届时公司董事长王文学、总裁赵威、财务负责人钟坚、董事会秘书黎毓珊、 独立董事张奇峰将在线就公司治理、发展战略、经营状况和可持续发展等投资者 关心的问题，与投资者进行深入交流，欢迎广大投资者踊跃参与! 特此公告。 华夏幸福基业股份有限公司 2025 年 9 月 10 日 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、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，华夏幸福基业股份有限公司(以下简称 "公司")将参加由河北省上市公司协会、河北资本市场之家与深圳市全景网络 有限公司联合举办的"2025 年度河北辖区上市公司投资者网上集体接待日暨 2025 年半年报集体业绩说明会活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 9 月 15 日(周一)14:00-17:00。 证券代码：600340 证券简称：华夏幸福 公告编号：2025-050 华夏幸福基业股份有限 ...

证券代码：600340 证券简称：华夏幸福 公告编号：2025-049 华夏幸福基业股份有限公司 关于重大资产出售暨关联交易实施进展情况的公告 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。 一、本次重大资产重组的基本情况 2024 年 1 月 31 日，公司收到上海证券交易所下发的《关于华夏幸福基业股 份有限公司重大资产出售暨关联交易预案的问询函》（上证公函【2024】0118 号， 以下简称"《问询函》"）并履行了信息披露义务，根据《问询函》的相关要求， 公司对有关问题进行了认真的核查、分析和研究，并逐项予以落实和回复，同时 按照《问询函》的要求对《华夏幸福基业股份有限公司重大资产出售暨关联交易 预案(修订稿)》及其摘要进行了部分补充、修改和完善，具体内容详见公司于 2024 年 2 月 9 日在上海证券交易所网站披露的《关于上海证券交易所对公司重 大资产出售暨关联交易预案问询函的回复公告》（编号：临 2024-015）及《关于 <华夏幸福基业股份有限公司重大资产出售暨关联交易预案（修订稿）>及摘要修 订说明的公告》（编号 ...

Core Viewpoint - The financial performance of Huaxia Happiness has significantly deteriorated, leading to a loss of shareholder confidence, particularly from its largest shareholder, the Ping An Group, which has raised concerns regarding the company's asset management and debt restructuring strategies [1][5][6]. Financial Performance Summary - Huaxia Happiness reported a revenue of approximately 2.903 billion yuan for the first half of 2025, a year-on-year decrease of 50.9% [1]. - The net profit attributable to shareholders was a loss of about 6.827 billion yuan, down 40.79% year-on-year [1]. - Total assets amounted to 278.118 billion yuan, a decline of 8.63% compared to the end of the previous year [1]. - The net assets attributable to shareholders were -1.82 billion yuan, a decrease of 144.44% year-on-year [1]. Board Opposition Summary - The board member Wang Wei, representing the Ping An Group, opposed two key proposals related to the half-year report and asset impairment provisions, citing concerns over the prudence of debt replacement handling [2][4]. - Wang Wei's opposition reflects deeper issues regarding the company's asset management and the appropriateness of the impairment provisions during a period of financial stress [4]. Debt Restructuring and Strategic Transition - Huaxia Happiness is undergoing a critical phase of debt restructuring and strategic transformation from a traditional real estate developer to an "industrial new city service provider" [5]. - The company has reported a cumulative debt repayment failure amounting to 23.11 billion yuan as of July 31, 2025 [5]. - Ping An Group plans to reduce its holdings by up to 117.4 million shares, representing no more than 3% of the total share capital, indicating a potential shift in investment strategy due to ongoing financial pressures [5]. Shareholder Dynamics - The Ping An Group, as the largest shareholder, holds 25.1444% of Huaxia Happiness, with Ping An Asset Management holding an additional 0.0421% [3]. - The relationship between Huaxia Happiness and the Ping An Group has evolved since 2018 when Ping An acquired a significant stake, marking the beginning of a capital partnership [3].

Summary of the Conference Call Industry Overview - **Industry**: Property Market in Mainland China and Hong Kong SAR - **Key Insights**: The property market is experiencing mixed signals with leading indicators in Mainland China showing declines while Hong Kong sees strong tourist arrivals. Mainland China Property Market - **Leading Indicators**: - Centaline tier-1 cities' secondary asking price index decreased from 19.4 to 18.5, marking the lowest since May 2024 [4] - Centaline manager confidence index fell from 45 to 44, reaching a new low since October 2024 [4] - **Sales Performance**: - 60-city primary sales increased by 1% year-over-year, recovering from a previous decline of 8% [4] - Sales registrations in Beijing improved by 17% year-over-year following policy easing on August 7, but asking prices remained stable [4] - 12-city secondary sales year-over-year growth improved from 4% to 6% [4] - **Market Dynamics**: - The sector's share price rose by 3% last week, with Vanke outperforming at +9% [4] - Notable underperformers included Shimao (-14%) and A-Living (-7%) [4] - **Investment Recommendations**: - Top picks include CR Land, CR Mixc, and Jinmao, with potential upside in laggards like COLI, COPH, and Longfor [4] Hong Kong Property Market - **Tourism Impact**: - Tourist arrivals increased by 1% week-over-week to 1.24 million, the highest year-to-date, with a year-over-year growth of 19% [4] - **Residential Sales**: - Residential sell-through rates have slowed, with Blue Coast II achieving a 56% sell-through rate, lower than expected [4] - Home price index fell by 0.5% week-over-week [4] - **Market Indicators**: - Centa Valuation Index rose to 65.2, indicating banks are revising up valuations, which supports price stabilization [4] - Secondary transactions in top 35 estates increased by 52% week-over-week to 82 units [4] - **Investment Recommendations**: - Among landlords, top picks include Swire Prop, Hang Lung, Wharf REIC, and Link REIT; among developers, Henderson and Sino are favored [4] Additional Insights - **Market Sentiment**: - The overall sentiment in the property market remains cautious, with leading indicators suggesting potential challenges ahead [4] - **Credit Views**: - Vanke reported a quarterly net loss of RMB 6 billion, with net gearing rising to 90% in Q2 2025, but is not expected to default due to support from Shenzhen Metro [9] - **Share Price Movements**: - The property sector in Mainland China and Hong Kong showed varied performance, with some companies experiencing significant fluctuations in share prices [4][55] This summary encapsulates the key points from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.

Group 1 - On August 29, Huaxia Happiness executed a block trade of 2.275 million shares, with a transaction value of 4.8685 million yuan, accounting for 3.08% of the total transaction volume for that day [1] - The transaction price was 2.14 yuan, which represents a discount of 1.83% compared to the market closing price of 2.18 yuan [1] - The buying brokerage was Huatai Securities Co., Ltd., while the selling brokerage was Guotai Junan Securities Co., Ltd. [2]

Core Viewpoint - Huaxia Happiness's stock price fell to 2.25 yuan, a decrease of 2.17% from the previous trading day, indicating ongoing challenges in the real estate sector and financial instability [1] Company Summary - Huaxia Happiness operates in the real estate development sector, focusing on industrial new city development, real estate development, and property management [1] - The company has faced significant debt restructuring pressures in recent years, impacting its financial performance [1] - For the first half of 2025, the company reported a 50.9% year-on-year decline in revenue to 2.903 billion yuan, with a net loss attributable to shareholders of 6.827 billion yuan, widening by 40.79% compared to the same period last year [1] - A board member, Wang Wei, opposed the half-year report and asset impairment proposal, citing concerns over the prudence of asset replacement [1] - The total outstanding debt of the company reached 23.11 billion yuan, with total assets decreasing by 8.63% year-on-year to 278.118 billion yuan [1] Market Activity - On August 26, the net outflow of main funds was 60.7581 million yuan, with a cumulative net outflow of 58.871 million yuan over the past five trading days [1]

Core Viewpoint - The company, Huaxia Happiness, reported significant financial losses in the first half of 2025, marking the largest loss in four years, with a revenue drop of 50.90% and a net profit loss of 68.27 billion yuan [1][3]. Financial Performance - In the first half of 2025, Huaxia Happiness achieved an operating income of 29.03 billion yuan, a decrease of 50.90% year-on-year [1]. - The net profit attributable to shareholders was -68.27 billion yuan, down 40.79% year-on-year, representing the largest loss in the past four years [1][3]. - The total operating costs for the first half of the year were 95.61 billion yuan, with financial expenses reaching 49.90 billion yuan, including interest expenses of 50.89 billion yuan and interest income of 1.06 billion yuan [3][4]. Asset Impairment and Debt Restructuring - The company undertook significant asset impairment provisions, including 21.54 billion yuan for bad debt, 4.33 billion yuan for inventory depreciation, and 1.27 billion yuan for contract asset impairment, impacting the total profit by 28.65 billion yuan [6][8]. - Huaxia Happiness is actively pursuing a debt restructuring plan, with a total financial debt of 2,192 billion yuan, of which approximately 1,926.69 billion yuan is targeted for restructuring [8][10]. - The company has accumulated unpaid debts amounting to 231.10 billion yuan as of July 31, 2025 [9]. Management and Governance - During the audit voting phase, a board member expressed dissent regarding the asset impairment provisions, citing concerns over the prudence of the asset replacement plan [6][7]. - The company plans to continue its debt restructuring efforts with the support of government and creditor committees, focusing on signing agreements and asset transactions [10].

Group 1 - Sichuan Gold achieved a net profit of 209 million yuan in the first half of 2025, a year-on-year increase of 48.41% [1] - Hai Xin Co. reported a net profit of 108 million yuan, up 5.62% year-on-year, despite a revenue decline of 8.35% [1] - Shanhe Pharmaceutical Auxiliary's net profit decreased by 2.61% to 93.04 million yuan, with a revenue increase of 4.65% [2] Group 2 - Donghua Software's net profit fell by 15.78% to 244 million yuan, with a slight revenue decline of 1.76% [2] - Zhongyuan Haike reported a significant net profit drop of 91.21% to 9.83 million yuan, alongside a revenue decrease of 9.97% [3] - Xingxin New Materials experienced a net profit decline of 21.72% to 33.64 million yuan, with a minimal revenue growth of 0.02% [4] Group 3 - Longban Media's net profit increased by 13.28% to 120 million yuan, despite a revenue drop of 24.01% [6] - Guangge Technology reported a net loss of 31.38 million yuan, worsening from a loss of 20.17 million yuan in the previous year, with a revenue increase of 71.44% [7] - Ge Ke Wei's net profit decreased by 61.59% to 29.76 million yuan, despite a revenue growth of 30.33% [8] Group 4 - Shaoyang Hydraulic's net profit fell by 31.68% to 7.11 million yuan, with a revenue decline of 12.84% [9] - Qianjiang Biochemical achieved a net profit of 107 million yuan, a year-on-year increase of 30.24%, despite a revenue decline of 9.64% [10] - Jianhui Information's net profit dropped by 82.99% to 502.52 million yuan, with a revenue increase of 9.03% [11] Group 5 - Nobon Co. reported a net profit of 65.33 million yuan, up 48.33% year-on-year, with a revenue increase of 33.35% [12] - Proya's net profit increased by 13.80% to 799 million yuan, with a revenue growth of 7.21% [13] - Huayuan Holdings reported a net loss of 22.48 million yuan, improving from a loss of 39.2 million yuan in the previous year, with a revenue decline of 94.74% [15] Group 6 - Chihong Zn & Ge's net profit increased by 3.27% to 932 million yuan, with a revenue growth of 7.67% [17] - Dae Oriental's net profit decreased by 45.33% to 59.04 million yuan, with a revenue decline of 5.20% [19] - Zhongnong Lihua's net profit fell by 10.06% to 142 million yuan, despite a revenue increase of 3.27% [20] Group 7 - Triangle Tire's net profit decreased by 35.31% to 396 million yuan, with a revenue decline of 4.50% [21] - Lianchuang Optoelectronics reported a net profit of 263 million yuan, up 15.18% year-on-year, with a revenue increase of 6.51% [22] - Taijing Technology's net profit fell by 61.59% to 22.04 million yuan, despite a revenue growth of 16.73% [23] Group 8 - Congsheng Co. announced plans to establish a wholly-owned subsidiary with an investment of 5 million yuan [24] - Yilian Network's net profit decreased by 8.84% to 1.24 billion yuan, with a slight revenue decline of 0.64% [25] - Weichuang Electric's net profit increased by 4.87% to 141 million yuan, with a revenue growth of 16.39% [26] Group 9 - Liuyuan Chemical reported a net loss of 149 million yuan, worsening from a profit of 29.37 million yuan in the previous year, with a revenue increase of 3.10% [28] - Luxshare Precision achieved a net profit of 6.644 billion yuan, a year-on-year increase of 23.13%, with a revenue growth of 20.18% [29] - Jiangfeng Electronics reported a net profit of 253 million yuan, up 56.79% year-on-year, with a revenue increase of 28.71% [30] Group 10 - Hongqiao Technology reported a net loss of 22.97 million yuan, worsening from a profit of 21.96 million yuan in the previous year, with a revenue decline of 11.76% [31] - Hong Sifang's net profit decreased by 47.10% to 43.97 million yuan, with a revenue decline of 8.18% [32] - Huaxia Happiness reported a net loss of 6.827 billion yuan, worsening from a loss of 4.849 billion yuan in the previous year, with a revenue decline of 50.90% [35] Group 11 - Watson Bio's net profit decreased by 74.69% to 43.16 million yuan, with a revenue decline of 19.47% [37] - Huayang Lianzhong's controlling shareholder plans to increase its stake by 1% to 2% [39] - Lanhua Ketech's net profit decreased by 89.58% to 57.48 million yuan, with a revenue decline of 26.05% [41] Group 12 - Aike Optoelectronics reported a net profit increase of 127.40% to 36.04 million yuan, with a revenue growth of 64.39% [43] - Guojia Automobile's net profit decreased by 14.32% to 21.3 million yuan, with a revenue decline of 11.64% [44] - Yingjia Gongjiu's net profit decreased by 18.19% to 1.13 billion yuan, with a revenue decline of 16.89% [46] Group 13 - China Shipbuilding Technology reported a net loss of 574 million yuan, worsening from a loss of 81.71 million yuan in the previous year, with a revenue increase of 30.79% [48] - Dayang Electric's net profit increased by 34.41% to 602 million yuan, with a revenue growth of 7.66% [49] - Shoukai Co. reported a net loss of 1.839 billion yuan, improving from a loss of 1.948 billion yuan in the previous year, with a revenue increase of 105.19% [51]

Core Viewpoint - 华夏幸福 reported a significant decline in revenue and an increase in net losses for the first half of 2025, primarily due to reduced project turnover in the real estate sector [1][2][3]. Financial Performance - The company's revenue for the first half of 2025 was 2.903 billion yuan, a decrease of 50.90% compared to the same period last year [2]. - The net loss attributable to shareholders was 6.827 billion yuan, compared to a loss of 4.849 billion yuan in the previous year [1][2]. - Basic earnings per share were a loss of 1.75 yuan [1]. Asset and Debt Management - The company is focusing on "guaranteeing delivery" and debt restructuring as core tasks for the first half of 2025 [3]. - As of the report date, the company had completed the delivery of all residential projects since the end of 2020, with 12,000 remaining apartment units to be delivered [3]. - The debt restructuring plan has seen approximately 1,926.69 billion yuan of financial debt restructured through various agreements [3]. - The company has also initiated significant asset impairment provisions, including a bad debt provision of 2.154 billion yuan [3]. Governance and Controversies - A board member expressed opposition to the large-scale asset impairment provision, citing concerns over the prudence of the proposed asset swap strategy for debt management [4].

Group 1: Shanghai Housing Policy Adjustment - Shanghai has announced adjustments to its housing purchase restrictions, allowing eligible residents to buy an unlimited number of homes outside the outer ring road [1] - Eligible residents include local households and non-local households who have paid social insurance or individual income tax in Shanghai for at least one year [1] - Single adults will be subject to the same housing purchase restrictions as families [1] Group 2: Poly Developments Half-Year Performance - Poly Developments reported a revenue of approximately 116.857 billion yuan for the first half of 2025, a year-on-year decrease of 16.08% [2] - The net profit attributable to the parent company was 2.711 billion yuan, down 63.47% compared to the previous year [2] - The net cash flow from operating activities was 16.017 billion yuan [2] Group 3: Shoukai Co. Half-Year Performance - Shoukai Co. achieved a revenue of approximately 18.039 billion yuan in the first half of 2025, representing a year-on-year increase of 105.19% [3] - The company reported a net loss of 1.839 billion yuan [3] - The net cash flow from operating activities was 7.088 billion yuan [3] Group 4: Huaxia Happiness Half-Year Performance - Huaxia Happiness reported a revenue of approximately 2.903 billion yuan for the first half of 2025, a year-on-year decline of 50.9% [4] - The net loss for the period was 6.827 billion yuan [4] - The net cash flow from operating activities showed a loss of 3.217 billion yuan [4] Group 5: Lianfa Co. Half-Year Performance - Lianfa Co. achieved a revenue of approximately 2.027 billion yuan in the first half of 2025, a year-on-year decrease of 17.93% [5] - The net profit attributable to the parent company was 184 million yuan, an increase of 274.12% compared to the previous year [5] - The net cash flow from operating activities was 573 million yuan, up 99.31% [5]