Group 1 - The 2025 Jining Marathon attracted nearly 20,000 marathon enthusiasts from across the country, receiving unanimous praise for its organization [1] - Hello Bike actively participated in the marathon, providing emergency support services throughout the event [1] - A detailed support plan was developed by Hello Bike under the guidance of the Jining City Management Law Enforcement Team, ensuring orderly road conditions and vehicle needs before, during, and after the marathon [1][3] Group 2 - Prior to the event, Hello Bike responded positively to management requirements, deploying shared bicycles around the marathon route to maintain a clean and orderly environment [3] - A special support team was established by Hello Bike, with personnel responsible for different areas to ensure effective management during the event [3] - On the day of the marathon, Hello Bike's support team was fully prepared, maintaining order at key locations and promoting civil riding and traffic rules to the public [3] Group 3 - Hello Bike's Jining manager stated that over 300 bikes were dispatched in advance to key areas, ensuring smooth transportation for participants and citizens [3] - Temporary collection points were set up to quickly address any issues with improperly parked shared bicycles around the marathon route [3] - After the event, Hello Bike's personnel conducted thorough inspections along the route and key transportation hubs to restore normal order [3] Group 4 - Hello Bike aims to provide convenient and efficient travel services while playing a significant role in promoting green travel during the Jining Marathon [4] - The company encourages more people to choose low-carbon and environmentally friendly travel options, contributing to the construction of a beautiful low-carbon Jining [4]

Financial Data and Key Metrics Changes - The company's revenue for 2023 is $3.2 billion, representing a 7% decrease from the previous year [7] - Retail occupancy stands at 97%, office occupancy at 89%, and residential occupancy at 60% [7] - The net gearing ratio is 27.2% with an effective interest rate of 4.2% [17] - The dividend per share for the year is $1.08 [16] Business Line Data and Key Metrics Changes - Retail turnover increased slightly despite 10% of retail space being closed for renovations [5] - The turnover rent grew by 45%, indicating a positive trend in retail performance [10] - The office sector remains under pressure, with occupancy stabilizing at 89% amidst a slow economic recovery [8] Market Data and Key Metrics Changes - The retail sector is experiencing a transformation, with a shift in tourist focus from shopping to experience-based tourism [9] - The demand for high-end retail and medical services has increased, now comprising over 12% of the portfolio [9] Company Strategy and Development Direction - The company is focusing on strategic rejuvenation and diversification of its tenant mix, particularly in high-end retail and service trades [5] - Investments in flexible workspaces are being made to complement the office portfolio [5] - The company is committed to sustainability, achieving a 38% reduction in carbon intensity and maintaining a significant portion of its buildings as green stratified [14][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing challenges in the external environment but remains optimistic about retail recovery and tenant demand [4][22] - The luxury retail segment is showing resilience, with increased inquiries from high-end brands for office space [23] - The company aims to reset its dividend policy to conserve cash for future growth opportunities [36][38] Other Important Information - The company has a minimal level of debt maturing in the next year, reducing refinancing pressure [17] - The Lee Garden renovations are expected to enhance rental income significantly, with anticipated increases in rental rates post-renovation [29] Q&A Session Summary Question: What is the retail sales recovery rate in the second half of the year compared to pre-COVID levels? - Management indicated that retail sales growth is positive but not yet back to 2018 levels, with expectations for continued improvement as renovations are completed [21][22] Question: What are the plans regarding a tenant moving out from the office side? - Management noted an increase in inquiries from high-end brands for office space, indicating a positive outlook for tenant demand [23] Question: What is the rationale behind the dividend cut and future dividend policy? - Management explained the need for a conservative approach to conserve cash for future growth opportunities while maintaining a stable and progressive dividend policy [34][36] Question: What is the occupancy cost and rental recovery for Lee Gardens 1 and 5? - The overall occupancy cost is around mid-teens, and management expects a mid-single-digit increase in revenue from the newly renovated areas [52][53] Question: Update on Shanghai's occupancy and future prospects? - Management reported a current occupancy of 30% in Shanghai, with ongoing discussions for an additional 30% to 40% of space, indicating potential for increased occupancy [60][61]