local governments view these projects as "performance engineering," leading to favorable negotiations [8] - Consumer spending data reveals that households in Shuyang spend an average of 21,000 yuan annually at Wanda, indicating a strong purchasing power that challenges the notion of low consumption in these areas [9] Group 3: Consumer Behavior Dynamics - The article identifies three key drivers of consumption in county cities: the revaluation of time, social currency upgrades, and intergenerational consumption patterns [10][11][12] - Residents in county cities have more disposable time due to shorter commuting times, allowing them to engage in immediate consumption experiences [11] - Social venues like milk tea shops serve as social currency, enhancing the resilience of consumption driven by social needs rather than mere functionality [12] Group 4: Future Developments - Wanda is evolving from a commercial entity to a civic hub, integrating administrative services and job markets into its plazas, thus becoming a second center for local governance [19] - The transformation of shopping centers into cultural landmarks and incubators for local industries indicates a shift towards a more integrated approach to community development [19][21] - The article emphasizes that the awakening of consumption among the 1 billion people in county cities is reshaping the commercial landscape, with Wanda's success symbolizing a broader societal shift [21]

Core Insights - Wang Jianlin sold 48 core Wanda Plazas for 50 billion yuan, marking the largest single asset transaction since Wanda Group's asset-light transformation began in 2017, reflecting both personal and industry challenges [1][2][3] Financial Situation - The sale of the 48 Wanda Plazas, located in major cities like Beijing and Guangzhou, was a response to Wanda's liquidity crisis, with a cash shortfall of 28.4 billion yuan against 40 billion yuan in maturing debt [2][3] - As of June 2024, Wanda's interest-bearing liabilities stood at 137.56 billion yuan, with short-term debt accounting for 21.99%, while operating cash flow was only 1.6 billion yuan, indicating severe debt repayment challenges [3][5] Asset-Light Transformation - Since initiating its asset-light strategy in 2015, Wanda has sold over 80 plazas, increasing the proportion of asset-light projects from under 20% in 2017 to over 60% in 2025, transitioning from an asset holder to a commercial manager [4][12] - The recent transaction allows Wanda to retain operational rights and generate stable income through brand licensing and management fees, despite losing ownership [4][5] Financial Performance - In 2024, Wanda's management fee income reached 8.9 billion yuan, tripling over four years, with a profit margin of 35%, significantly higher than the traditional model [5][12] - The asset-light model has helped Wanda reduce its debt ratio from 82% to 65.2% by converting 240 billion yuan of on-balance-sheet debt into off-balance-sheet management fee income [5][12] Risks and Challenges - The asset-light transformation poses risks such as brand dilution and a reliance on management fees, which only cover 50% of capital expenditures, raising sustainability concerns [6][13] - The competitive landscape is intensifying, with rivals like China Resources and Longfor accelerating their asset-light strategies, potentially eroding Wanda's first-mover advantage [6][13] Strategic Partnerships - The consortium acquiring the plazas includes major players like TPG, Tencent, and JD, indicating a strategic interest in offline retail and digital integration [8][9] - Tencent and JD aim to leverage their platforms to enhance consumer experiences at Wanda Plazas, while insurance firms see long-term value in core commercial real estate [10][11] Industry Context - The commercial real estate sector is undergoing significant changes, with a shift towards experience-driven retail and challenges from e-commerce, leading to increased vacancy rates and stagnant rental growth [11][12] - Wanda's asset-light model aligns with the broader trend of "de-real-estate" in commercial real estate, positioning it closer to international peers like Simon Property Group [12][14] Future Outlook - Wanda's ability to navigate its debt crisis hinges on successful listing of its subsidiary, enhancing profitability of its asset-light model, and deepening collaborations with tech partners [14][15] - The ongoing transformation reflects broader industry trends and the need for companies to adapt to survive in a challenging market environment [15][16]