Analysis of Business Transformation of Hainan Development (002163) Following the Bankruptcy Liquidation of Its Subsidiary Hainan Holding Sanxin

Based on the latest collected information, I will provide you with an analysis of the business transformation of Hainan Development (002163) following the bankruptcy liquidation of its subsidiary Hainan Holding Sanxin.

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: Hainan Holding Sanxin (Bengbu) New Energy Materials Co., Ltd., due to the continued downturn in the photovoltaic glass industry, has obtained the court ruling from the Longzihu District Court of Bengbu City to accept its bankruptcy liquidation application on December 11, 2025 [1]. Previously, the company implemented kiln shutdown and production reduction for its 550-ton kiln and 5 deep-processing production lines in July 2025, retaining only 2 production lines to maintain key clients; it had fully suspended production by the end of September 2025 [1].

:

Financial Indicator	2024	2025 Forecast	Change Range
Net Profit Attributable to Shareholders	-379 million yuan	-440 to -565 million yuan	16%-49% Increase in Loss
Revenue Scale	3.592 billion yuan	2.499 billion yuan in First Three Quarters	10.12% YoY Decrease
Asset Status	Net Assets: 704 million yuan	34.20% Decrease	Asset-liability Ratio as High as 84.48%

As of the end of June 2025, Hainan Holding Sanxin’s net assets were -160 million yuan, which is seriously insolvent [2]. As the controlling shareholder, Hainan Development needs to bear the excess losses within its scope of responsibility, resulting in a significant increase in the listed company’s net loss compared to the same period last year.

At the key node of the full closing of the Hainan Free Trade Port (officially launched on December 18, 2025), Hainan Development adopts the three-step strategy of

[1]:

• Asset Disposal
  : Timely strip non-core loss-making assets through bankruptcy liquidation to avoid larger-scale losses
• Resource Release
  : Optimize the balance sheet, and invest the saved capital and management resources into core businesses of the free trade port
• Policy Seizure
  : Align with the three core tracks of the free trade port: “High-end Manufacturing, Cross-border Trade, Green Energy”

Business Segment	2025 H1 Revenue	YoY Change	Transformation Positioning
Curtain Wall and Interior Decoration Engineering	1.233 billion yuan	+4.45%	Core Pillar Business
Glass and Deep Processing Industry	333 million yuan	-51.88%	Gradual Exit
Large Consumer Goods Business	Approximately 100 million yuan	Newly Added	Cultivation of Growth Drivers

has become the absolute core business of the company. In the first half of 2025, it signed 5 orders worth over 100 million yuan each, and continues to expand the building-integrated photovoltaics (BIPV) curtain wall business [3]. The company has four national high-tech enterprises and a provincial-level R&D center, with complete industrial chain advantages.

Hainan Development has added the

by acquiring control of Hangzhou Wangying Technology Co., Ltd., which brought partial profit growth for 2025 [4]. This layout aims to offset the negative impact from the losses of the photovoltaic glass business.

According to the November 2025 announcement, the controlling shareholder Hainan Provincial Development Holdings Co., Ltd. (a Hainan provincial state-owned enterprise) has promised to complete the injection of duty-free related assets

[3]. The company previously acquired a 45% equity stake in Hainan Holding Duty-free Group Co., Ltd., and intends to apply to the competent authority for the operation of island residents’ duty-free business in Hainan Province.

After the closing of the Hainan Free Trade Port, the policy of

will be implemented. The proportion of zero-tariff tariff lines will jump from 21% to 74% (covering 6,600 commodities), and the import costs of enterprise equipment and raw materials will be directly reduced by 15%-30% [1]. As a regional leading enterprise, this strategic adjustment of Hainan Development is highly aligned with the development direction of the free trade port: .

: It is expected to report a net loss of 440 million to 565 million yuan in 2025, mainly due to the large asset impairment provision and assumption of excess losses from Hainan Holding Sanxin’s bankruptcy liquidation.

:

• Will shed historical burdens after the completion of bankruptcy liquidation
• Continuous release of policy dividends from the closing of the free trade port
• Steady growth of orders for the main decoration and fitting-out business
• Expectation of duty-free asset injection provides room for imagination

: The company stated that it will take this asset optimization as an opportunity to deeply integrate into the overall construction of the Hainan Free Trade Port, and achieve high-quality development by focusing on core businesses and improving operational efficiency [1].

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[1] Securities Times - Hainan Development Focuses on Hainan Free Trade Port Dividends, Hainan Holding Sanxin Launches Bankruptcy Liquidation to Stop Losses Timely (https://stcn.com/article/detail/3368828.html)

[2] OFweek Solar PV Network - Huge Loss of 360 Million! This State-owned Enterprise’s Photovoltaic Subsidiary Launches Bankruptcy Liquidation (https://solar.ofweek.com/2026-01/ART-2600-30678853.html)

[3] Dabanke - Analysis of Price Limit Reasons for Hainan Development (002163.SZ) (https://dabanke.com/gupiao-002163.html)

[4] Caizhongshe - Hainan Development’s Expected Loss Expands to 440-565 Million Yuan in 2025, Large Consumer Goods Business Cannot Offset Photovoltaic Glass Losses (https://m.caizhongshe.cn/news-7417501461913465922.html)

[5] Sina Finance - Hainan Development: Progress Announcement on Applying for Bankruptcy Liquidation of Its Controlling Subsidiary Hainan Holding Sanxin (http://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002163&id=11693222)