Group 1 - The company, China New City (01321), announced its participation as a co-founding member of the "Hong Kong Real World Assets Global Industry Alliance" aimed at promoting the digital transformation of real-world assets (RWA) [1] - The alliance's goals include integrating global resources and facilitating cross-industry collaboration among scholars, experts, and various institutions to support the growth of the RWA ecosystem [1] - The focus areas for the alliance will include blockchain, artificial intelligence, and Internet of Things technologies, particularly in the digital transformation of assets in real estate, green finance, and cross-border trade [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board has noted that the company's market value has long been below its net asset book value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] Group 3 - The company aims to leverage the alliance's technical expertise, regulatory knowledge, and collaborative resources to explore RWA tokenization, which is intended to provide a more objective fair value measurement for the company's held assets [1] - The initiative is expected to facilitate the release of asset value [1]

Group 1 - The company, China New City, announced its participation as a co-founding member of the "Hong Kong Real World Assets Global Industry Alliance" aimed at promoting the digital transformation of real-world assets (RWA) [1] - The alliance's goals include integrating global resources and facilitating cross-industry collaboration among scholars, experts, and various institutions to support the growth of the RWA ecosystem [1] - The focus areas for the alliance will include blockchain, artificial intelligence, and Internet of Things technologies, particularly in the realms of real estate, green finance, and cross-border trade asset digitization [1] Group 2 - As of December 31, 2024, the company's investment properties are valued at approximately 4.337 billion RMB [1] - The board has noted that the company's market capitalization has long been below its net asset value, indicating that asset values are not fully reflected in the capital market [1] - With the increasing acceptance of digital currencies and decentralized finance globally, RWA tokenization is becoming a strategic component for financing needs and asset management [1] Group 3 - The company aims to leverage the alliance's technical expertise, regulatory knowledge, and collaborative resources to explore RWA tokenization, which is intended to provide a more objective fair value measurement for the company's held assets and promote asset value release [1]

Core Viewpoint - The company, TuoSiDa (300607.SZ), plans to convert part of its self-owned real estate into investment properties to enhance asset utilization and generate rental income while ensuring orderly production and operations [1]. Group 1: Real Estate Conversion - The company aims to transform some of its self-used real estate into investment properties to improve asset efficiency [1]. - This strategy is aligned with the company's future operational development needs [1]. Group 2: Real Estate Details - The total area of the self-owned real estate is 73,337.77 square meters [2]. - As of June 30, 2025, the book value of the properties is 216.3747 million yuan, with a net book value of 166.2071 million yuan [2].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically focusing on the acquisition of a 60% stake in Shanghai Pu Jing Enterprise Management Center (Limited Partnership) and the related financial implications [1][2]. Group 1: Acquisition Details - The company acquired a 60% stake in Shanghai Pu Jing for a cash consideration of 90 million yuan, with the identifiable net assets of the acquired entity showing a book value of -942 million yuan and a fair value of 135 million yuan, resulting in an assessment increment of 1.076 billion yuan [1][2]. - The acquisition was driven by the need to stabilize control and management of the acquired entity due to financial difficulties faced by one of its partners, Shanghai Jing Rui Investment Co., Ltd. [2][3]. Group 2: Financial Impact - The acquisition led to an increase in the book value of intangible assets by 1.929 billion yuan, primarily due to mining rights, and an increase in investment property by 483 million yuan [1][2]. - The total assets of the acquired entity amounted to 3.032 billion yuan, with a net profit of -325.6 million yuan for the year 2024 [5][6]. Group 3: Management and Operational Strategy - Post-acquisition, the company plans to appoint a senior management team to enhance governance and operational efficiency, focusing on cost reduction and revenue enhancement through improved sales and marketing efforts [6][7]. - The company aims to leverage its experience in mining rights management to mitigate potential impairment risks associated with the acquired assets [1][3]. Group 4: Asset Valuation and Assessment - The identifiable assets and liabilities of the acquired company were assessed using various valuation methods, including the discounted cash flow method for mining rights, which were valued at 2.0009436 billion yuan [7][8]. - The fair value of investment properties was determined to be 452 million yuan, reflecting a 17.82% increase from the book value [7][8].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the disclosure of financial asset investments and related losses [1][2]. Financial Asset Investments - As of the end of 2024, the company held various financial investments totaling CNY 1136.64 billion, a year-on-year increase of 14.54% [2][3]. - The net investment income and fair value change net income for the period amounted to CNY 13.49 billion, a decrease of 13.91% year-on-year, primarily due to losses in trading financial assets and derivative financial instruments [1][2]. - The company reported a fair value loss of CNY 6.49 billion in trading financial assets and a total loss of CNY 14.75 billion in derivative financial instruments [1][2]. Specific Financial Asset Details - The initial cost of various financial assets includes CNY 492.55 billion for trading financial assets and CNY 29.73 billion for other equity instruments [2][3]. - The breakdown of financial assets includes perpetual bonds, government bonds, corporate bonds, and public funds, with specific risk ratings and overdue situations detailed [3][4]. Losses and Valuation Adjustments - The company experienced significant losses in fair value changes and investment income due to market conditions and the performance of underlying assets, particularly in non-listed equity investments [7][9]. - The company conducted regular valuations of its financial assets, with adjustments made based on market conditions and the performance of underlying investments [7][9]. Derivative Financial Instruments - The company reported a fair value change loss of CNY 4.72 billion in derivative financial instruments, attributed to hedging activities against investment risks [9][10]. - The losses were primarily due to the opposing performance of the spot and futures positions, with the spot positions generating profits while futures positions incurred losses [9][10]. Wealth Management and Asset Management - The company does not engage in self-funded investments in its wealth management or asset management businesses [10][12]. - The company has established a warning and tracking disposal team to manage overdue or defaulted financial assets, ensuring adequate valuation adjustments are made [12][13]. Buyback Financial Assets - The company reported that all stock pledge repurchase agreements had defaulted, with cumulative impairment provisions increasing over the years [14][15]. - The company has ceased new stock pledge repurchase business and is managing existing contracts based on the recoverability of pledged assets [15][16].

Core Viewpoint - The company, Fangzheng Securities, has undergone an audit of its 2024 financial statements, revealing significant details about its financial asset investments and the associated risks and losses incurred during the year [1][2]. Financial Performance - As of the end of 2024, the total financial investments held by the company amounted to 113.664 billion yuan, representing a year-on-year decrease of 13.91% [2][4]. - The company reported a net investment income and fair value change of 1.939 billion yuan, an increase of 22.49% compared to the previous year [4][9]. - The fair value losses from trading financial assets amounted to 649 million yuan, while losses from derivative financial instruments totaled 1.475 billion yuan [2][4]. Financial Asset Details - The breakdown of financial investments includes trading financial assets, other debt investments, equity investments, and derivative financial assets, with a total initial cost of 111.738 billion yuan [5][6]. - Specific asset categories include perpetual bonds (10.782 billion yuan), government bonds (25.190 billion yuan), and corporate bonds (2.408 billion yuan) [5][6]. Investment Losses - The company experienced significant losses in its financial asset investments, with a notable decline in the valuation of non-listed equity investments, which decreased by 1.003 billion yuan due to market conditions [9][10]. - The losses from derivative financial instruments were primarily attributed to hedging strategies that resulted in losses when the market rose [10][12]. Risk Management - The company has established a warning and tracking disposal team to manage assets with overdue or default situations, ensuring regular reviews of asset disposal processes [12][16]. - As of the end of the reporting period, there were nine financial products with overdue or default situations, with an initial cost of 475 million yuan and cumulative impairment of 405 million yuan [12][16]. Regulatory Compliance - The audit conducted by Ernst & Young confirmed that the financial statements of Fangzheng Securities complied with the relevant accounting standards, ensuring that the financial asset investments were accurately reported [13][14].