大额信用减值浮现 智慧普华租赁中报“盈转亏”

Core Viewpoint - The financial leasing business of automotive finance companies is intensifying, leading to increased pressure on the business space of automotive financing leasing companies like Zhihua Puhua, which reported significant declines in revenue and net profit in its 2025 mid-year report [1][2]. Financial Performance - Zhihua Puhua reported operating revenue of 537 million yuan, a decrease of 9.03% compared to the 2024 mid-year report - The company recorded a net profit of -157 million yuan, a staggering decrease of 578.38% year-on-year - Total operating costs increased by 6.1% to 365 million yuan [1][2]. Asset Quality and Legal Issues - The company has faced a significant increase in credit impairment losses, totaling 333 million yuan, indicating a decline in asset quality related to its financing leasing business [2][4]. - The number of legal disputes related to financing leasing contracts has risen sharply, with 2,359 cases reported, reflecting challenges in recovering rental payments [4][5]. Debt Levels - As of June 2025, Zhihua Puhua's total assets were 10.404 billion yuan, with total liabilities of 9.149 billion yuan, resulting in a high debt ratio of 87.93% - The company's debt ratio has increased from 82.29% in 2022 to 87.6% in 2024, exceeding the industry average of 80.37% for financing leasing companies [6][8]. Financing Strategies - To address high debt levels, Zhihua Puhua has engaged in asset-backed securities (ABS) issuance, raising significant capital to support operational needs and new business initiatives - The company issued ABS worth 10 billion yuan in 2021 and 6 billion yuan in 2023, with additional issuances planned to enhance liquidity and support the second-hand vehicle market [7][8].