| 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 | | 30,000,000 | 本月底法定/註冊股本總額： USD 30,000,000 FF301 第 1 頁 共 10 頁 v 1.2.1 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: 2026年3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: 瑞安房地產有 ...

Financial Data and Key Metrics Changes - The company recorded core earnings of RMB 397 million for the year, but reported a loss attributable to shareholders of RMB 1.78 billion due to non-cash fair value adjustments and inventory impairment [3][4] - Total revenue was approximately RMB 4.1 billion, with property sales revenue around RMB 500 million and total rental income of RMB 3.6 billion, reflecting a 2% increase in rental income [14][16] - The net gearing ratio stood at 52%, supported by cash and bank deposits of RMB 6.5 billion, with total debt reduced by 12% year-on-year [4][20] Business Line Data and Key Metrics Changes - The retail portfolio showed strong growth, with retail sales and shopper traffic increasing by 15% and 12% respectively [5][44] - Property sales included residential sales of RMB 7.2 billion and commercial property sales of RMB 670 million, with a total contract sales of RMB 7.9 billion [28] - The office segment faced challenges, with Shanghai citywide rents down by about 11% year-on-year due to increased supply and dampened demand [12] Market Data and Key Metrics Changes - Nationwide sales volume and value declined by 8.7% and 12.6% year-on-year, respectively, indicating a challenging operating environment [9][10] - In Shanghai, the primary housing market saw a slight dip in sales volume, but average selling prices rose, driven by high-quality projects [33] - International inbound tourism in Shanghai grew by about 40%, contributing positively to retail demand [11] Company Strategy and Development Direction - The company aims to leverage its upgraded Xintiandi brand and luxury residential living brand, Lakeville, to expand its land bank through an asset-light strategy [13][34] - The focus will remain on top-tier cities, particularly Shanghai, while maintaining financial prudence in new investments [34] - The SLI strategy will be employed to introduce financial investors into mature commercial assets, broadening capital sources and managing risks [35][36] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenging operating environment due to geopolitical uncertainties and subdued consumer confidence, but noted resilient demand for high-quality assets [2][3] - There are early signs of stabilization in the market, with government policies shifting towards achieving sustained market stabilization [31][32] - The company expects rental income to continue growing and aims to maintain a healthy financial condition [27] Other Important Information - The company has reduced its Scope 1 and 2 emissions by 57% against the 2019 base year and received a GRESB 5-Star and HKQAA ESG AA Rating [7] - New projects such as Xintiandi Dongtai Li and KIC PARK have been opened, contributing positively to rental income [46][49] Q&A Session Summary Question: What are the company's expectations for the property market in 2026? - The company anticipates a shift in policy focus towards stability, indicating that the most difficult phase may be behind [31] Question: How is the company managing its debt and liquidity? - The company has pivoted its financing from offshore to onshore, reducing offshore exposure to less than 20% and lowering the average cost of debt to approximately 4.2% [25][26] Question: What strategies are in place to enhance retail performance? - The company plans to capitalize on inbound tourism and implement innovative marketing events to drive shopper traffic and tenant sales [51]

Financial Data and Key Metrics Changes - The company recorded core earnings of CNY 397 million for the year, but reported a loss attributable to shareholders of CNY 1.78 billion due to non-cash fair value adjustments and inventory impairment [3][4] - Total revenue was approximately CNY 4.1 billion, with property sales revenue around CNY 500 million and total rental income of CNY 3.6 billion, reflecting a 2% increase in rental income [14][16] - The net gearing ratio stood at 52%, supported by cash and bank deposits of CNY 6.5 billion, with total debt reduced by 12% year-on-year [4][20] Business Line Data and Key Metrics Changes - The retail portfolio showed strong growth, with retail sales increasing by 15% and shopper traffic by 12% [5][42] - Property sales included residential sales of CNY 7.2 billion and commercial property sales of CNY 670 million, with a total contract sales of CNY 7.9 billion [27][28] - The office segment faced challenges, with Shanghai citywide rents down by about 11% year-on-year due to increased supply and dampened demand [12][43] Market Data and Key Metrics Changes - Nationwide sales volume and value declined by 8.7% and 12.6% year-on-year, respectively, indicating a challenging operating environment [9][10] - In Shanghai, the primary housing market saw a slight dip in sales volume, but average selling prices rose, driven by high-quality projects [30][31] - International inbound tourism in Shanghai grew by about 40%, contributing positively to retail demand [11] Company Strategy and Development Direction - The company aims to leverage its upgraded Xintiandi brand and luxury residential living brand, Lakeville, to expand its land bank through an asset-light strategy [13][33] - The focus will remain on top-tier cities, particularly Shanghai, while maintaining financial prudence in new investments [33] - The SLI strategy will be employed to introduce financial investors into mature commercial assets, broadening capital sources and managing risks [34][35] Management's Comments on Operating Environment and Future Outlook - The management highlighted the challenging operating environment due to geopolitical uncertainties and subdued consumer confidence, but noted resilient demand for high-quality assets [2][3] - There are early signs of stabilization in the market, with government policies shifting towards supporting market recovery [30][31] - The company expects rental income to continue growing and aims to maintain a healthy financial condition [26] Other Important Information - The company has reduced its Scope 1 and 2 emissions by 57% against the 2019 base year and received a GRESB five-star rating [7] - New projects like Xintiandi Dongtai Li and K11 SEEK Park have started contributing to rental income, with positive market responses [45][46] Q&A Session Summary Question: What are the company's strategies for navigating the current market challenges? - The company will focus on maintaining financial prudence, leveraging its brand strengths, and expanding strategic partnerships to drive sustainable development [33][34] Question: How does the company plan to address the challenges in the office segment? - The company aims to maintain high occupancy rates through flexible leasing strategies and enhanced tenant engagement [49]

Financial Data and Key Metrics Changes - The company recorded core earnings of CNY 397 million for the year, but reported a loss attributable to shareholders of CNY 1.78 billion due to non-cash fair value adjustments and inventory impairment [3][4] - Total revenue was approximately CNY 4.1 billion, with a gross profit of CNY 2.1 billion, reflecting a significant decline primarily due to a lack of new residential completions [13][14] - The net gearing ratio stood at 52%, supported by cash and bank deposits of CNY 6.5 billion, with total debt reduced by 12% year-on-year [4][19] Business Line Data and Key Metrics Changes - Total rental and related income grew by 2% to CNY 3.6 billion, with retail sales and shopper traffic increasing by 15% and 12% respectively [5][41] - Property sales revenue was approximately CNY 500 million, with residential sales contributing CNY 7.2 billion and commercial property sales CNY 670 million [13][26] - The restructuring of the KIC project led to a 21% year-on-year decline in rental income due to its transition to a joint venture [14][15] Market Data and Key Metrics Changes - The nationwide sales volume and value in the property market declined by 8.7% and 12.6% year-on-year, respectively, with high-end segments in first-tier cities showing more resilience [8][9] - Shanghai's prime and decentralized rents declined by 4.3% and 6.4% respectively, reflecting increased competition and supply [9][11] - International inbound tourism in Shanghai grew by about 40%, contributing positively to retail demand [10] Company Strategy and Development Direction - The company aims to leverage its upgraded Xintiandi brand and luxury residential brand, Lakeville, to expand its land bank through an asset-light strategy [12][31] - The focus will remain on top-tier cities, particularly Shanghai, while maintaining financial prudence in new investments [31][32] - The SLI strategy will be employed to introduce financial investors into mature commercial assets, broadening capital sources and managing risks [33][34] Management's Comments on Operating Environment and Future Outlook - The operating environment for the property sector remains challenging, but there are signs of stabilization and recovery supported by government initiatives [2][29] - The company expects rental income to continue growing and aims to develop new recurring fee-based income streams [25][39] - Management remains focused on maintaining liquidity and a healthy balance sheet while navigating market volatility [12][24] Other Important Information - The company has reduced its Scope 1 and 2 emissions by 57% and Scope 3 tenant emissions by 32%, receiving a GRESB five-star and HKQAA ESG AA rating [6] - New projects such as Xintiandi Dongtai Li and K11 Park have been opened, contributing to rental income and demonstrating strong consumer demand [41][45] Q&A Session Summary Question: What are the company's expectations for the property market in 2026? - The company anticipates a shift towards stability in the property market, with government support for urban regeneration and quality homes initiatives [29][30] Question: How is the company managing its debt and liquidity? - The company has successfully reduced offshore debt exposure to less than 20% and aims to maintain a healthy balance sheet with a focus on liquidity management [4][23] Question: What are the key strategies for growth moving forward? - The company will focus on top-tier cities, leverage its brand strengths, and expand partnerships to drive sustainable growth [31][34]

2025 Annual Results 26 March 2026 R 245 G 64 B 41 R 196 G 170 B 139 R 102 G 99 B 102 R 116 G 112 B 112 R 209 G 209 B 209 R 74 G 101 B 142 R 178 G 157 B 148 R 177 G 189 B 204 R 129 G 149 B 140 Agenda Opening Remarks Vincent Lo Business Review and Outlook & Strategy Key Financial Highlights Douglas Sung Property Sales & Development Jessica Wang Commercial Asset Management Allan Zhang Chairman Stephanie Lo Vice Chairman CFO & CIO, Shui On Land CEO, Shui On Land CEO, Shui On Xintiandi R 245 G 64 B 41 R 196 G 17 ...

Financial Performance - In 2025, the core profit of Shui On Land Limited was RMB 397 million, reflecting a 12% decrease compared to RMB 450 million in 2024[3]. - The company reported a significant decline in contracted property sales, totaling RMB 7.916 billion, down 47% from RMB 15.055 billion in 2024[4]. - The company recorded a locked-in sales total of RMB 17.231 billion, expected to be delivered to customers in 2026 and beyond, contributing to future financial performance[14]. - The company reported a loss attributable to shareholders of RMB 1.782 billion for 2025, compared to a profit of RMB 180 million in 2024, representing an 11-fold increase in losses[64]. - The annual loss for 2025 was RMB 1.733 billion, a significant decline from a profit of RMB 810 million in 2024[63]. - The company's gross profit dropped by 60% to RMB 2.115 billion in 2025, with a gross margin of 52%, down from 64% in 2024[57]. - The company recorded a net loss of RMB 924 million in other income and losses for 2025, compared to a net loss of RMB 279 million in 2024[59]. - The company aims to maintain liquidity and ensure financial stability while focusing on investment opportunities in key cities in the Yangtze River Delta and Greater Bay Area[54]. - The company plans to continue its balanced strategy of real estate development and asset management to achieve sustainable profit growth[54]. Revenue and Income - Total rental and related income reached RMB 3.625 billion, a 2% increase from RMB 3.547 billion in the previous year[4]. - The group's recurring rental income from commercial properties increased by 2% year-on-year to RMB 3.625 billion, with 78% of this income derived from properties in Shanghai[7]. - The rental and related income for 2025 was RMB 1.949 billion, a 21% decrease from RMB 2.456 billion in 2024, primarily due to a reclassification of RMB 435 million in rental income[30]. - The overall rental income, including income from joint ventures, grew by 2% to RMB 3.625 billion in 2025, with 78% derived from properties in Shanghai[31]. - The company’s total revenue for 2025 was RMB 4,093 million, a decline of 49.8% compared to RMB 8,173 million in 2024[88]. - Revenue from property sales dropped significantly from RMB 4,356 million in 2024 to RMB 499 million in 2025, a decrease of approximately 88.5%[84]. - The total revenue from customer contracts for 2025 was RMB 2,144 million, down 62.5% from RMB 5,717 million in 2024[85]. Assets and Liabilities - The net asset liability ratio remained stable at 52% as of December 31, 2025[3]. - Cash and bank deposits amounted to RMB 6.451 billion, a decrease of 17% from RMB 7.734 billion in 2024[4]. - The total assets of the company decreased by 10% to RMB 82.577 billion from RMB 91.938 billion in 2024[4]. - As of December 31, 2025, the company's total liabilities amounted to RMB 198.43 billion, a decrease from RMB 221.93 billion in 2024, maintaining a net debt-to-equity ratio of 52%[69]. - The company has contractual development costs and capital expenditure commitments of RMB 7.358 billion as of December 31, 2025, up from RMB 5.099 billion in 2024[72]. - The company has a total borrowing structure of RMB 26.294 billion as of December 31, 2025, with RMB 16.889 billion in bank and other loans[68]. Projects and Developments - The company expanded its "light asset" cooperation projects, increasing its project reserves to four, with ownership stakes of 15% and 13.26% in new projects[3]. - The group established a new 30/70 joint venture with Tianan China Investment Co., Ltd. in June 2025 to participate in the Yongxinli project in Shanghai, acquiring a 50% stake in three residential and commercial land parcels[7]. - The Wuhan Innovation Tian Di commercial park opened in September 2025, featuring a total retail building area of 48,000 square meters[7]. - The group plans to launch more projects in 2026 and beyond, focusing on Shanghai and Wuhan, depending on construction progress and government pre-sale permit timelines[11]. - The company holds a 50% interest in the residential project "翠湖天地·六和," which has a total construction area of 87,000 square meters, including 6,000 square meters of underground space[19]. - The "武漢新天地" project achieved record pre-sale prices in Wuhan, with over 70% of the total construction area of 28,200 square meters already contracted as of December 31, 2025[20]. Market Conditions - The real estate investment in China declined by 17.2% in 2025, marking four consecutive years of contraction[108]. - Office rental rates in Shanghai fell by 11.6% year-on-year to RMB 5.2 per square meter per day in 2025[109]. - Retail property market in Shanghai saw core area rents decline by 4.3% while international tourist spending surged to USD 15 billion, reflecting a shift towards experiential consumption[110]. - The company aims to leverage unique experiences and social value in its properties to adapt to changing market demands[110]. - The company is focusing on urban renewal projects as part of its strategy to align with national goals for sustainable high-quality development[108]. Sustainability and Corporate Governance - Shui On Land Limited received international recognition for its sustainability efforts, achieving a GRESB five-star rating and maintaining an MSCI ESG rating of "AA"[3]. - The group achieved a 57% reduction in Scope 1 and 2 emissions intensity compared to the 2019 baseline, and a 32% reduction in Scope 3 emissions intensity[7]. - The company has adopted the Corporate Governance Code and confirmed compliance with the standards set forth for the year ending December 31, 2025[121]. - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2025, ensuring compliance with accounting principles[124]. Employee and Stakeholder Relations - As of December 31, 2025, the total number of employees at the company was 2,776, a decrease from 2,851 employees as of December 31, 2024[122]. - The company emphasizes equal opportunity principles in its compensation policy, which is based on employee performance and qualifications[123]. - The company expresses gratitude to stakeholders for their support during a challenging year, indicating a commitment to resilience and long-term strategies[125].

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佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分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。 Shui On Land Limited 瑞安房地產有限公司* (於開曼群島註冊成立之有限責任公司) (股份代號: 272) 補充公佈 有關訂立合作協議 之關連交易 茲提述本公司日期為二零二六年二月六日的公佈（「該公佈」）。 除另行界定者外，本公佈所 用詞彙與該公佈所界定者具有相同涵義。 為增進對合作協議條款及其項下擬進行該等交易之了解，本公司謹此就該公佈補充以下額外 資料。 股權轉讓對價 金流量折現法（兩種方法所佔權重相等）。為免存疑，由於該估值並非關乎本公司或其 一家現有或擬成為其附屬公司的公司，故其不受上市規則第 14.60A條及第 14A.68條的 規定所規限；及 (ii) 根據項目公司於二零二五年十二月三十一日之管理賬目，項目公司之其他資產及負債 （不計入項目資產之約定總資產價值），估計負債淨額為約人民幣 52,358,942 元（相當 於約港幣 58,176,600 元），受限於完成日進行校 ...

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 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。 Shui On Land Limited * (於開曼群島註冊成立之有限責任公司) (股份代號: 272) 董事會召開日期 瑞安房地產有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司 將於二零二六年三月二十六日（星期四）在香港灣仔港灣道 6-8 號瑞安中 心 34 樓舉行董事會會議，董事會將於會上通過議案，其中包括批准公佈本 公司及其附屬公司截至二零二五年十二月三十一日止年度之全年業績，以 及考慮建議派發末期股息（如有）。 承董事會命 瑞安房地產有限公司 公司秘書 黃金綸 香港，二零二六年三月十三日 * 僅供識別 於本公佈日期，本公司之執行董事為羅康瑞先生（主席）、羅寶瑜女士（副主席）、 王穎女士（行政總裁）及孫希灝先生（財務總裁及投資總裁）；以及本公司之獨立 非執行董事為黎定基先生、沈達理先生、吳雅婷女士、吳港平先生、黎韋詩女士及 郭敬文先生。 ...

Shui On Land Limited * ( 於開曼群島註冊成立之有限責任公司 ) (股份代號：272) 董事名單與角色和職能 瑞安房地産有限公司董事會（「董事會」）成員載列如下： 執行董事 羅康瑞先生 （主席） 羅寶瑜女士 （副主席） 王穎女士 （行政總裁） 孫希灝先生 （財務總裁及投資總裁） 獨立非執行董事 黎定基先生 沈達理先生 吳雅婷女士 吳港平先生 黎韋詩女士 郭敬文先生 董事會設立五個委員會。各董事會成員於該等委員會中所擔任的職位載列如下： 審核及風險委員會 吳港平先生 （主席） 郭敬文先生 黎韋詩女士 羅康瑞先生 （聯席主席） 沈達理先生 （聯席主席） 黎定基先生 吳港平先生 郭敬文先生 羅寶瑜女士 孫希灝先生 薪酬委員會 黎定基先生 （主席） 羅康瑞先生 郭敬文先生 * 僅供識別 二零二六年三月十二日 提名委員會 沈達理先生 （主席） 黎韋詩女士 羅寶瑜女士 可持續發展委員會 吳雅婷女士 （主席） 黎韋詩女士 羅寶瑜女士 王穎女士 策略委員會 二零二六年三月十二日 ...

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佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈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。 Shui On Land Limited * (於開曼群島註冊成立之有限責任公司) (股份代號: 272) 董事委員會組成之變動及 遵守上市規則 董事委員會組成之變動 瑞安房地產有限公司（「本公司」）董事會（「董事會」）謹此公佈，自二零二六年 三月十二日起，(i)本公司獨立非執行董事以及提名委員會及可持續發展委員會成 員黎韋詩女士獲委任為審核及風險委員會成員；及(ii)本公司獨立非執行董事以 及審核及風險委員會及策略委員會成員郭敬文先生獲委任為薪酬委員會成員。 審核及風險委員會由三名成員組成，包括吳港平先生（主席）、郭敬文先生及黎 韋詩女士。薪酬委員會由三名成員組成，包括黎定基先生（主席）、羅康瑞先生 及郭敬文先生。 遵守上市規則 在上述審核及風險委員會及薪酬委員會組成之變更後，本公司已遵守上市規則第 3.21 條及第 3.25 條的規定。 承董事會命 瑞安房地產有限公司 主席 羅康瑞 香港，二零二六年 ...