HKHC(SH:600162) Sou Hu Cai Jing·2026-01-19 09:36Core Viewpoint - The company, Xiangjiang Holdings, is facing significant financial challenges, including a projected annual loss due to a lack of concentrated real estate project completions and sales revenue recognition, leading to a decline in operating income compared to the previous year [2] Financial Performance Summary - In 2022, the company's net profit attributable to shareholders increased by 29.71% to 243 million yuan, but in 2023, it plummeted by 71.45% to 69.49 million yuan, with a non-recurring loss of 110 million yuan [2] - The net profit for 2024 slightly decreased by 11.07% to 61.80 million yuan, and by the third quarter of 2025, the company reported a net loss of 52.23 million yuan, with a non-recurring loss of 142 million yuan, indicating a severe deterioration in profitability [2] - Key profitability indicators are under pressure, with the return on equity dropping from 1.08% in 2023 to 1.02% in 2024, and turning negative to -0.89% by the third quarter of 2025 [2] - As of the end of the third quarter of 2025, the company's total assets were 16.284 billion yuan, total liabilities were 10.767 billion yuan, resulting in a high debt-to-asset ratio of 66.12% [2] Operational Governance Risks - In addition to declining performance, Xiangjiang Holdings is facing multiple operational governance risks that began to surface in the second half of 2025 [3] - In August 2025, the company’s controlled entity, Tianjin Sen Island Hongying Real Estate Investment Co., Ltd., was listed as an executed party with an enforcement target of 26.2765 million yuan [3] - A month prior, another controlled company, Tianjin Sen Island Baodi Real Estate Investment Co., Ltd., was also listed as an executed party with an enforcement target of 186,200 yuan [3]