Core Viewpoint - The company Yihualu (300212.SZ) has abruptly announced the termination of two fundraising projects initiated two years ago, reallocating approximately 350 million yuan of remaining funds to supplement working capital, reflecting challenges in its strategic transformation and resource allocation [1][4]. Group 1: Fundraising Projects and Strategic Shift - In 2023, Yihualu launched a fundraising plan of 1.58 billion yuan to enhance its "data lake+" strategy, which included three projects: super storage research and development, key technology research for digital transformation, and an AI training resource library [2][4]. - The halted projects, super storage R&D and AI training resource library, had planned investments of 309.69 million yuan and 937.70 million yuan respectively, but their investment progress was only 25.22% and 19.77% as of December 31, 2025, significantly below expectations [4][5]. - The company has shifted its focus from data lake operations to data elements and smart transportation, leading to a mismatch between its strategic direction and the fundraising projects, which were not aligned with the new business focus [5][6]. Group 2: Financial Performance and Risks - Yihualu's financial performance has deteriorated, with revenue dropping from 2.02 billion yuan in 2021 to 465 million yuan in 2024, and a cumulative loss exceeding 5 billion yuan over four consecutive years [7][8]. - As of the first three quarters of 2025, the company reported a revenue of 415 million yuan and a net loss of 535 million yuan, with a debt ratio reaching 88.38% [8][11]. - A pre-loss announcement on January 14 indicated that the company would report a negative net profit for 2025, potentially leading to a negative net asset situation, which could trigger ST (Special Treatment) risks under the Shenzhen Stock Exchange rules [11][13]. Group 3: Cash Flow Management and Self-Rescue Measures - To alleviate cash flow pressures, Yihualu has undertaken several measures, including selling stakes in subsidiaries and the major shareholder reducing holdings to provide financial support to the company [11][12]. - The major shareholder, Lin Yongjun, sold 7,052,407 shares at an average price of 23.27 yuan per share, raising approximately 164 million yuan, which was promised to be used for financial assistance to the company [12][13]. - Despite these self-rescue efforts, the company's operational difficulties remain unresolved, marking the most significant crisis since its strategic transformation began [13].

Market Overview - The Shanghai Composite Index rose by 0.08% on January 21, with 18 out of the 28 sectors experiencing gains, led by the non-ferrous metals and electronics sectors, which increased by 2.79% and 2.62% respectively [1] - The computer industry saw a rise of 0.67% [1] - The banking and coal sectors were the biggest losers, declining by 1.58% and 1.57% respectively [1] Capital Flow - The net inflow of capital in the two markets was 11.983 billion yuan, with 14 sectors receiving net inflows [1] - The electronics sector had the highest net inflow of 16.369 billion yuan, contributing to its 2.62% increase [1] - The non-ferrous metals sector followed with a net inflow of 7.289 billion yuan and a daily increase of 2.79% [1] - Conversely, 17 sectors experienced net outflows, with the power equipment sector leading at a net outflow of 6.688 billion yuan, followed by the defense and military industry with a net outflow of 2.906 billion yuan [1] Computer Industry Performance - The computer industry had a net inflow of 2.186 billion yuan, with 159 out of 336 stocks rising, including 3 stocks hitting the daily limit [2] - The top three stocks by net inflow were Zhongke Shuguang with 1.651 billion yuan, followed by China Great Wall and Hikvision with 1.498 billion yuan and 594 million yuan respectively [2] - The industry also saw 9 stocks with net outflows exceeding 100 million yuan, led by Unisplendour, Yihua Technology, and Keda Technology with outflows of 272 million yuan, 214 million yuan, and 211 million yuan respectively [2][4] Top Gainers in Computer Industry - The top gainers in the computer industry included: - Zhongke Shuguang: +6.93%, turnover rate 8.50%, net inflow 1.65071 billion yuan - China Great Wall: +10.00%, turnover rate 4.42%, net inflow 1.497857 billion yuan - Hikvision: +4.69%, turnover rate 2.09%, net inflow 594 million yuan [2] Top Losers in Computer Industry - The top losers in the computer industry included: - Unisplendour: -0.60%, turnover rate 3.21%, net outflow 271.7482 million yuan - Yihua Technology: -8.26%, turnover rate 8.70%, net outflow 213.9290 million yuan - Keda Technology: -3.69%, turnover rate 11.18%, net outflow 210.8727 million yuan [4]

Group 1 - The IT service sector experienced a decline of 0.17% on January 21, with Yihualu leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Notable gainers in the IT service sector included Yuntian Lifa, which rose by 8.22% to a closing price of 88.52, and Jiechuang Intelligent, which increased by 5.92% to 51.00 [1] Group 2 - Yihualu saw a significant decline of 8.26%, closing at 15.55, with a trading volume of 608,000 shares and a transaction value of 972 million [2] - The IT service sector faced a net outflow of 2.077 billion from major funds, while retail investors contributed a net inflow of 1.901 billion [2] - The top individual stock in terms of net inflow from retail investors was Yuntian Lifa, with a net inflow of 36.608 million [3] Group 3 - Major funds showed a net inflow of 14.8 million into Yuntian Lifa, while retail investors had a net inflow of 36.608 million [3] - Other stocks like ST Saiwei and Jiechuang Intelligent also experienced varying degrees of net inflow and outflow from different investor categories [3] - The overall trend indicates a mixed sentiment in the IT service sector, with some stocks gaining while others faced significant selling pressure [3]

Core Viewpoint - The company has decided to terminate two fundraising projects, reallocating the remaining funds to supplement working capital for daily operations and business development [2][3]. Group 1: Fundraising and Project Termination - The company announced the termination of the "Super Storage R&D Project" and the "AI Training Resource Library and Global Video Perception Service Platform Project" [2]. - The total net fundraising amount from a specific stock issuance in 2023 was 1,569.58 million yuan, with planned allocations to four projects, including the two terminated projects [2]. - As of December 31, 2025, the overall usage ratio of the raised funds was 49.27%, with a total investment of 773.43 million yuan and remaining uninvested funds of 796.44 million yuan [3]. Group 2: Reasons for Project Termination - The termination of the "Super Storage R&D Project" was due to uncertainties in the macroeconomic environment affecting traditional IT client demand and the unclear investment return outlook [3]. - The company has shifted its strategic focus from data lake business to data elements and smart transportation, leading to the decision to halt the project [3]. - The "AI Training Resource Library and Global Video Perception Service Platform Project" was terminated due to structural changes in client demand for AI services and the project's misalignment with the company's current strategic priorities [4]. Group 3: Financial Implications - The remaining funds from the two terminated projects total 354.86 million yuan, which will be permanently allocated to supplement working capital [4]. - It is noted that 79.57 million yuan of the remaining funds is subject to judicial freeze, creating uncertainty regarding the timing of these funds' availability for working capital [4].

Core Viewpoint - The company has decided to terminate certain fundraising projects and redirect the remaining funds to supplement working capital due to changes in the macroeconomic environment and customer demand [1][2] Group 1: Project Termination and Fund Allocation - The company will terminate the "Super Storage R&D Project" and the "AI Training Resource Library and Global Video Perception Service Platform Project" [1] - A total of 354.8553 million yuan (including accumulated interest income and cash management returns) will be permanently redirected to working capital [1] - The remaining funds from the terminated projects amount to 35.48553 million yuan, with 7.95735 million yuan affected by judicial freezes [1] Group 2: Investment Progress and Financial Details - As of December 31, 2025, the "Super Storage R&D Project" has received 34.914 million yuan, with an investment progress of 25.22% and remaining funds of 10.35398 million yuan [1] - The "AI Training Resource Library and Global Video Perception Service Platform Project" has received 60.9983 million yuan, with an investment progress of 19.77% and remaining funds of 24.75823 million yuan [1] - Other projects, such as the "Key Technology R&D and Industrialization Project for Government and Enterprise Digital Transformation," have received 215.1086 million yuan, with a usage ratio of 32.57% [1] Group 3: Reasons for Project Changes - The changes are attributed to shifts in the macroeconomic environment and lower-than-expected customer demand, along with accelerated technological iterations [2] - The existing storage medium technology is not expected to yield a mature and reliable solution in the short term, leading to a low input-output ratio for continued investment [2] - The rapid development of generative AI has caused structural changes in customer demand for AI services, making the previous data lake business no longer a core development direction for the company [2]

Core Viewpoint - The company Yihualu has decided to terminate two major R&D projects related to AI and data storage, citing macroeconomic pressures and strategic shifts as the primary reasons for this decision [2][6]. Group 1: Project Termination - Yihualu announced the termination of its "Super Storage R&D Project" and "AI Training Resource Library and Global Video Perception Service Platform Project" due to low investment progress of 25.22% and 19.77% respectively [2][4]. - The company plans to use the remaining approximately 355 million yuan from these projects to supplement its working capital for daily operations and business development [2][7]. Group 2: Financial Implications - Approximately 79.57 million yuan of the funds intended for working capital is currently under judicial freeze, which poses a challenge for the company in accessing these funds [3][7]. - Yihualu reported a net loss of 535 million yuan for the first three quarters of 2025, with a negative cash flow from operating activities of 216 million yuan, highlighting the urgency of reallocating funds to support daily operations [11]. Group 3: Strategic Shift - The company is undergoing a strategic transition from its traditional data lake business to focus on data elements and smart transportation, which has influenced the decision to halt the projects [6]. - The termination of the projects reflects a response to changing market demands and technological advancements in the AI sector, indicating a need for the company to adapt to new trends [5][6].

Core Viewpoint - The company, 易华录, plans to terminate two fundraising projects: the "Super Storage R&D Project" and the "AI Training Resource Library and Global Video Perception Service Platform Project," reallocating approximately 355 million yuan of remaining funds to supplement working capital permanently. This decision is subject to shareholder approval [2]. Group 1: Project Termination Reasons - The reasons for terminating the projects include changes in the economic environment, shifts in customer demand, and strategic adjustments within the company [2][6]. - The company has noted that the current economic uncertainties have led to lower-than-expected demand in traditional IT sectors, making investment returns unclear [6]. - Rapid technological advancements in storage media have necessitated further adjustments and improvements, leading to concerns about the cost-effectiveness of continued investment in these projects [6]. Group 2: Financial Overview - In 2023, the company completed a private placement, raising a net amount of approximately 1.57 billion yuan [2]. - The "Super Storage R&D Project" had a planned total investment of about 310 million yuan, with approximately 138 million yuan allocated from the raised funds, but only 25.22% of the investment has been utilized so far [4][5]. - The "AI Training Resource Library and Global Video Perception Service Platform Project" had a planned total investment of about 938 million yuan, with around 309 million yuan allocated, and only 19.77% of the investment has been utilized [6][7]. Group 3: Strategic Shift - The company is shifting its main business focus from data lake operations to data elements and smart transportation, which has influenced the decision to terminate the aforementioned projects [6][8]. - The anticipated returns from the AI-related services are now deemed insufficient due to structural changes in customer demand and the company's strategic realignment [8]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported revenues of approximately 415 million yuan, with a net loss attributable to shareholders of about 535 million yuan [11]. - The company has indicated that the net profit for the entire year of 2025 is expected to be negative, exceeding the previous year's audited net assets [8].

中德证券有限责任公司 关于北京易华录信息技术股份有限公司 终止部分募投项目并将剩余募集资金 永久补充流动资金的核查意见 中德证券有限责任公司（以下简称"保荐机构"）作为北京易华录信息技术 股份有限公司（以下简称"易华录"、"公司"）2022年度向特定对象发行股票的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则（2025年修订）》（以下简称"《创业板上市规则》"）《深圳证券交易所 上市公司自律监管指引第2号—创业板上市公司规范运作（2025年修订）》《深圳 证券交易所上市公司自律监管指引第13号——保荐业务》等有关法律法规和规范 性文件的要求，对易华录本次终止部分募投项目并将剩余募集资金永久补充流动 资金事项进行了审慎核查，具体情况如下： 一、募集资金及募投项目的基本情况 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意北京易华录信息技术股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕1594号）同意，公司向特定 对象发行人民币普通股（A股）股票57,459,099股，每股面值为人民币1元，每股 发行价格为人民币27.51元，募集资金总额为人民币 ...

北京易华录信息技术股份有限公司（以下简称"公司"、"本公司"）于 2026 年 1 月 19 日召开第六届董事会第十九次会议审议通过了《关于终止部分募投项 目并将剩余募集资金永久补充流动资金的议案》，同意公司终止"超级存储研发 项目""人工智能训练资源库及全域视频感知服务平台项目"，并将上述募投项目 剩余募集资金永久补充流动资金，用于公司日常生产经营及业务发展。本次终止 部分募投项目并将该部分剩余募集资金永久补充流动资金事项尚需提交公司股 东会审议，现将具体情况公告如下： 一、募集资金及募投项目的基本情况 （一）募集资金基本情况 | 证券代码：300212 | 证券简称：易华录 | | 公告编号：2026-004 | | --- | --- | --- | --- | | 债券代码：148002 | 华录 债券简称：22 | 01 | | 北京易华录信息技术股份有限公司 关于终止部分募投项目并将剩余募集资金永久补充流动 资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 经中国证券监督管理委员会《关于同意北京易华录信息技术股份有限公司向 特定对象发行股 ...

3、会议召开的合法、合规性：经公司第六届董事会第十九次会议审议通过， 决定召开2026年第一次临时股东会，本次会议的召集、召开符合《中华人民共和 国公司法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第2号—创业板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 4、会议时间： | 证券代码：300212 | 证券简称：易华录 | | | 公告编号：2026-005 | | --- | --- | --- | --- | --- | | 债券代码：148002 | 债券简称：22 | 华录 | 01 | | 北京易华录信息技术股份有限公司 关于召开 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2026年第一次临时股东会。 2、股东会的召集人：公司董事会。 （1）现场会议时间：2026年2月5日14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为2026年2月5日9:15-9:25、9: ...