证券代码：920471 证券简称：美邦科技 公告编号：2026-002 河北美邦工程科技股份有限公司 2025 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 | 单位：元 | | --- | | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 422,261,681.86 | 539,592,663.64 | -21.74% | | 利润总额 | -44,264,699.89 | 6,435,254.71 | - | | 归属于上市公司股东的净利润 | -27,230,386.56 | -3,452,716.65 | - | | 归属于上市公司股东的扣除非经常 | -29,241,847.15 | ...

Market Performance - The stock price of Meibang Technology (920471.BJ) experienced significant fluctuations over the past week, showing a pattern of rising and then retreating [1] - On February 6, the stock surged by 8.65%, closing at 18.47 yuan with a trading volume of 215 million yuan and a turnover rate of 22.22% [1] - However, the stock price declined continuously, closing at 16.67 yuan on February 12, representing a cumulative drop of 9.75% from the peak on February 6, with a trading volume of 95.94 million yuan and a turnover rate of 10.82% [1] - The stock exhibited a volatility range of 34.50% over the past week, indicating intense capital speculation, with net outflow of main funds [1] Financial Performance - The company released a profit warning on January 29, forecasting a net loss attributable to shareholders of 25 million to 35 million yuan for the year 2025, indicating an expansion of losses year-on-year [2] - The anticipated losses are primarily attributed to a decline in the selling prices of toluene oxidation series products and asset impairment provisions [2] - The financial pressure is further underscored by the 2025 third-quarter report, which showed a revenue of 318 million yuan for the first three quarters, a year-on-year decrease of 19.41% [2] Recent Developments - On February 6, during the stock's price surge, reports indicated that the company is focusing on the research and development of tetrahydrofuran and toluene oxidation series products, benefiting from the anticipated growth in fine chemical demand [3] - The company is recognized as a "small giant" in technology in Hebei Province, with business involvement in green manufacturing technology; however, there have been no new significant policies or industry events directly catalyzing recent developments [3]

Investment Rating - The industry is rated as "Overweight," indicating an expected increase in performance exceeding the market benchmark index by more than 10% over the next 6-12 months [40]. Core Insights - The North Exchange market has reached a significant milestone with the number of qualified investors surpassing 10 million, marking a net increase of nearly 2 million compared to the same period last year, which lays a solid foundation for long-term healthy market development [3][34]. - Despite recent market adjustments, the long-term allocation value of the North Exchange remains recognized by institutions, with a slight decrease in margin financing indicating a reduction in market risk appetite [3][36]. - The acceleration of new stock issuances is expected to provide new supply to the market, with five new stocks issued in January and more expected in the coming weeks [3][36]. Summary by Sections Market Overview - The average daily trading volume of all A-shares on the North Exchange reached 20.48 billion yuan, a decrease of 28.7% week-on-week [8]. - The North Exchange 50 index fell by 0.70% during the week, with an average turnover rate of 2.13% [8]. Key News and Policies - A joint release by ten departments introduced the "Low Altitude Economy Standard System Construction Guide (2025 Edition)," focusing on five core areas including low-altitude aircraft and safety regulation [20]. - The Shanghai Gold Exchange adjusted the trading margin levels and price fluctuation limits for certain gold and silver contracts [24]. Core Driving Factors - The North Exchange's market construction has reached a new stage, with a significant increase in qualified investors, indicating enhanced market attractiveness and investor ecosystem development [34]. - Structural differentiation is evident in the industry, with active performance in energy and technology sectors, while the overall valuation shows signs of convergence [35]. - Market sentiment is cautious, with a slight retreat in margin financing indicating reduced risk appetite among investors [36]. Investment Recommendations and Strategies - Attention is recommended on the upcoming adjustments to the North Exchange 50 constituent stocks, which may create passive allocation demand for index funds [37]. - Focus on sectors with clear industrial trends such as AI, commercial aerospace, and semiconductors, as well as leading companies in the new energy sector that align with new productivity directions [38]. - A bottom-up approach is suggested to identify stocks with matching performance and valuation, especially those with potential for exceeding earnings expectations [38].

Core Viewpoint - The epoxy propylene sector has experienced a significant price surge since January, with various companies seeing substantial stock price increases, driven by supply-demand dynamics and market speculation [2][3][4]. Price Increase - In January, stock prices of companies related to epoxy propylene saw remarkable increases, with Meibang Technology rising by 67.45% and Hongbaoli by 68.92% [3]. - The benchmark price of epoxy propylene reached 8200.00 yuan/ton by January 30, marking a 6.03% increase from the beginning of the month, with some periods seeing nearly a 10% rise [4]. Supply and Demand Dynamics - The price increase is attributed to changes in the supply-demand landscape, with reduced operating loads in northern regions and a positive outlook in the downstream market leading to increased purchasing activity [4][5]. - The cancellation of export tax rebates for certain products is expected to drive a surge in orders before the April deadline, further boosting demand for epoxy propylene [5]. Market Trends - Despite the price surge, there are signs of a cooling market as purchasing sentiment declines due to high prices, leading to a potential downward adjustment in prices [6]. - The epoxy propylene industry is currently experiencing an oversupply situation, with low operating rates and expected new capacity additions by 2026 [6][7]. Demand Growth - Although there is oversupply, demand for epoxy propylene is showing slight growth, particularly in the appliance and export sectors, which is helping to sustain overall demand [7]. - The market is expected to experience fluctuations in February, with potential price rebounds later in the month as downstream factories resume operations [8].

Core Viewpoint - Meibang Technology (stock code: 920471) experienced significant trading activity on February 6, 2026, with a turnover rate of 22.22% and a transaction volume of 11.78 million shares, amounting to 215 million yuan [1][2]. Trading Activity Summary - The top buying seat was Guosen Securities Co., Ltd. Shenzhen Internet Branch, purchasing 18.94 million yuan worth of shares [1][2]. - The top selling seat was also Guosen Securities Co., Ltd. Shenzhen Internet Branch, selling shares worth 8.59 million yuan [1][2]. - Other notable buying and selling activities included: - Buy 2: Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Branch, buying 7.60 million yuan and selling 2.06 million yuan [2]. - Buy 3: Institutional proprietary trading, buying 6.02 million yuan and selling 4.03 million yuan [2]. - Sell 2: Institutional proprietary trading, selling 6.02 million yuan and buying 4.03 million yuan [2].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [23] Core Insights - The North Exchange A-share trading volume reached 22.508 billion yuan on February 4, an increase of 0.958 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1,538.571, down 0.71% [1][7] - The market exhibited characteristics of "few leading stocks declining, many individual stocks diverging," with notable rebounds in undervalued stocks like Kaiter Co., while weighted stocks like Liancheng CNC dragged down the index [3] - The report highlights ongoing positive factors for the North Exchange market, including policy support from the central bank for technology and green sectors, and successful IPOs of national-level specialized and innovative "little giant" enterprises [3] Market Review - On February 4, among 292 companies listed on the North Exchange, 113 stocks rose, 9 remained flat, and 170 declined [15] - The top five gainers were *ST Yunchuang (24.1%), Haitai New Energy (14.1%), Oputai (13.0%), Kaiter Co. (8.7%), and Tress (8.4%) [15] - The top five decliners were Liancheng CNC (-9.1%), Tianli Composite (-8.8%), Meibang Technology (-7.6%), Meideng Technology (-6.9%), and Liujin Technology (-5.8%) [15] Important News - Elon Musk's teams from SpaceX and Tesla are exploring China's photovoltaic industry, with the Tesla team currently in the factory inspection phase and SpaceX having placed orders with a leading heterojunction equipment manufacturer [2][17] - The first satellite launch technology facility for commercial aerospace has been established, which is expected to double the efficiency of single-rocket launches and reduce network costs by over 30% [2][18] Company Announcements - Yizhi Magic Yam announced the completion of a share buyback of 17,521 shares, accounting for 0.0170% of the total share capital before the buyback [19] - Tress plans to repurchase shares primarily to reduce registered capital, with a total repurchase amount between 10 million and 20 million yuan, representing 0.41%-0.82% of the current total share capital [20]

Market Overview - The chemical products sector experienced a decline of 4.83% on February 2, with Meibang Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the chemical products sector included: - Wanfeng Co., Ltd. (603172) with a closing price of 28.30, up 9.99% on a trading volume of 52,700 shares [1] - Fulu Technology (688350) closed at 28.42, up 3.65% with a volume of 136,800 shares [1] - Tiansheng New Materials (300169) at 7.11, up 3.64% with 311,400 shares traded [1] - Major decliners included: - Meibang Technology (920471) with a closing price of 18.57, down 12.61% on a volume of 102,000 shares [2] - Yida Co., Ltd. (300721) at 15.57, down 11.23% with 256,000 shares traded [2] - Zhongchumei (688267) at 28.92, down 10.02% with a volume of 85,100 shares [2] Capital Flow - The chemical products sector saw a net outflow of 3.325 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.427 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Jinghua New Materials (603683) with a net inflow of 37.77 million yuan from institutional investors [3] - Wanfeng Co., Ltd. (603172) had a net inflow of 12.78 million yuan from institutional investors [3] - Yida Co., Ltd. (300721) experienced a net outflow of 32.26 million yuan from retail investors [3]

Group 1 - The PVC industry is showing signs of recovery after hitting a historical low in December 2025, with the PVC index reaching 4290 RMB/ton, the lowest in nearly a decade [1][15][20] - The industry has been under pressure due to demand contraction and overcapacity, leading to significant losses for production companies, indicating limited room for further price declines [1][20] - The overall PVC production capacity in China is expected to stabilize around 30 million tons, with no new installations anticipated in 2026 and significant uncertainty for projects planned from 2027 to 2030 [1][21][25] Group 2 - Jiexian Co., a high-tech enterprise, focuses on the research, production, and sales of new environmentally friendly PVC stabilizers and additives, with products widely used in various PVC applications [2][31] - The company is expected to report a net loss of 2.3 million to 1.8 million RMB for 2025, a significant decline from a profit of 11.74 million RMB in 2024, primarily due to weakened demand and increased competition [4][90] - Hanwei Technology specializes in the development and production of polymer material additives, with its products used in PVC as heat stabilizers, indicating a strong market presence in the industry [36] Group 3 - The chemical new materials sector on the North Exchange experienced a decline of 2.68% this week, with most sub-industries showing negative performance [3][42] - The overall market performance was weak, with only the professional technical services sector showing an increase, while other sectors like non-metal materials and rubber products saw significant declines [3][43] - Key stocks that performed well this week included Keli Co. (+33.99%), Gebijia (+19.72%), and Meibang Technology (+18.45%), indicating potential investment opportunities within the sector [3][44] Group 4 - The PVC price is currently at 4610 RMB/ton, reflecting a slight increase of 1.54% over the month, but a decrease of 7.43% year-on-year [49][50] - The PVC industry is expected to see a gradual recovery in prices and profitability as high-cost small producers exit the market, leading to improved supply-demand dynamics [1][28] - The export volume of PVC resin from China reached 4.46 million tons in 2025, a year-on-year increase of 43.6%, suggesting a growing market share globally as overseas capacities continue to exit [25][26]

Group 1 - The core point of the article highlights that Meibang Technology, listed on the Beijing Stock Exchange, experienced significant trading activity on January 30, 2026, with a turnover rate of 25.07% and a transaction volume of 13.29 million shares, amounting to 271 million yuan [1] Group 2 - The top buying seat was from CITIC Jianchao Securities Co., Ltd., Wuhan Luoyu East Road Securities Business Department, purchasing shares worth 5.19 million yuan [1] - The top selling seat was from Guojin Securities Co., Ltd., Shenzhen Branch, selling shares worth 7.23 million yuan [1]

Core Insights - The report indicates that since the fourth quarter, the funding structure of the Beijing Stock Exchange (BSE) has shown a "dual expansion" characteristic, with both the number and attention towards index funds steadily increasing, forming a preliminary bottom position for index products. Concurrently, some active funds are beginning to identify individual stocks with growth potential and undervaluation advantages, transitioning from a concentrated to a structured optimization approach, maintaining overall market stability [7][16] - From the market ecology perspective, the concentration of index constituent stocks has increased, and the valuation anchoring effect is gradually becoming evident. Some newly listed stocks with solid fundamentals and low coverage have become focal points for new incremental funds. As the allocation logic evolves towards the medium to long term, the market style is gradually shifting to a "selected + low turnover" characteristic. Overall, the current valuation of the BSE market offers relative cost-effectiveness, with a resonance structure among index funds, active funds, and new stock supply, which is expected to provide medium-term support for the market [7][16] Market Review and Valuation - As of January 29, 2026, the BSE 50 Index rose by 6.64% in January, with a maximum increase of 3.96% during the period. Among BSE stocks, 222 stocks increased, 69 stocks decreased, and none remained flat [8][17] - The average PE (TTM) of the BSE 50 Index as of January 29, 2026, is 64.50 times, with a median of 64.74 times. In comparison, the average PE (TTM) of the ChiNext Index is 43.24 times, and the Sci-Tech Innovation Board is 175.49 times [22] New Stock Dynamics - In January, four new stocks were listed on the BSE, bringing the total number of listed companies to 291 as of January 29, 2026. From January 1 to January 30, 2026, five companies were subscribed and five were listed [32] Key Company Announcements - The report includes various company announcements, highlighting significant contracts and operational updates from companies such as Copper Crown Mining, Taihu Yuanda, and Dana Biotechnology, which indicate ongoing business activities and strategic developments [40]