皇庭国际或触发强制退市风险警示！

Core Asset Judicial Auction - The core asset of the company, Shenzhen Huangting Plaza, will be judicially auctioned on September 9-10, 2025, with a starting price of 3.053 billion yuan [3] - As of the end of 2024, Shenzhen Huangting Plaza has a book value of 5.75 billion yuan, accounting for 71.57% of the company's total assets, and generated revenue of 369 million yuan, representing 56.03% of the company's total revenue for that year [3] Debt Issues and Legal Proceedings - The judicial auction is a result of a significant loan taken by the company's subsidiary,融发投资, in 2016, amounting to 3 billion yuan, which was secured by Shenzhen Huangting Plaza and its land use rights [5] - Due to policy changes, the loan could not be renewed in 2021, leading to a lawsuit from the lender, 中信信托, after融发投资 failed to repay the loan [5] - In March 2024, the company received an execution notice from the Shenzhen Intermediate People's Court, and a friendly negotiation was held to ensure monthly payments to the lender while maintaining the operation of Shenzhen Huangting Plaza [5] Debt Restructuring Efforts - The company has been considering debt restructuring to separate融发投资 from its financial troubles, but no substantial progress has been made [8] - In 2022, the company attempted to sell at least 51% of融发投资's equity but failed to attract any valid purchase intentions despite multiple price reductions [9] - A framework agreement was reached with a potential buyer, 丰翰益港, in November 2022, but specific details for the debt restructuring have yet to be finalized [10] Financial Performance - The company has faced continuous losses since 2020, with an expected loss of 140 million to 200 million yuan for the first half of the current year [10] - The losses are attributed to increased financing costs due to litigation related to previous loans and a decline in operating income due to the termination of some property business contracts [10]