（记者 曾健辉） 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 每经AI快讯，山子高科1月29日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润85,000万 元~110,000万元，比上年同期增长149%~163%。业绩变动主要原因是，本报告期内，公司全面完成重整 计划，持续推进历史债务重组与清偿工作，实现了债务重组收益。同时，公司主动剥离非核心业务亏损 业务单元，减少了其对整体利润的负面影响。公司本期非经营性损益主要包括债务重组收益、资产出售 收益等。在优化现有资产结构、解决历史问题的同时，公司聚焦主营业务，在整车新项目上加大技术研 发投入和与战略合作伙伴的合作，推进新车型的研发。该板块处于投入期，整体尚未实现盈利。 ...

根据拟议初步条款，整体债务重组的范围将适用于本公司发行或担保的债务、本公司的其他债务和责 任，以及针对本公司已宣布但尚未支付的股息的索赔。 华南城(01668)发布公告，自本公司于2025年12月18日发布公告以来，本公司在与境外债权人及其他持 份者的对话方面取得了进展。相关讨论旨在制定一个可行的整体解决方案，以解决本公司无力偿还境外 债务的情况;建立可持续的资本结构和稳定的经营环境，以支持集团业务在中长期内的复苏;以及满足联 交所于复牌指引中的规定，以恢复本公司股票的交易。 拟议初步条款旨在提供一个公平公正的解决方案，最大化公司债权人的债权回收，同时保留集团持续性 经营的能力。具体而言，拟议初步条款将让债权人的债权在重组后能够保留任何现有信贷支持;就债权 人将转换为股权的债务而言，使债权人能够受益于短期的流动性和本公司潜在的股权增值;以及透过经 协商的现金归集安排，使境外债权人能够受益于集团销售特定境内项目的收益。 假如整体债务重组未能按照拟议初步条款实施，或者根本未能实施，则存在清盘人可能需要考虑以拆分 方式对集团资产采取其他追偿措施的重大风险。此举或会导致集团境内业务的不稳定，并对本公司境外 债权人的追 ...

"肥水不流外人田" 为减轻流动性压力、推进债务重组，1月27日，宝龙地产宣布出售宝龙商业25%股权进行资产变现。此 次接盘方并非外部资本，而是宝龙许氏家族成员控股的关联企业。 值得一提的是，宝龙地产的境外债务重组工作也迎来新进展。截至2025年12月，持有超过85.48%计划 债务的债权人已提交同意加入重组支持协议的信函。 市场人士认为，这场"肥水不流外人田"的资本操作，既解了宝龙地产短期资金的燃眉之急，又牢牢守住 了核心资产的话语权。 债务重组下的资产变现 1月27日，宝龙地产发布公告称，拟出售宝龙商业25%股份，总代价为3.61亿港元。款项分两期现金支 付，其中20%于预付款日期支付，剩余于交易完成日结清。 交易完成后，宝龙商业将仍为宝龙地产的非全资附属公司，其财务业绩、资产及负债将继续并入宝龙地 产业绩。 此次宝龙地产出售核心资产部分股权，与公司当前推进的债务重组工作密切相关。 为化解债务危机，近几年，宝龙地产一直就境外债务推进整体管理解决方案，并已制定重组及计划。 根据重组的相关条款及条件，宝龙地产需为债权人提供多种重组选项，其中就包括出售或质押宝龙商业 股份，以此筹集总计4000万美元的现金。 宝龙 ...

Core Viewpoint - The ongoing collaboration between Sunac and AMC institutions provides crucial external support for revitalizing the company's projects [1] Group 1: Financing and Project Development - On January 22, Sunac deepened its financing cooperation with CITIC Financial Assets, officially restarting the Tianjin Meijiang land project [1] - The partnership aims to jointly create a core residential project in Tianjin [1] Group 2: Financial Performance and Debt Management - Sunac is expected to achieve a cumulative sales revenue of approximately 36.84 billion yuan by 2025 [1] - The company's overseas debt restructuring plan was officially effective at the end of last year, and the completion of domestic debt restructuring at the beginning of this year has thoroughly resolved the debt risks at the listed company level [1] - These developments create better conditions for revitalizing more projects in the current year [1]

"三条红线"政策自2020年8月试点，2021年全面推行，监管部门为控制房企有息债务规模，要求房企每 月上报指标，并根据触线情况（红/橙/黄/绿四档）限制有息负债增速。具体而言，"三条红线"包括剔除 预收款后的资产负债率不得超过70%、净负债率不得超过100%、现金短债比不得小于1倍 。 专家：应鼓励金融机构支持房地产投资 另一家出险房企内部人士向记者透露："在'三条红线'相关财务指标报送方面，企业早期出险阶段曾按 要求定期汇报相关数据，目前已不再执行每月固定报送的要求，这一调整或与企业规模相关。" 同时，上述出险房企人士也表示："目前，公司总部与专班保持常态化对接，约1-2周开展一次会议沟 通，同步企业最新动态，沟通内容会根据企业实际情况灵活调整，例如企业发布公告时，专班会重点了 解公告内容安排；涉及资产处置工作时，其会跟进具体推进情况；若出现信访等相关问题，专班也会及 时进行风险提示。" 虽然不再要求强制上报负债率等指标，但是，随着房地产行业迈向高质量发展阶段，降负债仍然是房企 的头号重任。2025年，多数出险房企也完成了债务重组，有效降低了负债规模。据中指研究院数据，截 至2025年12月，已有21家出 ...

Core Viewpoint - Xinjing Power Group Co., Ltd. expects significant revenue growth and profitability improvement in 2025, driven by increased orders and expansion into overseas markets [2]. Financial Performance - The company forecasts revenue between 700 million to 800 million yuan for 2025, compared to 550 million yuan in the previous year [2]. - Expected net profit attributable to shareholders is projected to be between 40 million to 50 million yuan, marking a turnaround from a loss [2]. Reasons for Performance Improvement - The increase in revenue and gross profit is attributed to a rise in orders and the exploration of overseas markets [2]. - The company completed multiple debt restructurings during the reporting period, resulting in significant debt restructuring gains and a decrease in the cost of major overdue debts [2]. Non-Recurring Gains - Non-recurring gains are expected to impact net profit by approximately 120 million yuan, primarily from debt restructuring gains, other comprehensive income turning into profit, and penalties from overdue debts [2]. Business Overview - Xinjing Power started with a focus on oil and gas exploration and development software and technical services, evolving into a business model centered around high-end equipment manufacturing, integrated with energy and energy services [2]. - The company's equipment products are applicable in various fields, including petrochemicals, coal chemicals, natural gas chemicals, natural gas transportation, natural gas liquefaction, green energy, green power generation, and energy storage [2].

Core Viewpoint - The company, Xingyuan Environment (300266.SZ), expects a loss of 210 million to 240 million yuan for 2025, with a non-recurring loss projected between 340 million to 370 million yuan [1] Financial Performance Summary - The company reported a reduction in losses compared to the same period last year due to several factors: 1. Significant income from real estate demolition [1] 2. Debt restructuring gains achieved through debt settlement [1] 3. Decrease in average borrowing rates leading to reduced financial expenses compared to the previous year [1] - The main reasons for the company's losses during the reporting period include: 1. High balance of interest-bearing liabilities resulting in elevated annual financial expenses [1] 2. Underperformance in the collection of certain receivables, leading to substantial expected credit loss provisions [1]

于2025年10月10日，本公司就重组订立重组支持协议，重组及计划已取得债权人广泛支持。诚如本公司 于2025年12月19日公布，截至该日期，持有超过85.48%计划债务的债权人已提交同意加入重组支持协 议的信函。 根据重组的相关条款及条件，重组代价将包括根据计划债权人的选择而采取的一个或多个选项，其中包 括但不限于本公司出售或质押宝龙商业股份，以全部或部分筹集总计40百万美元的现金。 透过将目标股份的拥有权权益转让予买方，本集团将在相对较短的时间内获得现金收益。此现金收益可 改善本集团的流动性状况，并将用于为重组、计划以及本集团的日常营运提供资金。因此，出售事项体 现了本集团控股股东的持续支持，同时亦确保本集团及宝龙商业的管理层连续性，此乃由于进行出售事 项后两家公司的最终控股股东将保持不变。 宝龙地产(01238)发布公告，于2026年1月27日，卖方宝龙地产(维京)控股有限公司(由本公司全资拥有)与 买方Prime Capital Investment Limited订立该协议，以根据该协议所载条款及条件并在其规限下，由卖方 出售目标股份(宝龙商业(09909)已发行股本中的1.61亿股股份)，总代价为 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [4]. Core Insights - In Q4 2025, the company achieved record production of 1.23 million pounds of U₃O₈, representing a 15% quarter-on-quarter increase and a 93% year-on-year increase. The sales volume reached 1.43 million pounds, with a quarter-on-quarter increase of 168% and a year-on-year increase of 186% [1][2]. - The average realized price for U₃O₈ in Q4 2025 was $71.8 per pound, reflecting a 7% increase both quarter-on-quarter and year-on-year [1]. - The unit production cost decreased to $39.7 per pound, down 5% from the previous quarter and 6% year-on-year [1]. Summary by Sections Production and Operations - The mining activities at LHM accelerated, with total mined volume reaching 5.53 million tons, leading to an increase in ore and low-grade ore stockpiles. The processing plant achieved an average ore feed grade of 524 ppm and a recovery rate of 91% [2][6]. - The company expects to complete its capacity enhancement plan by mid-2026, aiming for an annual production target of 4 to 4.4 million pounds of U₃O₈ [2]. Financial Performance - On October 16, 2025, the company successfully completed a share purchase plan (SPP) with overwhelming support, receiving subscription applications totaling over AUD 138 million. The company accepted AUD 100 million of these applications [3]. - A debt restructuring was completed with lenders, reducing the overall debt from $150 million to $110 million, enhancing liquidity following successful equity financing [5]. Financial Metrics - The average realized price for U₃O₈ was $71.8 per pound in Q4 2025, compared to $67.4 in Q3 2025 [6]. - The total capital expenditure for the quarter was $1.9 million, with exploration expenditure at $0.5 million [6].

自2021年下半年以来，中国房地产行业进入深度调整的阶段，本集团的流动性面临前所未有的压力。为 减轻流动性资金压力，本集团积极加强财务风险管理，实施了多项措施，包括加快开发中物业和已建成 物业的预售和销售、加快销售款和其他应收款的回笼、延长部分借款的债务期限、争取新的融资渠道、 推进潜在资产处置及控制开支等。然而，受复杂的经营环境影响，本集团的销售复苏缓慢，流动资金紧 张状况日益严峻。 根据重组的相关条款及条件，重组代价将包括根据计划债权人的选择而采取的一个或多个选项，其中包 括但不限于本公司出售或质押宝龙商业股份，以全部或部分筹集总计40百万美元的现金。 在过去几年，本公司一直与其专业顾问努力就本公司的境外债务推进整体管理解决方案，以尊重所有持 份者权利，且希望随着境内经营环境逐步好转，能够释放本集团业务和资产的内在价值。本集团与特别 小组成员及其各自的顾问进行了建设性对话，以实现本公司债务基于各方一致意见的重组。因此，已制 定重组及计划，旨在尊重债权人的现有权利和公平地对待所有债权人;确保长期可持续的资本结构并进 一步稳定本集团的运营;及保障所有持份者的权利及权益。 透过将目标股份的拥有权权益转让予买方， ...