MQR(SZ:002719) Di Yi Cai Jing Zi Xun·2026-01-29 12:13Core Viewpoint - The Xinjiang-based dairy company, Maiqiu'er Group Co., Ltd., is facing a bankruptcy liquidation application due to a payment dispute of 5.95 million yuan with its creditor, Guangzhou Minghui Machinery Co., Ltd. [2][3] Financial Situation - Maiqiu'er has a total contract amount of 8.507 million yuan for the purchase of two sterilized paper packaging filling machines, of which only 30% (2.5521 million yuan) has been paid, leaving an outstanding balance of 5.9549 million yuan [2]. - The company has reported a total of over 42.7 million yuan in execution amounts across five cases, along with 15 restrictions on high consumption and multiple records of being untrustworthy [3]. Operational Status - As of January 28, 2026, Maiqiu'er stated that it has not received a court ruling and has filed an objection, asserting that its production and operations are normal and do not meet the legal conditions for bankruptcy [3]. - The company has established a special working group to communicate with creditors and develop a comprehensive debt risk resolution plan [3]. Historical Performance - Maiqiu'er's revenue peaked at 1.146 billion yuan in 2021 but has since declined significantly due to a food safety incident involving propylene glycol in 2022, leading to a loss of consumer trust and regulatory penalties totaling 73.151 million yuan [6][8]. - Financial data from 2022 to 2025 shows a drastic decline in revenue from 989 million yuan to 463 million yuan, with cumulative losses exceeding 700 million yuan over four years [8].