为加强出租管理，《办法》提出，企业实物资产出租应践行出租效益最大化，防止国有资产流失。鼓励 企业利用闲置国有标准化厂房或楼宇园区作为试点，提供创新创业空间。企业实物资产出租合同单次出 租的期限原则上不超过5年，年租金参照年度CPI指数的变动适当调整。因政府产业引导、扶持政策或 其他原因需要延长租期的，由企业履行集体决策程序。 市国资委产权管理处相关负责人表示，市属国企涉及国计民生、公益性、文物保护等特殊要求的资产租 赁，可以采取非公开协议方式招租，《办法》给予了市属企业更大的灵活性，有利于市属国企更好履行 社会责任，盘活资产提升资产效益。 (济南时报.新黄河客户端记者：黄敏) 近期，济南市国资委印发《济南市市属国有企业实物资产出租管理办法(2026年修订)》(以下简称《办 法》)。实物资产出租是市属企业资产运营管理的重要手段，也是进一步盘活存量国有资产的重要措 施。《办法》所称的"实物资产"，包括企业房产(含地下建构筑物)、土地及其附着物、机器设备等。 值得注意的是，企业原则上不得允许承租人转租实物资产，并在租赁合同中作出明确约定。因企业发展 需要或资产特性确需转租的，须由承租人提出书面申请，经出租行为原决策 ...

Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4] - Net income for the first half reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [13] - ROE for the first half was 12.7%, up from 8.8% in the previous fiscal year [20] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [18] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [18] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to the sale of Green Corps Energy and other assets [19] Market Data and Key Metrics Changes - Total group AUM reached JPY 88 trillion at the end of the first half, moving closer to the medium-term target of JPY 100 trillion [10] - The company aims to achieve 11% ROE and JPY 100 trillion in AUM by the fiscal year ending March 2028 [5] Company Strategy and Development Direction - The company is focusing on alternative investments and business solutions, with a long-term vision to achieve JPY 1 trillion in net profit by March 2035 [3] - A joint PE fund with the Qatar Investment Authority was established to enhance asset management capabilities [5] - The Osaka Integrated Resort project is set to open around fall 2030, with construction costs revised upwards due to inflation [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving midterm business plans and long-term vision through disciplined portfolio management and capital recycling [11] - The company is closely monitoring the impact of rising interest rates and inflation on its operations and asset management strategies [58] Other Important Information - The share buyback program was expanded from JPY 100 billion to JPY 150 billion, reflecting the company's commitment to shareholder returns [15] - The company has begun utilizing a dashboard for detailed visualization of its business portfolio status [9] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, aiming to leverage third-party funds for larger projects without significantly bloating the balance sheet [42][44] Question: ROE target and initiatives to achieve it - Management acknowledged the need for initiatives to achieve the 11% ROE target, emphasizing the importance of monitoring interest rates and their impact on profitability [50][52] Question: Outlook for next year's profit forecast - Management indicated that while the current year has seen significant one-off gains, they aim for sustainable profit growth and will begin discussions on next year's plans early next year [60][75] Question: Capital recycling forecast and segment profit balance - Management clarified that the capital gain forecast of JPY 200 billion is on track, with expectations for solid performance in the real estate market and private equity portfolio [66] Question: Concerns about significant impairment losses - Management reassured that while the second half's pre-tax profit forecast is lower, it is not due to expected significant losses but rather a return to regular profit levels [72][74]