Core Viewpoint - On November 18, a total of four listed companies will have their restricted shares unlocked, with a total market value of approximately 4.759 billion yuan [1] Group 1: Company Specifics - International Medical (Stock Code: 000516) will unlock 2.2409 million shares under equity incentive restrictions [1] - Darui Electronics (Stock Code: 300976) will unlock 0.1395 million shares under equity incentive restrictions [1] - Yunzhongma (Stock Code: 603130) will unlock 86.4508 million shares that were restricted prior to issuance [1] - Meai Technology (Stock Code: 688376) will unlock 83.4144 million shares [1]

Group 1 - A total of 16 companies had their restricted shares unlocked on November 18, with a combined unlock volume of 492 million shares, valued at approximately 10.037 billion yuan based on the latest closing prices [1] - The companies with the highest unlock volumes are Bona Film Group, Yunzhongma, and Meiai Technology, with unlock shares of 309 million, 86.45 million, and 83.41 million respectively [1] - In terms of unlock market value, Meiai Technology, Yunzhongma, and Bona Film Group lead with values of 3.963 billion yuan, 3.309 billion yuan, and 2.194 billion yuan respectively [1] Group 2 - The companies with the highest proportion of unlocked shares relative to their total share capital are Yunzhongma, Meiai Technology, and Bona Film Group, with unlock ratios of 62.87%, 62.06%, and 22.48% respectively [1]

Group 1 - A total of 16 companies had their restricted shares unlocked on November 18, with a combined volume of 492 million shares and a total market value of 10.037 billion yuan at the latest closing price [1] - The companies with the highest unlock volumes are Bona Film Group, Yunzhongma, and Meiai Technology, with unlock shares of 309 million, 86.45 million, and 83.41 million respectively [1] - In terms of market value, Meiai Technology, Yunzhongma, and Bona Film Group lead with unlock values of 3.963 billion, 3.309 billion, and 2.194 billion yuan respectively [1] - The highest percentage of total share capital unlocked is seen in Yunzhongma, Meiai Technology, and Bona Film Group, with unlock ratios of 62.87%, 62.06%, and 22.48% respectively [1]

Core Viewpoint - The company Meai Technology (美埃科技) is experiencing fluctuations in stock performance, with a recent decline of 1.84% and a total market capitalization of 6.385 billion yuan, while also being recognized as a leader in the domestic semiconductor cleanroom equipment sector [1][3]. Company Overview - Meai Technology specializes in the research, production, and sales of air purification products and atmospheric environmental governance products, with a primary revenue source from cleanroom air filtration and clean wall systems, accounting for 90.18% of total revenue [3][7]. - The company was awarded the national-level "specialized, refined, distinctive, and innovative" title at the end of 2021, solidifying its position as a leading domestic enterprise in the semiconductor cleanroom equipment market [3][7]. Financial Performance - For the period from January to September 2025, Meai Technology reported a revenue of 1.486 billion yuan, representing a year-on-year growth of 23.64%, while the net profit attributable to shareholders decreased by 5.17% to 141 million yuan [7][8]. - The company has distributed a total of 80.64 million yuan in dividends since its A-share listing [9]. Market Position and Supply Chain - Meai Technology has developed the first domestic 28nm lithography equipment and provides essential air purification products to major international semiconductor manufacturers such as Intel and ST Microelectronics, indicating its competitive standing in both domestic and international markets [2][3]. - The company has a long-term supply relationship with SMIC (中芯国际), providing various air filtration products necessary for maintaining the required air cleanliness standards for advanced semiconductor manufacturing processes [2][3]. Stock and Trading Analysis - The stock has seen a net inflow of 2.71 million yuan today, with a trading volume of 145 million yuan and a turnover rate of 5.84%, indicating a relatively low level of trading activity [1][4]. - The average trading cost of the stock is 48.37 yuan, with the current price approaching a support level of 47.50 yuan, suggesting potential volatility in the near term [6].

Core Viewpoint - The article discusses the reasons behind the failure of many companies to go public, highlighting the importance of avoiding conflicts of interest and compliance with regulations regarding related party transactions, industry competition, and executive roles. Group 1: Industry Competition (Red Line) - Companies applying for an IPO must not engage in the same business as their controlling shareholders or related entities, even if those entities are shell companies [2][3] - An example is provided with Changyou Technology, which faced delays in its IPO due to the need to deregister a shell company that was involved in similar business activities [4] - Companies are advised to promptly deregister non-operational shell companies and address any industry competition issues to avoid future IPO complications [5] Group 2: Related Party Transactions (Yellow Line) - Related party transactions are not prohibited but must meet two criteria: fair pricing and compliance with corporate governance procedures [6][9] - An example is given of Meiai Technology, which faced scrutiny over its pricing in transactions with a related company, Tianjia Environment, leading to multiple rounds of inquiries before successfully listing [8] - Companies must ensure that related party transactions are approved by the board or shareholders to avoid regulatory issues [10] Group 3: Executive Roles and Part-time Positions (White Line) - Controlling shareholders can hold positions in other companies as long as they are not in executive roles that could compromise independence [11][12] - High-level executives are also restricted from holding positions in the controlling shareholder's other companies to protect the interests of the listed company [13][14]

Core Insights - The environmental equipment sector experienced a slight increase of 0.16% on November 13, with Henghe Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Environmental Equipment Sector Performance - Henghe Co., Ltd. saw a closing price of 28.18, with a significant increase of 8.43% and a trading volume of 31,900 shares, amounting to 87.56 million yuan [1] - Other notable performers included Jiuwu Gaoke with a closing price of 30.40, up 3.47%, and Meai Technology at 46.79, up 3.20% [1] - The sector also included companies like Guolin Technology and Huahong Technology, which saw minor increases of 1.31% and 0.99%, respectively [1] Capital Flow Analysis - The environmental equipment sector experienced a net outflow of 128 million yuan from institutional investors, while retail investors contributed a net inflow of 133 million yuan [2] - The data indicates that while institutional funds were withdrawn, retail participation remained strong, suggesting differing investor sentiment [2] Individual Stock Capital Flow - Yingfeng Environment had a net inflow of 24.61 million yuan from institutional investors, while it faced a net outflow of 8.09 million yuan from speculative funds [3] - Other companies like Chuangyuan Technology and Meai Technology also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor categories [3]

Group 1 - The core viewpoint of the news is that Meai Technology's stock has seen a significant increase, with a rise of 5.21% to 47.70 CNY per share, and a total market capitalization of 6.411 billion CNY [1] - Meai Technology, established on June 21, 2001, specializes in the research, production, and sales of air purification and atmospheric environment governance products, with 90.18% of its revenue coming from cleanroom air filtration and clean wall and ceiling systems [1] - The company has a trading volume of 77.3702 million CNY and a turnover rate of 3.29% [1] Group 2 - According to data, the Noan Fund has a significant holding in Meai Technology, with the Noan Lixin Flexible Allocation Mixed A Fund holding 167,700 shares, representing 2.63% of the fund's net value, ranking as the tenth largest holding [2] - The Noan Lixin Flexible Allocation Mixed A Fund has achieved a year-to-date return of 36.52%, ranking 2108 out of 8145 in its category, and a one-year return of 31.06%, ranking 1883 out of 8059 [2] - The fund manager, Zhao Sen, has been in position for 3 years and 115 days, with the fund's total asset size at 442 million CNY and a best return of 55.39% during his tenure [3]

长江证券承销保荐有限公司 关于美埃（中国）环境科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 美埃（中国）环境科技股份有限公司（以下简称"美埃科技"或"公司"）首次 公开发行股票并在科创板上市的保荐机构和持续督导券商，根据《证券发行上市 保荐业务管理办法（2025 年修订）》《上市公司募集资金监管规则》《上海证券交 易所科创板上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》等 有关规定，对美埃科技使用部分暂时闲置募集资金进行现金管理的相关事项进行 了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 公司根据中国证券监督管理委员会于 2022 年 10 月 18 日出具的《关于同意 美埃（中国）环境科技股份有限公司首次公开发行股票注册的批复》（证监许可 [2022]2506 号），向社会公众发行人民币普通股（A 股）股票 3,360 万股，发行 价格为 29.19 元/股，募集资金总额为 98,078.40 万元，扣除各项发行费用（不含 增值税）人民币 8,897.34 万元后，实际募集资金净额为人 ...

证券代码：688376 证券简称：美埃科技 公告编号：2025-044 美埃（中国）环境科技股份有限公司 为提高募集资金使用效率，在不影响公司募投项目建设实施、募集资金使用 计划和保证募集资金安全的情况下，公司将合理使用部分闲置募集资金进行现金 管理，本着股东利益最大化的原则，提高募集资金使用效益、增加股东回报。 现金管理种类：安全性高、流动性好的投资产品（包括但不限于结 构性存款、大额存单、券商收益凭证等） 现金管理额度：不超过人民币 40,000.00 万元 已履行及拟履行的审议程序：美埃（中国）环境科技股份有限公司 （以下简称"公司"或"美埃科技"）于 2025 年 11 月 12 日召开第二届 董事会第二十六次会议，审议通过了《关于使用部分闲置募集资金 进行现金管理的议案》，本事项无需提交公司股东会审议。公司保荐 机构长江证券承销保荐有限公司对本事项出具了明确的核查意见。 特别风险提示：尽管本次现金管理是购买安全性高、流动性好的投 资产品（包括但不限于结构性存款、大额存单等），但金融市场会受 宏观经济的影响，公司虽将根据经济形势以及金融市场的变化适时 适量地介入，不排除该项投资受到市场波动的影响。 关 ...

格隆汇11月12日丨美埃科技(688376.SH)公布，公司拟使用最高不超过人民币40,000.00万元的暂时闲置 募集资金进行现金管理，使用期限自董事会审议通过之日起12个月内有效。在前述额度及期限范围内， 资金可以循环滚动使用。 ...