BAIDA GROUP(SH:600865) Shang Hai Zheng Quan Bao·2026-02-10 18:12Core Viewpoint - The company has received a regulatory letter from the Shanghai Stock Exchange regarding its performance forecast and has provided detailed responses concerning its investment in Hangzhou Industrial Trust (杭工信) and the associated fair value losses [1][4]. Group 1: Investment in Hangzhou Industrial Trust - The company reported a significant fair value loss of approximately 94.4 million yuan related to its investment in Hangzhou Industrial Trust, with the investment amounting to 306 million yuan and a book value of 220 million yuan as of mid-2025 [1][4]. - The fair value losses for the years 2023 and 2024 were 11.32 million yuan and 37.43 million yuan, respectively [1]. - The company is required to disclose the financial and operational data of Hangzhou Industrial Trust for the past three years, including total assets, liabilities, net assets, operating income, and net profit [1]. Group 2: Fair Value Measurement and Losses - The company classifies its equity investment in Hangzhou Industrial Trust as a financial asset measured at fair value, with changes recognized in profit or loss [2][3]. - The fair value measurement methodology includes using market prices when available, or estimating based on the financial performance of the underlying assets when market prices are not available [3][14]. - The company confirmed that the significant fair value losses were due to substantial changes in Hangzhou Industrial Trust's financial condition, leading to continuous net losses and a decrease in net assets over the past three years [4][17]. Group 3: Financial Assets and Performance - As of the end of 2023, 2024, and mid-2025, the company's financial assets measured at fair value were valued at 1.526 billion yuan, 1.692 billion yuan, and 1.697 billion yuan, respectively, with corresponding fair value losses of -171 million yuan, 23.568 million yuan, and -3.8297 million yuan [5][17]. - The company has also reported its trading financial assets, non-current assets due within one year, and other non-current financial assets, with respective values of 1.229 billion yuan, 110 million yuan, and 358 million yuan as of mid-2025 [5]. Group 4: Long-term Equity Investments - The company's long-term equity investments were valued at 580 million yuan, 579 million yuan, and 584 million yuan at the end of 2023, 2024, and mid-2025, respectively [17][18]. - The company uses the equity method for accounting its long-term equity investments, reflecting its significant influence over the invested companies [18][22]. - The company has confirmed that there are no significant impairment risks associated with its long-term equity investments, as the underlying companies have shown stable operational performance [24][25].