智通财经记者 | 王妤涵 智通财经编辑 | 李慎 公开信息显示，金科股份及子公司重庆金科房地产开发有限公司涉及债务规模高达1470亿元，债权人超 过8400家。 "在当前行业深度调整的背景下，金科股份作为大型房企率先通过司法重整实现风险化解，为其他出险 房企提供了可参考的纾困案例"，中指研究院企业研究总监刘水在接受智通财经记者采访时表示。 传奇落幕 作为金科的缔造者，黄红云的名字始终与这家企业深度绑定。 1984年，20岁的黄红云来到重庆涪陵城区，在一家建筑公司当学徒，每日报酬仅5毛钱。凭借肯吃苦、 爱钻研的劲头，四年后升任工程处处长，攒下人生"第一桶金"。 1998年，恰逢中国住房制度改革启动，黄红云敏锐嗅到商机，在重庆江北区租下一间小屋，正式创立金 科集团。当时重庆楼市尚未起飞，他大胆押注五黄路片区，开发公司首个项目"金科花园"。 这一决策恰逢"重庆向北"的城市扩张浪潮，项目获得房价与口碑双丰收，金科集团一战成名。此后，公 司相继开发金砂水岸、天籁城等高端住宅，逐渐在重庆地产界站稳脚跟。 曾高喊"金科就是我的生命"的黄红云，最终未能扛住千亿债务的压力，选择交出企业的控制权。 9月26日，金科股份（*ST金 ...

2025.09. 25 本文字数：1144，阅读时长大约2分钟 根据公告，金科股份将于近期启动董事会的换届改选工作，上海品器联合体有权提名7名董事人选 （含独立董事），如7名董事当选，董事会改选完成后，公司控股股东将由金科控股变为京渝星筑和 京渝星璨。根据京渝星筑和京渝星璨出具的说明，两家合伙企业的执行事务合伙人均为上海品器，且 无任何人可单独控制上海品器，公司实际控制人由黄红云变更为无实际控制人。 据公开资料，金科股份及子公司重庆金科房地产开发有限公司涉及债务规模达1470亿元，债权人超 8400家。截至2025年上半年，金科股份营收23.63亿元，归母净亏损75.23亿元，总资产1757.49亿 元，总负债仍有2006.04亿元，其中短期借款50.36亿元，一年内到期的非流动负债448.71亿元。 从1998年金科股份成立算起，这家重庆房企已经延续了27年的"黄红云时代"落幕了，曾跻身年销售 额"两千亿阵营"的房企正式易主。 9年前，即2016年，在孙宏斌融创中国的垂涎下，金科股份曾陷入一场控股权之争。融创系一度增持 金科股份至29.35%，最终黄红云紧急与前妻陶虹遐、女儿黄斯诗缔结一致行动人协议，以0. ...

2024年12月，金科股份与上海品器联合体签署重整投资协议，金科可累计获超33亿元的资金支持。公开 资料显示，上海品器的背景并不简单，其背后站着曾创办万通地产的冯仑，鑫苑集团董事长张勇等地产 界知名人士则为创始合伙人。 如今，30亿股转增股票完成过户至重整投资人指定账户，这些股份占总股本的28.21%，上海品器联合 体实际控制的京渝星筑和京渝星璨接收了9.93亿股，占总股本的9.34%，成为金科股份新任第一大股 东。 而金科控股持股比例则由4.55%降至2.28%，黄红云持股比例由8.78%降至4.41%，财聚投资持股比例由 0.87%降至0.44%，东方银原持股比例由0.31%降至0.15%。黄红云及其一致行动人累计持股比例下降至 7.28%。 曾掌控公司27年的创始人失去控制权。 涉及8400余家债权人的中国房地产行业有史以来最大规模司法重整案正在迎来终局。 近日金科地产集团股份有限公司（原简称"金科股份"，现称"*ST金科"，000656.SZ）公开披露称，该公 司重整计划的执行将导致公司控股股东及实际控制人发生变化，控股股东或将由金科控股变更为京渝星 筑、京渝星璨，公司实际控制人则由黄红云变更为无实际 ...

洲际油气股份有限公司（以下简称"洲际油气"）日前发布上半年业绩报告，营收、利润、现金流等主要业绩指标均出现显著下滑，凸显 出该公司正面临国际油价波动、产量收缩、成本管控失衡等多重挑战。尤其需要注意的是，上半年经营现金流与净利润比值远低于行业 均值，反映出该公司"含金量"大不如前。作为海南省最早公开发行股票的股份试点企业之一，洲际油气业绩承压，从表面上看是油价波 动带来的必然反应，但更深层次则取决于其海外项目产能释放及新增长点的培育效能。 主要业绩指标下降 报告显示，今年上半年，洲际油气实现营收10.56亿元，同比减少20.60%；利润总额1.55亿元，同比减少41 .86%；归属于上市公司股 东净利润49 76.1 6万元，同比锐减54 .38%；经营现金流7078万元，同比大降67.93%。 洲际油气表示，上半年国际油价宽幅波动，中美贸易、沙特增产、中东地缘等核心关注点，对油价波动造成明显扰动。一季度油价呈现 冲高回落走势，价格中枢同比明显下移；二季度，原油市场在多重压力下深度探底后迎来反弹。 洲际油气业绩承压，从表面上看是油价波动带来的必然反应，但更深层次则取决于其海外项目产能释放及新增长点的培育效能。 ...

Core Viewpoint - The article highlights the importance of bankruptcy restructuring as a means for companies to recover from financial distress, emphasizing that bankruptcy can provide a second chance rather than being an end point for businesses [1][2]. Group 1: Bankruptcy Restructuring - The case of a Shanghai-based company, which faced severe financial difficulties and was on the verge of judicial auction, illustrates how bankruptcy restructuring can revitalize a business [1][2]. - The Shanghai Bankruptcy Court has seen a significant increase in cases, with 4,911 cases in 2023 and an expected 5,050 in 2024, indicating a high demand for bankruptcy services [1]. - The company underwent an out-of-court restructuring process, which allowed it to negotiate with creditors and stabilize its operations, ultimately leading to the approval of its restructuring plan by the court [3][4]. Group 2: Market-Oriented Solutions - The establishment of the North Bund Enterprise Out-of-Court Restructuring Center in Hongkou District represents a proactive approach to facilitate market-oriented restructuring solutions [3]. - The restructuring process involved the company negotiating with over two-thirds of its creditors to sign restructuring agreements, resulting in a debt restructuring of nearly 4 billion yuan [3]. - The flexibility and confidentiality of out-of-court restructuring allow companies to navigate financial crises without public scrutiny, which can be beneficial for maintaining business operations [2]. Group 3: Judicial Support and Pre-Reorganization - The Shanghai courts have implemented a "pre-reorganization" system to assist companies in distress before they enter formal bankruptcy proceedings, enhancing the chances of recovery [5][6]. - The case of Shanghai Jubao Real Estate Development Co., which faced a funding crisis, demonstrates how pre-reorganization can lead to successful asset recovery and debt repayment [6]. - The court's involvement in guiding the restructuring process has proven effective in ensuring that creditors are repaid and that companies can resume operations [6]. Group 4: Liquidation and Asset Management - Not all companies can be saved; some must undergo liquidation to ensure an orderly exit from the market, which can prevent further disputes and protect creditor interests [8][9]. - The case of Shanghai Shangshu Yonghui Fresh Food Co. illustrates the importance of asset management during liquidation, where the court facilitated the sale of assets to clear debts amounting to over 570 million yuan [9]. - The bankruptcy process serves not only to distribute assets but also to inject capital back into the economy, highlighting its role in resource reallocation [9].

Group 1 - Company ST Xiangxue received an administrative penalty from the China Securities Regulatory Commission (CSRC) for false reporting in its 2019 annual report and failure to disclose non-operating fund occupation, resulting in a fine of 6 million yuan [1] - The actual controller Wang Yonghui was warned and fined 10 million yuan, but the company is not subject to major illegal delisting circumstances [1] - The company has restated its financial reports and cleared the non-operating fund occupation by Kunlun Investment, completing the necessary rectifications [1] Group 2 - The company is making positive progress in its judicial reorganization, with the Guangzhou Intermediate People's Court extending the pre-reorganization period to October 11, 2025 [2] - Ongoing work includes debt claim declaration and review, auditing, evaluation, and financial consulting, with selected intermediary institutions for assistance [2] - Successful reorganization is expected to improve the company's asset-liability structure and support sustainable development [2]

Core Viewpoint - *ST Jiaotou has released a draft of its pre-restructuring plan, aiming to optimize its debt structure, enhance operational efficiency, and mitigate delisting risks, thereby ensuring the protection of the rights of creditors, small investors, and employees [1][8]. Group 1: Pre-restructuring Process - The pre-restructuring process for *ST Jiaotou is the fastest among newly applied restructuring companies this year, taking only two months from court registration to the announcement of the pre-restructuring plan [2]. - The company was applied for pre-restructuring by creditors on April 22, 2025, due to its inability to repay debts and insufficient assets, but it was deemed to have restructuring value [2]. Group 2: Highlights of the Pre-restructuring Plan - The investment pricing for the restructuring is considered fair, with financial investors subscribing to approximately 169 million shares at a price of 4.67 yuan per share, totaling about 787 million yuan, while industrial investors subscribed to 35 million shares at 3.87 yuan per share, totaling about 135 million yuan [3][4]. - The capital increase plan involves a ratio of 10 shares for 14.5 shares, which is within the regulatory limit and aims to balance the interests of shareholders and creditors [4]. - The debt repayment plan accommodates different types of creditors, offering various options for those with debts over 500,000 yuan, including cash and stock options [5][6]. Group 3: Future Business Prospects - The restructuring may lead to changes in the company's main business, with the potential for high-quality assets from the industrial investor, Yunnan Jiaotou Group, to be injected into *ST Jiaotou [7]. - The collaboration with Yunnan Jiaotou Group, which has a significant asset base and expertise in various sectors, is expected to enhance the company's business scale and profitability [7]. Group 4: Risk Mitigation and Stakeholder Benefits - The restructuring is crucial for resolving delisting risks, as *ST Jiaotou's net assets were negative at the end of 2024, and without effective restructuring, it faces potential delisting by 2026 [8]. - The pre-restructuring plan reflects a balance of interests among various stakeholders, aiming for a win-win outcome for creditors and investors [8].

Core Viewpoint - Yunnan Jiaotou Ecological Technology Co., Ltd. (*ST Jiaotou) is undergoing a pre-restructuring process to address its debt crisis and avoid delisting, with a focus on optimizing its debt structure and improving operational efficiency [1][2]. Group 1: Company Overview - *ST Jiaotou is a state-controlled listed company in the ecological and environmental protection sector in Yunnan Province, facing significant debt issues and nearing delisting [1]. - The company announced a pre-restructuring plan due to its negative net assets as of the end of 2024, which has led to a "delisting risk warning" on its stock [1]. Group 2: Financial Restructuring - The pre-restructuring plan includes a capital increase where 12 financial investors subscribed to approximately 169 million shares at a price of 4.67 yuan per share, totaling about 787 million yuan [2]. - Yunnan Jiaotou Group, an industrial investor, subscribed to 35 million shares at 3.87 yuan per share, amounting to approximately 135 million yuan [2]. - The restructuring plan aims to fundamentally improve the company's financial and operational conditions, enhancing its profitability and protecting the rights of small and medium investors [2]. Group 3: Asset Management and Future Prospects - The restructuring plan involves a trust plan that will divest a total of 21 assets to repay part of the debts, balancing the interests of shareholders and creditors [2]. - Post-restructuring, there is potential for high-quality assets from the industrial investor to be injected into *ST Jiaotou, which may lead to changes in its main business focus towards green energy, smart transportation, and quality highway assets [3].

Core Viewpoint - Beiyinmei Co., Ltd. is undergoing a pre-restructuring process due to its controlling shareholder, Xiaobei Dami Holdings, facing severe financial difficulties, highlighted by a high percentage of pledged and frozen shares [1][2][3] Group 1: Shareholder Situation - Xiaobei Dami Holdings holds 132.6 million shares of Beiyinmei, accounting for 12.28% of the total share capital, with 98.85% of these shares pledged or frozen, indicating a critical liquidity issue [2] - The controlling shareholder submitted a pre-restructuring application on July 16, 2025, which was accepted by the court on July 22, 2025, appointing temporary managers to oversee the restructuring process [2][3] Group 2: Financial Pressure - The core reason for the pre-restructuring application is the tight cash flow situation, exacerbated by increasing competition in the infant formula market, where Beiyinmei, once a market leader, is under significant operational pressure [3] - High levels of share pledges often indicate that the controlling shareholder relies on equity financing, which poses risks if market conditions change or investments falter, potentially leading to share freezes [3] Group 3: Impact on the Company - In the short term, Beiyinmei asserts that it maintains independent operations and that the pre-restructuring will not significantly impact its daily business activities [4] - However, the long-term implications remain uncertain; successful restructuring could alter shareholder rights, while failure could lead to bankruptcy and judicial auction of shares, potentially changing the company's control [4] - Changes in control could either inject new capital and resources into Beiyinmei or lead to strategic shifts that may affect its long-term stability in a highly competitive market [4]

Core Viewpoint - The company has undergone judicial reorganization to settle a principal amount of 200 million yuan related to a civil lawsuit, and it plans to address the remaining interest of 9,733,333.33 yuan as per its reorganization plan, which is not expected to significantly impact current or future profits [2][5][13]. Group 1: Case Background - The company received legal documents regarding a civil lawsuit filed by China Chemical Engineering No. 14 Construction Co., claiming a total of 210,788,888.89 yuan, including principal, interest, and service fees [3]. - The court has taken property preservation measures, freezing the company's bank accounts for one year starting from October 25, 2023 [4]. - The first-instance judgment mandated the company to repay the principal of 200 million yuan and interest at an annual rate of 3.65% [5]. Group 2: Legal Proceedings - The company was involved in an appeal process initiated by China Chemical Engineering No. 14 Construction Co., seeking to overturn the first-instance judgment and claim additional damages [6]. - The company faced further property preservation measures, extending the freezing of its accounts until August 12, 2025 [7]. - The court later ruled to lift the freezing of the company's assets following its reorganization application [8]. Group 3: Financial Impact - The company has completed the repayment of the principal amount through judicial reorganization and plans to settle the remaining interest based on the reorganization plan [12][13]. - The company does not anticipate significant impacts on its current or future profits from this case [13].