易华录转型困局：募投项目叫停，现金流危机与ST风险双重压顶

Core Viewpoint - The company Yihualu (300212.SZ) has abruptly announced the termination of two fundraising projects initiated two years ago, reallocating approximately 350 million yuan of remaining funds to supplement working capital, reflecting challenges in its strategic transformation and resource allocation [1][4]. Group 1: Fundraising Projects and Strategic Shift - In 2023, Yihualu launched a fundraising plan of 1.58 billion yuan to enhance its "data lake+" strategy, which included three projects: super storage research and development, key technology research for digital transformation, and an AI training resource library [2][4]. - The halted projects, super storage R&D and AI training resource library, had planned investments of 309.69 million yuan and 937.70 million yuan respectively, but their investment progress was only 25.22% and 19.77% as of December 31, 2025, significantly below expectations [4][5]. - The company has shifted its focus from data lake operations to data elements and smart transportation, leading to a mismatch between its strategic direction and the fundraising projects, which were not aligned with the new business focus [5][6]. Group 2: Financial Performance and Risks - Yihualu's financial performance has deteriorated, with revenue dropping from 2.02 billion yuan in 2021 to 465 million yuan in 2024, and a cumulative loss exceeding 5 billion yuan over four consecutive years [7][8]. - As of the first three quarters of 2025, the company reported a revenue of 415 million yuan and a net loss of 535 million yuan, with a debt ratio reaching 88.38% [8][11]. - A pre-loss announcement on January 14 indicated that the company would report a negative net profit for 2025, potentially leading to a negative net asset situation, which could trigger ST (Special Treatment) risks under the Shenzhen Stock Exchange rules [11][13]. Group 3: Cash Flow Management and Self-Rescue Measures - To alleviate cash flow pressures, Yihualu has undertaken several measures, including selling stakes in subsidiaries and the major shareholder reducing holdings to provide financial support to the company [11][12]. - The major shareholder, Lin Yongjun, sold 7,052,407 shares at an average price of 23.27 yuan per share, raising approximately 164 million yuan, which was promised to be used for financial assistance to the company [12][13]. - Despite these self-rescue efforts, the company's operational difficulties remain unresolved, marking the most significant crisis since its strategic transformation began [13].