Core Points - *ST Jinke has completed the payment of 2.628 billion yuan for restructuring investments, which has been transferred to the designated accounts of all restructuring investors [2] - The company has signed a trust agreement with CITIC Trust to facilitate the transfer of assets into a trust plan, with plans to distribute trust shares to creditors soon [2] - The restructuring project is the first large-scale case of a listed real estate company in China, serving as a significant example for risk mitigation in the real estate sector [2] Financial Performance - In the first three quarters of the year, *ST Jinke reported revenue of approximately 5.699 billion yuan, a year-on-year decrease of 73.57% [4] - The net profit attributable to shareholders was approximately -10.777 billion yuan, a year-on-year decline of 102.12% [4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -9.424 billion yuan, a year-on-year decrease of 96.33% [4] Restructuring Timeline - On April 22, 2024, *ST Jinke and its subsidiary received court approval for their restructuring applications [3] - By May 10 and 11, 2025, the court approved the restructuring plans, leading to the execution phase of the plans [3] - On September 24, 2025, contracts were signed with CITIC Trust for the bankruptcy restructuring service trust [3]

Group 1 - The largest judicial reorganization case in China's real estate industry, involving over 8,400 creditors and a debt scale of 147 billion yuan, has made new progress [1] - On September 26, Jinke Property Group Co., Ltd. announced the signing of trust contracts with CITIC Trust for bankruptcy reorganization, marking a key step in the reorganization plan [2] - The establishment of a bankruptcy service trust by CITIC Trust is intended to create an independent asset pool for debt repayment, indicating the legal framework for the complex repayment mechanism has been completed [2] Group 2 - On April 22, 2024, the Chongqing Fifth Intermediate People's Court formally accepted the reorganization application of Jinke Property and its subsidiary, Chongqing Jinke [4] - On May 10 and 11, 2025, the court approved the reorganization plans for both Jinke Property and Chongqing Jinke, leading to the execution phase of the reorganization plan [5] - As part of the reorganization, 5.294 billion shares were transferred to a special account for the bankruptcy estate, increasing the total share capital from 5.34 billion to 10.634 billion shares [5] Group 3 - The reorganization plan includes a combination of "cash + stock + trust income rights," which increases the repayment rate for ordinary creditors by approximately 20 percentage points compared to a bankruptcy liquidation scenario [6]