Chairman's resignation performance loses!Megim is caught in the franchisee "closing the shop" storm?

In the past three years, the personnel of Mijim's management have changed frequently, major shareholders have been reduced, and the company's stock price has also shown significant fluctuations in the secondary market.

"Investment Times" researcher Dong Lin

"Early Early Teachers" Dalian Meijim Education Technology Co., Ltd. (hereinafter referred to as Mediim, 002621.SZ) has been in a storm of joining the commercial customs store.

On August 1, it was reported that many Fuzhou International Children's Early Education Center announced that it was temporarily closed. The remaining courses of hundreds of parent accounts did not return, involving an amount of more than 1.8 million yuan, and the heads and teachers of the campus lost contact. In response, the customer service staff at the Beijing headquarters at the Mergim International Children's Early Education Center said that the headquarters is actively connected with the franchisee of the Fuzhou Campus, and it is not yet possible to solve the needs of parents' refund.

Coincidentally, parents who paid in the Mergim Shanghai Jing'an Darong City store also recently found that the child's class was suddenly cleared, and the public account of the store was canceled. After calling the citizen's hotline, on the evening of August 3, the parents received a response from the Jing'an District Market Supervision and Administration Bureau: "After on -site investigation, the store has stopped operating. Limit changes to cancel the monitor. "

Megim was formerly a third base of Dalian. In the early years, heavily worked for heavy industrial machinery such as manufacturing equipment and five -axis high -end CNC machine tools. In 2017, the third base shares were easy to acquire the education institution Kaide Education and entered the field of education. In 2018, the third base shares acquired Tianjin Meijim Education Technology Co., Ltd. for 3.3 billion yuan. In 2019, its stock name was officially renamed "Third Base" to "Mijim".

Since then, the company has achieved rapid expansion with the help of the "direct -operated+franchise model". In terms of franchise methods, franchisees purchase the US Gim brand use rights in the form of franchise fees, but the brand does not restrict the operation and management of franchise stores and does not participate in the sharing. This leads to a poor operation, franchisees may "close the store". In addition to the Fuzhou Meijim store, there have been situations in Chongqing, Wenzhou, Hangzhou and other places.

"Investment Times" researcher noticed that due to the impact of factors such as the new crown epidemic incident and the continuous decline in birth rate, the company has been in loss since 2020, with a net loss of 478 million yuan throughout the year, a decrease of 499.41%year -on -year. Throughout 2021, Mijim loses 198 million yuan again. In addition, the company's management has changed frequently in the past three years, and major shareholders have been reduced. The stock price has also shown a large fluctuation in the secondary market.

Performance goes down the road

According to the company's financial report, the main business of Migim's main business provides high -quality education products and services to Chinese children and adolescents, and the main products are educational and educational consulting.

From the perspective of performance, benefiting from the rapid growth of early education, Migim's performance in 2019 has made rapid progress. In 2019, the company achieved revenue of 630 million yuan, a significant increase of 137.35%year -on -year; net profit was 120 million yuan, an increase of 279.4%year -on -year. However, due to the influence of multiple factors such as the epidemic, the decline in birth rate, and the intensified market competition, Mijim entered the downward channel from high -speed growth to the downward channel.

In 2020, the company achieved revenue of 356 million yuan, a year -on -year decrease of 43.41%. At the same time, the net losses of their mother -in -law from profit to loss were 478 million yuan. 198 million yuan. Entering 2022, Mijim's performance trend has not reversed. In the first quarter of this year, the company's revenue recorded 44.6856 million yuan, a decrease of 44.21%year -on -year; net profit changed from profit to losses year -on -year, with a net loss of 11.6771 million yuan, a year -on -year decrease of 253.83%.

On July 14, Mijim issued a semi -annual report of the 2022nd report. The company is expected to reach 70 million to 100 million yuan in the first half of the year, and the same period last year was 175 million yuan, a year -on -year decrease of 42.82%-59.9%; the expected net loss was 25-35 million yuan. After deduction, it is expected to lose a loss of 25-35 million yuan, and the same period last year was 8.2519 million yuan. Regarding the pre -loss of performance, the company stated that due to the repeated epidemic in some regions of the first half of the year, the Megim Early Early Early Early Early Early Early Stores in the corresponding region were suspended and sub -lectures, and the company's early education business related operating income and operating profit declined.

It is worth mentioning that from 2013 to 2019, the company's total profit was about 345 million yuan, and in the two and a half years of 2020 to 2022, Mijim lost about 700 million yuan, exceeding 7 of its 7 There are more than double the total profit of the annual profit.

In the first half of 2022, the performance of Migim's performance (10,000 yuan)

Data Source: Company Announcement

Chairman and directors have resigned one after another

In addition to the downturn in performance, since the second half of 2020, the senior officials of the United States have continued to be turbulent, and the chairman, director, and chief financial officer have been replaced.

"Investment Times" researcher noticed that in three years, Mijim changed three chairmen. Following August 2020 and November 2021, after Chen Xin and Liu Junjun resigned as Chairman Meijim successively, on the evening of May 30 this year, Mijim issued an announcement saying that Zhang Shilin resigned from the company's chairman, directors and special committees for personal reasons. Position, do not work in the company after resignation.

Zhang Shulin served as Chairman Meijim on December 13, 2021, and was less than half a year. He used to be the chairman of Datang Wealth and vice chairman of the China Zhizhi Wealth Investment Management Company. In addition to the resignation of the chairman, Li Hui, the financial director of the company, and Luo Lu, the representative of the employee, also left on June 1 and June 8 this year for personal reasons. On July 22, Mijim issued an announcement saying that at the sixth meeting of the sixth board of directors held by the company, Ma Hongying was elected as the new chairman. At the same time, in view of the changes in some board members of the company, in order to ensure the standardized operation of the board of directors and related special committees, the board of directors elected Ma Hongying as a member of the Strategic Development Committee and served as the chairman.

In addition, on August 1, the company received a written resignation report from Li Yang, an independent director Li Yang and an independent director Yin Yue. Among them, Li Yang applied for resignation of the company's independent directors, members of the audit committee, member of the Nomination Committee, and members of the salary assessment committee for resignation. Yin Yue applied for resignation of the company's independent directors for personal reasons, and resigned as a member of the company's board nomination committee. Earlier, on the day of the semi -annual performance trailer, the director of Megim Director Guan Jingdong also resigned from the company's directors and special committees for personal reasons, and no longer held other positions of the company after resignation.

The stock price fell, the shareholders reduced their holdings

From the perspective of the secondary market, the company's stock price has also appeared sharply.

Starting on the second trading day after the Spring Festival this year, Mijim's stock price opened the "skyrocketing model". Since January 28, the company has risen sharply for many days, and has harvested 10 daily limit boards in 14 trading days. As of February 23, the cumulative increase of 128.45%, the stock price doubled.

After that, the news of the two sessions ushered in the important topic of "three -child education". The infant concept sector rose sharply, and Mijim's stock price continued to rise. On March 7, Mijim once again stood up and boarded the Dragon Tiger List again. It received 8.27 yuan/share on the same day, an increase of 9.97%, and the turnover was 1.031 billion yuan. On March 8th, the company's stock price soared to 9.1 yuan/share, which was 3.55 yuan/share from the lowest year, rising by nearly 156%.

From February 17th to March 2nd, Yu Jianmo, the second largest shareholder of Megim, reduced 8.222 million shares through the Shenzhen Stock Exchange's concentrated bidding method, and the average price reduction was 7.03 yuan/share; on April 27, Yu Jianmo also introduced again again. The company's shares were reduced by 9.7 million shares, and the average price reduction was 3.27 yuan/share. Two cumulative reductions were reduced by 17.92 million shares, accounting for 2.18%of the total share capital, and the cumulative reduction of 89.5197 million yuan.

On March 4, the company issued an announcement that the fourth largest shareholder Zhang Yuan and its consistent actors Yu Jianmo and Yu Yang will be traded in large transactions. The total number of shares is 1.98%. The three shareholders held a total of 176 million shares of the company, accounting for 21.43%of the company's total share capital.

With the frequent reduction of shareholders and losses of shareholders, Migim's stock price began to fall. By the end of April, the company's stock price fell to a low of 3.43 yuan/share, which has fallen by 62%compared with the year high of the beginning of March. As of the closing of August 7, the stock report was 4.27 yuan/share, with a total market value of 3.511 billion yuan.

Since 2022, the trend of the stock price of Migim (yuan/share)

Data source: wind

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