Sharpening Our Vision Medical Care and Eldercare Led, Enabled by Real Estate and Hospitality Accelerating Our Strategy Scaling Operational Excellence and Expanding Our Healthcare Footprint Shaping A Sustainable Future Driving Long-Term Value and Unlocking Sustainable Growth Perennial Holdings Private Limited / Annual Report 2025 PERENNIAL Reimagining Possibilities
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Key Highlights VISION To be a leading global integrated healthcare and real estate company committed to enriching the lives of those we serve and delivering value to all of our stakeholders. MISSION To build a sustainable business, establish strong lasting relationships and create long-term growth for our shareholders. CORE VALUES TEAMWORK We value and empower our people, embrace diversity and work in unity to achieve our corporate goals. INTEGRITY We believe in fair business practices and uphold a high standard of integrity, moral conduct and governance in our dealings with internal and external parties. EXCELLENCE We are passionate about our work, innovative and entrepreneurial in spirit, and push the boundaries in pursuit of outstanding performance. SUSTAINABILITY We are socially, environmentally and economically responsible and treat our stakeholders with respect and compassion. Perennial Holdings Private Limited (“Perennial Holdings”) is an established integrated healthcare and real estate company headquartered in Singapore. The Company owns, manages and operates over 29,000 beds in medical and eldercare facilities, comprising approximately 18,000 operational beds and over 11,000 beds in the pipeline, across 17 cities in China and Singapore. In China, Perennial Holdings owns and operates the country’s first private integrated healthcare ecosystem, which combines a unique medical platform centred on partnerships with doctors and one of the largest private eldercare platforms in the country. Its comprehensive medical care facilities encompass general, rehabilitation, specialist and nursing hospitals, while its eldercare facilities include independent living, assisted living, skilled nursing and memory care. In Singapore, the Company will operate Perennial Living, the nation’s first private assisted living development and is operating Perennial Wellness, the country’s first-of-its-kind private integrated medical, rehabilitation and traditional Chinese medicine centre. Perennial Holdings’ quality real estate portfolio spans over 85 million square feet in total gross floor area across China, Singapore, Malaysia and Indonesia. The Company focuses strategically on large-scale transit-oriented developments (“TODs”), serving as enablers of its healthcare portfolio, and landmark integrated developments. It has seven TODs in China which are connected to high-speed railway (“HSR”) stations, of which six, located in Tianjin, Chengdu, Kunming, Xi’an, Guangzhou and Chongqing, are healthcare-centric, and one commercialcentric HSR TOD is in Hangzhou. 愿景 成为一家全球领先的综合性医疗健康和房地产 公司，致力于丰富我们服务对象的生活，并提供价 值给我们所有的利益相关者。 使命 建立可持续发展业务，树立稳固持久的关系，并为 股东创造长期利益增长。 核心价值 团队精神 我们重视我们的员工，接受人才多样性，并以团结 一心的态度实现我们共同的企业目标。 正直 我们相信公平的商业惯例，在与内部和外部各方 打交道时秉承高标准的诚信、道德操守和治理。 卓越 我们秉持对工作的热忱，保持创新和进取的精神 以突破界限、追求卓越的表现。 可持续性 我们对社会、环境和经济负责，并以最尊敬的心对 待我们的利益相关者。 公司简介 鹏瑞利集团有限公司（以下简称“鹏瑞利集团”）总部位于新加坡，是一 家集医疗健康和房地产于一体的综合性集团公司。鹏瑞利集团作为医 疗健康服务持有、运营和管理者，拥有超过29,000张医疗及养老床位， 其中约18,000张已投入运营的 床位及超过11,000张筹备中的床位，布 局于中国17个城市和新加坡。在中国，鹏瑞利集团拥有并运营全国首 个民营综合医疗生态体系，该生态系统结合了以与医生合作为核心的 独特医疗平台和中国最大的私营养老平台之一。其全面的医疗设施涵 盖综合医院、康复医院、专科医院和护理医院，而养老设施包括独立生 活、辅助生活、养老院及认知障碍护理等。在新加坡，鹏瑞利集团将运 营全国首个辅助生活私宅项目- 鹏瑞利颐乐苑，并运营全国首个集医 疗、康复与中医于一体的私人综合中心 - 鹏瑞利颐康中心。 鹏瑞利集团优质的房地产投资组合总建筑面积超过8,500万平方英尺， 覆盖中国、新加坡、马来西亚和印度尼西亚。公司战略性聚焦城市交 通枢纽大型综合项目（“TOD”），以此促进医疗健康业务发展，并打造 地标性综合项目。在中国，鹏瑞利集团拥有七大TOD项目，均毗邻高铁 站。其中，位于天津、成都、昆明、西安、广州和重庆的六个项目以医疗 健康为核心，杭州项目则以商业为主。 Corporate Profile HEALTHCARE BUSINESS Owner, Developer and Operator of an Integrated Healthcare Platform; Integrated Approach with Medical Care, Eldercare, Rehabilitation and Wellness; One of the Largest Private Integrated Eldercare Continuums in China REAL ESTATE BUSINESS PRIME LANDMARK TODs AND INTEGRATED DEVELOPMENTS Three Tallest Buildings Commercial-Centric HSR TOD Hangzhou Cloud Gate Centre Tallest Building in Hangzhou, China Commercial TODs Beijing Tongzhou Integrated Development Tallest Building in Beijing Tongzhou District The Skywaters Tallest Building and First Supertall (over 300 metres) in Singapore Unveiled the first Aman in Singapore, comprising a hotel and residences within The Skywaters LANDMARK CONSERVATION INTEGRATED DEVELOPMENT Commenced Commercial & Residential Sales Launch of Golden Mile Singapore Revitalised Heritage Icon with a New Build in Downtown Core COMMENCED OPERATIONS World’s First-of-its-kind Integrated Medical Care, Eldercare and Hospitality HSR TOD Perennial Healthcare City Tianjin Second Flagship Integrated Medical Care, Eldercare and Hospitality HSR TOD Perennial Healthcare City Kunming – parts of medical, eldercare and hospitality clusters First Eldercare Business in Beijing Perennial Jingxin Senior Care Home, Beijing Lucheng SUSTAINABILITY Adopted Seven and Eight UN SDGs Goals 4 (Quality Education) and 7 (Affordable and Clean Energy) Achieved 2.79 million kWh Achieved 3rd year running EarthCheck Silver Certification for CHIJMES of total energy savings across Tianjin and Chengdu assets (Perennial Healthcare City Tianjin, Perennial International Health and Medical Hub Chengdu and Perennial Qingyang Mall, Chengdu) HOSPITALITY Portfolio Comprising 163- to 5-star hotels across China COMMENCED OPERATIONS Hospitality Cluster with 3- to 5-star hotels Perennial Healthcare City Tianjin & Perennial Healthcare City Kunming of which Approx 18,000 Independing Living / Assisted Living / Memory Care / Skilled Nursing ELDERCARE Over 11,000 General / Rehabilitation / Specialist / Nursing Hospital Beds MEDICAL CARE EXPANDED PORTFOLIO OF WHOLLY FOREIGN-OWNED PRIVATE CLASS 3 HOSPITALS Operating China’s First Wholly Foreign-owned Private Class 3 Tertiary General Hospital In Tianjin Perennial General Hospital Tianjin Opportunity to Operate Southern China's First Wholly Foreign-owned Private Class 3 Tertiary General Hospital in Guangzhou Baiyun Perennial General Hospital Guangzhou Baiyun Wholly Foreign-owned Private Class 3 Tertiary Rehabilitation Hospital in Guangzhou Huangpu Perennial Rehabilitation Hospital Guangzhou Huangpu Shanghai's First Wholly Foreign-owned Private Class 3 Tertiary General Hospital Perennial General Hospital Shanghai Hainan's First Wholly Foreign-owned Private Class 3 Rehabilitation Hospital in Sanya Perennial Rehabilitation Hospital Sanya Jiangsu Province's First Wholly Foreign-owned Private Class 3 Tertiary Rehabilitation Hospital in Nanjing Perennial Rehabilitation Hospital Nanjing Tianjin, Chengdu, Kunming, Xi’an, Chongqing, Guangzhou Baiyun, Guangzhou Huangpu, Sanya and Nanjing 9Perennial Healthcare Cities & Communities in Tianjin, Chengdu, Kunming, Xi’an, Chongqing, Guangzhou Baiyun 6are Healthcare-centric HSR TODs over 11,000 beds in committed pipeline Over 29,000 beds comprising approx 18,000 operational beds and > 5,400 Medical Care, Eldercare and Healthcare Staff > 80 Medical Care and Eldercare Facilities across 17 cities in China, and in Singapore 18million sq ft of dedicated healthcare space in China Approx. of which 01 ANNUAL REPORT 2025
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Contents OVERVIEW Corporate Profile Key Highlights 01 Chairman & CEO’s Statement (English) 04 Chairman & CEO’s Statement (Chinese) 08 Our Presence 12 Our Milestones 14 Our Business Model 16 Our Integrated Strategy 18 Board of Directors 20 Management Team 25 PERFORMANCE Shareholding Information 30 Business Overview 30 Business Structure 32 Financial Highlights 34 Financial Review 35 5-Year Financial Summary 37 BUSINESS REVIEW Healthcare Business China Perennial Healthcare City Tianjin 47 Perennial Healthcare City Chengdu 50 Perennial Healthcare City Kunming 52 Perennial Healthcare City Xi'an 54 Perennial Healthcare City Chongqing 55 Baiyun Mega Health City 56 Renshoutang 58 Perennial Alzheimer’s Care Village Xi’an 59 Singapore Perennial Living 60 Perennial Wellness (Jervois Road) 61 Real Estate Business China Perennial Hangzhou Cloud Gate Centre 65 Beijing Tongzhou Integrated Development 67 Singapore The Skywaters 71 Golden Mile Singapore 72 Capitol Singapore 73 CHIJMES 74 Perennial Business City 75 Malaysia The Light City, Penang 79 Indonesia The Sanctuary Collection, Greater Jakarta 81 Portfolio at a Glance 82 SUSTAINABILITY Sustainability Report 102 Corporate Governance 145 Risk Management 155 FINANCIALS Statutory Accounts 161 APPENDIX Supplemental Information 237 Corporate Information In FY2025, Perennial Holdings advanced its strategic transformation into an integrated healthcare and real estate company, while strengthening its presence in its core markets of China and Singapore. As an innovator committed to reimagining possibilities (“创想新境”), Perennial Holdings continued to drive its synergistic value-creating ecosystems of integrated medical care and eldercare components, culminating in seamless, world-class continuums of care. The Company’s numerous milestones and a healthy pipeline of both greenfield and brownfield integrated healthcare and real estate developments, reflects how it harnesses the best of its diverse yet complementary skillsets as strategic asset developers and managers of choice. Looking forward, Perennial Holdings is well-poised for a trajectory of sustainable growth, enhancing the well-being of the communities it serves. Reimagining Possibilities 03 02 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Executive Chairman & CEO’s Statement Dear Stakeholders, FY2025 was a pivotal year for Perennial Holdings. Against a backdrop of persistent global volatility, geopolitical tensions and evolving market conditions, we advanced our strategic transformation into an integrated healthcare and real estate company, while strengthening our presence in our core markets of China and Singapore. Today, Perennial Holdings owns and operates one of the first private integrated healthcare ecosystems in China, which combines a unique medical platform with hospitals centred on partnerships with doctors and one of the largest private eldercare platforms in the country. Our medical facilities span general, rehabilitation, specialist and nursing hospitals, while our eldercare portfolio encompasses independent living, assisted living, skilled nursing and memory care. For our hospital portfolio, we are operating China’s first wholly foreignowned private Class 3 tertiary general hospital in Tianjin and have the opportunity to operate wholly foreignowned private Class 3 hospitals in another four cities - Shanghai, Guangzhou, Nanjing and Hainan, bringing our presence to five out of nine designated cities where wholly foreign-owned hospitals are permissible. Collectively, our healthcare portfolio comprises over 29,000 beds, with approximately 18,000 operational beds and more than 11,000 in the pipeline. We are also a leading player in transitoriented developments (“TODs”) in China, with seven projects strategically located adjacent to key high-speed railway (“HSR”) stations. Six of these HSR TODs – Chengdu, Tianjin, Kunming, Xi’an, Guangzhou and Chongqing – are healthcare-centric, serving as enablers of our healthcare business, while one commercial-centric TOD is located in Hangzhou. In Singapore and Southeast Asia, our prime real estate portfolio includes landmark integrated developments, such as The Skywaters, Singapore’s tallest building, and Golden Mile Singapore, comprising a revitalised heritage icon in Singapore’s Downtown Core. Overall, our diversified real estate portfolio spans over 85 million square feet of gross floor area (“GFA”). REFRESHED BRAND IDENTITY TO SUPPORT STRATEGY RECALIBRATION In line with our Company’s successful transition to a healthcare-led, real estateenabled strategy, a refreshed brand identity was introduced across our group and core business verticals: medical, eldercare, real estate and hospitality. The new brand architecture clearly defines our Company’s four distinct verticals, emphasising medical care and eldercare as the primary business lines, supported by real estate and hospitality. The unified logo strengthens brand recognition and reinforces our Company’s identity, setting ourselves for sustained growth and long-term market presence. MOMENTUM OF EXECUTION ACROSS KEY DEVELOPMENTS Healthcare remains a strategic national priority amid an increasingly ageing population in China and Singapore. Our focus on disciplined execution of our existing developments, growing recognition in the healthcare space and integrated expertise across the healthcare and real estate value chain have enabled us to secure a robust pipeline of healthcare projects, ensuring a steady growth trajectory. Second-generation Healthcare City in Tianjin Gains Traction In FY2025, we fully launched Perennial Healthcare City Tianjin, our secondgeneration HSR TOD and the world’s firstof-its-kind integrated medical, eldercare and hospitality development. The development also houses China’s first wholly foreign-owned private Class 3 tertiary general hospital. Spanning 3.5 million square feet (“sq ft”) and developed at a total investment cost of S$1 billion, we own and operate all medical, eldercare and hospitality businesses, while also serving as owner, developer and manager of the real estate. The healthcare city achieved strong traction in its first full year of operations. Within the medical cluster, all three hospitals commenced operations by February 2025 and were enrolled in the National Medical Insurance Scheme by May 2026. Together, they provide 1,000 beds across a general hospital with comprehensive disciplines, a rehabilitation hospital for post-surgery recovery, and a brain specialist hospital focused on neurological surgeries, ensuring a seamless care journey for patients. A key differentiator was the successful implementation of our asset-light co-medical space concept at the general hospital. This model enables strategic partnerships with leading doctors and medical groups, allowing them to deliver consultations and treatments without heavy capital investment. They leverage our Singapore-inspired Shared Medical Platform, which provides advanced operating theatres, diagnostic imaging and clinical laboratories. This approach offers convenience, cost-efficiency and scalability, empowering medical groups to expand across our healthcare-centric projects. As a result, the general hospital now hosts a balanced portfolio of specialised clinics led by renowned doctors from public hospitals and medical groups in the JingJin-Ji (“JJJ”) region. Supported by the Tianjin Municipal Health Commission, the hospital formed specialty alliances with seven Class 3A tertiary hospitals, fostering collaboration in clinical development and patient referrals. Notably, the hospital performed Tianjin’s first Mako robotic armassisted joint surgery, successfully completed one of Xiqing district’s most complex cardiology surgeries and established centres of excellence, including an innovative oncology diagnosis and treatment centre in partnership with GE Healthcare. All three hospitals also secured direct payment arrangements with over 20 commercial insurers, enabling access to international and corporate client segments. As a result, the hospitals received patients from more than 20 countries in the year. In FY2025, to foster local-foreign hospital collaboration to elevate the standards of private medical care, we entered into a Memorandum of Understanding with SingHealth, Singapore's largest public healthcare group, to bring diverse medical professionals and expertise to Tianjin. Subsequently, several training sessions were conducted by SingHealth in the Tianjin general hospital on best practices in nursing, rehabilitation and talent development. The hospitals also hosted medical delegations from countries such as Pakistan and Mongolia, reinforcing crossborder knowledge exchange. Connected to the medical cluster is the eldercare cluster, offering over 1,700 beds across independent living, assisted living, dementia care and nursing hospital services. To date, 1,100 beds are in operation and the average occupancy as at December 2025 was approximately 40%. The eldercare cluster has secured partnerships with nearly 20 insurers, enabling them to extend professional eldercare services to more seniors. The hospitality cluster, comprising nearly 800 rooms under 3- to 5-star brands – including the flagship The Perennial Tianjin, JdV by Hyatt – achieved Earnings Before Interest, Taxes, Amortisation and Rent breakeven within its first year. Its 32,000 sq ft MICE facilities hosted 230 large-scale conferences, welcoming over 120,000 guests. The steady progress of Perennial Healthcare City Tianjin underscores the strength of our integrated medical, eldercare and hospitality model. By delivering hospitalgrade medical care to seniors in eldercare homes and infusing five-star hospitality standards into service delivery at our hospitals and eldercare facilities, Perennial Holdings is redefining senior living and positioning our developments as premier destinations for domestic and international medical tourism, as well as world-class MICE events. Expanding Portfolio of Wholly ForeignOwned Hospitals in China Following China’s 2024 policy shift permitting wholly foreign-owned private hospitals, our successful track record in Tianjin has paved the way for the Company to gain access to opportunities to operate even more wholly foreignowned private Class 3 tertiary hospitals in Guangzhou, Shanghai, Nanjing and Hainan – marking our maiden entry into the medical space in these prime cities. Notably, we will be establishing South China’s first wholly foreign-owned private Class 3 tertiary general hospital with 500 beds within our upcoming Baiyun Mega Health City. Today, Perennial Holdings is a trusted brand in China’s healthcare industry, with a growing presence across first-tier and strong second-tier provincial capital cities. This reputation has created a strong pipeline of opportunities to accelerate the rollout of our integrated healthcare city model through asset-light brownfield projects. These include the upcoming Perennial Healthcare City in Sanya, Hainan, and Perennial Healthcare City in Nanjing. These brownfield projects involve retrofitting near-completed buildings to bring our hospitals and medical services to market more quickly, as fast as within a year, while minimising capital outlay. By maintaining a prudent investment strategy and leveraging our integrated model, we are well-placed to capture emerging market opportunities and scale up our healthcare footprint across China. Second-Generation Healthcare City in Kunming Commences Operations FY2025 was a fruitful year where we fully opened four new hospitals in Tianjin in the first half and another two new hospitals in Kunming in the second half. We expect to open over 10 hospitals across 2026 and 2027. Following our successful execution in Tianjin, we focused on operationalising our second second-generation HSR TOD in Kunming, which is nearly twice the size of Tianjin. Spanning approximately 6 million sq ft and developed at a total investment cost of approximately S$1.2 billion, Perennial Healthcare City Kunming’s medical care layers on wellness, in addition to eldercare and hospitality clusters. Recently in March 2026, its third hospital secured its licence to commence operations. Part of the eldercare and hospitality clusters have also commenced operations, including the premium Hyatt Place hotel and approximately 157,000 sq ft of event space. Kunming’s all-year-round mild and comfortable climate positions the city as an attractive alternative rehabilitation and holiday destination to Hainan. Strategically located adjacent to Kunming South HSR Station – Yunnan Province’s key transport hub and China’s premier gateway linking East and Southeast Asia to the rest of the country – Perennial Healthcare City Kunming is poised to become a compelling health and rehabilitation destination for seniors nationwide as well as wellness tourism and international visitors from Southeast Asia and beyond. Expansion of Healthcare City Portfolio in China In FY2025, we expanded our healthcare portfolio with one HSR TOD in Guangzhou Baiyun and three integrated projects in Sanya, Nanjing and Guangzhou Huangpu. Each of these new projects features a wholly foreign-owned private Class 3 tertiary hospital. Baiyun Mega Health City, positioned as our third-generation HSR TOD, marks our entry into a Tier 1 Chinese city and the opportunity to access a prime brownfield project. Measuring over 12.7 million sq ft across three phases, Perennial Holdings has partnered with the Guangzhou Government to bring to life the vision of a world-class medical, wellness, research and training hub, equivalent to the likes of Mayo Clinic and MD Anderson in the United States. The first phase will comprise a wholly foreign-owned private Class 3 tertiary general hospital, specialist hospitals and medical suites within a completed building, at a total investment cost of RMB1 billion. The general hospital is expected to commence operations in 4Q 2026, expediently within a year from the securement of the project. With its strategic location next to the Guangzhou Baiyun HSR Station, the city’s largest transportation hub, coupled with Guangzhou’s international aviation hub status, abundant medical resources and top academic institutions, our general hospital and the eventual Baiyun Mega Health City are well-poised to cater to patients locally and across Pan-Asia and the Middle East, while injecting new momentum into the development of the healthcare industry of the Greater Bay Area. At Perennial Healthcare City Chongqing, adjacent to Chongqing East HSR Station, the largest station in Western China, works for the first phase spanning 140,000 sqm are progressing smoothly. Riding on the success of our general hospital in Tianjin, we will be introducing our general hospital with the Shared Medical Platform at Perennial Healthcare City Chengdu to complement SuperiorMed Perennial General Hospital, our strong performing joint-venture Class 2 secondary general hospital with a focus on wellness and longevity treatments and located within the same development. Together, our healthcare-centric HSR TOD portfolio now spans six cities in China – Tianjin, Chengdu, Kunming, Xi’an, Guangzhou and Chongqing. Building on this robust pipeline of healthcare-centric HSR TODs, plans are also underway to establish healthcare cities in Nanjing and Sanya via our asset-light model. The two healthcare cities are both expected to comprise the first wholly foreign-owned private Class 3 rehabilitation hospitals in Jiangsu Province and Hainan, respectively. In addition, in Guangzhou Huangpu, a healthcare precinct will also be launched comprising a wholly foreign-owned private Class 3 tertiary rehabilitation hospital and an eldercare cluster with over 1,200 beds to deliver a seamless continuum of care, addressing the Greater Bay Area’s growing demand for quality eldercare, rehabilitation and nursing services. This continuous expansion of our pipeline through asset-light opportunities underscores the scalability of our model and our growth momentum. CONTINUUM OF ELDERCARE IN CHINA Renshoutang, where we remain the largest single shareholder with a 50% stake, continues to be one of China’s leading private eldercare providers, offering a full spectrum of senior living solutions tailored to the evolving needs of elderly individuals. As at 31 December 2025, Renshoutang’s portfolio encompassed more than 40 eldercare and nursing facilities, predominantly in Shanghai, with over 15,000 operational and pipeline beds. In 2025, Renshoutang launched its first facility in Shanghai’s Hongkou District, achieving close to full occupancy shortly after opening, and expanded into Wuhan with a second 217-bed facility in Wuchang District. Leveraging the deep operational expertise gained from Renshoutang, we have successfully transposed these capabilities over to Perennial-branded eldercare facilities, creating a comprehensive continuum of care within our healthcarecentric developments. This is exemplified by our operational eldercare communities in Tianjin and Kunming, which integrate medical and eldercare services seamlessly. In FY2025, we commenced operations at the Perennial Jingxin Senior Care Home, marking both a significant milestone in our asset-light strategy and our maiden entry into Beijing. By retrofitting an existing building, we delivered a 156-bed facility within just one year of securing the project, enabling us to provide comprehensive nursing, medical and community care efficiently to residents and the surrounding neighbourhood. REPLICATING INTEGRATED ELDERCARE AND MEDICAL CARE IN SINGAPORE Building on our successful ventures in China, we are bringing our integrated medical and eldercare expertise back to Singapore. By replicating our proven model, we aim to address the needs of Singapore’s rapidly ageing population— where one in four citizens will be aged 65 or older by 2030 – and redefine the future of integrated eldercare and medical care in our home market. In 4Q 2025, we unveiled Perennial Living, Singapore’s first private assisted living development and our inaugural eldercare project in the country. Perennial Living blends luxury living, five-star hospitality services and comprehensive East-meetsWest medical care. Anchored by the Perennial Wellness concept, it will offer a diverse suite of medical, diagnostic imaging, rehabilitation and traditional Chinese medicine services directly at residents’ doorsteps. Perennial Living is expected to progressively open from 2Q 2026. As a precursor, we launched Perennial Wellness (Jervois Road) in January 2026, which in addition to serving the local community, will serve seniors who no longer require residential care at Perennial Living. LANDMARK DEVELOPMENTS ACROSS ASIA In FY2025, the residential component of Perennial Hangzhou Cloud Gate Centre, a commercial-centric HSR TOD, completed its show suite and clubhouse facilities, and has since commenced soft-launch sales. This iconic development features four skyscrapers – including the tallest building in Hangzhou – anchored by Cloud Gate, its architectural centrepiece. Over at Beijing 05 04 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Executive Chairman & CEO’s Statement Tongzhou Integrated Development, works are progressing well in two phases, where phase one, The SkySail, has achieved structural topping-out across all three plots. In Singapore, The Skywaters – set to be the country’s tallest and first supertall building – is advancing steadily towards completion in 2028. Its residences, Skywaters Residences, epitomises the pinnacle of luxury living, redefining sophistication and exclusivity for residents, while firmly establishing Singapore among other global cultural and prestigious centres such as New York, London and Tokyo. Reflecting this world-class stature, the integrated development will host Aman Singapore, marking the ultra-luxury group’s inaugural entry into the country and further cementing The Skywaters on the global map. Aman Singapore will comprise the Aman hotel, branded residences, and the exclusive Aman Club. Following the announcement, the sale of the first Aman Residence at S$6,501 per sq ft set a new record for a 99-year leasehold property in Singapore. Sales have also commenced for the residential, office and medical strata units at Golden Mile Singapore, a landmark mixed-use redevelopment of the iconic Golden Mile Complex. The project comprises Aurea, a 45-storey residential tower, and The Golden Mile, a 22-storey commercial complex. Main construction works remain on track for completion in 2029. Golden Mile Singapore builds on Perennial Holdings’ strong track record of revitalising heritage assets, following the successful transformations of Capitol Singapore and CHIJMES, both of which have achieved near-full occupancy. After a several years of hard work, the successful delivery of such complex, landmark skyscrapers and conservation developments is a testament to our integrated real estate capabilities to undertake large-scale mixed-use projects, and our ability to bring to life, work-liveplay architectural concepts that will redefine urban skylines and cityscapes. In Malaysia, The Light City integrates retail, hotels, offices, residences and the Penang Waterfront Convention Centre (“PWCC”). Spanning nearly 280,000 sq ft, PWCC is the largest convention centre in Penang and has already hosted major events and conferences, with more than 30,000 delegates expected in its inaugural year. The Light City will also introduce Malaysia’s first five-star JdV by Hyatt hotel. In Indonesia, The Sanctuary Collection continues to make strong progress. Following the successful handover of the first two clusters in Phase 1 (Orchard Riviera), the third and most expansive cluster has commenced handover to homeowners. STRATEGIC SHAREHOLDERS INCREASED STAKES Over the last two years, we welcomed two new strategic shareholders, both of which have increased their stakes twice in our Company. Since coming in with a 5.03% stake in FY2023, Perpetual Capital VCC (“Perpetual Capital”) has raised its stake to 11.06% as at 31 December 2025. Perpetual Capital is an investment holding company backed principally by a sovereign wealth fund in Southeast Asia and managed by professionals with deep expertise and networks across the region. Bangkok Bank Public Company Limited (“Bangkok Bank”), which became a shareholder in FY2024 with a 4.38% stake, has also raised its stake to 8.69% as at 31 December 2025. Bangkok Bank is one of Thailand’s largest banks and a leading regional financial institution, with a presence in nine ASEAN countries and major global financial centres including China, Japan, the United Kingdom and the United States. The increased investments by these distinguished strategic partners further validate our vision, strategy and execution capabilities, reinforcing our standing as an international integrated healthcare and real estate company. FINANCIAL PERFORMANCE REFLECTS INVESTMENT PHASE For FY2025, Perennial Holdings recorded revenue of S$179.0 million, a 54.4% yearon-year increase, driven by higher contributions from Eden Residences Capitol sales and the ramp-up of our new healthcare business. Revenue from our healthcare business rose to S$37.5 million in FY2025, up from S$17.2 million in FY2024, as new facilities progressively commenced operations and continued to ramp up. After considering the effect of lease accounting (IFRS 16), our healthcare business recorded a positive S$15.2 million Earnings Before Interest, Taxes, Depreciation and Amortisation in FY2025 on a proportionate consolidation basis. Our Company reported a Loss After Tax and Minority Interest of S$139.0 million, reflecting the absence of fair value uplift and financing costs associated with ongoing project developments and new investments, particularly in our healthcare business. To strengthen our funding capacity, we restarted our medium-term notes programme, raising S$300 million during the year to enhance operational flexibility. As at 31 December 2025, our net debtequity ratio stood at 0.83 times, up from 0.71 times a year earlier, primarily due to increased loan drawdowns to finance project development and healthcare businesses. FY2025’s performance reflects our current phase of accelerated investment and asset ramp-up. As our healthcare assets stabilise and mature, we expect operating performance to strengthen, supported by recurring income streams from our expanding healthcare platform. Against a backdrop of global geopolitical tensions, we will be strongly focused on monetisation and asset recycling this year and the next, including a potential China Real Estate Investment Trust listing. We have identified various commercial and healthcare assets for monetisation. We will continue to secure high-calibre partners for our healthcare business and practice financial prudence and operational excellence. Altogether, these efforts will reinforce our foundation for long-term sustainable profitability. SUSTAINABILITY Our commitment to sustainability remains steadfast. In FY2025, we continued our voluntary practice of publishing a Sustainability Report in accordance with the Global Reporting Initiative Universal Standards 2021, underscoring our track record of integrating healthcare, eldercare, real estate and hospitality to enhance community well-being while ensuring longterm business resilience. We further aligned our operations with the United Nations Sustainable Development Goals (“SDGs”), expanding our framework to include SDG 4 (Quality Education) and SDG 7 (Affordable and Clean Energy), bringing our total to eight SDGs. These complement our ongoing commitments to SDG 3 (Good Health and Well-Being), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 12 (Responsible Consumption and Production), SDG 13 (Climate Action) and SDG 16 (Peace, Justice and Strong Institutions). This evolution reflects our unique position as an integrated owner-operator in healthcare and real estate, embedding global sustainability priorities into every facet of our business. Through our strategic partnership with Keppel’s Energy-as-a-Service solutions, energy-efficient upgrades at Perennial Healthcare City Tianjin, Perennial International Healthcare and Medical Hub Chengdu and Perennial Qingyang Mall resulted in total savings of 2.79 million kilowatt-hour. This partnership has since expanded to include Perennial Jihua Mall, Foshan. We remain committed to the health, safety and well-being of stakeholders, achieving nearly four million accident-free hours across our development assets in FY2025. In Singapore, we continue to uphold high contractor compliance standards, requiring bizSAFE Level 3 certification for our properties. Our corporate giving, strategic partnerships and employee volunteerism further strengthen social resilience. A highlight was our S$50,000 Gold Partnership contribution to the JurongHealth Fund–Ng Teng Fong General Hospital Benefit Dinner 2025, supporting vulnerable patients and expanding community health outreach. In 2025, Perennial Holdings deepened our commitment to Singapore’s healthy ageing agenda through a partnership with Vanguard Healthcare Pte. Ltd. (“Vanguard”). This included the customisation of our proprietary Perennial WeCare Application and deployment of connected blood pressure machines to seniors across Vanguard’s Senior Care Centres, Active Ageing Centres and Harmony Village @ Bukit Batok, Singapore’s first Community Care Apartments. To date, 500 devices have been distributed to Vanguard’s seniors. Our S$1.5 million commitment, comprising technology, devices and manpower resources enables seniors in monitoring their health, accessing care support and engaging with their communities. Both organisations also worked together to encourage adoption of these digital health solutions through health education and training sessions. Through this initiative, Perennial Holdings is able to empower seniors to live independently, actively and safely, while advancing Singapore’s vision of ageing with dignity in place. Across our healthcare developments in China, employees and medical professionals actively participated in outreach initiatives to improve public health awareness and accessibility. In Singapore, our assets served as vibrant hubs for community engagement through collaborations with the National Heritage Board, The Salvation Army and the Singapore Red Cross, celebrating local culture and supporting vital social causes. Anchored in a robust governance framework and our core values of teamwork, integrity, excellence and sustainability, Perennial Holdings maintained full compliance with all applicable regulations in Singapore and China in FY2025. Looking ahead, we remain dedicated to driving sustainable growth and enhancing lives across our communities. By embedding global sustainability priorities into our long-term strategy, we ensure that every milestone delivers meaningful and lasting impact for all stakeholders. CLARITY IN THE ROAD AHEAD Looking ahead, Perennial Holdings’ healthcare and real estate strategy is anchored on a clear and disciplined path to growth. Our approach is built on these key pillars: Scaling our integrated healthcare platform; Leveraging our first-mover advantage in the vast Chinese healthcare market; Execution across the value chain to drive earnings; and Strengthening strategic healthcare partnerships. We will continue to harness our demonstrated ownership, development and management capabilities to become a developer and asset managerof-choice. China’s 15th Five-Year Plan, unveiled in March 2026, signals a transformative shift toward a tech-enabled, ‘'health-first’ eldercare ecosystem. By prioritising homemonitoring technologies, expanded nursing coverage and holistic well-being, the plan aims to address the challenges posed by the ageing population, paving the way for the evolution of the silver economy and creating numerous opportunities within that space. In addition, China’s HSR network enters a landmark phase of connectivity in 2026, with over 2,000 kilometres of new lines slated for completion. Notably, the Shanghai-Chongqing-Chengdu flagship corridor is nearing a breakthrough with the Chongming-Taicang underwater tunnel, ultimately halving travel time between these economic hubs. Furthermore, as construction intensifies on the ChongqingKunming line and with plans to link Hainan to the mainland advance, Perennial Holdings' various healthcare-centric HSR TODs and healthcare cities in these major cities are uniquely positioned to leverage this world-class infrastructure, delivering integrated care to an increasingly mobile and interconnected population. We will continue to cultivate and build up partnerships with leading doctors and medical groups in China to solidify our healthcare leadership. Through our innovative shared medical platform model implemented across our hospitals, we will continue to tap on our network of highly qualified professionals to strengthen our care offerings, while enabling them to scale in tandem with our expansion, as we have already done so in our operational healthcare assets. Leveraging these win-win partnerships, we aim to raise medical care standards nationwide, ultimately benefiting the local Chinese and cementing China’s status as a premier medical tourism destination. As we expand and grow our integrated healthcare and real estate platform, attracting high-quality talent and partners is essential to reinforcing our core competencies and ensuring operational excellence across our diverse portfolio. By bringing together a world-class team to scale our robust development and operations, we are well-poised for our next phase of growth. In Singapore, the government has committed S$3.5 billion to support ageingin-place and seniors' care needs. Within this encouraging environment, our new medical and eldercare ventures in Singapore are also poised to capitalise on emerging high-value opportunities in the defensive healthcare market. Beyond healthcare, our robust real estate strategy and end-to-end value chain expertise, supported by a dedicated management team and an extensive shareholder network, remain key strengths. To date, we possess a diverse multi-asset class portfolio and iconic integrated real estate developments, such as The Skywaters, Hangzhou Cloud Gate Centre and Beijing Tongzhou Integrated Development, which have or are soon commencing sales. This renowned portfolio has established us as premier developers and managers in Singapore and key Chinese cities. In addition, our integrated real estate skillsets and healthcare design and development capabilities have enabled us to secure and undertake brownfield projects to convert them into integrated healthcare assets, empowering us to scale our medical and eldercare portfolio, while minimising capital requirements. Alongside development and construction, we are entrusted with managing and operating these healthcare assets, having proven the effectiveness of our unique integrated medical and eldercare platform model. Our multidisciplinary expertise, encompassing medical, eldercare, hospitality, office and retail, places us as the partner of choice for asset revitalisation, both in healthcare and pure real estate. The next phase of our evolution focuses on aligning ourselves as strategic asset managers-ofchoice. We are committed to partnering with various owners to unlock latent value and drive the operational turnaround of underperforming real estate through our proven integrated healthcare and commercial models. Turning the focus to our current operational assets, we will remain steadfast in ramping up and optimising the performance of our integrated healthcare and real estate platforms, while maintaining disciplined oversight of our development pipeline. As an innovator committed to reimagining possibilities (创想新境), Perennial Holdings will continue to build a synergistic valuecreating ecosystem across healthcare, real estate and hospitality – delivering sustainable growth, while enhancing the well-being of the communities we serve. ACKNOWLEDGEMENTS On behalf of the Board of Directors, I extend our sincere appreciation to shareholders, partners, bankers and associates for their continued trust and support. We also express our gratitude to management and staff for their dedication and contributions throughout the year. Perennial Holdings remains committed to advancing its strategic vision and achieving new milestones in the years ahead. Mr Pua Seck Guan Executive Chairman and Chief Executive Officer 13 April 2026 Looking ahead… Our approach is built on these key pillars: Scaling our integrated healthcare platform; Leveraging our first-mover advantage in the vast Chinese healthcare market; Execution across the value chain to drive earnings; and Strengthening strategic healthcare partnerships. We will continue to harness our demonstrated ownership, development and management capabilities to become a developer and asset manager-of-choice. 07 06 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 执行董事长兼首席执行官致辞 尊敬的各位利益相关者： 2025财年对鹏瑞利集团而言是关键的一 年。在全球局势持续动荡、地缘政治关系 趋于紧张、市场环境不断变化的背景下， 我们继续坚定推进战略转型，致力于成 为一家领先的综合性医疗健康和房地产 公司，同时进一步巩固在中国和新加坡 两大核心市场的地位。 如今，鹏瑞利集团拥有并运营着中国首 批民营综合医疗健康生态体系，融合了 独特的医疗服务平台、以医生合作为核 心的医院体系，以及全国规模领先的民 营养老服务平台。 鹏瑞利旗下的医疗设施涵盖综合医院、 康复医院、专科医院及护理医院；养老 业务则包括独立生活、辅助生活、专业 护理与失智照护服务。在医院方面，我 们在天津运营中国首家外商独资的民营 三级综合医院，同时有机会在上海、广 州、南京及海南开设外商独资的民营三 级医院。届时，在国内允许设立外商独 资医院的九个城市中，我们将布局其中 五个。整体来看，在医疗健康业务板块， 我们总计拥有超2万9000张床位，其中 约1万8000张已投入使用，另有1万1000 余张即将建成。 我们也是中国公共交通导向型开发项目 “( TOD”)的领军企业，坐拥七个地理位置 优越、毗邻主要高铁枢纽站的TOD项目。 其中六个高铁TOD项目（分别位于成都、 天津、昆明、西安、广州和重庆）专注于医 疗健康领域，旨在推动集团医疗健康业 务的发展；位于杭州的TOD项目则聚焦 商业领域。 在新加坡及东南亚地区，我们开发了众多 优质房地产项目，包括黄金地段的地标 性综合开发项目，例如新加坡最高的建筑 天澜尊(The Skywaters)，以及由新加坡市 中心著名历史建筑改造的Golden Mile Singapore。目前，鹏瑞利旗下多元化房 地产项目的总建筑面积超过8500万平 方英尺。 品牌形象焕新助力战略转型 鹏瑞利已成功完成战略转型，当前发展 模式为“以医疗健康为主导，以房地产 为依托”。针对集团的新发展战略，我们 已在集团及旗下核心业务板块（医疗健 康、养老、房地产与酒店）全面启用全新 品牌形象。全新品牌架构清晰界定了集 团的四大业务领域，突出医疗健康与养 老作为核心业务，同时明确房地产与酒 店业务的支撑作用。统一的品牌标识不 仅提升了品牌辨识度，更强化了公司整 体形象，为实现持续增长与长期发展筑 牢根基。 重点项目稳步推进 在中国和新加坡人口老龄化加速的背景 下，推动医疗健康行业发展仍是两国的 战略重点。我们专注于有序推进现有项 目的实施，持续提升在医疗健康领域的 市场认可度，并凭借横跨医疗健康与房 地产全价值链的综合专业能力，成功获 得了充足的医疗健康项目储备，确保业 务实现稳健增长。 天津第二代健康城发展势头强劲 2025财年，天津鹏瑞利健康城全面投入 使用。作为集团的第二代高铁TOD项目， 它是全球第一个集医疗健康、养老护理 和酒店于一体的项目，还引入了中国首 家外商独资民营三级综合医院。项目占 地350万平方英尺，总投资成本达10亿新 元，我们不仅拥有及运营医疗、养老及酒 店业务，也是该房地产项目的开发者、所 有者与管理者。 天津鹏瑞利健康城在投入全面运营的第 一个完整年度便展现出强劲的发展态 势。医疗板块内的三家医院均于2025年 2月前投入运营，并在2026年5月成功纳 入国家医疗保险体系。这三家医院共提 供1000张床位，包括一家涵盖各医学科 室的综合医院、一家专注于术后康复的 康复医院和一家聚焦神经外科的脑科 专科医院，为患者提供无缝衔接的医疗 服务。 作为一个核心差异化优势，鹏瑞利在综 合医院成功实施“轻资产共享医疗空间” 模式，通过与顶尖医生及医疗团队建立 战略合作，让合作方无需投入巨额资本 即可开展诊疗服务。集团参照新加坡模 式，打造“共享医疗平台”供合作医生使 用，其中配备先进手术室、尖端医学影像 设备及各类临床实验室。这一模式凭借 其便利性、成本效益与可扩展性，助力医 疗团队在鹏瑞利的医疗健康项目中高效 拓展业务。 依托这一模式，综合医院已形成特色专 科组合，汇聚了京津冀地区公立医院的 知名专家和医疗团队。在天津市卫健委 支持下，鹏瑞利天津综合医院与七家 三甲医院组建专科联盟，围绕临床发展 与患者转诊开展深度合作。值得关注 的是，医院成功实施了天津首例Mako 机器人辅助关节手术，完成了西青区 最复杂的心血管手术之一，并建立了 多个重点专科中心，包括与GE医疗 （GE Healthcare）合作创办的创新肿瘤 诊疗中心。 三家医院还与20余家商业保险公司达成 直接结算协议，有效对接国际与企业客 户群体。2025财年，医院累计服务了来自 20多个国家的患者。 为推动中外医院合作、提升私营医疗服 务标准，2025财年鹏瑞利与新加坡最 大的公共医疗集团新加坡保健服务集团 （SingHealth）签署谅解备忘录，将多元 医疗人才与技术引入天津。此后，新保集 团在天津综合医院开展了多场培训，涵 盖护理、康复及人才培养等；医院还接待 了来自巴基斯坦、蒙古等国的医疗代表 团，进一步深化跨境业务交流。 与医疗业务相关联的是养老业务，涵盖 独立生活、辅助生活、失智照护及护理院 四大服务类型，总床位超1700张。目前已 投入使用的床位达1100张，截至2025年 12月，平均入住率约为40%。目前养老业 务已与近20家保险机构达成合作，进一 步拓展专业养老服务的覆盖范围，使更 多长者受益。 酒店业务由近800间客房组成，涵盖 3星至5星级品牌，其中包括旗舰项目—— 天津鹏邸·凯悦尚选酒店（The Perennial Tianjin, JdV by Hyatt）。运营首年，酒店 业务即实现收支平衡（按息税折旧摊销 及租金前利润计算）；其3.2万平方英尺的 会议及会展设施共举办230场大型会议， 接待逾12万宾客。 天津鹏瑞利健康城的稳步发展，充分印 证了集团“医疗+养老+酒店”一体化模 式的核心实力。通过在养老设施内为长 者提供医院级医疗服务，并将五星级酒 店服务标准融入医院与养老设施日常 运营，鹏瑞利集团正重新定义老年生活 体验，同时将项目打造为国内外医疗旅 游及世界级会议及会展活动的优选目 的地。 扩大在华外商独资医院版图 自2024年中国政府出台政策允许外商独 资设立民营医院以来，我们凭借在天津的 卓越运营业绩，成功获得在广州、上海、南 京及海南等地设立更多外商独资民营三 级医院的资质，这也标志着我们首次正式 进军这些核心城市的医疗领域。值得关注 的是，在即将落成的白云国际医养城项目 中，鹏瑞利将打造华南地区首家外商独资 民营三级综合医院，预计提供500张床位。 如今，鹏瑞利集团已成为中国医疗健康 行业内值得信赖的品牌，正稳步扩大在 一线城市及强二线省会城市的市场份 额。凭借良好的行业声誉，我们储备了 一批优质项目资源，通过轻资产存量改 造项目模式，快速复制推广综合医疗健 康城业态，其中包括即将推出的海南三 亚鹏瑞利健康城、南京鹏瑞利健康城等 项目。 这些存量改造项目主要是对接近完工的 建筑进行改造，让我们的医院及医疗服 务以最快速度投入运营，最快仅需一年 左右，同时最大限度降低前期资本投入。 通过坚持审慎的投资策略，并充分发挥 综合模式的协同效应，我们将精准把握 市场机遇，加速拓展公司在中国医疗健 康领域的业务布局。 昆明第二代健康城投入运营 2025财年成果丰硕，上半年我们在天津 全面投入运营四家新医院，下半年又在 昆明新增两家新医院。预计2026至2027 年期间，将有超10家医院陆续投入运营。 自天津项目取得亮眼业绩后，我们便将 主要精力聚焦于昆明项目的运营。昆明 鹏瑞利医疗健康城作为公司第二个第 二代高铁TOD项目，规模达天津健康城 的两倍，整体面积约600万平方英尺，总 投资12亿新币。项目除了养老与酒店模 块，在医疗服务中也深度融入了养生理 念。2026年3月，该项目第三家医院成功 获批营业执照，部分养老及酒店设施也 已启动运营，包括一家凯悦嘉轩酒店和 约15.7万平方英尺的大型活动空间。 昆明四季气候温和宜人，使其成为可替 代海南的度假疗养目的地。昆明鹏瑞利 健康城紧邻昆明南站——这是云南省重 要的交通枢纽，同时也是将东亚与东南 亚地区连通至国内腹地的核心门户，该 项目面向寻求优质健康疗养服务的全国 长者，同时也能吸引东南亚及其他的海 外康养旅游人群。 医疗健康城在中国扩大版图 2025财年，我们进一步拓展医疗健康业 务版图，推进广州白云区高铁站TOD项 目开发，并在三亚、南京及广州黄埔区启 动三个综合项目的建设。所有新项目均 设有一家外商独资民营三级医院。 白云国际医养城定位为第三代高铁站 TOD项目，标志着我们正式进军中国一 线城市，也为我们参与优质存量改造项 目创造了契机。该项目分三期建设，总建 筑面积近1270万平方英尺。鹏瑞利集团 与广州政府携手合作，致力于打造集尖 端医疗、养生、科研与培训于一体的国际 级标杆项目，其水准可媲美美国知名的 梅奥诊所与安德森癌症中心。项目第一 阶段将在已建成的物业内，设立一家外 商独资民营三级综合医院，并配套专科 医院及医疗套房，总投资约10亿元人民 币，预计2026年第四季度投入运营——从 项目确定到实施仅需不足一年时间。 依托广州最大交通枢纽白云站的区位 优势，并结合广州作为国际航空枢纽的 地位，以及当地丰富的医疗资源与顶尖 学术机构，我们的综合医院及最终建成 的白云国际医养城，有望服务本地及海 外（尤其是泛亚洲、中东地区）的就医人 群，同时成为推动粤港澳大湾区医疗健 康行业发展的重要引擎。 重庆鹏瑞利健康城毗邻中国西部最大交 通枢纽重庆东站，一期约14万平方米建 筑面积的相关工作正有序推进。借鉴天 津综合医院的成功经验，我们将在成都 鹏瑞利健康城引入综合医院与共享医 疗平台，作为成都循上鹏瑞利医院的补 充。成都循上鹏瑞利医院是一家中外合 资二级综合医院，专注于养生与延寿治 疗领域。 截至目前，我们以医疗健康为核心的高 铁站TOD项目已覆盖中国的六个城市，包 括天津、成都、昆明、西安、广州及重庆。 基于高铁站健康城TOD项目的成功范 例，我们计划通过轻资产模式，进一步在 南京与三亚打造健康城。预计这两个项 目将分别建成江苏省与海南省的首家外 商独资民营三级康复医院。 此外，在广州黄埔区，我们将启用另一医 疗健康设施，同样设有一家外商独资民 营三级康复医院，并建设一个拥有1200 余张床位的养老板块，提供医养结合、无 缝衔接的服务，以满足粤港澳地区日益 增长的养老、康复及护理服务需求。通过 轻资产项目持续拓展业务版图，充分体 现了这一模式的可扩展性，也彰显了鹏 瑞利强劲的增长势头。 中国养老业务持续增长 作为持股比例高达50%的最大股东，我 们投资打造的“人寿堂”品牌，至今仍是 中国民营养老机构的行业领军者。针对 老年人日益多元的需求，该品牌可提供 全套养老解决方案。截至12月31日，人 寿堂旗下已布局40多个养老及护理设施 （主要集中于上海），已投入运营及待运 营的床位总数超1万5000张。2025年，人 寿堂位于上海虹口区的首个项目投入运 营后，入住率迅速攀升至接近100%；与 此同时，品牌还拓展了武汉业务，在武 昌区推出第二家拥有217张床位的养老 设施。 依托人寿堂积累的深厚运营经验，我们 已成功将相关能力复制至鹏瑞利品牌的 养老机构，在健康城项目中推进医养结 合、无缝衔接的服务体系。前文提及的天 津和昆明项目，正是医疗与养老深度融 合的典范。 2025财年，北京鹏瑞利婧信康护家园正 式揭幕，这不仅是我们轻资产运营模式 的重要里程碑，更是进军北京市场的关 键一步。通过对现有建筑进行改造，我们 不到一年便建成了拥有156张床位的设 施，并交付社区及当地居民使用，让他们 能够便捷享受护理、医疗和社会康养等 全方位服务。 在新加坡复制医养结合的综合发展战略 基于在中国市场积累的成功经验，我们 将医养结合的综合发展模式引入新加 坡。到2030年，新加坡每四人中就有一人 年龄超过65岁。通过复制经中国市场验 证的成熟模式，我们希望满足新加坡人 口快速老龄化带来的巨大需求，开辟养 老与医疗服务融合发展的新路径。 2025年第四季度，我们推出了鹏瑞利 颐乐苑（Perennial Living）项目——这是 新加坡首个私营辅助生活项目，也是我 们在当地打造的首个养老项目。鹏瑞利 颐乐苑兼具高端住宅品质、五星级酒店 服务，以及融合东西方医养体系的全面 照护；依托鹏瑞利颐康中心（Perennial Wellness），将医疗、诊断影像、康复及传 统中医等服务送至用户家门口。该项目 预计自2026年第二季度起陆续投入运 营。作为前期铺垫，我们已于2026年1月 率先推出位于泽维士路的鹏瑞利颐康中 心，其服务对象不仅包括周边居民，也涵 盖后续从鹏瑞利颐乐苑转出、无需住家 照护的长者群体。 亚洲各地地标项目的开发 2025财年，作为商业主导的高铁站TOD 项目，杭州云门中心的住宅部分已完成 样板房及配套俱乐部设施的建设，并进 入预售阶段。该地标性项目包含四座摩 天大楼，其中一座将成为杭州最高楼；云 门则是整个建筑群的核心与视觉焦点。 北京通州综合项目施工进展顺利，项目 分两期开发，一期“运河天”项目的三个 地块均已完成结构封顶。 09 08 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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