KONKA GROUP(SZ:000016) Chang Jiang Shang Bao·2025-09-28 22:59Core Viewpoint - Deep Kangjia A is facing significant financial difficulties, including overdue loans to its associate company, which are unlikely to be recovered due to the latter's insolvency and ongoing losses in its core business [1][2][6]. Financial Situation - Deep Kangjia A has reported continuous losses over three and a half years, totaling 7.313 billion yuan [10]. - The company’s revenue has declined significantly, with figures of 29.608 billion yuan, 17.849 billion yuan, and 11.115 billion yuan from 2022 to 2024, representing a nearly 40% decrease each year [8]. - For the first half of 2025, the company achieved a revenue of 5.248 billion yuan, a year-on-year decrease of 3.05%, while net losses increased by 64.75% to 383 million yuan [9]. Loan and Investment Issues - Deep Kangjia A provided a loan of 196 million yuan to Dongguan Guankang Yuhong Investment Co., Ltd., which has now become overdue due to the latter's inability to repay [1][3]. - As of June 30, 2025, Guankang Yuhong's total assets were 394 million yuan, total liabilities were 504 million yuan, and net assets were -110 million yuan, indicating insolvency [5]. Business Operations - The company’s consumer electronics business is currently operating at a loss, and its semiconductor business is still in the early stages of industrialization [2][8]. - Despite some improvements in production efficiency and product competitiveness in the television sector, the company continues to face challenges from intensified market competition and supply chain disruptions [8]. Management Actions - In response to the overdue loan, the company has issued a demand for repayment and is considering legal actions to protect its interests [6]. - A special task force has been established to oversee the management of Guankang Yuhong and ensure proper use of funds [7].