Mijim, buried by "one place chicken feathers"

Picture source: Oriental IC

Recently, the infant concept stocks, including early childhood education, ushered in a rapid rise.

On July 7, Shenzhen issued the first preschool education regulations. The relevant person in charge of the Shenzhen Education Department said, "With the increase in the supply of preschool education degrees and the natural adjustment of the population structure, under the premise of free degree, encourage kindergartens to open a Tuo class for children 2-3 years old."

Perhaps due to the favorable relevant policies, as of the close of the day, the children and the baby love room rose 6.86%and 4.39%, respectively. Early early childhood education concept stocks Gao Le's shares sealed daily limit.

Coincidentally, Migim also closed up the daily limit on July 7 and closed at 4.13 yuan, up 10.13%.

However, while the stock price rebounded, Mijim issued an announcement saying that the performance would continue to lose money ...

Continuous losses, Mijim is still trapped in the epidemic?

Looking back at the data over the years, it can be found that Mijim fell into a loser quagmire since 2020.

In 2020, Meijim changed to losses from Ying to a loss, with a net loss of 478 million yuan throughout the year, a sharp drop of 499.41%year -on -year. Throughout 2021, Mijim loses 198 million yuan again.

It is worth noting that from 2013 to 2019, Mijim made a profit of about 345 million yuan. In the two years of 2020-2021, Mijim lost about 676 million yuan, exceeding the total profit of the first 7 years.

According to the announcement, in the first half of 2022, Mijim's performance was still continuing.

In the first quarter, USGim's revenue was 44,66,56,600 yuan, a year -on -year decrease of 44.21%. The net profit turned from profit to losses year -on -year, and a total of 11.6771 million yuan was recorded, a year -on -year decrease of 253.83%; after deducting non -recurring gains and losses, the first quarter of Mijim's net loss was 11.6175 million yuan, which was a year -on -year compared to the same period of 2021. A decrease of 265.78%.

Until the second quarter, Mijim's losses further intensified. On July 14, Mijim issued a semi -annual report of the 2022nd report. It is estimated that in the first half of 2022, Mijim's revenue was 70 million to 100 million yuan. In the same period last year, revenue achieved a revenue of 175 million yuan, a year-on-year decrease of 42.82%-59.9%; After the substantive income, Mijim estimates that revenue is 70 million to 100 million yuan, a decrease of 38.25%-56.78%from 162 million yuan in the same period last year.

The net loss is expected to be 25-30 million yuan, and the profit will be 33.0937 million yuan in the same period last year; the loss is expected to lose 25 million yuan to 30 million yuan after deduction, and the profit of 8.2519 million yuan in the same period last year was 8.2519 million yuan.

According to the lowest value of the estimated losses in the first half of the year, since 2020, US Gim losses a total of about 701 million yuan.

Why does the loss continue? In the performance trailer, Mijim said that in the first half of 2022, the epidemic situation in some regions of the country was repeated. The Megim Early Early Early Education Store in the corresponding region was suspended from the line. Affected by this, the net profit attributable to shareholders of listed companies has decreased accordingly.

At the same time, Migim said that the company suspended the performance of the "Business Custody Agreement" on November 26, 2021, and this report period will no longer charge the above -mentioned "Business Custody Agreement" related custody fees. In addition, the company completed the sale of 100%equity of Beijing Kaide Education in December 2021. The performance of Kaide Education during this reporting period is no longer merged in the performance table.

"People are scattered, the team is not easy to bring"

In addition to the continuous downturn of performance, Mijim also fell into frequent personnel turmoil.

On the day of the performance trailer, Mijim announced that he received a written resignation report submitted by the company's director Guan Jingdong. Due to personal reasons, Guan Jingdong resigned from the company's directors and special committees, and no longer held other positions in the company after resignation.

As of July 14, Guan Jingdong held 602,000 shares of Megim shares, accounting for 0.0732%of the company's total share capital; after Guan Jingdong resigned, his shares will be managed strictly in accordance with relevant laws and regulations.

According to public information, Guan Jingdong graduated from Heilongjiang University, a bachelor's degree in finance and taxation, and has a bachelor's degree. He used to be the president of Harbin Heping Branch of China Everbright Bank, Vice Chairman of Jiangsu Runxing Rental Co., Ltd., and vice president of Dahua Intelligent Technology Co., Ltd. Director of Megim Education Company.

In addition to the director of Guan Jingdong, Mijim's executive structure has also been turbulent.

On the evening of May 30 this year, Mijim announced that Zhang Shilin resigned from the company's chairman, directors and special committees for personal reasons.

On December 14, 2021, Zhang Shulin replaced Liu Junjun as the chairman of the 5th board of directors of the United States. On February 11 this year, Mijim had just completed the board of directors. Zhang Shulin will continue to be elected chairman of the company's sixth board for three years. However, the term of the new chairman has just begun, but Zhang Shulin suddenly resigned, only half a year in office.

According to the data, Zhang Shulin's background of the planting system, public information shows that it was born in 1967 and was the director of the teaching and research department of the Beijing Financial Training Center, the executive vice president and vice chairman of Hengtian Wealth Investment Management Co., Ltd. Chairman of Management Co., Ltd., vice chairman of China Chi Fortune Investment Management Co., Ltd..

In addition to the resignation of the chairman, Li Hui, the financial director of the "Zhongzhi Department", also left on June 1 and June 8 for personal reasons. Li Hui has served as the deputy financial deputy director of Zhongzhi Group, and Lu Lu also serves as the assistant chairman of the United States. He has served in the wealth of Datang. After resigning, the two also did not hold any position in Mijim. As of now, Mijim has not yet announced the candidates for the new chairman and chief financial officer.

In addition, Metim's personnel turmoil is not just this period. According to statistics, Zhang Shulin is the chairman of the third place in Megim since 2020. In November 2021, Liu Junjun resigned as Chairman Meijim. After his resignation, Liu Junjun continued to serve as General Manager and Director of Megim.

Prior to this, in August 2020, Chen Xin, a "Zhongzhi Department" veteran of Zhongrong Trust and Xinhu Fortune under the "Zhongzhi Department", also announced that he resigned as Chairman Meijim Chairman of Meijim Position, and completely "out of" Mijim.

However, Chen Xin's departure seems to be far as simple as "personal reasons", but because "bribery" was imprisoned. The bribery he received is the "intermediary fee" of "3.3 billion Tianjin Mergem high -priced acquisition case".

The Blue Whale Education Inquiry Inquiry of China Referee Document Network found that the case was sentenced by the People's Court of Dalian High -tech Industrial Park on May 19, 2021. Chen Xin was convicted of bribery by non -state staff and sentenced to ten years and six months in prison.

According to the judgment, on October 26, 2018, Dalian Third Base shares signed an agreement with Huo Xiaoxin, Liu Junjun, Liu Ye, Wang Yan, and Wang Shenbei to purchase 100%equity of Tianjin Mergam at 3.3 billion yuan in transaction. At that time, the book value of the shareholders of the parent company was 85.186 million yuan, with an evaluation of 3.222 billion yuan, and the value -added rate was as high as 3766.04%.

In December 2018, Chen Xin, then chairman of Meijim, and Gong Yixin, deputy general manager, agreed by the middleman. The "intermediary fee". Five of the original shareholders were under pressure. From December 2018 to July 2020, it was divided into 18.28 million yuan in five times. Both Chen Xin and Gong Yixin will use the money to purchase wealth management products and other personal economic activities.

The judgment also stated that in response to the defense opinions raised by the defender at the time, Chen Xin's initiative should invest in the unit in the unit and make great contributions to the Zhongzhi Group. The case cannot be determined that the plot of active investigation.

In fact, in early August 2020, Chen Xin left the office from Meijim. On August 11, he sold a total of 1.463 million shares through a gathering bidding, with a transaction value of 11.235 million yuan.

Far -end performance compensation

And this case may to a certain extent explaining why Merjem's performance compensation is far away.

On June 29, Mijim issued an announcement on arbitration on the compensation of performance commitments, saying that they had recovered 96.266 million yuan in cash compensation and interest from the five people including Huo Xiaoxin, Tianjin Mergam, and had been accepted by the Beijing Arbitration Commission.

The announcement shows that Miji's subsidiary Qixing requested Huo Xiaoxin, Liu Junjun, Liu Yan, Wang Yan, and Wang Shenbei to pay for the compensation of 96.236 million yuan and delayed payment of interest with cash, and bear all arbitration fees in this case. ,lawyer fee.

The announcement shows that according to the "Draft Reorganization 2018" and "Acquisition Agreement", the above five people promised Tianjin Mergam in 2018, 2019, and 2020 non -net profit of not less than 180 million yuan, 238 million yuan, and 290 million Yuan. Later, affected by the epidemic, the performance commitment under the "Acquisition Agreement" and the supplementary agreement was adjusted, and it was changed to the three accounting years of 2018, 2019, and 2021. However, after the end of 2021, Tianjin Merjam completed 77.60%of the promised profit, which did not meet the standard.

According to the agreement, the five original shareholders' compensation amount is 649 million yuan, and after deducting the transaction price of 553 million yuan that the listed company has not paid, the original shareholder's actually paid compensation was 96.237 million yuan.

In the 2021 annual report, Mijim said that the five original shareholders also held limited sales of listed companies, and at the same time, there were 553 million yuan in equity transfer for listed companies. The company believes that there are no risks that the original shareholders cannot have enough compensation. Therefore, it is confirmed that the performance of transactional financial assets compensation is 649 million yuan, which has also increased the company's net profit of the company by 341 million yuan.

Now, when this performance compensation is still far away, the accumulation of "mother and child" is getting deeper and deeper.

In the short term, performance continues to lose money, frequent personnel changes, and performance compensation is far away ... Megim's current problem is constantly. What is even more regrettable is that the "Zhongzhi Department" behind it is no longer the scenery, and the interior is also suspicious. How can Mijim's luxury carriage be driven to Kangzhuang Road?

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