Report Summary 1. Report Industry Investment Rating - No information regarding the industry investment rating is provided in the report. 2. Core View of the Report - The company's current business strategy is "real estate for stability, transformation for development." It aims to maintain stability in the real - estate sector while actively promoting industrial transformation to address sustainable development issues [25]. 3. Summary by Relevant Catalogs 3.1调研基本情况 - The research object is Hualian Holdings, belonging to the real - estate development industry. The reception time was July 4, 2025. The company's reception staff included Deputy General Manager and Board Secretary Kong Qingfu, Securities Business Department Manager and Securities Affairs Representative Lai Zena, and Securities Business Department Business Manager and Securities Affairs Representative Chen Zehua [17]. 3.2详细调研机构 - The research institution is Hunan Aiying Securities Investment Consultant, an investment consulting company. The relevant personnel are Yao Zexing, Zeng Fei, Li Bin, and Zeng Guoqing [20]. 3.3主要内容资料 - **Share Repurchase Plan**: From 2024 to 2025, the company implemented two phases of share repurchase plans. From January 2024 to January 2025, it repurchased 97.2153 million shares, accounting for 6.55% of the current total share capital, with a total transaction amount of RMB 299.969 million. It plans to cancel 80.1153 million shares, accounting for 5.40% of the current total share capital, and the remaining 17.1 million shares in the repurchase account are intended for equity incentives or employee stock ownership plans. From April to June 2025, it repurchased 6.508 million shares, accounting for 0.44% of the current total share capital, with a total transaction amount of RMB 22.9294 million, for the purpose of maintaining the company's value and shareholders' rights [24]. - **Projects Under Construction and Planned**: The project under construction is the "Yupin Luanshan" project, a pure residential urban renewal project on top of a subway station, with a floor - area ratio of 79,600 square meters and a total construction area of about 120,000 square meters. It started construction in October 2024 and is planned to start pre - sales by the end of 2025. The planned project is the "Hualian Nanshan A Area" project, with a "industrial - to - affordable - housing" renewal direction and a demolition area of 77,800 square meters. In April 2025, the draft of the renewal unit plan passed the special meeting of the Nanshan District Urban Renewal and Land Reclamation Work, and the relevant application and preliminary work are in progress [25]. - **Future Real - Estate Business and Transformation**: The company plans not to add new land reserves or real - estate development projects except for the "Yupin Luanshan" and "Hualian Nanshan A Area" projects. It is actively promoting the industrial transformation strategy. It participated in the establishment of the "Zhongbao Qingyuan Huihai Industrial Fund," investing 430 million yuan and holding 24% equity in Shenzhen Jueneng and 36% equity in Zhuhai Jueneng. It is also looking for investment opportunities in the new energy industry chain [25][26].

Group 1: Share Buyback Plans - The company has implemented two phases of share buyback plans from 2024 to date, repurchasing a total of 9,721.53 million shares, which accounts for 6.55% of the current total share capital, with a total transaction amount of RMB 299,969,000 [1] - Out of the repurchased shares, 8,011.53 million shares are planned to be canceled, representing 5.40% of the current total share capital, while 1,710.00 million shares will be used for employee stock ownership plans [1] - From April to June 2025, the company repurchased an additional 650.80 million shares, accounting for 0.44% of the current total share capital, with a transaction amount of RMB 22,929,400 [1] Group 2: Current and Planned Projects - The company is currently constructing the "Yupin Luanshan" project, a residential project above a subway station, with a planned construction area of 79,600 m² and a total building area of approximately 120,000 m², which commenced in October 2024 and is expected to start pre-sales by the end of 2025 [2] - The planned project "Hualian Nanshan A District" focuses on urban renewal, with a demolition area of 77,800 m², and the planning proposal was approved in April 2025 [2] Group 3: Future Development and Industry Transformation - The company's strategic focus is on "stabilizing real estate while promoting transformation," with no new land reserves or real estate development projects planned beyond the two mentioned [2] - The company is actively pursuing an industrial transformation strategy, having invested RMB 430 million in establishing the "Zhongbao Qingyuan Huihai Industrial Fund," holding 24% and 36% stakes in Shenzhen Juneng and Zhuhai Juneng, respectively [2] - The company is also exploring investment opportunities in the new energy industry chain, leveraging the technical and management platforms of its invested companies [2]