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 announcing the reappointment of Zhongshang Zhonghuan Accounting Firm as its auditor for the 2025 fiscal year, pending approval from a temporary shareholders' meeting [2] Restructuring Plan - *ST Meigu has revealed details of its restructuring plan, identifying Hubei Jiuzhou Industrial Park Operation Management Co., Ltd. and Tianjin Xinmeitongcheng Equity Investment Partnership as key investors, along with six financial investors [4] - The restructuring plan involves a capital increase of approximately 1.024 billion shares, raising the total share capital to 1.787 billion shares, based on a ratio of 13.4278 shares for every 10 shares held [4] - The newly issued shares will be used primarily for three purposes: resolving related guarantee issues, compensating creditors with shares, and attracting restructuring investors [4] Financial Investment - Approximately 860 million shares will be allocated to attract restructuring investors, with a total investment amount of 1.536 billion yuan, where Hubei Jiuzhou will contribute 706 million yuan, accounting for nearly 46% of the total [4][5] Business Strategy Post-Reconstruction - After the 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 and enhancing its health industry chain [6] - The company aims to acquire quality assets related to its main business through retained funds and share issuance post-restructuring [7] Medical Aesthetics Focus - *ST Meigu's core asset remains in the medical aesthetics sector, having entered this market in 2021 with a significant acquisition of a 55% stake in Zhejiang Liantianmei for 697 million yuan [7] - The company has established strategic partnerships with various entities in the medical aesthetics field, although it faced challenges due to the downturn in the real estate sector, leading to continuous losses and financial distress [7][8] Potential Control Change - If the restructuring is successful, Jiuzhou Tong may become the controlling shareholder of *ST Meigu, as it has been actively investing in the medical aesthetics sector since 2016 [8] - Jiuzhou Tong's medical aesthetics business has shown significant growth, with sales revenue reaching 851 million yuan in 2024, a 120.47% increase year-on-year, and 904 million yuan in the first three quarters of the current year, up 45.84% [8][9]