Summary of Key Points from Conference Call Records Industry Overview - The records pertain to the real estate industry in China, specifically focusing on policies and market dynamics affecting urban development and housing. Core Insights and Arguments - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued measures to support urban renewal, allowing the use of existing land and property resources for state-supported industries with a transitional policy period not exceeding 5 years [2] - The 2026 National Housing and Urban-Rural Development Work Conference identified "high-quality urban renewal" as a key annual focus, emphasizing the implementation of various livelihood, development, and safety projects [2] - A sustainable model for urban renewal is proposed, involving government guidance, market operations, and public participation, with an emphasis on community engagement and the revitalization of idle assets [2] - The Guangzhou Housing and Urban-Rural Development Bureau plans to promote real estate market stability through strategies focused on "controlling growth, reducing inventory, and optimizing supply" [3] - In 2026, Guangzhou aims to complete fixed asset investments of 120 billion yuan in urban village renovations, with a focus on 52 new model projects to ensure the availability of resettlement housing [3] - The Beijing Planning and Natural Resources Committee has set a land supply plan for 2026, aiming for 65% of land supply to come from existing construction, with a specific focus on urban renewal [3] Additional Important Content - The records highlight the importance of legislative efforts for updating old housing and urban areas, including dilapidated buildings and historical districts, to enhance urban quality [3] - The emphasis on community involvement and the establishment of a legal framework for urban renewal indicates a shift towards more participatory governance in urban development [2][3]

Group 1 - The company has nominated Ms. Qiu Wenli as a non-independent director for the eighth board, pending approval at the upcoming shareholders' meeting [1][3] - The board meeting on January 20, 2026, approved the nomination and will submit it for shareholder approval [1][11] - After the approval, the board will consist of nine members, with the number of executive directors and employee representatives not exceeding half of the total board members [1] Group 2 - The company has decided to dismiss its accounting firm, Zhongxing Caiguanghua, due to an ongoing investigation by the China Securities Regulatory Commission [4][6] - The firm has been providing audit services since 2011 and issued an unqualified audit report for the 2024 financial year [7][8] - The dismissal requires approval from the shareholders' meeting scheduled for February 5, 2026, and the company is in the process of selecting a new auditing firm [12][11] Group 3 - The first temporary shareholders' meeting of 2026 is scheduled for February 5, 2026, with both on-site and online voting options available [14][18] - The meeting will discuss the approval of the nomination of Ms. Qiu Wenli and the dismissal of the accounting firm [35][34] - Shareholders must register for the meeting by January 29, 2026, and can delegate their voting rights to a proxy [23][25]

Core Viewpoint - The photovoltaic and real estate industries are experiencing significant losses, with the real estate sector facing even more severe challenges as many companies, including state-owned enterprises, are projected to report substantial losses in 2025 [1][5]. Summary by Sections Photovoltaic Industry Losses - Tongwei Co. is expected to report a loss of 9 to 10 billion yuan, TCL Zhonghuan is projected to lose 9.2 to 9.6 billion yuan, LONGi Green Energy is expected to lose 6 to 6.5 billion yuan, and JA Solar is projected to lose 4.5 to 4.8 billion yuan in 2025 [1]. Real Estate Industry Losses - As of January 19, 2026, 22 A-share listed real estate companies have released their 2025 performance forecasts, with only Poly Development expected to be profitable, while the other 21 companies are projected to incur losses [1][3]. - Poly Development anticipates a net profit of 1.026 billion yuan in 2025, a significant decrease of 79.49% compared to 2024, despite a slight revenue decline of 1.09% [4]. Major Losses Among Real Estate Companies - China Fortune Land Development and Greenland Holdings are expected to report losses exceeding 10 billion yuan, with China Fortune Land Development projected to lose between 16 to 24 billion yuan and Greenland Holdings expected to lose between 16 to 19 billion yuan [6][7]. - Other companies such as Beichen Industrial, Guangming Real Estate, and Jingtou Development are also expected to report losses exceeding 1 billion yuan [7]. Shift from Profit to Loss - Companies like Huafa Holdings and Tibet Urban Investment, which were profitable in 2024, are projected to report losses in 2025, marking a significant shift in their financial performance [8]. - The overall trend indicates that many companies are facing unprecedented challenges, with some experiencing their first losses in decades [1][8]. Market Conditions and Profitability - The decline in profitability across the real estate sector is attributed to a prolonged downturn in housing prices, leading to asset impairment and reduced profit margins [15][16]. - The average gross margin for major real estate companies has decreased significantly, with some companies reporting net profit margins as low as 2.27% [16]. Broader Implications - The losses are not confined to private enterprises; state-owned and central enterprises are also affected, indicating a systemic issue within the real estate market [17]. - The perception of the real estate industry as a high-profit sector is changing, as many companies are now struggling to maintain profitability amid challenging market conditions [16][17].

证券代码：600340 证券简称：华夏幸福 公告编号：2026-012 华夏幸福基业股份有限公司 关于公司解聘2025年度会计师事务所的公告 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： 原聘任的会计师事务所：中兴财光华会计师事务所（特殊普通合伙）（以 下简称"中兴财光华"）。 解聘会计师事务所的原因：鉴于华夏幸福基业股份有限公司（以下简称 "公司"）原聘任的会计师事务所中兴财光华因个别审计业务已被中国证券监督 管理委员会立案调查，为保障公司2025年度审计工作顺利开展，经过综合评估和 审慎研究，公司拟解聘中兴财光华作为公司2025年度财务报告审计及内部控制审 计机构。公司已就解聘会计师事务所事项与中兴财光华进行了充分沟通，中兴财 光华明确知悉本事项并确认无异议。 一、拟变更会计师事务所的情况说明 （一）原聘任会计师事务所情况及上年度审计意见 （三）生效日期 （三）公司与原聘任会计师事务所的沟通情况 公司已就解聘会计师事务所事宜与中兴财光华进行了沟通，中兴财光华明确 知悉本事项并确认无异议。 1 二、解聘会计 ...

证券代码：600340 证券简称：华夏幸福 公告编号：2026-011 华夏幸福基业股份有限公司关于 补选仇文丽女士为第八届董事会非独立董事的公告 1 附件：仇文丽女士的简历 仇文丽女士，1970 年出生，中欧国际工商学院工商管理硕士学位。历任平 安资产管理有限责任公司财务企划部和风险管理部总经理、董事总经理、平安创 赢资本管理有限公司总经理，现任平安创赢资本管理有限公司副董事长，兼任宝 湾物流控股有限公司董事、北控中科成环保集团有限公司董事、招商局港通发展 （深圳）有限公司董事及中保融信私募基金有限公司董事。 截至本公告披露日，仇文丽女士未直接持有上市公司股份，现任平安创赢资 本管理有限公司副董事长，除此之外，与公司控股股东、实际控制人、持有公司 5％以上股份的股东及公司其他董事、高级管理人员不存在关联关系；其任职资 格符合《中华人民共和国公司法》《上海证券交易所上市公司自律监管指引第 1 号—规范运作》及《华夏幸福基业股份有限公司章程》的相关规定；不存在《中 华人民共和国公司法》《上海证券交易所上市公司自律监管指引第 1 号—规范运 作》及《华夏幸福基业股份有限公司章程》中规定的不得担任董事的情形。 本公 ...

证券代码：600340 证券简称：华夏幸福 公告编号：2026-013 华夏幸福基业股份有限公司 关于召开2026年第一次临时股东会的通知 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、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 2 月 5 日 15 点 00 分 召开地点：河北省廊坊市固安科创中心二层会议室 8 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 2 月 5 日 至2026 年 2 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 ...

证券代码：600340 证券简称：华夏幸福 公告编号：2026-010 华夏幸福基业股份有限公司 第八届董事会第三十八次会议决议公告 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。 一、董事会会议召开情况 华夏幸福基业股份有限公司（以下简称"公司"）于2026年1月15日以邮件等 方式发出召开第八届董事会第三十八次会议的通知，会议于2026年1月20日在北 京市朝阳区佳程广场A座23层以现场结合通讯会议方式召开并表决。本次会议应 出席董事8名，实际出席董事8名。本次会议由公司董事长王文学先生主持，公司 董事会秘书、财务总监列席了本次会议。本次会议的召集、召开及表决程序符合 《中华人民共和国公司法》和《华夏幸福基业股份有限公司章程》的规定。 二、董事会会议审议情况 2、审议通过《关于公司解聘2025年度会计师事务所的议案》 该议案已经第八届董事会审计委员会 2026 年第一次会议审议通过，本次董 事会审议通过后，尚需提交公司 2026 年第一次临时股东会审议。 表决结果：同意8票，反对0票，弃权0票。 具体内容详见公司同日在上海 ...

Core Viewpoint - The real estate sector continues to face widespread losses, with most listed companies in the A-share market reporting varying degrees of deficit for 2025, except for the leading company, Poly Developments [2][3]. Group 1: Company Performance - Among the 27 listed real estate companies that have released performance forecasts, only Poly Developments reported a positive net profit of approximately 1.03 billion yuan, while the total losses of the other companies ranged from 47.546 billion to 62.464 billion yuan [3]. - Poly Developments experienced a revenue decline of 1.09% year-on-year, with a net profit drop of 79.49% due to decreased gross profit margins and anticipated asset impairment losses of about 6.9 billion yuan [3]. - Other companies, such as China Fortune Land Development, are projected to incur losses of 16 billion to 24 billion yuan for 2025, with net assets expected to decline by 10 billion to 15 billion yuan [4]. Group 2: Industry Challenges - The real estate sector has been struggling with significant losses since 2022, attributed to factors such as low-profit project settlements, increased impairment provisions, and rising interest expenses [6]. - The sales volume of commercial housing is expected to decline by 12.6% year-on-year in 2025, indicating ongoing market challenges [7]. - The real estate development prosperity index has been on a downward trend, reaching 91.45 by December 2025, reflecting a sluggish economic activity in the sector [7]. Group 3: Future Outlook - Analysts suggest that the adjustment cycle in the real estate market may be nearing its end by 2026, with potential growth in the high-quality residential market driven by policy support and demand structure upgrades [8]. - Companies facing significant losses must manage their market value and ensure compliance with financial reporting to avoid delisting risks, which could arise from continuous losses or failure to meet revenue thresholds [9].

Core Viewpoint - Huaxia Happiness (SH600340) has faced significant operational challenges, leading to a sharp decline in stock price and investor confidence due to massive losses, debt pressure, and uncertainties surrounding its pre-restructuring process [2]. Group 1: Financial Performance - In the first three quarters of 2025, the company's revenue decreased by 72.09%, with a net loss of 9.829 billion yuan, resulting in a negative net asset of 4.738 billion yuan and a high debt-to-asset ratio of 96.44% [2]. - The 2025 annual performance forecast indicates a projected net profit loss of between -24 billion to -16 billion yuan, highlighting severe operational difficulties [2]. Group 2: Debt Issues - The company has completed a financial debt restructuring of 192.669 billion yuan, which accounts for 87.9% of the planned restructuring, but approximately 24 billion yuan of debt remains unpaid, creating significant repayment pressure [2]. - Multiple new lawsuits have emerged, with a total amount involved reaching 782 million yuan, which constitutes 19.09% of the company's net assets, further exacerbating financial risks [2]. Group 3: Pre-restructuring Uncertainty - The company has entered a pre-restructuring process, but there are major uncertainties regarding the outcome, as historical data shows that the success rate for real estate company restructurings is below 50% [2]. - If the company enters formal restructuring, it will immediately be marked with a *ST (special treatment), and a failed restructuring could lead to bankruptcy liquidation and delisting, raising concerns among investors about the company's future [2]. Group 4: Internal Management Issues - There are notable disagreements between the major shareholder, Ping An, and the board of directors, as all five temporary proposals put forth by Ping An were rejected by the board, indicating governance issues that could hinder the company's stable development [2]. - The outflow of funds due to investor lack of confidence has contributed to the stock price hitting the limit down [2].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000036 | 华联控股 | 6.23 | -7.43% | 90.28万 | 5.74亿 | | 600266 | 城建发展 | 6.47 | -5.69% | 368.23万 | 24.29 乙 | | 002305 | *ST南置 | 2.14 | -2.73% | 42.97万 | 9191.99万 | | 600773 | 西藏城投 | 13.70 | -2.49% | 1 20.45万 | 2.83亿 | | 600895 | 张江高科 | 44.89 | -1.32% | 34.30万 | 15.46 Z | | 600325 | 委发股份 | 4.06 | -0.98% | 40.77万 | 1.66亿 | | 600848 | 與過陳上 | 11.95 | -0.83% | 16.08万 | 1.93 Z | | 000006 | 深振业A | 9.15 | -0.65% | 22.17万 | 2.02亿 | | 600736 ...