热搜爆了，“越理越亏，越亏越理？” 江苏国泰138亿理财炒股计划炸锅

Core Viewpoint - Jiangsu Guotai's recent announcements regarding significant financial maneuvers, including plans to invest up to 138.3 billion yuan in financial products and securities, have raised concerns among investors about the company's strategic direction and financial health [1][7][24]. Financial Maneuvers - Jiangsu Guotai plans to use no more than 120 billion yuan of idle funds for entrusted wealth management and up to 18.31 billion yuan for securities investments, totaling 138.3 billion yuan, which exceeds the company's current market capitalization of 124 billion yuan by 11% [1][2][7]. - The company has a history of similar large-scale financial investments, including a previous announcement to use up to 115 billion yuan for wealth management in August 2024 and 10 billion yuan for securities investments in August 2023 [8][12]. Investment Performance - Despite the aggressive investment strategy, Jiangsu Guotai has reported cumulative losses exceeding 70 million yuan from its investment activities, underperforming the market significantly, as the Shanghai Composite Index rose by 2.76% in the same period [8][9][12]. - The company's investments in specific stocks, such as Shenda Co., have shown substantial losses, with a nearly 30% decline in value since acquisition [8][9]. Financial Health - The company's operating cash flow has been declining since 2022, dropping from 36.57 billion yuan to 16.87 billion yuan in 2024, indicating a severe cash flow issue [15][18]. - Although the company reported a revenue increase of 5.46% and a net profit growth of 10.85% in the first half of the year, these figures still reflect a significant gap compared to previous years [12][18]. Governance and Strategy Concerns - Jiangsu Guotai's decision to allocate substantial funds to financial investments rather than core business expansion or R&D raises questions about its governance and strategic priorities, especially as R&D expenditures have been consistently reduced [18][24]. - The company's high executive compensation, with the assistant president earning 7.75 million yuan annually, contrasts sharply with its declining investment in R&D and increasing sales expenses [21][24].