Core Viewpoint - The liquidity crisis faced by Xiangyuan Holdings, led by Yu Faxiang, is primarily attributed to the downturn in the real estate market, which has historically been the company's main profit driver, while the tourism sector has not generated significant profits [3][4][11]. Group 1: Financial Crisis - Xiangyuan Holdings' financial products have faced overdue payments, which the company claims are unrelated to its listed subsidiaries, but rather stem from real estate cooperation projects [3][4]. - The company has acknowledged a cash flow issue, with total assets around 60 billion yuan and liabilities of approximately 40 billion yuan, indicating that while assets may cover liabilities, cash flow is currently insufficient [8][12]. - Investors have reported that overdue payments began as early as November 28, with a significant amount of funds pending redemption, totaling over 10 billion yuan [6][7]. Group 2: Real Estate Business - Historically, Xiangyuan Holdings has relied heavily on its real estate business, which generated sales of 20-30 billion yuan annually, but has seen a drastic decline in performance recently [4][12]. - The company's real estate sales and settlement amounts have dropped sharply in the first half of the year, with figures of 1.15 billion yuan and 698 million yuan respectively, indicating a severe downturn [13]. - The company has been criticized for its insufficient land acquisition strategy compared to other real estate firms, leading to a depletion of land reserves and a lack of new projects [11][12]. Group 3: Capital Operations - Xiangyuan Holdings has engaged in significant capital operations, including the acquisition of listed companies and assets, but these have not translated into substantial profits [15][17]. - The company has a high pledge ratio for its shares, with 95.63% of Xiangyuan Culture's shares pledged, raising concerns about the liquidity and realizable value of its assets [17][18]. - Despite the poor performance of its tourism assets, the company continues to pursue acquisitions, such as the recent purchase of a controlling stake in Haichang Ocean Park for approximately 2.3 billion HKD [17].

Core Viewpoint - The liquidity crisis faced by Xiangyuan Holdings, led by Yu Faxiang, has raised concerns as overdue financial products are linked to the company's real estate projects, with the company and its actual controller assuming joint guarantee responsibilities for repayment [1][2]. Group 1: Company Overview - Xiangyuan Holdings has three publicly listed companies: Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park, all of which announced that overdue financial products are unrelated to the listed companies [1]. - The company has a total asset value of approximately 60 billion yuan and total liabilities of about 40 billion yuan, indicating that, in theory, repayment should be feasible, but cash flow issues have arisen due to declining real estate sales [5][12]. Group 2: Financial Products and Investor Impact - Investors reported that many financial products purchased through the Zhejiang Financial Assets Trading Center had a semi-annual interest payment structure with expected annual returns concentrated around 4%-5% [3]. - As of now, over 100 billion yuan in funds are registered as pending repayment, with maturity dates primarily between the end of 2025 and the first quarter of 2026 [3][4]. Group 3: Market Reaction - Following the announcement of the overdue payments, the stock prices of the three listed companies fell significantly, with Xiangyuan Cultural Tourism down 3.62%, Jiaojian Co. hitting a trading halt, and Haichang Ocean Park down 3.85% [2]. Group 4: Historical Context and Business Strategy - Yu Faxiang began his career in real estate in the 1990s and expanded into the cultural tourism sector, acquiring numerous well-known tourist attractions, but the tourism sector has not been profitable enough to support the company's cash flow needs [6][10]. - The company has been involved in various capital operations, including significant acquisitions, but the performance of its tourism assets has been disappointing, with Haichang Ocean Park expected to incur losses exceeding 2.3 billion yuan over three years [11][12]. Group 5: Debt and Financial Health - The high pledge rates of shares in Xiangyuan Holdings' subsidiaries indicate a precarious financial situation, with Xiangyuan Cultural Tourism's pledge rate at 95.63% and Jiaojian Co.'s at 83% [12]. - The company's reliance on real estate for cash flow has become problematic as the market declines, leading to a significant drop in sales and settlement amounts in recent years [8][9].

Group 1 - The company has decided to abolish the supervisory board and amend its Articles of Association in accordance with the new Company Law effective from July 1, 2024, and related regulations issued by the China Securities Regulatory Commission [1] - The powers of the supervisory board will be transferred to the audit committee of the board of directors, and the rules governing the supervisory board will be abolished [1] - Until the shareholders' meeting approves the cancellation of the supervisory board, it will continue to perform its supervisory functions in accordance with relevant laws and regulations [1] Group 2 - The company has revised its Articles of Association based on the latest regulations and normative documents, and will seek authorization from the shareholders' meeting for relevant departments to handle business registration changes [2]

■ 三、制定、修订公司治理制度的情况 根据相关法律、法规、规范性文件的规定，并结合公司实际情况，公司制定、 修订了部分公司治理制 度，具体情况如下： ■ 具体内容详见公司于同日披露在上海证券交易所网站（www.sse.com.cn）的制度全文。 特此公告。 安徽省交通建设股份有限公司董事会 2025年12月9日 第一次临时股东大会的通知 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。 重要内容提示： ● 股东大会召开日期：2025年12月24日 ● 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、召开会议的基本情况 证券代码：603815 证券简称：交建股份 公告编号：2025-070 安徽省交通建设股份有限公司 关于召开2025年 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年12月24日 13 点30 分 召开地点：安徽 ...

Group 1 - The "Xiangyuan system" has multiple income rights products that have not been redeemed, leading to ongoing concerns in the market [1] - On December 8, representatives from the Zhejiang Provincial Letters and Visits Office, Financial Office, and Zhejiang Financial Center met with investor representatives to address the situation [1] - Investors reported that the provincial office indicated that common demands would be compiled into a report for further action [1] Group 2 - On December 7, companies under the "Xiangyuan system," including Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK), issued announcements regarding the "default" incident involving Xiangyuan Holdings and its actual controller [1] - Some investors have reported significant investment amounts, with one stating an investment exceeding 4 million yuan and another claiming an investment of 6 million yuan [1]

Group 1 - The "Xiangyuan system" has multiple income rights products that have not been redeemed, leading to ongoing concerns in the market [1] - On December 8, representatives from the Zhejiang Provincial Petition Office, Financial Office, Zhejiang Financial Center, and "Xiangyuan system" met with investor representatives to address concerns [1] - Investors reported that the Petition Office indicated that common demands would be compiled into a report for further action [1] Group 2 - On December 7, companies under the "Xiangyuan system," including Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK), issued announcements regarding the "default" incident involving Xiangyuan Holdings and its actual controller [1] - Some investors have reported significant investments, with one stating an investment exceeding 4 million yuan and another claiming an investment of 6 million yuan [1]

Group 1 - The news reports that certain financial asset income rights products traded on the Zhejiang Financial Asset Exchange have failed to mature and be redeemed [1] - The guarantor for the unpaid financial products is Xiangyuan Holdings Group Co., Ltd. and its legal representative Yu Faxiang [1] - Xiangyuan Holdings, founded in 1992 and based in Shaoxing, Zhejiang, is a leading enterprise in the cultural tourism industry, with investments in over 50 cultural tourism projects [1] Group 2 - Xiangyuan Cultural Tourism announced on December 7 that there are overdue redemption situations related to financial products issued in cooperation with Xiangyuan Holdings' real estate projects [4] - Xiangyuan Holdings and its actual controller are responsible for the redemption obligations, while the overdue financial products are unrelated to Xiangyuan Cultural Tourism and its subsidiaries [4] - Similarly, Haichang Ocean Park and Jiaojian Co., Ltd. confirmed the existence of overdue redemption situations related to the same financial products, with no obligations for redemption or guarantees from their side [4]

Core Viewpoint - The financial products issued by the controlling shareholder, Xiangyuan Holdings, have defaulted, causing significant concern in the market despite the listed companies claiming no direct responsibility for the situation [1][10]. Group 1: Financial Crisis - Recent reports indicate that financial products on the Zhejiang Financial Assets Exchange have failed to pay out, with the total amount involved exceeding 200 billion yuan and potentially affecting over 10,000 investors [2][13]. - Xiangyuan Holdings, which operates in tourism, infrastructure, and real estate, reported revenues of 18.05 billion yuan and a net profit of 1.538 billion yuan in 2021, but has faced challenges due to a downturn in the real estate sector [2][13]. - The company has been issuing high-interest debt through the Zhejiang Financial Assets Exchange, with financing costs reaching 8%-9%, primarily backed by its real estate projects [4][15]. Group 2: Company Operations and Market Reaction - Three listed companies under Xiangyuan Holdings issued announcements stating that the overdue products are unrelated to their operations and that they bear no responsibility for repayment [10][21]. - Despite these assurances, the market reacted negatively, with stock prices for Xiangyuan Wenlv, Jiaojian Co., and Haichang Ocean Park dropping by approximately 4%, 10%, and 4% respectively [1][12]. - The operational performance of Xiangyuan Wenlv has been relatively stable, but its stock has declined by 17% over the past year, while Jiaojian Co. has seen consecutive declines in revenue and net profit [10][23]. Group 3: Regulatory and Legal Issues - Xiangyuan Holdings and its subsidiaries, including Xiangyuan Wenlv and Jiaojian Co., are under investigation by the China Securities Regulatory Commission for failing to disclose non-operating fund transactions in their financial reports [10][23]. - The investigation revealed that Xiangyuan Wenlv had provided 410 million yuan to Xiangyuan Holdings through prepayments for asset purchases, raising concerns about financial transparency [10][23]. Group 4: Founder Background - The founder of Xiangyuan Holdings, Yu Faxiang, has a compelling rags-to-riches story, having built his wealth through various ventures, including real estate, and was listed with a fortune of 13.5 billion yuan on the Hurun Global Rich List in 2024 [6][17][20].

Core Viewpoint - The financial turmoil of the "Xiangyuan System" has led to significant market value losses for its three listed companies, revealing a critical liquidity crisis within the group [1][12]. Group 1: Financial Issues - The overdue financial products of the Xiangyuan System are linked to real estate debt projects, indicating a severe liquidity problem [2][4]. - The stock prices of Xiangyuan's listed companies dropped significantly, with Xiangyuan Culture down 3.62%, Jiaojian Shares down 10.02% (limit down), and Haichang Ocean Park down 1.92% on December 8 [1][12]. - The overdue financial products are categorized as low-risk with yields of only 4%-5%, yet the Xiangyuan System's financing costs are much higher, at 8%-9% [4][16]. Group 2: Company Structure and Operations - Xiangyuan Holdings, established in 1992, has a business structure that includes tourism, real estate, and infrastructure, with total assets exceeding 250 billion [6][15]. - The company’s real estate sales decline is a primary reason for its inability to meet payment obligations, as highlighted by the CEO during an investor communication meeting [15]. - The company has a total asset of 600 billion and total liabilities exceeding 400 billion, indicating a high leverage situation [15][19]. Group 3: Market and Expansion Strategy - Xiangyuan's real estate projects are primarily located in lower-tier cities, which have been under significant pressure due to the declining real estate cycle [16]. - Despite challenges in the real estate sector, Xiangyuan has been aggressively expanding its cultural tourism projects, acquiring multiple assets across various provinces [16][17]. - The company has also ventured into high-tech fields, such as low-altitude tourism, indicating a diversification strategy amidst financial difficulties [17]. Group 4: Leadership and Historical Context - The founder, Yu Faxiang, has a history of leveraging both real estate and capital markets for expansion, which has led to the current crisis as the market conditions have shifted [18][19]. - The Xiangyuan System's reliance on high leverage and capital operations has been effective during favorable market conditions but has exposed vulnerabilities during downturns [19].

Core Viewpoint - Xiangyuan Holdings is facing a liquidity crisis due to the inability to redeem guaranteed financial products, leading to a significant drop in stock prices of its listed companies [1][2] Group 1: Stock Performance - On December 8, the stock prices of Xiangyuan Holdings' subsidiaries, including Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park, fell by 3.62%, 10.02%, and 3.85% respectively [1] - The decline in stock prices is attributed to the company's financial difficulties related to unredeemed financial products [1] Group 2: Financial Product Issues - Xiangyuan Holdings and its actual controller, Yu Faxiang, guaranteed several financial asset income rights products issued by Zhejiang Jin Center, which have not been redeemed upon maturity [1] - The Zhejiang Jin Center app has disabled the withdrawal function, indicating severe liquidity issues [1] - The financial products in question were linked to the company's real estate projects, with yields ranging from 4% to 5% [1] Group 3: Company Response and Clarification - A representative from Xiangyuan Holdings stated that the company is experiencing temporary cash flow difficulties due to issues in the real estate sector and is hoping for government support [1] - On December 7, the listed companies issued announcements clarifying that the financial products are unrelated to them and that they bear no responsibility for redemption or guarantees [1] Group 4: Background and Context - Signs of financial strain within the Xiangyuan group have been evident, with over 37 million yuan in overdue balances reported as of November 30, 2025 [2] - Xiangyuan Holdings, founded by Yu Faxiang in 1992, primarily operates in the cultural tourism sector, with real estate being a significant part of its business model [2] - The "land-based tourism" business model has become unsustainable amid the ongoing adjustments in the real estate industry [2] Group 5: Regulatory Environment - The Zhejiang Jin Center lost its financial asset trading business qualification as announced by the Zhejiang Provincial Financial Supervision Administration in October last year [2] - Following this announcement, the app only allows for the transfer and purchase of existing products [2] - The major shareholder of Zhejiang Jin Center has changed to private capital, and it was renamed to "Zhejiang Zhejin Asset Operation Co., Ltd." earlier this year [2]