Yorhe(SZ:002795) Xin Lang Zheng Quan·2026-01-09 09:45Core Viewpoint - The aggressive cross-industry expansion of Yonghe Zhikong into the medical and photovoltaic sectors has resulted in significant financial losses and asset disposals, culminating in a drastic drop in asset values to as low as 1 yuan, reflecting the harsh realities of failed diversification efforts [1][5]. Group 1: Cross-Industry Expansion - Yonghe Zhikong began its cross-industry journey in 2019 under the new control of Cao Delin, aggressively acquiring multiple tumor hospitals, with total expenditures exceeding 240 million yuan, despite these hospitals already being in a loss-making state at the time of acquisition [1][2]. - In 2022, the company attempted to enter the photovoltaic sector by increasing its stake in Taixing Pule, aiming to capitalize on the renewable energy trend, but this move did not yield the expected growth [2]. Group 2: Financial Losses - From 2022 to 2024, Yonghe Zhikong reported net losses of 26.19 million yuan, 156 million yuan, and 297 million yuan respectively, accumulating a total loss of 479 million yuan over three years [3]. - By the third quarter of 2025, the company continued to experience losses, with a net profit loss of 60.46 million yuan, indicating no signs of recovery [3]. - The company's debt situation worsened, with the debt-to-asset ratio soaring from 12.8% at the time of its IPO in 2016 to 73.24% by the end of the third quarter of 2025 [3]. Group 3: Control and Strategic Challenges - Cao Delin's attempts to transfer control of the company have failed three times since 2022, reflecting a lack of strategic direction and increasing operational challenges [4]. - The first attempt to transfer control to Huzhou Hecheng was terminated within a month, and subsequent attempts with other parties also failed, highlighting the difficulties in divesting from unprofitable assets [4]. - As of the 2025 semi-annual report, the company's main business revenue was predominantly from valve fittings, accounting for 89.41%, while contributions from medical services and photovoltaic segments were negligible [4].