As summer begins, operational stability continues. In the second quarter of 2026, the underlying asset operations of Huakai Capital Consumption REIT (Fund Code: 508091) remained solid, with core financial and operational metrics meeting all targets, laying a strong foundation for stable annual returns. Operational performance stayed robust, with the overall occupancy rate at the project level reaching 97.27% by the end of the reporting period. The average rental unit price during the quarter was 219.93 yuan per square meter per month, maintaining a high rental level and continuously unlocking asset value. The fund's EBITDA for the quarter was 3,218.66 million yuan, achieving 103.65% of the forecasted performance at listing. The distributable amount for this period was 2,617.68 million yuan, implying an annualized distribution rate of 4.59% based on the issuance price, consistently delivering stable dividend returns. This quarter, both the Changsha Yuhuating and Guangzhou Yunshang projects leveraged multi-faceted strategies including brand renewal, refined operations, and scenario-based IP marketing. The asset upgrade and renovation areas have gradually opened, further enhancing the long-term growth potential of the assets.

01 Brand Renewal and First-Store Strategy, Continuously Strengthening Operational Resilience

This quarter, the Changsha Yuhuating and Guangzhou Yunshang projects accelerated the pace of brand renewal, introducing a total of 51 new brands. They optimized the business mix to cater to the diverse consumption preferences of different customer groups, continuously upgrading the shopping experience.

For Changsha Yuhuating, the project is anchored in the "Enjoying a New Life in the Neighborhood" positioning, focusing on the full optimization of dining, retail, and leisure entertainment. It introduced 16 new brands in the second quarter. In the light meal segment, it brought in popular brands like Liruotao, Zhen Tea House, Mr. Savage, and Lushanchuan to strengthen the afternoon tea leisure scene. The L4 floor saw the addition of specialty restaurants like Qiaojiangxi and Chian. The retail sector continued the floor consolidation strategy from the first quarter, adding 6 new brands in apparel, gifts, and footwear, and optimizing the L2 retail brand tier. The leisure segment was also refreshed, upgrading the store image of Xinghui Interstellar's top player and introducing a Jiaji Claw Machine store, effectively extending customer dwell time and strengthening the one-stop family consumption appeal.

For Guangzhou Yunshang, the project focused on a "first-store economy," introducing 35 new brands in the second quarter, including 8 Guangzhou first stores and 14 Baiyun district first stores. With young retail as the main line, it covers diverse categories such as apparel, beauty and fragrance, and parent-child entertainment. The ground floor introduced the salon fragrance brand Xiangyu, creating a refined and atmospheric luxury consumption scene. The L5 anchor store, Perfect World Cinema, opened after renovation. The B2 subway level saw the opening of OCE Nordic Lifestyle Store, domestic cosmetics brand Judydoll, and Liangduochupin youth fashion apparel, continuously enhancing the value of the shopping experience.

02 Enhancing Refined Operations, Empowering Tenant Performance Growth

The project operations team implemented a tiered tenant management system, maximizing revenue contributions from top-tier merchants, unleashing the incremental potential of new store openings, and establishing a closed-loop process for early warning and elimination of at-risk tenants, comprehensively securing the safety net for operational income.

For Changsha Yuhuating, the project saw a dual explosion of new stores and thematic marketing. The Juewei Fresh Goods Changsha first store, which opened in the first quarter, officially launched on May Day. The holiday period saw a concentrated release of customer traffic, with sales exceeding 300,000 yuan during the May Day period and achieving a daily sales per square meter exceeding 10,000 yuan. The project hosted an iFLYTEK technology-themed exhibition, using interactive challenges and consumption incentives to drive store conversions and enhance customer loyalty. A special full-reduction marketing campaign for key women's apparel brands led to a 61% year-on-year increase in sales during the event, successfully cultivating high-quality commission-based merchants.

For Guangzhou Yunshang, the project's precise seasonal marketing effectively empowered various merchant categories, leading to significant sales increases for multiple brands across the quarter. In April, LIULIUMO designer women's wear VIP Day, combined with a 430 yuan for 500 yuan mall coupon, resulted in a 15% year-on-year sales increase. In May, BALABALA children's wear launched a 200 yuan for 270 yuan exclusive group purchase, paired with venue and promotional resources, leading to a 55% month-on-month sales increase. In June, Sephora's 1500 yuan for 1600 yuan discount promotion boosted sales by 29% year-on-year. Brands such as Yile Canteen, DJI, Shengxiangting, and Xicunwu House all achieved record-high sales since their opening, creating a win-win situation for both merchant revenue and mall operational efficiency.

03 Scenario Innovation and IP Marketing, Deeply Uncovering Consumption Growth Potential

The two major projects leveraged the quarter's seasonal milestones to create several buzz-worthy thematic activities, generating high levels of online and offline engagement.

For Changsha Yuhuating, the project curated diverse thematic activities to deeply tap into the consumption potential of family and youth customer groups. In April, a Neighborhood Goodies Market and a Youth Boxing League were held, effectively consolidating the community family customer base and driving year-on-year growth in foot traffic and sales. In May, the "Fun Sports Festival 2.0" immersive sports activity was launched. In June, the benchmark IP "Changsha Carb-Free Market 3.0" was held, breaking the project's holiday foot traffic record. This quarter, by creating diverse and innovative scenarios for sports, social interaction, science education, and food, the project broke through the traditional boundaries of community commercial operations, broadening its coverage of youth and city-wide customer groups.

For Guangzhou Yunshang, the project is anchored by the two core labels of "dual-park commercial + fan support." In April, the "Hot Snow Wonder" South China debut exhibition was held, integrating VR skiing, snow and ice knowledge workshops, and other diverse experiences, achieving an average daily foot traffic of 54,000 visitors during the event. In May, the "Park Lane" scene upgrade in the Southeast Plaza was completed, hosting the Wang Fugui Poetry Guangzhou debut exhibition, which garnered 1.11 million views for a single Xiaohongshu post. On May Day, foot traffic increased by 11% year-on-year. As CapitaLand Group's first national pilot for the "2026 CapitaStar Super Star Member Season" World Cup-themed event, Guangzhou Yunshang, in conjunction with the opening of the B2 district renovation, created six major opening activities, including a World Cup official IP pop-up store, a Yunshang doorframe camera, a 6-meter-high giant football photo installation, an AI robot competition, and a public vote on the World Cup schedule. In the first weekend after opening, the average daily foot traffic was 84,000 visitors, a 11.6% increase year-on-year. In June, the construction of a non-powered parent-child playground in the sunken plaza was completed, improving the dual-park supporting facilities and continuously solidifying the advantages of all-age consumption scenarios.

04 Summer Invitation: Visit Yunshang, Explore the Long-Term Value of the Asset

On July 30, Huakai Capital Consumption REIT will hold its 2026 Investor Open Day event. We sincerely invite all investors to visit the Guangzhou Yunshang project in person, to experience the newly opened B2 trendy district firsthand, and to get an up-close look at the diverse consumption scenarios after the renovation and upgrade. At the event, the fund manager and operations management team will engage in in-depth communication with attending investors, providing a comprehensive interpretation of the fund's performance and future outlook.