济高发展3.78亿债务豁免背后：两家亏损国资“输血”能否力挽狂澜？

Core Viewpoint - The debt waiver of 3.78 billion yuan by two loss-making entities, High-tech City Construction and Shunzheng Investment, raises questions about the sustainability and rationale behind such financial support for Jihigh Development, which is under significant operational pressure [1][6][7]. Group 1: Debt Waiver Details - Jihigh Development announced a debt waiver of 37.76 million yuan from its controlling shareholder and related parties, aimed at alleviating financial burdens and enhancing operational capabilities [4][5]. - The debt waiver includes 28.01 million yuan from High-tech City Construction and 9.75 million yuan from Shunzheng Investment, both of which are in a loss-making state [5][6]. - The debt waiver represents a significant portion of the net assets of the waiving entities, with High-tech City Construction's waiver amounting to 44.4% of its net assets [1][6]. Group 2: Financial Performance of Jihigh Development - Jihigh Development has experienced a continuous decline in revenue, with figures dropping from 1.717 billion yuan in 2022 to 222 million yuan in the first three quarters of 2025, marking a significant contraction [1][8]. - The company has faced escalating losses, with a reported loss of 865 million yuan in 2024 and 101 million yuan in the first three quarters of 2025 [1][9]. - The asset-liability ratio has increased to 87.1% by the third quarter of 2025, indicating a deteriorating financial position [10]. Group 3: Concerns Over Sustainability - The ability of the loss-making entities to provide financial support raises concerns about the long-term sustainability of such actions and the potential impact on their own operational stability [6][7]. - The market questions whether the debt waiver complies with regulatory requirements, as the announcement did not detail any special approvals from state asset supervision authorities [7]. - The critical challenge for Jihigh Development remains in establishing a sustainable revenue-generating capability beyond short-term financial relief [8][10].