Market Overview - The Shanghai Composite Index closed at 3870.60 points, slightly above the six-month moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 25,483.12 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 50 A-shares have surpassed the six-month moving average today, with notable stocks including Shanghai Construction, Yihualu, and Runjian Shares, showing divergence rates of 9.89%, 9.08%, and 9.07% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month line include Zhuhai Port, Zhongzhou Special Materials, and Nanjing Chemical Fiber [1] Top Performers - Shanghai Construction (600170) saw a price increase of 9.96% with a turnover rate of 6.20% and a divergence rate of 9.89% [1] - Yihualu (300212) increased by 10.90% with a turnover rate of 12.71% and a divergence rate of 9.08% [1] - Runjian Shares (002929) rose by 9.99% with a turnover rate of 10.76% and a divergence rate of 9.07% [1] Additional Notable Stocks - Other significant gainers include Huafu Times (600169) with a 10.08% increase and a divergence rate of 7.82%, and Shang (002042) with a 10.06% increase and a divergence rate of 7.70% [1] - The stock of Fule New Materials (605488) rose by 10.01% with a divergence rate of 6.93% [1] Stocks with Lower Divergence Rates - Stocks like Zhonghuan Hailu (301040) and Baitong Energy (001376) showed increases of 1.91% and 1.55% respectively, with divergence rates of 1.09% and 1.00% [2] - Longyuan Construction (600491) increased by 1.91% with a divergence rate of 0.97% [2]

Group 1 - Suning Universal and New Dazheng hit the daily limit, while Shoukai Co., Ltd. (rights protection) and Huaxia Happiness rose over 5% [1] - Nandu Property, Everbright Jiabao, and Nanshan Holdings also saw significant increases [1]

Group 1 - The real estate sector remains active, with companies such as Rongsheng Development, Huaxia Happiness, New Dazheng, and Suning Universal experiencing significant stock price increases [1] - CITIC Construction Investment's research report indicates that high-quality real estate enterprises are seeing a stabilization in performance, leading to increased confidence in land acquisition among these companies [1]

证券代码：600340 证券简称：华夏幸福 公告编号：2025-050 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。 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。 华夏幸福基业股份有限公司 关于参加2025年河北辖区上市公司投资者 网上集体接待日 ...

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]