Company Summary - Meiteng Technology (SH 688420) announced on October 28 that it will recognize credit impairment losses and asset impairment losses totaling approximately 9.46 million yuan in the consolidated financial statements for the period from April to September 2025, which will reduce the total profit of the consolidated financial statements by the same amount [1] - For the first half of 2025, the revenue composition of Meiteng Technology is as follows: coal industry accounts for 79.76%, non-coal mining accounts for 19.58%, and others account for 0.67% [1] - As of the time of reporting, Meiteng Technology has a market capitalization of 2.3 billion yuan [1] Industry Summary - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with the technology sector leading the market's transformation and a new "slow bull" market pattern emerging [1]

Financial Performance - The company's revenue for Q3 2025 was CNY 130,698,874.28, representing a year-on-year increase of 13.04%[3] - The total profit for the period was a loss of CNY 6,619,098.85, a decrease of 3,273.65% compared to the previous year[3] - The net profit attributable to shareholders was a loss of CNY 1,724,150.93, down 160.03% year-on-year[3] - The basic earnings per share for the current period was CNY -0.02, a decrease of 166.67% year-on-year[3] - The weighted average return on equity was -0.12%, a decrease of 0.32 percentage points compared to the previous year[3] - Net profit for the first three quarters of 2025 was CNY 2,697,610.90, a significant decrease from CNY 32,975,931.66 in the same period of 2024, representing a decline of approximately 91.8%[19] - Operating revenue for the first three quarters of 2025 was CNY 395,743,437.96, slightly down from CNY 397,326,783.54 in 2024, showing a decrease of about 0.4%[18] - The company reported a basic earnings per share of CNY 0.07 for the first three quarters of 2025, down from CNY 0.40 in the same period of 2024[20] Research and Development - Research and development expenses totaled CNY 12,351,796.78, a decrease of 33.82% compared to the same period last year[3] - The proportion of R&D expenses to revenue was 9.45%, a decrease of 6.69 percentage points year-on-year[3] - Research and development expenses decreased to CNY 41,167,296.24 from CNY 50,255,055.29, a reduction of approximately 18.1%[19] Assets and Liabilities - The total assets at the end of the period were CNY 1,923,830,532.90, an increase of 3.35% from the previous year[4] - Total assets increased to CNY 1,923,830,532.90 from CNY 1,861,396,870.14, reflecting a growth of approximately 3.3% year-over-year[15] - Total liabilities rose to CNY 458,183,886.01, up from CNY 383,837,522.83, indicating an increase of about 19.5%[15] - Total current assets as of September 30, 2025, are ¥1,668,222,443.05, compared to ¥1,644,699,280.91 at the end of 2024, indicating a slight increase of approximately 1.5%[14] - Non-current assets total ¥255,608,089.85, up from ¥216,697,589.23, showing an increase of about 18%[14] Cash Flow - The net cash flow from operating activities was not applicable for the current period, but was CNY -31,328,580.60 for the year-to-date[3] - Cash generated from operating activities increased to CNY 349,369,944.07, compared to CNY 282,205,735.95 in the previous year, marking an increase of about 23.8%[21] - The net cash inflow from operating activities was $368.65 million, an increase from $314.54 million year-over-year[22] - The net cash outflow from operating activities was $399.98 million, slightly up from $398.33 million year-over-year[22] - The net cash flow from investing activities was -$237.98 million, worsening from -$122.54 million year-over-year[22] - The total cash inflow from financing activities was $2.75 million, a significant decrease from $22.40 million year-over-year[23] - The ending cash and cash equivalents balance was $449.60 million, down from $659.89 million year-over-year[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,069[10] - The largest shareholder, Tianjin Meiteng Asset Management Co., Ltd., holds 16,880,000 shares, accounting for 19.09% of total shares[10] - The top 10 shareholders include significant individual and corporate investors, with the top three holding a combined 42.33% of shares[10] - The company has a share repurchase account holding 2,818,015 shares, which is 3.19% of the total share capital[11] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[12] Investment Performance - The company experienced a net loss from investments of CNY 16,210,216.74, compared to a loss of CNY 6,801,338.62 in the previous year, indicating a worsening of investment performance[19] - The company’s long-term equity investments increased to ¥33,686,378.53 from ¥30,768,141.62, marking an increase of approximately 9.4%[14] Accounting Standards - The company plans to implement new accounting standards starting in 2025[24]

Core Viewpoint - Meiteng Technology's stock has shown a mixed performance in recent trading, with a year-to-date increase of 17.40% and a recent decline in revenue and profit [1]. Group 1: Stock Performance - On October 21, Meiteng Technology's stock rose by 2.05%, reaching 25.40 CNY per share, with a trading volume of 5.4766 million CNY and a turnover rate of 0.64% [1]. - The company's total market capitalization is 2.246 billion CNY [1]. - Year-to-date, the stock price has increased by 17.40%, with a 5-day increase of 2.42%, a 20-day decrease of 0.04%, and a 60-day decrease of 2.64% [1]. Group 2: Company Overview - Meiteng Technology, established on January 21, 2015, and listed on December 9, 2022, is located in Nankai District, Tianjin [1]. - The company specializes in providing intelligent equipment and systems for the mining and industrial sectors, with core products that integrate perception, analysis, reasoning, decision-making, and control functions [1]. - The revenue composition is as follows: intelligent equipment accounts for 71.86%, intelligent systems and instruments 14.44%, and other businesses 13.70% [1]. Group 3: Financial Performance - For the first half of 2025, Meiteng Technology reported operating revenue of 265 million CNY, a year-on-year decrease of 5.91% [1]. - The net profit attributable to the parent company was 8.1313 million CNY, reflecting a significant year-on-year decrease of 74.35% [1]. - As of June 30, the number of shareholders increased by 5.57% to 5,062, while the average circulating shares per person decreased by 5.27% to 6,738 shares [1]. Group 4: Dividend Information - Since its A-share listing, Meiteng Technology has distributed a total of 69.4887 million CNY in dividends [2].

Core Viewpoint - Meiteng Technology focuses on the research, design, manufacturing, and sales of intelligent equipment, intelligent systems, and instruments, with applications in coal, mining, and recycling industries [1] Group 1 - The company primarily engages in two core product categories: intelligent equipment and intelligent systems [1] - The products are widely used in the coal, mining, and recycling sectors [1]

Core Viewpoint - Meiteng Technology's stock has shown a mixed performance in recent trading, with a year-to-date increase of 16.94% but a slight decline in the last five and twenty trading days [1] Company Overview - Meiteng Technology Co., Ltd. is located in Tianjin and was established on January 21, 2015, with its IPO on December 9, 2022 [1] - The company specializes in providing intelligent equipment and systems for the mining and industrial sectors, with core products that integrate perception, analysis, reasoning, decision-making, and control functions [1] - The revenue composition is as follows: intelligent equipment 71.86%, intelligent systems and instruments 14.44%, and other businesses 13.70% [1] Financial Performance - For the first half of 2025, Meiteng Technology reported operating revenue of 265 million yuan, a year-on-year decrease of 5.91%, and a net profit attributable to shareholders of 8.13 million yuan, down 74.35% year-on-year [1] - Cumulative cash dividends since the A-share listing amount to 69.49 million yuan [2] Market Activity - As of October 15, the stock price was 25.30 yuan per share, with a market capitalization of 2.237 billion yuan [1] - The trading volume was 4.409 million yuan, with a turnover rate of 0.52% [1] - The number of shareholders increased by 5.57% to 5,062, while the average circulating shares per person decreased by 5.27% to 6,738 shares [1] Industry Classification - Meiteng Technology is classified under the Shenwan industry category of mechanical equipment - specialized equipment - energy and heavy equipment [1] - The company is associated with several concept sectors, including small-cap stocks, micro-cap stocks, DeepSeek concept, artificial intelligence, and margin trading [1]

Core Viewpoint - The company has completed the installation and debugging of the equipment for the Baijiahai project and is currently in the trial operation phase [1] Summary by Relevant Sections - Project Status - The equipment installation and debugging for the Baijiahai project have been completed [1] - The project is currently in the trial operation stage [1]

Group 1 - The core issue for the subsidiary Zhiguan Information's losses in the first half of the year is linked to a decrease in revenue from the parent company Meiteng Technology's intelligent systems and instruments segment [1] - As a result of the decline in revenue, the scale of software development and debugging services procured by Meiteng Technology from Zhiguan Information has been reduced [1]

Core Viewpoint - The company is focusing on lithium battery recycling and aims to leverage its technological capabilities to enhance its position in the recycling industry, while exploring strategic partnerships and potential growth avenues in this sector [1]. Group 1: Business Strategy - The company is committed to becoming a world-class technology firm in the fields of coal selection, mineral selection, and resource recycling [1]. - The current focus of the lithium battery recycling business is on the pre-treatment stage of used lithium batteries, aiming to empower both incremental recovery enterprises and wet recovery companies [1]. - The company is actively seeking high-quality targets that complement its technological, product, or market advantages for potential investments or acquisitions [1]. Group 2: Market Position and Future Potential - The lithium battery recycling technology is still in the investment phase and has not yet generated revenue [1]. - The company is exploring growth opportunities through technological innovation and resource integration, although future contributions to performance will be influenced by market conditions, policy directions, and business maturity [1]. - The company emphasizes its commitment to strict information disclosure obligations and will keep investors informed of significant developments [1].

华泰联合证券有限责任公司 关于天津美腾科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：天津美腾科技股份有限公 | | --- | --- | | | 司 | | 保荐代表人姓名：柴奇志 | 联系电话：010-57615991 | | 保荐代表人姓名：史玉文 | 联系电话：025-83387742 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐机构"）作为天津美腾科技股份有限公司（以 下简称"美腾科技"、"公司"或"发行人"）首次公开发行股票的保荐机构， 对美腾科技进行持续督导，并出具本持续督导跟踪报告： 一、持续督导工作情况 | 序 号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行了持 | | | 对具体的持续督导工作制定相应的工作计划 | 续督导制度，并制定了相应的工作计划 | | 2 | 根据中 ...

Group 1 - On September 9, Meiteng Technology experienced a decline of 1.61% with a trading volume of 18.99 million yuan [1] - The financing data on the same day showed a financing purchase amount of 2.78 million yuan and a financing repayment of 4.28 million yuan, resulting in a net financing outflow of 1.50 million yuan [1] - As of September 9, the total balance of margin trading for Meiteng Technology was 44.20 million yuan, accounting for 5.06% of its circulating market value, which is above the 90th percentile level over the past year [1] Group 2 - As of June 30, the number of shareholders for Meiteng Technology was 5,062, an increase of 5.57% compared to the previous period [2] - The average circulating shares per person were 6,738, a decrease of 5.27% from the previous period [2] - For the first half of 2025, Meiteng Technology reported operating revenue of 265 million yuan, a year-on-year decrease of 5.91%, and a net profit attributable to shareholders of 8.13 million yuan, down 74.35% year-on-year [2] Group 3 - Since its A-share listing, Meiteng Technology has distributed a total of 69.49 million yuan in dividends [3]