SERES(SH:601127) 凤凰网财经·2025-07-04 11:32Core Viewpoint - The company, Sais, is facing significant debt pressure, heavily relying on financing to maintain liquidity and operational stability [1] Group 1: Financial Health - As of the end of Q1 2023, Sais has short-term borrowings of 2.502 billion yuan, non-current liabilities due within one year of 1.424 billion yuan, and long-term borrowings of 4.432 billion yuan [1] - The company's cash and cash equivalents stood at 43.792 billion yuan, while accounts payable and notes payable totaled 53.184 billion yuan, indicating pressure on supply chain payments [1] - The liquidity ratios for Sais from 2023 to Q1 2025 are concerning, with current ratios of 0.69, 0.87, and 0.83, and quick ratios of 0.60, 0.83, and 0.78 respectively [1] Group 2: Debt Ratios - By the end of 2024, Sais's total assets are projected to be 94.364 billion yuan, with total liabilities of 82.458 billion yuan, resulting in a debt-to-asset ratio of 87.38% [1] - As of Q1 2025, total assets are expected to reach 98.710 billion yuan, with total liabilities of 75.834 billion yuan, leading to a reduced debt-to-asset ratio of 76.83% [1] Group 3: Fundraising Activities - In 2021, Sais raised a total of 9.723 billion yuan through non-public issuance of A-shares, with the first issuance of 56,368,913 shares at a price of 46.00 yuan per share, netting approximately 2.568 billion yuan after expenses [2] - In 2022, Sais conducted another non-public issuance, raising approximately 7.059 billion yuan by issuing 137,168,141 shares at a price of 51.98 yuan per share, after deducting issuance costs [3]