Beingmate(SZ:002570) Zhong Guo Ji Jin Bao·2025-07-17 15:21Core Viewpoint - Beiyinmei's controlling shareholder, Xiaobei Damei Holdings, has applied for pre-restructuring due to ongoing debt crises, which may lead to potential changes in control [2][4]. Group 1: Pre-restructuring Application - On July 17, Beiyinmei announced that Xiaobei Damei Holdings submitted a pre-restructuring application to the Jinhua Intermediate People's Court, citing liquidity issues and an inability to repay due debts, despite having restructuring value [4]. - The application was made solely by Xiaobei Damei Holdings, and other subsidiaries are not included in this restructuring process. The court will review whether to accept the application [4]. - Xiaobei Damei Holdings, despite being the controlling shareholder, has seen its shareholding ratio decrease to 12.28%, with 98.85% of its shares being pledged or frozen [4]. Group 2: Financial Situation - As of February 27, 2024, Xiaobei Damei Holdings had a total pledged loan balance exceeding 700 million yuan, with 481 million yuan due within the next six months [5]. - Following a court ruling, Xiaobei Damei Holdings reduced its stake in Beiyinmei by 48 million shares, bringing its total holdings down to 133 million shares [5]. - Beiyinmei primarily engages in the research, production, and sales of infant formula, nutritional rice flour, and other infant food products, with formula products contributing approximately 90% of its revenue [5]. Group 3: Financial Performance - For the fiscal year ending December 31, 2024, Beiyinmei reported total revenue of 2.773 billion yuan, a 9.7% increase year-on-year [6]. - The gross profit for the same period was 1.191 billion yuan, with a net profit attributable to shareholders of 102.9 million yuan, reflecting a 116.92% increase year-on-year [6]. - The company has fluctuated between significant losses and marginal profits in recent years, indicating ongoing financial instability [5][6].