CUIHUA JEWELRY(SZ:002731) Zheng Quan Ri Bao Wang·2026-02-09 12:44Core Viewpoint - Shenyang Cuihua Gold and Silver Jewelry Co., Ltd. (Cuihua Jewelry) is facing significant liquidity issues, leading to the freezing of multiple bank accounts and the implementation of risk warnings on its stock, which will be renamed to "ST Cuihua" starting February 10, 2026 [1][2]. Group 1: Financial Issues - Cuihua Jewelry has multiple bank accounts frozen due to overdue loans totaling 2.54 billion yuan, with 5.24 billion yuan in total bank loans, of which 2.34 billion yuan in principal is overdue [2][3]. - The company has a high debt load, with total debt increasing from 2.306 billion yuan at the end of 2022 to 4.307 billion yuan by the end of September 2025, and the debt-to-asset ratio rising from 58.06% to 68.78% during the same period [4]. - Short-term debt repayment pressure is significant, with short-term borrowings of 1.707 billion yuan and a total short-term repayment obligation exceeding 1.87 billion yuan, while available cash is only 438 million yuan [6][7]. Group 2: Business Transformation - Since its cross-industry transformation in 2022, Cuihua Jewelry has expanded its debt significantly, primarily due to its acquisition of a 51% stake in Sichuan Siterui Lithium Industry for 612 million yuan, entering the lithium salt business [4]. - The lithium segment has been underperforming, with losses of 186 million yuan in 2023 and 65.1 million yuan in 2024, despite promises of achieving a cumulative net profit of at least 300 million yuan from 2023 to 2025 [4]. Group 3: Operational Impact - The freezing of 45 bank accounts, including 4 basic accounts, has raised concerns about the company's operational capabilities, although the company claims that production and operations remain normal [3]. - High inventory levels, amounting to 3.723 billion yuan and nearly 60% of total assets, indicate that a significant amount of capital is tied up, which could hinder the company's short-term liquidity [5].