Core Insights - The 2025 Lihang Asset Operation Conference will be held on September 18, 2025, in Beijing, focusing on the market of individual loan non-performing assets with the theme "Empowering Industry with Technology, Linking the Future through Ecology" [1] - The conference will feature over 30 industry experts discussing key topics related to the individual loan non-performing asset market, technology's role, disposal strategies, and ecological construction within the industry [1] Conference Overview - **Guiding Unit**: Beijing Lize Financial Business District Management Committee [1] - **Organizers**: Beijing Huoli Network Technology Co., Ltd. and Zhejiang Xumi Digital Technology Co., Ltd. [1] - **Co-organizers**: Beijing Yinsanshu Technology Co., Ltd. and Zhejiang Aiqian Digital Technology Co., Ltd. [1] - **Date**: September 18, 2025 [1] - **Location**: China, Beijing Xiahang Carnival Hotel [1] Agenda Highlights - The agenda includes a series of keynote speeches and roundtable discussions focusing on market analysis, technological advancements, and strategies for high-quality acquisition and disposal of non-performing assets [2][3] - Key topics include market challenges and opportunities, regulatory policies, and the role of technology in reshaping the industry [3] Participation and Fees - **Standard Fee**: 1680 RMB per person, including conference participation and lunch on September 18 [4] - **Package Fee**: 3200 RMB per person, covering participation in both the conference and a training session on September 19 [4] Attendee Profile - The conference will attract a diverse range of participants, including representatives from major banks, asset management companies, and legal firms, highlighting the collaborative nature of the industry [5][6]

Core Insights - The Chengdu-Chongqing region is rapidly emerging as the fourth economic growth pole in China, with a total economic output exceeding 8 trillion yuan, creating vast opportunities for special asset investments [2] - The Second Chengdu-Chongqing Special Asset Investment Forum aims to gather government, financial institutions, investment firms, and industry experts to discuss policy interpretation, market trends, and investment strategies [2] - The forum will take place on September 12-13, 2025, in Chengdu, with an expected attendance of 500 participants [2] Event Details - The forum's theme is "Reshaping Value, Turning Stone into Gold," focusing on the construction of a special asset ecosystem [2] - The event is organized by various associations and institutions, including the Sichuan Bankruptcy Management Association and JD Asset Trading Platform [2] - The agenda includes discussions on the current economic cycle, bankruptcy restructuring, innovative paths for asset management companies (AMCs), and the role of AI in the development of the special asset market [2][3] Agenda Highlights - The morning session on September 12 will cover topics such as the current investment market for special assets and practical sharing on asset disposal [2][3] - The afternoon session will feature discussions on restructuring investments, the global context of bankruptcy investments, and strategies for revitalizing distressed real estate [3] - Specialized training sessions on September 13 will address the disposal and revitalization of mineral and industrial real estate assets [3] Participants and Stakeholders - The forum will include a diverse range of participants, such as government officials, financial regulators, banks, asset management companies, and legal firms [4] - Notable invited guests include leaders from various financial and legal institutions, enhancing the forum's credibility and networking potential [4]

Core Viewpoint - Haide Co., Ltd. reported a significant decline in net profit and revenue for the first half of 2025, indicating challenges in its business operations and financial performance [1]. Financial Performance Summary - The total operating revenue for the first half of 2025 was 337 million yuan, a decrease of 42.81% compared to 590 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 147 million yuan, down 61.11% from 378 million yuan year-on-year [1]. - The second quarter of 2025 saw an operating revenue of 117 million yuan, a decline of 52.36% year-on-year, with a net profit of approximately 50 million yuan, down 65.47% [1]. - The gross profit margin was 99.14%, a slight decrease of 0.17% year-on-year, while the net profit margin fell to 42.86%, down 31.58% [1]. - Earnings per share decreased to 0.08 yuan, a drop of 61.12% compared to 0.19 yuan in the previous year [1]. Key Financial Metrics - Cash and cash equivalents increased by 98.12% to 154 million yuan due to improved collections from non-performing assets [2]. - Accounts receivable decreased significantly by 87.81% to 44 million yuan, indicating better cash flow management [2]. - The company’s total liabilities decreased by 23.18% to 2.796 billion yuan, reflecting a reduction in interest-bearing debt [2]. - The operating costs fell by 28.99%, attributed to a decrease in costs associated with individual loan disposals [3]. Cash Flow Analysis - Operating cash flow per share increased dramatically by 1870.33% to 0.46 yuan, driven by intensified collection efforts [6]. - The net increase in cash and cash equivalents was up 123.35%, primarily due to increased net collections from non-performing assets [9]. Investment and Debt Management - Long-term borrowings decreased by 27.47% as the company repaid some of its long-term debts [2]. - The company’s return on invested capital (ROIC) was reported at 6.41%, indicating average capital returns [10]. - The company has faced challenges with its business model, having recorded three years of losses since its listing [10].

Group 1 - The core point of the article is that Haide Co., Ltd. announced the convening of its 15th meeting of the 10th board of directors on August 25, 2025, to review the company's 2025 semi-annual report and other documents [1] - For the year 2024, Haide Co., Ltd.'s revenue composition is as follows: 90.63% from the financial sector - non-performing asset disposal, 7.43% from other businesses, and 1.93% from financial technology services [1] - As of the report date, Haide Co., Ltd. has a market capitalization of 13.3 billion yuan [1]

Core Viewpoint - The recent financing round of 21 million RMB for the company "赚多啦" signifies a strategic move towards enhancing its capabilities in the management and disposal of non-performing assets, emphasizing the need for standardized and scenario-based approaches in the current market environment [1][9]. Financing and Strategic Partnerships - The financing round was led by 都会金融, with support from 信联商会 and strategic investment from 揽虹有限公司, creating a collaborative force in funding, regional resources, and governance systems for the company's national expansion and refined operations [1][4]. - 揽虹有限公司, a subsidiary of 国友不良资产处置有限公司, is expected to enhance project execution certainty due to its familiarity with local governance structures and judicial execution ecosystems [1][4]. Integrated Solutions Offered - The company provides a comprehensive solution covering asset acquisition, due diligence, value assessment, disposal and restructuring, judicial execution, and exit strategies, targeting various asset types including credit card debts, mortgage defaults, and bankruptcy projects [3]. - A multi-dimensional evaluation method is established based on recoverability, legal status, information completeness, and potential industrial engagement, allowing for differentiated pathways for asset management [3]. Operational Focus and Investment Directions - The company plans to invest in four key areas: upgrading its asset lifecycle management platform, establishing regional operational networks in major economic zones, strengthening its talent pool, and enhancing its collaborative ecosystem with legal and financial partners [5][9]. - The operational network will focus on proximity to facilitate quicker asset discovery, due diligence, and disposal processes [5]. Governance and Compliance Mechanisms - A closed-loop mechanism will be implemented to strengthen internal controls, including strict exclusion criteria during project initiation and cross-verification during execution [7]. - The company emphasizes transparency and accountability through clear project milestones and compliance checks, ensuring that recovery rates and cash flow distributions are closely monitored [7]. Methodological Approach - The company will pursue a dual approach of "standardized product lines" for small, short-term assets and "value restoration lines" for complex assets, ensuring both cash flow stability and profit margin enhancement [8]. - The collaboration model among 信联商会, 都会金融, and 揽虹有限公司 aims to create a more efficient industry network, where capital provides resilience, industry offers value, and regional support ensures speed [8]. Future Outlook - The management indicates that this financing marks a pivotal point towards achieving quality, speed, and compliance, with plans to stabilize regional hubs, standardize ecological interfaces, and explore innovative exit strategies over the next three years [9]. - The company aims to enhance its governance standards and organizational capabilities while fostering open ecological cooperation to drive business upgrades and deliver sustainable long-term returns for investors and partners [9].

Group 1 - The core point of the article is the establishment of a joint venture between Chengdu Deshang Fengzhi Technology Co., Ltd. and Guangzhou Fanghua Property Management Co., Ltd. to engage in the non-performing asset sector [1] - The joint venture will have a registered capital of RMB 1 million, with Deshang Fengzhi holding 65% and Fanghua holding 35% of the equity [1] - The collaboration aims to explore market opportunities in the non-performing asset sector, enhancing both parties' market competitiveness and expanding business scale [1] Group 2 - The agreement aligns with the strategic development directions of both companies, promoting mutual benefits and commercial goals [1] - The terms of the joint venture agreement are considered fair and reasonable, serving the overall interests of the company and its shareholders [1]

Core Viewpoint - The company has entered into a joint venture agreement to establish a partnership focused on the non-performing asset sector, which is expected to enhance market competitiveness and expand business scale [1] Group 1: Joint Venture Details - The joint venture will be established between Chengdu Deshang Fengzhi Technology Co., Ltd. (a wholly-owned subsidiary of the company) and Guangzhou Fanghua Property Management Co., Ltd. [1] - The registered capital of the joint venture will be RMB 1 million, with Deshang Fengzhi holding 65% and Fanghua holding 35% of the equity [1] - The parties aim to establish the joint venture as soon as feasible to explore market opportunities in the non-performing asset sector [1] Group 2: Strategic Implications - The collaboration aligns with both parties' strategic development directions and is expected to facilitate participation in promising non-performing asset projects [1] - The agreement is viewed as fair and reasonable, benefiting the overall interests of the company and its shareholders [1]

Core Viewpoint - The report by JLL highlights that China's non-performing assets (NPAs) are at a pivotal point for value reconstruction, indicating significant investment potential in this sector [1] Industry Overview - The National Financial Regulatory Administration estimates that banks will dispose of over 3 trillion yuan in non-performing assets in 2024 [1] - According to the 2025 China Financial Non-Performing Asset Market Survey Report by Dongfang Asset, the NPA market is expected to show a trend of "stable growth in total volume and continuous structural adjustment" [1] - National financial asset management companies are expected to lead local debt disposal under supportive debt reduction policies, with a projected 30% increase in the volume of NPAs they handle by 2025 [1] Investment Opportunities - The NPA sector is not merely "negative assets" but may represent undervalued value carriers, suggesting a need to broaden the definition of NPAs and focus on "non-negative assets" [1] - The restructuring of debts and the separation of debt and equity from underlying assets can reveal valuable components within NPAs, making them worthy of investment [2] - Innovative approaches such as NPA funds and asset securitization are gaining traction, presenting new opportunities for investment compared to traditional methods like debt-to-equity swaps and principal and interest recovery [2][3] Market Dynamics - The NPA industry exhibits a notable characteristic of "counter-cyclical acquisition and pro-cyclical sale," where the best time to acquire is during market downturns when asset prices are undervalued, and the optimal time to sell is during economic recovery when asset prices rise [3][4] - Emerging investment groups, such as family offices, are increasingly entering the NPA investment space, indicating a growing interest in this sector [4] Future Directions - JLL plans to further explore the classification and valuation strategies of NPAs, as well as disposal strategies, in collaboration with market participants to uncover the potential value of NPAs [4]

Core Viewpoint - The continuous decline in real estate prices has led to a persistent drop in the value of real estate as a major asset class, resulting in increased debt risks for some companies and the formation of non-performing assets [1][4] Group 1: Non-Performing Assets Overview - From 2020 to 2024, the cumulative scale of non-performing asset handling exceeds 3 trillion yuan annually [1] - The formation of non-performing assets affects the asset quality of financial institutions and poses threats to their stable operation and sustainable development [1] - The market for non-performing asset transactions has become increasingly active, indicating a potential "small windfall" in this sector [1] Group 2: Causes and Opportunities - The formation of non-performing assets can be traced back to the misalignment between short-term funding needs of enterprises and the macroeconomic cycle [5] - The increase in corporate debt defaults may further expand the scale of non-performing assets for banks and other financial institutions, presenting opportunities for certain investors [4][5] Group 3: Diverse Ownership and Market Trends - The owners of non-performing assets are becoming more diversified, including banks, trusts, asset management companies (AMCs), and real estate companies facing debt risks [4] - The market has seen a rational and mature understanding of non-performing assets, leading to a reduction in the discount rates for transactions since last year [6] Group 4: Asset Types and Valuation - Shopping centers and office buildings in first and second-tier cities are highly valued in non-performing asset transactions due to their stable cash flows [7] - Long-term rental apartments are also active in the transaction market, with asset disposal primarily focused on first and second-tier cities, while third-tier cities face higher risk assessment requirements [8] - Key evaluation metrics include the comprehensive realization rate, stability of current cash flows, and operational capabilities of the assets [8][9]

Core Viewpoint - The financial performance of CITIC Financial Asset Management Co., Ltd. for the fiscal year 2024 has significantly exceeded market expectations, indicating a successful transformation and a return to high-quality development [1][2]. Financial Performance - For the year ending December 31, 2024, CITIC Financial Asset reported total revenue of 112.766 billion yuan, a 60% increase year-on-year, and a net profit attributable to shareholders of 9.618 billion yuan, which is 5.4 times that of the previous year [1]. - The total assets at year-end reached 984.329 billion yuan, an increase of 16.225 billion yuan from the previous year, with an average return on equity rising by 14.8 percentage points to 18.4% [1]. - The company achieved a 53.5% growth in revenue from continuing operations, with core financial indicators surpassing capital market expectations [1]. Business Strategy and Structure - CITIC Financial Asset has fully divested from financial services, focusing on non-performing asset management and asset management and investment divisions, which now drive its operations [3]. - The non-performing asset management business generated 90.671 billion yuan in revenue, accounting for 84.4% of total revenue, with assets in this division totaling 833.185 billion yuan, representing 86.7% of total assets [3]. Market Position and Growth - The company maintains a leading market position in the non-performing asset sector, with a debt balance of approximately 180 billion yuan in non-performing asset claims and a market share that remains among the top in the industry [4]. - CITIC Financial Asset has improved its asset quality and risk resistance, with a 30% reduction in non-performing asset balance and a doubling of the provision coverage ratio to 226% [4]. Social Responsibility and Strategic Support - The company plays a crucial role in supporting national policies, contributing to financial risk prevention and economic stability, while also achieving economic and social value [5]. - CITIC Financial Asset has actively participated in initiatives to alleviate financial distress in the real estate sector, ensuring the delivery of 66,000 housing units and addressing wage arrears for migrant workers [5]. Industry Outlook - The current economic environment presents significant opportunities for asset management companies (AMCs) to expand their non-performing asset acquisition business, driven by ongoing risks in various sectors [7]. - Regulatory policies are encouraging AMCs to broaden their scope, enhancing their capabilities in acquiring, managing, and disposing of non-performing assets [7]. Market Response - The capital market has responded positively to CITIC Financial Asset's new brand image, with a 62.5% increase in stock price and active trading volume exceeding 100 million shares over ten consecutive trading days [8]. - The inclusion of CITIC Financial Asset in multiple Hang Seng indices is expected to diversify fund allocations and attract more capital, particularly from southbound funds [8].