002024! Sold 4 subsidiaries for 8 yuan, expected profit increase of 117 million yuan

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ST Easy Buy (002024) announced on the evening of March 18 that its subsidiary Jiangsu Suning Commercial Investment Co., Ltd. and others sold 100% equity of four companies at a total price of 8 yuan. After the transaction, these four companies will no longer be included in the company’s consolidated financial statements.

According to the company’s preliminary financial estimate, based on December 31, 2025, this transaction is expected to increase the parent company’s net profit by approximately 117 million yuan. This transaction does not constitute a related-party transaction or a major asset restructuring.

According to the announcement, the four companies sold are Xiangyang Lemai Sales Co., Ltd., Zhuzhou Lemai Sales Co., Ltd., Yantai Lemai Sheng Trading Co., Ltd., and Liaoning Lemai Trading Co., Ltd. All are regional sales subsidiaries that are loss-making and heavily indebted. As of the end of 2025, their net assets are -48.0281 million yuan, -50.7567 million yuan, -14.7962 million yuan, and -3.8889 million yuan, respectively, with net profits of -26.2412 million yuan, -41.8552 million yuan, -11.6232 million yuan, and -23.4641 million yuan.

Regarding the purpose of this asset sale, ST Easy Buy states that the company is firmly focusing on its core home appliance and 3C business, continuously pushing forward with the divestment of non-core loss assets and non-main business assets. The company will adopt various measures to further reduce corporate debt levels and alleviate debt pressure.

Earlier financial forecasts showed that ST Easy Buy’s performance in 2025 would still be under pressure. The company expects a net profit attributable to the parent of 50 million to 75 million yuan, a year-on-year decline of 87.72% to 91.81%. Net profit excluding non-recurring gains and losses is expected to be a loss of 4.125 billion to 4.65 billion yuan, marking 12 consecutive years of net loss after non-recurring items. From 2019 to 2024, the company’s cumulative net loss after non-recurring items reached 82.473 billion yuan. As of the third quarter of 2025, ST Easy Buy’s debt-to-asset ratio was 90.14%, indicating ongoing high debt risk.

The company explained that the performance fluctuations in 2025 are due to active participation in national subsidy policies, increased subsidy efforts leading to lower gross margins, store upgrades increasing costs, and significant revenue decline in Q4 due to industry impacts and high base effects. Notably, non-recurring gains and losses in 2025 amounted to 4.2 to 4.7 billion yuan, mainly from debt restructuring gains and proceeds from subsidiary equity sales.

Since the beginning of this year, ST Easy Buy’s stock price has been declining steadily. Today, it hit the limit down, closing at 1.43 yuan per share, with a latest market value of 13.2 billion yuan.

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Editor: Yang Hongbu

【Source: eCompany】