出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：随着母公司爆雷，祥源系上市公司为何遭市场用脚投票？上市公司的澄清公告能否将母公司 体外风险"切割"干净？相关风险又是否可能传导至上市公司？值得注意的是，祥源系爆雷前夕，其耗资 近23亿收购海昌海洋公园，其究竟是对其助力还是拖累？需要指出的是，海昌海洋公园的资金链压力也 不小。 近日，祥源控股因在浙江金融资产交易中心发行的多款金融产品逾期兑付引发旗下上市公司股价地震。 至此，我们疑惑的是，随着母公司债务危机爆雷，祥源系上市公司为何遭市场用脚投票？上市公司的澄 清公告能否将母公司体外风险"切割"干净？相关风险又是否可能传导至上市公司？ 爆雷前夕耗资近23亿收购海昌海洋公园 6月2日晚间，海昌海洋公园（02255.HK）发布公告称，已经与认购人（祥源控股集团旗下一全资境外 公司）和祥源控股集团签订认购协议，按认购价每股0.45港元配发及发行51亿股新股份，总代价22.95亿 港元。若本次交易能够顺利完成，祥源控股将间接持有海昌海洋公园38.6%股份，成为其新的控股股 东。 根据公告，祥源控股集团将以其内部资金缴付其对嵊州市祥源合伙企业及安徽源胤祥合伙企业的注资 ...

此外，海昌海洋公园公布，三亚海昌梦幻海洋不夜城与三亚漫葡文旅发展有限公司合作，引入"看见三 亚"沉浸式夜游部落，已于12月6日正式开业。董事会认为，此次引入演艺项目将显著提升三亚公园的综 合竞争力。 海昌海洋公园(02255)反弹逾5%，截至发稿，涨5.68%，报0.465港元，成交额2219.46万港元。 消息面上，海昌海洋公园公布，近日，有媒体报道公司控股股东祥源控股、公司实际控制人承担连带保 证责任的金融产品出现部分逾期兑付。公司称，控股股东正就金融产品逾期兑付进行沟通处理。本次事 件涉及的金融产品与集团及其股份无关，集团不承担任何兑付及担保义务。目前，集团生产经营一切正 常。 ...

Group 1 - Xiangyuan Holdings is facing overdue repayment issues related to financial products linked to its real estate projects, with the company and its chairman Yu Faxiang taking joint guarantee responsibility and communicating with relevant parties about the situation [1] - Three listed companies under Xiangyuan Holdings, including Xiangyuan Cultural Tourism, Haichang Ocean Park, and Jiaojian Co., have issued statements clarifying that they are not responsible for any repayment or guarantee obligations related to the overdue financial products [1] Group 2 - New城控股 reported a total commercial operating revenue of approximately 12.85 billion yuan from January to November, reflecting a year-on-year growth of 10.36% [2] - In November alone, the company achieved a commercial operating revenue of about 1.16 billion yuan, an increase of 8.96% compared to the same month last year [2] - The total contract sales amount for the company from January to November reached approximately 17.92 billion yuan, with a total sales area of about 2.35 million square meters [2] Group 3 - Shanghai Disneyland will implement a tiered refund policy for its theme park tickets starting January 12, 2026, allowing for different refund conditions based on the timing of the refund request [3] - Under the new policy, full refunds can be requested up to seven days before the visit, while a service fee will apply for refunds requested closer to the visit date [3] Group 4 - Swire Properties announced the launch of Qiantan Place in Shanghai, which includes two Grade A office buildings, with a total construction area of approximately 125,600 square meters [4] - The project is part of the expansion of the Qiantan Taikoo Li integrated development and is expected to be completed by the end of 2026 [4] Group 5 - The Ministry of Culture and Tourism emphasizes the importance of developing smart tourism to enhance the experience and comfort of tourism products, aiming to enrich the supply of high-quality tourism products [5] - The focus is on improving the design and development of tourism products, promoting the renewal of tourist attractions, and cultivating leisure and specialty tourism products [5]

每经AI快讯，海昌海洋公园(02255.HK)反弹逾5%，截至发稿，涨5.68%，报0.465港元，成交额2219.46 万港元。 ...

智通财经APP获悉，海昌海洋公园(02255)反弹逾5%，截至发稿，涨5.68%，报0.465港元，成交额 2219.46万港元。 （原标题：港股异动 | 海昌海洋公园(02255)反弹逾5% 公司称对股东关联的金融产品集团不承担任何兑 付及担保义务） 消息面上，海昌海洋公园公布，近日，有媒体报道公司控股股东祥源控股、公司实际控制人承担连带保 证责任的金融产品出现部分逾期兑付。公司称，控股股东正就金融产品逾期兑付进行沟通处理。本次事 件涉及的金融产品与集团及其股份无关，集团不承担任何兑付及担保义务。目前，集团生产经营一切正 常。 此外，海昌海洋公园公布，三亚海昌梦幻海洋不夜城与三亚漫葡文旅发展有限公司合作，引入"看见三 亚"沉浸式夜游部落，已于12月6日正式开业。董事会认为，此次引入演艺项目将显著提升三亚公园的综 合竞争力。 ...

Core Viewpoint - The Zhejiang Financial Center, once a symbol of stability and trust, has faced a severe crisis due to its inability to allow investors to withdraw funds, affecting nearly 10,000 investors and involving over 20 billion in funds, leading to a significant loss of credibility for the center and its parent company, Xiangyuan Group [1][4][14]. Group 1: Company Background - Established in 2013, Zhejiang Financial Center was initially backed by reputable state-owned entities, which contributed to its strong credibility [4]. - The center's low investment threshold and higher-than-bank annual returns attracted many ordinary investors, who were drawn by the perceived safety of its "state-owned background" [4][5]. Group 2: Changes in Ownership and Operations - Since 2019, there has been a significant shift in the ownership structure, with state-owned capital gradually withdrawing, and by 2023, the controlling shareholder became a private entity, Hangzhou Minzhi Investment [5][8]. - The center began promoting products closely tied to Xiangyuan Group, effectively using the platform to finance its own debts under the guise of legitimate investment products [5][9]. Group 3: Regulatory Issues and Investor Impact - In October of the previous year, the Zhejiang Provincial Financial Management Bureau announced the cancellation of the center's financial asset trading qualifications, which was not widely publicized [8][9]. - Despite the regulatory announcement, the platform continued to operate normally, leading investors to mistakenly believe their investments were safe, resulting in further financial entanglement [9][10]. Group 4: Financial Health of Xiangyuan Group - Xiangyuan Group reported assets of 60 billion but liabilities exceeding 40 billion, indicating severe cash flow issues [9]. - The group's aggressive expansion into the tourism sector and real estate has led to financial strain, with many subsidiaries facing overdue commercial bills and being listed as subjects of enforcement [9][10]. Group 5: Official Response and Future Outlook - As of December 8, the Zhejiang Provincial Financial Management Bureau has begun a comprehensive investigation into the financing products associated with the crisis, providing a glimmer of hope for affected investors [10]. - The situation serves as a stark reminder of the risks associated with investments that rely heavily on perceived stability from government affiliations, highlighting the need for thorough due diligence by investors [14][16].

Core Viewpoint - The financial products under the "Xiangyuan System" led by Zhejiang businessman Yu Faxiang have defaulted on payments, causing significant distress among investors, many of whom have invested substantial amounts, leading to a crisis that is still unfolding [1][2]. Group 1: Financial Product Default - The "Xiangyuan System" financial products, registered with the Zhejiang Financial Assets Exchange Center, have seen overdue payments since early December, prompting investors to seek recourse [1]. - Investors reported amounts ranging from hundreds of thousands to over 60 million yuan, indicating a wide range of financial exposure [1]. - The Zhejiang Financial Office has formed a special team to investigate and address the situation, indicating official recognition of the crisis [1]. Group 2: Company Financial Health - Xiangyuan Group's total assets are reported at 60 billion yuan, with liabilities exceeding 40 billion yuan, highlighting a precarious financial situation [1]. - The company’s core assets are primarily real estate and heavy asset tourism projects, which are illiquid and difficult to monetize in the current real estate downturn [2]. - The high pledge rate of listed company shares held by Xiangyuan Group limits the ability to liquidate these assets quickly to cover payment defaults [2]. Group 3: Market Impact - The default crisis has severely impacted the stock prices of three listed companies associated with Xiangyuan, with declines of 27.64% for Jiaojian Shares, 20.81% for Xiangyuan Culture, and 36.23% for Haichang Ocean Park from December 4 to 10 [2]. - Despite the financial turmoil, Xiangyuan Group continued to expand its business, acquiring Haichang Ocean Park for over 2.2 billion HKD shortly before the crisis [2][8]. Group 4: Asset Management and Risks - The financial products were structured to transfer risks from internal real estate projects to external investors, exposing them to significant risks when cash flows from these projects ceased [5]. - The company has a high proportion of inventory in its assets, with 275.02 billion yuan in inventory out of 392.50 billion yuan in current assets, indicating potential liquidity issues [6]. - The company has been engaging in significant borrowing and asset pledging, with various projects and shares under mortgage to secure financing [9][10].

Core Insights - As of December 10, 30 stocks reached their 52-week highs, with Design Metropolis (01545), Platinum Holdings (00459), and China Boton (03318) leading the increase rates at 40.82%, 35.48%, and 30.23% respectively [1][2] 52-Week Highs - Design Metropolis (01545) closed at 0.124, with a peak of 0.138, achieving a high rate of 40.82% [1] - Platinum Holdings (00459) closed at 0.121, with a peak of 0.126, achieving a high rate of 35.48% [1] - China Boton (03318) closed at 2.090, with a peak of 2.800, achieving a high rate of 30.23% [1] - Other notable stocks include: - China New Holdings (08125) at 25.00% [1] - Qiaoyang International Holdings (08070) at 14.46% [1] 52-Week Lows - The stock with the largest decline was Jingye Mingbang Group (02231), which fell to 0.099, a decrease of 26.40% [2] - Other significant declines included: - Zhonggang Petroleum (00632) at -16.40% [2] - Guofu Hydrogen Energy (02582) at -13.31% [2] - Additional stocks with notable declines: - Haotian International Construction Investment (01341) at -11.11% [2] - Jiaming Group Holdings (01271) at -10.00% [2]

Core Viewpoint - The "Xiangyuan System" default event is causing significant stock price declines for its three listed companies, leading to a substantial market value loss of approximately 3.2 billion yuan over two trading days [2][3]. Group 1: Stock Performance - On December 9, Xiangyuan Cultural Tourism (600576.SH) fell by 7.51%, Haichang Ocean Park (02255.HK) dropped by 12%, and Jiaojian Co. (603815.SH) hit the daily limit down [2]. - The market capitalization of the three companies has evaporated by 3.2 billion yuan over two trading days due to the stock price declines [2][3]. - Jiaojian Co. reported a closing price of 9.78 yuan per share on December 9, with a market value of 60.53 billion yuan, down 1.424 billion yuan from December 7 [4]. - Xiangyuan Cultural Tourism's stock price fell by 20.67% from December 4 to 9, with a closing price of 5.91 yuan per share and a market value of 62.32 billion yuan, down 759 million yuan from December 7 [4]. - Haichang Ocean Park's stock price dropped 36.23% from December 4 to 9, closing at 0.44 HKD per share, with a market value of 58.14 billion HKD, down approximately 1.057 billion yuan from December 7 [4]. Group 2: Default Event Details - The rumors of the "Xiangyuan System" default began in late November, with reports of overdue products surfacing around December 4 [3]. - The financial products in question were traded on the Zhejiang Financial Asset Trading Center, with a total trading scale exceeding 10 billion yuan [5]. - On December 8, meetings were held between representatives from the Zhejiang provincial government and investors, where it was revealed that the company had been using a "borrow new to repay old" model, leading to a cash flow crisis [5][6]. Group 3: Financial Position of Xiangyuan Holdings - As of the end of Q3, Xiangyuan Holdings held 2.74 billion shares of Jiaojian Co., with 2.29 billion shares pledged, leaving a market value of approximately 442 million yuan for the unpledged shares [7]. - The direct holdings of Yu Faxiang in Jiaojian Co. amounted to 15.73 million shares, with a market value of about 154 million yuan [7]. - Xiangyuan Holdings had total assets of 599.78 billion yuan and equity of 215.90 billion yuan as of the end of 2024, with a net profit of 5.75 billion yuan [10].

Core Viewpoint - The "Xiangyuan System" default event is causing significant stock price declines for its three listed companies, leading to a substantial market value loss of approximately 3.2 billion yuan over two trading days [3][4]. Group 1: Stock Performance - Xiangyuan Cultural Tourism (600576.SH) dropped by 7.51% on December 9, while Haichang Ocean Park (02255.HK) fell by 12%, and Jiaojian Co., Ltd. (603815.SH) hit the daily limit down [3][4]. - The market capitalization of the three companies has decreased by 3.2 billion yuan over two trading days, with Jiaojian Co., Ltd. alone losing 1.424 billion yuan in market value [4][6]. - From December 4 to December 9, Xiangyuan Cultural Tourism's stock price fell by a cumulative 20.67%, and Haichang Ocean Park's stock price dropped by 36.23% during the same period [7]. Group 2: Default Event Details - The rumors of the "Xiangyuan System" default began in late November, with reports of overdue products surfacing around December 4 [5]. - On December 7, the three listed companies issued announcements stating that certain financial products related to real estate projects with Xiangyuan Holdings had overdue payments, clarifying that the companies would not bear any repayment obligations [5][6]. - The scale of the "Xiangyuan System" products traded on the Zhejiang Financial Asset Trading Center has exceeded 10 billion yuan, indicating a significant impact on investors [7]. Group 3: Financial Position of Xiangyuan Holdings - As of the end of Q3, Xiangyuan Holdings held 274 million shares of Jiaojian Co., Ltd., with a market value of approximately 442 million yuan based on the latest stock price [10]. - The financial report from October indicated that Xiangyuan Holdings had total assets of 599.78 billion yuan and a net profit of 5.75 billion yuan for 2024 [12][13]. - The company is facing a cash flow crisis, with a net cash flow from operating activities of -3.30 billion yuan for the first half of 2025 [13].