Core Viewpoint - The company Meibang Apparel is currently involved in a legal dispute with its tenant, Hongding Investment, regarding a lease contract, with both parties appealing a first-instance judgment, leading to uncertainty about the impact on the company's profits [1][4][5]. Group 1: Legal Dispute Details - Meibang Apparel leased part of its property located at 800 Kangqiao East Road, Pudong New District, Shanghai, to Hongding Investment in 2023 [4]. - In 2024, the company initiated legal proceedings against Hongding Investment due to lease contract disputes, resulting in the formal termination of the lease on March 31, 2025 [4]. - The first-instance judgment was issued in November 2025, with both parties subsequently filing appeals [4]. Group 2: Company’s Legal Claims - Meibang Apparel's appeal requests include the annulment of specific parts of the first-instance judgment and the payment of daily usage fees of 85,287.67 yuan (approximately 85,300 yuan) from April 1, 2025, until the property is returned [4]. - The company also seeks the payment of rent for the rent-free period amounting to 23.3475 million yuan and demands that Hongding Investment bear all litigation costs for both trials [4]. Group 3: Financial Performance - In the first three quarters of the year, Meibang Apparel reported revenue of 329 million yuan, a year-on-year decline of 37.3% [6]. - The company recorded a net loss attributable to shareholders of 68.98 million yuan, a year-on-year increase in losses of 233.1% [6]. - The net loss excluding non-recurring items worsened from 58.11 million yuan in the same period last year to 75.09 million yuan this year [6].

Core Insights - A new company, Jieyang Tongyi Shoe Material Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The company operates in various sectors including shoe manufacturing, shoe and leather repair, wholesale and retail of footwear and hats, and sales of raw materials for shoe making [1] Company Overview - The registered capital of Jieyang Tongyi Shoe Material Co., Ltd. is 100,000 RMB [1] - The company is involved in a wide range of activities such as manufacturing and selling plastic and rubber products, metal daily necessities, toys, home appliances, and clothing [1] - The company also engages in import and export activities, technology import and export, and sales of chemical products (excluding licensed chemical products) [1] Industry Scope - The company’s business scope includes non-residential real estate leasing and internet sales (excluding goods that require licenses) [1] - The establishment of this company reflects ongoing activity and potential growth in the shoe manufacturing and related industries in the region [1]