Core Viewpoint - The article discusses the recent developments in the CITIC Securities asset management default case, highlighting a court ruling that requires CITIC Securities to compensate Fuanna for losses incurred from a failed investment product [1][5]. Group 1: Legal Proceedings - On December 25, Fuanna announced it had filed a lawsuit against CITIC Securities and China Merchants Bank Guangzhou Branch regarding a financial trust contract dispute, receiving a first-instance judgment that mandates CITIC Securities to compensate Fuanna for a principal loss of 29.3 million yuan [2][5]. - The court ruling states that CITIC Securities must pay Fuanna within 10 days of the judgment's effectiveness, and any subsequent recovery from the asset management plan will be split equally between Fuanna and CITIC Securities [5]. Group 2: Investment Details - In 2021, Fuanna invested 120 million yuan in a customized asset management plan from CITIC Securities, which defaulted on repayment after its maturity in March 2022 [3]. - The main holdings of the investment included products from Dongfanghong Money B and Beida Resources Hangzhou Haigang City, the latter being associated with a well-known "unfinished building" project that has defaulted [3]. Group 3: Financial Impact - As of the end of 2024, Fuanna had withdrawn 14.3023 million yuan from the management account of the investment product, with a remaining principal of 105.6977 million yuan and expected fixed income yet to be recovered [4]. - CITIC Securities reported that the net asset value of the investment product was 77.7261 million yuan at the end of 2024, and Fuanna has recognized a total impairment of 27.9716 million yuan related to the overdue amounts [4]. Group 4: Clarifications and Market Reactions - Following the default incident, there were market rumors suggesting that CITIC Securities might only act as a channel for the investment, which Fuanna clarified was untrue, asserting that CITIC was the actual investment manager and that there were no connections to the underlying assets [6].

Group 1 - Key point 1: The article lists various executives from different companies, indicating a focus on leadership within the industry [2][3] - Key point 2: The companies mentioned span multiple sectors, including transportation, energy, and technology, highlighting a diverse range of industries [2][3] - Key point 3: The presence of executives from both state-owned and private enterprises suggests a mixed economic landscape in China [2][3] Group 2 - Key point 1: The mention of specific individuals such as Wang Jian from CRRC and Li Yan from Fuanna indicates their significance in their respective companies [2] - Key point 2: The inclusion of companies like BYD and Tianqi Lithium reflects the growing importance of electric vehicles and battery materials in the current market [2] - Key point 3: The diversity of sectors represented, from environmental technology to traditional manufacturing, points to a broad spectrum of investment opportunities [2][3]

来源：江苏经济报 责任编辑：刘万里 SF014 来源：江苏经济报 责任编辑：刘万里 SF014 ...

Core Viewpoint - The case involving the financial product failure of Fuanna has progressed, with the court ruling that CITIC Securities must compensate Fuanna for a principal loss of 29.2863 million yuan [1][5][6]. Group 1: Financial Product Details - Fuanna purchased a financial product named "CITIC Securities Fu An FOF Customized No. 1 Single Asset Management Plan" for 120 million yuan on March 19, 2021, with a maturity date of March 19, 2022 [4]. - Upon maturity, Fuanna received a total of 13.5 million yuan, leaving 106 million yuan in principal and expected fixed returns unrecovered [4][5]. - The net asset value of the product was reported to be 77.8205 million yuan as of September 30, 2025, with a total impairment provision of 27.8772 million yuan for overdue amounts [4]. Group 2: Legal Proceedings - Fuanna filed a lawsuit on August 31, 2023, against CITIC Securities and China Merchants Bank Guangzhou Branch for financial contract disputes [4][5]. - The court ruled that CITIC Securities must compensate Fuanna within ten days of the judgment, with future recoveries from the asset management plan to be split 50/50 between Fuanna and CITIC Securities [5][6]. Group 3: Investment Risks and Issues - The financial product involved multiple layers of investment, with the fifth phase of 120 million yuan being allocated to the North University Resources Hangzhou Port City project, which has already defaulted [7][8]. - Fuanna had previously requested CITIC Securities to redeem 20 million yuan from the money market fund to mitigate risks, but only 13.5 million yuan was returned, with no reasonable explanation for the remaining amount [8].

Core Viewpoint - The dispute involving a 120 million yuan investment by Fuanna in a financial product managed by CITIC Securities has revealed significant concerns regarding fund allocation and potential mismanagement, leading to a lawsuit and a recent court ruling favoring Fuanna [1][3]. Group 1: Background of the Dispute - The seeds of the dispute were sown in 2018 when Fuanna signed an asset management contract with CITIC Securities, investing a total of 540 million yuan in the "CITIC Securities Fuanna FOF Customized No. 1 Single Asset Management Plan" over five phases [1]. - The immediate trigger for the lawsuit was the fifth phase product, amounting to 120 million yuan, which failed to pay out upon maturity on March 19, 2022, resulting in a substantial default [1]. Group 2: Fund Allocation Concerns - Fuanna discovered significant doubts regarding the flow of its invested funds, noting that the 120 million yuan principal was transferred out just three days after being deposited, allegedly to pay off the principal and interest of a previous product [1]. - Similar operations were observed with the funds from the fourth phase, raising serious questions about whether the invested capital was used for the intended investments as per the contract or for "borrowing new to pay old" [1]. Group 3: Underlying Asset Issues - The underlying asset of the investment, the "Beida Resources Hangzhou Haigang City" project, was already in default, with its debtor, Zhejiang Lande Real Estate, having received qualified opinions in its 2019 and 2020 audit reports [2]. - The guarantor, Beida Fangzheng Group, is also undergoing restructuring, further complicating the situation [2]. Group 4: Legal Proceedings and Court Ruling - After months of unsuccessful negotiations with CITIC Securities, Fuanna filed a lawsuit on August 31, 2023, against CITIC Securities and the Guangzhou branch of China Merchants Bank [3]. - On December 25, the court ruled that CITIC Securities must compensate Fuanna for principal losses amounting to 29.2863 million yuan, with future recoveries from the asset management plan to be split 50/50 between Fuanna and CITIC Securities, capped at the compensation amount [4]. - The court also confirmed that there are still 35.8371 million yuan in investment returns from Western Trust Company that Fuanna has yet to withdraw, and the defendants are required to assist Fuanna in retrieving these funds and their interest [4].

Core Viewpoint - The court ruled that CITIC Securities must compensate Fuanna approximately 29.29 million yuan for principal losses related to the overdue repayment of the "Fu An No. 1" financial product, indicating a recognition of management responsibility rather than simply attributing losses to investor risk [1][11]. Group 1: Legal Proceedings and Financial Impact - Fuanna filed a lawsuit against CITIC Securities and China Merchants Bank Guangzhou Branch on August 31, 2023, leading to a court ruling that requires CITIC Securities to compensate for the overdue financial product [19]. - The court's decision allows for a 50% split of any future recovery from asset management plans between CITIC Securities and Fuanna, with the compensation capped at approximately 29.29 million yuan [1][19]. - As of September 30, 2025, the net asset value of "Fu An No. 1" was reported to be only 77.82 million yuan, with Fuanna having recognized a provision for impairment of 27.87 million yuan related to the overdue funds [19]. Group 2: Background of the Financial Product - Fuanna purchased the "Fu An No. 1" fixed-income financial product in 2021, which became overdue on March 19, 2022, prompting ongoing communication with CITIC Securities [4][14]. - The investment involved a total of 5 phases, with the last phase amounting to 120 million yuan, which was supposed to mature in March 2022 [5][15]. - The underlying assets of the product included investments in the "Beida Resources Hangzhou Haigang City Project," which faced significant repayment delays due to bankruptcy restructuring [5][16]. Group 3: Management and Reporting Issues - Fuanna raised concerns regarding the management of the financial product, particularly the lack of transparency in providing underlying contracts and operational reports [7][17]. - The financial product's net value was reported to have increased despite the underlying assets facing bankruptcy, leading to allegations of misleading reporting by CITIC Securities [18]. - Fuanna's CFO indicated that the valuation methods used by CITIC Securities did not comply with accounting standards, resulting in inflated net values that misled the company [18].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深圳商报 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 来源：深圳商报 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 ...

Core Viewpoint - The legal dispute between home textile company Fuanna and CITIC Securities regarding overdue payments for a financial product has seen recent developments, with a court ruling in favor of Fuanna for partial compensation [1][4]. Group 1: Legal Developments - Fuanna invested 120 million yuan in CITIC Securities' fixed-income financial product "Fu An No. 1," which became overdue on March 19, 2022 [3]. - After unsuccessful negotiations, Fuanna filed a lawsuit against CITIC Securities and has since received a court ruling requiring CITIC to compensate approximately 29.29 million yuan [4]. - The court also mandated that CITIC Securities and China Merchants Bank cooperate with Fuanna to retrieve approximately 35.84 million yuan from a dedicated asset account [5]. Group 2: Financial Impact on Fuanna - Fuanna has recorded a total impairment of 27.88 million yuan on the overdue financial product, with approximately 106 million yuan in principal and expected returns still unrecovered [3][4]. - The company's third-quarter revenue declined by 7.6% year-on-year to 535 million yuan, with a cumulative revenue drop of 13.8% for the first three quarters [7]. - The net profit attributable to the parent company decreased by 45.5% year-on-year to 160 million yuan, primarily due to high inventory levels and reduced customer traffic [7]. Group 3: Financial Performance of CITIC Securities - As of September 30, CITIC Securities reported total assets of 2.03 trillion yuan, marking a significant milestone as the first domestic securities firm to exceed 2 trillion yuan in assets [8]. - The company achieved a net income of 10.94 billion yuan from brokerage services, a 52.9% increase year-on-year, and a 169.4% increase in self-operated business income [8].

Core Viewpoint - The court has ruled in favor of Shenzhen Fuanna Home Furnishings Co., Ltd. in a lawsuit against CITIC Securities regarding overdue payments on a financial product, ordering CITIC Securities to compensate nearly 29.3 million yuan in principal losses [1][3]. Group 1: Legal Proceedings - The lawsuit initiated by Fuanna against CITIC Securities and China Merchants Bank Guangzhou Branch pertains to a financial trust contract dispute, with the court's first-instance judgment requiring CITIC Securities to pay Fuanna approximately 29.3 million yuan [1][2]. - The case has been ongoing since 2022, and the court held three hearings in 2024 to address the matter [2]. - The court's ruling states that the subsequent liquidation proceeds from the financial product will be split 50% between Fuanna and CITIC Securities [3]. Group 2: Financial Impact - As of September 30, 2025, Fuanna's investment in the CITIC Securities customized asset management plan (Fuanna No. 1) had a net asset value of approximately 77.82 million yuan, with a total impairment provision of 27.87 million yuan recorded for overdue amounts [2]. - Fuanna's remaining principal investment in Fuanna No. 1 is about 106 million yuan, with expected fixed income yet to be recovered, including approximately 35.84 million yuan from West Trust [2][3]. - The latest financial report indicates a decline in both revenue and profit for Fuanna, with Q3 2025 total revenue at 535 million yuan, down 7.58% year-on-year, and net profit attributable to shareholders at 53.57 million yuan, down 28.74% year-on-year [3].

Core Viewpoint - The company has initiated legal action against CITIC Securities due to overdue payments on a financial product, resulting in a court ruling for compensation of principal losses [1] Group 1: Legal Action and Court Ruling - In December 2021, the company purchased a fixed-income financial product "Fu An No. 1" from CITIC Securities, which experienced overdue payment issues on March 19, 2022 [1] - On August 31, 2023, the company filed a lawsuit against CITIC Securities for disputes related to the financial trust management contract [1] - The Shenzhen Futian District People's Court has ruled that CITIC Securities must compensate the company for principal losses amounting to 29.2863 million yuan [1] Group 2: Financial Impact - The court's ruling is a first-instance judgment, and its impact on the company's current and future profits remains uncertain [1]