GEM(SZ:002340) Xin Lang Zheng Quan·2025-11-07 10:12Core Viewpoint - The company, GreeenMei, is facing significant debt issues despite reporting revenue and profit growth in the first three quarters of the year. The sale of its subsidiary, Jiangxi Green, for 960 million yuan is part of its strategy to alleviate financial pressure, but concerns remain about the sustainability of its financial health [2][3][8]. Financial Performance - In the first three quarters of this year, GreenMei reported a revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to shareholders of 1.109 billion yuan, up 22.66% [8]. - However, after excluding non-recurring gains such as asset disposals and government subsidies, the company's net profit only grew by 8.21% to 821 million yuan [8]. Debt Situation - As of the end of the third quarter, GreenMei's interest-bearing liabilities exceeded 30.1 billion yuan, significantly surpassing its cash reserves of 4.75 billion yuan [3][8]. - The company's heavy debt burden is linked to a long-standing issue of cash flow deficits, with capital expenditures consistently outpacing operating cash flow since its listing in 2010 [4][11]. Asset Sales - GreenMei has been actively selling off assets to recover funds, including the recent sale of three loss-making subsidiaries for a total of 922 million yuan, with a significant portion of the transaction being debt claims [5][14]. - The sale of Jiangxi Green for 960 million yuan includes a cash component of 280 million yuan and debt claims of 682 million yuan, indicating the company's urgent need for liquidity [7][14]. Long-term Viability - The reliance on asset sales to address financial challenges raises concerns about the company's long-term viability, as these measures may not sufficiently cover the accumulated financial shortfalls [6][13].