皇庭国际：晶岛国商购物中心（深圳皇庭广场）司法拍卖流拍

Core Viewpoint - The company announced that its wholly-owned subsidiary, Rongfa Investment, will have its asset, the Crystal Island Commercial Center (Shenzhen Royal Court Plaza), publicly auctioned due to judicial enforcement, with the auction scheduled for September 9-10, 2025, resulting in a failed auction [1] Financial Impact - As of December 31, 2024, the book value of Shenzhen Royal Court Plaza is 5.75 billion, accounting for 71.57% of the company's total assets [1] - The project generated revenue of 369 million in 2024, representing 56.03% of the company's total annual revenue [1] Potential Risks - If the asset continues to be subject to judicial enforcement, the company will lose ownership of the asset, leading to a significant asset restructuring [1] - The loss of Shenzhen Royal Court Plaza, as a major asset, will have a substantial impact on the company's assets, liabilities, and daily operations, potentially triggering financial warning signs under the Shenzhen Stock Exchange's listing rules [1]