麦趣尔被申请破产清算，财务表现持续“恶化”

Core Viewpoint - The company 麦趣尔 is facing a bankruptcy liquidation application from its creditor, 广州市铭慧机械, due to ongoing financial difficulties and significant losses since 2022, primarily attributed to the "propylene glycol" incident and industry competition [1][2][4]. Financial Performance - 麦趣尔 reported total assets of 10.88 billion and total liabilities of 8.70 billion as of 2024, resulting in a debt-to-asset ratio of 79.94% [3]. - For the first nine months of 2025, 麦趣尔's total assets were 10.9 billion with liabilities of 9.05 billion, increasing the debt-to-asset ratio to 83.04% [3]. - The company has faced continuous losses, with a reported loss of 3.51 billion in 2022 and a further loss of 970.99 million in 2023, despite a 72.32% reduction in losses year-over-year [5][6]. Business Operations - 麦趣尔's core business includes dairy product manufacturing and bakery chains, with dairy products accounting for approximately 50% of total revenue [4][5]. - The "propylene glycol" incident led to significant penalties and a loss of consumer trust, severely impacting the company's financial health [4][5]. - In 2024, 麦趣尔's revenue declined by 10.40% to 6.35 billion, with dairy product revenue dropping by 22.38% [6]. Legal and Debt Issues - 麦趣尔 has been involved in 55 legal cases over the past 12 months, with a total amount in dispute of approximately 82.08 million [3]. - The company has established a special task force to address debt risks and improve its financial situation [2]. Shareholder and Control Issues - 麦趣尔's major shareholder, 麦趣尔集团, has faced multiple instances of share pledges and judicial auctions, raising concerns about the company's control [8][9]. - As of mid-2025, 麦趣尔集团's shareholding in 麦趣尔 has been reduced to 9.86%, with 100% of its shares frozen [9]. Market Outlook - Analysts indicate that 麦趣尔's operational and financial conditions are deteriorating, highlighting the company's challenges in maintaining sustainable business performance [10].