Core Viewpoint - Neta Automobile has announced that employees will work from home starting June 12, following a protest for unpaid wages at the company's Shanghai headquarters, where CEO Fang Yunzhu was confronted by employees demanding payment [1][4][6]. Group 1: Company Actions and Employee Response - Employees were informed to work from home, with office access revoked, and personal belongings retrieval requiring administrative approval [1][3]. - A video surfaced showing employees gathered at Fang Yunzhu's office, demanding overdue salaries, indicating a tense atmosphere and dissatisfaction with the company's handling of wage issues [4][5]. - Fang Yunzhu's response to the employees was dismissive, suggesting they file wage claims rather than engaging in direct dialogue, which further fueled employee frustration [5][6]. Group 2: Financial Challenges and Company Strategy - Neta Automobile has faced significant financial difficulties, including failed debt-to-equity conversion plans and ongoing issues with unpaid wages, layoffs, and production halts since October 2024 [6]. - Despite attempts to stabilize the company through leadership changes and cost-cutting measures, including focusing on overseas markets, these strategies have not yet alleviated the financial strain [6].

每经记者｜李星 孙桐桐 每经实习编辑｜余婷婷 对于记者看到的恒生云谷在大门玻璃上张贴的"搬离"告示，上述哪吒汽车内部人士表示自己并不知情。"我今天早上去拿电脑的时候，还没看到有贴这个告 示。"该内部人士向记者透露，"哪吒汽车刚通知大家明天去公司拿东西。 " 离职员工：未按照仲裁规定时间支付工资 "还得交房贷，实在是没办法了。"一位参与申请薪酬支付的哪吒汽车离职员工说。 "合众新能源股份有限公司员工现已居家办公，目前正在办理搬离手续，现场已无该司人员。"6月12日，《每日经济新闻》记者在哪吒汽车位于上海市闵行 虹桥商务区的新办公室大门上看到上述告示内容，落款方为上海恒生云创科技发展有限公司（以下简称恒生云谷）。 图片来源：每经记者 孙桐桐 摄 这则告示意味着刚入住"新家"的哪吒汽车还要搬离。"我们是端午节后正式搬到这里来办公的，已经有一周多时间了。"6月12日，哪吒汽车相关工作人员向 记者透露。记者在现场看到，哪吒汽车的新办公室内已空无一人，只有个别工位上还有笔记本电脑和个人物品没有拿走。 就在6月11日，哪吒汽车经历了一次离职员工薪酬风波。"哪吒汽车目前租用的办公楼，是从别的企业转租过来的，大楼物业都不知情。 ...

据了解，去年以来，哪吒汽车相继被爆出拖欠工资、裁员、拖欠供应商费用、解散研发团队等消息，虽 然哪吒汽车方面多次辟谣，但其仍站上"风口浪尖"。据统计，2021—2023年，哪吒汽车营收亏损由48.4 亿元扩大至68.67亿元，三年累计亏损超180亿元。截至2023年末，哪吒汽车的账面资金为28.37亿元，较 2022年末的67.57亿元大幅减少，借款余额则为57.6亿元，相比2022年底出现小幅增长。 今年，网上更出现多段哪吒汽车经销商维权的视频，要求哪吒汽车将打款但未发车所拖欠的返利和补贴 一次性返还。据悉，全国300多家哪吒经销商中的约20家代表参与上述维权。 被供应商、经销商"堵门"讨债后，哪吒汽车员工也加入讨薪行列。6月12日，有消息称，哪吒汽车内部 宣布，即日起总部员工居家办公，办公室门禁已经失效，员工搬离个人物品需由行政部门向属地相关部 门和物业报备。同时，哪吒汽车内部人士称，哪吒汽车董事长兼CEO方运舟已前往桐乡。据悉，浙江省 桐乡市为哪吒汽车注册地和工厂所在地。 据了解，今年5月底，位于上海市普陀区的哪吒汽车原总部的LOGO被连夜拆除，办公地点也迁至闵行 区。然而，哪吒汽车新总部开工首日，部分员 ...

【CNMO科技消息】6月12日，有媒体报道称，哪吒汽车总部内部宣布，员工自6月12日起居家办公，办 公室门禁已经失效，员工搬离个人物品需由行政部门向属地相关部门和物业报备。此外，有一名在职的 哪吒汽车员工也证实了今日起员工将居家办公的消息。值得一提的是，有哪吒汽车内部人士称，哪吒汽 车董事长兼CEO方运舟已离开上海前往桐乡。 在今年5月，有媒体称，哪吒"债转股"减轻债务以求新融资到位的方案宣告失败。据了解，哪吒汽车欠 供应商的总款项约60亿元左右，只需要化解一半的债务（30亿元），投资方就愿意提供新的资金。但有 消息人士透露，接受"债转股"方案的供应商仅能化解20亿出头的债务，"剩下几亿元实在啃不动了。"另 有知情人士还透露，有投资方依旧想要保住哪吒，但条件是罢免其创始人方运舟。 方运舟 公开信息显示，哪吒汽车是合众新能源汽车股份有限公司旗下智能电动汽车品牌，该公司成立于2014年 10月，法定代表人为方运舟，注册资本为283745.818万元，拥有专利技术3500余项，分别于2017年4 月、2018年5月获得国家发改委和工信部"双资质"。 CNMO注意到，在居家办公通知的前一天（6月11日），有大量员工在 ...

据网友最新爆料，因为集体讨薪事件，导致红星美凯龙不愿意租给哪吒场地，当场要求搬走，从6月12 日起，全员居家办公，一位在职员工予以证实。不难看出，对于哪吒与员工的薪资纠纷，作为房东的红 星美凯龙似乎并不愿意掺和其中，即便哪吒搬走，但双方矛盾依然存在，且短期内注定无法解决。 原因很简单，哪吒不是不想给员工发工资和赔偿，而是有心无力，账上实在没钱了。从去年下半年开 始，这家昔日的造车新势力明星企业，陆续被曝出欠薪、裁员、战略调整、拖欠供应商款项等消息。去 年12月，方运舟接替张勇担任哪吒CEO，并推出六大改革举措，包括推行全员持股计划、业务聚焦海外 等，并画了未来2-3年的饼。 但真实现状是，陷入钱荒的哪吒连业务正常运营都成问题，不仅没有新车上市、工厂停工停产，老款车 型销量大幅下滑，还面临经销商接连闭店，车主维修和售后无门。为了能盘活业务基本盘，哪吒只能寄 希望于融资输血。今年2月，哪吒公开透露正进行E轮融资，计划融资规模40-45亿元。 为了扫清融资障碍，今年3月，哪吒召开供应商大会，意在推动供应商化债。最终，哪吒获得供应商通 过债转股方案，预计E轮融资将于4月底落地，但至今仍未官宣，可见融资并不顺利，也间接 ...

据九派新闻报道，哪吒汽车总部内部宣布， 员工自6月12日起居家办公，办公室门禁已经失效， 员工搬离个人物品需由行政部门向属地相关部 门和物业报备。 此外，宣布上述消息的哪吒汽车内部人士还称， 哪吒汽车董事长兼CEO方运舟已经前往桐乡。 另一位在职的哪吒汽车员工向记者证实了， 12日起员工将居家办公的消息。 浙江省桐乡市是哪吒汽车（合众新能源汽车股份有限公司）注册地和工厂所在地。此前，哪吒汽车总部员工刚刚从上海普陀区的旧总部搬至位 于虹桥商务区的新办公场地。 据新黄河报道，6月11日，网上流出的视频显示，哪吒汽车上海总部内，不少员工围坐在董事长兼CEO方运舟的新办公室门口，讨要被拖欠的 工资。现场气氛紧张，员工们情绪激动，方运舟则显得颇为不耐烦。 视频里，方运舟对着蹲在门口的员工质问道："你们这是做什么？" 员工们回应："讨要工资。" 方运舟让员工们直接去申报工资，可员工们显 然不满意这个答复，纷纷表示想和他好好聊一聊。方运舟接着说："你们先选三个人出来。以前都在公司共过事，现在还这样干嘛。" 有网友晒出图片，称哪吒汽车上海总部外墙的"哪吒汽车"字样LOGO被连夜拆除 此话一出，员工们立刻怼了回去："我们要工资 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Chinese economy continues to recover steadily, with positive changes in trade and consumption, but also faces challenges such as low CPI and PPI [2][3][13][14]. - The commodity market shows various trends, including the listing of new futures options, fluctuations in precious metal prices, and changes in inventory of metals [3][4][7]. - The bond market is affected by factors such as central bank operations, trade negotiations, and market supply - demand, with yields showing different changes [19][20][23]. - The stock market performs strongly, with A - shares and港股 rising, and new stocks having a high success rate and significant profit - making effect [28][29]. 3. Summary by Directory Macro Data Overview - GDP in Q1 2025 increased by 5.4% year - on - year, the same as the previous quarter [1]. - In May 2025, the manufacturing PMI was 49.5%, up from 49.0% in the previous month; the non - manufacturing PMI was 50.3%, down from 50.4% in the previous month [1]. - In April 2025, the social financing scale increment was 11,591 billion yuan, and the new RMB loans of financial institutions were 280 billion yuan [1]. - In May 2025, CPI was - 0.1% year - on - year, and PPI was - 3.3% year - on - year [1]. - In the first five months of 2025, the total value of goods trade imports and exports was 17.94 trillion yuan, a year - on - year increase of 2.5% [3][14]. Commodity Investment Reference Comprehensive - In May, CPI decreased by 0.2% month - on - month and 0.1% year - on - year; PPI decreased by 0.4% month - on - month and 3.3% year - on - year [2]. - In the first five months, the total value of goods trade imports and exports increased by 2.5% year - on - year, with exports increasing by 7.2% and imports decreasing by 3.8% [3][14]. - The casting aluminum alloy futures and options were listed on the SHFE on June 10 [3]. - The Baltic Dry Index rose 3.55% to 1691 points on June 9 [6]. - Citigroup postponed the forecast of the US interest rate cut from July to September and expected three rate cuts this year [6]. Metals - Diversified asset allocation is crucial when constructing an anti - risk investment portfolio, and investors need to be more cautious due to changes in the macro - economic environment [7]. - On June 6, copper, zinc, and aluminum inventories at the LME reached new lows, with significant decreases [7]. - As of June 9, the gold holding of SPDR Gold Trust increased by 0.21% [8]. - Precious metal prices showed a differentiated trend on June 9, with platinum rising 7.8% [8]. Coal, Coke, Steel, and Minerals - In the first five months, China's imports of iron ore, crude oil, coal, soybeans, and refined oil decreased in varying degrees, along with a decline in import prices [9]. Energy and Chemicals - In May 2025, China's refined oil export value and volume decreased both month - on - month and year - on - year [10]. - OPEC's oil production in May increased by 150,000 barrels per day compared to April [10]. Agricultural Products - China's soybean imports in May reached a record high of 13.198 million tons [11]. - India is expected to increase sugar exports in the 2025/26 season [11]. Financial News Compilation Open Market - The central bank conducted 173.8 billion yuan of 7 - day reverse repurchase operations on June 9, with an operating rate of 1.40% [12]. Key News - The first meeting of the China - US economic and trade consultation mechanism was held in London on June 9 and continued on June 10 [5][13]. - The issuance of science and technology innovation bonds was well - received, with a total issuance of over 374.8 billion yuan in the first month [15]. - The total debt due of real - estate enterprises in 2025 will reach 525.7 billion yuan, an increase of about 8.9% compared to 2024 [16]. - The scale of bond ETFs has exceeded 300 billion yuan, and more than 30% of bond funds' net values reached new highs in June [16]. Bond Market Summary - Yields of major interest - rate bonds in the inter - bank market fluctuated slightly, and Treasury bond futures closed with mixed results [19]. - Bond prices in the exchange market showed different trends, and the money market rates mostly declined [20][21]. - Yields of European and US bonds generally decreased [23]. Foreign Exchange Market - The on - shore RMB against the US dollar rose 9 points to 7.1838 at 16:30 on June 9 [24]. - The US dollar index fell 0.19% to 99.01 in New York trading [24]. Research Report Highlights - The real - estate market is expected to stabilize, but the process may be divided into three stages [25]. - Interest rates are expected to reach new lows, and a new downward trend may start from mid - to late June [25]. - When investing in convertible bonds, investors should maintain a neutral position and pay attention to selection [26]. Today's Reminder - On June 10, 265 bonds were listed, 137 bonds were issued, 63 bonds were due for payment, and 141 bonds were due for principal and interest repayment [27]. Stock Market News - A - share indices rose, with the Shanghai Composite Index rising 0.43% to 3399.77 points [28]. - Hong Kong stock indices were strong, and all three indices entered a technical bull market [28]. - The average online winning rate of new stocks in 2025 decreased, and the profit - making effect of new stocks was significant [29].

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 昨日收盘价 | TS2509 102.448 | TS2512 102.560 | TF2509 106.125 | TF2512 106.225 | T2509 109.000 | T2512 109.000 | TL2509 120.14 | TL2512 119.96 | | | 前日收盘价 | 102.452 | 102.574 | 106.140 | 106.230 | 108.925 | 108.945 | 119.78 | 119.6 | | | 涨跌 | -0.004 | -0.014 | -0.015 | -0.005 | 0.075 | 0.055 | 0.360 | 0.360 | | | 涨跌幅 | 0.00% | -0.01% | -0.01% | 0.0 ...

Group 1 - Dachen Biotech (00809.HK) announced a debt restructuring arrangement with suppliers, establishing a partnership to facilitate this process [1] - The debt-to-equity swap agreement involves suppliers converting a total debt of RMB 461.1 million into equity, resulting in approximately 28.98% ownership in Century Dachen [1][2] - The completion of the debt-to-equity swap is contingent upon obtaining all necessary regulatory approvals, including those from the Ministry of Commerce [2] Group 2 - The debt-to-equity swap agreement includes a lock-up provision, preventing suppliers from selling or encumbering their shares except for the purpose of the debt restructuring [2] - A discount of no less than 30% is anticipated on the debt, with expected net gains of at least HKD 190 million from the debt restructuring [3] - Following the completion of the equity swap, Century Dachen will remain a wholly-owned subsidiary of the company, with no overall impact on the company's equity in Century Dachen [3]

Core Viewpoint - The recent acceleration of debt restructuring among real estate companies is primarily driven by the involvement of financial institutions and funds aimed at ensuring project completion, making negotiations with creditors easier [1][9]. Group 1: Debt Restructuring Developments - Multiple real estate companies, including Country Garden, Longfor Group, and CIFI Holdings, have announced their latest debt restructuring progress since May, employing diverse solutions such as debt-to-equity swaps, asset-for-debt exchanges, and discounted buybacks [1][8]. - Longfor Group's domestic debt restructuring plan involves a total principal amount of 21 domestic debts exceeding 21.962 billion yuan, with an optimized restructuring proposal announced on June 3 [2][5]. - CIFI Holdings' overseas debt restructuring plan received a high support rate of 92.66%, expected to reduce its overseas debt by approximately 5.27 billion USD (around 37.9 billion yuan), accounting for 66% of its total overseas debt [5][8]. Group 2: Restructuring Strategies - The restructuring strategies adopted by various companies include innovative methods such as debt-to-equity swaps, which are becoming a mainstream approach to reduce debt levels without cash outflow [9][10]. - CIFI Holdings' restructuring plan offers four options to bondholders, including bond buybacks and asset-for-debt exchanges, while Longfor Group's new plan categorizes 29 assets for specific trust and debt settlement options [5][10]. - Sunac China announced a restructuring plan for approximately 9.55 billion USD in overseas debt, with 82% creditor support, providing options for full debt-to-equity swaps [8][10]. Group 3: Industry Trends and Future Outlook - The total debt due for real estate companies is projected to reach 525.7 billion yuan by 2025, reflecting an 8.9% increase from 2024, indicating ongoing high repayment pressure [9][10]. - The restructuring landscape is evolving, with a shift towards more diversified options similar to those seen in overseas plans, including cash buybacks and longer repayment terms [10][11]. - As the restructuring processes accelerate, the path to clearing industry risks is becoming clearer, which may help restore confidence in the sector and provide hope to financial institutions [11].