Core Viewpoint - Several listed companies have terminated previously advanced PPP project collaborations this year, with Dashi Intelligent being the latest example, which aims to achieve cash flow recovery but will incur negative impacts on profits [1][2]. Group 1: Company Actions - Dashi Intelligent announced the termination of the PPP project for the construction of Hongze District People's Hospital, transferring its 69.7673% stake in Jiangsu Hongze Lake Dashi Smart Medical and Nursing Co., Ltd. for 165 million yuan, while also implementing debt restructuring [1]. - The transaction is expected to negatively impact Dashi Intelligent's current profit by approximately 309 million yuan, while increasing cash by about 213 million yuan and reducing liabilities by around 1.055 billion yuan [1][2]. - The company had initially signed a PPP contract in 2017 for a total investment of 1.571 billion yuan, with an expected investment of 330 million yuan from Dashi Intelligent [1]. Group 2: Financial Performance - After the project commenced operations in July 2023, the hospital's service revenue fell short of expectations, leading to cash flow pressures for Hongze Lake Dashi, which has reported losses for 2024 and the first five months of 2025 [2]. - The impairment assessment for Hongze Lake Dashi resulted in a reduction of 222 million yuan, with the net asset value dropping to 231 million yuan, thus lowering the value of Dashi Intelligent's equity stake to approximately 161 million yuan [2]. Group 3: Strategic Focus - Dashi Intelligent plans to adjust its operations to a healthy state from 2025 to 2027, focusing on strengthening its core capabilities and transitioning its business structure away from reliance on industry integration towards core proprietary products [3]. - The termination of the PPP project is seen as beneficial for the company's strategic development and resource integration, enhancing its ongoing operational capacity [2][3]. Group 4: Industry Trends - This year, multiple listed companies have also terminated PPP projects, such as Pubang Co., which ended a municipal greening PPP project due to the failure of the other party to fulfill payment obligations [4]. - Zhiguang Electric's subsidiary signed a termination agreement for a PPP project due to ongoing losses, aiming to ensure normal heating services and mitigate impacts on the company [4].