华夏幸福中报里的烦恼：亏损再度扩大，董事投反对票

Core Viewpoint - The company, Huaxia Happiness, reported significant financial losses in the first half of 2025, marking the largest loss in four years, with a revenue drop of 50.90% and a net profit loss of 68.27 billion yuan [1][3]. Financial Performance - In the first half of 2025, Huaxia Happiness achieved an operating income of 29.03 billion yuan, a decrease of 50.90% year-on-year [1]. - The net profit attributable to shareholders was -68.27 billion yuan, down 40.79% year-on-year, representing the largest loss in the past four years [1][3]. - The total operating costs for the first half of the year were 95.61 billion yuan, with financial expenses reaching 49.90 billion yuan, including interest expenses of 50.89 billion yuan and interest income of 1.06 billion yuan [3][4]. Asset Impairment and Debt Restructuring - The company undertook significant asset impairment provisions, including 21.54 billion yuan for bad debt, 4.33 billion yuan for inventory depreciation, and 1.27 billion yuan for contract asset impairment, impacting the total profit by 28.65 billion yuan [6][8]. - Huaxia Happiness is actively pursuing a debt restructuring plan, with a total financial debt of 2,192 billion yuan, of which approximately 1,926.69 billion yuan is targeted for restructuring [8][10]. - The company has accumulated unpaid debts amounting to 231.10 billion yuan as of July 31, 2025 [9]. Management and Governance - During the audit voting phase, a board member expressed dissent regarding the asset impairment provisions, citing concerns over the prudence of the asset replacement plan [6][7]. - The company plans to continue its debt restructuring efforts with the support of government and creditor committees, focusing on signing agreements and asset transactions [10].