Huasu Holdings(SZ:000509) Mei Ri Jing Ji Xin Wen·2026-01-04 15:12Core Viewpoint - Huashu Holdings (SZ000509) announced a conditional share subscription agreement with Hubei Hongtai Group, planning to issue approximately 208 million shares to raise up to 600 million yuan, which will be used to optimize capital structure and alleviate financial pressure [2][3][4]. Group 1: Share Issuance Details - The share issuance price is set at 2.88 yuan per share, representing a discount of about 17% compared to the closing price of 3.47 yuan on December 31, 2025 [3]. - The total number of shares to be issued will not exceed 30% of the company's total share capital prior to the issuance [2][3]. - The issuance is classified as a related party transaction and does not constitute a major asset restructuring [2][3]. Group 2: Financial Condition and Purpose of Fundraising - The funds raised will be used to supplement working capital and repay interest-bearing debts, aiming to reduce the asset-liability ratio, which was reported at 76.45% as of September 2025 [4][5]. - The company has faced significant financial pressure due to reliance on debt financing, leading to a high debt ratio that constrains its financing capabilities and risk resilience [4][5]. Group 3: Performance and Profitability - Huashu Holdings has experienced significant revenue fluctuations, with year-on-year growth rates of 199.99%, -16.18%, 39.37%, and -17.76% from 2022 to the first three quarters of 2025 [5]. - The company reported a negative net profit attributable to shareholders of approximately -0.09 billion yuan, -0.34 billion yuan, -0.16 billion yuan, and -0.12 billion yuan for the respective years [5]. - As of the end of 2024, the company had an undistributed profit of approximately -1.2 billion yuan, indicating that no profit distribution will occur in 2024 [7].