2025年半年度财务数据已经公司第八届董事会审计委员会2025年第三次会 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年半年度报告》及其摘要。 表决结果：7票同意，1票反对，0票弃权。 （二）审议通过《关于计提资产减值准备和公允价值变动的议案》 证券代码：600340 证券简称：华夏幸福 公告编号：2025-047 华夏幸福基业股份有限公司 第八届董事会第三十二次会议决议公告 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。 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8月19日以邮件等 方式发出召开第八届董事会第三十二次会议的通知，会议于2025年8月25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 ...

Part I Definitions This section provides definitions for key terms used throughout the report, ensuring clarity and consistent understanding of the content [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines common terms used in the report, including the company itself (CFLD), its controlling shareholder (CFLD Holdings), major shareholders (Ping An Asset Management, Ping An Life), and key subsidiaries (Jingyu Real Estate, Jiutong Investment), providing a foundation for understanding the report's content - CFLD, the Company: Refers to China Fortune Land Development Co., Ltd[13](index=13&type=chunk) - CFLD Holdings: Refers to China Fortune Land Development Holdings Co., Ltd., the Company's controlling shareholder[13](index=13&type=chunk) - Ping An Life: China Ping An Life Insurance Co., Ltd., together with its concerted party Ping An Asset Management, is CFLD's largest shareholder[13](index=13&type=chunk) Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, historical changes, information disclosure, stock summary, and key financial performance indicators [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the basic information of China Fortune Land Development Co., Ltd., including its Chinese name, abbreviation, English name and abbreviation, and legal representative Wang Wenxue Company Basic Information | Indicator | Content | | :--- | :--- | | Company's Chinese Name | 华夏幸福基业股份有限公司 | | Company's Chinese Abbreviation | 华夏幸福 | | Company's English Name | CHINAFORTUNELANDDEVELOPMENTCO.,LTD. | | Company's English Abbreviation | CFLD | | Company's Legal Representative | 王文学 | [II. Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the contact information for the Company's Board Secretary, Li Yushan, including address, phone, fax, and email, facilitating communication for investors and relevant parties Board Secretary Contact Information | Name | Li Yushan | | :--- | :--- | | Contact Address | 23rd Floor, Tower A, Gateway Plaza, No. 18 Xiaguangli, East Third Ring North Road, Chaoyang District, Beijing | | Phone | 010-59115198 | | Fax | 010-59115196 | | Email | IR@cfldcn.com | [III. Overview of Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the historical changes in the company's registered address, which changed from Shangyu City, Zhejiang Province to Gu'an County, Hebei Province in August 2012, and lists the current registered address, office address, postal code, and company website - The company's registered address changed from "Zhongtang, Baiguan Town, Shangyu City, Zhejiang Province" to "No. 1, North of Third Road, West of Jingkai Road, Gu'an County, Hebei Province" in August 2012[17](index=17&type=chunk) - The company's office address is 23rd Floor, Tower A, Gateway Plaza, No. 18 Xiaguangli, East Third Ring North Road, Chaoyang District, Beijing, with postal code 100027[17](index=17&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspapers for information disclosure, the website address for publishing semi-annual reports, and the location for document custody, noting no changes during the reporting period - The company's selected newspapers for information disclosure include China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times[18](index=18&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn, and the company's semi-annual report is available at the company's Board of Directors Office[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides an overview of the company's A-share stock, including the listing exchange, stock abbreviation, stock code, and previous stock abbreviation Company Stock Summary | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 华夏幸福 | 600340 | ST国祥 | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing a significant **50.90% year-on-year decrease in operating revenue**, a negative and expanding net loss attributable to shareholders, and negative net assets, reflecting severe financial challenges for the company Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,902,848,687.45 CNY | 5,911,893,136.71 CNY | -50.90 | | Total Profit | -8,179,459,971.72 CNY | -6,386,046,765.18 CNY | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -6,827,384,567.50 CNY | -4,849,241,467.27 CNY | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Non-recurring Gains and Losses | -7,705,307,740.49 CNY | -6,312,671,285.82 CNY | Not applicable | | Net Cash Flow from Operating Activities | -3,216,733,059.71 CNY | -148,014,639.92 CNY | Not applicable | | Net Assets Attributable to Shareholders of Listed Company | -1,819,911,576.06 CNY | 4,094,970,997.05 CNY | -144.44 | | Total Assets | 278,117,681,862.06 CNY | 304,389,031,558.94 CNY | -8.63 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -1.75 | -1.25 | Not applicable | | Diluted Earnings Per Share (CNY/share) | -1.75 | -1.25 | Not applicable | | Basic EPS After Non-recurring Gains and Losses (CNY/share) | -1.98 | -1.62 | Not applicable | | Weighted Average Return on Net Assets (%) | -527.93 | -81.97 | Decrease by 445.96 percentage points | | Weighted Average Return on Net Assets After Non-recurring Gains and Losses (%) | -595.82 | -106.71 | Decrease by 489.11 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **CNY 878 million**, with debt restructuring gains and losses contributing the most at **CNY 1.481 billion** Non-recurring Gains and Losses Items (January-June 2025) | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 131,340,939.52 | | Government grants recognized in current profit or loss | 907,773.85 | | Gains and losses from entrusted investments or asset management | 27,222,503.00 | | Debt restructuring gains and losses | 1,480,917,383.88 | | Gains and losses from changes in fair value of investment properties measured using fair value model | -46,422,093.32 | | Other non-operating income and expenses apart from the above items | -349,940,129.21 | | Other items meeting the definition of non-recurring gains and losses (Gains and losses from disposal of long-term equity investments) | 5,026,944.48 | | Less: Income tax impact | 331,194,888.67 | | Minority interests impact (after tax) | 39,935,260.54 | | Total | 877,923,172.99 | Part III Management Discussion and Analysis This section provides management's discussion and analysis of the company's operations, strategic transformation, industry overview, core competencies, and other significant disclosures [I. Company Operations and Comprehensive Transformation](index=8&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%A8%E9%9D%A2%E8%BD%AC%E5%9E%8B) In the first half of 2025, while advancing "guaranteed delivery" and debt restructuring, the company actively implemented its "comprehensive transformation into an industrial new city service provider" strategy, optimizing business models and strengthening core capabilities, achieving significant progress in residential project delivery, steadily advancing debt restructuring, and vigorously developing operations, services, and park-derived businesses, exploring asset-light output and new models - The company's strategic positioning is an "industrial new city service provider," continuously strengthening its full-process industrial development service capabilities with investment promotion as the core[27](index=27&type=chunk) [(I) Continued Advancement of 'Guaranteed Delivery'](index=8&type=section&id=(%E4%B8%80)%20%E6%8C%81%E7%BB%AD%E6%8E%A8%E8%BF%9B%22%E4%BF%9D%E4%BA%A4%E6%A5%BC%22) The company prioritizes "guaranteed delivery," and with government support and multi-channel fundraising, has completed the delivery of all residential projects, with **4 apartment projects / 12,000 units / 840,000 square meters** remaining for delivery - From the end of 2020 to the report disclosure date, all residential projects have been delivered[28](index=28&type=chunk) - There are **4 apartment projects** remaining for delivery, totaling **12,000 units** and **840,000 square meters**[28](index=28&type=chunk) [(II) Continued Advancement of Debt Restructuring](index=8&type=section&id=(%E4%BA%8C)%20%E6%8C%81%E7%BB%AD%E6%8E%A8%E8%BF%9B%E5%80%BA%E5%8A%A1%E9%87%8D%E7%BB%84) Adhering to the principle of "no evasion of debt, equal rights for equal debt," the company actively promotes financial debt restructuring, having achieved **CNY 192.669 billion** in financial debt restructuring through agreements as of the report disclosure date, and established "CFLD Select Platform" and "CFLD Premium Platform" for debt-for-equity swaps, cumulatively offsetting approximately **CNY 23.628 billion** in financial and operating debts - The "CFLD Debt Restructuring Plan" was announced on September 30, 2021, and approved by the Creditors Committee on December 9 of the same year[29](index=29&type=chunk) - As of the report disclosure date, the cumulative amount of **CNY 192.669 billion** in financial debt restructuring under the "Debt Restructuring Plan" (totaling **CNY 219.2 billion**) has been achieved through agreements and other means[29](index=29&type=chunk) - The company's "CFLD Select Platform" equity, established with shares of its subsidiaries, has offset approximately **CNY 17.454 billion** in financial debt, with relevant creditors obtaining an equity stake of approximately **43.00%** in the "CFLD Select Platform"[30](index=30&type=chunk)[31](index=31&type=chunk) - The company's "CFLD Select Platform" and "CFLD Premium Platform" equity, established with shares of its subsidiaries, have offset approximately **CNY 6.174 billion** in operating debt[31](index=31&type=chunk) - Trust plan beneficiary units have offset a total of no more than **CNY 24.001 billion** in "cash-for-equity-for-debt" financial claims, with **CNY 22.348 billion** in trust debt-for-equity transactions already completed[32](index=32&type=chunk) [(III) Orderly Advancement of Business Operations](index=9&type=section&id=(%E4%B8%89)%20%E6%9C%89%E5%BA%8F%E6%8E%A8%E8%BF%9B%E4%B8%9A%E5%8A%A1%E7%BB%8F%E8%90%A5) While undergoing debt restructuring, the company actively developed development, operation, service, and park-derived businesses, fully transforming into an "industrial new city service provider," with **CNY 13.66 billion** in new signed investment for industrial new city development, **187,000 square meters** in new investment promotion area for Beijing-Tianjin-Hebei industrial parks, over **120 million square meters** in property management area, and a **25% year-on-year increase** in real estate agency construction output value - Within the entrusted areas of industrial new city comprehensive development agreements, **18 new enterprises** have entered the parks, with new signed investment totaling **CNY 13.66 billion**[33](index=33&type=chunk) - In the first half of 2025, Beijing-Tianjin-Hebei industrial parks added **65 new investment promotion projects**, with a contracted area of approximately **187,000 square meters**[34](index=34&type=chunk) - In the first half of 2025, CFLD Property's managed area for city services and industrial park services was approximately **65.69 million square meters**, and for residential services, it was approximately **59.24 million square meters**[34](index=34&type=chunk) - Beijing Xingfu Anji Construction Management Co., Ltd. achieved approximately **CNY 22 million** in new output value in the first half of the year, a **25% year-on-year increase**[35](index=35&type=chunk) - Suzhou Torch Innovation and Entrepreneurship Incubation Management Co., Ltd., invested by the company, achieved operating revenue of **CNY 142 million** and operational cash collection of **CNY 153 million**[35](index=35&type=chunk) [(IV) Deepening Comprehensive Transformation](index=10&type=section&id=(%E5%9B%9B)%20%E6%B7%B1%E5%85%A5%E6%8E%A8%E8%BF%9B%E5%85%A8%E9%9D%A2%E8%BD%AC%E5%9E%8B) The company firmly adheres to the "industrial new city service provider" strategic direction, solidifying its transformation path and achieving business development through asset-light output, leveraging park resources, and exploring new real estate development models - The company is comprehensively transforming into an "industrial new city service provider," relying on its full-process industrial development capabilities centered on investment promotion and extensive industrial park resources[36](index=36&type=chunk) - Key transformation paths include asset-light output, continuous exploration and realization of park resources (such as new energy and digitalization), and exploring new real estate development models like agency construction and sales services[36](index=36&type=chunk) [II. Industry and Main Business Overview During the Reporting Period](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This chapter elaborates on the macroeconomic situation in the first half of 2025, the development of the industries in which the company operates (industrial new cities, park and enterprise services, property management, residential development), and details the operating models of the company's main businesses, including the characteristics, operating mechanisms, and profit models of development, operation, service, and park-derived businesses [(I) Macroeconomic Review](index=10&type=section&id=(%E4%B8%80)%20%E5%AE%8F%E8%A7%82%E7%BB%8F%E6%B5%8E%E6%83%85%E5%86%B5%E5%9B%9E%E9%A1%B顾) In the first half of 2025, China's national economy showed steady improvement with **GDP growing by 5.3% year-on-year**, while the real estate sector underwent deep adjustments with narrowing sales declines and improved funding sources, and new quality productive forces accelerated cultivation, high-tech manufacturing and digital economy rapidly developed, and green development improved quality and efficiency - In the first half of 2025, China's Gross Domestic Product (GDP) was **CNY 66.0536 trillion**, a **5.3% year-on-year increase**[37](index=37&type=chunk) - In the first half of the year, national new commercial housing sales area decreased by **3.5% year-on-year**, and sales value decreased by **5.5% year-on-year**, with both declines narrowing[38](index=38&type=chunk) - The added value of high-tech manufacturing above designated size grew by **9.5%**, and new energy vehicle production increased by over **30% year-on-year**[39](index=39&type=chunk) [(II) Industry Review](index=11&type=section&id=(%E4%BA%8C)%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E5%9B%9E%E9%A1%B顾) Industrial new city construction aligns with high-quality development requirements, with investment promotion being key to a modern industrial system, while REITs emerge as a crucial tool for revitalizing existing assets, and demand for park operations and enterprise services grows, necessitating high-quality development, with promising potential in urban property services and innovation in community property service models, and the real estate industry undergoes deep adjustments, highlighting the importance of agency construction as an asset-light model - Industrial new cities, as important carriers of new urbanization, drive local economic development through industrial agglomeration, technological innovation, and urban environmental optimization[40](index=40&type=chunk) - As of June 30, 2025, China's public REITs numbered **69**, with a total market capitalization of **CNY 205.475 billion**[41](index=41&type=chunk) - It is estimated that by 2025, the total building area of national industrial parks will exceed **6.2 billion square meters**, leading to increased demand for park operations and enterprise services[42](index=42&type=chunk) - In 2025, China's property service industry market size is expected to exceed **CNY 2.2 trillion**, with an annual compound growth rate maintained above **10%**[44](index=44&type=chunk) - In the first half of 2025, national real estate development investment decreased by **11.2% year-on-year**, and new housing starts decreased by **20.0%**[47](index=47&type=chunk) - In the first half of 2025, the planned new construction area of real estate agency construction enterprises increased by **17.6% year-on-year**, with agency construction placed in an important strategic position as an asset-light business[48](index=48&type=chunk) [(III) Overview of Main Businesses and Operating Models](index=14&type=section&id=(%E4%B8%89)%20%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E8%AF%B4%E6%98%8E) The company's main businesses include industrial new city development, residential development, industrial park operations, innovation center operations, industrial development services (investment promotion, leasing, industry-city services), property management, real estate services (agency construction, sales), and park-derived businesses (sci-tech park operations, other derived businesses), with each business segment having distinct model characteristics, operating mechanisms, and profit models, aiming to achieve high-quality regional development and asset appreciation through specialized services and resource integration - Industrial new city development adopts a market-oriented operating mechanism of "government-led, enterprise-operated, win-win cooperation," providing planning and design, land consolidation, infrastructure construction, public supporting facilities construction, industrial development services, and urban operation services[55](index=55&type=chunk) - The profit model for industrial new city business includes planning and design and consulting service fees, land consolidation service fees, infrastructure and public facilities construction service fees, industrial development service fees (calculated at **45% of new landed investment**), and urban operation and maintenance service fees[56](index=56&type=chunk)[57](index=57&type=chunk) - Residential development, centered on the "Peacock City" brand, is committed to creating livable communities with a "beautiful life system"[60](index=60&type=chunk) - Industrial park operations focus on revitalizing existing assets, enhancing asset operating income through refined operations, and achieving full lifecycle management of "fundraising, investment, management, and exit"[62](index=62&type=chunk) - CFLD Investment Promotion provides full-process precise investment attraction services covering "research, planning, sourcing, negotiation, signing, and implementation," with service revenue collected as a certain percentage of the actual landed fixed asset investment total for each project[70](index=70&type=chunk)[72](index=72&type=chunk) - CFLD Property is committed to becoming "China's leading urban service provider," with service content including urban services, community services, and park services, and a fee model adopting either a lump-sum or commission basis[86](index=86&type=chunk)[88](index=88&type=chunk) - Real estate agency construction services, relying on Xingfu Anji, focus on first and second-tier cities, providing EPC+ general contracting, regional comprehensive development, commercial agency construction, industrial agency construction, and distressed project guaranteed delivery[92](index=92&type=chunk) - Sci-tech park operation business, represented by Suzhou Torch, adopts "lease-operation" and "entrusted-operation" models, providing space and specialized services for cultural and creative, and sci-tech enterprises[95](index=95&type=chunk)[96](index=96&type=chunk) [III. Discussion and Analysis of Operating Performance](index=24&type=section&id=%E4%B8%89%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved phased results in debt restructuring and strategic transformation, activating existing resources through refined operations and fostering new growth drivers, with the second half focusing on completing "guaranteed delivery," steadily advancing debt restructuring, building a park service ecosystem, and strengthening capability development to ensure stable and sustainable company growth - In the first half of the year, the company fully advanced restructuring agreements, asset transactions, debt-for-equity swaps, and trust plans under the "Debt Restructuring Plan" and "Debt-for-Equity Swap Plan," achieving phased results[99](index=99&type=chunk) - The second half operating plan includes: fully tackling the completion of "guaranteed delivery," steadily advancing debt restructuring, focusing on transformation implementation to build a park service ecosystem, and strengthening capability development with optimized mechanisms to ensure stable growth[100](index=100&type=chunk)[101](index=101&type=chunk) [IV. Analysis of Core Competencies During the Reporting Period](index=25&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies lie in focusing on industries, building full-process industrial development capabilities, leveraging parks to fully explore application scenarios, meticulously planning and rooting in metropolitan areas and core regions, and comprehensively coordinating strategic transformation and strengthening organizational assurance mechanisms - The company builds full-process, all-region industrial development capabilities with investment promotion as the core, focusing on national strategic emerging industries and developing new quality productive forces[103](index=103&type=chunk) - The company has cultivated industrial park construction, operation, and services for over two decades, forming a development pattern of "urban image, industrial scale, and population agglomeration," and deeply exploring diverse application scenarios for industrial parks[104](index=104&type=chunk) - The company adheres to a core metropolitan area focus strategy, continuously cultivating key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area, committed to "serving real enterprises and developing county economies"[105](index=105&type=chunk) - The company continuously optimizes its organizational structure, strengthens its cadre team, strictly implements performance appraisals, innovates distribution mechanisms, stimulates team enthusiasm, and ensures strategic implementation[106](index=106&type=chunk) [V. Key Operating Performance During the Reporting Period](index=25&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company steadily advanced its operations amidst debt restructuring and strategic transformation, achieving **CNY 2.903 billion** in operating revenue, a **50.90% year-on-year decrease**, and a net loss attributable to parent company shareholders of **CNY 6.827 billion**, with specific progress across all business segments, including **CNY 13.66 billion** in new signed investment for industrial new cities, **CNY 260 million** in market-oriented expansion contracts for CFLD Property, and a **25% year-on-year increase** in Xingfu Anji's output value, while the company's real estate land reserves totaled **4.1752 million square meters**, and period-end unbooked area was **4.3262 million square meters** Key Operating Data for H1 2025 | Indicator | Amount | | :--- | :--- | | Operating Revenue | 2.903 CNY billion | | YoY Change | Decrease by 50.90% | | Net Profit Attributable to Shareholders of Listed Company | -6.827 CNY billion | | Sales Amount | 2.849 CNY billion | | YoY Change | Decrease by 36.41% | [(II) Review of Specific Progress in Company Business Segments](index=25&type=section&id=(%E4%BA%8C)%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97%E5%85%B7%E4%BD%93%E8%BF%9B%E5%B1%95%E5%9B%9E%E9%A1%B顾) All company business segments achieved specific progress during the reporting period, with industrial new city development focusing on core metropolitan areas, adding **CNY 13.66 billion** in new signed investment, and the Karawang Industrial New City in Indonesia forming a power battery industrial cluster, while operations business saw **187,000 square meters** in new signed area for Beijing-Tianjin-Hebei industrial parks and stable innovation center occupancy rates, and service businesses included CFLD Investment Promotion introducing **10 market-oriented industrial projects**, CFLD Blue Line Investment Promotion landing **143 projects**, CFLD Property achieving **CNY 260 million** in market-oriented contracts, and Xingfu Anji's output value increasing by **25% year-on-year**, and park-derived businesses saw Suzhou Torch achieve **CNY 142 million** in operating revenue, with "CFLD Select" and "CFLD Premium" platforms collectively implementing approximately **CNY 23.628 billion** in debt-for-equity swaps - Industrial new city development added **CNY 13.66 billion** in new signed investment, with Shanghai Biaoji Information Technology Co., Ltd. signing an investment of **CNY 8.2 billion**[110](index=110&type=chunk) - The Karawang Industrial New City in Indonesia has signed park entry investment agreements with **25 enterprises**, initially forming a power battery industrial cluster, with CATL already settled in[110](index=110&type=chunk) - In the first half of 2025, Beijing-Tianjin-Hebei industrial parks added **65 new signed projects**, with a contracted investment promotion area of **187,000 square meters**[113](index=113&type=chunk) - CFLD Investment Promotion introduced **10 industrial projects** for **5 market-oriented cooperation and entrusted regions**, with fixed asset investment totaling **CNY 3.733 billion**[115](index=115&type=chunk)[116](index=116&type=chunk) - CFLD Blue Line Investment Promotion landed **143 projects**, a **21% year-on-year increase**, with a total contracted area of **321,000 square meters**, a **143% year-on-year increase**[118](index=118&type=chunk) - In the first half of 2025, CFLD Property's operating revenue was approximately **CNY 701 million**, third-party business operating revenue was **CNY 87 million**, and it signed **44 market-oriented projects** with a contract value of **CNY 260 million**[122](index=122&type=chunk)[124](index=124&type=chunk) - Xingfu Anji achieved approximately **CNY 22 million** in new output value in the first half of the year, a **25% year-on-year increase**[126](index=126&type=chunk) - Suzhou Torch has **26 projects** in operation, with operating revenue of approximately **CNY 142 million** and operational cash collection of approximately **CNY 153 million**[129](index=129&type=chunk) - As of the report disclosure date, the company's financial and operating debts collectively implemented debt-for-equity swaps totaling approximately **CNY 23.628 billion**[133](index=133&type=chunk) [6. Analysis of Real Estate Industry Operating Information](index=32&type=section&id=6%E3%80%81%E6%88%BF%E5%9C%B0%E4%BA%A7%E8%A1%8C%E4%B8%9A%E7%BB%8F%E8%90%A5%E6%80%A7%E4%BF%A1%E6%81%AF%E5%88%86%E6%9E%90) During the reporting period, the company's real estate business held **4.1752 million square meters** of land awaiting development, **6.0881 million square meters** of primary land consolidation area, and **7.2148 million square meters** of planned gross floor area, achieving **CNY 784 million** in sales, **123,900 square meters** in sales area, **CNY 1.004 billion** in recognized revenue, with **4.3262 million square meters** remaining to be recognized at period-end Real Estate Reserve Status (Period-end) | Indicator | Area (square meters) | | :--- | :--- | | Area of land held for development | 4,175,163.65 | | Primary land consolidation area | 6,088,147.78 | | Planned gross floor area | 7,214,832.74 | | Land area involved in cooperative development projects | 1,434,156.33 | - During the reporting period, the company achieved total sales of **CNY 783.7922 million** and a sales area of **123,905.62 square meters**[157](index=157&type=chunk) - Recognized revenue amounted to **CNY 1.004171 billion**, with a recognized area of **129,177.64 square meters**[157](index=157&type=chunk) - At the end of the reporting period, the area awaiting revenue recognition was **4,326,244.08 square meters**[157](index=157&type=chunk) [(III) Analysis of Main Business](index=53&type=section&id=(%E4%B8%89)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Analysis of the company's main business shows a significant year-on-year decrease in both operating revenue and operating costs, primarily due to fewer real estate projects recognized, while sales and administrative expenses decreased, and financial expenses increased due to higher interest, with net cash flow from operating activities decreasing, net cash flow from investing activities decreasing, and changes in net cash flow from financing activities being not applicable Analysis of Changes in Financial Statement Items (January-June 2025) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,902,848,687.45 CNY | 5,911,893,136.71 CNY | -50.90 | | Operating Cost | 2,610,025,546.38 CNY | 4,111,928,229.45 CNY | -36.53 | | Selling Expenses | 103,783,100.78 CNY | 179,166,125.88 CNY | -42.07 | | Administrative Expenses | 1,092,122,331.70 CNY | 1,264,115,508.27 CNY | -13.61 | | Financial Expenses | 4,990,057,059.78 CNY | 4,248,185,887.11 CNY | 17.46 | | R&D Expenses | 5,170,725.32 CNY | 5,635,480.58 CNY | -8.25 | | Net Cash Flow from Operating Activities | -3,216,733,059.71 CNY | -148,014,639.92 CNY | Not applicable | | Net Cash Flow from Investing Activities | 1,151,966,186.96 CNY | 1,209,589,620.79 CNY | -4.76 | | Net Cash Flow from Financing Activities | -733,301,059.64 CNY | -1,086,412,116.37 CNY | Not applicable | - The change in operating revenue was primarily due to a decrease in real estate projects recognized in the current period[158](index=158&type=chunk) - The change in financial expenses was primarily due to an increase in interest in the current period[158](index=158&type=chunk) [(V) Analysis of Assets and Liabilities](index=53&type=section&id=(%E4%BA%94)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) The company's asset and liability structure underwent significant changes at the end of the reporting period, with a substantial decrease in monetary funds and accounts receivable, and a significant increase in prepayments, right-of-use assets, and lease liabilities, while overseas assets accounted for **1.66%** of total assets Analysis of Changes in Assets and Liabilities | Item Name | Current Period-end Amount | Proportion of Total Assets at Current Period-end (%) | Prior Year-end Amount | Proportion of Total Assets at Prior Year-end (%) | Change in Amount from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,002,256,164.72 CNY | 1.08 | 5,806,769,845.56 CNY | 1.91 | -48.30 | Primarily due to a decrease in net cash flow from operating activities in the current period | | Accounts Receivable | 27,639,794,765.85 CNY | 9.94 | 49,377,787,768.35 CNY | 16.22 | -44.02 | Primarily due to the "replacement loan" transaction | | Prepayments | 1,236,654,763.49 CNY | 0.44 | 892,742,905.65 CNY | 0.29 | 38.52 | Primarily due to an increase in construction payments in the current period | | Right-of-Use Assets | 67,978,962.63 CNY | 0.02 | 11,806,874.71 CNY | - | 475.76 | Primarily due to new lease agreements in the current period | | Lease Liabilities | 59,512,458.65 CNY | 0.02 | 4,225,055.63 CNY | - | 1,308.56 | Primarily due to new lease agreements in the current period | | Long-term Payables | 370,557,657.85 CNY | 0.13 | 1,065,384,773.04 CNY | 0.35 | -65.22 | Primarily due to reclassification to non-current liabilities due within one year | - Overseas assets amounted to **CNY 4.619 billion**, accounting for **1.66%** of total assets[160](index=160&type=chunk) [(VI) Analysis of Investment Status](index=54&type=section&id=(%E5%85%AD)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total external equity investment amounted to **CNY 3.69 billion**, a **56.62% increase** compared to the same period last year - During the reporting period, the company's equity investments, including establishing new companies, increasing capital in consolidated subsidiaries, and external mergers and acquisitions, totaled **CNY 3.69 billion**, a **56.62% increase** compared to the same period last year[161](index=161&type=chunk) [(VII) Significant Asset and Equity Disposals](index=55&type=section&id=(%E4%B8%83)%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company transferred **100% equity** of the target company to Langfang Asset Management via the "replacement loan" scheme, with Langfang Asset Management assuming **CNY 22.575 billion** in debt and acquiring equivalent assets to mitigate debt risks - The company plans to transfer **100% equity** of the target company to Langfang Asset Management, which will acquire **100% equity** of the target company for **CNY 2** and assume **CNY 22.575 billion** in debt[163](index=163&type=chunk) [(IX) Information on Structured Entities Controlled by the Company](index=55&type=section&id=(%E4%B9%9D)%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) Information on structured entities controlled by the company is detailed in Note X, 1. Interests in Subsidiaries, of the financial report - Information on structured entities controlled by the company can be found in Section VIII Financial Report, Note X, 1. Interests in Subsidiaries[164](index=164&type=chunk) [VI. Other Disclosure Matters](index=55&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks such as overdue debt, financing difficulties, frozen bank accounts, and lawsuits due to macroeconomic, industry, and credit environment impacts, with limited development in some industrial new city businesses and real estate market price fluctuations, and is actively responding through debt restructuring, advancing "guaranteed delivery," strengthening operational self-sufficiency, optimizing management, strategic transformation, and enhancing organizational development - The company faces risks such as some debts not being repaid on schedule, some financing channels being blocked, some bank accounts being frozen, and pending lawsuits[164](index=164&type=chunk) - The company will continue to advance debt restructuring, ensuring its implementation, protecting creditors' interests, and optimizing the company's debt structure[166](index=166&type=chunk) - The company firmly adheres to the strategic direction of "comprehensive transformation into an industrial new city service provider," strengthening its core capabilities in investment promotion and exploring new growth points[166](index=166&type=chunk) Part IV Corporate Governance, Environment, and Society This section details the company's corporate governance practices, including profit distribution plans, equity incentive schemes, and environmental information disclosure [II. Profit Distribution or Capital Reserve Conversion Plan](index=57&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During the current reporting period, the company's board of directors resolved "no" to a semi-annual profit distribution plan or capital reserve conversion to share capital plan, meaning there is no such plan - There is no semi-annual profit distribution plan or capital reserve conversion to share capital plan during the current reporting period[170](index=170&type=chunk) [III. Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=57&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company previously approved resolutions in 2020, 2021, and 2022 to cancel some stock options and repurchase and cancel some restricted shares, but as of now, the relevant cancellation and repurchase procedures have not yet been completed - In December 2020, the company agreed to cancel **1.1232 million stock options** held by **5 departed incentive recipients** and repurchase and cancel **483,600 restricted shares** held by them[171](index=171&type=chunk) - In April 2021, the company agreed to repurchase and cancel **19,881,680 restricted shares** that did not meet unlocking conditions and cancel **20,511,530 stock options** that did not meet exercise conditions[171](index=171&type=chunk) - In April 2022, the company agreed to cancel **16,312,530 stock options** unexercised during the second exercise period of the initial grant and cancel **4,199,000 stock options** unexercised during the first exercise period of the reserved grant[171](index=171&type=chunk)[172](index=172&type=chunk) - As of now, the company has not yet completed the cancellation of a total of **42,146,260 stock options** and the repurchase and cancellation of **20,365,280 restricted shares** mentioned above[172](index=172&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=58&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company has **5 subsidiaries** included in the list of enterprises required to disclose environmental information by law, and provides corresponding inquiry indexes for their environmental information disclosure reports - The number of enterprises included in the company's list of enterprises required to disclose environmental information by law is **5**[173](index=173&type=chunk) - These include Huailai Dingxing Investment Development Co., Ltd. Huailai Emerging Industrial Demonstration Zone Industrial Park Wastewater Treatment, Dachang Hui Autonomous County Dinghong Investment Development Co., Ltd. (South Heating Plant/North Heating Plant), Gu'an Jiutong Jiyuan Public Utilities Co., Ltd., and Gu'an Lvyuan Urban Wastewater Treatment Co., Ltd[173](index=173&type=chunk) Part V Significant Matters This section addresses significant matters including the fulfillment of commitments, changes in non-standard audit opinions, major litigation, integrity status, related party transactions, and the performance of significant contracts [I. Fulfillment of Commitments](index=59&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, CFLD Holdings, failed to timely fulfill its profit forecast and compensation commitments, primarily due to industry and credit environment impacts, with no compensation consensus yet reached between the parties, while other commitments such as resolving horizontal competition, related party transactions, and share lock-ups have been timely fulfilled - The controlling shareholder, CFLD Holdings, failed to timely fulfill its profit forecast and compensation commitments, primarily due to multiple factors including industry and credit environment impacts, and after the company experienced liquidity strain, both parties have not yet reached a consensus on the compensation amount[176](index=176&type=chunk) - The controlling shareholder, CFLD Holdings, and the actual controller, Wang Wenxue, committed to resolving horizontal competition, which is long-term effective and has been timely fulfilled[176](index=176&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - The controlling shareholder, CFLD Holdings, and the actual controller, Wang Wenxue, committed to resolving related party transactions, which is long-term effective and has been timely fulfilled[176](index=176&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) - The controlling shareholder, CFLD Holdings, and its concerted parties, the actual controller Wang Wenxue, company directors, supervisors, and senior management committed to share lock-ups, which have been timely fulfilled[177](index=177&type=chunk)[186](index=186&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in Prior Year's Annual Report](index=63&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) The company's 2024 annual financial report received an unqualified audit opinion with an emphasis of matter paragraph, highlighting the company's continuous losses, debt risks, and frozen accounts, while in the first half of 2025, the company continued to advance "guaranteed delivery" and debt restructuring, comprehensively transforming into an "industrial new city service provider," completing the delivery of all residential projects, orderly advancing business operations, and enhancing its self-sufficiency - Zhongxingcai Guanghua Certified Public Accountants issued an unqualified audit report with an emphasis of matter paragraph on the company's 2024 annual financial report[189](index=189&type=chunk) - The emphasis of matter included the company's continuous losses for **four consecutive years** after deducting non-recurring gains and losses, and the existence of some debts not repaid on schedule, some frozen bank accounts, and pending lawsuits[189](index=189&type=chunk) - In the first half of 2025, all of the company's residential projects have been delivered, with **4 apartment projects / 12,000 units / 840,000 square meters** remaining for delivery[190](index=190&type=chunk) - The company is comprehensively transforming into an "industrial new city service provider," developing operations, services, and park-derived businesses to enhance its operational self-sufficiency[190](index=190&type=chunk) [VII. Major Litigation and Arbitration Matters](index=63&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) Since the fourth quarter of 2020, the company has faced liquidity risks, leading to overdue financial debts and operating agreement payments, triggering multiple lawsuits and arbitration cases, with the company regularly disclosing relevant progress and actively advancing debt restructuring to mitigate risks - Affected by the macroeconomic environment, industry environment, credit environment, and other factors, the company has faced phased liquidity risks since the fourth quarter of 2020, leading to financial debts not being repaid on schedule and overdue payments for operating-related agreements, triggering relevant lawsuits and arbitration cases[191](index=191&type=chunk) - The company regularly discloses information regarding lawsuits and arbitration cases, with specific details available in the company's interim announcements[192](index=192&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=64&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company and its controlling shareholder experienced liquidity strain due to multiple factors, but firmly adhered to the principle of integrity in operations, actively advanced the "Debt Restructuring Plan" and "Debt-for-Equity Swap Plan," achieving **CNY 192.669 billion** in financial debt restructuring, and completing some asset disposals and trust debt-for-equity swaps to prudently mitigate debt risks and protect creditors' legitimate rights and interests - The company and its controlling shareholder experienced phased liquidity strain due to multiple factors including the macroeconomic environment, industry environment, and credit environment[193](index=193&type=chunk) - The "Debt Restructuring Plan" was announced on September 30, 2021, and approved by the Creditors Committee on December 9 of the same year, with "Debt-for-Equity Swap Plans" subsequently introduced[193](index=193&type=chunk) - As of the report disclosure date, the cumulative amount of **CNY 192.669 billion** in financial debt restructuring under the "Debt Restructuring Plan" (totaling **CNY 219.2 billion**) has been achieved through agreements and other means[194](index=194&type=chunk) - The company has completed asset transactions for Fengtai, some international real estate projects, etc., and the trust plan scheme has been approved by the general meeting of shareholders, with **CNY 22.348 billion** in trust debt-for-equity transactions already completed[194](index=194&type=chunk) - The company and its controlling shareholder will firmly adhere to the principle of integrity in operations, actively resolve current issues, prudently mitigate debt risks, and legally protect creditors' legitimate rights and interests[195](index=195&type=chunk) [X. Significant Related Party Transactions](index=65&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's 18th meeting of the Eighth Board of Directors and the second extraordinary general meeting of shareholders in 2024 approved the report on significant asset disposal and related party transactions, and according to the debt restructuring agreement, **CNY 22.348 billion** in trust debt-for-equity transactions have been completed - The company's 18th meeting of the Eighth Board of Directors and the second extraordinary general meeting of shareholders in 2024 approved the "China Fortune Land Development Co., Ltd. Report on Significant Asset Disposal and Related Party Transactions (Draft) and its Summary" and other related proposals[197](index=197&type=chunk) - According to the latest progress announcement disclosed on August 9, 2025, the company has completed trust debt-for-equity transactions totaling **CNY 22.348 billion** in accordance with the "Debt Restructuring Agreement"[197](index=197&type=chunk) [XI. Significant Contracts and Their Performance](index=66&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's total external guarantees amounted to **CNY 121.825 billion**, accounting for **852%** of its net assets, with guarantees to subsidiaries totaling **CNY 121.042 billion**, and the company and its subsidiaries provided mortgage loan guarantees of **CNY 39.784 billion** for commercial housing purchasers, while at the end of the reporting period, the company had multiple overdue external guarantees Company External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor | Guaranteed Party | Guaranteed Amount (CNY 100 million) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Fulfilled | Guarantee Overdue | Overdue Guarantee Amount (CNY 100 million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 华夏幸福 | Huailai Dingxing Investment Development Co., Ltd. | 4.45 | 2019-10-26 | 2030-3-31 | Joint and Several Liability Guarantee | No | Yes | 0.05 | | 华夏幸福 | Hexian Dingxing Park Construction Development Co., Ltd. | 0.10 | 2020-9-30 | 2033-5-29 | Joint and Several Liability Guarantee | No | No | - | | 华夏幸福 | Wuzhi Dingxing Park Construction Development Co., Ltd. | 0.73 | 2020-10-26 | 2024-6-30 | Joint and Several Liability Guarantee | No | Yes | 0.73 | | 华夏幸福及廊坊市京御幸福等 | Huailai Dingxing Investment Development Co., Ltd. | 1.23 | 2019-6-18 | 2029-3-15 | Joint and Several Liability Guarantee, Mortgage, Equity Pledge | No | No | - | | 华夏幸福 | Wuhan Yucan Real Estate Development Co., Ltd. | 1

华夏幸福：上半年净亏损68.3亿元，上年同期亏损48.5亿元。 ...

【1】阜阳市提高住房公积金贷款额度 8月18日，阜阳市住房公积金管理中心官网发布关于继续执行提高住房公积金贷款额度政策的通知。通 知显示，凡符合阜阳市住房公积金贷款条件的缴存人申请公积金贷款时，单方住房公积金缴存人贷款额 度上限为50万元，夫妻双方均缴存公积金的贷款额度上限为60万元。 8月18日，华夏幸福（600340）发布公告称，截至7月31日，《债务重组计划》中金融债务已签约实现债 务重组的金额累计为1926.69亿元，减免债务利息、豁免罚息金额共计202.03亿元。公司及下属子公司累 计未能如期偿还债务金额(不含利息)合计280.2亿元。 【4】金融街2025年上半年净亏损约10.08亿元 8月18日，金融街发布2025年半年度报告显示，营业收入约46.55亿元；净亏损约10.08亿元；经营活动产 生的现金流量净额16.06亿元。 【5】美的置业预计半年度归母净利润2.5亿元至3.5亿元 8月18日，美的置业发布2025年半年度业绩预告。预告显示，1—6月美的置业实现归母净利润2.5亿元至 3.5亿元。 【2】融创中国拟重组债务规模达95.52亿美元 8月18日，融创中国宣布拟进行一系列重组相关交易， ...

【1】阜阳市提高住房公积金贷款额度 8月18日，阜阳市住房公积金管理中心官网发布关于继续执行提高住房公积金贷款额度政策的通知。通 知显示，凡符合阜阳市住房公积金贷款条件的缴存人申请公积金贷款时，单方住房公积金缴存人贷款额 度上限为50万元，夫妻双方均缴存公积金的贷款额度上限为60万元。 【2】融创中国拟重组债务规模达95.52亿美元 8月18日，融创中国宣布拟进行一系列重组相关交易，包括发行强制可转换债券、向主要股东发行债券 以及采纳团队稳定计划，并建议增加法定股本。此次重组涉及的债务求偿额截至2025年6月30日估计为 95.52亿美元，其中包括本金及应计未付利息。 【4】金融街2025年上半年净亏损约10.08亿元 8月18日，金融街发布2025年半年度报告显示，营业收入约46.55亿元；净亏损约10.08亿元；经营活动产 生的现金流量净额16.06亿元。 【5】美的置业预计半年度归母净利润2.5亿元至3.5亿元 8月18日，美的置业发布2025年半年度业绩预告。预告显示，1—6月美的置业实现归母净利润2.5亿元至 3.5亿元。 北京商报记者 王寅浩 李晗 【3】华夏幸福累计未偿还债务共计280.2亿元 ...

Group 1 - The company, Huaxia Happiness Holdings, announced on August 18 that it is advancing debt restructuring arrangements to mitigate debt risks, with related bonds continuing to be suspended from trading [1] - As of July 31, the total amount of financial debt that has been signed for restructuring under the "Debt Restructuring Plan" reached 192.669 billion yuan, with a total of 20.203 billion yuan in debt interest reductions and waivers [1] - The total amount of debt that the company and its subsidiaries have failed to repay on time (excluding interest) amounts to 28.020 billion yuan [1]

Core Viewpoint - The company is actively progressing with its debt restructuring plan, aiming to mitigate debt risks and improve operational stability amid challenging macroeconomic conditions. Debt Restructuring Progress - As of July 31, 2025, the company has achieved a cumulative debt restructuring amount of approximately RMB 192.67 billion through signed agreements, which includes RMB 37.13 billion in domestic corporate bonds and USD 4.96 billion (approximately RMB 33.53 billion) in overseas bonds [2][3] - The company has established "Happiness Selected Platform" and "Happiness Preferred Platform" to offset financial and operational debts, with a total amount of approximately RMB 23.63 billion [2][3] - The total amount of debts that the company has failed to repay on time is RMB 23.11 billion, excluding interest [2][3] Debt Repayment and Litigation - From July 1 to July 31, 2025, the company incurred an additional RMB 0.90 billion in debts that were not repaid on time, bringing the total to RMB 23.11 billion [8] - The company has recently faced new litigation and arbitration cases amounting to RMB 0.883 billion, which represents 21.57% of the company's latest audited net assets of RMB 4.095 billion [9] Debt Compensation via Equity - As of July 31, 2025, the "Happiness Selected Platform" has compensated financial debts amounting to approximately RMB 17.45 billion, with creditors receiving about 43.00% equity [7] - The combined compensation for operational debts through both platforms amounts to approximately RMB 6.17 billion, with creditors receiving 2.90% and 11.85% equity in the respective platforms [7] Trust Plan and Asset Sale - The company has established a trust plan with a scale of approximately RMB 25.58 billion, which is intended to offset financial debts of up to RMB 24.00 billion [6] - As of August 9, 2025, the company has completed trust offset transactions amounting to RMB 22.35 billion [6]

Group 1 - The company announced a debt restructuring plan with a total financial debt restructuring amount of approximately RMB 192.669 billion as of July 31, 2025, including the company and its subsidiaries [1] - The company has utilized equity compensation through its subsidiaries' platforms, "Happiness Selected Platform" and "Happiness Preferred Platform," to address financial and operational debts totaling approximately RMB 23.625 billion as of July 31, 2025 [1] - The total amount of debts that the company has failed to repay on time, excluding interest, is RMB 23.110 billion as of July 31, 2025, with financial debts to be executed according to the agreed maturity dates in the debt restructuring agreement [1]

Group 1 - The company announced a total debt restructuring amount of approximately RMB 192.669 billion, which includes domestic corporate bonds and overseas USD bonds issued by its wholly-owned subsidiaries [1] - The company has utilized equity from its subsidiaries to build the "Happiness Selected Platform" and "Happiness Preferred Platform," resulting in a total equity compensation for financial and operational debts of approximately RMB 23.625 billion [1] - As of July 31, 2025, the total amount of debts that the company has failed to repay on time is RMB 23.110 billion, excluding interest [1] Group 2 - From July 1 to July 31, 2025, the company incurred new litigation and arbitration matters with a total amount involved of RMB 0.883 billion, and the outcomes of these cases remain uncertain [1]

证券代码：600340 证券简称：华夏幸福 公告编号：2025-044 华夏幸福基业股份有限公司 关于债务重组进展等事项的公告 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。 重要内容提示: 截至2025年7月31日，华夏幸福基业股份有限公司（以下简称"公司"） 《债务重组计划》中金融债务通过签约等方式实现债务重组的金额累计约为人 民币1,926.69亿元（含公司及下属子公司发行的境内公司债券及境外间接全资 子公司发行的境外美元债券重组）； 截至2025年7月31日，公司以下属公司股权搭建的"幸福精选平台"及 "幸福优选平台"股权抵偿金融及经营债务合计金额约为人民币236.25亿元； 截至2025年7月31日，公司累计未能如期偿还债务金额合计为人民币 231.10亿元（不含利息，公司金融债务在签署《债务重组协议》后将按照重组 协议约定的到期日执行，相应债务金额在调整后的到期日前将从未能如期偿还 债务金额中予以剔除）； 自2025年7月1日至2025年7月31日期间，公司新增发生的诉讼、仲裁事 项涉案金额合计为人民币8.83亿元 ...