Core Insights - The Monetary Authority of Singapore (MAS) is injecting S$5 billion into the equity market to enhance liquidity and attract investors [1] - Real Estate Investment Trusts (REITs) are expected to benefit from this liquidity push, particularly four established names with strong fundamentals [1] Group 1: Suntec REIT - Suntec REIT owns a diversified portfolio of office and retail properties across Singapore, Australia, and the UK, and has historically traded at a discount during weak market conditions [2] - Committed occupancy rates are strong at 98.5% for Singapore offices and 99.3% for retail, with robust rental reversion rates of 8.5% for Singapore offices and 8.6% for retail [3] - Distribution per unit (DPU) for 3Q2025 increased by 12.5% year on year to S$0.01778, supported by lower financing costs and improved performance [4] Group 2: Keppel REIT - Keppel REIT holds a portfolio of Grade A offices in Singapore, Australia, Japan, and South Korea, with strong rental reversions supported by resilient leasing demand [5] - Committed occupancy increased to 96.3%, while rental reversions for the nine months ended September 2025 were strong at 12% [6] - The REIT trades at a price-to-NAV ratio of around 0.86x, indicating market concerns over near-term distribution growth despite solid operational fundamentals [7] Group 3: ESR-LOGOS REIT - ESR-LOGOS REIT owns industrial and logistics properties across Singapore, Australia, and Japan, with a focus on high-demand sectors driven by e-commerce growth [8] - Occupancy stood at 90.3%, reflecting successful lease-up efforts, and the average cost of debt declined to 3.40% per annum [9] - The REIT is executing a "4R" strategy to enhance portfolio quality through capital recycling [10] Group 4: CapitaLand India Trust - CapitaLand India Trust provides exposure to India's IT and business park sectors, with committed occupancy at 91% and strong rental reversions of 15% for the quarter [11][12] - Gearing improved to 40.9%, reflecting modest deleveraging after divesting non-core assets [12] - The average cost of debt is 5.8%, with a significant portion of borrowings on fixed rates [13] Group 5: Market Implications - The S$5 billion liquidity push is expected to lift the broader REIT sector, potentially narrowing valuation discounts and increasing institutional participation [15] - Focus on quality REITs with healthy balance sheets and stable distributions is recommended, as enhanced liquidity may provide tailwinds for well-managed trusts [16]

Core Viewpoint - Gansu Guofang Industrial and Trade Group Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, driven by strategic store upgrades and brand collaborations [1][3] Financial Performance - The company achieved a revenue of 572 million yuan and a net profit of 60.91 million yuan, marking a year-on-year increase of 71.34% [1] - In Q3 alone, the revenue reached 190 million yuan, with a year-on-year growth of 9.36%, while net profit surged by 1931.9% to 38.27 million yuan [1] Strategic Initiatives - The company is implementing a multi-store linkage adjustment strategy, focusing on upgrading its main store in Lanzhou to enhance the shopping experience [1] - Key renovations include updates to various floors and the rooftop garden, aiming to create a comprehensive shopping environment that appeals to Generation Z [1] Brand Development - Guofang Department Store is expanding its dining and experiential offerings through partnerships, including a joint venture with Beijing Maliuji Hotel Management Co. to introduce the first Maliuji restaurant in Northwest China [2] - Collaborations with brands like Haidilao and Miniso are underway to enhance the retail ecosystem and improve revenue structure [2] Regional Expansion - The company plans to lease commercial real estate in Zhangye City to develop the Zhangye Guofang Plaza, with an expected area of 37,000 square meters, set to open in August 2026 [2] - This project is part of the company's strategy to expand its commercial footprint in the Hexi region of Gansu Province [2][3] Overall Business Quality - Through upgrades, regional expansion, and brand optimization, the company has steadily improved its operational quality and profitability, laying a solid foundation for future high-quality development [3]

Financial Performance - The consolidated profit attributable to owners of the Company for 9M25 increased by 13.2% to HK$4,067 million[2, 10] - Revenue for 9M25 increased by 1.3% to HK$14,281 million[10] - Net finance costs from continuing operations decreased by HK$295 million to HK$263 million[2] - Net gain arising from fair value adjustments for investment properties from continuing operations was HK$1 million (9M24: net loss of HK$73 million)[2] - Interim dividend increased by 11.2% to HK$0.2666 per share[10] Segment Results (Water Resources) - Dongjiang (East River) Water Supply Concession revenue and profit before tax (excluding net exchange differences and net finance costs) for 9M25 amounted to HK$5,242 million and HK$3,596 million respectively[18] - Other Water Projects revenue and profit before tax excluding net exchange differences and net finance costs for 9M25 amounted to HK$5,611 million and HK$1,601 million respectively[23] - The total designed water supply capacity of the Group's Other Water Resources Projects as at 30 September 2025 are 16.60 million tons per day[21] - The total waste water processing capacity of the Group's Other Water Resources Projects as at 30 September 2025 are 3.09 million tons per day[21] Segment Results (Property Investment & Department Store Operation) - GDH Teem's Property Investment Business Revenue for 9M25 was HK$767 million[31] - Department Store Operation Revenue for 9M25 was HK$582 million[34] Segment Results (Hotel Operations and Management) - Total hotels operated as at 30 September 2025: 7 hotels[37]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波富达股份有限公司（以下简称"公司"）在2018年度实施了重大资产出售方 案，已将公司持有的住宅房地产板块的股权和债权以公开方式出让，公司不再从事住 宅房地产开发业务。目前公司从事的业务为商业地产和水泥建材。 根据上海证券交易所《关于做好主板上市公司 2025 年第三季度报告披露工作的通 知》要求，公司现将 2025 年第三季度主要经营数据披露如下： 证券代码：600724 证券简称：宁波富达 公告编号：2025-034 宁波富达股份有限公司关于 2025年第三季度主要经营数据的公告 特此公告。 宁波富达股份有限公司董事会 2025年10月24日 商业地产： 2025年1-9月，公司出租房地产楼面面积16.19万平方米（商业综合体15.15万平方 米、工业厂房1.02万平方米、住宅0.02万平方米），取得租金总收入27,795.73万元（商 业综合体27,721.98万元、工业厂房69.79万元、住宅3.96万元）。 以上数据为阶段统计数据，未经审计。 ...

August 2025 2025 FIRST HALF RESULTS REVIEW O U R B U S I N E S S 2025 First Half Results Review ~ Stock Code: 0270 F I N A N C I A L H I G H L I G H T S 1 The unaudited consolidated profit attributable to owners of the Company for 1H25 increased by 11.2% to HK$2,682 million and interim dividend per share increased by 11.2% to HK$26.66 cents. 2 The net finance costs from continuing operations was decreased by HK$201 million to HK$188 million and net loss arising from fair value adjustments for investment pro ...

根据上海证券交易所《关于做好主板上市公司 2025 年半年度报告披露工作的通 知》要求，公司现将 2025 年上半年度主要经营数据披露如下： 商业地产： 2025年1-6月，公司出租房地产楼面面积16.22万平方米（商业综合体15.18万平方 米、工业厂房1.02万平方米、住宅0.02万平方米），取得租金总收入18,263.58万元（商 业综合体18,216.93万元、工业厂房44.31万元、住宅2.34万元）。 以上数据为阶段统计数据，未经审计。 证券代码：600724 证券简称：宁波富达 公告编号：2025-029 宁波富达股份有限公司关于 2025年上半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波富达股份有限公司（以下简称"公司"）在2018年度实施了重大资产出售方 案，已将公司持有的住宅房地产板块的股权和债权以公开方式出让，公司不再从事住 宅房地产开发业务。目前公司从事的业务为商业地产和水泥建材。 特此公告。 宁波富达股份有限公司 董事会 2025年8月27日 ...

Group 1 - Longhua District has shown significant commercial growth, with service industry revenue reaching 8.89 billion yuan from January to April, marking a year-on-year increase of 14.7%, the highest in the district [2][3] - Longhua Street is the only area in the district to achieve double-digit growth, contributing 23.8% to the district's total service industry revenue [3] - The district's strategy includes attracting high-end consumer resources and integrating commercial activities with cultural and sporting events to enhance market vitality [4][5] Group 2 - The rental rate of the "Houlang New World" shopping complex reached 93%, with total sales around 1.2 billion yuan in the first half of the year [6][7] - The district is focusing on developing new consumer groups, particularly targeting tourists from Hong Kong and Macau, with initiatives to promote local tourism resources [6][8] - The "2025 Economic High-Quality Development Work Plan" aims to establish four distinctive commercial circles, enhancing the overall commercial landscape of Longhua [7] Group 3 - The district's various streets are leveraging unique strategies to stimulate economic growth, such as hosting cultural festivals and sports events to attract diverse consumer groups [8][9] - Longhua Street has implemented effective communication strategies between government and enterprises, resulting in high engagement and problem resolution rates [10][11] - The district has successfully attracted several quality enterprises, enhancing its commercial ecosystem and supporting the growth of local businesses [10][11]

Core Points - The report provides a summary of non-operating fund occupation and other related fund transactions for Bohai Leasing Co., Ltd for the year 2024, ensuring compliance with regulatory requirements [1][2][3] - The audit conducted by Ernst & Young Huaming confirmed that there were no inconsistencies in the financial statements and the summary of fund transactions [1][2] - The report highlights the company's responsibility for the authenticity, legality, and completeness of the disclosed information [1][2] Summary by Category Non-operating Fund Occupation - The summary table indicates that there were no non-operating fund occupations by the controlling shareholder or its subsidiaries as of the end of 2024 [2][3] - The total amount of funds involved in transactions with related parties was reported as 11,026,935 thousand RMB, with a significant portion being accounted for by other related parties [2][3] Related Party Transactions - The company reported a total of 618,147 thousand RMB in transactions with related parties, with no outstanding balances as of December 31, 2024 [2][3] - The report includes details of various transactions, including property leasing and management fees, with a total of 1,892,032 thousand RMB reported for other related party transactions [2][3] Guarantees and Pledges - The company provided guarantees amounting to 2,057,500 thousand RMB for Yunnan Xiangpeng Airlines, with the guarantee period extending until October 31, 2031 [3][4] - The company also pledged its 30% equity in Hong Kong Bohai Leasing Asset Management Co., Ltd as collateral for a loan taken by Hainan Airlines, with the guarantee remaining effective until the debt is settled [3][4]