MQR(SZ:002719) Xin Lang Cai Jing·2025-10-14 08:11Core Viewpoint - The recent announcement of a significant share reduction by a major shareholder, Changji State-owned Assets Investment and Operation Group Co., Ltd., raises concerns about the future of Maqiuer, especially amid ongoing financial difficulties faced by the controlling shareholder [1][3]. Group 1: Shareholder Actions - Changji State-owned Assets Investment and Operation Group Co., Ltd. plans to reduce its holdings by up to 3.48 million shares, representing approximately 2% of Maqiuer's total share capital [1]. - If the maximum reduction occurs, Changji's ownership will decrease from 8.13% to 6.13% [3]. - The last reduction by Changji occurred at a high point in the stock price, indicating a strategic timing in their divestment [3]. Group 2: Financial Performance - Maqiuer's revenue declined by 4.49% to 294 million yuan in the first half of the year, with the dairy segment experiencing a significant drop of 15.62% [5]. - The company has reported continuous losses over the past three years, with a net profit of 1.5466 million yuan in the first half of this year primarily due to government subsidies, while the adjusted net loss was 5.8645 million yuan [5]. - The asset-liability ratio has risen to 79.55%, indicating substantial debt pressure, with cash on hand at only 29.34 million yuan against short-term borrowings of 94.35 million yuan [7]. Group 3: Business Challenges - The dairy business has been severely impacted since the "propylene glycol" crisis in 2022, leading to a 71% revenue decline in this segment by 2024 compared to 2021 [8]. - The utilization rate of dairy production capacity is critically low, estimated at only 20-30% for 2023, with a further projected decline of 22% in 2024 [8]. - The company faces significant asset impairment and depreciation costs, totaling 258 million yuan in impairments from 2022 to 2024, which poses a major threat to profitability [9].