E-HUALU(SZ:300212)2026-01-20 11:02Investment Rating - The report indicates that the investment rating for 易华录 (300212.SZ) is under significant pressure due to its financial instability and potential for negative net assets by 2025 [2][3]. Core Insights - 易华录 has experienced a dramatic decline in revenue, with a drop from 2.02 billion in 2021 to an estimated 465 million in 2024, representing a decrease of approximately 77% over four years [6]. - The company's strategic shift from heavy asset construction in data lake infrastructure to a lighter asset model focusing on data solutions and technology services has not yielded the expected results, leading to a decline in both traditional and new business revenues [8][9]. - The company faces severe financial challenges, with cumulative losses exceeding 6 billion by the end of Q3 2025, and a significant risk of being classified as "ST" (Special Treatment) if net assets are confirmed to be negative [3][4]. Financial Performance - The revenue for the first three quarters of 2025 is reported at 410 million, continuing a downward trend of 3.9% [6]. - The digital system and foundational business revenue dropped from 1.775 billion in 2021 to only 213 million in 2024, indicating a severe contraction in this segment [9]. - The company has recorded substantial asset impairment losses, including 776 million in contract asset impairment losses for 2024, contributing to the overall financial distress [12][14]. Debt and Liquidity - As of September 2025, 易华录 has cash reserves of 420 million, while facing short-term borrowings of 3.252 billion and long-term borrowings of 1.368 billion, highlighting significant debt pressure [16].