ST金鸿子公司7600万元借款逾期，占最近一期经审计净资产比重超200%

Core Viewpoint - ST Jin Hong (Jin Hong Holdings) is facing significant financial pressure due to a overdue loan of 76 million yuan, which constitutes 205.12% of the company's latest audited net assets, indicating a critical liquidity issue [1][2] Financial Condition - The overdue loan of 76 million yuan exceeds the company's net assets, which were reported at 37.05 million yuan at the end of 2024 and further declined to -11.1 million yuan by the end of Q3 2025, indicating insolvency [2] - The company's debt-to-asset ratio has been increasing, reaching 86.47% at the end of 2023 and further rising to 94.06% by the end of 2024, significantly above the industry average of 46.36% as of Q3 2025 [2] - For the first three quarters of 2025, the company reported a net loss of 46.23 million yuan, although this was a 51.43% reduction year-on-year, with total revenue of 910 million yuan reflecting a 4.38% decline [2] Debt Issues - Historical debt issues remain unresolved, including the "15 Jin Hong Bond" issued in 2015, which defaulted in 2018, with some principal and interest still unpaid as of December 2025 [3] - The company has provided guarantees for its subsidiaries, accumulating a total of 1.574 billion yuan in guarantees, all of which are overdue, exacerbating liquidity pressures [3] Operational Performance - The profitability of the core business, natural gas transportation, has weakened, with an overall gross margin of only 8.02% for the first three quarters of 2025, down from 14.94% in the same period of 2024 [3] - Research and development expenditures have sharply decreased, falling by 42.05% to 3.1215 million yuan in 2024, representing only 0.24% of revenue, limiting the company's technological competitiveness [3] Industry Environment - The natural gas industry is significantly affected by energy price fluctuations and policy regulations, with ST Jin Hong, as a regional gas company, having limited bargaining power [3] - The net cash flow from operating activities was 72.94 million yuan for the first three quarters of 2025, maintaining positive inflow but down 50.94% year-on-year, indicating a declining ability to cover debts with cash flow [3] - There is a risk of entering a vicious cycle of declining revenue, worsening cash flow, and increasing debt defaults if future collections do not meet expectations [3]