高端家居第一股，出事了

Core Viewpoint - The article discusses the severe financial and operational crisis faced by Meike Home, highlighting its transition from a leading high-end furniture brand to a company on the brink of collapse due to unpaid wages, production halts, and significant financial losses [5][7][12]. Group 1: Crisis Overview - Meike Home's controlling shareholder, Meike Investment Group, had 488 million shares frozen by the court, representing 100% of its stake in the company [9]. - The company announced the suspension of operations at two wholly-owned subsidiaries due to low capacity utilization, averaging less than 20% [10]. - Employees reported unpaid wages for several months, leading to a controversial "salary offset" scheme where employees must sell furniture to earn their wages [10][11]. Group 2: Market and Operational Decline - The company has been closing stores rapidly since 2024, with significant locations in major cities like Nanjing and Beijing shutting down or reducing size [11]. - High rental costs and large workforce expenses have created a financial strain, exacerbated by declining customer traffic [12]. - Meike Home attempted to acquire a tech company to boost its stock price, indicating desperation amid its operational struggles [12]. Group 3: Historical Context and Strategic Missteps - Founded by an artist, Meike Home initially thrived by capitalizing on unique design and high-quality materials, becoming a major player in the furniture industry [14]. - The company failed to adapt to significant market changes, missing opportunities in the custom furniture trend and the shift in consumer preferences towards minimalism [15][16]. - Meike Home's reliance on a heavy asset model and direct retailing became a liability as market conditions shifted, leading to unsustainable operational costs [17]. Group 4: Financial Performance - Meike Home reported a cumulative loss of nearly 1.6 billion yuan over three years, with net losses of 298 million yuan in 2022 and 464 million yuan in 2023, and projections indicating losses could exceed 800 million yuan in 2024 [19][20]. - The company's gross margin, previously between 40%-50%, has declined significantly due to discounting efforts to clear inventory [20]. - The sales expense ratio remains alarmingly high at 30%-40%, leading to unsustainable financial practices compared to competitors [21][22]. - As of Q3 2025, the company's cash reserves were critically low, with a cash-to-short-term debt ratio below 0.1, indicating severe liquidity issues [22][23].