Core Viewpoint - The company reported a decline in revenue and significant losses in the first three quarters of 2025, prompting strategic adjustments to improve business quality and profitability [3][12]. Financial Performance - The company's revenue for the first three quarters of 2025 was RMB 4.97 billion, a decrease of RMB 1.14 billion compared to RMB 6.11 billion in the same period last year, primarily due to adjustments in related industries [3]. - The total profit for the first three quarters was a loss of RMB 3.35 billion, largely attributed to market fluctuations and a decline in the fair value of investment properties, resulting in a loss of approximately RMB 3.33 billion [3]. - Despite the revenue decline, the rental and operational business of shopping malls achieved a profit of approximately RMB 200 million, an improvement from about RMB 100 million in the previous year [3]. - The cash flow from operating activities showed a significant recovery, with a net inflow of approximately RMB 640 million, an increase of about RMB 1.17 billion compared to the same period last year [3]. Business Operations - As of September 30, 2025, the company operated 74 self-owned shopping malls and 228 managed shopping malls, with strategic partnerships in 7 home furnishing malls and 22 franchised home furnishing projects, totaling 358 stores [12][13]. - The company closed 4 self-owned shopping malls during the reporting period and transitioned 3 managed malls to self-owned status, while 2 self-owned malls were converted to managed status [13]. - There are 16 self-owned shopping malls in preparation, with a planned construction area of approximately 2.63 million square meters [15]. Management Changes - The company appointed a new general manager, Shi Yaofeng, following the resignation of the previous general manager, Che Jianxing, due to personal reasons [6]. - The board of directors approved the appointment of Xu Guofeng as a non-executive director [6]. Shareholder Information - The company disclosed a share reduction plan by major shareholders, with a total of up to 130,641,979 shares (3% of total shares) planned for sale [9]. - The shareholding ratio of Hongxing Meikailong Holdings Group decreased from 19.95% to 18.96% following the sale of 43,023,000 shares [10]. Financial Assistance - As of September 30, 2025, the company provided financial assistance totaling RMB 2.4 billion, with overdue amounts of RMB 1.74 billion [18][20]. - The company has made provisions for asset impairment totaling RMB 57.76 million for overdue financial assistance [19][21].

Financial Assistance Overview - The company approved a financial assistance proposal to provide 243,200 yuan to Leizhou Guangken Dongxiyang Rice Industry Co., Ltd. at a 19% investment ratio, with a one-year term and an interest rate of 4.785% [1][2] - The financial assistance was discussed in the board meeting on August 2, 2024, and approved in the shareholder meeting on August 20, 2024 [1] Financial Assistance Progress - As of the announcement date, the rice company has not repaid the principal amount of 243,200 yuan or the corresponding interest [1][2] - The overdue financial assistance represents 0.02% of the company's audited net assets for the last year [2] Company Measures and Impact - The company has communicated with the rice company and sent a written notice urging repayment, stating that no new loans will be provided until the outstanding amount is repaid [2] - The company reserves the right to take legal action to recover the overdue amount, aiming to minimize risks and protect the rights of the company and its shareholders [2] - The current overdue situation is not expected to have a significant adverse impact on the company's normal operations [2]