Aoyuan Beauty Valley(SZ:000615) Guo Ji Jin Rong Bao·2025-12-02 14:53Core Viewpoint - The restructuring of *ST Meigu (000615.SZ) is a focal point for the market, with the company seeking to emerge from its current difficulties through a comprehensive restructuring plan and the appointment of an auditing firm for oversight [1][3]. Restructuring Plan - The board of *ST Meigu has approved the reappointment of Zhongshun Zhonghuan Accounting Firm as the auditing agency for the fiscal year 2025, pending approval from a temporary shareholders' meeting [1]. - The restructuring plan includes the recruitment of investors, with three main investors identified: Hubei Jiuzhou Industrial Park Operation Management Co., Tianjin Xinmeitongcheng Equity Investment Partnership, and six financial investors [4][5]. - The restructuring plan proposes a capital increase of approximately 10.24 billion shares, raising the total share capital to 17.87 billion shares, with a conversion ratio of 13.4278 shares for every 10 shares held [5]. Financial Details - Approximately 8.6 billion shares from the capital increase will be allocated to introduce restructuring investors, with a total investment amount of 1.536 billion yuan, where Hubei Jiuzhou accounts for 706 million yuan, nearly 46% of the total [5]. - The restructuring investors will use part of the shares for debt settlement with related guarantee creditors, and they will not be allowed to seek further compensation from *ST Meigu for these shares [5]. Business Strategy - Post-restructuring, *ST Meigu plans to leverage the funds and resources from industrial investors to strengthen its existing beauty and health services while expanding into related businesses within the health industry [6]. - The company aims to acquire quality assets related to its main business through retained funds and share issuance after the restructuring [6]. Medical Aesthetics Focus - *ST Meigu's core asset remains its medical aesthetics business, which began in 2021 with a 697 million yuan acquisition of a 55% stake in Zhejiang Liantianmei [6][7]. - The company has formed strategic partnerships with various entities in the medical aesthetics sector, although its real estate business has faced challenges leading to financial losses [7]. - In 2023, *ST Meigu was placed under "delisting risk warning" due to its inability to repay debts, prompting a restructuring application [7]. Investor Background - Jiuzhou Tong, through its subsidiary Jiuzhou Chuantou, signed a restructuring investment agreement with *ST Meigu, potentially becoming the controlling shareholder if the restructuring is successful [8]. - Jiuzhou Tong has been investing in the medical aesthetics sector since 2016, with significant growth in its medical aesthetics business, achieving a sales revenue of 851 million yuan in 2024, a 120.47% increase year-on-year [9]. - The company reported a compound annual growth rate of 111.64% in sales revenue from 2022 to 2024, indicating a robust growth trajectory in the medical aesthetics market [9].