联美控股子公司仅完成业绩承诺34% 持续亏损负债率126%停产止损

Core Viewpoint - Unimproved performance and continuous losses of Fulin Thermal Power lead to its recent shutdown, impacting the financial health of Unimee Holdings [2][3][5] Group 1: Company Performance - Fulin Thermal Power, a subsidiary of Unimee Holdings, has been unable to meet its expected economic benefits due to a decrease in local steam customers, resulting in ongoing losses [2][3] - For the first nine months of 2024 and 2025, Fulin Thermal Power reported revenues of 41.82 million and 17.37 million respectively, with net losses of 109 million and 204 million [5] - As of September 2025, Fulin Thermal Power's total assets were 233 million, total liabilities were 293 million, and net assets were -60.12 million, indicating a debt-to-asset ratio of approximately 126% [5] Group 2: Acquisition and Performance Commitments - Unimee Holdings acquired 66% of Fulin Thermal Power for 1.03 billion in May 2019, with a commitment for the company to sell no less than 1 million tons of industrial steam within a year, which was only partially fulfilled at 341,800 tons [7][8] - The acquisition was based on the expectation of stable demand from local timber processing enterprises and the unique operating rights of Fulin Thermal Power, which were anticipated to provide high investment returns [8] - Legal actions have been initiated by Unimee Holdings against the sellers for failing to meet performance commitments, seeking a buyback of shares [6][9] Group 3: Financial Impact on Unimee Holdings - Unimee Holdings has experienced declining revenues and profits over the past four years, with revenues of 3.468 billion, 3.450 billion, 3.412 billion, and 3.509 billion from 2021 to 2024, reflecting a downward trend [10] - The net profit for the same period decreased from 1.046 billion to 659 million, marking a continuous decline [10] - The decline in profit for 2024 was attributed to asset impairment losses related to Fulin Thermal Power, increased advertising costs, and previous subsidies received [11]