成都盟升电子技术股份有限公司 2025 年第二次临时股东大会会议资料 证券代码：688311 证券简称：盟升电子 成都盟升电子技术股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 9 月 11 日 1 成都盟升电子技术股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议资料目录 | 2025 | 年第二次临时股东大会会议须知 3 | | --- | --- | | 2025 | 年第二次临时股东大会会议议程 5 | | 2025 | 年第二次临时股东大会会议议案 7 | | | 议案一：关于取消监事会及修改《公司章程》并办理工商变更登记的议案 7 | | | 议案二：关于制定、修订及废止部分内部制度的议案 9 | | | 议案三：关于公司董事会换届选举暨提名第五届董事会非独立董事候选人的议案 10 | | | 议案四：关于公司董事会换届选举暨提名第五届董事会独立董事候选人的议案 14 | 2 成都盟升电子技术股份有限公司 2025 年第二次临时股东大会会议资料 成都盟升电子技术股份有限公司 2025 年第二次临时股东大会会议须知 为了维护全体股东的合法权 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Alliance Electronics, which has seen a price increase and notable trading activity [1] - The convertible bond has a credit rating of "A" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for the bond is set at 20.94 yuan, with the conversion period starting on March 18, 2024 [1] Group 2 - For the first half of 2025, Alliance Electronics reported a revenue of 119.8 million yuan, reflecting a year-on-year increase of 49.74% [2] - The net profit attributable to shareholders for the same period was -37.1 million yuan, showing a year-on-year increase of 13.72% [2] - The concentration of shareholding is high, with the top ten shareholders holding a combined 49.06% of the shares, and the average holding amount per shareholder is 1.0681 million yuan [2]

Core Viewpoint - The recent financial report of Mengsheng Electronics (688311) shows significant revenue growth but also highlights challenges in profitability and cash flow management [1][2][5]. Financial Performance - Total revenue for the first half of 2025 reached 120 million yuan, a year-on-year increase of 49.74% [1]. - The net profit attributable to shareholders was -37.13 million yuan, improving by 13.72% compared to the previous year [1]. - The gross profit margin decreased to 36.26%, down 26.52% year-on-year, indicating rising costs [1][2]. - The net profit margin improved to -31.24%, a 42.79% increase year-on-year, reflecting better cost management despite ongoing losses [1][2]. Cash Flow and Debt Management - Operating cash flow per share increased significantly to 0.96 yuan, a 294.15% rise year-on-year, indicating improved cash generation [1][4]. - The company’s cash and cash equivalents decreased by 63.37% to 134 million yuan, primarily due to investments in financial products and loan repayments [1][3]. - Total interest-bearing debt reduced by 51.51% to 181 million yuan, reflecting a focus on debt repayment [1][3]. Accounts Receivable and Inventory - Accounts receivable amounted to 497 million yuan, representing 356.44% of the latest annual revenue, indicating potential liquidity issues [1][7]. - Inventory levels reached 256.91% of revenue, raising concerns about inventory management and turnover [7]. Expense Management - Total selling, general, and administrative expenses were 55.57 million yuan, accounting for 46.4% of revenue, a significant reduction of 42.21% year-on-year [1][4]. - Sales expenses increased by 12.45% due to higher travel and business entertainment costs associated with increased orders [4]. Market Position and Investor Sentiment - The company has shown a mixed performance in terms of return on invested capital (ROIC), with a historical median of 6.5% and a particularly poor ROIC of -12.95% in 2024 [5]. - Several funds have adjusted their positions in Mengsheng Electronics, with notable changes in holdings among various mutual funds [6].

Investment Rating - The report maintains a "Buy" rating for the company [7][5] Core Views - The company achieved a revenue of 120 million RMB in H1 2025, representing a year-over-year increase of 49.74%, while the net profit attributable to shareholders was -37.13 million RMB, up 13.72% year-over-year [1] - The growth in revenue is primarily driven by the recovery of military orders and the company's strong position in the precision-guided field, with a solid order backlog supporting high growth for the year [2] - The company is well-positioned in the civil aviation market, being the first in China to obtain triple certification from FAA/EASA/CAAC for satellite communication products, and is actively developing next-generation phased array products [3] Summary by Sections Financial Performance - In H1 2025, the company reported a comprehensive gross margin of 36.26%, a decrease of 13.09 percentage points year-over-year, and a net profit margin of -31.01%, an increase of 22.81 percentage points year-over-year [4] - The company expects to improve its profitability as capacity utilization increases and high-margin products are ramped up [4] Revenue and Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 62.26 million RMB, 159.28 million RMB, and 241.65 million RMB, respectively, with year-over-year growth rates of 122.92%, 155.83%, and 51.71% [5] - The anticipated growth is supported by strong demand in the military sector and new growth points in civil aviation and satellite internet terminals [5] Valuation - The target price for the company is set at 51.22 RMB, based on a target PE of 54 times for 2026, reflecting an increase from the previous target of 50 times [5]

据证券之星公开数据整理，近期盟升电子（688311）发布2025年中报。截至本报告期末，公司营业总收 入1.2亿元，同比上升49.74%，归母净利润-3713.29万元，同比上升13.72%。按单季度数据看，第二季度 营业总收入9863.78万元，同比上升50.11%，第二季度归母净利润-2209.71万元，同比下降3.81%。本报 告期盟升电子公司应收账款体量较大，当期应收账款占最新年报营业总收入比达356.44%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率36.26%，同比减26.52%，净利率-31.24%，同比 增42.79%，销售费用、管理费用、财务费用总计5556.91万元，三费占营收比46.4%，同比减42.21%，每 股净资产9.42元，同比减7.22%，每股经营性现金流0.96元，同比增294.15%，每股收益-0.22元，同比增 18.52% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7997.51万 | 1.2亿 | 49.74% | | 归母净利润(元) | -4303.93 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its technological advantages in satellite navigation and breakthroughs in electronic countermeasures [5][7]. Core Insights - The company reported a revenue of 120 million yuan for 1H25, representing a year-over-year growth of 49.7%. The net profit attributable to the parent company was -37 million yuan, an improvement from -43 million yuan in 1H24 [1]. - In 2Q25, the company achieved a revenue of 99 million yuan, a significant increase of 50.1% year-over-year and 367.2% quarter-over-quarter. However, the net profit remained negative at -22 million yuan [2]. - The satellite navigation segment saw a remarkable revenue increase of 176.7% year-over-year, while the satellite communication segment experienced a decline of 44.1% [3]. - The company has made significant progress in electronic countermeasures, winning multiple orders for equipment development and preparing for small-scale trial production [3]. - Operating expenses decreased by 13.2% to 89 million yuan, with the expense ratio dropping significantly by 54.1 percentage points to 74.6% [4]. Financial Forecast - The company is projected to achieve revenues of 519 million yuan in 2025, with a growth rate of 272.7%. The net profit attributable to the parent company is expected to be 101 million yuan [6]. - The earnings per share (EPS) is forecasted to be 0.60 yuan in 2025, with a price-to-earnings (PE) ratio of 69x [6].

证券代码：688311 证券简称：盟升电子 公告编号：2025-059 转债代码：118045 转债简称：盟升转债 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 （一）实际募集资金情况 经中国证券监督管理委员会核发的《关于同意成都盟升电子技术股份有限公司向不特定对象发行可转换 公司债券注册的批复》（证监许可[2023]1352号），公司向不特定对象发行可转换公司债券300.00万 张，每张面值为人民币100.00元，募集资金总额为人民币300,000,000.00元，扣除发行费用5,272,641.51 元（不含增值税）后，实际募集资金净额为294,727,358.49元。本次募集资金已于2023年9月18日全部到 位，立信会计师事务所（特殊普通合伙）于2023年9月18日对资金到位情况进行了审验，并出具了《验 资报告》（信会师报字[2023]第ZA90838号）。 （二）募集资金使用和结余情况 公司2025年半年度募投项目实际使用募集资金0元，累计收到的银行存款利息和理财产品收益扣除手续 费等的净额为653,004.8 ...

公司代码：688311 公司简称：盟升电子 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告"第三节管理层讨 论与分析"之"四、风险因素"。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 1.5是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4前十名境内存托凭证持有人情况表 □适用 √不适用 □适用 √不适用 2.7控股股东或实际控制人变更情况 □适用 √不适用 2.8在半年度报告批准 ...

Group 1 - The core viewpoint of the article highlights the announcement by Alliance Electronics regarding its board meeting and the composition of its revenue for 2024 [1] - The board meeting was held on August 26, 2025, to discuss the proposal for the second extraordinary general meeting of shareholders in 2025 [1] - Alliance Electronics reported that its revenue composition for 2024 is as follows: satellite navigation accounts for 55.25%, satellite communication for 41.74%, and other businesses for 3.01% [1] Group 2 - As of the report, Alliance Electronics has a market capitalization of 7 billion yuan [1] - The article also mentions a significant growth opportunity in the pet industry, which is projected to reach a market size of 300 billion yuan, indicating a booming sector with rising stock prices for related companies [1]

Group 1 - The core point of the article is that Alliance Electronics announced the approval of multiple proposals during the 36th meeting of its fourth board of directors [2] Group 2 - The announcement was made on the evening of August 26 [2] - The proposals included the discussion of the agenda and its summary [2]