Press release – Neuilly-sur-Seine, Tuesday, October 7, 2025 - 5.50 pm ARGAN and Danone start the works for a new Aut0nom® logistics site in Sorigny In the presence of Alain Esnault, Mayor of Sorigny, and Éric Loizon, President of the Community of Municipalities, ARGAN and Danone symbolically laid the foundation stone of the future Aut0nom® site in Sorigny. This project marks a strategic turning point for Danone, with a doubling of its logistics capacities in the Greater West of France, while reaffirming it ...

Group 1 - The establishment of Guangzhou Hongbao Enterprise Management Consulting Partnership (Limited Partnership) with a capital contribution of 627 million yuan focuses on enterprise management, investment activities with self-owned funds, and non-residential real estate leasing [1] - The partnership is co-held by Jiaxing Yimao Enterprise Management Partnership (Limited Partnership) and Poly Development's wholly-owned subsidiary Poly (Sichuan) Investment Development Co., Ltd. [1]

Group 1 - The core viewpoint of the news is that Huitong Energy's stock has increased by 5.11%, reaching a price of 34.75 CNY per share, with a trading volume of 155 million CNY and a turnover rate of 2.19%, resulting in a total market capitalization of 7.168 billion CNY [1] - Huitong Energy, established on January 3, 1991, and listed on March 27, 1992, is primarily engaged in real estate leasing, property services, home decoration, and real estate development and sales. The revenue composition is as follows: leasing 58.29%, property management 20.91%, decoration 13.43%, and others 7.37% [1] Group 2 - Among the top ten circulating shareholders of Huitong Energy, a fund under Southern Fund has increased its holdings. The Southern CSI Real Estate ETF Initiated Link A (004642) added 20,200 shares in the second quarter, holding a total of 1.3053 million shares, which accounts for 0.63% of the circulating shares. The estimated floating profit today is approximately 2.206 million CNY [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a current scale of 173 million CNY. Year-to-date returns are 7.63%, ranking 3631 out of 4222 in its category; the one-year return is 32.49%, ranking 3167 out of 3805; and since inception, it has a loss of 40.02% [2]

Core Viewpoint - The company, Chengdu Investment Holdings (600649.SH), has achieved significant financial recovery and growth in the first half of 2025, driven by its diversified business model and alignment with government policies on urban renewal and real estate transformation [1][5][13] Financial Performance - Chengdu Investment Holdings reported a revenue of 5.927 billion yuan, a year-on-year increase of 807.72%, and a net profit attributable to shareholders of 153 million yuan, marking a substantial improvement from a loss of 102 million yuan in the same period last year [1][3] - The total profit for the first half of 2025 was 359 million yuan, showing a significant positive growth compared to the previous year [3] - The company’s gross profit margin for real estate settlements improved to 18.9%, reflecting enhanced profitability [4] Business Segments - The company operates in three core business segments: real estate development, service operations, and industrial investment, creating a closed-loop ecosystem [7] - The real estate development segment remains stable, with a completed area of 111,000 square meters in the first half of 2025, compared to zero in the same period of 2024 [4][9] - The service operations segment, particularly the rental business, has shown strong growth potential, with rental income reaching approximately 159 million yuan from 579,800 square meters of leased properties [9][10] Policy Environment - The company is well-positioned to benefit from favorable government policies aimed at supporting housing demand and urban renewal, which are crucial during the current transformation phase of the real estate industry [5][11] - The central government and Shanghai's local policies have emphasized the need for timely adjustments to real estate policies, which aligns with the company's strategic focus [5] Financial Health - As of June 2025, the company’s total assets reached 86.465 billion yuan, a 2.12% increase from the previous year, with a debt-to-asset ratio of 74.79%, indicating a reasonable risk profile [5][6] - The company has a stable financing structure, with interest-bearing debt at 43.007 billion yuan and a net cash flow from operating activities of 535 million yuan [5][6] Future Outlook - Analysts maintain an optimistic outlook for the company's profitability, anticipating continued high growth driven by a robust pipeline of projects and the increasing share of non-real estate linked projects [4][11] - The company aims to expand its rental housing operations to 20,000 units by 2025, indicating a growth potential of approximately 40% in the second half of the year [10][11] ESG Performance - Chengdu Investment Holdings improved its ESG rating from BB to BBB, reflecting its commitment to environmental management, social responsibility, and corporate governance [13]

Core Viewpoint - Fangda Special Steel Technology Co., Ltd. has announced a new daily related transaction involving the leasing of property from its affiliate, Nanchang Fangda Sun City Real Estate Development Co., Ltd., with an estimated transaction amount of 7 million yuan for the year 2025 [1][4]. Summary by Sections Daily Related Transactions Basic Situation - The board of directors approved the leasing agreement with Nanchang Sun City, which does not require shareholder approval [1]. - The estimated amount for the new daily related transaction for 2025 is 7 million yuan [1]. Expected and Executed Situation of Daily Related Transactions from January to August 2025 - No related transactions have occurred from January to August 2025, with an expected monthly amount of 0 yuan [2]. Main Content of New Daily Related Transactions - The leasing contract with Nanchang Sun City is set for the year 2025, with a total expected transaction amount of 700,000 yuan [2]. Introduction and Relationship of Related Parties - Nanchang Fangda Sun City is a wholly-owned subsidiary of Jiangxi Fangda Steel Group Co., Ltd., which is the controlling shareholder of the company [3]. - Nanchang Sun City has total audited assets of 1.572 billion yuan and a debt ratio of 99.07% as of December 31, 2024 [3]. Related Party Performance Capability Analysis - Nanchang Sun City is legally established and operating normally, indicating a good ability to fulfill the lease agreement [3]. Pricing Policy for Related Transactions - The rental price for the property leased from Nanchang Sun City will be based on market prices and settled according to the contract [3]. Impact of Related Transactions on the Company - The leasing of property from the related party is essential for the normal production and operational needs of the company and its subsidiaries, supporting the company's development [4].

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告的內容概不 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 告 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。 合約銷售 新城發展控股有限公司（「本公司」，連 同 其 子 公 司 統 稱「本集團」）董 事（「董 事」） 會（「董事會」）欣 然 公 佈，於2025年7月，本 集 團 實 現 合 約 銷 售 金 額 約 人 民 幣16.61 億 元，合 約 銷 售 面 積 約21.40萬 平 方 米。 2025年1月 至7月累計合同銷售金額約人民幣119.90億 元，累 計 銷 售 面 積 約154.90 萬 平 方 米。 房地產出租情況 於2025年7月，本 集 團 房 地 產 出 租 物 業 共176個，總 建 築 面 積 約1,622.50萬 平 方 米； 2025年7月份租金收入*約人民幣11.15億 元，商 業 運 營 收 入**約人民幣12.00億 元 （即 含 稅 租 金 收 入）。 2025年1月 至7月累計租金收入*約人民幣75.94億 元，累 ...

Group 1: Hong Kong Conglomerates and Real Estate - The rating for Jardine Matheson has been upgraded to "Buy" due to expected earnings improvements driven by Dairy Farm and HKLand [1] - Hong Kong real estate rental companies have outperformed developers, with commercial rents stabilizing earlier than expected [1] - Goldman Sachs favors companies emerging from high capital expenditure cycles, those improving shareholder returns through dividends or buybacks, and those with management or strategic changes [1] Group 2: Chinese Healthcare - The "silver economy" is gaining attention, with the elderly population (50+) expected to drive significant growth in healthcare spending, projected to increase from 221 billion RMB (31 billion USD) in 2024 to 963 billion RMB (135 billion USD) by 2035, at a CAGR of 14.3% [2][3] - High-end medical services not covered by national insurance are expected to benefit from increased out-of-pocket spending by this demographic [3] - Key stocks benefiting from this trend include Aier Eye Hospital, Puren Eye Hospital, and Zhifei Biological Products, with ratings upgraded to "Buy" [3] Group 3: Hong Kong Stock Exchange - The average daily turnover of cash stocks on the Hong Kong Stock Exchange has reached a historical high of over 200 billion HKD, despite stock prices being approximately 20% lower than their peak in 2021 [5][6] - Goldman Sachs has raised EPS estimates for 2025-2027 by about 4% and increased the 12-month target price by 11% to 500 HKD, maintaining a "Buy" rating [6] - Key factors that could drive stock price increases include A-shares listing in H-shares, increased ADR trading, and narrowing bid-ask spreads in cash markets [6] Group 4: Chinese Software Industry - The Chinese software industry is expected to see revenue growth in 2025, driven by improved customer order momentum, although profit recovery may take longer [11] - Key focus areas for upcoming earnings reports include AI product upgrades, IT spending outlook, and new business opportunities [11] - Preferred stocks include Kingsoft Office, Kingdee International, and Yonyou Network, which are favored for their early adoption of AI monetization and healthy cash flows [11]

Core Viewpoint - 恒隆地产 reported a decline in revenue and profit for the first half of 2025, reflecting challenges in the real estate market in Hong Kong and mainland China due to economic weakness and changing consumer behavior [1][2] Financial Performance - Total revenue for the first half of 2025 was HKD 4.968 billion, a decrease of 18.74% year-on-year [1] - Shareholder profit was HKD 0.912 billion, down 14.04% year-on-year, with earnings per share at HKD 0.19 [1] - Property sales revenue fell by 87% to HKD 0.161 billion, contributing to an overall operating profit decline of 5% to HKD 3.255 billion [2] Rental and Operational Performance - Despite external pressures, the rental rates and operations remained stable, with rental income from core properties showing resilience [1] - The rental rates in mainland China remained above 90%, with stable income despite a decline in consumer confidence affecting sales rents [1][2] - The hotel segment saw an increase in revenue by 84% to HKD 0.129 billion, although the operating loss (excluding asset depreciation) rose to HKD 34 million [2]

Core Viewpoint - The article discusses various policies and initiatives implemented by local governments and companies to support housing needs for recent college graduates, focusing on rental and home purchase assistance to attract and retain talent in different cities [2][8]. Group 1: Rental Support Policies - Many cities are introducing diverse rental support policies for recent graduates, including talent apartments and rental subsidies, to alleviate housing costs [2][5]. - For instance, in Wuhan, eligible graduates can apply for talent rental housing with rent reductions of up to 1,500 yuan per month for a maximum of three years [4]. - Qingdao has implemented a policy providing up to six months of rent-free accommodation for graduates within three years of graduation [5][6]. Group 2: Company Initiatives - Some companies are enhancing their support for graduates by offering housing allowances and dormitory accommodations, further reducing the financial burden on new employees [7]. - A company in Beijing provides an 800 yuan monthly housing subsidy for employees who do not stay in company-provided dormitories [7]. Group 3: Home Purchase Support Policies - As graduates' living situations stabilize, many cities are shifting focus to home purchase support, including subsidies and favorable loan terms to encourage home buying among young professionals [8][9]. - Policies in cities like Zhuzhou and Wuhan include financial incentives for first-time homebuyers, such as purchase subsidies and enhanced loan limits [9][10]. - Shanghai has introduced measures allowing graduates to access higher loan amounts and favorable repayment terms for housing loans [10]. Group 4: Broader Implications - The support for graduates in terms of housing is aligned with national policies aimed at improving employment opportunities for youth and stabilizing the real estate market [9][10]. - Experts suggest that these initiatives not only help graduates settle in urban areas but also contribute to the overall health of the local real estate market by boosting housing consumption [10].