CFLD(SH:600340) Di Yi Cai Jing·2025-11-17 06:48Core Viewpoint - The company Huaxia Happiness is facing a potential restructuring process due to ongoing debt issues, highlighted by a recent application for pre-restructuring by a creditor, reflecting the challenges in managing both large and small debts amid a difficult market environment [2][4][10]. Debt Restructuring Situation - Huaxia Happiness has been in a debt restructuring phase since 2021, with a total of 2.192 billion yuan in financial debts planned for repayment through various methods [6][12]. - As of October 2025, the company aims to achieve approximately 1.927 billion yuan in debt restructuring through signed agreements, while it has failed to repay 245.69 million yuan in debts [6][11]. - The recent creditor application for pre-restructuring is based on an outstanding engineering payment of 4.1716 million yuan, indicating ongoing issues with smaller operational debts [4][5][7]. Market Reaction - Following the news of the restructuring application, Huaxia Happiness's stock experienced significant fluctuations, including a trading halt at 3.01 yuan per share [3][4]. Legal Proceedings - The court has accepted the pre-restructuring application but has not yet formally accepted the restructuring request, leaving uncertainty about the company's future [5][11]. - If the company enters formal restructuring, all debts, including financial debts and operational debts, will need to be re-evaluated and potentially renegotiated [9][10]. Financial Performance - The company reported significant losses in recent years, with net profits of -6.028 billion yuan in 2023 and -4.817 billion yuan in 2024, and further losses of 9.829 billion yuan in the first three quarters of 2025 [11][12]. - As of the third quarter of this year, total assets were reported at 274.518 billion yuan, a decrease of 9.8% from the previous year, with a negative net asset value of -4.738 billion yuan [11].