YSDZ(SZ:002289) Xin Lang Zheng Quan·2025-07-16 08:25Core Viewpoint - *ST Yushun is attempting a major restructuring to reverse its poor performance, but the plan is fraught with concerns regarding its urgent need to avoid delisting, the heavy reliance on a single customer by the target companies, and the questionable sources of funding for the acquisition [1][2][4] Group 1: Company Performance - The financial performance of *ST Yushun has been dismal, with revenues of 135 million yuan, 155 million yuan, and 220 million yuan from 2022 to 2024, and corresponding net profits of -25.48 million yuan, 0.96 million yuan, and -17.57 million yuan [2] - The company faces the risk of being classified as ST or even delisted if it continues to incur losses, making the restructuring a critical last hope for survival [2] Group 2: Acquisition Concerns - The target companies for acquisition, including Zhong'en Cloud Technology and Shenhui Biyuan, rely solely on a single client, referred to as Internet Client A, for their revenue [3] - The contract with Internet Client A is locked for the first six years until 2030, but after that, the client can terminate the agreement with a 90-day notice, posing a significant risk to the target companies' financial stability [3] Group 3: Funding Issues - *ST Yushun plans to pay 3.35 billion yuan in cash to acquire 100% of the target companies, but its cash reserves are only about 14.5 million yuan, making the acquisition financially unrealistic [4] - The company claims it will source funds through loans from its controlling shareholder and self-raised funds, but the controlling shareholder's financial situation is precarious, with a net asset value of -1.4829 million yuan and zero revenue for 2024 [4]