Company Performance - Meili Technology reported a revenue of approximately 1.413 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 25.55% [1] - The net profit attributable to shareholders of the listed company was approximately 117 million yuan, showing a year-on-year increase of 50.55% [1] - Basic earnings per share reached 0.55 yuan, which is an increase of 48.65% year-on-year [1] Market Context - As of the report, Meili Technology has a market capitalization of 7.1 billion yuan [2] - The A-share market has surpassed 4,000 points, indicating a significant market rebound after a decade of stagnation, with technology leading the market's new "slow bull" pattern [2]

Core Insights - The company reported third-quarter revenue of 513 million yuan, representing a year-over-year increase of 26.08% [1] - The net profit for the third quarter was 36.38 million yuan, showing a year-over-year growth of 18.04% [1] - For the first three quarters, the total revenue reached 1.413 billion yuan, reflecting a year-over-year increase of 25.55% [1] - The net profit for the first three quarters was 117 million yuan, which is a significant year-over-year increase of 50.55% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥513,105,889.20, representing a 26.08% increase year-over-year[4] - Net profit attributable to shareholders was ¥36,375,525.41, an 18.04% increase compared to the same period last year[4] - The basic earnings per share (EPS) for the period was ¥0.17, reflecting a 13.33% increase year-over-year[4] - Total revenue for the third quarter reached ¥1,412,707,060.65, an increase of 25.5% compared to ¥1,125,230,242.22 in the previous year[21] - Net profit attributable to the parent company increased to ¥408,635,780.19, compared to ¥319,896,403.69 in the previous year, reflecting a growth of 27.7%[20] - The net profit for Q3 2025 reached CNY 120,631,451.84, a significant increase of 53.7% compared to CNY 78,454,669.82 in the same period last year[22] - Operating profit for the quarter was CNY 133,652,579.57, up from CNY 85,808,087.92, reflecting a growth of 55.7% year-over-year[22] - The total comprehensive income for the quarter was CNY 129,916,969.27, compared to CNY 78,454,669.82 in the previous year, an increase of 65.5%[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥2,405,153,710.90, a 10.80% increase from the end of the previous year[4] - The company’s total assets reached ¥2,405,153,710.90, a growth of 10.8% from ¥2,170,674,166.45[20] - Current liabilities increased to ¥950,683,130.33, up 28.5% from ¥739,687,992.12[19] - Non-current liabilities decreased to ¥137,078,939.00 from ¥258,771,987.82, a reduction of 47.1%[19] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥160,555,205.04, showing a significant increase of 102.96%[4] - The net cash flow from operating activities increased by 102.96% to ¥160,555,205.04, primarily due to improved customer collections and higher cash received from sales[10] - Cash flow from operating activities showed a net increase of CNY 160,555,205.04, compared to CNY 79,105,092.28 in the previous year, indicating a growth of 103.1%[23] - The company reported a net cash increase of CNY 141,466,229.88 for the quarter, compared to CNY 39,533,721.66 in the same period last year, reflecting a growth of 257.5%[24] Investments and Acquisitions - The company plans to issue convertible bonds to unspecified investors, as approved in the board meetings held on March 27, 2025, and April 22, 2025[14] - The company approved the acquisition of 10.1% equity stakes in Beijing Meili Dayuan Spring Co., Ltd. and Jiangsu Meili Dayuan Spring Co., Ltd. from Dayuan Steel Co., Ltd.[15] - The company intends to acquire 100% equity of Hitched Holdings 3 B.V. through its wholly-owned subsidiary Meili Holding GmbH, as part of a major asset restructuring plan[16] Operational Metrics - The company reported a 299.09% increase in construction in progress, primarily due to the commencement of projects for smart suspension and electric/hydraulic components[8] - Research and development expenses for the quarter were ¥56,647,488.03, compared to ¥51,833,954.78 in the previous year, indicating a 9.5% increase[21] Impairment and Losses - The company reported a significant increase in credit impairment losses, which rose by 706.31% to ¥2,266,376.31, attributed to a decrease in accounts receivable and corresponding reductions in bad debt provisions[10] - The company recorded an asset impairment loss of -¥10,280,450.50, an increase of 183.57%, mainly due to higher provisions for inventory write-downs[10] - The company incurred asset impairment losses of CNY 10,280,450.50, compared to CNY 3,625,415.83 in the previous year, indicating a rise of 184.5%[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,543, with the largest shareholder, Zhang Bihong, holding 36.29% of the shares[12] Government Support - The company received government subsidies amounting to ¥1,725,042.03 during the reporting period, contributing to its financial performance[5] Cash and Inventory - Cash and cash equivalents rose to ¥299,248,341.44 from ¥192,932,077.40, marking an increase of 55.2%[18] - Inventory levels increased to ¥365,432,562.92, up 27.5% from ¥286,553,982.39 at the beginning of the period[18] - The company’s cash and cash equivalents at the end of the period totaled CNY 298,690,762.31, up from CNY 233,022,441.12 at the end of the previous year, an increase of 28.2%[24] Audit Status - The company has not undergone an audit for the Q3 financial report[25]

Core Viewpoint - Meili Technology (stock code: 300611) announced a significant asset acquisition plan to acquire 100% equity of Dutch company Hitched Holdings 3 B.V. (HH3) through its wholly-owned subsidiary Meili Holding GmbH, marking a strategic move to enhance international presence and competitiveness in the automotive parts industry [1][5] Group 1: Acquisition Details - The acquisition will utilize a "locked box mechanism" for pricing, with a base price of €63.6929 million, subject to adjustments based on the closing date [2] - The funding for the acquisition will come from the company's own funds and self-raised capital [2] - ACPS Group, the target company, is a leading player in high-end automotive trailer hitch systems with nearly 70 years of history and over 200 patents [2][3] Group 2: Strategic Synergies - The acquisition will allow Meili Technology to gain access to ACPS's established channels, core technologies, and the internationally recognized "ORIS" brand, creating multiple synergies [3] - The global automotive industry is transitioning towards smart and electric vehicles, and the acquisition will help Meili Technology enhance its product offerings and move up the value chain [3][4] Group 3: Operational Integration - The integration of production and supply chains is expected to lower costs and improve profit margins, leveraging China's supply chain advantages [4] - Post-acquisition, Meili Technology will inherit ACPS's long-term relationships with major international clients like Volkswagen, Mercedes-Benz, and BMW, significantly shortening the market expansion timeline [4][5] Group 4: Market Positioning - The acquisition is part of Meili Technology's ongoing strategy to expand its international footprint through mergers and acquisitions, aiming to build a global business structure that combines mature markets in Europe and emerging markets in China [5][6] - The growing demand for trailer hitches in China, driven by the rise of self-driving tourism and relaxed trailer policies, positions ACPS's technology and brand advantages to capture market opportunities [6]

Core Viewpoint - Meili Technology (300611) announced a significant asset acquisition plan on October 24, intending to acquire 100% equity of Hitched Holdings 3 B.V. from Hitched Holdings 2 B.V. through its wholly-owned subsidiary in Germany, Meili Holding GmbH, via cash payment [1] Group 1: Acquisition Details - The transaction will be financed through the company's own funds and self-raised funds [1] - This acquisition is expected to constitute a major asset restructuring but will not be classified as a related party transaction or a restructuring listing [1] Group 2: Business Synergy - Both Meili Technology and the target company operate within the automotive parts industry, indicating a strong complementary relationship between their businesses [1] - The companies share similar downstream customer resources, which can lead to operational synergies in production processes and management [1] - Both companies primarily use steel as their main raw material, further enhancing their complementary position within the supply chain [1] Group 3: Market Reaction - Prior to the announcement of the restructuring plan, Meili Technology's stock price experienced a significant increase [1] - On October 24, the stock opened 1.07% higher and surged over 14% during trading, closing with a 10.77% increase at 35.18 yuan per share, resulting in a total market capitalization of 7.426 billion yuan [1]

Core Viewpoint - Meili Technology plans a significant asset restructuring by acquiring 100% of Hitched Holdings 3B.V. (HH3) through cash payment, which is expected to constitute a major asset reorganization [1][4]. Group 1: Acquisition Details - The acquisition will be conducted via Meili Technology's wholly-owned subsidiary, Meili Holding GmbH, purchasing HH3 from Hitched Holdings 2B.V. [4]. - The transaction aims to indirectly control ACPS Group, a German manufacturer of automotive towing systems, which has established long-term partnerships with major automotive brands such as Volkswagen, Mercedes-Benz, BMW, and Tesla [1][10]. Group 2: Market Opportunities - The acquisition is positioned to capture growth in both domestic and international towing hook markets, driven by the increasing market share of SUVs and the relaxation of domestic towing policies [10]. - Meili Technology aims to leverage ACPS Group's stable customer base to shorten market expansion timelines and reduce associated costs [10]. Group 3: Financial Performance of ACPS Group - ACPS Group has experienced fluctuating financial performance, with projected net profits of -5.21 million euros in 2023, -20.18 million euros in 2024, and a positive 0.74 million euros in the first half of 2025 [13]. - The group's net assets have been negative in recent years, with values of 10.63 million euros in 2023, -10.72 million euros in 2024, and -1.96 million euros in mid-2025 [13][14]. Group 4: Meili Technology's Financials - Meili Technology reported net profits of 40.70 million yuan in 2023, 107 million yuan in 2024, and 80.40 million yuan in the first half of 2025 [14]. - The company's net assets were 1.085 billion yuan at the end of 2023, projected to grow to 1.274 billion yuan by mid-2025 [15][16]. Group 5: Integration Risks - Post-acquisition, Meili Technology may face integration risks due to differences in legal, accounting, and cultural aspects, which could impact the expected performance of the combined business [17].

Core Viewpoint - Meili Technology plans a significant asset restructuring by acquiring 100% of Hitched Holdings 3B.V. (HH3) for cash, which is expected to constitute a major asset restructuring [1][4]. Group 1: Acquisition Details - The acquisition will be conducted through Meili Technology's wholly-owned subsidiary, Meili Holding GmbH, from Hitched Holdings 2B.V. [4]. - The transaction aims to indirectly control ACPS Group, a German manufacturer of automotive towing systems, which has long-term partnerships with major automotive brands such as Volkswagen, Mercedes-Benz, BMW, and Tesla [1][7]. Group 2: Market Opportunities - The acquisition is positioned to capture growth in the domestic and international towing hook market, driven by the increasing market share of SUVs and relaxed domestic towing policies [7]. - Meili Technology aims to leverage ACPS Group's established customer base to shorten market expansion timelines and reduce costs [7]. Group 3: Financial Performance - ACPS Group has experienced fluctuating financial performance, with projected net profits of -5.21 million euros in 2023, -20.18 million euros in 2024, and a positive 0.74 million euros in the first half of 2025 [10]. - The group's net assets have been negative in recent years, with values of 1.06 million euros in 2023, -1.07 million euros in 2024, and -0.20 million euros in mid-2025 [10][11]. Group 4: Stock Performance - Following the announcement of the acquisition plan, Meili Technology's stock price rose by 10.77%, closing at 35.18 yuan per share, with a total market capitalization of 7.426 billion yuan [1]. - Prior to the announcement, the stock had a cumulative increase of over 20% in the 20 trading days leading up to the announcement [8].

Core Viewpoint - Meili Technology plans a significant asset restructuring by acquiring 100% equity of Hitched Holdings 3B.V. for cash, which is expected to constitute a major asset reorganization [2][5]. Group 1: Acquisition Details - The acquisition will allow Meili Technology to indirectly control ACPS Group, a German manufacturer of automotive towing hitches, which has long-term partnerships with major automotive brands such as Volkswagen, Mercedes-Benz, BMW, and Tesla [5][15]. - The transaction is aimed at quickly capturing market growth in the domestic and international towing hitch markets, driven by the increasing share of the global SUV market and the relaxation of domestic towing policies [15][16]. - Meili Technology's stock price surged by 10.77% to 35.18 CNY per share, with a total market capitalization of 7.426 billion CNY on October 24 [5]. Group 2: Financial Performance and Risks - ACPS Group has shown fluctuating financial performance, with projected net profits of -5.211 million euros in 2023, -20.182 million euros in 2024, and a positive 741.98 million euros in the first half of 2025 [19]. - The net assets of ACPS Group have been negative in recent years, with values of 1.0628 million euros in 2023, -1.0719 million euros in 2024, and -195.86 million euros in mid-2025 [19]. - Meili Technology's own financials show a net profit of 40.6977 million CNY in 2023, with projections of 107 million CNY in 2024 and 80.3979 million CNY in the first half of 2025 [21]. Group 3: Integration Challenges - Post-acquisition, Meili Technology faces integration risks due to differences in legal, accounting, tax systems, business models, and regional cultures, which may hinder achieving expected performance outcomes [24].

Core Viewpoint - Meili Technology (300611.SZ) plans to acquire 100% equity of Hitched Holdings 3 B.V. from Hitched Holdings 2B.V. through its wholly-owned subsidiary in Germany, Meili Holding GmbH, in a cash transaction, which is expected to constitute a significant asset restructuring [1][2]. Group 1: Company Overview - ACPS Group, headquartered in Germany, has been engaged in the research, development, production, and sales of high-end trailer hitches for nearly 70 years and is recognized as a leading manufacturer in the global automotive trailer hitch and related systems market [1]. - The company has established long-term partnerships with renowned automotive brands such as Volkswagen, Mercedes-Benz, BMW, and Tesla, with collaborations exceeding 20 years [1]. - ACPS Group holds a leading market share in the trailer hitch market in Europe and North America, particularly dominating the high-end vehicle trailer hitch sector globally [1]. Group 2: Market Dynamics - The global SUV market's increasing share is driving steady growth in trailer hitch demand, while relaxed domestic trailer policies and the rise of self-driving tourism are expected to create new market increments [2]. - The acquisition positions the company to leverage ACPS Group's technological advantages and brand influence, enabling rapid capture of growth in both domestic and international trailer hitch markets [2]. - The company will gain direct access to ACPS Group's stable customer resources, significantly reducing the time and cost associated with expanding into overseas markets, thereby supporting the establishment of a global business framework that includes both mature markets in Europe and North America and emerging markets in China [2].

Group 1 - Company Meili Technology (300611.SZ) plans to acquire 100% equity of Hitched Holdings 3 B.V. from Hitched Holdings 2B.V. through its wholly-owned subsidiary Meili Holding GmbH in Germany, which is expected to constitute a major asset restructuring [1] - ACPS Group, headquartered in Germany, has been engaged in the research, production, and sales of high-end trailer hitches for nearly 70 years and is recognized as a global leader in the automotive towing systems industry, being a "hidden champion" [1] - ACPS Group has established long-term partnerships with renowned automotive brands such as Volkswagen, Mercedes-Benz, BMW, and Tesla, with over 20 years of collaboration [1] Group 2 - The global SUV market's increasing share is driving steady growth in trailer hitch demand, while relaxed domestic trailer policies and the popularity of self-driving tourism are expected to create new market increments [2] - The acquisition allows the company to leverage ACPS Group's technological advantages and brand influence to quickly capture market increments in both domestic and international trailer hitch markets [2] - The company will gain direct access to ACPS Group's stable customer resources, significantly reducing the time and cost of expanding into overseas markets, thereby aiding in the establishment of a global business structure that includes "mature markets in Europe and America + emerging markets in China" [2]