香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何意見，並明確表示概不就因本申請版本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。 Guangdong Rong Tai Pharmaceutical Co., Ltd.* 廣東融泰藥業股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的獨家保薦人、保薦人兼整體協調人、獨家整體 協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任 ...

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]