美晨科技“断舍离”：1元甩卖园林资产，聚焦汽车零部件主业

Core Viewpoint - Meichen Technology is accelerating the divestiture of non-core assets to focus on its core automotive parts business, marking the initiation of a "de-greening" strategic transformation due to ongoing losses in its landscaping business [1][3]. Financial Performance - The landscaping business has consistently reported deep losses, with revenues of 431 million, 278 million, and 122 million yuan from 2022 to 2024, while contributing negative gross profits of -77 million, -125 million, and -144 million yuan respectively [1][3]. - The company's asset-liability ratio exceeded 97% from 2023 to 2024, reaching 101% by the end of Q3 2025, indicating insolvency [1][3]. Asset Divestiture - The company plans to transfer 100% equity of Hainan Meichen Ecological Development Co., Ltd. for a nominal price of 1 yuan, with a debt restructuring of approximately 900 million yuan [1][4]. - Hainan Meichen has a net asset value of -79.31 million yuan and reported zero revenue with a net loss of 719,200 yuan in the first ten months of 2025 [4]. Debt Restructuring - Meichen Technology is utilizing accounts receivable and contract assets from its subsidiary, Saishi Landscaping, to repay debts totaling 2.478 billion yuan owed to the company and 925 million yuan owed by its controlling shareholder and related state-owned entities [5]. - The transfer of 900 million yuan in receivables and contract assets is expected to increase the company's equity by approximately 79 million yuan in 2025 [5]. Core Business Focus - Meichen Industrial, a national high-tech enterprise, specializes in automotive suspension systems, damping systems, and fluid transport systems, holding the third-largest market share in the country and recognized as one of the "Top 100 Automotive Parts Suppliers" for 17 consecutive years [5]. - In the first half of 2025, the automotive parts business generated revenue of 840 million yuan, reflecting a year-on-year growth of 17.15%, indicating stable development [5]. Future Outlook - The rapid development of the new energy vehicle industry presents potential growth opportunities for the company's technological advancements [5].