| 股东 | 冻结股份数 | 占其所 | 占公司 | 冻结股份 | 冻结起始 | 冻结到期日 | 冻结申请人 | 冻结 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 重(股) | 持股份 | 总股本 | 是否为限 | 日 | | | 原因 | | | | 比例 | 比例 | 售股 | | | | | | 美克 集团 | 488, 449, 350 | 100. 00% | 33.99% | 合 | 2026-1-21 | | 广东省深圳市 宝安区人民法 | 轮候 冻结 | | | | | | | | | 院 | | 美克家居称，经与控股股东核实，此次轮候冻结事项系美克集团发生借贷纠纷引发。 根据广东省深圳市宝安区人民法院作出的（2025）粤0306执保37013号之三协助执行通知书，轮候冻结美克集团持有的公司股份4.88亿股。本次轮候申请 人为深圳市木林供应链管理有限公司，债务本金4400万元。 美克家居同时表示，本次纠纷不涉及公司抵押或担保事项，不会对公司的生产经营产生影响。公司控股股东不存在非经营性资金占用、违规担保等侵害 ...

Core Viewpoint - The home furnishing industry is undergoing a deep adjustment period, leading to the accelerated elimination of inefficient production capacity. Companies like Meike Home are seeking new breakthroughs through cross-industry transformations and acquisitions to navigate this challenging landscape [1][3]. Financial Performance - Meike Home expects a negative profit total for 2025, with a projected net profit loss for shareholders. In the first three quarters of 2025, the company reported revenue of 2.223 billion yuan, a year-on-year decline of 10.10%, and a net profit loss of 220 million yuan [3][4]. - The company's revenue has been on a downward trend since 2020, with cumulative net profit losses of 1.625 billion yuan from 2022 to 2024. Historical revenue figures show a decline from 5.588 billion yuan in 2019 to 3.395 billion yuan in 2024 [5][6]. Operational Adjustments - Meike Home has decided to suspend operations at its subsidiaries in Tianjin due to an average production capacity utilization rate of less than 20%. This move aims to optimize idle capacity and reduce losses while accelerating strategic transformation [4][6]. - The company is also reducing its number of stores from 471 to 327 between 2022 and 2024, indicating a strategic shift to address inefficiencies in its traditional large-store model [6]. Strategic Transformation - Meike Home is planning to acquire 100% of Wande Guangdian, a company focused on high-speed copper cable, as part of its strategy to enter the AI computing power sector. This acquisition is seen as a way to diversify and enhance the company's growth potential [7][8]. - The AI market is experiencing rapid growth, with projections indicating a 20% increase in general computing power and a 43% increase in intelligent computing power in China by 2025. This presents a significant opportunity for Meike Home's strategic pivot [7][8]. Industry Context - The home furnishing industry is witnessing increased brand differentiation, and Meike Home's actions reflect a proactive approach to navigate the cyclical challenges faced by traditional enterprises. The success of its transformation will depend on effective resource integration and balancing core business recovery with new business expansion [3][8].

Core Viewpoint - Meike International Home Products Co., Ltd. is facing significant financial challenges, with a projected loss for the year 2025 and ongoing stock trading volatility due to market speculation and external economic factors [2][4][10]. Financial Performance - For the first three quarters of 2025, the company reported an operating income of 2.223 billion yuan, a year-on-year decline of 10.10%, and a net profit attributable to shareholders of -220 million yuan [2][4]. - The company anticipates that its total profit, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses for 2025 will all be negative [2][5]. Stock Trading Activity - The company's stock experienced a cumulative price increase of 46.23% from January 5 to January 8, 2026, significantly outpacing the Shanghai Composite Index's increase of 2.88% during the same period [2][3]. - The stock price volatility has raised concerns about market sentiment and speculative trading risks, prompting the company to issue a warning to investors [3][4]. Major Corporate Actions - The company is planning to acquire 100% of Shenzhen Wandeng Technology Co., Ltd. through a combination of stock issuance and cash payment, which requires shareholder approval and regulatory clearance [2][6]. - The acquisition process is still in the preliminary stages, with the valuation and transaction price of the target assets yet to be determined [6]. Operational Changes - The company has decided to suspend operations at its wholly-owned subsidiaries in Tianjin due to low capacity utilization and significant losses, with an average utilization rate below 20% [10][12]. - The Tianjin subsidiaries contributed 17.75% and 12.65% of the company's consolidated revenue in 2024 and the first nine months of 2025, respectively, indicating their importance to the overall business [12][13].

Core Viewpoint - Meike Home is facing significant operational challenges, reflected in its continuous net losses and shrinking revenue, prompting the company to pursue a cross-industry acquisition of Shenzhen Wande Technology Co., Ltd. [1] Financial Performance - Meike Home has experienced a decline in net profit since 2020, with net losses of approximately -2.89 billion, -4.63 billion, and -8.64 billion for the years 2022 to 2024 respectively [6] - For the first three quarters of this year, Meike Home reported a net loss of about -2.2 billion, showing a reduction in losses compared to previous periods [6] - The company's revenue peaked in 2019 at over 5.5 billion, but has since declined significantly [6] Acquisition Details - Meike Home plans to acquire control of Wande Technology, which specializes in high-speed copper cables for AI computing and data centers, with a valuation of 360 million as of last year [3][5] - The acquisition will involve issuing shares and cash payments, with the main transaction partner being Shenzhen Wande Yasheng Technology [5] Shareholding and Pledge Status - As of the end of the third quarter, Meike Group, the controlling shareholder of Meike Home, has 100% of its 4.88 billion shares pledged, indicating a high risk of margin calls if the stock price declines significantly [7] - Despite the pledge status, Meike Group claims to have good credit and plans to manage the risks associated with the pledged shares through various financing channels [7] Market Reaction - Meike Home's stock experienced a significant increase of 47.12% from October 31 to December 15, reaching a peak of 3.21 per share, but subsequently faced declines, including a drop of 4.26% on December 18 [7] Employee Issues - The company has been involved in a controversy regarding employee salary arrears, with ongoing internal investigations into the matter [8]

Core Viewpoint - Meike Home (600337) is facing significant operational challenges, reflected in its continuous net losses and shrinking revenue, prompting the company to pursue a cross-industry acquisition of Shenzhen Wande Technology Co., Ltd. [1][8] Financial Performance - Meike Home has reported consecutive annual net losses, with figures of approximately -289 million yuan in 2022, -463 million yuan in 2023, and -864 million yuan in 2024 [9] - For the first three quarters of this year, the company recorded a net loss of about -220 million yuan, showing a reduction in losses compared to previous periods [10] - The company's revenue peaked in 2019 at over 5.5 billion yuan, but has since declined significantly due to various market challenges [8] Acquisition Details - Meike Home plans to acquire control of Wande Technology, which specializes in high-speed copper cables for AI computing and data centers, with a valuation of 360 million yuan [3][5] - The acquisition will involve issuing shares and cash payments, with the main transaction partner being Shenzhen Wande Yasheng Technology [7] Shareholding and Pledge Status - As of the end of the third quarter, Meike Home's controlling shareholder, Meike Investment Group, has 100% of its shares pledged, which poses a risk to the company's control stability [12][14] - Meike Group holds approximately 33.99% of Meike Home's shares, all of which are under pledge [14] Market Response and Challenges - Following the announcement of the acquisition, Meike Home's stock was suspended from trading, with a maximum trading price of 3.21 yuan per share observed recently [12] - The company has also faced issues related to employee salary payments, which have been acknowledged and are under internal review [12][16] - The overall market conditions for the home furnishing industry remain challenging, raising questions about the effectiveness of the proposed acquisition in resolving the company's financial difficulties [11][17]