SMEG(SH:600689) Shang Hai Zheng Quan Bao·2025-11-26 18:47Core Viewpoint - Shanghai Sanmao Enterprise (Group) Co., Ltd. has initiated bankruptcy liquidation processes for its subsidiaries, Shanghai Yitiao Textile Co., Ltd. and Shanghai Jiayi Venture Investment Co., Ltd., due to financial difficulties and lack of operational activities [2][4]. Group 1: Bankruptcy Liquidation Overview - The company held temporary board meetings on November 4, 2024, and February 17, 2025, to approve the bankruptcy liquidation of its subsidiaries [2]. - Shanghai Yitiao Textile Co., Ltd. was deemed insolvent and applied for bankruptcy liquidation due to long-term inactivity and being unable to meet its debts [2]. - The Shanghai Third Intermediate People's Court accepted the bankruptcy application for Yitiao Company in March 2025 and declared it bankrupt in November 2025 [3]. Group 2: Financial Impact - The company received a compensation amount of 47,535.60 yuan from the bankruptcy management of Yitiao Company [4]. - The bankruptcy liquidation of Yitiao Company has been completed, and it has not been included in the company's consolidated financial statements since April 2025. The company had already made full provisions for bad debts related to Yitiao [7]. - The bankruptcy of Jiayi Company is still in process, with the court yet to appoint a bankruptcy manager. The company has also made full provisions for bad debts related to Jiayi, and its exit from the consolidated financial statements is not expected to significantly impact the company's financial performance [8].