在深圳这座创新创业蓬勃发展的城市，许多创业者与企业在快速发展阶段，常会面临短期资金周转、债 务压力或资产盘活等挑战。如何高效、合规地获得融资支持，成为不少经营者关注的焦点。今天，我们 以第三方观察的视角，为大家介绍一家在本地备受关注的助贷服务平台——深圳荣德源金服，看看专业 机构是如何通过资源整合与规划服务，帮助客户实现从容融资的。 一、专业定位：不做资金方，只做"融资规划师" 3. 安居房换证垫资 针对深圳部分安居房补缴价款换红本的需求，该平台可提供短期垫资服务，帮助业主快速完成换证流 程。例如，业主王女士因补缴资金不足，通过该平台垫资50万元，3个工作日内完成换证，随后立即办 理银行抵押贷款，用低息贷款归还垫资，从而实现了资产的快速盘活。 与常见的"债务协商"不同，债务优化重点是通过合法置换来逐步修复信用，而非直接减免债务。例如， 客户李女士此前因生意周转共欠下80万元各类高息贷款，月还款额超2万元且征信查询记录多，濒临逾 期。经深圳荣德源金服规划，为其匹配了某银行的抵押经营贷产品，用其名下房产作为抵押，将80万元 分散负债一次性结清，转为单笔10年期、年化利率4.5%的贷款，月还款额降至约8300元，降 ...

（文章来源：证券日报） 证券日报网讯 12月31日，牧原股份在互动平台回答投资者提问时表示，当前公司已进入稳健发展阶 段，资本开支将逐步下降，公司会在稳健经营的基础上，不断降低整体负债规模。公司结合市场情况择 机发行债券，今年发行的债券利率逐步下降。公司将不断优化债务结构、降低融资成本，将财务指标保 持在更为安全、健康的水平，提升公司整体的经营质量。 ...

本文源自：财华网 【财华社讯】微创医疗(00853.HK)公布，独立股东已于2025年12月15日批准与CRMCayman的合并协 议，预计于12月19日前后完成。合并后，CRM Cayman将成为微创心通全资子公司，其全部股份将转换 为微创心通普通股。 本次合并旨在整合双方在结构性心脏病与心律管理领域资源，协同产品线与全球渠道，共同拓展心力衰 竭全周期管理市场。财务方面，合并将移除约2.6亿美元优先股回购义务，优化负债结构。此前，CRM Cayman一笔约1.28亿美元可换股债券已完成再融资，置换为利率2.8%的中长期银行贷款，进一步减轻 债务负担。 ...

Financial Data and Key Metrics Changes - Adjusted revenue reached HKD 4.9 billion, with cash profits of HKD 203 million, despite a net loss attributable to shareholders of HKD 988 million due to impairment losses [4][6][12] - The adjusted gross profit margin increased by 3.6 percentage points to 34.8%, driven mainly by property sales [12][13] - The net gearing ratio improved to 64.9%, down 2.7 percentage points compared to the end of March [7][14] Business Line Data and Key Metrics Changes - Property development revenue was HKD 3.2 billion, with a profit margin increase from 31.3% to 36.8% [25][26] - Hotel revenue increased by 9.5% to nearly HKD 1 billion, with occupancy rates improving significantly [36] - Car park revenue decreased by 10% to HKD 343 million, attributed to holding costs [45] - Gaming revenue increased by 11% to HKD 2,018 million, with an adjusted gross profit margin of 42% [46] Market Data and Key Metrics Changes - The company reported strong sales momentum in Manchester, with prices increasing over 50% in recent years [27] - In London, the Aspen at Consort Place project is expected to benefit from a housing supply shortage [29] - The Melbourne market showed strong performance with Westside Place selling out 1,400 units [31] Company Strategy and Development Direction - The company aims to accelerate project completions to optimize cash flow and reduce debt levels, maintaining a robust development pipeline of approximately HKD 62 billion [25][28] - There is a focus on divesting non-core assets and transitioning towards an asset-light business model [52] - The company plans to unlock hotel revaluation surplus and continue to enhance its hotel portfolio [9][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stabilization of the Hong Kong property market and the potential for no further material impairments [55][56] - The company is focused on reducing bank loans and maintaining a healthy financial position, with plans to complete ongoing projects [62][63] - Future cash flow visibility is strong, with HKD 9.3 billion in pre-sales and contracted sales expected to contribute to revenue [51] Other Important Information - The company has entered into agreements to dispose of certain non-core assets, including a car park in Sydney for AUD 3.7 million [9][45] - The company is actively involved in community support following a recent tragedy, demonstrating its commitment to social responsibility [2][24] Q&A Session Summary Question: Is there a risk of further impairment for the Sai Ying Pun project? - Management does not foresee further impairment, citing recent market stabilization and strong sales performance in the Pavilion Forest project [55][56] Question: What is the company's strategy regarding sustainability? - The company is converting loans to sustainability-focused financing and emphasizes its commitment to social impact through various initiatives [57][58] Question: What are the plans for the perpetual bonds? - The priority is on reducing bank loans, with no immediate rush to address the high coupon rates of perpetual bonds [62][63]

Core Viewpoint - New World Development Company announced that its subsidiary's securities exchange offer has received preliminary tender results, with the debt reduction plan expected to cut over $1 billion in debt [1] Group 1: Securities Exchange Offer - The exchange offer involves existing perpetual securities and medium-term notes, with a net reduction of approximately $1.02 billion in perpetual securities and about $29.9 million in priority notes after early settlement [2] - The early payment date is set for November 20, 2025, with a second early tender date planned for November 25 and a second early payment date for December 1 [3] Group 2: Financial Strategy - The company has raised the issuance cap for new perpetual securities from $1.6 billion to $1.79 billion, while maintaining the combined issuance cap for perpetual securities and notes at $1.9 billion [4] - This initiative aims to lower the debt ratio, optimize the debt maturity structure, and enhance the flexibility and liquidity of the balance sheet [5]

"维权代理"类债务优化，迎来新一轮高压震慑。 日前，上海区级法院释出一份判例，将"维权代理"中介通过集中恶意投诉、虚构平台违规证据等等软暴 力手段，逼迫金融机构为平息监管压力减免息费的行为，提格定性为敲诈勒索，打破了此前同类案件多 以诈骗罪定性的局限性。 而针对"只收钱不办事"的虚假"维权代理"，多部门合作联合打击仍在进行中。2025年9月至12月，司法 部、公安部、市场监管总局在全国开展规范法律咨询服务机构专项行动，依法打击各类诈骗、虚假宣 传、虚假承诺等违法犯罪问题。 在代理维权被围剿的大背景下，叠加银行消费贷、经营贷利率接力"击穿地板"，"代理维权"之外的另一 类债务优化——"债务置换"，逐渐升温，社交媒体及短视频平台开始频繁出现此类广告。 债务置换是否是债务优化困局的新"解药"？在合法合规的框架下，普通负债人的化债空间究竟有多大？ 01 债务置换的双赢样本 王超（化名）这些年一直在一个三线城市经营建材生意，生意不大不小，房子是十几年前全款买的，没 有房贷压力，虽然上有老下有小，但日子过得还算宽裕。但近年来，随着地产持续下行，建材生意愈发 惨淡，又加上去年家中出现变故，花了一大笔钱，王超家的经济状况迅速 ...

Core Viewpoint - The company is actively working on debt optimization and ensuring the ability to repay due debts through various strategies such as optimizing cash flow and revitalizing assets [1] Group 1 - The company is focusing on improving cash flow and asset management to support debt repayment [1] - The company will disclose relevant information in accordance with regulatory requirements if certain matters meet disclosure standards [1] - The company emphasizes compliance in its operations and aims to enhance profitability to protect the long-term interests of all shareholders [1]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was reported at $540.2 million, reflecting a 2.2% increase year-over-year and a 2.5% increase on a comparable adjusted basis [13] - GAAP net income improved to $33.7 million, or $0.74 per share, compared to $8.9 million, or $0.20 per share in Q3 2024 [14] - Comparable adjusted EBITDA reached $118.9 million, up 13.8% year-over-year, with margins improving to 22% of revenue, an increase of 220 basis points [14] - Adjusted EPS grew nearly 30% year-over-year to $1.09 per share [5][14] Business Line Data and Key Metrics Changes - The data segment saw revenue growth of 46% year-over-year, reaching $89.2 million, driven by strong demand for marketing campaigns [17] - Merchant services revenue grew by 4.8% year-over-year, totaling $98 million, with adjusted EBITDA improving by 14.6% to $20.4 million [15] - B2B payments segment revenues were $73.1 million, a decline of 2.7% year-over-year, but adjusted EBITDA expanded by 9.8% [16] - Print segment revenue declined by 5.9% year-over-year to $279.9 million, with branded promotional products seeing a 14.7% decline [20] Market Data and Key Metrics Changes - Payments and data now account for 47% of total company revenue, up nearly 400 basis points from the previous year [7] - The company reported a year-to-date free cash flow expansion of over 49%, growing by more than $31 million compared to the prior year [6] Company Strategy and Development Direction - The company is focused on shifting its revenue mix towards payments and data, driving operating efficiencies, and increasing EBITDA and cash flow to lower net debt [6][12] - The strategic priorities include enhancing the payments and data segments while leveraging cash flows from the print segment [6][12] - The company aims to achieve a debt-to-EBITDA target ratio below three times by the end of 2026 [5][23] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of free cash flow improvements and the overall health of core fundamentals [29][27] - The company anticipates continued strong growth in the data segment, although some moderation is expected in Q4 due to seasonal factors [19][35] - Management remains committed to maintaining a balanced capital allocation strategy focused on debt reduction and internal investments for growth [40][41] Other Important Information - The company achieved a net debt reduction of over $20 million during the quarter, resulting in a leverage ratio of 3.3 times, ahead of schedule [6][23] - A quarterly dividend of $0.30 per share was approved, payable on December 1, 2025 [24] Q&A Session Summary Question: Discussion on free cash flow and its sustainability - Management highlighted the focus on improving free cash flow through enhanced profitability, lower restructuring spend, and strong working capital efficiency [29] Question: Insights on the distribution partners and pipeline - Management discussed the successful partnership with People's Bank and the healthy pipeline of opportunities in financial institutions and ISVs [31] Question: Key drivers behind the data segment's growth - Management attributed the data segment's growth to investments in infrastructure and proprietary AI tools that enhance marketing effectiveness [34] Question: Clarification on print segment margins - Management explained that improved margins in the print segment were driven by a focus on profitable volume and operational efficiencies [36][39] Question: Capital allocation strategy post-leverage target achievement - Management reiterated the commitment to debt reduction while also investing in high-return growth opportunities in payments and data [40][41]

Core Viewpoint - The company reported a decline in revenue and profit for the first three quarters of 2025, primarily due to the ongoing downturn in the real estate sector, which has negatively impacted industry demand and financial performance [1][2]. Financial Performance - The company achieved a revenue of 19.905 billion yuan, a year-on-year decrease of 2.25% [1]. - The net profit attributable to shareholders was 2.586 billion yuan, down 17.77% year-on-year [1]. - The net profit after deducting non-recurring items was 2.531 billion yuan, a decline of 17.52% year-on-year [1]. - Basic earnings per share (EPS) stood at 1.53 yuan [1]. - The comprehensive gross profit margin was 29.53%, down 1.12 percentage points year-on-year [2]. - The net profit margin was 13.34%, a decrease of 2.36 percentage points year-on-year [2]. - The return on equity (ROE) after deducting non-recurring items was 9.64%, down 3.01 percentage points year-on-year [2]. Cost Structure - The sales expense ratio increased to 5.57%, up 0.61 percentage points year-on-year [2]. - The management expense ratio rose to 4.48%, an increase of 0.42 percentage points year-on-year [2]. Debt and Product Structure Optimization - The company reduced its interest-bearing debt ratio to 0.80%, a significant decrease of 8.51 percentage points year-on-year [3]. - The company optimized its debt structure by reducing bank loans and increasing the issuance of short-term financing bonds, with two issuances of 1 billion yuan each at interest rates of 1.78% and 1.66% [3]. - The financial expense ratio was 0.13%, down 0.18 percentage points year-on-year [3]. - The company increased investment in gypsum fiberboard and is actively developing production lines in Thailand and Bosnia to enhance product structure and expand overseas [3]. Future Outlook - The company is positioned as an industry leader with strong risk resistance capabilities, ensuring stable operations even in a challenging environment [3]. - The company is expected to benefit significantly from any improvement in supply and demand dynamics, leading to greater earnings elasticity [3]. - Profit forecasts for 2025-2027 are 3.278 billion, 3.610 billion, and 4.141 billion yuan, with corresponding EPS of 1.93, 2.12, and 2.44 yuan [4]. - The current stock price corresponds to PE ratios of 12.15, 11.03, and 9.62 for 2025-2027 [4]. - The company maintains a "strongly recommended" rating due to its resilience and ongoing optimization efforts [4].

Financial Performance & Debt Reduction - The company targets HKD26 billion in net debt reduction for FY25, which has been completed[10] - Net debt reduced by HK$3.5 billion, a 2.9% decrease compared to June 2024[12] - Total debt trending down, with a HK$5.7 billion reduction over FY25[17] - HKD88.2 billion loan refinancing & alignment completed to improve financial flexibility[10, 80] Business Segments Performance - Core Operating Profit is HK$6.0B [12] - IP segment results increased by 2% YoY[12, 50] - K11 segment results increased by 4% YoY[12, 50] - FY25 Hong Kong Contracted Sales: HKD11B [21] Strategic Initiatives & Optimization - CAPEX reduced by 15% YoY to HK$12.6 billion[10, 12] - G&A expenses reduced by 16% YoY to HK$3.5 billion[10, 12, 78] - Management will not consider rights issue[11] Investment Properties & Development - K11 MUSEA has an occupancy rate of approximately 96%[52] - K11 Art Mall has an occupancy rate of approximately 100%[52] - The company has abundant saleable resources in Hong Kong[33]