MIHF(SH:600337) Guan Cha Zhe Wang·2026-01-12 11:22Core Viewpoint - Meike Home is struggling with a transition between traditional and new business models, as evidenced by the recent announcement of factory shutdowns while planning a cross-industry acquisition of an optoelectronic company [1][4]. Group 1: Factory Shutdowns - Meike Home announced the shutdown of its subsidiaries, Meike International Furniture (Tianjin) Manufacturing Co., Ltd. and Meike International Furniture Processing (Tianjin) Co., Ltd., effective January 1 of this year [1]. - The shutdown is a response to significant operational losses, with average capacity utilization at the Tianjin factories below 20% [2][3]. - The Tianjin factory, established in 1997, is crucial to Meike Home's operations, being the site of its first chain store and a key asset for the company [1][2]. Group 2: Financial Performance - The Tianjin factories reported revenues of 602 million yuan and 281 million yuan for 2024 and the first nine months of 2025, respectively, with net profits of 3 million yuan and losses of 56 million yuan [3]. - The processing subsidiary reported revenues of 145 million yuan and 76 million yuan for the same periods, with net losses of 2.3 million yuan and 1.2 million yuan [3]. - Meike Home's overall revenue for the first three quarters of 2025 is projected at 2.223 billion yuan, a 10.1% decline year-on-year, with an expected net loss of 220 million yuan [4][5]. Group 3: Strategic Shift and Acquisition - Concurrently with the factory shutdown, Meike Home announced a cash acquisition of Shenzhen Wande Technology Co., Ltd., which has led to significant stock price volatility [4][5]. - The acquisition's details, including the transaction price, remain uncertain, raising questions about the company's ability to successfully transition from traditional to new business models [5].