102万甩卖资不抵债子公司，国资入主后的美芝股份正加速“卸包袱”

Core Viewpoint - Meizhi Co., Ltd. is publicly transferring 51% of its stake in Guangdong Yingju Construction Co., Ltd. for no less than 1.02 million yuan, reflecting a significant strategic shift to divest non-performing assets under the influence of state-owned capital from Foshan Nanhai [2][3][4]. Group 1: Asset Transfer Details - The stake transfer will occur through a public listing at the Guangdong United Property Rights Exchange, with a base price set at 1.02 million yuan, and the final price will depend on the bidding results [3]. - Yingju Construction, established in April 2018 with a registered capital of 100 million yuan, has been operating at a loss, with total assets of 285 million yuan and total liabilities of 329 million yuan, resulting in a negative net asset of 44.44 million yuan [3][4]. - The valuation report indicates that the total equity value of Yingju Construction is assessed at -43.98 million yuan, meaning the company's equity has effectively become "negative assets" [4]. Group 2: Historical Context and Financial Performance - Meizhi Co. previously acquired the 51% stake in Yingju Construction for 28.05 million yuan in January 2022, aiming to enhance its industry chain and competitiveness, but the investment has turned out to be a significant misstep [4][5]. - The company has faced continuous losses since 2021, with total losses exceeding 700 million yuan, and in the first half of 2025, it reported a revenue drop of 66.47% year-on-year, amounting to 123 million yuan, with a net loss of 34.76 million yuan [5][6]. - The asset-liability ratio has surged from 58.45% in 2021 to 95.05% in the first half of 2025, indicating a severe decline in short-term solvency [5][6]. Group 3: Strategic Shift and Governance Issues - Following the transfer of control to Foshan Nanhai state-owned capital in December 2020, the company has been embroiled in governance conflicts, with the former and current controlling parties at odds over performance commitments [6]. - The state-owned entity is now accelerating the strategic restructuring and asset divestiture of Meizhi Co., including the planned transfer of 50 real estate assets expected to recover nearly 40 million yuan [6][7]. - The announcement of the stake transfer signals a clear intent to "unburden" and seek survival for the continuously loss-making company under state guidance [7].