Zhong Guo Ji Jin Bao·2026-02-07 10:37Core Viewpoint - Cuihua Jewelry has been placed under other risk warnings due to the freezing of 45 bank accounts, totaling 4.72 million yuan, resulting from contract disputes and overdue loans, indicating a liquidity crisis and increasing debt pressure [1][2][3]. Group 1: Account Freezing and Risk Warning - As of February 6, 2023, Cuihua Jewelry announced that 45 bank accounts, including 4 basic accounts and 41 general accounts, have been frozen, affecting the parent company and three core subsidiaries [2][3]. - The company has acknowledged that the freezing of accounts is a result of overdue loans totaling 254 million yuan, leading to lawsuits and arbitration from multiple financial institutions [3][4]. Group 2: Financial Condition and Debt Structure - The company's total liabilities have surged from 1.81 billion yuan at the end of 2022 to 4.31 billion yuan by September 30, 2025, with current liabilities exceeding 3.90 billion yuan, accounting for over 90% of total liabilities [7][8]. - The high level of interest-bearing debt, exceeding 2.15 billion yuan, has significantly increased financial costs, with financial expenses reaching 96 million yuan in 2024 and 67.52 million yuan in the first three quarters of 2025 [8][9]. Group 3: Cash Flow and Profitability - As of September 30, 2025, the company's cash and cash equivalents were only 438 million yuan, while short-term borrowings amounted to 1.71 billion yuan, indicating a significant short-term repayment gap exceeding 1.87 billion yuan [9]. - The net cash flow from operating activities for the first three quarters of 2025 was 45.56 million yuan, a substantial decline of 58.72% year-on-year [9]. Group 4: Business Performance and Future Outlook - Cuihua Jewelry operates in both jewelry and lithium salt sectors, with the jewelry segment being the core business. The jewelry segment saw revenue of 1.35 billion yuan and a net profit of 92 million yuan in the first half of 2025 [9][10]. - The lithium salt segment, which was expected to perform well, has faced challenges due to a downturn in lithium prices, resulting in continuous losses since its acquisition, with losses of 186 million yuan in 2023 and 65.09 million yuan in 2024 [10]. - The company anticipates a significant decline in net profit for 2025, projecting a range of 21 million to 31 million yuan, a decrease of 85.69% to 90.31% year-on-year, while the net profit excluding non-recurring items is expected to increase significantly [10].