CFLD(SH:600340) 第一财经·2026-01-15 15:16Core Viewpoint - The article discusses the recent stock price decline of Huaxia Happiness and its significant anticipated losses for the fiscal year 2025, highlighting the company's financial instability and ongoing legal issues with Ping An Insurance [3][4][6]. Financial Performance - Huaxia Happiness expects a substantial loss for the fiscal year 2025, with a projected net profit attributable to shareholders ranging from -24 billion to -16 billion yuan, and a net profit excluding non-recurring losses between -25 billion and -17 billion yuan [4]. - The company's net assets are expected to be negative, estimated between -15 billion and -10 billion yuan by the end of 2025, a significant decline from a net asset value of 4.095 billion yuan in 2024 [5]. Reasons for Losses - The anticipated losses are attributed to several factors, including the impact of project turnover timing, a decrease in project turnover, declining revenue, high financial costs due to substantial debt, reduced investment income from debt restructuring, and significant impairment losses on certain assets [5]. Stock Trading and Risk - Following a 20% cumulative decline in stock price over three consecutive trading days, Huaxia Happiness disclosed that this constitutes abnormal stock trading activity as per Shanghai Stock Exchange regulations [3]. - The company may face delisting risk due to the negative net asset situation, which could lead to a warning from the exchange after the 2025 annual report is released [5]. Legal Issues - Huaxia Happiness is currently involved in a pre-restructuring process, which is uncertain, and has not yet received court documents regarding its restructuring application [6]. - The company is also facing arbitration related to performance guarantees with Ping An Insurance, which claims approximately 6.4 billion yuan in compensation for unmet profit targets and associated penalties [7].