乐视急了，砸1.8亿炒股还债

Core Viewpoint - LeEco's recent decision to invest 180 million yuan in stock trading has sparked debate over whether this move is a desperate gamble or a potential path to redemption, reflecting the company's dire financial situation and overwhelming debt burden [2][28][39]. Investment Plan - LeEco plans to use up to 180 million yuan of its own funds for investments, including subscriptions to new stocks on the Beijing Stock Exchange, secondary market stock trading, and reverse repos of government bonds, aiming for additional financial returns [28][39]. - The investment allocation specifies that no more than 30 million yuan will be used for secondary market investments, with at least 50% in bank stocks and 80% in constituents of the CSI 300 index [28][39]. Financial Condition - LeEco's total liabilities have increased from 21.371 billion yuan in 2020 to 23.763 billion yuan in 2024, while total assets in 2024 were only 1.855 billion yuan, leading to a net asset deficit of -21.308 billion yuan [30][31]. - The company's operating revenue has declined from 245 million yuan in 2023 to 188 million yuan in 2024, with only 115 million yuan reported in the first three quarters of 2025 [31][38]. Cash Flow and Debt Management - Despite a net loss of 2.42 billion yuan in the first three quarters of 2025, LeEco's operating cash flow turned positive at approximately 14.28 million yuan, indicating some operational viability [46]. - The company has only 366,000 yuan in cash on hand, while its consolidated balance sheet shows 459 million yuan in cash, raising questions about its ability to manage its substantial debt [34][39]. Strategic Adjustments - LeEco has shifted its strategy from aggressive expansion to survival, implementing cost-cutting measures and exploring new revenue streams, including a unique "zero-share" model for content providers on its platform [42][43]. - The company is also considering investments in stable cash flow businesses, such as funding the opening of new Burger King restaurants in China, to mitigate risks associated with its core operations [49][52]. Conclusion - LeEco's investment strategy appears to focus on low-risk cash management rather than high-risk speculation, aiming to generate some cash flow to sustain its operations amid a challenging financial landscape [39][53].