自身债务缠身、持股不足8%，西藏珠峰大股东为何上演“失血者”输血迷局

Core Viewpoint - The financial struggles of Tachen International Resources Co., Ltd. (Tachen International) and its ongoing financial support to Tibet Everest are highlighted, despite Tachen's own significant debt and operational challenges [1][2][13]. Group 1: Financial Support and Debt Situation - Tachen International has provided financial support to Tibet Everest for ten consecutive years, with the highest cumulative balance reaching over 270 million yuan, which later decreased but rose again to approximately 160 million yuan by the end of last year [1][4]. - As of 2024, Tachen International reported zero revenue and a net loss of 387 million yuan, while its shares in Tibet Everest have been auctioned multiple times due to financial distress [1][13]. - The latest attempt by Tachen International to lend money to Tibet Everest was in April 2024, but it faced opposition and was not successful [3][5]. Group 2: Ownership and Control Issues - Tachen International's shareholding in Tibet Everest has significantly decreased from 38.25% in June 2021 to below 8% currently, raising concerns about its ability to maintain control over Tibet Everest [2][16]. - The company has faced legal disputes leading to the freezing of its shares in Tibet Everest, with a significant portion of its holdings now auctioned off, further jeopardizing its control [15][16]. - If Tachen International's shares continue to be auctioned, it may lose its controlling stake, as the ownership structure has become increasingly fragmented [17]. Group 3: Operational Challenges of Tibet Everest - Tibet Everest is experiencing cash flow issues, with a reported cash balance of 294 million yuan against short-term debts totaling 926 million yuan, indicating a shortfall of approximately 632 million yuan [10]. - The company's revenue has declined from 1.973 billion yuan in 2022 to 1.639 billion yuan in 2024, with net profits fluctuating significantly during the same period [10][11]. - Tibet Everest is pursuing several major projects requiring substantial funding, including lithium extraction projects in Argentina, but has faced delays and funding challenges [11][12].