| | | | 一、关于公司经营业务……………………………………第 | 1-37 | 页 | | --- | --- | --- | | 二、关于公司应收款项…………………………………第 | 37—53 | 页 | | 三、关于公司募投项目………………………………… 第 | 53-73 | 页 | 关于浙江美力科技股份有限公司 申请向不特定对象发行可转换公司债券的 审核问询函中有关财务事项的说明 天健函〔2025〕 883 号 深圳证券交易所： 由浙江美力科技股份有限公司转来的贵所《关于浙江美力科技股份有限公 司申请向不特定对象发行可转换公司债券的审核问询函》(审核函〔2025〕020038 号)(以下简称审核问询函)奉悉。我们已对审核问询函所提及的浙江美力科技股 份有限公司(以下简称美力科技公司或公司)财务事项进行了审慎核查，现汇报 如下。 一、关于公司经营业务 发行人主要从事高端弹簧产品及精密注塑件的研发、生产和销售业务，产 品包括悬架系统弹簧、车身及内饰弹簧、动力系统弹簧、通用弹簧、各类弹性 装置及精密注塑件等，主要应用于汽车行业。报告期内发行人主营业务"其他 产品"收入分别为 1,963.38 万元、 ...

股票简称：美力科技 股票代码：300611 浙江美力科技股份有限公司 ZHEJIANG MEILI HIGH TECHNOLOGY CO., LTD. （浙江省绍兴市新昌县文华路 1 号） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐机构（主承销商） （住所：浙江省杭州市西湖区天目山路 198 号财通双冠大厦西楼） 二〇二五年八月 浙江美力科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 浙江美力科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细 ...

关于浙江美力科技股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函的回复 保荐机构（主承销商） 股票简称：美力科技 股票代码：300611 1-1 | 问题 | 1 3 | | --- | --- | | 问题 | 2 42 | | 问题 | 3 42 | | 其他问题 | 104 | 深圳证券交易所： 贵所于 2025 年 8 月 1 日出具的《关于浙江美力科技股份有限公司申请向不 特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕020038 号）（以 下简称"审核问询函"）已收悉。根据贵所要求，浙江美力科技股份有限公司（以 下简称"发行人"、"公司"或"美力科技"）会同财通证券股份有限公司（以下 简称"保荐机构"或"财通证券"）、北京德恒律师事务所（以下简称"发行人律 师"）、天健会计师事务所（特殊普通合伙）（以下简称"会计师"）等相关方对审 核问询函所列问题进行了逐项核查，现回复如下，请予审核。 如无特别说明，本审核问询函回复中使用的简称与《浙江美力科技股份有限 公司向不特定对象发行可转换公司债券募集说明书》中简称具有相同含义。 | 字体 | 含义 | | --- | --- | ...

向不特定对象发行可转换公司债券的 补充法律意见（一） 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于 浙江美力科技股份有限公司 | 第一节 | 律师声明事项 4 | | --- | --- | | 第二节 | 《审核问询函》之回复 5 | | 第三节 | 重大事项变动情况 12 | | 一、本次发行的批准与授权 12 | | | 二、本次发行的主体资格 12 | | | 三、本次发行及上市的实质条件 12 | | | 四、发行人的独立性 12 | | | 五、发行人的实际控制人和持有发行人 | 5%以上股份的股东 13 | | 六、发行人的业务 13 | | | 七、关联交易及同业竞争 13 | | | 八、发行人的主要财产 14 | | | 九、发行人的重大债权债务 15 | | | 十、发行人重大资产变化及收购兼并 15 | | | 十一、发行人章程的制定与修改 15 | | | 十二、发行人股东会、董事会、监事会及规范运作 15 | | | 十三、发行人董事、监事和高级管理人员及其变化 ...

及募集说明书等申请文件更新的提示性公告 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。 浙江美力科技股份有限公司（以下简称"公司"）于2025年8月1日收到深圳 证券交易所（以下简称"深交所"）出具的《关于浙江美力科技股份有限公司申 请向不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕020038 号）（以下简称"审核问询函"）。深交所对公司报送的向不特定对象发行可转 换公司债券的申请文件进行了审核，并形成了审核问询问题。 公司按照审核问询函的要求，会同相关中介机构结合公司《2025年半年度报 告》，对审核问询函所列问题进行了逐项落实和回复，并对募集说明书等相关申 请 文 件 内 容 进 行 了 同 步 更 新 ， 具 体 内 容 详 见 公 司 同 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的相关公告。公司将在审核问询函回复和更新后 的申请文件披露后，通过深交所发行上市审核业务系统报送相关文件。 证券代码：300611 证券简称：美力科技 公告编号：2025-042 浙江美力科技股份有限公司 关于向不特定对象发行可 ...

财通证券股份有限公司 关于 浙江美力科技股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐机构（主承销商） （住所：浙江省杭州市西湖区天目山路 198 号财通双冠大厦西楼） 二〇二五年八月 浙江美力科技股份有限公司 上市保荐书 声 明 财通证券股份有限公司及其保荐代表人已根据《公司法》《证券法》等法律 法规和中国证监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按 照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、 准确、完整。 本上市保荐书中，除非文义另有所指，有关术语的释义内容与《浙江美力科 技股份有限公司向不特定对象发行可转换公司债券募集说明书》一致。 3-3-1 | | 目录 2 | | --- | --- | | 第一节 | 发行人基本情况 3 | | | 一、发行人概况 3 | | | 二、发行人主营业务 3 | | | 三、发行人主要经营和财务数据及指标 4 | | | 四、发行人存在的主要风险 5 | | 第二节 | 本次发行情况 15 | | | 一、本次发行概况 15 | | | 二、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况 1 ...

财通证券股份有限公司 （住所：浙江省杭州市西湖区天目山路 198 号财通双冠大厦西楼） 二〇二五年八月 浙江美力科技股份有限公司 发行保荐书 关于浙江美力科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） 浙江美力科技股份有限公司 发行保荐书 声 明 财通证券股份有限公司（以下简称"财通证券""保荐机构"或"保荐人"） 接受浙江美力科技股份有限公司（以下简称"美力科技""公司"或"发行人"） 的委托，担任其向不特定对象发行可转换公司债券（以下简称"本次发行"）的 保荐机构。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司证券发行注册管理办法》（以下简 称"《注册管理办法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保荐 管理办法》"）、《保荐人尽职调查工作准则》和《发行证券的公司信息披露内容与 格式准则第 27 号—发行保荐书和发行保荐工作报告》等有关法律、行政法规和 中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交易所的规定， 保荐人及其保荐代表人诚实守信、勤勉尽责，严格按照制订 ...

Core Viewpoint - Meili Technology (300611) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 900 million yuan, a year-on-year increase of 25.25% [1]. - Net profit attributable to shareholders was 80.4 million yuan, up 71.98% year-on-year [1]. - In Q2 2025, total revenue was 483 million yuan, reflecting a 16.16% increase year-on-year, while net profit for the quarter was 46.4 million yuan, up 51.5% [1]. - Gross margin improved to 24.41%, a year-on-year increase of 21.85%, and net margin rose to 9.09%, up 43.03% [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 87.3 million yuan, accounting for 9.7% of revenue, which is a 14.87% increase year-on-year [1]. - Significant increases in sales expenses (up 52.48%) and management expenses (up 46.07%) were attributed to higher employee compensation and costs related to the acquisition of MSSCAHLEGmbH [5]. Balance Sheet Highlights - Cash and cash equivalents decreased by 2.11% to 223 million yuan [2]. - Accounts receivable increased by 10.61% to 544 million yuan [1]. - Interest-bearing liabilities rose by 18.01% to 635 million yuan [1]. - The company's net asset value per share increased by 15.45% to 5.63 yuan [1]. Cash Flow and Investments - The net cash flow from investing activities saw a drastic decline of 699.83%, primarily due to payments for land purchases [7]. - The net cash flow from financing activities increased by 273.2%, driven by additional bank borrowings to support operational needs [8]. - The net increase in cash and cash equivalents was up 307.16%, also linked to increased bank borrowings [9]. Operational Insights - The company’s return on invested capital (ROIC) was reported at 6.8%, indicating average capital returns over recent years [10]. - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [10]. - The company has a history of cyclical performance, with one year of losses since its IPO [10].

Core Viewpoint - Meili Technology reported significant growth in revenue and net profit for the first half of 2025, indicating improved profitability, but faces challenges in expense control, cash flow management, and debt levels [10]. Business Overview - Total revenue reached 900 million yuan, a year-on-year increase of 25.25% - Net profit attributable to shareholders was 80.4 million yuan, up 71.98% - Non-recurring net profit was 77.6 million yuan, an increase of 72.25% - In Q2, total revenue was 483 million yuan, a 16.16% increase year-on-year, with net profit at 46.4 million yuan, up 51.5% [2]. Profitability - Gross margin improved to 24.41%, an increase of 21.85% - Net margin rose to 9.09%, a year-on-year increase of 43.03%, indicating significant progress in cost control and operational efficiency [3]. Expense Control - Total operating expenses amounted to 87.3 million yuan, accounting for 9.7% of revenue, a year-on-year increase of 14.87% - Sales and management expenses increased by 52.48% and 46.07% respectively, primarily due to rising employee compensation and travel costs, as well as the acquisition of MSSCAHLEGmbH assets in Germany [4]. Cash Flow and Debt Situation - Operating cash flow per share was 0.36 yuan, a decrease of 0.13 yuan year-on-year - Cash and cash equivalents totaled 223 million yuan, down 2.11% - Interest-bearing debt rose to 635 million yuan, an increase of 18.01% - The ratio of cash and cash equivalents to current liabilities was only 37.63%, with a three-year average operating cash flow to current liabilities ratio of 17.38%, indicating concerns regarding cash flow management [5]. Accounts Receivable - Accounts receivable stood at 544 million yuan, a year-on-year increase of 10.61% - The ratio of accounts receivable to profit was as high as 510.23%, indicating pressure in accounts receivable management [6]. Investment and Financing Activities - Net cash flow from investing activities decreased by 699.83%, mainly due to payments for land purchases - Net cash flow from financing activities increased by 273.2%, primarily due to increased bank borrowings to meet operational needs [7]. Industry Background - Meili Technology operates in the "C3483 Spring Manufacturing" industry, primarily serving the automotive sector - In the first half of 2025, automotive production and sales reached 15.62 million and 15.65 million units, with year-on-year growth rates of 12.5% and 11.4% - New energy vehicle production and sales reached 6.97 million and 6.94 million units, with year-on-year growth of 41.4% and 40.3%, accounting for 44.3% of total new car sales, driving market growth [8]. Core Competitiveness - The company holds 111 patents and 24 software copyrights, participating in the formulation of various international, national, and industry standards - Advanced production equipment has been introduced, and a skilled, experienced, and collaborative R&D team has been established - The company is a first-tier supplier to well-known domestic and international automotive brands, maintaining long-term stable partnerships with numerous international automotive component suppliers [9].

Core Insights - Meili Technology (300611) reported a record high revenue of 900 million yuan for the first half of 2025, representing a year-on-year growth of 25.25% [1] - The company achieved a net profit attributable to shareholders of 80 million yuan, marking a significant increase of 71.98% year-on-year, also a historical high for the same period [1] Financial Performance - The revenue from high-end spring products, particularly suspension system springs, reached 475 million yuan, with a year-on-year growth of 23.20% [3] - The gross margin for suspension system springs improved to 18.05%, an increase of 8.16 percentage points compared to the previous year, indicating strong cost control and enhanced product value [3] - Overall, the company's sales gross margin for the first half of the year was 24.41%, up by 4.12 percentage points year-on-year, while the net profit margin was 9.09%, an increase of 2.73 percentage points [3] - The diluted return on equity (ROE) was 6.53%, reflecting a rise of 2.15 percentage points compared to the same period last year [3] Product and Market Position - Meili Technology specializes in the research, production, and sales of high-end spring products, which are primarily used in the automotive industry, as well as in engineering machinery, aerospace, military, nuclear power, valves, and robotics [3] - The company is also expanding into the humanoid robot sector, with elastic components being applicable in robotic hands and joints, and has received small batch orders for related products such as extension springs, torsion springs, and snap rings [4]