Core Viewpoint - Jinko Technology (601778.SH) announced an expected total of 339 million yuan in daily related transactions with its affiliate Jinko Energy for the fiscal year 2026, driven by business development needs [1] Group 1: Transaction Details - The anticipated transactions include 300 million yuan for the procurement of components and energy storage devices [1] - An additional 33 million yuan is expected for the provision of operation and maintenance services [1] - The company plans to allocate 6 million yuan for office space leasing [1]

Core Viewpoint - Company has signed two lease agreements for new office space to accommodate its rapid business growth and improve operational efficiency [1][2] Group 1: Lease Agreements - Company and its wholly-owned subsidiary signed two lease agreements with Qilu Zhongtai Property, effective from October 1, 2025, to September 30, 2026, with total rent amounting to RMB 18.79 million [1] - The first lease is for office space located at 7000 Jingshi Road, Han Yu Financial Business Center, Jinan, Shandong, covering floors 17-19 and specific rooms on the 16th floor [1] - The second lease is for additional office space in the same building, covering multiple rooms on the 16th floor [1] Group 2: Strategic Importance of New Office - The new office is situated in the Han Yu Jin Gu Center, a key project for ecological protection and high-quality development in the Yellow River Basin, aimed at establishing Jinan as an international financial and technology center [2] - The area has seen over 20 years of development, attracting high-quality enterprises in finance, technology, and related sectors, enhancing the business environment [2] - Moving to the new office is expected to significantly improve the company's working environment, enhance its brand image, and facilitate better collaboration with Zhongtai Securities, thus driving new growth opportunities amid competitive brokerage business conditions [2]

Core Viewpoint - The company has signed two lease agreements for new office space to accommodate its rapid business growth and improve operational efficiency [1][2] Group 1: Lease Agreements - The company and its wholly-owned subsidiary signed two lease agreements with Qilu Zhongtai Property, effective from October 1, 2025, to September 30, 2026, with total rent amounting to RMB 18.79 million [1] - The first lease is for office space located at 7000 Jingshi Road, Han Yu Financial Business Center, Jinan, Shandong, covering floors 17-19 and specific rooms on the 16th floor [1] - The second lease is for additional office space in the same building, covering specific rooms on the 16th floor [1] Group 2: Strategic Importance of New Office Location - The new office is situated in the Han Yu Jin Gu Center, a key project for the provincial and municipal governments aimed at ecological protection and high-quality development [2] - This area has seen over 20 years of infrastructure development and hosts various high-quality enterprises in finance, technology, and related sectors, enhancing the company's operational environment [2] - Moving to the new office is expected to significantly improve the company's brand image and operational efficiency, facilitating better collaboration with Zhongtai Securities and enhancing business potential in a competitive brokerage market [2]

Group 1 - The company plans to terminate the office space lease agreements with Zhuhai Fund and Huajin Avenue ahead of schedule, with a total unexecuted contract amount of 2.9338 million yuan [1][5][6] - The board of directors approved the termination of the lease agreements, with 7 votes in favor and no opposition, and authorized the management to handle all related matters [2][5] - The leased property is located in Zhuhai's high-tech zone, covering a total area of 1,818.5 square meters, and the company aims to recover the leased space for potential overall leasing to interested clients [5][6] Group 2 - The company has been unable to fully lease the office space due to its fragmented nature, and some tenants have expressed a desire to terminate their leases [5][6] - The termination of the lease agreements is expected to enhance asset efficiency and increase revenue by allowing the company to upgrade and re-lease the property [5][6] - The total amount of related party transactions with Zhuhai Fund, Huajin Avenue, and their affiliates approved this year amounts to 101.9751 million yuan [6]

Group 1: Market Overview - The report highlights that despite uncertainties in the Singapore real estate market, there are positive factors supporting its development [1][2] - Global economic conditions and geopolitical tensions are identified as significant external challenges impacting the market [2][9] - Singapore's position as a regional financial hub and government policies are seen as stabilizing factors for the real estate market [2][10] Group 2: Economic Outlook - Singapore's GDP growth is projected to decelerate to 1-3% in 2025, down from 4.0% in 2024 [5][9] - Inflation is expected to ease to 1.5-2.5% in 2025, following a decline from 4.8% in 2023 [5][19] - Interest rates in Singapore are anticipated to follow a downward trend, with projections suggesting a decrease to 3.75%-4.00% by the end of 2025 [5][21] Group 3: Office Market - The office market saw a net absorption of 1.91 million sq. ft. in 2024, the highest since 2017, driven by new Grade A office developments [28] - Vacancy rates for Core CBD (Grade A) offices decreased to 4.9% by the end of 2024, indicating a flight to quality among occupiers [30] - Core CBD (Grade A) rents are expected to grow modestly by around 2% in 2025, supported by limited supply and continued demand for high-quality spaces [39] Group 4: Industrial & Logistics Market - E-commerce and logistics sectors accounted for 39% of leasing demand in 2024, indicating resilience despite challenges [46] - An estimated 4.92 million sq. ft. of logistics supply is expected in 2025, which is about 3.9% of existing warehouse stock [53] - Average prime logistics rents rose by 1.1% to $1.87 psf per month in 2024, with expectations of stability in 2025 [54] Group 5: Retail Market - Tourism recovery is projected to continue in 2025, with visitor numbers expected to rise due to new attractions and events [62][63] - Approximately 0.50 million sq. ft. of retail space is expected to complete in 2025, significantly lower than previous years, which should support retail rents [70] - Overall average retail prime rents are expected to grow by 2-3% in 2025, recovering to pre-pandemic levels [74]

Group 1: Core Insights - The report highlights that despite uncertainties in the Singapore real estate market, there are positive factors that provide support [1][2] - Companies are adopting various leasing strategies, including renewal, relocation, expansion, and upgrading, which reflect the dynamic changes in the market [1] - The report suggests that an increase in relocation indicates changing demand for different property types and locations, while a high renewal rate suggests satisfaction with current spaces [1] Group 2: Economic Overview - Singapore's GDP growth is projected to decelerate to 1-3% in 2025, down from 4.0% in 2024, influenced by external challenges such as protectionist policies and geopolitical tensions [9][10] - Positive factors supporting growth include a stable labor market and potential government fiscal support due to significant national events in 2025 [10][11] - The Urban Redevelopment Authority's Draft Master Plan 2025 is expected to outline land use and development strategies for the next 10-15 years, impacting the real estate landscape [11] Group 3: Office Market - The office market in Singapore saw improved net absorption in 2024, reaching 1.91 million sq. ft., the highest since 2017, driven by new Grade A office developments [28] - Leasing momentum may slow in 2025 due to anticipated economic deceleration, with businesses likely to prefer lease renewals over relocations [29] - Vacancy rates for Core CBD (Grade A) offices decreased to 4.9% by the end of 2024, indicating a flight to quality trend [30] Group 4: Industrial & Logistics - E-commerce and logistics sectors remain resilient, accounting for 39% of leasing demand in 2024, driven by a strong appetite for modern logistics facilities [46] - The Johor-Singapore Special Economic Zone (JS-SEZ) initiative is expected to attract significant investments while allowing firms to retain core operations in Singapore [49][50] - New warehouse supply is projected at 4.92 million sq. ft. in 2025, which is about 3.9% of existing stock, alleviating downward pressure on occupancy rates [53] Group 5: Retail Market - Tourism recovery is expected to continue in 2025, supported by increased flight capacity and new attractions, which will positively impact retail demand [62][63] - Limited future retail supply, estimated at 0.50 million sq. ft. in 2025, is expected to support retail rents [70] - Overall average retail prime rents are projected to grow by 2-3% in 2025, recovering to pre-pandemic levels due to tourism recovery and limited new supply [74]