SMEG(SH:600689) Shang Hai Zheng Quan Bao·2025-11-14 19:15Summary of Key Points Core Viewpoint - Shanghai Sanmao Enterprise (Group) Co., Ltd. has announced the bankruptcy liquidation of its subsidiary, Shanghai Yitiao Textile Co., Ltd., due to its long-term lack of production activities and insolvency [2]. Group 1: Bankruptcy Announcement - The company's board approved the proposal for the subsidiary to apply for bankruptcy liquidation on November 4, 2024, and the Shanghai Third Intermediate People's Court accepted the application in March 2025 [2]. - The court determined that Yitiao Company could not repay its debts and lacked sufficient assets to cover all liabilities, thus meeting the conditions for bankruptcy [2][4]. Group 2: Court Rulings - The court issued a civil ruling declaring Yitiao Company bankrupt, effective immediately [3]. - The court also recognized the asset distribution plan approved by the creditors' meeting for the bankruptcy liquidation [4]. Group 3: Financial Impact - Following the takeover by the bankruptcy administrator, Yitiao Company will no longer be included in the company's consolidated financial statements, and its bankruptcy will not affect the company's operating performance or ongoing operations [6]. - The specific impact on the company's current profits will be determined based on the results of the auditor's review [6].