1.56亿元出售算力资产，亿田智能跨界转型困局何解？

Core Viewpoint - Yitian Intelligent's recent announcement of selling its computing power assets for 156 million yuan has raised concerns about its strategic retreat from the AI computing sector, which was previously touted as a new growth avenue [1][15]. Group 1: Asset Sale Details - Yitian Intelligent's subsidiary, Gansu Yisuan Intelligent Technology Co., plans to sell 600 units of computing machines at a unit price of 260,000 yuan, totaling 156 million yuan [2][16]. - The assets were purchased less than a year ago, with a book value of 100 million yuan and an assessed value of 122 million yuan, indicating a transaction appreciation rate of 21.81% [2][16]. - The payment will be made in installments, with 50% due by March 20, 2026, and the remaining amount by June 20, 2026, while ownership remains with Yitian until full payment is received [2][16]. Group 2: Strategic Implications - The sale is seen as a comprehensive exit from the AI computing project, including the transfer of future revenue rights associated with a government agreement for a computing project in Qingyang [4][18]. - Analysts suggest that this move indicates Yitian's intention to divest all related assets and obligations, marking a significant strategic withdrawal from the AI computing sector [4][18]. Group 3: Financial Performance - As of the end of Q3 2025, Yitian reported cash and financial assets totaling over 1 billion yuan, but these funds are largely from past financing rather than sustainable cash flow from operations [5][19]. - The company experienced a 45.51% year-on-year decline in revenue, with a net loss of 111 million yuan, reflecting a staggering 904.67% drop compared to the previous year [5][19]. - Operating cash flow turned negative for the first time, with a net outflow of 39 million yuan, indicating a deteriorating ability to generate cash from core operations [5][19]. Group 4: Market Conditions - The integrated stove market, closely tied to real estate, has been in decline, with retail sales dropping by 27.6% and volume by 31.5% in the first half of 2025 [6][20]. - Yitian's management has acknowledged increasing competition and a trend of consumers reducing budgets, further complicating its financial recovery [6][20]. Group 5: Investment and Cost Structure - Yitian's capital expenditures in the computing sector have significantly increased, with cash payments for fixed and intangible assets reaching 144 million yuan in 2023 and 135 million yuan in 2024 [9][23]. - The company faces substantial fixed costs, including annual depreciation of approximately 22.61 million yuan for the computing machines, which adds pressure to its already strained profit margins [11][25]. - The high fixed costs associated with the computing business have been described as a "profit black hole," exacerbating the company's financial difficulties [11][25]. Group 6: Stock Market Reaction - Despite the deteriorating fundamentals, Yitian's stock price surged by 184% from its low in September 2024, driven by market enthusiasm for AI computing concepts [12][26]. - However, internal stakeholders have begun to sell shares, with significant reductions in holdings by employee investment platforms, indicating a lack of confidence in the company's future [12][26].