On December 10, Meiliyun issued an announcement saying that in combination with the actual operation of the company's paper business, the company intends to stop operating the paper business and liquidate its wholly-owned subsidiary Ningxia Xinghe New Material Technology Co., LTD.
According to the announcement, Xinghe Technology, as a wholly-owned subsidiary of Meili Cloud, was established on April 25, 2023, with a registered capital of 4 million yuan and a registered address of Shapotou District, Zhongwei City, Ningxia Hui Autonomous Region. The company's business scope covers paper products manufacturing and sales, new material technology research and development and promotion services, pulp and paper special equipment manufacturing and sales, and water resources management.
From the point of view of financial data, the operating condition of Star technology is indeed not optimistic. As of October 31, 2024, the total assets of the company were 507 million yuan and the net assets were -25.1461 million yuan. In the period from January to October 2024, the company's operating income was 527 million yuan, and the net profit was -26.5024 million yuan.
The reporter noted that the semi-annual financial report in 2024 showed that the company's operating income totaled 494 million yuan, of which the revenue of the paper business was 314 million yuan, accounting for 63.67% of the total revenue.
For Meili Cloud, the closure of the paper business and liquidation of Star Technology is undoubtedly a major adjustment. In this regard, the company said in the announcement that the company's paper business production capacity is backward, old equipment is high safety risks, in recent years, the paper business has sustained losses, and there is a trend of increasing losses, coupled with changes in the industry environment this year, it is expected that the future is hopeless.
In response to the closure of the paper business, liquidation and cancellation of Star technology, the relevant staff of Meili Cloud told Nancai Express reporter that it is uncertain whether it will continue to operate the paper business in the future; Talking about the future business development, the employee said that he will focus on cloud creation and data center business.
According to the company's public information, Meiliyun is the largest paper making listed company in Northwest China, and the company is mainly engaged in the production and sales of cultural paper and colored paper. Cultural paper mainly includes offset paper, electrostatic copy paper, etc., mainly used for book printing, teaching materials, office paper and so on. Color paper mainly includes color cultural paper and color wrapping paper, the specific types are color offset paper, color copy paper, color card and pearl base paper, etc., mainly used in office, printing, manual process and high-grade packaging.
In 2023, the production of the company's paper industry was 141,800 tons, down 7.86% year-on-year; Sales volume was 143,800 tons, down 6.32% year-on-year.
