BCDC(SH:600376) 3 6 Ke·2025-11-14 02:13Core Viewpoint - The stock price of Shoukai Co., Ltd. has surged significantly, driven by its indirect investment in Yushu Technology, despite the company's poor performance in the real estate sector and substantial losses over the past three years [1][2][3]. Group 1: Stock Performance - On November 12, Shoukai's stock closed at 6.13 yuan, with a rise of 10.05%, marking its presence on the stock market leaderboard due to a deviation of 10.12% [1]. - In September, the stock price skyrocketed from 2.64 yuan to 8.85 yuan in just 13 days, a staggering increase of 335% [1]. - The surge in stock price is attributed to its connection with Yushu Technology, as Shoukai holds a 0.3% stake through its subsidiary [2]. Group 2: Company Background - Shoukai Co., Ltd. has a 32-year history and has developed significant residential communities in Beijing, earning the reputation of being a major player in the local real estate market [2]. - The company achieved a sales milestone of over 100 billion yuan in 2018 and set a record of approximately 115 billion yuan in sales in 2021 [2]. Group 3: Financial Performance - The company has faced a drastic decline in sales, with total sales dropping from 869.63 billion yuan in 2022 to 400.13 billion yuan in 2024, a decrease of over 50% [3]. - For 2024, Shoukai's revenue is projected to be 242.13 billion yuan, down 49.31% year-on-year, with a net loss of 81.41 billion yuan, an increase of 28.43% in losses [3][4]. - The company has a significant debt burden, with interest-bearing liabilities reaching 116.1 billion yuan and a net debt ratio of 192% [4]. Group 4: Strategic Challenges - Shoukai has attempted to alleviate its financial strain by selling assets, including commercial properties and stakes in other companies, but the impact has been limited [4]. - The company has struggled in the land market, acquiring only two plots of land in 2024 for a total of 1.2 billion yuan, and has been largely inactive in land acquisitions [4]. Group 5: Recent Developments - In the third quarter, Shoukai reported a revenue of 5.147 billion yuan, a decline of 9.25%, with a net loss of 1.266 billion yuan, although the overall performance for the first three quarters showed a 60% increase in revenue [5]. - A construction accident at a project in Chengdu has further complicated the company's recovery efforts, halting progress and impacting future expectations [6].