Core Viewpoint - Xiangyuan Holding Group's financial asset income rights products have defaulted on payments, leading to rumors of "default" and "explosion" [1] Group 1: Company Response - Xiangyuan's listed companies, Xiangyuan Cultural Tourism and Jiaojian Co., issued announcements clarifying that the financial products in question are unrelated to them and that they do not bear any guarantee responsibilities [1] - Both companies confirmed that they are not responsible for any payment obligations related to the defaulted products and have not provided guarantees for any financial products [1][2] Group 2: Financial Product Details - The defaulted products had an average yield of approximately 4%-5% and were issued based on Xiangyuan Holding Group's original real estate projects [2] - At least ten companies under Xiangyuan are listed on the overdue list, with a total overdue balance exceeding 37 million yuan [2] Group 3: Platform Information - Zhejiang Financial Center, established in December 2013, is involved in bad asset transfer and investment income rights [2] - The center's financial asset trading qualifications were revoked as of October 31, 2024, and no new products are being released on its app, although existing products can still be transferred and purchased [2] Group 4: Lack of Disclosure - Xiangyuan Holding Group has not disclosed the total amount of the defaulted products or provided any formal statements regarding the distribution of payment responsibilities, compensation arrangements, or settlement plans [3]

2025.12.08 本文字数：930，阅读时长大约1.5分钟 12月7日，祥源文旅（600576）公告称，公司实际控制人承担连带保证责任的金融产品出现部分逾期兑 付的媒体报道并引发投资者关注。公司就相关事项向祥源控股及公司实际控制人进行了核实并进行自 查。为避免不实信息误导市场，保障投资者合法权益，现作如下说明： 1、在某平台发行的涉及与祥源控股地产合作项目的金融产品存在部分逾期兑付情形，祥源控股、公司 实际控制人就上述兑付义务承担连带保证责任。祥源控股及公司实际控制人正与相关方就逾期兑付的具 体情况进行沟通处理。 2、本次事件涉及的金融产品与祥源文旅及其参、控股子公司均无关，祥源文旅不承担任何兑付及担保 义务，公司亦未为任何金融理财产品的兑付提供担保或增信。 3、公司目前生产经营一切正常。公司管理层承诺遵照《上市公司治理准则》，确保与控股股东、实际 控制人在资产、人员、财务、机构及业务等方面的独立。 此外，交建股份（603815）、海昌海洋公园（02255.HK）也发布公告进行说明。 12月6日，据媒体报道，祥源控股集团有限责任公司（以下简称"祥源控股"）在浙江金融资产交易中心 股份有限公司（以下简称"浙 ...

2025.12. 08 本文字数：930，阅读时长大约1.5分钟 12月7日， 祥源文旅 （600576） 公告称， 公司实际控制人承担连带保证责任的金融产品出现部 分逾期兑付的媒体报道并引发投资者关注。 公司就相关事项向祥源控股及公司实际控制人进行了核 实并进行自查。为避免不实信息误导市场，保障投资者合法权益，现作如下说明： 1、在某平台发行的涉及与祥源控股地产合作项目的金融产品存在部分逾期兑付情形，祥源控股、公 司实际控制人就上述兑付义务承担连带保证责任。祥源控股及公司实际控制人正与相关方就逾期兑付 的具体情况进行沟通处理。 2、本次事件涉及的金融产品与祥源文旅及其参、控股子公司均无关，祥源文旅不承担任何兑付及担 保义务，公司亦未为任何金融理财产品的兑付提供担保或增信。 3、公司目前生产经营一切正常。公司管理层承诺遵照《上市公司治理准则》，确保与控股股东、实 际控制人在资产、人员、财务、机构及业务等方面的独立。 值得一提的是，2024年10月， 浙金中心的 金融资产交易业务资质已被取消。 浙江省地方金融管理局发布公告称，不再保留浙江金融资产交易中心股份有限公司（浙金中心）金融 资产交易业务资质。"自本公告 ...

Core Viewpoint - The "Xiangyuan System" financial product overdue event is escalating, prompting urgent responses from three listed companies under its umbrella to clarify their positions and dissociate from the issue [1][4][18]. Group 1: Company Responses - Xiangyuan Cultural Tourism announced that media reports regarding overdue payments of financial products linked to its indirect controlling shareholder, Xiangyuan Holdings, have raised investor concerns [1][13]. - The company confirmed that the overdue financial products are related to real estate cooperation projects with Xiangyuan Holdings, which bears joint guarantee responsibility for the payment obligations [1][21]. - Xiangyuan Cultural Tourism stated that it is not responsible for any payment or guarantee obligations related to these financial products and that its operations remain normal [1][8][22]. Group 2: Other Companies' Announcements - Two other listed companies under Xiangyuan Holdings, namely Anhui Transportation Construction and Haichang Ocean Park, issued similar announcements to clarify their non-involvement in the overdue financial products [4][18]. - Both companies confirmed that the financial products in question do not relate to their operations and that they have not provided any guarantees or credit enhancements for these products [6][21]. - All three companies emphasized their commitment to maintaining operational independence from their controlling shareholders and ensuring compliance with corporate governance standards [8][22]. Group 3: Context of the Overdue Event - The overdue event pertains to financial products sold on the Zhejiang Financial Asset Trading Center platform, which have failed to pay back principal and interest to investors as expected [11][25]. - The Zhejiang Financial Asset Trading Center's business qualifications were revoked in October 2024, which has implications for the handling of existing financial obligations [11][25][26]. - Investors had anticipated returns of approximately 4% to 5% from these products, which were backed by Xiangyuan Holdings [11][25].

Group 1: Diplomatic Tensions - The Chinese Foreign Ministry responded to Japan's claims of radar illumination by Chinese naval aircraft, asserting that Japan's frequent reconnaissance activities pose a greater risk to maritime security [2][5][6] - China rejected Japan's so-called negotiations and has lodged counter-protests in both Beijing and Tokyo, urging Japan to cease its disruptive actions [2][5][6] Group 2: Pharmaceutical Developments - The 2025 National Medical Insurance Directory has added 114 new drugs, including 50 innovative drugs such as Teriparatide and the domestic ADC drug [7] - The commercial insurance directory now includes five CAR-T cell therapies and two imported Alzheimer's drugs, with CAR-T therapy costing over one million yuan per treatment if paid out of pocket [7] Group 3: Financial Issues in Companies - Xiangyuan Cultural Tourism announced that its actual controller is responsible for the overdue financial products, clarifying that these products are unrelated to the company and it bears no repayment obligations [3][15] - Other companies, including Jiaojian Co. and Haichang Ocean Park, also issued statements regarding the financial product issues [15][16] Group 4: Regulatory Actions - First Capital has received a notice of administrative penalty from the Jiangsu Securities Regulatory Bureau, with potential fines nearing 20 million yuan due to supervisory failures in a past convertible bond project [14] - The rapid investigation and penalty process highlights the increasing regulatory scrutiny in the investment banking sector [14]

Core Viewpoint - The announcement from Xiangyuan Cultural Tourism (600576.SH) addresses concerns regarding overdue payments on financial products linked to real estate projects with Xiangyuan Holdings, clarifying that the company is not responsible for any payment obligations related to these products [1][4]. Group 1 - The financial products in question are associated with a platform and involve real estate projects in collaboration with Xiangyuan Holdings, which, along with the actual controller, bears joint guarantee responsibility for the overdue payments [1][4]. - Xiangyuan Cultural Tourism and its subsidiaries are not involved in the overdue payments, and the company does not have any obligations for payment or guarantees related to these financial products [1][4]. - The company's operations are reported to be normal, and management has committed to maintaining independence from the controlling shareholder in various aspects, including assets and finances [1]. Group 2 - Other companies, including Jiaojian Co. (603815) and Haichang Ocean Park (02255.HK), have also issued announcements stating that they are not responsible for the overdue payments and have no obligations related to the financial products in question [4]. - A representative from Xiangyuan Group confirmed that the three listed companies do not bear any debts or provide guarantees, indicating no impact on their operations [4]. - Xiangyuan Group, founded in 1992, primarily focuses on cultural tourism investment and operations, with several subsidiaries including Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park [4].

三家上市公司回应。 12月7日，祥源文旅（600576）公告称，公司实际控制人承担连带保证责任的金融产品出现部分逾期兑付的媒体报道并引发投资者关注。公司就相关事项 向祥源控股及公司实际控制人进行了核实并进行自查。为避免不实信息误导市场，保障投资者合法权益，现作如下说明： 1、在某平台发行的涉及与祥源控股地产合作项目的金融产品存在部分逾期兑付情形，祥源控股、公司实际控制人就上述兑付义务承担连带保证责任。祥 源控股及公司实际控制人正与相关方就逾期兑付的具体情况进行沟通处理。 2、本次事件涉及的金融产品与祥源文旅及其参、控股子公司均无关，祥源文旅不承担任何兑付及担保义务，公司亦未为任何金融理财产品的兑付提供担 保或增信。 3、公司目前生产经营一切正常。公司管理层承诺遵照《上市公司治理准则》，确保与控股股东、实际控制人在资产、人员、财务、机构及业务等方面的 独立。 此外，交建股份（603815）、海昌海洋公园（02255.HK）也发布公告进行说明。 12月6日，据媒体报道，祥源控股集团有限责任公司（以下简称"祥源控股"）在浙江金融资产交易中心股份有限公司（以下简称"浙金中心"）平台交易的 部分金融资产收益权产品到期未 ...

Core Viewpoint - The "Xiangyuan System" financial product overdue event has led to urgent responses from three listed companies under its umbrella, aiming to clarify their non-involvement in the overdue payments and protect investor interests [2][4][10]. Group 1: Company Responses - Xiangyuan Cultural Tourism announced that media reports regarding overdue financial products linked to its indirect controlling shareholder, Xiangyuan Holdings, have raised investor concerns [2][4]. - The company confirmed that the overdue financial products are related to real estate projects in collaboration with Xiangyuan Holdings, which bears joint guarantee responsibility for the payment obligations [4][10]. - Xiangyuan Cultural Tourism stated that it is not responsible for any payment or guarantee obligations related to these financial products, and its operations remain normal [4][10]. Group 2: Related Companies - Two other listed companies under Xiangyuan Holdings, namely Jiaojian Co. and Haichang Ocean Park, issued similar announcements to clarify their non-involvement in the overdue financial products [7][9]. - Both companies confirmed that the overdue financial products do not relate to their operations and that they do not bear any payment or guarantee obligations [9][10]. Group 3: Financial Product Context - The overdue event pertains to financial products sold on the Zhejiang Financial Asset Trading Center platform, which have failed to pay back principal and interest to investors as expected [12][15]. - The Zhejiang Financial Asset Trading Center's financial asset trading business qualification was revoked in October 2024, which has implications for the handling of existing financial obligations [15][16].

Core Viewpoint - The "Xiangyuan System" financial product overdue incident has led to urgent responses from three listed companies under its umbrella, aiming to clarify their non-involvement in the overdue payments and protect investor interests [2][3][5]. Group 1: Company Responses - Xiangyuan Cultural Tourism announced that media reports regarding overdue payments related to financial products guaranteed by its indirect controlling shareholder, Xiangyuan Holdings, have raised investor concerns [2][5]. - The company confirmed that the overdue financial products are unrelated to Xiangyuan Cultural Tourism and its subsidiaries, and it does not bear any repayment or guarantee obligations [3][5]. - The management assured that the company's operations are normal and committed to maintaining independence from its controlling shareholder in various aspects [3][5][12]. Group 2: Related Companies - Two other listed companies under Xiangyuan Holdings, namely Jiaojian Co. and Haichang Ocean Park, issued similar announcements to clarify their non-involvement in the overdue financial products [8][10][11]. - All three companies emphasized that the overdue financial products are linked to a real estate cooperation project involving Xiangyuan Holdings and are not associated with their operations [10][11][12]. Group 3: Financial Product Context - The overdue incident pertains to financial products issued on the Zhejiang Financial Asset Trading Center platform, which have failed to pay back principal and interest to investors as expected [13][15]. - The Zhejiang Financial Asset Trading Center's financial asset trading business qualification was revoked in October 2024, which may impact the handling of existing financial obligations [16].

Core Viewpoint - Xiangyuan Cultural Tourism (600576.SH) announced that its actual controller is responsible for the joint guarantee of financial products that have experienced partial overdue payments, which has attracted investor attention. The company clarified that it is not liable for any repayment or guarantee obligations related to these financial products [1][4]. Group 1 - The financial products in question are related to a real estate cooperation project with Xiangyuan Holdings and have experienced partial overdue payments. Xiangyuan Holdings and the actual controller are currently communicating with relevant parties regarding the specific situation of the overdue payments [1][3]. - The financial products involved do not relate to Xiangyuan Cultural Tourism or its subsidiaries, and the company does not bear any repayment or guarantee obligations. It has not provided any guarantees or enhancements for any financial investment products [1][4]. - The company's production and operations are currently normal, and the management has committed to ensuring independence from the controlling shareholder in various aspects, including assets, personnel, finance, and business [1][4]. Group 2 - As of December 7, the stock price of Xiangyuan Cultural Tourism closed down over 5% at 6.63 yuan per share, with a market capitalization of 7 billion yuan [5].