企业名称华联新世界（海南）国际贸易有限公司法定代表人高忠杰注册资本18000万人民币国标行业批 发和零售业>批发业>其他批发业地址海南省海口市龙华区滨海街道滨海大道32号复兴城E区二楼D区企 业类型有限责任公司（自然人投资或控股的法人独资）营业期限2025-12-9至无固定期限登记机关海南 省市场监督管理局 来源：市场资讯 天眼查显示，近日，华联新世界（海南）国际贸易有限公司成立，法定代表人为高忠杰，注册资本 18000万人民币，由华联新世界集团股份有限公司全资持股。 序号股东名称持股比例1华联新世界集团股份有限公司100% 经营范围含一般经营项目：销售代理；国内贸易代理；货物进出口；技术进出口；进出口代理；食品进 出口；离岸贸易经营（经营范围中的一般经营项目依法自主开展经营活动，通过国家企业信用信息公示 系统（海南）向社会公示） ...

Group 1: New World Development - New World Development announced the completion of a debt exchange offer, with a total of approximately $1.362 billion in new notes expected to be issued, which is 71.7% of the original issuance cap of $1.9 billion [1] - As of June 30, 2025, the company's total debt reached HKD 146.1 billion, with net debt at HKD 120.1 billion, and short-term debt decreased by HKD 35 billion to HKD 6.6 billion [2] - The company reported a revenue decline of 22.64% year-on-year to approximately HKD 27.681 billion for the first half of 2025, with a significant increase in shareholder losses to HKD 16.302 billion, up 38.07% year-on-year [2] Group 2: Peng Bo Shi - Peng Bo Shi Telecom Media Group announced that its subsidiary failed to repay approximately $218.54 million in principal and interest on a bond due December 1, 2025, due to liquidity issues [3] - The company is negotiating with creditors for an extension and restructuring plan, facing potential litigation risks if unresolved [3] - The "18 Peng Bo Bond" has been suspended since April 12, 2024, with the maturity date adjusted to May 25, 2026, indicating uncertainty in repayment [3] Group 3: Jin Di Group - Jin Di Group reported that it has not yet repaid public debt with a face value of approximately RMB 501 million [4][5] - The company’s revenue for the first three quarters of 2025 was approximately RMB 23.994 billion, a decrease of 41.48% year-on-year, with a net loss of RMB 5.186 billion [4] - Jin Di Group emphasizes cash flow management as a core strategy to ensure financial safety [4] Group 4: Fang Yuan Real Estate - Fang Yuan Real Estate disclosed overdue debts totaling RMB 6.306 billion and has been restricted from high consumption activities due to legal issues [6] - The company is facing a bondholder meeting on December 11, 2025, to discuss adjustments to bond repayment arrangements [6] - Fang Yuan has a total of RMB 918 million in outstanding bonds and $340 million in offshore debt, which has defaulted [6]

Core Viewpoint - The Cheng family, one of Hong Kong's "Four Big Families," is reportedly seeking to sell part of its assets in the Rosewood Hotel Group to address liquidity issues faced by its real estate company, New World Development [1][2]. Group 1: Asset Sale and Market Conditions - The Rosewood Hotel Group is currently operational, with no formal confirmation of the asset sale in the market [1][3]. - The hotel group was acquired by New World Development in 2011 for approximately $229.5 million, and it has expanded to 33 hotels globally, with several more in the pipeline [3]. - The current market environment is favorable for the sale of quality hotel assets, with over half of hotel projects selling for less than 70% of their assessed value [6]. Group 2: Financial Challenges of New World Development - New World Development announced a delay in the payment of $3.4 billion in perpetual bonds, indicating ongoing financial strain [2][10]. - The company's total debt reached HKD 1,460 billion, with net debt at HKD 1,201 billion, highlighting the need for debt reduction [8][10]. - The company has been exploring asset sales to alleviate financial pressure, with the potential sale of the Rosewood Hotel Group being a strategic move [8][11]. Group 3: Performance Metrics - For the fiscal year ending 2023, hotel operating revenue was HKD 1.499 billion, a year-on-year increase of 8.54%, but the hotel operations incurred a loss of HKD 360 million [4]. - New World Development's revenue for the fiscal year was HKD 27.681 billion, a decline of 23%, with a loss attributable to shareholders of HKD 16.302 billion, an increase of 38.07% [7].

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： 证券代码：600628 证券简称：新世界 公告编号：临2025-024 上海新世界股份有限公司(以下简称"公司") 于 2024 年 11 月 22 日召开的第十一届董 事会第二十四次会议审议通过了《关于上海新世界股份有限公司继续使用募集资金购买理财 产品或结构性存款的议案》，为提高资金使用效率，在保证不影响募集资金投资项目建设和 募集资金使用的前提下，同意公司将继续使用募集资金适时购买安全性、流动性较高的理财 产品或结构性存款，授权期限内任一时点购买理财产品余额不超过 11 亿元人民币，并授权 董事长或财务总监在额度范围内行使该项投资决策权并签署相关合同文件，授权有效期为公 司第十一届董事会第二十四次会议审议通过之日起一年。 上海新世界股份有限公司 关于使用募集资金购买理财产品或结构性存款到期赎回的公告 公司又于 2025 年 11 月 21 日召开的第十二届董事会第八次会议审议通过了《关于上海 新世界股份有限公司继续使用募集资金购买理财产品或结构性存款的议案》 ...

Core Insights - The general retail sector experienced a slight increase of 0.36% on December 2, with Maoye Commercial leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Retail Sector Performance - Maoye Commercial (600828) saw a significant increase of 9.93%, closing at 6.53, with a trading volume of 1.37 million shares and a transaction value of 842 million yuan [1] - Dongbai Group (600693) increased by 6.38%, closing at 11.00, with a trading volume of 1.87 million shares and a transaction value of 2.006 billion yuan [1] - Other notable performers included Dae Oriental (600327) up 5.33%, He Bai Group (000417) up 4.42%, and New World (600628) up 3.52% [1] Decliners in Retail Sector - Sanjiang Shopping (601116) decreased by 3.43%, closing at 15.77, with a trading volume of 435,800 shares and a transaction value of 701 million yuan [2] - Zhejiang Dongri (600113) fell by 2.19%, closing at 54.50, with a trading volume of 37,300 shares and a transaction value of 203 million yuan [2] - Other notable decliners included Agricultural Products (000061) down 1.66% and Juran Smart Home (000785) down 1.61% [2] Capital Flow Analysis - The general retail sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net inflow of 51.18 million yuan [2] - Notable net inflows from institutional investors included He Bai Group (000417) with 90.44 million yuan and Step by Step High (002251) with 62.28 million yuan [3] - Conversely, Dongbai Group (600693) and Maoye Commercial (600828) experienced significant net outflows from retail investors, with -98.21 million yuan and -72.02 million yuan respectively [3]

Core Points - The Shanghai Composite Index closed at 3892.55 points, above the annual line, with a decline of 0.55% [1] - A total trading volume of A-shares reached 1,056.036 billion yuan today [1] - 30 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks that broke through the annual line include: - Huaxia Happiness (600340) with a deviation rate of 6.67% and a daily increase of 10.17% [1] - Meixin Technology (688458) with a deviation rate of 4.81% and a daily increase of 5.08% [1] - Landun Optoelectronics (300862) with a deviation rate of 4.32% and a daily increase of 6.06% [1] Deviation Rate Rankings - The top stocks by deviation rate on December 2 are: - Huaxia Happiness (600340): 6.67% [1] - Meixin Technology (688458): 4.81% [1] - Landun Optoelectronics (300862): 4.32% [1] - Other stocks with lower deviation rates include: - Yunnan Baiyao (000538) with a deviation rate of 0.02% [2] - Zhongtie Zhuangpei (300374) with a deviation rate of 0.11% [2] - Hongxin Electronics (300657) with a deviation rate of 0.11% [2]

Core Insights - The narrative of "decoupling from China" promoted by Western media has not yielded significant results, as evidenced by the 2024 export data showing a different reality [1] - The rise of China's central and western regions is notable, with foreign investment in manufacturing in these areas increasing by 23% year-on-year in Q1 [1] Investment Trends - Cities like Chongqing, Chengdu, and Zhengzhou are experiencing a surge in orders for electronic manufacturing, with some orders extending into the next year [1] - The cost-effectiveness and stable power supply in China's western regions are attracting companies to establish factories there, offering better value than relocating abroad [1] Comparative Analysis - In contrast, Vietnam's manufacturing PMI fell below the growth line in Q4 of last year, and India's manufacturing faced significant losses due to power outages, amounting to $18 billion [3][5] - Apple's supplier, Luxshare Precision, has struggled with product quality in Vietnam, leading to a return of high-end production lines to Anhui [3] Cost Considerations - While labor costs in India are lower, the overall cost advantage diminishes when considering logistics and supply chain inefficiencies, such as shipping delays and port congestion [5] - China's western regions offer lower industrial electricity prices and better infrastructure, making them more attractive for manufacturing compared to India and Vietnam [6] Supply Chain Dynamics - China's complete industrial system allows for efficient production within short distances, contrasting with India and Vietnam's reliance on imported components [6] - The opening of the Chengdu-Chongqing high-speed rail has reduced logistics costs by 20%, further enhancing the competitiveness of western regions [6] Future Outlook - By 2025, foreign investment projects in regions like Chongqing, Sichuan, and Anhui are expected to increase, as companies prefer to expand production domestically rather than relocate [8] - The return of foreign enterprises is driven by the reliability of China's supply chain and the ability to meet domestic market demands [8] Competitive Landscape - The future competition will focus on creating smarter and more resilient supply chains, with China's dual strategy of high-end R&D in coastal areas and large-scale production in the interior [12] - Companies are adopting a "China 1" strategy, retaining core production in China while selectively outsourcing non-core activities [13]

【新世界发展宣布四只永续债付息日延期】《中国经营报》记者获悉，11月25日晚间，新世界发展 （0017.HK）公告原定于2025年12月9日、10日、16日、22日付息的四只永续证券相关付息日期延后， 涉及XS2268392599、XS2348062899、XS2435611327、XS2132986741，金额合计34亿美元。 新世界发展在公告中表示，根据相关永续证券条款及条件之条款，担保人已单独签署证明书，确认选择 性延期事件已经发生且持续存在。公司将根据永续证券适用条款及条件、《香港联合交易所有限公司证 券上市规则》等相关适用法律法规适时作出进一步公告，永续证券持有人及潜在投资者于买卖永续证券 时务请审慎行事。 公司官网显示，新世界发展成立于1970年，并于1972年在香港上市，主要业务包括物业发展、物业投资 及其他策略性业务。截至2025年6月30日，新世界发展资产总值约为4203亿港元，在内地的项目遍布逾 21个地区。中经记者 陈婷 赵毅 深圳报道 ...

Group 1 - The company plans to issue $94.9 million in new perpetual securities [1]

Core Points - New World Development has announced a delay in interest payment dates for four perpetual securities originally scheduled for December 9, 10, 16, and 22, 2025, totaling an amount of $3.4 billion [2] - The company stated that a selective default event has occurred and is ongoing, as confirmed by the guarantor through a signed certificate [2] - New World Development will make further announcements in accordance with the applicable terms and conditions of the perpetual securities and relevant legal regulations [2] Company Overview - New World Development was established in 1970 and listed in Hong Kong in 1972, with primary operations in property development, property investment, and other strategic businesses [2] - As of June 30, 2025, the total asset value of New World Development is approximately HKD 420.3 billion, with projects spread across more than 21 regions in mainland China [2]