Core Viewpoint - Zhuhai Huafa Industrial Co., Ltd. has initiated a lawsuit against Jilin Tianmao for the misappropriation of project company funds amounting to 627.93 million yuan, which includes principal and legal fees [1][2][3] Group 1: Lawsuit Details - The plaintiff is Zhuhai Huazhuo, a subsidiary of Huafa, while the defendant is Jilin Tianmao, with two other subsidiaries involved as third parties [2] - The lawsuit was filed on November 11, 2025, for a dispute over the infringement of company interests [2] - The case has been accepted by the Zhuhai Intermediate People's Court, but has not yet entered the trial phase [4] Group 2: Background and Claims - Huazhuo and Jilin Tianmao had a cooperation agreement to jointly establish a target company with a 50:50 equity ratio, which fully owns the project company responsible for the "Huamao Tiancity International Peninsula Garden Project" [3] - The project company has repeatedly requested the return of funds from Jilin Tianmao, totaling 627 million yuan, which have not been returned [3] - The lawsuit requests the return of the misappropriated funds, compensation for legal fees of 930,000 yuan, and coverage of related litigation costs [3] Group 3: Company Impact - The company has stated that it is currently unable to assess the impact of the lawsuit on its profits for the current or future periods due to the case not yet being heard [4] - As of November 18, 2025, the company and its subsidiaries have ongoing litigation totaling 1.742 billion yuan, which represents 8.82% of the audited net assets as of the end of 2024 [4]

Core Viewpoint - Huafa Co., Ltd. (600325) reported that its Ice and Snow World is currently operating well, with over 400,000 visitors in the first month of trial operation and a peak daily visitor count exceeding 40,000 [1] Group 1 - The Ice and Snow World has received more than 400,000 visitors during its first month of trial operation [1] - The highest single-day visitor count reached over 40,000 [1]

股票代码：600325 股票简称：华发股份 公告编号：2025-099 珠海华发实业股份有限公司 被告：吉林天茂置业集团有限公司（以下简称"吉林天茂"） 二、有关本案的基本情况 关于诉讼事项的公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内 容的真实性、准确性和完整性承担法律责任。 重要内容提示： 是否会对上市公司损益产生负面影响：鉴于案件尚未开庭，暂时无法判 断该诉讼对公司本期或期后利润的具体影响。公司将持续关注案件进展情况，及 时履行信息披露义务，敬请广大投资者理性投资，注意投资风险。 一、本次诉讼事项受理的基本情况 原告：珠海华卓房产开发有限公司（公司合并报表范围内子公司，以下简称 "珠海华卓"） 第三人：珠海华茂天城置业发展有限公司（公司合并报表范围内子公司，以 下简称"项目公司"）、珠海华茂金成置业发展有限公司（公司合并报表范围内子 公司，以下简称"目标公司"） 珠海华卓于 2025 年 11 月 11 日向广东省珠海市中级人民法院（以下简称"珠 海中院"）提起诉讼，案由为损害公司利益责任纠纷，并于 2025 年 11 月 18 日收 到珠海中院出具的【 ...

Core Viewpoint - The company Huafa Co., Ltd. has initiated a lawsuit against Jilin Tianmao Real Estate Group Co., Ltd. for breach of contract, involving a claim of 628 million yuan [1] Group 1: Legal Action - Subsidiary Zhuhai Huazhuo Real Estate Development Co., Ltd. is the plaintiff in the lawsuit filed in the Intermediate People's Court of Zhuhai, Guangdong Province [1] - The lawsuit is based on a dispute over the responsibility for damages to the company's interests [1] - The total amount involved in the case is 628 million yuan [1] Group 2: Financial Implications - The plaintiff, Zhuhai Huazhuo, claims that Jilin Tianmao failed to return funds as per their agreement, with the total amount due being 627 million yuan [1] - The lawsuit seeks the return of the funds along with compensation for losses incurred [1] - The impact of this case on the company's current or future profits is currently indeterminate as the case has not yet been heard [1]

Core Viewpoint - The operational status of Shenzhen Qianhai Huafa Ice and Snow World is positive, with significant visitor numbers reported during its trial operation phase [1] Group 1: Operational Performance - The ice and snow world received over 400,000 visitors in its first month of trial operation [1] - The highest single-day visitor count reached over 40,000 [1] Group 2: Market Potential - The location near Hong Kong is expected to attract a large number of visitors from Hong Kong and Macau, contributing to stable revenue from the ice and snow economy [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014 [4]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms expected to benefit more in the future [4]. - The report continues to support investment in first-tier cities and two-thirds of second-tier cities, indicating that this combination has historically performed better during sales rebounds [4]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities likely to benefit more from these changes [4]. Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 1.59 million square meters, showing a week-on-week increase of 17.4% but a year-on-year decrease of 34.6% [2]. - The new housing transaction area for first-tier cities was 432,000 square meters, up 12.6% week-on-week but down 42.5% year-on-year [2]. - Second-tier cities recorded a transaction area of 881,000 square meters, up 24.7% week-on-week and down 23.4% year-on-year [2]. - Third-tier cities had a transaction area of 276,000 square meters, up 4.9% week-on-week but down 47.7% year-on-year [2]. Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 2.003 million square meters, reflecting a week-on-week growth of 4.7% but a year-on-year decline of 17.0% [2]. - First-tier cities accounted for 856,000 square meters in second-hand transactions, up 8.7% week-on-week [2]. - Second-tier cities had a transaction area of 873,000 square meters, up 1.4% week-on-week [2]. - Third-tier cities recorded 273,000 square meters, up 3.7% week-on-week [2]. Credit Bonds - In the week of November 10-16, four credit bonds were issued by real estate companies, a decrease of eight from the previous week, with a total issuance of 3.62 billion yuan, down 6.63 billion yuan [3]. - The total repayment amount was 10.829 billion yuan, an increase of 4.359 billion yuan, resulting in a net financing amount of -7.209 billion yuan, down 10.989 billion yuan [3]. Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 2.7%, outperforming the CSI 300 Index by 3.78 percentage points, ranking 7th among 31 Shenwan primary industries [14]. - A total of 84 stocks in the real estate sector rose, while 30 stocks fell, with the top five gainers being Qianjing Garden, China Wuyi, Huaxia Happiness, Guancheng Datong, and Rongsheng Development, with gains of 61.0%, 30.0%, 26.3%, 21.6%, and 18.2% respectively [14].

Core Viewpoint - The article emphasizes the evolving dynamics of the real estate market in China, highlighting trends in product offerings, customer preferences, and structural changes in residential transactions across different regions [5][24][31]. Group 1: Real Estate Product Dynamics - Huafa Group has launched a "city resort-style" quality residential project in Shanghai, integrating commercial and residential spaces to enhance the living experience [4][14]. - The market is seeing a shift towards higher quality and more diversified residential products, with a focus on creating a sense of place and community [16][24]. Group 2: Customer Trends - From January to October, the national market transaction structure has improved, with all product segments above 120 square meters showing year-on-year growth, particularly the 120-140 square meter segment, which increased by 1.2 percentage points [5][24]. - In major cities, the demand for three-bedroom units remains strong, maintaining over 60% market share, while four-bedroom units have seen a year-on-year increase of 3.5 percentage points [31][37]. Group 3: Residential Product Structure Characteristics - The transaction structure is increasingly concentrated in the mid to high-end segments, with significant growth in the 500-800 million and 1-2 billion yuan price ranges [25][30]. - The high-end product market is particularly robust in the Bohai Rim and Yangtze River Delta regions, with the share of products priced above 1 million yuan increasing by 1.6 and 1.7 percentage points, respectively [25][30]. Group 4: Product Highlights Analysis - The Guangzhou Poly Feili Jia Di project features unique architectural designs and high-value amenities, including a maximum river view of 800 meters and a blend of traditional and modern architectural styles [8][67]. - The project also emphasizes community features, such as a multi-functional neighborhood space and a high degree of customization in unit layouts, catering to high-net-worth buyers [10][67]. Group 5: Excellent Project Analysis - The project is strategically located near the Baihetan Business District, benefiting from comprehensive amenities, including educational institutions and healthcare facilities [60][61]. - The design incorporates cultural elements and modern aesthetics, aiming to create a landmark building that resonates with the local heritage while providing luxury living standards [67][70].

Core Points - The company provided a full joint liability guarantee for its associate company, Huizhou Daya Bay Kangcheng Real Estate Development Co., Ltd., for a loan of up to RMB 1.7 billion [2][3] - The guarantee covers all loan principal, interest, penalties, and related costs, with a guarantee period of three years after the debt is fulfilled [2][3] - The company has already fulfilled its guarantee responsibility by paying RMB 303.35 million to the designated repayment account of the loan bank [3] Summary by Sections Guarantee Responsibility Overview - The company approved a guarantee plan for 2022 at its board meeting and annual shareholders' meeting [1] - The company holds an indirect 44.22% stake in Kangcheng Company, which signed a loan agreement with two banks for the development of residential projects [2] Guarantee Execution - Due to a downturn in the real estate market, Kangcheng Company is unable to repay RMB 303.35 million of the loan by the due date [3] - The company has executed its guarantee obligation by paying the overdue amount to the bank [3] Basic Information of the Guaranteed Entity - Kangcheng Company has total assets of RMB 7.01 billion and liabilities of RMB 2.43 billion as of September 30, 2025, with a net asset value of RMB 4.58 billion [5] - The company reported a net loss of RMB 21.55 million for the first three quarters of 2025 [5] Impact of Guarantee Execution on the Company - The company has established a receivable claim against Kangcheng Company due to the guarantee execution, which is not expected to significantly impact its normal operations [5] - The company will take measures to recover losses and protect the interests of itself and its investors [6]

本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内 容的真实性、准确性和完整性承担法律责任。 一、履行担保责任情况概述 （一）为参股公司提供担保的相关情况 珠海华发实业股份有限公司（以下简称"公司"）于 2022 年 4 月 8 日、2022 年 4 月 29 日分别召开了第十届董事局第十四次会议和 2021 年年度股东大会，审 议通过《关于公司 2022 年度担保计划的议案》，具体内容详见公司于 2022 年 4 月 9 日、2022 年 4 月 30 日在上海证券交易所网站（www.sse.com.cn）及《上海 证券报》《中国证券报》《证券时报》《证券日报》披露的公告（公告编号：2022-020、 2022-032）。 股票代码：600325 股票简称：华发股份 公告编号：2025-098 珠海华发实业股份有限公司 关于履行担保责任的公告 2022 年 12 月 25 日，公司参股公司惠州大亚湾康成房地产开发有限公司（公 司间接持有 44.22%股权，以下简称"康成公司"）与兴业银行股份有限公司广州 分行、中国邮政储蓄银行股份有限公司惠州市分行（以下合称"贷款银行" ...

Market Overview - As of 10:30 AM today, the Shanghai Composite Index stands at 4004.76 points, above the six-month moving average, with a change of -0.34% [1] - The total trading volume of A-shares today is 9250.17 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 92 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Visionox (维信诺) with a deviation rate of 9.39% and a price increase of 9.98% [1] - Magv Technology (磁谷科技) with a deviation rate of 8.21% and a price increase of 11.26% [1] - Tongxiang Technology (同享科技) with a deviation rate of 7.15% and a price increase of 8.45% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have recently crossed the six-month moving average: | Stock Code | Stock Name | Price Change (%) | Turnover Rate (%) | Six-Month Average (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 002387 | Visionox | 9.98 | 0.49 | 9.37 | 10.25 | 9.39 | | 688448 | Magv Technology | 11.26 | 14.44 | 38.45 | 41.61 | 8.21 | | 920167 | Tongxiang Technology | 8.45 | 11.64 | 20.11 | 21.55 | 7.15 | | 301611 | Kema Technology | 6.36 | 8.74 | 54.58 | 57.82 | 5.94 | | 300403 | Hanyu Group | 7.75 | 15.48 | 15.22 | 15.85 | 4.11 | | 300937 | Yiyigou | 3.88 | 5.21 | 28.45 | 29.45 | 3.52 | | 002200 | *ST Jiaotou | 3.94 | 1.63 | 7.65 | 7.92 | 3.49 | | 300198 | ST Nachuan | 4.62 | 2.60 | 2.41 | 2.49 | 3.28 | | 605086 | Longgao Shares | 3.48 | 2.65 | 26.19 | 27.03 | 3.21 | | 300152 | ST Xindongli | 5.18 | 4.30 | 2.56 | 2.64 | 2.99 | | 603106 | Hengyin Technology | 3.10 | 2.60 | 10.35 | 10.63 | 2.71 | | 002085 | Wanfeng Aowei | 3.18 | 2.36 | 16.77 | 17.21 | 2.65 | | 301636 | Zerun New Energy | 4.56 | 15.07 | 55.76 | 57.09 | 2.38 | | 300020 | ST Yinjian | 2.34 | 1.42 | 3.86 | 3.94 | 2.01 | | 300880 | Jianan Intelligent | 6.76 | 5.37 | 20.13 | 20.52 | 1.95 | | 300461 | Tianzhong Precision | 1.79 | 1.13 | 20.12 | 20.47 | 1.72 | | 000711 | ST Jinglan | 1.69 | 1.23 | 1.77 | 1.80 | 1.64 | | 920029 | Kaifa Technology | 3.44 | 3.90 | 95.65 | 97.15 | 1.57 | | 300345 | Huamin Shares | 3.42 | 8.29 | 7.74 | 7.86 | 1.56 | | 300523 | Chanan Technology | 3.00 | 0.77 | 22.96 | 23.31 | 1.52 | | 002721 | Jinyi Culture | 5.80 | 4.48 | 3.60 | 3.65 | 1.50 | | 600538 | Guofa Shares | 1.87 | 2.86 | 5.89 | 5.98 | 1.46 | | 001696 | Zongshen Power | 4.37 | 4.88 | 23.56 | 23.89 | 1.41 | | 600800 | Bohai Chemical | 1.72 | 0.80 | 4.09 | 4.15 | 1.35 | | 301209 | United Chemical | 3.74 | 1.59 | 94.06 | 95.23 | 1.25 | | 300218 | Anli Shares | 1.47 | 2.26 | 17.73 | 17.94 | 1.19 | | 002457 | Qinglong Pipe | 1.27 | 3.00 | 11.86 | 12.00 | 1.15 | | 603366 | Rising East | 1.93 | 2.03 | 9.93 | 10.04 | 1.15 | | 001914 | China Merchants Jiyu | 1.95 | 0.52 | 11.91 | 12.04 | 1.12 | | 688628 | Youlide | 1.34 | 0.33 | 34.41 | 34.79 | 1.10 | [1][2]