MEI YAN(SH:600868) Chang Jiang Shang Bao·2025-06-04 17:08Core Viewpoint - Meiyan Jixiang (600868.SH) is divesting its cement production capacity to accelerate its green transformation and align with low-carbon development goals [1][2]. Group 1: Asset Divestiture - Meiyan Jixiang plans to transfer 600,000 tons/year of cement clinker production capacity from its subsidiary Meizhou Meiyan Rotary Kiln Cement Co., Ltd. to Tongling Shangfeng Cement Co., Ltd. for a total transaction price of 32.4 million yuan [1]. - The divestiture is necessary due to the idle status of the production line, which could lead to the invalidation of capacity replacement indicators under new regulations [1][2]. Group 2: Financial Impact - After deducting taxes and fees, the company expects to recover approximately 29.04 million yuan from the capacity transfer [2]. - As of the end of 2024, the net value of the fixed assets related to the production line is approximately 94.42 million yuan, with original value at 305 million yuan and accumulated depreciation of 134 million yuan [1]. Group 3: Business Performance - In 2023 and 2024, Meiyan Jixiang reported revenues of 314 million yuan and 357 million yuan, respectively, with net losses of 100 million yuan and 82.82 million yuan, totaling approximately 183 million yuan in losses [2]. - The hydropower segment generated 224 million yuan in revenue in 2024, a year-on-year increase of 26.51%, while the geographic information segment saw a revenue decline of 30.25% to 83.56 million yuan [3]. - The company recorded goodwill impairment of 53.57 million yuan and credit impairment losses of 58.30 million yuan in 2024 [3].