9年落袋9亿元，分众传媒清仓数禾科技

Group 1 - The core point of the article is that the new lending regulations have significantly impacted the operations and valuation of the company Shuhua, leading to a strategic exit by the parent company, Focus Media [2][3] - Focus Media's board approved a plan to repurchase 54.97% of Shuhua's shares for a total consideration of 791 million yuan, with an initial payment of 404 million yuan received [2] - The new lending regulations, effective from October 1, 2025, have resulted in Shuhua transitioning from profitability to a net loss of approximately 684 million yuan in Q4 2025 [3] Group 2 - The valuation of Shuhua has decreased by over 70%, with an asset appraisal report indicating a book value of 2.944 billion yuan for the 54.97% stake, but an assessed value of only 782 million yuan, resulting in a write-down of 2.162 billion yuan [4] - The lending regulations have tightened the cooperation model and risk-sharing mechanisms, adversely affecting Shuhua's core business, which has led to a significant decline in its operational performance [3][4] - Shuhua's lending scale dropped from approximately 50 billion yuan to around 45 billion yuan due to the new compliance requirements limiting annualized interest rates to a maximum of 24% [5] Group 3 - Focus Media has earned over 900 million yuan from its investment in Shuhua over a nine-year period, with the initial investment made in 2016 [6][9] - The investment in Shuhua has been a significant contributor to Focus Media's long-term equity investment returns, with Shuhua accounting for over 99.39% of the investment income in 2024 [8] - Following the substantial write-down of Shuhua's valuation, Focus Media recorded a one-time impairment loss exceeding 2 billion yuan, which impacted its net profit for Q4 2025 [9]