Mei Ri Jing Ji Xin Wen·2026-01-10 05:14Core Viewpoint - The article discusses ST Yuan Zhi's (SZ002689) strategy of using real estate to offset debts, specifically a recent agreement to settle a debt of 2.716 million yuan with Yunnan Urban Construction Investment Co., which is expected to positively impact the company's financial statements and potentially increase pre-tax profits for 2026 by approximately 230.6 thousand yuan [1][2][3]. Group 1: Debt Settlement Agreement - ST Yuan Zhi has entered into a debt settlement agreement involving multiple parties, including Yunnan Urban Construction Investment Co. and Lianghe Banshan Specialty Town Real Estate Co., to resolve a debt of 2.716 million yuan through real estate [3]. - The agreement is structured as a debt restructuring rather than a simple debt repayment, with the funds flowing directly to purchase property from Lianghe Banshan [3][4]. - The properties involved are located in the "Nandian Banshan Hot Spring Town" project in Yunnan, and their fair value is deemed sufficient to cover the debt amount [4]. Group 2: Financial Impact - If the debt settlement is successfully executed, it is projected to increase ST Yuan Zhi's pre-tax profits for 2026 by approximately 230.6 thousand yuan, effectively converting a potential loss into a profit [5]. - The transaction is expected to reduce the uncertainty associated with the company's accounts receivable and accelerate the collection of outstanding debts [4][5]. Group 3: Broader Financial Context - Despite the positive implications of this transaction, ST Yuan Zhi faces a significant challenge with total accounts receivable exceeding 400 million yuan, indicating that this settlement is only a small part of a larger issue [6][7]. - As of June 2025, the company's accounts receivable stood at 416 million yuan, accounting for 22.15% of total assets, highlighting the ongoing struggle with cash flow and receivables management [7][9]. - The company acknowledges that the performance of its accounts receivable is closely tied to the financial health of its real estate clients, and it plans to enhance risk assessment mechanisms to manage this risk [9]. Group 4: Asset Liquidity Concerns - There are concerns regarding the liquidity of the real estate assets acquired through this debt settlement, as properties in third and fourth-tier cities may face challenges in being quickly monetized [6][9]. - The potential inability to convert these fixed assets back into cash could mean that the company is merely swapping one illiquid asset for another, which may not significantly improve its financial position [6][9].