NSWRC(SH:600165) Zheng Quan Zhi Xing·2025-05-19 10:00Core Viewpoint - Ningxia Zhongke Biotechnology Co., Ltd. is facing significant financial distress, with a total debt of 2.164 billion yuan and overdue debts amounting to 1.81 billion yuan, leading to severe operational challenges and potential bankruptcy risks [1][5]. Debt and Financial Situation - The company's total debt stands at 2.164 billion yuan, with overdue debts totaling 1.81 billion yuan and litigation-related debts amounting to 1.839 billion yuan [1][5]. - Most of the company's bank accounts, except for those of its subsidiaries, are frozen, severely limiting its liquidity and ability to repay debts [1][5]. - Despite the unfreezing of bank accounts for Zhongke New Materials, the company lacks sufficient funds and liquid assets for debt repayment, indicating a critical risk to its ongoing operations [1][5]. Litigation and Legal Proceedings - The company is currently a defendant in multiple lawsuits, including disputes over loan contracts, equity transfer contracts, sales contracts, construction contracts, and securities fraud [2][5]. - A specific lawsuit regarding a construction contract dispute has resulted in a court ruling, which the company has decided not to appeal [3][5]. - The financial impact of ongoing litigation has been accounted for in the company's audited annual report for 2024, but the exact effects on current and future profits remain uncertain due to the status of various lawsuits [2][3].