CFLD(SH:600340) Shang Hai Zheng Quan Bao·2025-08-15 18:38Core Viewpoint - The company is actively progressing with its debt restructuring plan, aiming to mitigate debt risks and improve operational stability amid challenging macroeconomic conditions. Debt Restructuring Progress - As of July 31, 2025, the company has achieved a cumulative debt restructuring amount of approximately RMB 192.67 billion through signed agreements, which includes RMB 37.13 billion in domestic corporate bonds and USD 4.96 billion (approximately RMB 33.53 billion) in overseas bonds [2][3] - The company has established "Happiness Selected Platform" and "Happiness Preferred Platform" to offset financial and operational debts, with a total amount of approximately RMB 23.63 billion [2][3] - The total amount of debts that the company has failed to repay on time is RMB 23.11 billion, excluding interest [2][3] Debt Repayment and Litigation - From July 1 to July 31, 2025, the company incurred an additional RMB 0.90 billion in debts that were not repaid on time, bringing the total to RMB 23.11 billion [8] - The company has recently faced new litigation and arbitration cases amounting to RMB 0.883 billion, which represents 21.57% of the company's latest audited net assets of RMB 4.095 billion [9] Debt Compensation via Equity - As of July 31, 2025, the "Happiness Selected Platform" has compensated financial debts amounting to approximately RMB 17.45 billion, with creditors receiving about 43.00% equity [7] - The combined compensation for operational debts through both platforms amounts to approximately RMB 6.17 billion, with creditors receiving 2.90% and 11.85% equity in the respective platforms [7] Trust Plan and Asset Sale - The company has established a trust plan with a scale of approximately RMB 25.58 billion, which is intended to offset financial debts of up to RMB 24.00 billion [6] - As of August 9, 2025, the company has completed trust offset transactions amounting to RMB 22.35 billion [6]