美格智能技术股份有限公司 2025 年半年度财务报告 美格智能技术股份有限公司 2025 年半年度财务报告 2025 年 08 月 1 美格智能技术股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：美格智能技术股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 348,763,725.01 | 349,877,014.45 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 7,500,046.68 | 7,999,586.13 | | 应收账款 | 980,805,291.99 | 1,008,069,612.33 | | 应收款项融资 | 9,696,253.11 | 9,991,720.34 | | 预付款项 | 40,369,890.43 | 1 ...

法定代表人 ： 王平 主管会计工作的负责人 ：夏有庆 会计机构负责人：周舟 2025年半年度 | 编制单位：美格智能技术股份有限公司 | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的 会计科目 | 2025年期初 占用资金余额 | 2025年1-6月占 用累计发生金 额（不含利息 ） | 2025年1-6月 2025年1-6月 占用资金的利 度偿还累计发 息（如有） 生金额 | 2025年1-6 月期末占用 资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及 | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | 非经营性占用 | | | - | - | - | | | | | | - | | 前控股股东 、实际控制人 | | | | | | | | | 非经营性占用 | | 及其附属企业 | | | | | | | | | 非经营性 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board and senior management guarantee the report's accuracy and completeness, while the company plans no cash dividends or share transfers from capital reserves - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[3](index=3&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This report's clear directory outlines nine main chapters, providing comprehensive information on company profile, MD&A, governance, significant matters, share changes, bonds, financial reports, and other data for investors - The report comprises nine main sections, covering company operations, financials, governance, and significant matters[6](index=6&type=chunk) [Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include signed and sealed financial statements, original copies of publicly disclosed documents, and the semi-annual report signed by the legal representative - Reference documents include signed and sealed financial statements, original copies of publicly disclosed documents, and the semi-annual report signed by the legal representative[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company name, reporting period, subsidiary names, and key technologies like IoT, 4G/5G, smart modules, high-computing power modules, FWA, AI, and large models, ensuring accurate understanding of the report content - Defines company entities (e.g., Meigsmart, Xi'an Zhaoge, Fangge International) and the reporting period[12](index=12&type=chunk) - Explains key technologies and industry terms such as IoT, 4G/5G, smart modules, high-computing power modules, FWA, AI, and large models[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Meigsmart Technology Co., Ltd. (stock code 002881) is listed on the Shenzhen Stock Exchange. Its legal representative is Wang Ping, with contacts including Board Secretary Huang Min and Securities Affairs Representative Hu Fang, located at 32F, Block B, Shenzhen International Innovation Center, 1006 Shennan Avenue, Futian District, Shenzhen Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Meigsmart | | Stock Code | 002881 | | Listed Exchange | Shenzhen Stock Exchange | | Chinese Name | Meigsmart Technology Co., Ltd. | | Legal Representative | Wang Ping | Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Huang Min | 32F, Block B, Shenzhen International Innovation Center, 1006 Shennan Avenue, Futian District, Shenzhen | 0755-83218588 | ir@meigsmart.com | | Securities Affairs Representative | Hu Fang | 32F, Block B, Shenzhen International Innovation Center, 1006 Shennan Avenue, Futian District, Shenzhen | 0755-83218588 | ir@meigsmart.com | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, operating revenue grew **44.50%** to **1.886 billion yuan**, net profit attributable to shareholders increased **151.38%** to **84.1668 million yuan**, and non-recurring net profit rose **157.87%**. Net cash flow from operating activities was **-83.9782 million yuan**, a **66.89%** decrease. Total assets and net assets attributable to shareholders both increased. Total non-recurring gains and losses were **1.8318 million yuan** H1 2025 Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,886,475,312.32 | 1,305,551,460.81 | 44.50% | | Net Profit Attributable to Shareholders of the Listed Company | 84,166,774.08 | 33,482,328.84 | 151.38% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-recurring Gains and Losses | 82,334,927.22 | 31,929,268.36 | 157.87% | | Net Cash Flow from Operating Activities | -83,978,198.61 | -50,319,764.17 | -66.89% | | Basic Earnings Per Share (yuan/share) | 0.32 | 0.13 | 146.15% | | Diluted Earnings Per Share (yuan/share) | 0.32 | 0.13 | 146.15% | | Weighted Average Return on Net Assets | 5.24% | 2.26% | 2.98% | | **As of Current Period-end** (yuan) | **As of Prior Year-end** (yuan) | **Change from Prior Year-end** | | Total Assets | 3,004,831,909.42 | 2,759,554,563.51 | 8.89% | | Net Assets Attributable to Shareholders of the Listed Company | 1,620,821,608.21 | 1,567,113,142.90 | 3.43% | Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 988,995.44 | | Government Grants Recognized in P/L | 2,613,586.26 | | Fair value changes and disposal gains/losses from financial assets/liabilities (excluding effective hedges related to normal operations) | -1,164,517.04 | | Other non-operating income and expenses | -9,366.57 | | Less: Income tax impact | 596,851.23 | | Total | 1,831,846.86 | Section III Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=9&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company specializes in wireless communication modules and IoT solutions, leveraging 4G/5G technology to offer smart, high-computing power, and data transmission modules for intelligent connected vehicles, FWA, and new retail. It operates on an R&D-driven model with in-house design, outsourced manufacturing, balanced domestic and international markets, and direct sales. Revenue growth was driven by high R&D investment, increased shipments, leading smart cockpit solutions, and 5G FWA product penetration into top global operators - The company's main business is wireless communication modules and IoT solutions, with core technologies covering 4G/5G communication, smart Android systems, edge AI computing power, and generative AI applications[26](index=26&type=chunk) - Main products include smart modules (applied in new energy vehicle smart cockpits, ADAS/DMS, new retail), high-computing power modules (providing **8T** and above AI computing power, supporting large model edge deployment, applied in robots, drones, AI retail, etc.), and data transmission modules[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The business model is R&D-driven, with independent design and development, outsourced manufacturing, balanced domestic and international markets, and primarily direct sales[28](index=28&type=chunk) - Performance drivers include high R&D investment, increased product shipments and customer base, leading smart cockpit solutions, **5G FWA** product penetration into global top operators, and intelligent and customized product strategies reinforcing differentiated competitive advantages[29](index=29&type=chunk)[30](index=30&type=chunk) - Industry trends show rapid global AI industry growth, accelerated industrialization of large models, iterative AI performance of edge chips and modules, rapid increase in embedded AI cellular module shipments, and **5G** technology entering its 'second half' with **5G-A** commercialization[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%

证券代码：002881 证券简称：美格智能 公告编号：2025-071 公司《2025 年半年度报告》全文具体内容详见公司指定信息披露媒体巨潮 资讯网（www.cninfo.com.cn），公司《2025 年半年度报告摘要》具体内容详见 公司指定信息披露媒体《证券时报》及巨潮资讯网（www.cninfo.com.cn）。 一、董事会会议召开情况 美格智能技术股份有限公司（以下简称"公司"）董事会于 2025 年 8 月 16 日以书面方式发出了公司第四届董事会第十次会议的通知。本次会议于 2025 年 8 月 27 日在深圳市福田区深南大道 1006 号深圳国际创新中心 B 座 32 楼公司会 议室以现场结合通讯表决方式召开。会议应参加表决董事 6 人，实际参加表决董 事 6 人，其中董事杜国彬先生，独立董事杨政先生、马利军先生以通讯表决方式 参会。会议由董事长王平先生召集并主持。本次会议的通知、召集和召开符合《中 华人民共和国公司法》（以下简称"《公司法》"）等法律、行政法规、规范性 文件和《美格智能技术股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，合法有效。 二、董事会会议审议情况 会议采取 ...

Market Overview - The market experienced a significant drop, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down by 1.76%, 1.43%, and 0.69% respectively, with over 4,700 stocks declining and only around 600 stocks rising [4] - Despite the indices showing a modest decline, the actual market impact was severe, indicating a split market where many stocks were falling while a few were driving index gains [5][6] Sector Performance - The computing power concept stocks saw a strong morning surge, with companies like Runjian Co., Meige Intelligent, and Dawang Technology hitting the daily limit, but faced significant sell-offs later [3] - The rare earth sector continued to perform well, with companies like Beikong Technology and Northern Rare Earth reaching their daily limit [3] - The CPO sector also experienced a notable rise, with Cambridge Technology achieving three consecutive limit-ups [3] Notable Stocks - Cambrian's stock price rose over 10% to exceed 1,460 yuan, surpassing Kweichow Moutai, which fell to 1,448 yuan, leading to discussions about Cambrian becoming the "new stock king" [11] - Alibaba-related computing power stocks initially surged but ultimately closed down by 1.81%, despite positive speculation about Alibaba's upcoming earnings report [14] - Zhouming Technology announced a partnership with Saudi Arabia's Al-Nassr Club, which initially boosted its stock price but ultimately closed down by 2% [16] Policy Impact - The Ministry of Commerce announced plans to introduce policies to promote service exports, which led to a temporary surge in Cross-Border Communication's stock price, although the connection to cross-border e-commerce remains tenuous [18]

Economic News - Shanghai real estate policy adjustments include reducing housing purchase restrictions and optimizing housing credit policies, effective from August 26, 2025 [1] - The central government aims to establish a national carbon trading market by 2030, covering major industrial sectors and enhancing voluntary emission reduction mechanisms [1] - The National Development and Reform Commission is gathering opinions from enterprises on the 14th Five-Year Plan, focusing on expanding domestic demand and stabilizing employment [1] - The People's Bank of China is promoting financial support for high-quality forestry development, including innovations in forest rights mortgage loans [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 288.4 billion yuan at an interest rate of 1.40% [1] - U.S. President Trump plans to deploy troops to cities like Chicago to combat crime, which has sparked public discontent [4] Company Insights - Nvidia has launched the Jetson AGX Thor developer kit for robotics applications, priced at $3,499, available globally [10] - Huida Technology's president is under investigation for insider trading, but the company asserts that it will not affect its operations [10] - Elon Musk's xAI has filed a lawsuit against Apple and OpenAI, alleging collusion to maintain dominance in the AI sector [10] - Yangfan New Materials is under investigation, but the company's control remains unchanged and operations continue normally [10] - Tencent has unveiled a global game creation AI solution, VISVISE, aimed at streamlining game art development processes [10] Industry Research - The report analyzes the white liquor industry's historical cycles, identifying four key periods since 2000, with a focus on the 2013-2015 downturn [9][10] - It notes that white liquor stock prices typically bottom out two quarters before fundamental improvements are confirmed [10] - Current indicators suggest a positive trend in demand for white liquor, particularly with the upcoming Mid-Autumn Festival and National Day [10] - The report recommends focusing on leading companies like Kweichow Moutai and Wuliangye, as the white liquor sector is expected to rebound [10] Banking Sector Analysis - Jiangsu Bank reported a 7.8% year-on-year increase in revenue for the first half of 2025, with net profit rising by 8.0% [12][13] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.84%, down 2 basis points from the previous quarter [14][15] - The bank's net interest margin is 1.78%, reflecting a slight decline, while total assets and loans grew by 27.0% and 18.3%, respectively [14][15] - The report projects net profit growth rates of 10.9%, 11.5%, and 11.7% for 2025-2027, maintaining a "strongly recommended" rating for the bank [16]

Investment Rating - The report maintains a "Buy" rating for multiple stocks in the communication and robotics sectors, indicating a positive outlook for these industries [1]. Core Insights - The robotics industry is experiencing multi-dimensional catalysts, with significant investment opportunities in the related supply chain. Recent events, such as the World Robotics Conference and the World Humanoid Robot Games, showcase advancements in robot capabilities and interactions [2][3][40]. - The demand for high computing power driven by AI is expected to continue rising, with a focus on domestic computing chip industries. The release of DeepSeek-V3.1 highlights improvements in efficiency and performance, indicating a strong future for domestic AI chip development [4][20][41]. Summary by Sections Robotics Industry - The World Robotics Conference held in August 2025 in Beijing featured over 200 leading companies and showcased more than 1500 exhibits, emphasizing the ongoing technological advancements in robotics [2][24]. - The World Humanoid Robot Games included participation from 28 teams across 16 countries, demonstrating the competitive landscape and innovation in humanoid robotics [2][33]. - Domestic leaders like Zhiyuan Robotics and Yushun Technology are pushing for significant advancements, with goals to deploy over 100,000 general-purpose robots in the next three years [3][19][40]. AI and Computing Chips - The launch of DeepSeek-V3.1 on August 21, 2025, introduced a hybrid reasoning architecture that enhances both thinking and non-thinking modes, improving efficiency and agent capabilities [20][41]. - The new model's performance metrics show a significant increase in efficiency, with a 40% improvement in energy efficiency for domestic chips in reasoning scenarios [22][46]. - The report highlights the increasing domestic demand for computing power, driven by geopolitical factors and the need for stable supply chains, suggesting a robust future for domestic computing infrastructure [8][49][56]. Market Performance - The communication sector index rose by 10.84% during the week of August 18-22, 2025, outperforming the broader market, which indicates strong investor confidence in the sector [13][14]. - The report recommends a diverse range of stocks across various segments, including telecommunications, AI, and robotics, reflecting a comprehensive investment strategy [9][23].

Core Viewpoint - The article discusses the recent requirements for supplementary materials for overseas listing applications by the China Securities Regulatory Commission (CSRC), highlighting the ongoing trend of companies seeking to list on the Hong Kong Stock Exchange, with a focus on compliance and regulatory scrutiny [2][3][4]. Group 1: Supplementary Material Requirements - A total of 36 companies have been requested to provide supplementary materials for their overseas listing applications, primarily targeting the Hong Kong IPO market [2]. - Specific companies such as Lin Qingxuan and Yangzhou Xiyue have been highlighted for particular compliance issues regarding shareholder equity transfers and the legality of their corporate structures [3][4]. - Companies like Huafu Yang and Jiewate are required to clarify the pricing and compliance of their capital increase and reduction processes, ensuring adherence to foreign investment regulations [4][15]. Group 2: Compliance and Regulatory Issues - Companies must provide detailed explanations regarding their shareholder structures, including any discrepancies in the identification of controlling shareholders and the implications for their listing applications [4][18]. - The article emphasizes the importance of legal opinions from lawyers to confirm the compliance of corporate actions with relevant regulations, particularly concerning foreign investment and tax obligations [6][7][8]. - Companies are also required to disclose their operational compliance with foreign investment restrictions, especially in sectors listed in the negative list for foreign investment [35][36][37]. Group 3: Specific Company Cases - Lin Qingxuan is under scrutiny for the pricing and rationale behind recent shareholder equity transfers, as well as the tax implications for the involved parties [43]. - Yangzhou Xiyue faces questions regarding the fairness and legality of zero-cost equity transfers made by its shareholders [12][13]. - Basic Semiconductor must clarify the reasons for inconsistencies in the identification of its controlling shareholders and provide a conclusive opinion on its compliance status [18]. Group 4: Industry Trends - The article indicates a robust interest in Hong Kong IPOs among Chinese companies, reflecting a broader trend of seeking international capital markets for growth [2]. - The regulatory environment is tightening, with increased scrutiny on corporate governance and compliance practices, which may impact the speed and success of overseas listings [4][5]. - The focus on compliance with foreign investment regulations suggests a shift towards greater transparency and accountability in the corporate sector [35][36].

Economic News - The State Council emphasizes enhancing macro policy effectiveness and stabilizing market expectations, focusing on domestic circulation and effective investment expansion [1] - The People's Bank of China conducted a reverse repurchase operation of 266.5 billion yuan at a rate of 1.40% [2] - From January to July 2025, national public budget revenue was 1.35839 trillion yuan, with tax revenue declining by 0.3% [3] - Trade with Shanghai Cooperation Organization countries reached 247.7 billion USD in the first half of the year, a 0.8% increase [4] - The Ministry of Finance reported a 0.7% decline in government fund budget revenue from January to July 2025 [5] - Securities transaction stamp duty increased by 62.5% year-on-year in July 2025 [6] - The central bank introduced a series of monetary policy measures, including interest rate cuts and increased loan quotas [7] Important Company Information - JD.com has over 150,000 full-time delivery riders, advocating for social security benefits for gig workers [6] - Dongfeng Group is selling a 50% stake in Dongfeng Honda Engine Company [6] - Leap Motor reported a 174% increase in revenue to 24.25 billion yuan in the first half of 2025, achieving a net profit of 30 million yuan [6] - SoftBank announced a 2 billion USD investment in Intel, reflecting confidence in advanced semiconductor manufacturing [6] - Kandi Technologies has entered into a partnership with CATL to supply battery swap stations for commercial vehicles [6][7] Industry Analysis Coal Industry - Coking coal prices have risen significantly, with the price index reaching 1340.16 yuan/ton, a 17.44% increase [8] - Coking coal inventory at three ports decreased by 14.06% month-on-month [11] - Independent coking plants saw an increase in inventory but a decrease in average available days [9] - The overall capacity utilization rate of independent coking enterprises rose to 74.03% [10] - The demand side shows a potential increase in demand driven by hydroelectric projects [11] Agriculture and Livestock Industry - In July 2025, pig prices fluctuated, with live pig prices averaging 14.91 yuan/kg, a 1.72% increase [13] - The number of breeding sows showed a slight increase, indicating a potential stabilization in supply [14] - Policy measures are focused on reducing production capacity and controlling weight, which may stabilize prices in the long term [15] - Major pig farming companies reported varying sales prices and volumes, with some experiencing a decline in output [16] Machinery Industry - Parker New Materials specializes in high-end metal forging products, serving various industries including aerospace and energy [18] - The company reported a revenue of 7.72 billion yuan in Q1 2025, a 2.95% increase year-on-year [19] - The demand for high-precision forging products is expected to grow, improving the company's product structure and profitability [19] - China's energy cost advantages in electricity and natural gas may help the company capture overseas market share [20]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including Huadian Co., Meige Intelligent, and China Mobile, among others [1]. Core Insights - Significant advancements have been made in quantum computing architecture in China, with a promising market outlook. The AshN quantum instruction set architecture has been developed, which allows for direct programming of arbitrary two-qubit gates, enhancing efficiency and reducing error accumulation [2][21]. - The commercial aerospace sector is witnessing accelerated developments, particularly with the successful launch of low-orbit satellites, indicating strong investment opportunities in this area [3][36]. Summary by Sections Quantum Computing - The IDC predicts that the quantum computing market will reach $1.1 billion in sales in 2022, growing at a compound annual growth rate (CAGR) of 48.1%, reaching $7.6 billion by 2027. Investment in the quantum computing market is expected to grow at an 11.5% CAGR, nearing $16.4 billion by the end of 2027 [3][35]. - The AshN architecture developed by Tsinghua University and Beijing Quantum Information Science Research Institute significantly improves the performance of superconducting quantum chips by reducing the number of gate operations required [2][22]. Commercial Aerospace - The successful launch of the low-orbit satellite group by the China Academy of Space Technology marks a significant milestone in the development of satellite internet, with plans for extensive satellite constellations [3][36]. - The report highlights the ongoing acceleration of satellite internet deployment, with multiple launches scheduled for 2025-2026, indicating a robust growth trajectory for the commercial aerospace sector [6][55]. Market Performance - The communication sector index rose by 7.66% during the week of August 11-15, 2025, outperforming the CSI 300 index, which increased by 2.37% [11]. - The report recommends several companies for investment, including China Mobile, China Telecom, and various technology firms involved in satellite internet and quantum computing [20].