锦龙股份终止转让中山证券股权，资金压力沉重10亿借款寻求展期

Core Points - The company has terminated its plan to transfer its stake in Zhongshan Securities to avoid becoming a cash-only entity or lacking specific business operations after the sale [1][2] - The company is facing significant debt pressure, seeking to extend a loan of 1 billion yuan, with a debt-to-asset ratio exceeding 80% as of March [1][8] - Despite the strong performance of its securities subsidiaries, the company continues to report losses and has not made substantial progress in its planned transition to the computing power industry [3][6] Group 1: Termination of Share Transfer - The company announced the termination of its plan to transfer 67.78% of its stake in Zhongshan Securities, initially aimed at increasing cash flow and accelerating business transformation [2] - The decision was made to prevent the company from becoming primarily cash-based or lacking operational business, which would violate regulations [2][6] - The company had previously planned to exit the brokerage business and transition to the computing power sector, but this plan has not progressed [1][6] Group 2: Financial Performance and Debt Pressure - The company reported continuous revenue decline and net losses over the past four years, with revenues of 1.92 billion yuan in 2023 and a net loss of 384 million yuan [2][3] - As of the end of 2023, the company had overdue debts exceeding 700 million yuan, with a total debt of 5.77 billion yuan [9] - The company is seeking to extend a 1 billion yuan loan to alleviate its financial burden, as it faces significant repayment pressures [1][9] Group 3: Performance of Securities Subsidiaries - Zhongshan Securities reported a revenue of 811 million yuan in 2024, a year-on-year increase of 76.3%, and achieved profitability with a net profit of 153 million yuan [3] - Dongguan Securities also performed well, with a revenue of 2.753 billion yuan, up 27.75%, and a net profit of 923 million yuan, up 45.35% [3] - Despite the strong performance of these subsidiaries, the parent company continues to struggle with losses and high debt levels [3][8]