SPRING REIT (01426) announced that for the three months ended December 31, 2025, the Huamao property recorded an average monthly rent of approximately RMB 339 per square meter, a decrease of 0.9% compared to the previous quarter, while the average occupancy rate was approximately 87%, an increase of 3 percentage points from the prior quarter. The occupancy rate as of December 31, 2025, was approximately 90%. The Beijing office market remains challenging, and the team will continue to prioritize maintaining occupancy levels over rental rates. SPRING REIT completed the acquisition of a 68% interest in the Huizhou property on September 28, 2022. For the three months ended December 31, 2025, the Huizhou property's average monthly rent was approximately RMB 170 per square meter, which included a fixed rent of RMB 149 per square meter (Q3 2025: RMB 150 per square meter) and a variable rent of RMB 21 per square meter (Q3 2025: RMB 17 per square meter), representing a 1.8% increase compared to the previous quarter. The average occupancy rate was approximately 98%, up 1 percentage point from the prior quarter. The total leasable area of the Huizhou property as of December 31, 2025, was 102,859 square meters. The total leasable area of the property may change from time to time due to reconfigurations made to accommodate tenant requirements.