二、 监事会会议审议情况 （一）审议通过《关于公司 2025 年第三季度报告的议案》 经审核，监事会提出审核意见如下： 证券代码：600340 证券简称：华夏幸福 公告编号：2025-066 华夏幸福基业股份有限公司 第八届监事会第十二次会议决议公告 本公司监事会及全体监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、准确性及完整性承担法律责任。 华夏幸福基业股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日以 邮件等方式发出召开第八届监事会第十二次会议的通知，会议于 2025 年 10 月 30 日在北京朝阳区佳程广场 A 座 23 层以现场方式召开并表决。本次会议应出席 监事 3 名，实际出席监事 3 名。本次会议由公司监事会主席杨子伊女士主持，公 司董事会秘书列席了本次会议。会议的召集、召开及表决程序符合《中华人民共 和国公司法》及《华夏幸福基业股份有限公司章程》的规定。 一、 监事会会议召开情况 监事会认为，公司本次计提资产减值准备的决议程序合法合规，依据充分， 1 符合《企业会计准则》及公司会计政策的有关规定，计提后能公允地反映公司资 产状况，同意 ...

一、董事会会议召开情况 华夏幸福基业股份有限公司（以下简称"公司"）于2025年10月24日以邮件 等方式发出召开第八届董事会第三十四次会议的通知，会议于2025年10月30日在 北京朝阳区佳程广场A座23层以现场结合通讯会议方式召开并表决。本次会议应 出席董事8名，实际出席董事8名。本次会议由公司董事长王文学先生主持，公司 董事会秘书、财务总监及监事列席了本次会议。本次会议的召集、召开及表决程 序符合《中华人民共和国公司法》和《华夏幸福基业股份有限公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于公司2025年第三季度报告的议案》 2025年第三季度财务数据已经公司第八届董事会审计委员会2025年第四次 会议以2票同意、1票反对、0票弃权审议通过。具体内容详见公司同日在上海证 券交易所网站披露的《华夏幸福2025年第三季度报告》。 证券代码：600340 证券简称：华夏幸福 公告编号：2025-065 华夏幸福基业股份有限公司 第八届董事会第三十四次会议决议公告 本公司董事会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、准确性及完整性承担法律责任。 ...

Core Viewpoint - 华夏幸福 reported significant declines in both revenue and net profit for the third quarter of 2025, indicating severe financial distress [1] Financial Performance - For the first three quarters of 2025, the company's operating revenue was 3.882 billion, a year-on-year decrease of 72.09% [1] - The net profit attributable to shareholders for the same period was a loss of 9.829 billion [1] - In the third quarter alone, the operating revenue was 979 million, reflecting a year-on-year decline of 87.76% [1] - The net profit attributable to shareholders in the third quarter was a loss of 3.002 billion [1]

Financial Performance - Total revenue for Q3 2025 was approximately ¥979.33 million, a decrease of 87.76% year-over-year[4]. - Net profit attributable to shareholders was approximately -¥3.00 billion, with a year-to-date loss of -¥9.83 billion[4]. - Total revenue for the first three quarters of 2025 was CNY 3,882,176,145.67, a significant decrease from CNY 13,911,717,667.93 in the same period of 2024, representing a decline of approximately 72%[35]. - The operating profit for the first three quarters of 2025 was a loss of CNY 10,743,276,389.84, compared to a loss of CNY 2,306,020,182.49 in 2024, reflecting a worsening of approximately 366%[36]. - Net profit for the first three quarters of 2025 was a loss of CNY 9,925,018,298.11, compared to a loss of CNY 2,009,646,006.22 in 2024, indicating an increase in losses of about 394%[36]. - The company's cash inflow from sales of goods and services was ¥4.61 billion in the first three quarters of 2025, down from ¥6.67 billion in the same period of 2024, a decrease of approximately 31%[40]. - The company's cash outflow for operating activities was ¥9.20 billion in the first three quarters of 2025, slightly down from ¥9.75 billion in the same period of 2024, a decrease of about 6%[40]. - The company's net profit attributable to the parent company's shareholders for the first three quarters of 2025 was a loss of ¥9.83 billion, compared to a loss of ¥2.24 billion in the same period of 2024, representing an increase in loss of approximately 339%[37]. - The total comprehensive income attributable to the parent company's owners for the first three quarters of 2025 was a loss of ¥9.57 billion, compared to a loss of ¥1.66 billion in the same period of 2024, indicating a worsening of approximately 476%[37]. Cash Flow and Liquidity - Operating cash flow for the year-to-date period was -¥3.72 billion, indicating significant cash flow challenges[4]. - The net cash flow from operating activities for the first three quarters of 2025 was -¥3.72 billion, compared to -¥1.94 billion in the same period of 2024, reflecting a decline of approximately 92%[40]. - Cash inflows from operating activities totaled ¥5.48 billion in the first three quarters of 2025, down from ¥7.81 billion in the same period of 2024, a decrease of about 30%[40]. - The ending cash and cash equivalents balance as of September 30, 2025, was ¥1.53 billion, down from ¥3.71 billion at the end of 2024, a decrease of approximately 59%[41]. - The company's cash flow from investment activities showed no inflow, contrasting with an inflow of ¥178.16 million in the previous year[49]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥274.52 billion, down 9.81% from the previous year[5]. - The total assets as of the latest reporting period were CNY 274,517,650,689.64, slightly down from CNY 304,389,031,558.94[33]. - Total liabilities decreased from CNY 285,152,066,101.03 to CNY 264,739,199,355.46, a reduction of approximately 7%[33]. - The company's total liabilities as of September 30, 2025, increased compared to the end of 2024, indicating a potential increase in financial leverage[42]. - The total equity decreased slightly to ¥14.43 billion from ¥14.49 billion year-over-year, a decline of about 0.4%[44]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 166,978[11]. - Huaxia Happiness Holdings Co., Ltd. held 450,209,366 shares, accounting for 11.50% of the total share capital[11]. - China Ping An Life Insurance Company held a total of 414,223,338 shares, representing 10.58% of the total share capital[11]. - The combined shareholding of Huaxia Holdings and its concerted parties reached 566,427,902 shares, which is 14.47% of the total share capital[12]. - As of September 30, 2025, China Ping An Life and its concerted parties held 985,729,553 shares, amounting to 25.19% of the total share capital[12]. Debt and Restructuring - The company has indicated a focus on restructuring and potential asset disposals to improve financial stability moving forward[9]. - As of the report date, approximately RMB 1,926.69 billion of financial debt has been restructured, including RMB 371.3 billion of domestic corporate bonds and USD 4.96 billion (approximately RMB 335.32 billion) of overseas bonds[19]. - The company is actively working on debt restructuring plans to ensure creditor interests are protected, adhering to the principle of "no evasion of debt"[18]. - The "Happiness Selected Platform" has approximately RMB 174.54 billion in financial debt settled through equity compensation, with creditors receiving about 43.00% of the platform's equity[20]. - The company aims to use trust plan beneficiary rights to settle up to RMB 240.01 billion in financial debt[21]. Development and Projects - The company has a total of 4,126,753.45 square meters of land held for development, with 5,818,880.44 square meters of planned construction area and 7,108,330.30 square meters of area involved in cooperative development projects[15]. - The company completed the delivery of all residential projects since the end of 2020, with 4 remaining apartment projects totaling 8,551 units and 66.2 million square meters yet to be delivered[17]. - The company has engaged in cooperative development projects, with specific areas having significant ownership stakes, such as 90.00% in Yongqing area and 51.00% in Harbin Songbei area[15]. - The company has signed agreements for the transfer of equity related to various real estate projects, with some transactions already completed[20]. - The company has accumulated a total of 57 signed projects in market expansion, with 11 new projects signed in the third quarter of 2025[27]. Operational Performance - The company’s property service segment achieved revenue of approximately 1.014 billion RMB from January to September 2025, with a year-on-year increase of about 1.43% in value-added services revenue[27]. - As of September 30, 2025, the total managed area for urban services was approximately 64.8853 million square meters, with an increase of about 1.5423 million square meters in the first nine months of 2025[26]. - The company is focusing on becoming a leading urban service provider in China, with a commitment to high-quality urban development[26].

华夏幸福公告，2025年第三季度营收为9.79亿元，同比下降87.76%；净利润亏损30.02亿元。前三季度 营收为38.82亿元，同比下降72.09%；净利润亏损98.29亿元。 （文章来源：第一财经） ...

华夏幸福：前三季度净利润亏损98.29亿元。 ...

Core Viewpoint - Huaxia Happiness's stock price has shown fluctuations, with a year-to-date decline of 18.59% and recent trading activity indicating a slight recovery in the short term [1][2]. Group 1: Stock Performance - As of October 29, Huaxia Happiness's stock price increased by 2.34%, reaching 2.19 CNY per share, with a trading volume of 1.33 billion CNY and a turnover rate of 1.59%, resulting in a total market capitalization of 8.571 billion CNY [1]. - Year-to-date, the stock has decreased by 18.59%, with no change in the last five trading days, a 2.82% increase over the last 20 days, and a 3.52% decrease over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Huaxia Happiness reported a revenue of 2.903 billion CNY, a year-on-year decrease of 50.90%, and a net profit attributable to shareholders of -6.827 billion CNY, a year-on-year decrease of 40.79% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 16.075 billion CNY since its A-share listing [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Huaxia Happiness was 178,100, a decrease of 6.47% from the previous period, with an average of 21,866 circulating shares per shareholder, an increase of 6.92% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 40.7994 million shares, an increase of 12.5306 million shares from the previous period, and Southern CSI Real Estate ETF, holding 34.9689 million shares, an increase of 5.6952 million shares [3].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The Fourth Plenary Session of the 20th Central Committee emphasizes promoting high-quality development in the real estate sector, despite a decline in sales data [6][13] - The report highlights a significant drop in both new and second-hand housing sales across major cities, indicating a challenging market environment [4][31] - The issuance of credit bonds by real estate companies has seen a substantial increase, suggesting a shift towards more stable financial practices among leading firms [5][6] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index increased by 1.51%, while the CSI 300 Index rose by 3.24%, indicating underperformance of the real estate sector compared to the broader market [3][11] Industry Fundamentals - In the week of October 17-23, the total number of new homes sold in 38 key cities was 27,009 units, reflecting a year-on-year decrease of 14.6% and a month-on-month decrease of 1.7% [4][21] - The total transaction area for new homes was 2.773 million square meters, with a year-on-year decline of 18.9% [21] - For second-hand homes, 19,924 units were sold, down 17.5% year-on-year, with a total area of 192.6 million square meters sold [31] Land Market Analysis - Land supply increased significantly, with 27.053 million square meters supplied, a year-on-year growth of 89.7% [5] - The average land price was 1,731 yuan per square meter, up 4.3% year-on-year [5] Financing Analysis - Real estate companies issued a total of 22.255 billion yuan in credit bonds, marking a year-on-year increase of 197.93% and a month-on-month increase of 305.37% [5][6] Investment Recommendations - The report suggests focusing on financially stable leading real estate companies such as Yuexiu Property, China Merchants Shekou, and Poly Developments, which are better positioned to navigate market fluctuations [6] - Property management companies are also expected to benefit from a recovery in market demand, with recommendations to monitor firms like China Resources Land and Poly Property [6]

Core Viewpoint - The report details the equity change of Huaxia Happiness Industrial Co., Ltd., specifically the reduction of shares held by the information disclosing parties, which includes Ping An Asset Management Co., Ltd. and Ping An Life Insurance Co., Ltd. [1][2][5] Group 1: Equity Change Details - The information disclosing parties reduced their holdings in Huaxia Happiness from 985,729,553 shares (25.19% of total shares) to 977,914,066 shares (24.99% of total shares) [7][9] - The reduction occurred through centralized bidding transactions, with a total of 7,815,487 shares sold between October 20 and October 21, 2025, representing 0.20% of the company's total shares [7][9] - The reduction in shareholding triggered a change in the ownership percentage that touches a multiple of 5% [9] Group 2: Future Plans - The information disclosing parties plan to continue reducing their holdings within the next 12 months, following a previously announced plan to sell up to 117,411,610 shares (not exceeding 3% of total shares) from September 1 to November 30, 2025 [6] - The current reduction plan is still in progress as of the report's signing date [6] Group 3: Compliance and Legal Responsibility - The report confirms that the information disclosing parties have obtained necessary authorizations and approvals for the equity change, ensuring compliance with relevant laws and regulations [2][5] - The parties affirm that the report contains no false records, misleading statements, or significant omissions, and they bear legal responsibility for its accuracy and completeness [2][15]

股票代码：600340 股票简称：华夏幸福 华夏幸福基业股份有限公司 简式权益变动报告书 上市公司名称：华夏幸福基业股份有限公司 股票上市地点：上海证券交易所 股票简称：华夏幸福 股票代码：600340.SH 信息披露义务人一：平安资产管理有限责任公司 住所：中国(上海)自由贸易试验区陆家嘴环路 1333 号 29-31 楼 通讯地址：中国(上海)自由贸易试验区陆家嘴环路 1333 号 29-31 楼 信息披露义务人二：中国平安人寿保险股份有限公司 住所：深圳市福田区福田街道益田路 5033 号平安金融中心 14、15、 16、3701、41、44、45、46 层 通讯地址：上海市陆家嘴环路 1333 号平安金融大厦 34 楼 权益变动性质：股份减少 签署日期：2025 年 10 月 22 日 五、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人 没有委托或者授权其它任何人提供未在本报告书列载的信息和对本报告书做出 任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性和完整性承担法律责任。 七、本报告书部分数据计算时需要四舍五入，故可能存在 ...