Core Viewpoint - The company, Hainan Development, has a strong competitive advantage in the glass industry chain, covering deep processing to curtain wall and interior decoration engineering [2] Business Overview - The company's core business includes a comprehensive glass industry chain from deep processing to curtain wall and interior decoration engineering [2] - Hainan Development possesses strong supporting capabilities in both upstream and downstream segments of the industry chain, driven by market needs and vertical expansion [2] - Detailed information on the company's product profitability can be found in the "Management Discussion and Analysis" section of the 2024 annual report and the 2025 semi-annual report [2]

Group 1 - The company, Hainan Development, announced that it and its controlling subsidiaries do not have any overdue guarantee situations [2]

湾支行签订了《最高额保证担保合同》；为珠海三鑫在珠海华润银行 股份有限公司珠海分行（以下简称"珠海华润银行珠海分行"）的综 合授信额度提供 1,000 万元连带责任保证担保，与珠海华润银行珠海 分行签订了《最高额保证合同》。 证券代码：002163 证券简称：海南发展 公告编号：2025-083 海控南海发展股份有限公司 关于三鑫科技为其全资子公司珠海三鑫融资 提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外担保概述 海控南海发展股份有限公司（以下简称"公司"或"海南发展"） 2025 年 4 月 18 日召开的第八届董事会第十九次会议及 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过了《关于 2025 年公司提 供融资担保事项的议案》，公司及合并报表范围内子公司 2025 年度 预计提供融资担保额度不超过 28.71 亿元，其中控股子公司深圳市三 鑫科技发展有限公司（以下简称"三鑫科技"）为其全资子公司珠海 市三鑫科技发展有限公司（以下简称"珠海三鑫"）预计提供的担保 额 度 为 3 亿 元 。 详 见 公 ...

证券代码：002163 证券简称：海南发展 公告编号：2025-082 海控南海发展股份有限公司 关于履行担保责任的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、情况概述 （一）担保审批情况 海控南海发展股份有限公司（以下简称"公司"或"海南发展"） 于 2024 年 4 月 17 日召开第八届董事会第九次会议及 2024 年 5 月 15 日召开 2023 年年度股东大会，审议通过了《关于 2024 年公司提供融 资担保事项的议案》，公司及合并报表范围内子公司 2024 年度预计 提供融资担保额度不超过人民币 26.79 亿元，其中公司为海控三鑫 （蚌埠）新能源材料有限公司（以下简称"海控三鑫"）提供担保额 度为 3.69 亿元。公司于 2024 年 11 月 27 日召开第八届董事会第十五 次会议及 2024 年 12 月 16 日召开 2024 年第四次临时股东大会，审议 通过了《关于为控股子公司海控三鑫（蚌埠）新能源材料有限公司提 供融资担保事项的议案》，公司向海控三鑫调剂增加 0.17 亿元担保 额度，即 2024 年度公司向海控三鑫提供 ...

Group 1 - CICC and BlueFive Capital have established a fund to support Chinese enterprises in expanding their business in the GCC market, focusing on sectors such as technology, digital transformation, green energy, and advanced manufacturing [2] - Abu Dhabi Investment Authority has invested $1.5 billion in Prologis to support the company's growth in logistics, digital infrastructure, and new energy sectors [2] - Morning Light Cable plans to set up a wholly-owned subsidiary in Dubai with an investment of no more than 1.5 million RMB to enhance its competitiveness and expand overseas sales [2] Group 2 - Hainan Development's subsidiary won a bid for a 365 million RMB project in Dubai, which is expected to positively impact the company's future performance [3] - Abu Dhabi-based Lunate and Brevan Howard have signed a long-term strategic partnership to establish an investment platform in Abu Dhabi Global Market with an initial commitment of $2 billion [3] - Dubai's high-end property market grew over 5% in the first half of 2025, driven by an influx of immigrants and limited luxury housing supply, with further growth expected in the second half [3] Group 3 - Masdar is considering selling a 50% stake in its distributed solar energy company Emerge Energy in Abu Dhabi, which could reshape the competitive landscape of the distributed solar market in the region [4] - The UAE-New Zealand Comprehensive Economic Partnership Agreement (CEPA) has officially come into effect, aiming to increase bilateral trade to $5 billion by 2032 [4] - The UAE and Angola signed a CEPA, expecting to exceed $10 billion in non-oil trade by 2033, creating approximately 30,000 jobs [5] Group 4 - ADNOC has signed a 15-year LNG supply agreement with Indian Oil Company, committing to supply 1 million tons of LNG annually [5] - Abu Dhabi has launched the UAE's first quantum-safe communication testing platform, focusing on financial and digital asset sectors to enhance cybersecurity [6] - The UAE government holds approximately 6,300 bitcoins, valued at around $740 million, making it the fourth-largest holder of bitcoin globally [6] Group 5 - Dubai Chamber members' exports grew by 18% to $46.8 billion in the first half of 2025, highlighting the trade vitality of Dubai [6] - Dubai's Finance Department and GDRFA have signed a memorandum to promote the "Cashless Dubai" strategy, aiming for 90% of transactions to be digital by 2026 [6] - EHang has received regulatory approval to launch manned aerial vehicles in Qatar, joining the air taxi competition in the Gulf region [7]

证券代码：002163 证券简称：海南发展 公告编号：2025-081 海控南海发展股份有限公司 关于原控股子公司深圳市三鑫精美特玻璃有限公司 破产清算的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、基本情况 海控南海发展股份有限公司（以下简称"公司"）于 2023 年 8 月 11 日召开第八届董事会第二次会议，审议通过了《关于拟申请控 股子公司深圳市三鑫精美特玻璃有限公司破产清算的议案》。受外部 市场环境等因素影响，控股子公司深圳市三鑫精美特玻璃有限公司 （以下简称"精美特"）经营业绩处于持续亏损状态，已出现资不抵 债且不能清偿到期债务的情况。根据公司发展规划，为实现及时止损 目的，公司董事会同意公司或者子公司广东海控特种玻璃技术有限公 司（以下简称"海控特玻"）以债务人精美特不能清偿到期债务且明 显缺乏清偿能力为由，依据《中华人民共和国企业破产法》向广东省 深圳市中级人民法院（以下简称"法院"）提出对债务人精美特进行 破产清算的申请，同时授权经营层在法律法规允许的范围内组织实施 精美特破产清算相关具体事宜。详见公司刊登在《证券时报》或巨潮 ...

Core Viewpoint - Hainan Development (002163) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 1.564 billion yuan, a decrease of 16.0% year-on-year [1] - The net profit attributable to shareholders was -213 million yuan, a decline of 394.64% year-on-year [1] - In Q2 2025, total revenue was 864 million yuan, down 20.01% year-on-year, and net profit was -198 million yuan, a drop of 1349.63% year-on-year [1] - Gross margin improved to 8.99%, up 15.2% year-on-year, while net margin fell to -14.0%, a decrease of 379.28% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 122 million yuan, accounting for 7.78% of revenue, an increase of 12.51% year-on-year [1] Cash Flow and Debt Situation - Cash and cash equivalents increased to 849 million yuan, a rise of 6.94% year-on-year [1] - Interest-bearing debt rose to 914 million yuan, an increase of 50.58% year-on-year [1] - The current ratio was reported at 0.95, indicating rising short-term debt pressure [1][4] Investment Returns and Historical Performance - The company's historical return on invested capital (ROIC) has been weak, with a median of 1.7% over the past decade, and a particularly poor ROIC of -21.69% in 2024 [3] - The company has reported losses in 6 out of the 17 annual reports since its listing, indicating a generally poor financial track record [3] Recommendations and Concerns - Attention is advised on the company's cash flow situation, with cash assets only covering 45.03% of current liabilities [4] - The debt situation is concerning, with interest-bearing debt reaching 47.93% of the average operating cash flow over the past three years [4] - Financial expenses are high, constituting 78.36% of the average operating cash flow over the past three years [4]

Group 1 - Hainan Development announced that its subsidiary, Shenzhen Sanxin Technology Development Co., Ltd., won a bid for the Dubai Island development project, specifically for the MGM hotel and public basement and podium curtain wall engineering construction project [1] - The bid amount is 187,114,827.64 dirhams, which converts to approximately 365 million yuan based on the exchange rate of 1 dirham to 1.95 yuan [1] - As of the latest report, Hainan Development's market capitalization stands at 8.5 billion yuan [1] Group 2 - For the first half of 2025, Hainan Development's revenue composition is as follows: 78.57% from the construction decoration industry, 20.81% from glass and deep processing manufacturing, and 0.71% from other businesses, with internal offsets accounting for -0.09% [1]

Group 1 - The core point of the article is that Hainan Development announced its subsidiary Shenzhen Sanxin Technology Development Co., Ltd. has participated in the bidding for the Dubai Island development project, specifically for the MGM hotel and public basement and podium curtain wall engineering construction project [1] - The bid amount is approximately 365 million RMB, which accounts for 9.33% of the company's audited revenue for the fiscal year 2024 [1]

证券代码：002163 证券简称：海南发展 公告编号：2025-079 特此公告。 海控南海发展股份有限公司董事会 二〇二五年八月二十七日 关于完成法定代表人工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 海控南海发展股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开第八届董事会第二十四次会议，审议通过了《关于选举 公司董事长暨对应补选董事会专门委员会委员的议案》，全体董事一 致同意选举杨晓强先生为公司第八届董事会董事长。详见公司在 《 证 券 时 报 》 或 巨 潮 资 讯 网（www.cninfo.com.cn）上 披露的《关于选举董事长暨对应补选董事会专门委员会委员的公告》 （公告编号：2025-069）等相关公告。根据《公司章程》规定，董 事长为公司的法定代表人，因此公司法定代表人变更为杨晓强先生。 近日，公司已完成法定代表人工商变更登记手续，并取得了深 圳市市场监督管理局换发的《营业执照》。公司法定代表人已变更为 杨晓强先生，除上述事项外，公司《营业执照》的其他登记事项不 变。 海控南海发展股份有限公司 ...