证券代码：300237 证券简称：ST美晨 公告编号：2025-105 山东美晨科技集团股份有限公司 关于控股股东战略重组进展暨完成变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、截至本公告披露日，公司控股股东潍坊市国有资产投资控股有限公司（以 下简称"潍坊市国投公司"）吸收合并其股东潍坊市国有资产管理运营集团有限 公司（以下简称"潍坊市国资管理集团"）相关事项已完成。潍坊市国投公司股 东由潍坊市国资管理集团变更为潍坊市国有资产监督管理委员会。 2、本次控股股东战略重组事宜不会导致公司控股股东、实际控制人发生变 化，亦不会影响公司正常生产经营活动。 一、本次战略重组的基本情况 为进一步优化全市国有资本战略布局，提高全市资源配置效率，增强企业核 心竞争力，山东美晨科技集团股份有限公司（以下简称"公司"）控股股东潍坊 市国投公司拟吸收合并潍坊市国资管理集团，本次战略重组完成后，原潍坊市国 资管理集团注销，潍坊市国投公司作为战略重组后公司继续存续并继续履行市委 市政府等上级单位交办的各项工作任务。具体内容详见公司于 2025 年 8 ...

Core Viewpoint - The arbitration request by Shanxi Erjian Group against Hangzhou Saishi Garden Group for construction contract disputes has been dismissed by the Hangzhou Arbitration Commission, as Meichen Technology is not a party to the contract and no arbitration agreement exists between the parties involved [1] Group 1 - Shanxi Erjian Group filed an arbitration request for approximately 29.23 million yuan in remaining project payments and corresponding interest from Hangzhou Saishi Garden Group [1] - The arbitration commission determined that the contract in question was signed between Shanxi Erjian Group and Saishi Garden, with Meichen Technology not being a party to the contract [1] - The arbitration request against Meichen Technology was rejected due to the lack of an arbitration agreement between Shanxi Erjian Group and Meichen Technology [1]

证券代码：300237 证券简称：ST美晨 公告编号：2025-104 山东美晨科技集团股份有限公司 公司全资子公司杭州赛石园林集团有限公司（以下简称"赛石园林"）与山 西二建因建设工程施工合同纠纷，山西二建向杭州仲裁委员会提起仲裁申请，请 求依法裁决赛石园林支付其剩余工程款及相应利息（仲裁请求金额约 2,923.21 万元），并请求依法裁决美晨科技对上述债务承担连带清偿责任。具体情况详见 公司于 2025 年 9 月 8 日在巨潮资讯网（http://www.cninfo.com.cn）上披露的《关 于重大诉讼、仲裁事项进展及新增累计诉讼的公告》（公告编号：2025-065）。 二、有关诉讼、仲裁事项的进展情况 近日，公司收到杭州仲裁委员会送达的《杭州仲裁委员会决定书》，仲裁庭 经审查认为：申请人提起本案仲裁依据的案涉《专业分包合同书》系申请人与被 申请人赛石园林签订，美晨科技并非案涉合同的当事人且与申请人之间未达成仲 裁协议。此外，被申请人赛石园林也不存在《最高人民法院关于适用<中华人民 共和国仲裁法>若干问题的解释》第八条规定的合并、分立或者死亡的情形。因 此，对申请人与美晨科技之间的纠纷，杭州仲裁委员 ...

智通财经APP讯，ST美晨(300237.SZ)公告，公司已被移出失信被执行人名单。 ...

ST美晨（300237）(300237.SZ)公告，公司已被移出失信被执行人名单。 ...

关于公司被移出失信被执行人名单的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 山东美晨科技集团股份有限公司（以下简称"公司"）于 2025 年 12 月 9 日披露了《关于公司及全资子公司杭州赛石园林集团有限公司被纳入失信被执行 人名单的公告》，公司通过中国执行信息公开网公示信息查询，获悉公司及全资 子公司杭州赛石园林集团有限公司（以下简称"赛石园林"）被法院列入失信被 执行人名单，具体内容详见公司于 2025 年 12 月 9 日刊登在巨潮资讯网 （www.cninfo.com.cn）的《关于公司及全资子公司杭州赛石园林集团有限公司被 纳入失信被执行人名单的公告》（公告编号：2025-101）。 近日，经公司查询中国执行信息公开网公示信息，公司已被移出失信被执行 人名单。后续，公司将进一步完善即时实时预警体系，完善与非主营业务风险隔 离防护保护机制，强化内部管理和运营管控。并借助国家级化债政策支持，加大 强度、力度和准度清收清欠赛石园林工程项目应收账款，多渠道提升公司资金流 动性。同时，公司将继续加紧加速整体剥离赛石园林相关工作，并按有关规定及 时履 ...

Core Viewpoint - Meichen Technology is accelerating the divestiture of non-core assets to focus on its core automotive parts business, marking the initiation of a "de-greening" strategic transformation due to ongoing losses in its landscaping business [1][3]. Financial Performance - The landscaping business has consistently reported deep losses, with revenues of 431 million, 278 million, and 122 million yuan from 2022 to 2024, while contributing negative gross profits of -77 million, -125 million, and -144 million yuan respectively [1][3]. - The company's asset-liability ratio exceeded 97% from 2023 to 2024, reaching 101% by the end of Q3 2025, indicating insolvency [1][3]. Asset Divestiture - The company plans to transfer 100% equity of Hainan Meichen Ecological Development Co., Ltd. for a nominal price of 1 yuan, with a debt restructuring of approximately 900 million yuan [1][4]. - Hainan Meichen has a net asset value of -79.31 million yuan and reported zero revenue with a net loss of 719,200 yuan in the first ten months of 2025 [4]. Debt Restructuring - Meichen Technology is utilizing accounts receivable and contract assets from its subsidiary, Saishi Landscaping, to repay debts totaling 2.478 billion yuan owed to the company and 925 million yuan owed by its controlling shareholder and related state-owned entities [5]. - The transfer of 900 million yuan in receivables and contract assets is expected to increase the company's equity by approximately 79 million yuan in 2025 [5]. Core Business Focus - Meichen Industrial, a national high-tech enterprise, specializes in automotive suspension systems, damping systems, and fluid transport systems, holding the third-largest market share in the country and recognized as one of the "Top 100 Automotive Parts Suppliers" for 17 consecutive years [5]. - In the first half of 2025, the automotive parts business generated revenue of 840 million yuan, reflecting a year-on-year growth of 17.15%, indicating stable development [5]. Future Outlook - The rapid development of the new energy vehicle industry presents potential growth opportunities for the company's technological advancements [5].

"这一同步操作将'债权让与+债务抵销'与'亏损主体剥离'形成闭环，法律实质是一次性确认债务清偿与 损失出表。"山东隆湶律师事务所主任李富民在接受《证券日报》记者采访时表示，此举直接消灭等额 负债，避免未来就资产减值进行漫长拉锯，实现"法律上干净切割、会计上立即见效"的快速脱困目标。 第二项操作是ST美晨拟以1元对价向潍坊创潍投资管理有限公司出售赛石园林持有的下属子公司海南美 晨生态发展有限公司（以下简称"海南美晨"）100%股权。截至2025年10月末，海南美晨净资产为-7931 万元（约合-0.79亿元），已严重资不抵债，此次出售将使其彻底脱离上市公司合并报表范围。 国家注册审核员、广东更佳昊国际认证有限公司总经理李锦堤对《证券日报》记者表示，ST美晨这套 组合策略堪称"外科式止血"，不仅将账龄偏长的应收款按面值冲抵了有息负债、立即压降了财务费用， 更一举切断持续亏损源头。 12月9日晚，山东美晨科技集团股份有限公司（以下简称"ST美晨"）接连发布两则公告，披露了公司为 加快剥离园林业务、聚焦汽车零部件主业而采取的一系列实质性举措，一次性化解近10亿元规模的债务 与资产难题。 根据公告，公司拟通过债权债务重 ...

Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

具体重组方案显示，赛石园林拟将部分应收账款及合同资产转让给潍坊市国投公司，代ST美晨偿还上 述借款本息，同时相应减少赛石园林对ST美晨的欠款金额。经评估，纳入重组范围的资产合计评估值 为8.998亿元，其中涵盖16项应收账款(评估值2.65亿元)及15项合同资产(评估值6.35亿元)，涉及债务人 均为地方政府及下属单位、央企或地方国企，资产回款稳定性具备一定保障。 股权出售事项则聚焦旗下亏损子公司剥离，ST美晨拟通过非公开协议转让方式，将赛石园林持有的海 南美晨100%股权出售给潍坊创潍投资管理有限公司，交易定价为1元。本次交易已取得潍坊市国有资产 监督管理委员会原则同意，后续仍需履行股东会审议及相关国资审批程序。交易完成后，海南美晨将不 再纳入ST美晨合并报表范围，预计可为公司2025年度增加所有者权益约0.79亿元。 财务数据显示，海南美晨经营状况不佳，截至2025年10月30日，其资产总额1115.49万元，负债总额却 高达9046.78万元，净资产为-7931.29万元；2025年1—10月无营业收入，净利润亏损71.92万元，2024年 全年净利润亏损121.06万元。此外，截至2025年10月31 ...