如果是几年前，当你走进美克美家那些位于城市黄金地段、动辄数千平米的独立艺术中心时，你会 由衷地相信：这是一家贩卖生活方式的企业，体面、优雅、充满了中产阶级对于"美式生活"的全部 想象。 ----------------------------- 以下文章来源于融中财经 ，作者王涛 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体 资讯平台、品牌活动、研究服务、专家咨询、投资顾问等业务，为政府、企业、投资机构提供一站式专 业服务。 作者： 王涛 来源： 融中财经 然而， 2026 年伊始，覆盖在这层金粉之上的窗户纸，被狠狠捅破了。 并不是因为审美过时，也不是因为产品瑕疵，而是以一种最不体面、最原始的方式—— 欠薪。 曾经的"高端家居第一股"美克家居，如今正站在悬崖边上。 从社交平台上的讨薪声浪，到资本市场上的股价阴跌，这家曾被视为中国家居业"艺术生"的老牌企 业，正在经历一场关乎生死的倒春寒。 从"以物抵薪"到股权冻结的 01 全面崩塌 危机的多米诺骨牌，倒下得比想象中更快。 2026 年 1 月 22 日晚间，美克家居发布的一纸公 告，将公司最后的遮羞布 ...

Core Viewpoint - The recent shutdown of Meike Home's Tianjin factories has raised significant concerns about the company's operational status and financial health, with reports of unpaid wages and ongoing losses since 2022 [2][3][5]. Group 1: Company Operations and Financial Performance - Meike Home announced the suspension of operations at its two wholly-owned subsidiaries in Tianjin due to a combination of internal and external factors, including a downturn in the real estate market and poor demand in the home furnishing industry [5]. - The company has faced substantial financial losses, with cumulative losses exceeding 1.8 billion yuan over three years, and revenue declining from 4.496 billion yuan in 2022 to 3.395 billion yuan in 2024 [3][9]. - As of September 2025, Meike Home's cash reserves were only 116 million yuan, while short-term borrowings reached 946 million yuan, indicating severe liquidity issues [11]. Group 2: Employee Issues and Labor Relations - Workers at the Tianjin factories reported being owed wages for five months prior to the shutdown, leading to dissatisfaction with the company's proposal to compensate with a mix of cash and furniture [4][5]. - The company has committed to clearing all wage arrears through a government-regulated account, but employees are still pursuing promised severance compensation [4][5]. Group 3: Management and Strategic Direction - The company's management has been criticized for being outdated, with an average age of 49 among senior executives, which may hinder its ability to adapt to market changes [13]. - Despite attempts at reform under the leadership of the founder's son, who took over as chairman in 2022, the company's performance has continued to decline [13]. Group 4: Market Challenges and Industry Context - The challenges faced by Meike Home reflect broader issues within the home furnishing industry, which is experiencing weak demand and financial pressure due to the real estate market's downturn [11]. - Other companies in the sector, such as Oppein and Kuka Home, have also reported declining performance, indicating a widespread trend [11]. Group 5: Controversial Strategic Moves - In a surprising move, Meike Home announced plans to acquire Shenzhen Wandeng Technology, aiming to diversify into the AI computing sector despite its ongoing financial struggles [20]. - This acquisition has sparked debate among investors, as it may exacerbate the company's cash flow issues while lacking relevant experience in the new industry [20].

Core Viewpoint - The closure of Meike Home's Tianjin factories has raised significant concerns about the company's operational status and financial health, with reports of unpaid wages and ongoing losses [2][3][4]. Group 1: Company Operations and Financial Performance - Meike Home announced the suspension of operations at its two wholly-owned subsidiaries in Tianjin due to significant operational losses and low capacity utilization, averaging less than 20% [3][22]. - The company has accumulated losses exceeding 18 billion yuan over the past three years, with revenue declining from 4.496 billion yuan in 2022 to 3.395 billion yuan in 2024, and net losses increasing from 289 million yuan to 864 million yuan during the same period [7][25]. - In the first three quarters of 2025, Meike Home reported revenue of 2.223 billion yuan, a year-on-year decrease of 10.10%, with a net loss of 220 million yuan [8][25]. Group 2: Employee Issues and Labor Relations - Workers at the Tianjin factories reported being owed wages for five months prior to the closure, leading to dissatisfaction with the company's proposal to compensate with a mix of cash and furniture [3][4][21]. - The company has settled all outstanding wages through a government-regulated account, but employees are still pursuing promised severance compensation [4][21]. - Reports indicate that wage delays have been a recurring issue since 2024, prompting large-scale employee protests [4][21]. Group 3: Strategic Challenges and Management - The company's management has been criticized for being outdated, with employees suggesting that the leadership has failed to adapt to market changes and competition [10][27]. - Despite attempts at reform under the new chairman, Feng Lu, who took over in 2022, the company's performance has continued to decline, indicating that these efforts have not been effective [12][29]. - Meike Home's strategy to close underperforming stores has resulted in the closure of 40 locations over two years, reflecting a significant contraction in its retail presence [14][30]. Group 4: Market Environment and Industry Context - The challenges faced by Meike Home are indicative of broader issues within the home furnishings industry, which is experiencing a downturn due to a sluggish real estate market and reduced consumer demand [10][27]. - The company is attempting to pivot towards AI and technology by planning to acquire Shenzhen Wandeng Technology, despite its ongoing financial struggles, raising concerns about the viability of such a move [17][33]. - The acquisition plan has sparked debate among investors, as it diverges from the company's core business and may exacerbate its financial difficulties [17][33].

Core Viewpoint - The company, Meike Home, is facing significant challenges due to a combination of a declining real estate market and tightening consumer spending, leading to a continuous drop in revenue and persistent losses over the past three years [1][5]. Financial Performance - Meike Home has experienced a cumulative loss exceeding 1.6 billion yuan from 2022 to 2024, with a loss of 879.8 million yuan in the first half of this year, although this is a significant reduction from the 2.76 billion yuan loss in the same period last year [5][6]. - The company's revenue for 2024 was 3.395 billion yuan, down 18.83% year-on-year, while operating costs only decreased by 6.23% to 2.243 billion yuan [6]. - The direct sales business, which is a core segment, saw a revenue decline of 25.74% in 2024, with operating costs increasing by 0.70% [7]. Operational Challenges - The company has been facing cash flow issues, with a debt ratio of 63.10% and only 156 million yuan in cash as of June 2025, indicating that short-term assets cannot cover short-term liabilities [7]. - The number of Meike Meijia stores decreased from 141 in 2023 to 111 in 2024, with a further closure of 12 stores in the first half of this year [7]. Employee and Supplier Issues - There have been reports from employees about delayed salary payments, with some claiming wages have not been paid for several months [2][3]. - Suppliers have also reported unpaid debts, with one supplier winning a lawsuit against Meike Home for unpaid renovation fees from 2022 [3]. Market Adaptation and Strategy - The company is attempting to adapt to market trends by introducing modern minimalist furniture designs, but the pace of change has been slow due to its large scale [9]. - Meike Home is diversifying its business model by combining direct sales and franchising, while also expanding into new markets and product lines, including aging-friendly and integrated home solutions [10][11].

Core Viewpoint - Employees of Meike Home have reported multiple months of unpaid wages, indicating significant financial distress within the company [2][3][4] Employee Compensation Issues - Employees have claimed that wage delays began in 2024, initially extending to one week and later escalating to several months [3] - A group of over 400 employees has formed to address wage disputes, with many reporting unpaid commissions and severance [4] - Meike Home has also been accused of owing payments to suppliers, with one supplier winning a court case for unpaid renovation fees [4] Financial Performance and Challenges - Meike Home has experienced a decline in revenue for three consecutive years, with cumulative losses exceeding 1.6 billion yuan from 2022 to 2024 [6][7] - In the first half of 2024, the company reported a loss of 87.98 million yuan, although this was a significant reduction from the previous year's loss of 276 million yuan [6] - The company's revenue for 2024 was 3.395 billion yuan, down 18.83% year-on-year, while operating costs decreased only by 6.23% [7] Operational Adjustments - The company has been reducing its store footprint, with the number of Meike Home stores decreasing from 141 in 2023 to 111 in 2024 [8] - Despite reducing store area by 19.20%, rental and property costs increased by 12.47% to 496 million yuan [8] - As of mid-2025, the company's debt situation has worsened, with a debt-to-asset ratio of 63.10% and cash reserves of only 156 million yuan [9] Market Adaptation and Product Strategy - Employees have noted a mismatch between Meike Home's product offerings and current market trends, particularly a shift towards minimalist designs preferred by younger consumers [10] - The company has attempted to adapt by introducing modern minimalist products, but the pace of change has been slow due to its large scale [10] - Meike Home is also diversifying its business model by combining direct sales with franchising to enhance market penetration [11] Growth Initiatives - The company is expanding its international business, achieving over 807 million yuan in revenue from international operations in the first half of 2025, accounting for more than 50% of total revenue [11] - Meike Home is focusing on large-scale business collaborations with leading real estate companies and high-end hotels, which have become a new growth driver [11]