Core Viewpoint - China CITIC Financial Asset Management Co., Ltd. has actively contributed to resolving real estate risks, with a total investment of 55.9 billion yuan in 93 relief projects since 2022, ensuring the delivery of 75,900 residential units and creating influential benchmark projects in the market [1] Group 1: Real Estate Risk Mitigation - The company has leveraged its comprehensive advantages to assist in real estate risk resolution, focusing on key areas since 2022 [1] - A total of 93 relief projects have been launched, with an investment scale of 55.9 billion yuan [1] - The company has ensured the delivery of 75,900 residential units through its initiatives [1] Group 2: Financial System Stability - China CITIC Financial Asset has also provided professional support to small and medium-sized banks, trusts, and securities firms, effectively managing risks [1] - Since 2022, the company has acquired approximately 220 billion yuan in non-performing asset packages from small and medium-sized banks [1] - The company has successfully secured multiple cross-regional asset packages and large single-asset acquisitions, enhancing the resilience and stability of the financial system [1] Group 3: Asset Management and Risk Control - The company has focused on its core business and risk resolution, with nearly 90% of its assets in non-performing asset management [1] - Revenue from this segment has reached 98.3%, an increase of nearly 40% compared to early 2022 [1] - The company has strengthened its risk prevention measures, achieving a reduction in both non-performing balances and non-performing ratios, with a capital adequacy ratio of 15.97% and a provision coverage ratio of 270% [1]

Core Viewpoint - After five years of waiting and three partial payments, personal investors of Huaxin Trust have finally received a risk resolution plan involving a state-owned platform [1] Group 1: Risk Resolution Plan - On August 14, Huaxin Trust announced the acquisition of personal investors' trust beneficiary rights by Dalian Anding Enterprise Management Co., Ltd. [2] - Dalian Anding will acquire eligible personal investors' trust beneficiary rights by September 25, 2025, focusing on specific trust plans [4] - The acquisition is limited to personal investors holding "Huaguan Series," "Huayue Series," and "Yueying Stable Growth No. 72" trust plans, excluding institutional investors [4] Group 2: Company Structure and Strategy - Dalian Anding was established on July 31, 2025, with a registered capital of 1 million yuan, fully controlled by Dalian Jin Yun, which has a registered capital of 10 billion yuan [4] - The establishment of Dalian Anding is seen as a strategic move for risk isolation and operational flexibility, ensuring that the parent company remains unaffected by potential legal disputes [5] - This structure allows for focused asset acquisition and contract negotiation, enhancing efficiency in risk resolution [5] Group 3: Background of Huaxin Trust - Huaxin Trust was listed among six high-risk trust companies by the former China Banking and Insurance Regulatory Commission at the end of 2019 due to issues like "fund pool" operations and asset misappropriation [6] - The company had a registered capital of 6.6 billion yuan and a complex shareholder structure with 20 shareholders [6] - In April 2020, regulatory authorities halted Huaxin Trust's "fund pool" business, leading to a public disclosure of risks involving 7.078 billion yuan of principal from social investors [7][8]