“卖子回血”反“失血”，塞力医疗AI转型能否再获“生机”？

Core Viewpoint - After more than a month of overdue payments, Seli Medical has received part of the overdue equity transfer payment, but the company continues to face significant operational and financial pressures, leading to a drastic decline in revenue and net profit losses [1][4]. Group 1: Financial Performance - Seli Medical reported a projected net loss of between 55 million to 66 million yuan for the first half of the year, marking a year-on-year increase in losses of over 1053%, the worst mid-year performance since its listing [4]. - The company has experienced continuous net profit losses over the years, with cumulative losses reaching approximately 570 million yuan from 2021 to 2024 [4][5]. - The company's cash flow is under severe strain, with a cash balance of only 167 million yuan as of the end of March, while short-term borrowings reached 310 million yuan [3][7]. Group 2: Equity Transfer and Payments - Seli Medical has received a total of 17.5 million yuan in equity transfer payments, with an outstanding amount of 9.3 million yuan still owed by Rongda Zhiyuan No. 2 [1][2]. - The equity transfer involved the sale of a 51% stake in a subsidiary for 31 million yuan, with payments scheduled in five installments, of which the fourth installment was partially overdue [2]. Group 3: Business Strategy and Transformation - The company is attempting to pivot towards "AI medical" solutions to find new growth opportunities, despite the ongoing challenges in its core business [1][6]. - Seli Medical's main profit source, the IVD business, has seen significant revenue declines, while the SPD business, although growing, has insufficient margins to offset the losses from IVD [6]. - The company is exploring partnerships to develop digital systems for mental health treatment and aims to enter advanced fields like brain science and rare diseases [6][7]. Group 4: Market Reaction - Despite deteriorating fundamentals, Seli Medical's stock price has surged approximately 370% this year, driven by market enthusiasm for "AI+medical" and "innovative drugs" concepts [3][7].