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Shanghai Sanmao Enterprise Group Co Ltd A

Shanghai Sanmao Enterprise (Group) Co., Ltd. imports and exports clothing and textile products in China and internationally. It also provides customized long-term and short-term security services, including fixed-point security, unarmed security, personal security, event security escort, and evacuation support for universities, amusement parks, financial institutions, government agencies, and office parks. The company offers property leasing for industrial, warehousing, and office purposes, as well as industrial park property leasing and management. It is also involved in e-commerce, investment consulting, investment management, import and export of goods and technology, and labor, gatekeeper, patrol, and bodyguard services. Formerly known as Shanghai Sanmao Textile Co., Ltd., the company was founded in 1993 and is headquartered in Shanghai, China.

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Shanghai Sanmao's 2026 interim net profit reaches 12.8776 million yuan, up 13.55% year on year

Shanghai Sanmao has released its 2026 interim report. During the reporting period, the company achieved total operating revenue of 667 million yuan, an increase of 3.4097 million yuan compared with the same period last year, up 0.51% year on year, marking a second consecutive year of growth. Net profit attributable to the parent company was 12.8776 million yuan, an increase of 1.5368 million yuan from the same period last year, up 13.55% year on year, also rising for a second straight year. Net cash inflow from operating activities was 634,500 yuan. The company's asset-liability ratio was 57.42%, gross margin was 4.93%, and return on equity was 2.69%, ranking eighth among peers and up 0.27 percentage points from the same period last year. Diluted earnings per share were 0.06 yuan, up 14.29% year on year. Total asset turnover was 0.61 times and inventory turnover was 1,176.10 times, both ranking first among peers. The number of shareholders was 19,400, and the top ten shareholders held 37.21% of the total share capital.
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Shanghai Sanmao Plans to Liquidate and Deregister Bohua Company Amid Shareholder Disputes That Halted Operations

Shanghai Sanmao announced plans to liquidate and deregister Shanghai Bohua Gene Chip Technology Company Limited. Due to disagreements and disputes among shareholders, Bohua Company’s operations have stalled, its corporate governance mechanisms have broken down, and it has had no actual business activities for many years. Shanghai Sanmao, through its wholly-owned subsidiary Sanmao Asset Company, holds a combined 98.75 percent stake in Bohua Company and has included it in its consolidated financial statements since June 2026. This liquidation and deregistration is aimed at implementing the directives of the Chongqing Municipal State-owned Assets Supervision and Administration Commission and Chongqing Machinery and Electronics Holding Group Company to accelerate the disposal of non-core and non-performing assets, thereby optimizing the company’s overall asset structure. The matter is still subject to approval by Bohua Company’s shareholders’ meeting. Upon completion, Bohua Company will no longer be included in the listed company’s consolidated statements, but the overall timeline remains highly uncertain.
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Shanghai Sanmao's trade business accounts for over 70% of revenue, low gross margin draws Shanghai Stock Exchange inquiry

Shanghai Sanmao recently received a regulatory inquiry letter from the Shanghai Stock Exchange regarding its 2025 annual report. The inquiry focuses on issues such as the trade business accounting for over 70% of revenue, a gross margin of about 2.02%, and inventory near zero. The company responded that all trade is conducted by its wholly owned subsidiary Sanjin Company, using a make-to-order customized model with no owned warehouses. The goods turnover cycle is mostly within 10 days, with direct shipment upon completion, leaving only a small amount of processing auxiliary materials at year-end. Zero inventory is consistent with the characteristics of the asset-light foreign trade industry. Regarding upstream and downstream parties, the company disclosed that its top ten overseas customers and domestic suppliers are all unrelated parties. New customers and suppliers stem from the expansion of fabric processing demand in Southeast Asia, and all post-period payments have been settled. For revenue recognition, the company uses the gross method for unrelated customers, with 1.175 billion yuan recognized under the gross method in 2025, accounting for 99.69% of the total. Orders with suspected related-party relationships are accounted for using the net method. The company recognizes revenue at the point of risk transfer when obtaining export customs declaration documents, and export revenue is largely consistent with customs declaration and tax refund amounts.
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