Core Viewpoint - The recent pre-loss announcement by Yihualu (300212.SZ) has raised significant market concern, indicating that the company expects a negative net profit for 2025, which could lead to a negative net asset value and potential delisting risks [3][6]. Financial Performance - Yihualu has experienced a dramatic decline in revenue, dropping from 2.02 billion yuan in 2021 to an estimated 465 million yuan in 2024, representing a decrease of approximately 77% over four years [7][9]. - Cumulative losses have exceeded 6 billion yuan by the end of Q3 2025, with a projected total revenue of 410 million yuan for the first three quarters of 2025, continuing a downward trend [6][7]. Strategic Transition - The company initiated a strategic transformation in 2021, shifting from a heavy asset model focused on data lake infrastructure to a lighter asset model centered on data solution services [9]. - However, this transition has led to a decline in traditional business while new business segments have not yet matured, resulting in a significant drop in revenue from digital systems and foundational services [11]. Asset Impairment and Financial Strain - Yihualu has faced substantial asset impairment, with a reported 776 million yuan in contract asset impairment losses for 2024, alongside significant reductions in fixed and long-term equity investments [14][16]. - As of September 2025, the company has 420 million yuan in cash but faces a total debt of 81.24 billion yuan, including short-term loans of 32.52 billion yuan and long-term loans of 13.68 billion yuan, indicating severe debt pressure [16].