Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The company has shown a turnaround in Q2, achieving a net profit of 0.12 million yuan, indicating a potential operational inflection point [5][6] - The company expects significant revenue growth driven by the recovery in the photovoltaic industry and the expansion of new customers in the electric vehicle and energy storage sectors [6][7] Financial Summary - In the first half of 2025, the company achieved a revenue of 1.53 billion yuan, a year-on-year increase of 37.95% [5] - The net profit attributable to the parent company for the first half of 2025 was a loss of 32 million yuan, but this represents a year-on-year improvement of 67.31% [5] - The company forecasts net profits of 185 million yuan, 390 million yuan, and 673 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.46, 0.97, and 1.68 yuan per share [5][8] Market Demand and Growth - The company’s product applications span photovoltaic, energy storage, new energy vehicles, and security sectors, with the electric vehicle segment becoming the largest revenue contributor [6] - The energy storage sector has seen substantial growth due to increasing demand in overseas markets and the acquisition of key new customers [6] Product Offering and Services - The company offers a wide range of customized precision structural components, providing a "one-stop" procurement service that enhances customer loyalty and product value [7] - Advanced production equipment allows the company to offer comprehensive services including mold design, structural research and development, sample development, and precision machining [7]

Group 1 - The core viewpoint of the news highlights the significant trading activity and financial performance of Minglida, with a notable increase in stock price and trading volume on August 28 [1][2] - On August 28, Minglida's stock price rose by 7.65%, with a trading volume of 380 million yuan, indicating strong market interest [1] - The financing data shows that on the same day, Minglida had a net financing purchase of 1.86 million yuan, with a total financing balance of 98.67 million yuan, which is at a high level compared to the past year [1] Group 2 - As of August 10, the number of shareholders of Minglida increased to 12,400, reflecting a growth of 6.96%, while the average circulating shares per person decreased by 6.51% [2] - For the first half of 2025, Minglida reported a revenue of 1.526 billion yuan, representing a year-on-year growth of 37.95%, while the net profit attributable to the parent company was -31.73 million yuan, showing a year-on-year increase of 67.31% [2] - Since its A-share listing, Minglida has distributed a total of 240 million yuan in dividends [2]

Core Viewpoint - Minglida (301268) reported a significant increase in revenue and a reduction in losses for the first half of 2025, indicating improved financial performance despite ongoing challenges in profitability [1]. Financial Performance - Total revenue reached 1.526 billion yuan, a year-on-year increase of 37.95% [1]. - The net profit attributable to shareholders was -31.7354 million yuan, showing a year-on-year improvement of 67.31% [1]. - In Q2 2025, total revenue was 871 million yuan, up 58.07% year-on-year, with a net profit of 12.2355 million yuan, an increase of 115.73% year-on-year [1]. Profitability Metrics - Gross margin was 10.45%, down 6.07% year-on-year [1]. - Net margin improved to -2.08%, a year-on-year increase of 76.31% [1]. - Total selling, administrative, and financial expenses amounted to 143 million yuan, accounting for 9.36% of revenue, a decrease of 37.13% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents decreased by 31.21% to 480 million yuan [1]. - Accounts receivable increased by 50.81% to 852 million yuan [1]. - Interest-bearing debt rose by 62.88% to 3.011 billion yuan [1]. Shareholder Metrics - Net asset value per share was 4.25 yuan, down 24.01% year-on-year [1]. - Earnings per share improved to -0.07 yuan, a year-on-year increase of 69.17% [1]. - Operating cash flow per share was -0.47 yuan, an increase of 25.43% year-on-year [1]. Historical Context - The company's historical median ROIC since listing is 14.95%, with the worst year being 2024 at -8.74% [3]. - The company has reported one loss year since its listing, indicating potential underlying issues that require further investigation [3]. Cash Flow and Debt Concerns - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 43.52% [4]. - The interest-bearing debt ratio has reached 47.32%, and the average operating cash flow over the past three years has been negative [4]. - Analysts suggest monitoring the company's accounts receivable due to negative net profit in annual reports [4].

Core Points - The company has not changed its controlling shareholder or actual controller during the reporting period [3] - The company plans to repurchase shares using its own funds and a special loan for stock repurchase, with a total amount not less than RMB 60 million and not exceeding RMB 120 million [4] - The share repurchase will occur within three months from the approval date, with a maximum price of RMB 27.10 per share [4] Financial Data - The company reported a total share repurchase of 3,224,843 shares, accounting for 0.8054% of the total share capital, with a total transaction amount of approximately RMB 60 million [4] - The highest transaction price during the repurchase was RMB 22.00 per share, and the lowest was RMB 16.70 per share [4] Shareholder Information - The company does not have any preferred shareholders during the reporting period [3] - There are no changes in the number of shareholders or their holdings [2]

Core Viewpoint - Minglida (301268.SZ) has demonstrated strong growth resilience in the first half of 2025, capitalizing on opportunities in the electric vehicle, energy storage, and liquid cooling markets, with significant improvements in revenue and net loss reduction [1][2]. Group 1: Financial Performance - In the first half of 2025, Minglida achieved operating revenue of 1.526 billion yuan, representing a year-on-year increase of 37.95% [1]. - The net loss attributable to shareholders narrowed significantly by 67.31% compared to the previous year, indicating a marked improvement in operational efficiency [1]. Group 2: Market Position and Business Segments - Minglida has established a solid market position in multiple sectors, including photovoltaic, energy storage, and electric vehicles, with a strong customer base that includes Fortune 500 companies [2]. - The company's main business structure remains stable, with clean energy applications dominating its operations, particularly in the electric vehicle sector, which has become the largest segment of its business [2]. Group 3: Technological Development and Global Expansion - Minglida has built a robust customer resource moat through deep collaboration with high-end clients, continuously improving in product R&D, supply chain management, and quality control [3]. - The company has invested heavily in R&D, with over 400 valid patents authorized, and is focused on the industrialization of technological achievements [3]. - Minglida is actively expanding its global footprint, with production bases in Mexico and Hungary now operational, enhancing its service response capabilities to overseas clients [3]. Group 4: Growth Potential in Energy Storage - The global energy storage market is experiencing rapid growth, driven by carbon neutrality goals, with a significant increase in new installed capacity [4]. - In the first half of 2025, the global new energy storage installed capacity reached 48.6 GW/120.3 GWh, a year-on-year increase of 35% [4]. - Minglida is well-positioned to benefit from this growth, with a dominant market share in the global supply chain, accounting for 78.6% of shipments [5]. Group 5: Diversification and New Growth Areas - Since 2024, Minglida has accelerated its expansion into robotics and liquid cooling sectors, aiming to create new growth curves for the company [5]. - The company has signed a strategic cooperation agreement with the Zhongguancun Robot Industry Innovation Center to explore opportunities in artificial intelligence and humanoid robotics [5]. - Minglida's liquid cooling business is expanding beyond single components to comprehensive cooling solutions, enhancing its integrated industry chain synergy [5].

Core Viewpoint - Minglida reported a significant increase in revenue for the first half of the year, but still faced a net loss attributed to the shareholders of the listed company [1] Financial Performance - The company's operating revenue for the first half of the year reached 1,525,725,668.12 yuan, representing a year-on-year increase of 37.95% [1] - The net profit attributable to the shareholders of the listed company was -31,735,404.43 yuan, indicating a loss [1]

| 证券代码：301268 | 证券简称：铭利达 | 公告编号：2025-083 | | --- | --- | --- | | 债券代码：123215 | 债券简称：铭利转债 | | 深圳市铭利达精密技术股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项 报告 2、截至2025年6月30日，公司使用闲置募集资金进行现金管理的未到期余额为22,000.26 万元，存放于募集资金专项账户的余额为3,911.45万元，存放于募集资金现金管理产品专用 结算账户的余额为2,002.24万元。 一、募集资金基本情况 截至2025年6月30日，公司对募集资金投资项目累计投入78,790.94万元。其 中，截至2024年12月31日对募集资金投资项目投入73,018.21万元，报告期内对 募集资金投资项目投入5,772.74万元。截至2025年6月30日募集资金余额为 27,913.95万元（包含从非募集资金专项账户转入的往来款0.10万元）。 （一）首次公开发行股票募集资金的基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意深圳 市铭利达精密技术股份有限公司首次公开发行股票注册的批复》 ...

深圳市铭利达精密技术股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：人民币元 | 非经营性资金占用 | 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 | 2025年半年度占 用累计发生金额 | 2025年半年度占用 资金的利息(如有) | 2025年半年度偿 还累计发生金额 | 2025年半年度期 末占用资金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 资金余额 | (不含利息) | | | | | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | ...

第二届监事会第二十六次会议决议的公告 深圳市铭利达精密技术股份有限公司 本公司及监事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 一、会议的召开和出席情况 深圳市铭利达精密技术股份有限公司（以下简称"公司"）于2025年8月15 日以电子邮件的方式向全体监事发出会议通知，并于2025年8月26日在公司会议 室以现场表决的形式召开会议。本次会议应出席监事3名，实际出席监事3名，董 事会秘书杨德诚先生列席本次会议。本次会议由监事会主席陈娜女士召集并主持。 本次会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 | 证券代码：301268 | 证券简称：铭利达 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：123215 | 债券简称：铭利转债 | | 则》《公司章程》及《募集资金管理制度》等规定对募集资金进行使用和管理， 不存在募集资金存放和使用违规的情形。公司《2025年半年度募集资金存放与实 际使用情况的专项报告》真实反映了公司募集资金存放、使用、管理情况，公司 已披露的募 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 | 证券代码：301268 | 证券简称：铭利达 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：123215 | 债券简称：铭利转债 | | 深圳市铭利达精密技术股份有限公司 第二届董事会第三十九次会议决议的公告 表决结果：9票同意；0票反对；0票弃权。 公司《2025年半年度报告》及其摘要中引用的财务信息已经第二届董事会审 计委员会审议通过。 （二）审议通过了《关于公司<2025 年半年度募集资金存放与实际使用情况 的专项报告>的议案》 经审议，全体董事一致认为：公司《2025年半年度募集资金存放与实际使用 情况的专项报告》真实、准确、完整的反映了公司2025年上半年的募集资金存放 与实际使用情况。公司2025年半年度募集资金的存放与使用均符合中国证券监督 管理委员会、深圳证券交易所对募集资金存放和使用的相关要求，不存在违规使 用募集资金的行为，亦不存在改变或者变相改变募集资金投向和损害股东利益的 情形。 一、会议的召开和出席情况 深圳市铭利达精密技术股份有限公司（ ...