Hysan Development: Stock price deviation and expected loss in performance indicate investment risk.

Hong Kong Holdings announced that since July 15, 2026, the company's stock has accumulated a 33.04% increase, deviating from the industry average and Shanghai Stock Index. The current price-to-book ratio is 1.747, higher than the industry average. In the 2025 fiscal year, the company's revenue was 1.44 billion yuan, a year-on-year decrease of 61.60%, with a net loss of 88.30 million yuan; in the first quarter of 2026, the revenue was 2.42 billion yuan, a year-on-year decrease of 31.72%, with a net loss of 22.1 million yuan, and is expected to have a net loss of 18-25 million yuan in the first half of the year. In addition, there is significant uncertainty in the internet data center business agreement signed by the subsidiary, and investors are reminded to pay attention to the risks.