转自：智通财经 【华夏幸福：预计2025年净亏损160亿元-240亿元 公司股票可能被实施退市风险警示】智通财经1月13 日电，华夏幸福(600340.SH)公告称，预计2025年度归属于上市公司股东的净利润为-160亿元到-240亿 元，上年同期为-48.17亿元。受公司房地产项目结转节奏等因素影响，公司本期房地产结转项目减少， 结转收入下降，导致了净利润同比下降。公司虽持续推进债务重组工作，但因公司债务存量金额仍然较 大，且随着房地产存量项目竣备、交付、结转，利息费用资本化率同比降低，财务费用始终处于高位。 同时，随着债务重组本年推进缓慢，确认的债务重组投资收益大幅减少。公司基于企业会计准则及公司 会计政策、会计估计，并结合当前行业状况，对部分资产计提大额减值损失。公司同日公告，预计2025 年末归属于上市公司股东的净资产为-100亿元到-150亿元，公司股票可能被上海证券交易所实施退市风 险警示。 ...

证券代码：600340 证券简称：华夏幸福 公告编号：2026-006 华夏幸福基业股份有限公司 关于公司股票可能被实施退市风险警示 的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性及完整性承担法律责任。 重要内容提示： 经华夏幸福基业股份有限公司（以下简称"公司"或"华夏幸福"）财 务部门初步测算，预计公司 2025 年末归属于上市公司股东的净资产为负值，依 据《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"）第 9.3.2 条第一款第（二）项规定，公司股票可能被上海证券交易所实施退市风险警示， 敬请广大投资者注意投资风险。 经公司财务部门初步测算，预计公司 2025 年度将实现归属于上市公司股 东的净利润为-240 亿元到-160 亿元；将实现归属于上市公司股东的扣除非经常 性损益的净利润为-250 亿元到-170 亿元；预计公司 2025 年末归属于上市公司股 东的净资产为-150 亿元到-100 亿元。 河北省廊坊市中级人民法院（以下简称"廊坊中院"或"法院"）受理 公司预重整，不代表法院正式受理申请人对公司的重整 ...

证券代码：600340 证券简称：华夏幸福 公告编号：2026-005 华夏幸福基业股份有限公司 2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性及完整性承担法律责任。 重要内容提示： 业绩预告的具体适用情形：净利润为负值、期末归属于上市公司股东的 净资产为负值； 预计华夏幸福基业股份有限公司（以下简称"公司"或"华夏幸福"） 2025 年度将实现归属于上市公司股东的净利润为-240 亿元到-160 亿元； 预计公司 2025 年度将实现归属于上市公司股东的扣除非经常性损益的 净利润为-250 亿元到-170 亿元； 预计公司 2025 年末归属于上市公司股东的净资产为-150 亿元到-100 亿 元； 若公司 2025 年末归属于上市公司股东的净资产为负值，根据《上海证券 交易所股票上市规则》（以下简称"《股票上市规则》"）第 9.3.2 条第一款第 （二）项的规定，公司股票在 2025 年年度报告披露后可能被实施退市风险警示， 1 敬请广大投资者注意投资风险。 一、本期业绩预告情况 （一）业绩预告期间：2025 年 1 月 ...

21智讯1月13日电，华夏幸福发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为-240 亿元到-160亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为-250亿元到-170 亿元。归属于上市公司股东的净利润同比预减亏；原因：受公司房地产项目结转节奏等因素影响，公司 本期房地产结转项目减少，结转收入下降，导致了净利润同比下降。公司虽持续推进债务重组工作，但 因公司债务存量金额仍然较大，且随着房地产存量项目竣备、交付、结转，利息费用资本化率同比降 低，财务费用始终处于高位。同时，随着债务重组本年推进缓慢，确认的债务重组投资收益大幅减少。 公司基于企业会计准则及公司会计政策、会计估计，并结合当前行业状况，对部分资产计提大额减值损 失。 ...

华夏幸福公告，公司预计2025年度将实现归属于上市公司股东的净利润为-240亿元到-160亿元；预计公 司2025年度将实现归属于上市公司股东的扣除非经常性损益的净利润为-250亿元到-170亿元；预计公司 2025年末归属于上市公司股东的净资产为-150亿元到-100亿元。 ...

Core Viewpoint - The Ping An Group, as the largest shareholder of Huaxia Happiness, has initiated legal arbitration against Huaxia Holdings and its actual controller Wang Wenxue, claiming a compensation of 6.4 billion yuan due to unmet performance guarantees from a 2018 investment agreement [1][16]. Group 1: Background of the Investment - In 2018, Huaxia Happiness was expanding rapidly and needed capital, while Ping An was looking for quality real estate investments, leading to a partnership [2][3]. - The partnership involved two rounds of share transactions, with Ping An acquiring a total of 25.25% of Huaxia Happiness through investments exceeding 17.9 billion yuan [4]. - The investment included strict performance guarantees, requiring Huaxia Happiness to achieve specific net profit growth rates for 2018, 2019, and 2020 [4][5]. Group 2: Performance and Consequences - Huaxia Happiness met the profit targets for 2018 and 2019 but failed dramatically in 2020, achieving only 36.65 billion yuan against a target of 180 billion yuan, triggering compensation clauses [5][6]. - The failure to meet performance targets led to a prolonged delay in Ping An's compensation claims, which were not pursued until five years later [7][16]. Group 3: Changes in Shareholding and Governance - Following the 2020 performance failure, Huaxia Happiness faced a liquidity crisis, leading to a shift in shareholding dynamics where Ping An became the largest shareholder [8]. - Despite being the largest shareholder, Ping An's influence in governance diminished, with its representatives often sidelined in decision-making processes [9][10]. - In late 2025, Ping An attempted to regain governance control through five proposals, all of which were rejected by Huaxia Happiness's board [12][13][14]. Group 4: Legal Actions and Current Developments - After the rejection of its proposals, Ping An escalated the situation by filing for arbitration to claim the 6.4 billion yuan in compensation, intertwining the legal dispute with ongoing governance issues [16].

Core Viewpoint - The focus on Huaxia Happiness has shifted towards pre-restructuring progress and shareholder disputes with Ping An, following the completion of approximately 87.9% of financial debt restructuring [2][3]. Group 1: Financial Performance and Debt Restructuring - Huaxia Happiness announced a projected net loss for 2025, with expectations that the loss will exceed the audited net asset value from the previous year, potentially leading to negative net assets by year-end [6][4]. - The company reported a significant loss of nearly 10 billion yuan in the first three quarters of 2025, with revenue dropping by 72.09% year-on-year to 3.882 billion yuan, and a high debt-to-asset ratio [6][4]. - The ongoing financial difficulties have raised concerns about the company's ability to stabilize operations and the potential for triggering delisting risks [6][4]. Group 2: Shareholder Disputes and Legal Challenges - A recent arbitration request from Ping An seeks approximately 6.4 billion yuan in performance compensation from Huaxia Holdings, the controlling shareholder, which adds uncertainty to the ongoing pre-restructuring process [4][5]. - The conflict between Ping An and Huaxia Happiness has escalated from governance disagreements to legal confrontations, including arbitration and challenges to restructuring proposals [3][4]. - The relationship between the management and shareholders has become increasingly strained, highlighting the need for a stronger coordination mechanism to balance interests during the debt restructuring process [5][8]. Group 3: Strategic Direction and Market Outlook - Huaxia Happiness is undergoing a strategic transformation from a heavy asset developer to a service-oriented model, focusing on debt restructuring and operational stability [7][8]. - The real estate market is showing signs of stabilization, with expectations for a bottoming out in 2026, which may provide a more favorable environment for the company's recovery efforts [7][8]. - Analysts suggest that the resolution of the company's issues hinges on maintaining operational stability and respecting management's judgment to navigate the complex debt landscape effectively [8].

Group 1 - Wanhua Chemical's Yantai Industrial Park's ethylene unit has completed a technical upgrade and resumed production, achieving flexible feedstock switching between ethane and propane, enhancing competitiveness in the petrochemical industry [1] - United Water has won a long-term operation contract for municipal wastewater treatment in Saudi Arabia, with an estimated total investment of approximately 378 million RMB over a 15-year cooperation period [2] - Minsheng Health plans to invest 98 million RMB to establish a fund focused on the health industry, contributing 49% of the total fund size of 200 million RMB [3] Group 2 - Jialitu's shareholder, Anle Group, plans to reduce its stake by up to 3% of the company's total shares [4] - Laiyifen's controlling shareholder intends to reduce its stake by no more than 3% of the total shares [5] - Taifu Pump's actual controller's concerted action party plans to reduce its stake by up to 0.535% [7] Group 3 - Vanke A's executive vice president, Yu Liang, has resigned due to retirement [8] - Tian Sheng New Materials has suspended trading due to a potential change in control involving its largest shareholder [10] - Taisun Wind Power is in the early stages of business layout in the commercial aerospace sector [11] Group 4 - Lushin Investment holds only 0.89% equity in Blue Arrow Aerospace, indicating minimal impact on its financial status [12] - Huibo Pu's controlling shareholder is planning a change in control, leading to stock suspension [13] - Tubaobao's subsidiary is selling a stake in Daziran Home and acquiring specific equity for 4 billion RMB [14] Group 5 - Xingchen Technology plans to repurchase shares worth between 60 million and 120 million RMB for employee stock ownership plans [15] - Pulite expects no large-scale orders for its LCP film products in the brain-computer interface sector in the short term [16] - Rijiu Optoelectronics plans to raise up to 800 million RMB through a private placement for a functional film project [17] Group 6 - Yingqu Technology forecasts a net profit increase of 114.69% to 162.4% in 2025, with expected revenue growth of 13% to 18% [19] - Shanda Electric has won a project from Southern Power Grid worth approximately 13.43 million RMB [20] - Changhong Technology's subsidiary has secured over half of a major semiconductor customer's procurement share, amounting to over 10 million RMB [21] Group 7 - Pairui Co. has signed a framework agreement for bulk procurement of IGBT chips, with projected orders totaling approximately 1.74 billion RMB [22] - Aimeike has received a drug registration certificate for its exclusive distribution of injectable botulinum toxin products in China [23] - Quanyin High-Tech's stock will resume trading after a takeover offer from Zhongzhong Group, which now holds 40.51% of the company [24] Group 8 - Hailiang Co. has decided to suspend its investment in Jinlong Group due to significant external changes [25] - Quanxin Co. plans to issue convertible bonds to raise up to 312 million RMB for aviation communication projects [26] - Kangtai Bio's clinical trial application for a combined vaccine has been accepted by the National Medical Products Administration [27] Group 9 - Huaxia Happiness expects to report a net loss for 2025, with losses projected to exceed the previous year's audited net assets [28] - Xianju Pharmaceutical has received a drug registration certificate for Betamethasone Sodium Phosphate Injection [29] - Huaxia Happiness's controlling shareholder is involved in arbitration with a claim amount of approximately 6.4 billion RMB [30] Group 10 - Shaoneng Co. has launched its smart control center project, with an investment of 8.7 million RMB [31] - Jiangshun Technology is planning to establish an investment fund with professional institutions, with details still under discussion [32] - Beifang Changlong intends to acquire 51% of Shunyi Technology, which may constitute a major asset restructuring [33] Group 11 - Guoji Heavy Industry's revenue from "controlled nuclear fusion" products is currently negligible [34] - Hongrun Construction's shareholder plans to reduce its stake by up to 0.12% [35] - Puni Testing expects a net loss of 200 to 250 million RMB for 2025, although this represents an improvement from the previous year's loss [36] Group 12 - Kede Education's controlling shareholder is planning a change in control through a share transfer agreement [38] - Zhongwei Company’s major shareholder plans to reduce its stake by up to 2% [39] - Tongcheng New Materials is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [40] Group 13 - ST Jianyi's shareholder plans to reduce its stake by up to 1.23% [41]

Group 1 - Two major energy state-owned enterprises, China Petroleum & Chemical Corporation and China Aviation Oil Group, announced a merger approved by the State Council, aiming to leverage advantages in refining integration and aviation fuel supply systems to reduce costs and promote high-quality development of the industry [1] - Vanke A announced that Yu Liang, a representative figure in the real estate sector, has retired after 35 years with the company, holding 739,490 shares valued at over 36 million yuan as of January 8 [1] - Gold has officially surpassed U.S. Treasury bonds for the first time in 30 years, becoming the largest reserve asset globally, with a value of $3.93 trillion compared to $3.88 trillion for U.S. Treasury bonds [1] Group 2 - The Ministry of Commerce held a press conference addressing recent hot topics, including the evaluation of Meta's $2 billion acquisition of AI platform Manus, which must comply with Chinese laws and regulations [2] - The Ministry of Finance expressed confidence in China's economic stability and invited the London Stock Exchange Group to deepen cooperation [2] - The U.S. government is pushing a bill to strengthen sanctions against Russia, which may affect countries like China, India, and Brazil in purchasing cheap Russian oil [2] Group 3 - Guangzhou has introduced a plan to build a strong advanced manufacturing city, focusing on five strategic industries including AI, semiconductors, and new energy [3] - The A-share market saw a slight decline, with the Shanghai Composite Index down 0.07% and the Shenzhen Component Index down 0.51%, while the total market turnover reached 2.83 trillion yuan [3] - The Hong Kong stock market experienced a drop, with the Hang Seng Index down 1.17%, while the "first global large model stock" Zhiyuan surged over 13% on its debut [3] Group 4 - The margin financing balance in the A-share market reached a historical high of 2.6047 trillion yuan, marking a significant increase of approximately 248 billion yuan in a single day [4] - Ping An Life announced its fourth stake increase in China Merchants Bank H-shares, holding 20% of the total share capital [4] - HSBC and Hang Seng Bank announced the approval of HSBC's proposal to privatize Hang Seng Bank, with shares expected to be delisted on January 27 [4] Group 5 - Bawang Tea Princess is considering an IPO in Hong Kong, with preliminary discussions with investment banks for a potential fundraising of several hundred million dollars [5] - Major announcements from listed companies include Vanke A's announcement of Yu Liang's resignation due to retirement and Industrial Fulian's semi-annual dividend distribution of 6.55 billion yuan [6] Group 6 - The market regulatory authority has warned major polysilicon companies against monopolistic practices, emphasizing the need for compliance in capacity management and pricing [7] - The Ministry of Industry and Information Technology held a meeting addressing irrational competition in the battery industry, calling for better capacity management [7] - The Chinese automotive market is experiencing a promotional wave at the start of the year, with several companies offering discounts to counteract the impact of new taxes on electric vehicles [7]

Core Viewpoint - The dispute between Huaxia Happiness and Ping An Group has escalated, with Ping An Asset Management and Ping An Life Insurance filing an arbitration application for approximately 6.4 billion yuan against Huaxia Holdings and its actual controller Wang Wenxue [1][4]. Group 1: Arbitration Details - Ping An Asset Management and Ping An Life Insurance initiated arbitration against Huaxia Holdings and Wang Wenxue regarding agreements signed in 2018 and 2019, which included performance compensation obligations [4]. - The arbitration amount involved is approximately 6.4 billion yuan [1]. Group 2: Company Operations and Financial Status - Huaxia Happiness claims that the arbitration will not directly impact its production and operations, nor its financial results for the current and future periods [1]. - The company is currently undergoing pre-restructuring efforts due to financial difficulties, with a significant debt default of nearly 90 billion yuan and total liabilities exceeding 400 billion yuan [6]. - Huaxia Happiness anticipates a net loss for 2025, with the net assets potentially turning negative by year-end [6]. Group 3: Shareholder Actions and Governance - Ping An Life Insurance proposed five temporary resolutions for Huaxia Happiness's upcoming shareholder meeting, which were not approved by the board [5]. - The proposed resolutions included matters related to the debt restructuring process and the removal of a board member [5].