Group 1 - The publication of the "Opinions" will further stimulate Shenzhen's reform, innovation, and openness, bringing continuous vitality to urban development [1][3] - Shenzhen's innovation ecosystem is significantly influenced by its leading private technology companies such as Huawei, Tencent, and BYD [1][2] - The cultural foundation of Shenzhen plays a crucial role in supporting the implementation of the "Opinions" and fostering innovation [1][3] Group 2 - Shenzhen's demographic structure, characterized by a high proportion of immigrants, contributes to a vibrant and dynamic urban culture [2] - The average age of Shenzhen's permanent residents is 32.5 years, making it younger than major cities like Shanghai and Beijing, which enhances its innovative capacity [2] - The city emphasizes rule of law and legal governance, which is essential for maintaining order in an immigrant society [2] Group 3 - The unique cultural charm of Shenzhen is vital for sustaining its advantages as an innovation hub, influencing economic activities and social behaviors [3] - The establishment of the Special Economic Zone has laid the foundation for Shenzhen's development, injecting market economy principles into its culture [2][3] - To maintain its status as an innovative city, Shenzhen must continue to promote its positive urban culture and harness its cultural advantages [3]

Group 1 - The "Su Super" league has gained immense popularity, with discussions and memes surrounding it becoming a significant part of social media, achieving over 100 million views on the topic JiangsuCityLeague [1] - The league transcends traditional football, integrating city characteristics and cultural symbols, creating a nationwide celebration beyond just the sport [1][2] - The cultural aspect of "Su Super" is highlighted, showcasing the unique identities of each city and fostering a sense of community and pride among citizens [2][3] Group 2 - The league effectively utilizes cultural differences among cities, promoting individuality while encouraging healthy competition and collaboration [2] - The grassroots nature of the league, combined with its cultural significance, enhances the overall experience, making it a phenomenon similar to the previous "Village Super" event [2][3] - The integration of sports with cultural tourism and local businesses creates a consumption loop, demonstrating a successful model for city marketing and engagement [3]

Financial Data and Key Metrics Changes - The group's turnover improved year on year by 6.2% in 2024, driven by the ramp-up of Lee Gardens Shanghai [17] - Turnover of the Hong Kong retail portfolio increased by 9.5% to HKD 1,680 million, with an occupancy rate of 92% [18] - The Hong Kong office portfolio turnover declined by 1.5% to HKD 440 million, maintaining a stable occupancy rate of 90% [19] - The residential leasing portfolio saw turnover increase by 6.3% and occupancy rise to 73% [19] - Shareholders' fund and NAV per share declined by 1.7% and 1.8% respectively, primarily due to fair value measurement of investment property [25] - Full year dividend for 2024 remained stable at HKD 1.08 [26] Business Line Data and Key Metrics Changes - The retail segment in Hong Kong experienced a positive rental reversion rate, attributed to asset enhancement work and strong tenant sales potential [20] - The office portfolio's diversified tenant base helped maintain resilience despite market headwinds [24] - The transformation of Hyacinth Place welcomed over 30 international and local brands, enhancing the shopping experience [21] Market Data and Key Metrics Changes - The second half of 2024 saw strategic additions to the tenant mix at Lee Garden One, including Michelin Green Star certified restaurants [7] - Daily traffic to Lee Gardens exceeded 100,000, indicating strong consumer engagement [9] - The company reported a mid single-digit percentage increase in tenant sales and footfall year on year in early 2025 [38][64] Company Strategy and Development Direction - The company is focused on rejuvenating the Lee Gardens precinct and expanding its luxury portfolio, aiming to double luxury offerings [6] - A strategic partnership with the Hong Kong Academy of Performing Arts aims to enhance cultural experiences at Lee Garden 8 [14] - The company is diversifying its tenant mix to include co-working spaces, healthcare, and wealth management services [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Hong Kong's economic future, emphasizing the importance of adapting to changing consumer preferences [3] - The company remains cautiously optimistic about future performance, focusing on financial discipline and maintaining liquidity [31][32] - Management acknowledged ongoing uncertainties in the market but highlighted positive trends in tenant sales and footfall [42][64] Other Important Information - The company secured an HKD 8 billion syndicated loan from 20 leading banks, providing a healthy buffer for refinancing activities [29] - The average debt maturity is 3.4 years, indicating a stable financial position [28] Q&A Session Summary Question: Can you comment on tenant sales performance in the second half of last year and the Chinese New Year this year? - Management noted that while Hong Kong retail sales were down 7% last year, the company performed slightly better, with significant improvement in the second half of 2024 and positive mid single-digit growth in early 2025 [36][38] Question: What is the magnitude of positive retail rental reversion last year? - The average rental reversion was around a high single-digit percentage, with positive trends continuing throughout 2024 [40] Question: How much of the 35% retail leases expiring have been locked in? - Management did not provide specific figures but indicated ongoing negotiations and positive market sentiment [44] Question: Can you elaborate on the types of tenants being introduced? - The company is focusing on younger, trend-setting brands and diversifying into sectors like healthcare and wealth management [52][56] Question: What is the targeted profile of office tenants for Lee Garden 8? - The company aims to attract multinational companies and those relocating from Central, emphasizing the importance of high-standard sustainable buildings [66]