GEM(SZ:002340) Xin Lang Cai Jing·2025-11-07 10:40Core Viewpoint - The company Greenme announced the sale of its wholly-owned subsidiary Jiangxi Green Recycling Materials Co., Ltd. to Henan Recycling Group for a transaction price of 960 million yuan, amid rising debt concerns and ongoing financial struggles [1][2]. Financial Performance - In the first three quarters of this year, Greenme 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% [2]. - 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 [2]. Debt Situation - As of the end of the third quarter, Greenme's interest-bearing liabilities exceeded 30.1 billion yuan, significantly surpassing its cash holdings of 4.7 billion yuan [2][4]. - The company's heavy debt burden is directly related to its long-term cash flow issues, with capital expenditures consistently exceeding operating cash flow since its listing in 2010 [4][5]. Asset Disposal Strategy - To quickly recover funds, Greenme has been selling off assets, including three loss-making subsidiaries for a total of 922 million yuan, most of which were debt claims [1][2]. - The recent sale of Jiangxi Green is part of a broader strategy to address the company's substantial funding gap, although relying solely on asset sales is unlikely to resolve the underlying debt issues [5].