证券代码：688376 证券简称：美埃科技 公告编号：2025-043 美埃（中国）环境科技股份有限公司 首次公开发行部分限售股上市流通公告 根据中国证券监督管理委员会 2022 年 10 月 18 日《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）核 准，同意美埃（中国）环境科技股份有限公司公开发行 A 股普通股股票 33,600,000 股，并于 2022 年 11 月 18 日在上海证券交易所科创板挂牌上市。公司首次公开发 行 A 股前总股本为 100,800,000 股，首次公开发行 A 股后总股本为 134,400,000 股， 其中有限售条件流通股 103,541,361 股，占公司发行后总股本的 77.04%，无限售条 件流通股 30,858,639 股，占公司发行后总股本的 22.96%。具体情况详见公司于 2022 年 11 月 17 日在上海证券交易所网站（www.sse.com.cn）披露的《美埃（中国）环 境科技股份有限公司首次公开发行股票科创板上市公告书》。 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 ...

一、本次上市流通的限售股类型 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 首次公开发行部分限售股上市流通的核查意见 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，根据《中华人民共和国公司法》《中 华人民共和国证券法》《证券发行上市保荐业务管理办法（2025 年修订）》《上海 证券交易所科创板股票上市规则（2025 年 4 月修订）》《科创板上市公司持续监 管办法（试行）（2025 年修订）》以及《上海证券交易所上市公司自律监管指引 第 11 号——持续督导（2025 年 3 月修订）》等法律法规的相关规定，对公司首 次公开发行部分限售股上市流通事项进行了核查，具体情况及核查意见如下： 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），公司获准首次向社会公开发行人民币普通股 3,360.00 万股，并 于 2022 年 11 月 18 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Group 1 - The core point of the news is that Meai Technology's stock price has dropped by 5.15%, currently trading at 47.71 CNY per share, with a total market capitalization of 6.412 billion CNY [1] - Meai Technology, established on June 21, 2001, specializes in the research, production, and sales of air purification and atmospheric environmental governance products, with 90.18% of its revenue coming from cleanroom air filtration and clean wall and ceiling systems [1] - The trading volume for Meai Technology reached 164 million CNY, with a turnover rate of 6.52% [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 [2] - The Noan Lixin Flexible Allocation Mixed A Fund has experienced a year-to-date return of 36.73% and a one-year return of 30.5%, ranking 2226 out of 8219 and 2138 out of 8125 in its category, respectively [2] - The fund manager, Zhao Sen, has been in charge for 3 years and 112 days, with the fund's total asset size at 442 million CNY [3]

Group 1 - The core point of the news is that Meai Technology's stock price has dropped by 5.53%, currently trading at 47.00 CNY per share, with a total market capitalization of 6.317 billion CNY [1] - Meai Technology, established on June 21, 2001, specializes in the research, production, and sales of air purification and atmospheric environmental 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 25.619 million CNY and a turnover rate of 1.05% [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 (002137) holding 167,700 shares, representing 2.63% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 461,200 CNY [2] - The Noan Lixin Flexible Allocation Mixed A Fund has achieved a year-to-date return of 35.48%, ranking 2437 out of 8148 in its category [2] Group 3 - The fund manager of Noan Lixin Flexible Allocation Mixed A is Zhao Sen, who has been in the position for 3 years and 109 days, managing a total asset size of 442 million CNY [3] - During Zhao Sen's tenure, the best fund return was 50.56%, while the worst return was 47.9% [3]

Market Overview - The environmental equipment sector rose by 0.37% on November 6, with *ST Jieneng leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Key stocks in the environmental equipment sector showed varied performance, with *ST Jieneng closing at 3.27, up 5.14%, and Hengying Environmental at 27.88, up 5.01% [1] - Other notable performers included Guolin Technology at 16.95, up 2.17%, and Zhongcai Energy at 7.49, up 1.49% [1] Trading Volume and Value - The trading volume for *ST Jieneng was 153,100 shares, with a transaction value of approximately 49.79 million yuan [1] - Hengying Environmental had a trading volume of 30,300 shares, with a transaction value of about 83.54 million yuan [1] Capital Flow - The environmental equipment sector saw a net inflow of 9.74 million yuan from institutional investors, while retail investors experienced a net outflow of 10.56 million yuan [2][3] - Major stocks like Guolin Technology and Meai Technology had significant capital movements, with Guolin Technology seeing a net outflow of 22.64 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [12] Core Insights - The environmental protection sector showed a significant increase in performance, with a 17.3% year-on-year growth in non-recurring net profit for Q3 2025, driven by stable operations and profit recovery in cyclical assets [6][40] - The overall revenue for the environmental sector reached 221.7 billion yuan in the first three quarters of 2025, marking a 3.12% increase year-on-year, while the net profit attributable to shareholders grew by 4.88% to 21.9 billion yuan [21][40] - The cash flow situation improved, with a cash collection ratio of 95.1% in Q3 2025, reflecting a 4.5 percentage point increase year-on-year, indicating a stable investment environment despite a downward trend in financing [8][40] Summary by Sections Performance Overview - In Q3 2025, the environmental sector achieved a revenue of 79.6 billion yuan, a 9.64% increase year-on-year, with a net profit of 8.2 billion yuan, up 11.8% [6][40] - The non-recurring net profit for Q3 2025 was 7.75 billion yuan, reflecting a 17.3% year-on-year increase, primarily driven by strong performances in waste incineration, biodiesel, and air quality sectors [6][40] Financial Statements - The overall asset-liability ratio for the environmental sector was 57.3% in Q3 2025, with a slight year-on-year increase of 0.35 percentage points, indicating a slowdown in the growth rate of liabilities [7] - The cash flow from operating activities showed a net inflow of 27.1 billion yuan, a 30.6% increase year-on-year, with improvements noted in waste management and water operations [8] Investment Strategy - The report suggests continued investment in waste incineration and water sectors, with a potential for valuation recovery as the industry transitions towards a more market-oriented model [9] - Recommended companies include Hanlan Environment, China Everbright International, and Weiming Environmental, among others, highlighting their potential for growth and dividend returns [9]

Core Insights - The environmental equipment sector experienced a rise of 0.67% on November 3, with *ST节能 leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Environmental Equipment Sector Performance - The top-performing stock was *ST节能, closing at 2.92 with a gain of 5.04%, trading volume of 278,900 shares and a turnover of 80.90 million yuan [1] - Other notable performers included 菲达坏保 (5.79, +3.76%), 盈峰环境 (7.13, +3.63%), and 美埃科技 (46.84, +3.47%) [1] - The sector saw a mixed performance with some stocks declining, such as 恒合股份 (26.45, -2.69%) and 久音筒科 (30.98, -2.58%) [2] Capital Flow Analysis - The environmental equipment sector had a net outflow of 57.99 million yuan from institutional investors, while retail investors saw a net inflow of 40.93 million yuan [2] - Notable net inflows from retail investors were observed in stocks like 菲达环保 and 恒营环保, while institutional investors showed a preference for stocks like 龙净环保 [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 1.49 billion yuan, a year-on-year increase of 23.6%, while net profit attributable to shareholders was 140 million yuan, a year-on-year decline of 5.2%. In Q3 alone, the operating revenue was 550 million yuan, up 23.9% year-on-year, but net profit dropped 23.0% year-on-year [2][4]. - The increase in expenses, particularly from stock incentive plans, has negatively impacted performance. However, the company is expected to benefit from capacity expansion, supply chain improvements, and application area expansion in the long term [2][10]. Summary by Sections Financial Performance - The company reported a revenue of 1.49 billion yuan for the first three quarters of 2025, reflecting a 23.6% increase year-on-year. The net profit attributable to shareholders was 140 million yuan, down 5.2% year-on-year. For Q3, the revenue was 550 million yuan, with a 23.9% year-on-year growth, but net profit fell by 23.0% [2][4]. Cost and Margin Analysis - The comprehensive gross margin for the first three quarters of 2025 was 27.5%, a decrease of 3.1 percentage points year-on-year, attributed to changes in accounting standards and rising raw material costs. The increase in operating expense ratio to 17.1% also contributed to the decline in profitability [10]. Future Growth Potential - The company has implemented a stock incentive plan aimed at executives and key technical personnel, with performance targets set for revenue growth from 2 billion yuan in 2024 to 3.8 billion yuan in 2026. This plan is expected to positively influence future performance [10]. - The company is expanding its production capacity and has been actively involved in the semiconductor industry, which is experiencing a trend towards domestic substitution and relocation to Southeast Asia. This expansion is anticipated to drive revenue and profit growth in the coming years [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance was impacted by stock incentive expenses, but there are expectations for accelerated revenue recognition in new lithium battery downstream markets and overseas [1][7] - The company reported a total revenue of 1.486 billion yuan for the first three quarters of 2025, a year-on-year increase of 23.64%, while the net profit attributable to shareholders decreased by 5.17% [7] - The company is actively expanding into overseas markets and new downstream sectors, with a focus on Southeast Asia and North America [7] Financial Performance Summary - For 2023A, total revenue is projected at 1.505 billion yuan, with a year-on-year growth of 22.68% [1] - The net profit attributable to shareholders for 2023A is estimated at 173.23 million yuan, reflecting a year-on-year increase of 40.76% [1] - The latest diluted EPS for 2023A is expected to be 1.29 yuan per share [1] - The company anticipates a total revenue of 2.276 billion yuan in 2025E, representing a year-on-year growth of 32.09% [1] - The net profit attributable to shareholders for 2025E is projected at 223.64 million yuan, with a year-on-year growth of 16.48% [1] Market Data Summary - The closing price of the company's stock is 45.27 yuan, with a market capitalization of 6.084 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 35.12 based on the latest diluted earnings [1][5] - The company’s net asset per share is 14.36 yuan, and the asset-liability ratio stands at 49.16% [6] Strategic Initiatives - The company is enhancing its production capabilities and market reach through acquisitions, including a 100% stake in Circul-Aire Inc. to strengthen its upstream filter material production [7] - The company has established subsidiaries and production bases overseas, including in Singapore, Thailand, and Canada, to tap into new markets [7] - The company aims to accelerate the integration of its supply chain through both organic growth and acquisitions [7]