Group 1 - Shenzhen Happy Valley has faced public scrutiny due to a recent performance by a girl group that was deemed inappropriate for a family-friendly environment [1][2] - The company has acknowledged the oversight in considering visitor experience and has initiated a comprehensive review of its content and management mechanisms to prevent similar incidents in the future [2] - Happy Valley operates under the umbrella of the state-owned China Overseas Chinese Town Group and manages multiple theme parks across 13 cities in China, attracting approximately 40 million visitors annually [2]

证券代码：000069 证券简称：华侨城 A 公告编号：2025-31 一、增持计划主要内容 深圳华侨城股份有限公司（以下简称"公司"）控股股东华侨城 集团有限公司（以下简称"华侨城集团"）基于对公司长期投资价值 的认可及对未来持续稳定发展的信心，计划自 2025 年 7 月 15 日起 6 个月内通过集中竞价或大宗交易的方式增持公司股份，本次增持金额 不低于 1.11 亿元人民币且不超过 2.20 亿元人民币（具体内容详见 2025 年 7 月 15 日巨潮资讯网《关于公司控股股东增持公司股份计划 公告》）。 深圳华侨城股份有限公司 关于控股股东获得增持专项贷款承诺函的公告 华侨城集团有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 条件的前提下，为华侨城集团办理股票增持专项贷款，贷款额度不超 过人民币 1.98 亿元，贷款期限不超过 36 个月，仅用于增持公司股票。 该函有效期自出具之日起至双方正式签订增持借款合同之日止，贷款 具体权利和义务以正式签署的合同为准。 三、增持计划实施的不确定性风险 ...

Core Viewpoint - Company confirms that there are currently no undisclosed matters that should be disclosed, and will comply with relevant laws and regulations regarding information disclosure if any arise [2] Summary by Relevant Categories - **Company Disclosure** - Company stated that it does not have any undisclosed matters that require disclosure at this time [2] - Company committed to strictly adhering to legal and regulatory obligations for information disclosure if necessary [2]

Market Overview - The Shanghai Composite Index closed at 3855.41 points, above the six-month moving average, with an increase of 0.78% [1] - The total trading volume of A-shares reached 26,577.24 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 64 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - ST Yilianzhong (18.16%) - Kun工科技 (6.71%) - Huazhi Wine (5.98%) [1] Stock Performance Details - The following stocks showed notable performance: - ST Yilianzhong: Increased by 19.90% with a turnover rate of 6.52% [1] - Kun工科技: Increased by 10.57% with a turnover rate of 10.49% [1] - Huazhi Wine: Increased by 7.16% with a turnover rate of 5.21% [1] - Other stocks with smaller deviation rates include: - Huaxia Happiness - Lihigh Food - Huaihe Energy, which just crossed the six-month line [1]

Core Insights - The transformation of Songshan Lake from a "hard power" industrial hub to a "soft power" urban environment is underway, with significant developments in infrastructure and amenities [1][2] - The introduction of independent property rights for commercial real estate in Songshan Lake marks a significant shift, allowing businesses to convert lease agreements into tradable assets [3] - The new commercial project by Overseas Chinese Town in Songshan Lake is positioned as a high-end business hub, featuring premium design and amenities to attract top-tier enterprises [4][5] Infrastructure and Urban Development - The completion of the performance center, upgrades to the lighting system, and the launch of the lakeside walkway are part of the visible changes enhancing urban quality [2] - Educational institutions and healthcare facilities are being developed, contributing to a more comprehensive living environment [2] - The integration of commercial spaces, cultural venues, and parks is creating a vibrant urban ecosystem [2][5] Real Estate and Asset Management - The new commercial project offers independent property rights, addressing the challenge of asset valuation and ownership in a region where most properties are leased [3] - The project is described as a "new species" of commercial real estate, enabling businesses to treat their properties as tradable assets, akin to "city stocks" [3] - The project is positioned to meet the demand for high-quality office space in a competitive market, with a focus on unique property rights and asset appreciation [3][6] Market Dynamics and Demand - The average transaction price for new properties in Songshan Lake exceeds 40,000 yuan per square meter, indicating a high demand and premium pricing in the area [6] - The project is attracting significant interest from over 16,000 market entities competing for a limited supply of 84 units, highlighting the scarcity of quality assets [6] - The upcoming delivery of the project in August is seen as a critical opportunity for investors to secure valuable assets in a rapidly evolving market [6]

Market Overview - The Shanghai Composite Index closed at 3883.56 points, above the six-month moving average, with an increase of 1.51% [1] - The total trading volume of A-shares reached 31,769.48 million yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 83 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - ST Yilianzhong (18.16%) - Kunlun Technology (7.79%) - Huazhi Wine (7.67%) [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that broke the six-month moving average: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Six-Month Average (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300096 | ST Yilianzhong | 19.90 | 6.74 | 4.08 | 4.82 | 18.16 | | 831152 | Kunlun Technology | 11.70 | 11.86 | 20.98 | 22.62 | 7.79 | | 300755 | Huazhi Wine | 8.88 | 5.96 | 18.21 | 19.61 | 7.67 | | 600539 | Shitou Co. | 10.02 | 11.47 | 11.30 | 11.97 | 5.94 | | 603198 | Yingjia Wine | 7.22 | 2.79 | 44.61 | 47.08 | 5.54 | | 000002 | Vanke A | 9.15 | 8.16 | 6.81 | 7.16 | 5.20 | | 688646 | ST Yifei | 5.53 | 4.39 | 31.37 | 32.82 | 4.63 | | 003041 | True Love Home | 4.93 | 6.05 | 28.37 | 29.59 | 4.29 | | 839371 | Oufu Industry | 4.59 | 4.82 | 11.15 | 11.62 | 4.20 | | 601933 | Yonghui Supermarket | 5.04 | 5.91 | 5.03 | 5.21 | 3.66 | | 600325 | Huafa Co. | 4.19 | 4.88 | 5.05 | 5.22 | 3.37 | | 601238 | GAC Group | 3.04 | 1.05 | 7.89 | 8.13 | 3.00 | | 600657 | Xinda Real Estate | 3.16 | 2.50 | 4.13 | 4.25 | 2.91 | | 603108 | Runda Medical | 3.00 | 7.99 | 18.43 | 18.90 | 2.54 | | 600988 | Chifeng Gold | 4.03 | 5.40 | 24.67 | 25.30 | 2.54 | | 000069 | Overseas Chinese Town A | 3.86 | 3.88 | 2.36 | 2.42 | 2.44 | | 600872 | Zhongju Gaoxin | 3.29 | 4.97 | 19.37 | 19.78 | 2.14 | | 003000 | Jin Zai Food | 2.46 | 7.48 | 13.07 | 13.35 | 2.13 [1]

Summary of China Property Weekly Wrap Industry Overview - The report focuses on the **Chinese property market**, highlighting transaction trends and market sentiments during Week 33 of 2025. Key Highlights - **Inventory Buyback Initiatives**: Policymakers are preparing to mobilize central state-owned enterprises (SOEs) to purchase unsold homes from distressed property developers. The People's Bank of China's Q2 monetary policy report emphasizes the need to enhance existing supportive measures, including the ARH relending program, which has an issuance balance of Rmb16.2 billion by the end of Q3 2024 against a total quota of Rmb300 billion, aimed at stabilizing the housing market and optimizing financing systems for the property sector [1][2]. Market Performance - **Transaction Volumes**: - Primary market transactions increased by **9% week-over-week (wow)** but decreased by **17% year-over-year (yoy)**. - Secondary market transactions decreased by **2% wow** and **1% yoy**. - Overall, the market sentiment remained stable, with new home search activities unchanged week-over-week, while secondary home visitor traffic improved by **3% wow**. However, secondary price expectations from agents weakened by **0.7 percentage points (pp) wow**, marking the second consecutive week of softening [2][5]. Key Data Points - **Sales Performance**: - New home sales volume averaged **+9% wow** and **-17% yoy**, with tier-3 cities and the Pearl River Delta (PRD) outperforming. - Secondary transactions averaged **-2% wow** and **-1% yoy**, with negative price appreciation expectations from agents but not homeowners. - Year-to-date (YTD) primary gross floor area (GFA) sold was down **7% yoy**, while secondary GFA sold was up **12% yoy** [5][25]. Inventory and Valuation Insights - **Inventory Levels**: - Inventory balance decreased by **0.1% wow** and **4.0% from end-2024 levels**, with inventory months at **25.8** (compared to an average of **26.0** in July 2025) [35]. - **Valuation Trends**: - Offshore coverage developers saw an average share price increase of **6% wow** (compared to **3% for MSCI China**), with CR Land and Greentown outperforming at **+11%** and **+10% wow**, respectively. Onshore developers averaged **+2% wow** [46][48]. Completions and New Starts - **Completions**: - The GSPC tracker indicates a **20% yoy decline** in completions for August 2025, compared to a **29% yoy decline** in July 2025 [40]. - **New Starts**: - New starts are expected to record a mid-teens level yoy decline in August, based on land sales trends in 300 cities and a **+2pp wow** increase in nationwide cement shipment ratios [40]. Implications for the Market - The report suggests that property sales in approximately **75 cities** indicate a likely **17% yoy decline** in presales for top-100 developers in August, compared to a **27% decline** in July [7]. - The overall sentiment in the property market remains cautious, with ongoing challenges in sales and price expectations, despite some positive movements in specific segments [6][7]. Conclusion - The Chinese property market is experiencing a plateau in transaction volumes, with mixed performance across different city tiers. Policymaker interventions and market stabilization efforts are crucial as the sector navigates ongoing challenges and seeks to transition to a new development model [1][2][6].

Core Insights - The company reported a revenue of 261 million RMB for the first half of the year, representing a year-on-year decrease of 56.44% [1] - The loss attributable to equity holders was 191 million RMB, a reduction of 13.5% compared to the previous year [1] - Basic loss per share was 0.256 RMB [1] Financial Performance - The company's loss attributable to equity holders was approximately 191 million RMB, which is a reduction of about 30 million RMB compared to the same period last year, primarily due to significant reduction in investment and fund business losses, as well as a decrease in overseas bank borrowings and interest expenses [1] - The total sales area for the reporting period was 46,100 square meters, with total sales amounting to 535 million RMB, reflecting a year-on-year increase of 29.5% [1] - The equity attributable sales amount was approximately 251 million RMB, showing a year-on-year growth of about 76.8% [1] Strategic Focus - The company is strategically focusing on key urban areas in the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, holding comprehensive development projects in cities such as Hefei, Chongqing, Zhongshan, and Xi'an [1] - As of the end of the reporting period, the total land reserve was 848,500 square meters [1]

Group 1 - The company approved a guarantee limit of up to RMB 53.264 billion for its controlled and joint-stock companies for the years 2025-2026 during the annual shareholders' meeting held on April 25, 2025 [1] - The company adjusted the unused guarantee limit of its wholly-owned subsidiary, Chongqing Huachao City Industrial Development Co., Ltd., amounting to RMB 420 million to its other wholly-owned subsidiary, Chongqing Jinchengli Real Estate Co., Ltd. [1] - After the adjustment, the guarantee limit for Chongqing Huachao City Industrial Development Co., Ltd. was reduced from RMB 1.412 billion to RMB 992 million, while the limit for Chongqing Jinchengli Real Estate Co., Ltd. was increased from RMB 0 to RMB 420 million [1] Group 2 - Chongqing Jinchengli Real Estate Co., Ltd. is a wholly-owned subsidiary of the company, established in March 2025, with a registered capital of RMB 10 million and a primary business in real estate development and operation [1] - As of June 30, 2025, Chongqing Jinchengli Real Estate Co., Ltd. had total assets of RMB 261 million, total liabilities of RMB 252 million, and a net asset of RMB 9 million, resulting in an asset-liability ratio of 96.45% [2] - The company provided a 100% mortgage guarantee for Chongqing Jinchengli Real Estate Co., Ltd. for a real estate development loan with a principal amount not exceeding RMB 420 million [3] Group 3 - The management believes that the adjustment of the guarantee limit is within the authorization of the shareholders' meeting and supports the normal operation and development of Chongqing Jinchengli Real Estate Co., Ltd. [4] - The total guarantee balance of the company and its subsidiaries as of July 31, 2025, was RMB 29.018 billion, accounting for 54.56% of the company's latest audited net assets, with no overdue guarantees or litigation-related guarantees [5]

本公司的权益持有人应占亏损约为1.91亿元，较去年同期减亏约0.30亿元，主要由于报告期投资与基金 业务同比大幅减亏，境外银行借款余额及利息费用同比减少。 华侨城(亚洲)(03366)发布截至2025年6月30日止6个月中期业绩，该集团取得收益2.61亿元，同比减少 56.44%;公司权益持有人应占亏损1.91亿元，同比减少13.5%;每股基本亏损0.256元。 ...