更加值得关注的是，在定增预案公布前的一个多月，美利信四位高管已经集体披露了减持计划 这种"高 管减持在前、公司融资在后"的操作模式，引发了市场对美利信治理结构和融资必要性的质疑。公司上 市以来频频资本运作，但财务"窟窿"越来越大。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 近日，美利信发布公告，计划通过定向增发募集不超过12亿元资金投入到半导体装备和新能源汽车零部 件项目。 然而，美利信上市仅两年半的时间，上市首年业绩就"变脸"，上市第二年就亏损，今年前三季度巨亏， 并且债务高悬。令人感到疑惑的是，公司17亿元IPO募资远没实现预期效益，此次定增就能实现扭亏？ 此外，公司17亿元募资究竟流向了哪里？ IPO前，公司迅速扭亏并且净利润暴增，上市巨额募资后业绩迅速转亏，背后有没有财务舞弊的可能？ 公司固定资产、在建工程、毛利率等指标的异动值得关注的信号。 IPO前神奇扭亏盈利暴增 上市后迅速转亏有无会计魔术？ 公开资料显示，美利信主要从事通信领域和汽车领域铝合金精密压铸结构件的研发、生产和销售，产品 覆盖新能源汽车箱体类、横 ...

格隆汇12月8日｜浙商证券研报指出，美利信控股股东增持彰显发展信心，未来公司在液冷、半导体设 备板块的业绩释放均有望超市场预期。定增有助加速该板块产能建设，巩固领先优势。公司"散热+可 钎焊压铸"产品可用于5G-A通信基站散热部件、新能源汽车热管理流道板、新能源汽车智驾控制器冷板 等高端散热领域，同时公司是目前全球通信行业最早也是极少数成功实现规模化量产该类产品的企业之 一。公司业绩上修时点渐近。根据公司11月公告，2025年是公司深化转型、夯实基础的关键一年。目 前，公司已完成核心板块的前瞻性战略布局，未来公司有信心这些举措将在2026年转化为增长动力，推 动公司业绩重回快速发展轨道。鉴于公司加码液冷、半导体，同时控股股东计划增持，上调公司评级 为"买入"。 ...

Group 1 - Century Huatong plans to change the use of 1.28 million repurchased shares from equity incentive plans to cancellation, reducing total share capital from 7.428 billion to 7.427 billion shares [2] - Wuliangye adjusts its 2025 investment plan, increasing the number of projects from 19 to 22 and changing the investment amount from 2.586 billion to 2.207 billion yuan [3] - Qingyue Technology is under investigation for suspected financial data fraud, with the possibility of forced delisting if found guilty [4] Group 2 - Kang Enbei's chairman and legal representative resigns due to work adjustments, along with another board member [5] - Tianshan Co. expects a tax payment of approximately 61.86 million yuan to impact its 2025 net profit [6] - Muyuan Foods reports a 20.43% year-on-year decline in November sales revenue from live pigs, totaling 9.39 billion yuan [7] Group 3 - GAC Group's November automobile sales decreased by 9.72% year-on-year, with total sales of 1.797 million vehicles [8] - Western Pastoral's fresh milk production in November increased by 6.3% month-on-month but decreased by 6.47% year-on-year [9] - Gemdale Group's November contracted area fell by 58.50% year-on-year, with a total contracted amount of 1.52 billion yuan [10] Group 4 - Zhenghong Technology reports November sales revenue of 4.5196 million yuan from live pigs, with a year-on-year decline of 21.83% [11] - Wens Foodstuff's November chicken sales reached 118 million birds, generating 3.324 billion yuan in revenue [12] - Meilixin's controlling shareholder plans to increase holdings by no less than 50 million yuan [13] Group 5 - Hongcheng Environment's subsidiary wins an 853 million yuan sewage treatment project [14] - Dongzhu Ecology wins a 397 million yuan environmental project [15] - Xindian Software secures a 54 million yuan project for digital community construction [16] Group 6 - China Chemical announces that its nylon new material project has reached full production [17] - Jiaojian Co. is in discussions regarding overdue payments related to financial products, clarifying that it bears no responsibility for these products [18] - Micron Biotech's product is included in the 2025 National Medical Insurance Directory [19] Group 7 - Yitian Intelligent plans to sell 600 smart computing machines for a total of 1.56 billion yuan [20] - First Venture's subsidiary receives an administrative penalty notice from Jiangsu Securities Regulatory Bureau [21] - China Insurance's vice president is under investigation for serious violations [22] Group 8 - Zhixiang Jintai's monoclonal antibody injection is included in the 2025 National Medical Insurance Directory [23] - Haichuang Pharmaceutical's drug is also included in the National Medical Insurance Directory [24] - Yuanli Co. plans to acquire 49% of Clarimex for 25.56 million USD [25] Group 9 - Betta Pharmaceuticals' products are included in the National Medical Insurance Directory [26] - Tianci Materials' controlling shareholder commits to not reducing holdings for six months [27] - Guanglian Aviation's actual controller has had a detention measure lifted [28] Group 10 - Annie Co. announces a share transfer agreement that will make Shengshi Tianan the controlling shareholder [29] - Double Star New Materials notes uncertainty regarding the sustainability of long-term price increases [30] - ST Tianrui terminates plans for a change in control and resumes trading [31] Group 11 - Guao Technology is planning a change in control, leading to a temporary suspension of its stock [32] - Guangqi Technology's subsidiary signs contracts worth 696 million yuan for the production of metamaterials [33] - Shuoshi Biotech's monkeypox virus detection kit is included in the WHO emergency use list [34]

投资要点 近期公司催化密集： 1）控股股东拟增持公司股份0.5~1 亿元。2025 年12 月5 日，公司发布公告： 公司控股股东美利信控股有限公司计划在未来6 个月内增持0.5~1 亿元。 2）公司拟定向增发不超过12 亿元，投入可钎焊压铸（液冷）、半导体等项目。 2025 年12 月4 日，公司发布公告，拟向特定对象募集资金总额不超过12 亿元，计划分别用于半导体装 备精密结构件建设项目（5 亿元）、通信及汽车零部件可钎焊压铸产业化项目（5 亿元）、补充流动资 金（2 亿元）。 3）公司通过合资方式正式布局服务器液冷。2025 年11 月22 日，公司与钜量创新绿能股份有限公司 （中国台湾）签署合作协议，双方拟新设立合资公司，共同开拓服务器液冷关键零部件市场，为国内、 国际优质客户提供高效水冷板设计、相关液冷服务器套件的开发量产服务。 点评：未来公司在液冷、半导体设备板块的业绩释放均有望超市场预期1）通信、新能源汽车液冷：定 增有助加速该板块产能建设，巩固领先优势。公司"散热+可钎焊压铸"产品可用于5G-A 通信基站散热部 件、新能源汽车热管理流道板、新能源汽车智驾控制器冷板等高端散热领域，同时公司是目前 ...

证券研究报告 | 公司点评 | 通信设备 美利信(301307) 报告日期：2025 年 12 月 07 日 控股股东增持彰显发展信心，公司"液冷+半导体"有望超预期 ——美利信点评报告 投资要点 ❑ 近期公司催化密集： 1）控股股东拟增持公司股份 0.5~1 亿元。2025 年 12 月 5 日，公司发布公告： 公司控股股东美利信控股有限公司计划在未来 6 个月内增持 0.5~1 亿元。 2）公司拟定向增发不超过 12 亿元，投入可钎焊压铸（液冷）、半导体等项目。 2025 年 12 月 4 日，公司发布公告，拟向特定对象募集资金总额不超过 12 亿 元，计划分别用于半导体装备精密结构件建设项目（5 亿元）、通信及汽车零部 件可钎焊压铸产业化项目（5 亿元）、补充流动资金（2 亿元）。 3）公司通过合资方式正式布局服务器液冷。2025 年 11 月 22 日，公司与钜量创 新绿能股份有限公司（中国台湾）签署合作协议，双方拟新设立合资公司，共同 开拓服务器液冷关键零部件市场，为国内、国际优质客户提供高效水冷板设计、 相关液冷服务器套件的开发量产服务。 ❑ 点评：未来公司在液冷、半导体设备板块的业绩释放均有望超 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company is increasing its focus on semiconductor and cooling businesses, which aligns with domestic substitution trends and the growing demand for cooling solutions in high-power scenarios [3][4] - The controlling shareholder's plan to increase their stake in the company reflects confidence in its future development [8] - The company has established a joint venture to explore the server liquid cooling market, leveraging advanced cooling technologies [7] Summary by Sections Investment Highlights - The company plans to raise up to 1.2 billion yuan through a private placement to fund projects in semiconductor equipment and automotive components [3] - The establishment of Chongqing Yulai Sheng Precision Technology Co., Ltd. aims to provide specialized equipment for semiconductor clients, enhancing production capacity and technology [3] - The liquid cooling technology is gaining traction due to its efficiency and suitability for high-power applications, with the company positioned to meet increasing demand [4] Financial Forecast - The company’s net profit is projected to be -201 million yuan in 2025, with a recovery to 169 million yuan in 2026 and 317 million yuan in 2027 [9] - The earnings per share (EPS) is expected to improve from -0.95 yuan in 2025 to 1.50 yuan in 2027, indicating a potential turnaround [9] - The current price-to-earnings (P/E) ratio is projected to be -41 in 2025, improving to 26 by 2027 as profitability increases [9] Market Position - The company has developed a mature technology system in liquid cooling and is positioned to capture significant market share in the server cooling sector [7] - The collaboration with JuLiang Innovation Green Energy Co., Ltd. aims to create a platform for high-performance GPU and AI server cooling components, enhancing competitive advantage [7]

Group 1: Major Transactions - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials through a combination of share issuance and cash payment, leading to a significant asset restructuring [1] - Zhongneng Electric is set to acquire 65% equity and debt from three companies, which may constitute a major asset restructuring but will not involve share issuance or change in control [4] - Hai Tai Development has decided to terminate the acquisition of controlling interest in Zhixueyun Technology due to disagreements on key terms, ensuring no adverse impact on normal business operations [5] Group 2: Performance Updates - Wen's shares reported a sales revenue of 3.324 billion yuan from meat chickens in November, marking a year-on-year increase of 10.18% [6] - Shuguang shares saw a 71.07% year-on-year increase in vehicle sales, totaling 207 units in November [6] - Muyuan shares experienced a decline in sales revenue from commodity pigs, reporting 9.39 billion yuan, a decrease of 20.43% year-on-year [6] - Pengding Holdings reported a 5.58% year-on-year decrease in consolidated revenue for November [6] Group 3: Industry Developments - Xiangxi Dairy reported a 6.3% month-on-month increase in fresh milk production in November, although it saw a year-on-year decline of 6.47% [7] - Baisheng Intelligent plans to acquire 51% equity in Zhongke Shengu, which focuses on the research and application of core technologies for embodied intelligent robots [7]

（编辑 姚尧） 证券日报网讯 12月5日晚间，美利信发布公告称，美利信控股有限公司基于对公司长期投资价值的认 可，以及对公司未来发展前景的信心，同时为了提升投资者信心，切实维护中小股东利益，结合对公司 股票价值的合理和独立判断，计划自本公告披露之日起6个月内增持公司股份，拟增持金额不低于人民 币5，000万元，不高于人民币10，000万元，增持所需的资金来源为自有资金或自筹资金。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 据统计，12月5日，盘后美利信披露增持情况。赛微电子、天赐材料、欧晶科技、粤万年青、新媒股 份、赛力斯、全新好、明新旭腾、东星医疗、爱旭股份、电魂网络、隆华新材、超捷股份、永鼎股份、 多氟多、创耀科技、安德利、统一股份、希荻微、科林电气、合兴包装等21家上市公司披露减持情况。 | | | 12月5日上市公司盘后增持情况 | | --- | --- | --- | | 1 | 美利信 | 控股股东拟5000万元-1亿元增持公司股份 | | | | 12月5日上市公司盘后减持情况 | | 1 | 塞微电子 | 董事、高管拟合计减持不超15.22万股 | | 2 | 天赐材料 | 董事和高级管理人员拟合计减持不超92.4万股公司股份 | | 3 | 欧晶科技 | 股东万兆慧谷拟减持不超3%公司股份 | | 4 | 粤万年青 | 合和投资12月3日-4日减持218.39万股 | | 5 | 新媒股份 | 股东横琴红土融耀拟减持不超0.11%股份 | | e | 塞力斯 | 非执行董事周昌玲计划减持不超0.000057%股份 | | 7 | 全新 ...

Group 1 - Shareholder of Xidiwei plans to reduce holdings by up to 3% of total shares, amounting to 12.37 million shares [2] - Minsheng Bank successfully issued 6 billion yuan of 3-year floating rate financial bonds to optimize its liability structure [3] - Baisheng Intelligent intends to acquire 51% stake in Zhongke Shengu for 100 million yuan, with a preliminary valuation of up to 200 million yuan [4] Group 2 - Junshi Biosciences received acceptance for the new drug application of Rocaqi monoclonal antibody injection for treating moderate to severe plaque psoriasis [5] - Ganneng Co. announced the successful commissioning of its clean coal power project, achieving national performance standards [6] - Yuekang Pharmaceutical plans to issue H-shares and list on the Hong Kong Stock Exchange [7][8] Group 3 - Qingtang City received notice of expropriation for Huaneng Mall, which will be shut down pending approval processes [9] - Meilixin's controlling shareholder plans to increase holdings by 50 million to 100 million yuan, with a maximum price of 52 yuan per share [10] - Zhenghong Technology reported a 20.43% year-on-year decline in November pig sales revenue [11][12] Group 4 - GAC Group reported a 9.72% year-on-year decline in November automobile sales, totaling 179,700 units [16] - Oupokangshi received approval for clinical trials of a new eye drop for treating presbyopia [17] - Kang En Bei announced the resignation of its chairman and legal representative due to work adjustments [18] Group 5 - Jiangxi Changyun is set to receive 15.7 million yuan in compensation for the expropriation of part of its properties [28] - Tianrun Dairy reported a 2.99% month-on-month increase in November pig sales revenue [29] - New Point Software won a 54 million yuan contract for a digital smart community construction project [31]