130亿违约债务化解！远洋集团仍欠供应商上百亿，股价已不足1毛

Core Viewpoint - The debt restructuring efforts of Ocean Group are accelerating as the company faces significant financial pressures and declining sales, despite recent approvals for debt restructuring plans [3][9][11]. Group 1: Debt Restructuring - Ocean Group has successfully passed restructuring plans for seven domestic bonds, totaling approximately 130.5 billion RMB, alleviating some short-term repayment pressures [3][9]. - The company is also proposing a restructuring plan for ten domestic bonds amounting to about 180.5 billion RMB, offering various repayment options including cash buybacks and asset swaps [5][11]. - The cash buyback proposal is set at 20% of the bond's remaining face value, indicating severe financial constraints [6][11]. Group 2: Financial Performance - For the first eleven months of 2025, Ocean Group reported a cumulative sales figure of 237.9 billion RMB, reflecting a year-on-year decline of 22% [4][12]. - The company's stock price has fallen below 0.1 RMB, indicating a lack of investor confidence [4][28]. - Ocean Group's total loans reached 669.97 billion RMB, with over 416.76 billion RMB due within one year, creating a short-term funding gap exceeding 300 billion RMB [6][12]. Group 3: Operational Challenges - Ocean Group has faced continuous losses, with shareholder losses reported at 190 billion RMB, 211 billion RMB, and 186 billion RMB from 2022 to 2024, totaling approximately 587 billion RMB [16][19]. - The average selling price of properties has dropped significantly, with November's average at approximately 7,900 RMB per square meter, down from 10,800 RMB a year earlier [14][15]. - The company has accumulated trade and other payables amounting to 473 billion RMB, indicating a substantial financial burden [20][21]. Group 4: Strategic Shifts - In response to traditional development challenges, Ocean Group is pivoting towards a light-asset model through its new brand "Yuan Yang Construction Management," focusing on project management and consulting services [22][23]. - Despite entering the construction management sector, Ocean Group's market position remains weak compared to leading competitors, with only 715.3 million square meters of new signed construction area, ranking eighth in the industry [23][24]. - The competitive landscape in the construction management sector is intensifying, with over 100 companies now involved, leading to compressed fee rates and increased challenges for profitability [25][27].