Zodi Investment(SZ:000609) Mei Ri Jing Ji Xin Wen·2025-11-15 06:20Core Viewpoint - ST Zhongdi's financial distress is highlighted by its recent announcement of using real estate to offset debts, revealing a significant liquidity crisis despite a dramatic stock price increase of 153% in one month, indicating a severe disconnect between market performance and the company's fundamentals [1][2][4]. Financial Situation - As of September 30, 2025, ST Zhongdi reported a negative equity of -8.52 million yuan, indicating insolvency [9][11]. - The company experienced a 52.64% year-on-year decline in revenue for the first three quarters, totaling 135 million yuan, and a net loss of 151 million yuan, which is a 42.08% increase in losses compared to the previous year [8][10]. - The company still owes over 60 million yuan in construction payments to Chengdu Jieyi, despite the 885,410 yuan real estate offset [5][7]. Debt Obligations - ST Zhongdi faces substantial debt pressures, including a 5.92 billion yuan loan from Chongqing Three Gorges Bank, which remains unpaid [11]. - The company has also provided guarantees for a 170 million yuan loan for a subsidiary, which has led to legal liabilities [11][12]. Stock Performance and Market Reaction - The stock price surged by 153.19% from October 16 to November 12, 2025, despite the company's deteriorating financial health, leading to a suspension of trading for further investigation [2][12]. - The company's market valuation is significantly misaligned with its financial reality, as indicated by a price-to-book ratio of -376.33 times [12]. Corporate Governance Changes - A recent change in control occurred when Shenzhen Tianwei Investment acquired a 23.77% stake in ST Zhongdi for 255 million yuan, raising concerns about the new management's ability to address the company's financial challenges [1][4].