DAS(SZ:002421) Chang Jiang Shang Bao·2025-06-18 23:52Core Viewpoint - Dasin Intelligent (002421.SZ) has decided to terminate its PPP project cooperation for the construction of Hongze District People's Hospital, transferring its 69.7673% stake in Jiangsu Hongze Lake Dasin Smart Medical and Elderly Care Co., Ltd. for 165 million yuan, while recovering 47.88 million yuan of its 205 million yuan debt through debt restructuring [1][2][3] Group 1: Project Termination and Financial Impact - The termination of the PPP project is due to lower-than-expected revenue from hospital services, which has constrained cash flow for the project company [1][4] - The transaction is expected to negatively impact the company's profit by approximately 309 million yuan, while increasing cash by about 213 million yuan, reducing liabilities by approximately 1.055 billion yuan, and relieving bank guarantee responsibilities by about 817 million yuan [1][2][3] Group 2: Company Performance and Revenue Decline - In Q1 2025, Dasin Intelligent reported revenue of 438 million yuan, a year-on-year decline of 25.84%, with a net loss of 41.48 million yuan compared to a profit of 3.84 million yuan in the same period last year [7][8] - The company's revenue from hospital users has consistently accounted for over 30% of total revenue since 2017, indicating a significant reliance on this sector [5][6] - For 2023 and 2024, the company projected revenues of 3.833 billion yuan and 3.171 billion yuan, reflecting growth of 6.64% and a decline of 17.28% respectively, with net profits showing a significant decrease [7]