MQR(SZ:002719) Sou Hu Cai Jing·2026-01-30 01:22Core Viewpoint - The company 麦趣尔 is facing a severe financial crisis, highlighted by a bankruptcy petition from a supplier over an unpaid amount of less than 6 million yuan, revealing its struggles with debt and ongoing losses exceeding 700 million yuan [1][3][10]. Financial Situation - 麦趣尔 has accumulated losses of over 700 million yuan over the past four years, with no signs of recovery [1][10]. - As of September last year, the company had cash reserves of 18.81 million yuan, which seems sufficient to cover the outstanding payment, but multiple debt disputes indicate greater financial pressure [3]. - The company has faced multiple legal actions, with a total of 42.70 million yuan executed against it and 14.04 million yuan involved in cases of dishonesty [3]. Business Performance - 麦趣尔's revenue from dairy products peaked at 733 million yuan in 2021, a 57.75% increase year-on-year, but has since declined significantly due to a food safety scandal [9][12]. - The company's revenue from dairy products dropped from 5.49 billion yuan in 2022 to 2.11 billion yuan in 2024, reflecting a severe loss of consumer trust [12]. - Overall revenue from 2022 to 2024 showed a downward trend, with figures of approximately 989 million yuan, 709 million yuan, and 635 million yuan, representing year-on-year declines of 13.71%, 28.32%, and 10.40% respectively [13]. Market Position and Challenges - 麦趣尔 initially gained popularity through its unique products and marketing strategies, but the "丙二醇" incident severely damaged its brand reputation [10][11]. - The company is attempting to pivot towards its baking business to mitigate losses, with revenues from this segment increasing from 3.02 billion yuan in 2024 to 1.55 billion yuan in the first half of 2025, but the impact remains limited [14]. - The competitive landscape in the dairy market is intensifying, with industry leaders innovating and expanding their reach, posing further challenges for 麦趣尔 [15].