作者 | 方璐 编辑丨于婞 来源 | 野马财经 临近年末，长虹美菱（000521.SZ）对内进行一次重整，砍掉两家业绩堪忧的企业，并为另一些企业的 长期发展进行担保。 注销的好处显而易见，在香颂资本执行董事沈萌看来，针对一些没有实际经营的企业会增加经营资源消 耗，注销可降低相关成本。 事实上，得到母公司担保的子公司，经营状况亦存在挑战，比如，一些公司负债率过高或存在扭亏挑 战。如何看待长虹美菱一手注销，一手担保？中国企业资本联盟副理事长、中国区首席经济学家柏文喜 认为，长虹美菱近期"注销+担保"并举，本质是一次"止血"与"输血"同步进行的资本动作，背后体现的 是上市公司对子公司"分类处置、有进有退"的再平衡逻辑。 截至12月3日收盘，长虹美菱报收于6.8元/股，涨幅0.74%，总市值70.03亿元。 01 长虹美菱"止血"又"输血"。 砍掉弱势"枝丫" 瘦身输血优化布局 11月29日，长虹美菱称要清算注销两家公司，分别是成立于2019年1月的合肥美菱物联科技有限公司 （简称"物联科技"）、成立于2017年7月的河北虹茂日用电器科技有限公司（简称"河北虹茂"）。 物联科技注资1000万元，长虹美菱持其100%股 ...

Core Viewpoint - Changhong Meiling is undergoing a restructuring process, which includes the cancellation of two underperforming subsidiaries and providing guarantees for others, reflecting a dual strategy of "stopping the bleeding" and "infusing blood" to optimize its capital structure and resource allocation [1][21]. Group 1: Company Actions - On November 29, Changhong Meiling announced the liquidation of two companies: Hefei Meiling Internet of Things Technology Co., Ltd. and Hebei Hongmao Daily Electric Appliance Technology Co., Ltd. [4][24]. - The cancellation of these subsidiaries is expected to reduce management costs and improve asset turnover and return on equity (ROE) by approximately 0.6 billion yuan [4][24]. - The company plans to provide guarantees totaling approximately 1.83 billion yuan for its subsidiaries, which represents 30.07% of its latest audited net assets [5][25]. Group 2: Financial Performance - As of December 3, Changhong Meiling's stock price was 6.8 yuan per share, with a market capitalization of 7.003 billion yuan [2][22]. - For the first three quarters of 2025, the company reported revenue of approximately 25.393 billion yuan, a year-on-year increase of 11.49%, but a net profit of about 488 million yuan, a decrease of 8.2% year-on-year [11][31]. - The company's cash flow from operating activities decreased by 51.17% year-on-year, indicating challenges in maintaining profitability despite revenue growth [11][31]. Group 3: Subsidiary Performance - Hefei Meiling Internet of Things Technology Co., Ltd. had total assets of 27.5644 million yuan and liabilities of 4,400 yuan, with a revenue of only 831,500 yuan and a net loss of 4.9731 million yuan for the first three quarters [4][24]. - Hebei Hongmao reported total assets of approximately 8.5713 million yuan and liabilities of 70 yuan, with no revenue and a net profit of 1.4406 million yuan during the same period [4][24]. - The subsidiaries that are receiving guarantees have high debt ratios, with Meiling Group at 130.62% and Changhong Industry at 72.54% [6][26]. Group 4: Strategic Insights - The dual strategy of cancellation and guarantees is seen as a necessary measure to manage underperforming assets while supporting those with strategic importance to the company's revenue base [9][29]. - Analysts suggest that the guarantees are intended to replace high-cost financing for subsidiaries, thereby stabilizing the financial situation ahead of potential industry price wars [9][29]. - The restructuring is viewed as a way to avoid significant losses in revenue and workforce that would occur if the underperforming subsidiaries were simply cut [10][30].