When elongation of a Helichrysum hebelepis upper stem heralds the approach of a flowerhead, the stem leaves grade into smaller, well-spaced bracts in its upper part, the lower ones large and leafy as seen here.
Softness characterises these leaves, enhanced by their type of hairiness and pale, dull colouring. The fleshy stem is also soft, the visible part quite young.
The leaves in picture have their margins more pronouncedly rolled under than young stem-tip ones, hiding the pointedness of their tips. The sessile bases of the leaves are depicted in the photo (Le Roux, et al, 2005; Bond and Goldblatt, 1984; JSTOR; iNaturalist).