HES(SZ:002963) Xin Lang Cai Jing·2025-05-22 07:23Core Viewpoint - The acquisition of properties by Haosai from its chairman raises concerns about the legitimacy and rationale behind the transaction, especially given the company's declining financial performance and ongoing losses [2][3][4]. Financial Performance - In 2024, Haosai reported revenue of 459 million yuan, a year-on-year decline of 14.71%, with a net loss of 109 million yuan after excluding non-recurring items [2]. - In Q1 2025, the company's revenue plummeted by 60.05%, with a net loss of 16.18 million yuan [2]. - Since 2021, Haosai has recorded negative net profits for four consecutive years, accumulating losses exceeding 330 million yuan [3]. Cash Flow and Asset Quality - The operating cash flow for Haosai was only 19.91 million yuan, insufficient to support long-term investments [3]. - As of the end of 2024, accounts receivable reached 381 million yuan, with a turnover rate of only 1.11 times per year, significantly below the industry average [3]. Property Acquisition Details - The properties being acquired are valued at 37.1154 million yuan, but the lack of detailed assessment methods and comparable market prices raises questions about potential premium components [3]. - The transaction involves properties previously leased from the chairman, leading to suspicions of potential "rent-seeking" behavior and possible conflicts of interest [3][4]. Strategic Implications - The property acquisition is framed as a strategic upgrade, but it appears to be a means of asset replacement amid declining performance, potentially transferring risks rather than addressing underlying issues [4].