Core Viewpoint - Ocean Group (03377) has announced a profit warning, expecting a significant turnaround from a loss in the previous year to a profit in the upcoming period, primarily due to non-cash gains from debt restructuring [1] Financial Performance - The company anticipates a profit attributable to shareholders of approximately RMB 9.5 billion to RMB 11 billion for the six months ending June 30, 2025, compared to a loss of approximately RMB 5.382 billion in the same period of 2024 [1] - The expected profit is mainly attributed to non-cash gains from the completion of overseas debt restructuring [1] Market Conditions - Excluding the one-time gains from the debt restructuring, the company expects to report a loss attributable to shareholders during the period, primarily due to the ongoing adjustment in China's overall real estate market [1] - The decline in revenue and gross margin, along with increased impairment provisions for property projects, has negatively impacted the company's performance [1] - The performance of joint ventures and associates has also seen a decline, contributing to the expected losses [1]

Group 1 - The core point of the article is that Ocean Group (03377) has announced a profit warning, expecting a significant turnaround from a loss in the previous year to a profit in the upcoming period [1] - The company anticipates a profit attributable to shareholders of approximately RMB 9.5 billion to RMB 11 billion for the six months ending June 30, 2025, compared to a loss of approximately RMB 5.382 billion in the same period of 2024 [1] - The expected profit is primarily due to non-cash gains from the completion of overseas debt restructuring [1] Group 2 - Excluding the one-time gain from the overseas debt restructuring, the company expects to report a loss attributable to shareholders for the period [1] - The anticipated loss is mainly attributed to the ongoing adjustment in China's overall real estate market, which has led to a decline in revenue and gross margin, as well as increased impairment provisions for property projects [1] - Additionally, the performance of joint ventures and associates is expected to decline, contributing to the overall negative outlook [1]

Group 1: Hong Kong Stock Exchange Developments - Hong Kong Stock Exchange (HKEX) CEO Charles Li stated that HKEX will research a 24-hour trading mechanism, taking into account international experiences and local market conditions [1] - HKEX plans to enhance its competitiveness through strategic investments in data platform optimization and trading settlement system upgrades [1] - The exchange is also exploring shortening the settlement cycle for the cash market, with a potential T+1 settlement system supported by its technology by the end of this year [1] Group 2: Market Overview - The S&P 500 index fell for four consecutive days, with the index closing down 0.24% at 6395.78 points [2] - Major technology stocks mostly declined, with Intel dropping approximately 7% [2] - The Nasdaq China Golden Dragon Index rose by 0.33%, with notable gains from Tiger Brokers and JinkoSolar [2] Group 3: Financial Regulatory Updates - The National Financial Regulatory Administration is seeking public opinion on the draft of the "Commercial Bank M&A Loan Management Measures," which includes provisions for equity acquisition loans [3] Group 4: Federal Reserve Insights - The Federal Reserve's July meeting minutes indicated a moderate GDP growth in the first half of the year, with a focus on inflation risks over labor market concerns [4] - There was a notable dissent among Fed officials regarding interest rate decisions, marking a significant moment since 1993 [4] Group 5: Corporate Earnings Reports - Alibaba Group announced plans to spin off its subsidiary, Zhaima, for an independent listing on the Hong Kong Stock Exchange [5] - Baidu Group reported a total revenue of RMB 327.13 billion for Q2 2025, a year-on-year decrease of 4%, while net profit increased by 33% to RMB 73.22 billion [8] - Huazhu Group's total revenue for Q2 2025 was RMB 64.26 billion, with a net profit of RMB 15.44 billion, reflecting a 44.7% year-on-year increase [9] - China Oriental Group expects a net profit increase of no less than 70% for the first half of 2025, projecting at least RMB 2.20 billion [10] - Lijun Pharmaceutical reported a net profit of RMB 12.81 billion for the first half of 2025, a 9.4% increase year-on-year [11] - BOSS Zhipin reported a net profit of RMB 7.16 billion for Q2 2025, a 69.87% increase year-on-year [12] - New World Development reported a significant increase in net profit to HKD 887 million, a 1076% rise year-on-year [13] - Yimuyou Group expects a net profit of no less than RMB 2.6 billion for the first half of 2025, representing a growth of over 90% [14] - Yongsheng Medical reported a net profit of HKD 51.63 million, a 55.1% increase year-on-year [15] - Lepu Biopharma achieved a revenue increase of 249.59% for the first half of 2025, marking its first profit [16] - Huya Technology expects a net profit of USD 30 million to 38 million for the first half of 2025, a significant increase from the previous year [17] - Kingsoft reported a net profit of RMB 816 million for the first half of 2025, a 20.41% increase year-on-year [18] - Zhong An Online reported a net profit of RMB 668 million, a 1103.54% increase year-on-year [19] - Yaoshi Bang reported a net profit of RMB 78.12 million, a 258% increase year-on-year [20] - Crystal International reported a net profit of USD 98.27 million, a 17% increase year-on-year [21] - Ocean Group expects a turnaround with a projected net profit of RMB 9.5 billion to 11 billion for the first half of 2025 [22] - Kingsoft Cloud reported an adjusted EBITDA of approximately RMB 725 million, a 672.62% increase year-on-year [23] Group 6: Pharmaceutical Developments - Heyou Pharmaceutical's IND application for a combination therapy for NSCLC has been approved by the CDE [24] - Shengbela reported a net profit of RMB 327 million, marking a turnaround from a previous loss, with significant growth in various business segments [25]

Core Viewpoint - The company, Ocean Group (03377), anticipates a profit attributable to shareholders of approximately RMB 9.5 billion to RMB 11 billion for the six months ending June 30, 2025, compared to a loss of approximately RMB 5.382 billion in the same period of 2024 [1] Financial Performance - The expected profit is primarily due to non-cash gains from the completion of overseas debt restructuring [1] - Excluding the one-time gain from the debt restructuring, the company anticipates a loss attributable to shareholders for the period [1] Market Conditions - The overall real estate market in China has been undergoing continuous adjustments in recent years, leading to a decline in revenue and gross margin [1] - There has been an increase in impairment provisions for property projects due to the challenging market conditions [1] Joint Ventures Performance - The performance of joint ventures and associates has declined, contributing to the anticipated losses [1]

根据目前可获得的资料，本期间预期溢利主要由于集团完成境外债务重组取得的非现金收益所致。撇除 前述一次性境外债务重组收益的影响后，集团预期将于本期间取得公司拥有人应占亏损，其主要归因于 (i)中国整体房地产市场近几年的持续调整，导致营业额及毛利率下降，以及对物业项目计提的减值拨备 增加;及(ii)分占合营企业和联营公司的业绩下降。 智通财经APP讯，远洋集团(03377)发布公告，预期集团于截至2025年6月30日止六个月将取得公司拥有 人应占溢利约人民币95.00亿元至人民币110.00亿元，而2024年同期则取得公司拥有人应占亏损约人民币 53.82亿元。 ...

香港交易及結算所有限 公司及香港聯合交易所有限公司對本公告 的內容概不負責，對其 準 確性 或完 整 性亦 不發 表 任何 聲明，並 明 確表 示，概不 會 就因 本公 告 全部 或任 何 部分 內 容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 內幕消息 盈利預告 本公告乃由遠洋集團控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例第571章 《證券及期貨條例》第XIVA部項下內幕消息條文（定義見上市規則）而作出。 本公司董事局（「董事局」）謹此知會本公司股東（「股東」）、本集團債務證券持有人及潛在 投資者，根據董事局對本集團截至二零二五年六月三十日止六個月（「本期間」）的最近期 未經審核綜合管理賬目 之初步審閱及董事局目前可獲得的資料，預期 本集團於本期間將 錄 得 本 公司 擁 有 人 應 佔溢 利 介 乎 約 人民 幣 95.00 億 元 至 人 民 幣110.00 億 元，而截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 則 錄 得 本 公 司 擁 有 人 應 佔 虧 損 約 ...

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in 2024 Core Insights - The average revenue of the top 30 listed real estate companies in China is projected to decline by approximately 13.83% in 2024, totaling around RMB 2.77 trillion [9] - The average gross margin for these companies is expected to decrease to about 14.42%, down by 1.86% from the previous year [13] - The average net profit margin is projected to be around -10.81%, reflecting a significant decline of 12.45% compared to the previous year [16] - The average return on equity is expected to drop to approximately -20.75%, a decrease of 16.44% from 2023 [59] Summary by Sections 1. Revenue Overview - The total revenue for the top 30 listed real estate companies in 2024 is estimated at RMB 2.77 trillion, a decline of 13.83% year-on-year [9] - Financial Street leads the revenue growth with an increase of 51.74%, reaching RMB 190.75 billion [8] - 20 companies experienced revenue declines, with Midea Real Estate facing the largest drop at 94.94% [9] 2. Gross Margin Overview - The average gross margin for the top 30 companies is projected to be 14.42%, down 1.86% from the previous year [13] - Midea Real Estate shows the highest increase in gross margin at approximately 24.21% [14] - 23 companies reported a decline in gross margin, with Jinhui experiencing the largest drop of 30.80% [13] 3. Net Profit Overview - The average net profit for the top 30 companies is expected to be a loss of RMB 11.65 billion, a decline of 62.09 billion from a profit of RMB 50.44 billion in 2023 [23] - China Resources leads in net profit with RMB 336.78 billion, although this represents a 9.72% decrease from the previous year [24] - Over 70% of companies reported a decline in net profit, with Vanke transitioning from a profit of RMB 204.56 billion to a loss of approximately RMB 487.04 billion [23] 4. Inventory Overview - The total inventory for the top 30 companies is projected to be approximately RMB 60.85 billion, a decrease of 13.58% year-on-year [33] - Only one company, Ruian, reported an increase in inventory, with a growth of 16.03% [33] - Midea Real Estate experienced the largest inventory decline at 99.11% [33] 5. Liquidity Ratios - The average current ratio for the top 30 companies is expected to be 152.86%, a slight increase of 0.15% from the previous year [42] - 16 companies reported a decline in their current ratios, with Xinda showing the largest drop of 39.17% [42] 6. Cash Short-term Debt Ratio - The average cash short-term debt ratio is projected to be 1.52, a decrease of 0.11 from the previous year [54] - Ocean Group has the lowest cash short-term debt ratio at 0.01, while Binhai has the highest at 5.53 [54] 7. Return on Equity Overview - The average return on equity is expected to be -20.75%, a decline of 16.44% from 2023 [59] - Only two companies, Jinmao and New Town, are expected to report positive returns on equity [59]

Group 1 - The Hong Kong real estate stocks saw an initial rise, with Midea Real Estate experiencing a notable increase of 15%, while other companies like Oceanwide Group, Sunac China, Longfor Group, Country Garden, and R&F Properties rose over 3% [1] - On August 18, Premier Li Qiang emphasized the need for strong measures to stabilize the real estate market and promote urban renewal, including the renovation of urban villages and dilapidated houses to release improvement demand [1] - Midea Real Estate announced a profit upgrade, expecting a profit attributable to shareholders from continuing operations to be between 250 million to 350 million yuan for the first half of 2025, compared to 140 million and 142 million yuan in the same period last year [1] Group 2 - Oceanwide Group's subsidiary, Beijing Oceanwide Holdings Group Co., Ltd., announced a domestic debt restructuring plan, with a creditor meeting scheduled from September 9 to September 12, involving 7 company bonds and 3 PPNs, totaling 18.05 billion yuan [1] - Country Garden announced that it is seeking strong support from creditors holding a significant amount of existing debt for its restructuring plan [1] - The stock performance of various real estate companies included Midea Real Estate at 5.120 yuan with an increase of 8.47%, Oceanwide Group at 0.121 yuan with a rise of 3.42%, and Longfor Group at 0.930 yuan with a gain of 3.33% [1]

增信保障措施调整。解除原18项增信资产（含商业、住宅项目收益权等）的担保措施全部解除。新担保机制：剩 余未用于重组选项的资产将按比例重新分配，为长期留债提供担保（需重新办理手续）。 发行人还给出了其他重组方案选项。一，现金购回方案，按债券面值的20%折价购回（即每张面值100元的债 券，购回价为20元）；总额上限8亿元，若申报金额超额，按比例分配。资金来源于出售部分原始增信资产（如 北京王府井H2、中山远洋繁花里等项目的收益权）。 股票经济收益权选项。远洋集团拟在中国香港向特殊目的主体增发不超过28亿股，标的债券持有人登记选择股票 经济收益权选项后，拟采用设立境内信托等合法有效形式，使得获配股票经济收益权选项的标的债券持有人间接 持有定增股票的经济收益权。定价方面，每100元面值债券=【远洋股票交易均价×汇率×5倍】对应股数；申报总 智通财经获取的文件显示，8月18日，远洋集团（03377.HK）旗下北京远洋控股集团有限公司发布境内债务重组 方案，并将于9月9日至9月12日召开债权人会议，重组包括7笔公司债和3笔PPN，本金额合计180.5亿元。 | 序号 | 代码 | 债券简称 | 债券名称 | 债券余额 ...

Core Viewpoint - ST Dongshi (603377.SH) has resolved the risk warning situation related to the non-operational fund occupation by its controlling shareholder, Dongfang Shishang Investment Co., Ltd. [1] Group 1 - The company was previously under risk warning due to the non-operational occupation of funds by its controlling shareholder and related parties, with the balance exceeding 5% of the latest audited net assets and amounting to over 10 million yuan [1] - The company has applied to the Shanghai Stock Exchange for the removal of the corresponding risk warning, pending approval from the exchange [1] - If the application is approved, the company’s stock may still be subject to other risk warnings [1]