Core Viewpoint - The company reported significant declines in financial performance for the first half of 2025, with a focus on debt restructuring and maintaining operational stability while transitioning to an "industrial new city service provider" model [1][4][5]. Financial Performance - Total assets decreased by 8.63% to approximately RMB 278.12 billion compared to the previous year [1]. - Net assets attributable to shareholders fell by 144.44% to approximately -RMB 1.82 billion [1]. - Revenue dropped by 50.90% to approximately RMB 2.90 billion year-on-year [1]. - Total profit was reported at approximately -RMB 8.18 billion, with net profit attributable to shareholders at approximately -RMB 6.83 billion [1]. - The weighted average return on equity plummeted to -527.93%, a decrease of 445.96 percentage points [1]. Debt Restructuring - The company has implemented a debt restructuring plan, with cumulative restructuring amounts reaching approximately RMB 192.67 billion [5][6]. - As of July 31, 2025, the outstanding balance of domestic corporate bonds issued by the company and its subsidiaries was approximately RMB 25.12 billion [5]. - The company is actively utilizing equity from its subsidiaries to offset financial and operational debts, with amounts of approximately RMB 17.45 billion and RMB 6.17 billion respectively [6]. Business Strategy and Operations - The company is committed to the "industrial new city service provider" strategy, focusing on enhancing its core capabilities and optimizing its business model [4][8]. - The company has completed the delivery of all residential projects since the end of 2020, with four apartment projects remaining to be delivered [4]. - In the first half of 2025, the company signed 65 new investment projects with a total contract area of approximately 187,000 square meters [8]. - The company is expanding its service offerings, including property management and real estate services, with significant growth in urban service contracts [9][10]. Shareholder Information - As of the report date, the total number of shareholders was 178,054, with significant shareholding by 华夏幸福基业控股股份公司 [1][2]. - The top ten shareholders collectively held approximately 14.47% of the total share capital [2].

Core Viewpoint - The company is currently advancing its debt restructuring plan and related agreements with creditors, which will impact its financial performance for the first half of 2025, with projected significant net losses [1][2]. Financial Performance Forecast - The company expects a net profit attributable to shareholders for the first half of 2025 to be between -75 billion and -55 billion [1]. - The net profit attributable to shareholders after excluding non-recurring gains and losses is projected to be between -83 billion and -63 billion [1]. Previous Year Comparison - In the same period last year, the company reported a total profit of -63.86 billion, with a net profit attributable to shareholders of -48.49 billion [2]. - The basic and diluted earnings per share for the previous year were both -1.25, while the earnings per share after excluding non-recurring gains and losses were -1.62 [2]. Reasons for Performance Decline - The decline in net profit is primarily due to a lower turnover of real estate projects, resulting in decreased revenue recognition [2]. - Despite ongoing debt restructuring efforts leading to lower overall funding costs, the company still faces high financial expenses due to a large amount of existing debt and low capitalization rates for interest [2]. - The company is committed to completing its "guarantee delivery" obligations and focusing on its strategic transformation into an industrial new city service provider [2].

Core Viewpoint - 华夏幸福 is actively advancing its strategy to transform into an industrial new city service provider while focusing on "ensuring delivery of buildings" and debt restructuring efforts [1][4] Financial Performance - In the reporting period, the company achieved an operating revenue of 23.765 billion yuan [1] - The industrial leasing service saw the expansion of 133 new parks, with a total signed area of 5.1 million square meters, representing a year-on-year increase of 179% [1] - The company successfully landed 337 projects, with a total contract signed area of 317,000 square meters, up 126% year-on-year [1] Business Segments - The company has restructured its business portfolio into four main segments: development, operation, service, and park derivative businesses [1] - In the development segment, the company managed to add 67 new enterprises in the industrial new city, with a signed investment amount of 20.777 billion yuan [1] Operational Focus - The operation segment focuses on revitalizing the company's operating assets, managing various assets such as industrial parks, innovation centers, hotels, and educational facilities [2] - The company managed approximately 1.91 million square meters of industrial parks, with 254 new signed projects and a contract signed area of 203,400 square meters in 2024 [2] Service Capabilities - The service segment includes industrial development services, property services, and real estate services [2] - The company’s property services managed an area of 63.34 million square meters for urban and industrial park services, and 5.991 million square meters for residential services [2] Park Derivative Business - The company is exploring high-potential areas such as park renewable energy, digitalization, and low-altitude economy [3] - In the reporting period, the company’s investment in Suzhou Torch generated revenue of 0.332 billion yuan from 28 operating projects across 10 cities [3] Debt Restructuring - As of the report date, the company signed debt restructuring agreements totaling 192.273 billion yuan, with equity compensation for debts amounting to approximately 23.174 billion yuan [3] - The company has established a trust plan of 25.6 billion yuan, implementing trust debt compensation of 22.348 billion yuan [3] Future Outlook - The company will continue to prioritize "ensuring delivery of buildings" and strengthen its core industrial service capabilities to drive the transformation into an industrial new city service provider [4]