MIHF(SH:600337) Shen Zhen Shang Bao·2026-01-23 02:26Core Viewpoint - Meike Home (600337) is facing significant financial challenges, including a court-ordered freeze on 488 million shares held by its controlling shareholder, Meike Group, due to a loan dispute, which is expected to impact the company's operations and financial stability [1][2][3]. Shareholder and Legal Issues - Meike Group's 488 million shares, representing 33.99% of the company's total share capital, have been provisionally frozen by the Shenzhen Bao'an District People's Court due to a loan dispute involving a principal debt of 44 million yuan [2]. - The freezing of shares does not involve any collateral or guarantees that would harm the interests of the listed company [3]. Financial Performance - As of December 31, 2025, Meike Group has overdue loans amounting to 336 million yuan, and the company is expected to report a net loss for the fourth consecutive year, with a projected total profit and net profit for 2025 being negative [4]. - Meike Home reported a revenue of 2.223 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of 10.10%, with a net loss of 220 million yuan [4]. - Cumulatively, the company has incurred losses exceeding 1.6 billion yuan from 2022 to 2024, with a single-year loss of 864 million yuan in 2024 and an 18.83% decline in revenue [5]. Operational Adjustments - The company has ceased operations at two subsidiaries in Tianjin as of January 1, 2026, due to low capacity utilization rates averaging below 20%, aiming to optimize idle capacity and reduce losses [7]. - The decision to halt operations is part of a strategic shift to focus on internal customers, as the subsidiaries were primarily serving external markets that have been adversely affected by international trade conditions [7]. Strategic Transformation - In light of ongoing challenges in its core business, Meike Home is pursuing a cross-industry transformation by planning to acquire 100% of Wande Technology, which operates in the AI computing power sector, through a combination of share issuance and cash payment [8]. - Wande Technology reported a net profit of 18.35 million yuan from January to September 2025, and has already launched an automated production line for high-speed copper cables [8].