Group 1 - The core viewpoint of the news is that Meilixin's stock price increased by 5.03% to 36.13 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 2.94%, resulting in a total market capitalization of 7.609 billion CNY [1] - Meilixin Technology Co., Ltd. is located in Banan District, Chongqing, and was established on May 14, 2001, with its listing date on April 24, 2023 [1] - The company's main business involves the research, production, and sales of aluminum alloy precision die-casting parts in the communication and automotive sectors, with revenue composition as follows: automotive parts 64.79%, communication components 29.88%, other supplementary parts 3.84%, and other components 1.49% [1] Group 2 - From the perspective of Meilixin's top ten circulating shareholders, a fund under Xingzheng Global Fund ranks among them, specifically the Xingquan Heyuan Two-Year Holding Mixed A (011338), which entered the top ten shareholders in the third quarter with 898,800 shares, accounting for 0.82% of circulating shares [2] - The fund has a current scale of 1.724 billion CNY, with a year-to-date return of 4.84%, ranking 3085 out of 8994 in its category, and a one-year return of 38.29%, ranking 2555 out of 8194 [2]

2、股东本次减持前后持股情况 证券代码：301307 证券简称：美利信 公告编号：2026-003 重庆美利信科技股份有限公司 关于公司董事、高级管理人员减持期限届满的公告 公司董事、副总经理马名海先生、副总经理张汝泽先生、蒋汉金先生、副总经 理兼董事会秘书王双松先生保证向本公司提供的信息内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重庆美利信科技股份有限公司（以下简称"公司"）于 2025 年 10 月 15 日在 巨潮资讯网（http://www.cninfo.com.cn）披露了《关于公司董事、高级管理人员 股份减持计划的预披露公告》（公告编号：2025-047），公司董事、副总经理马 名海先生计划以集中竞价或大宗交易方式减持公司股份不超过 150,000 股，占公 司总股本比例 0.07%；公司副总经理张汝泽先生计划以集中竞价或大宗交易方式 减持公司股份不超过 150,000 股，占公司总股本比例 0.07%；公司副总经理蒋汉 金先生计划以集中竞价或大宗交易方式减持公司股份不超过 120,000 股，占公司 总股本比例 ...

Group 1 - The company, Meilixin (301307), announced an earnings forecast for the year 2025, expecting a net loss between 455 million yuan and 680 million yuan, representing a year-on-year decline of 177.72% to 315.05% [1] - The net profit, excluding non-recurring gains and losses, is projected to be a loss between 465 million yuan and 690 million yuan, indicating a year-on-year decrease of 167.44% to 296.85% [1]

Group 1 - The company, Meilixin (301307.SZ), has disclosed its performance forecast for the fiscal year 2025, expecting a net loss attributable to shareholders of between 455 million yuan and 680 million yuan [1] - The net loss, after excluding non-recurring gains and losses, is anticipated to be between 465 million yuan and 690 million yuan [1]

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。 证券代码：301307 证券简称：美利信 公告编号：2026-002 重庆美利信科技股份有限公司 关于对外担保的进展公告 一、担保情况概述 重庆美利信科技股份有限公司（以下简称"公司"）于2025年4月18日召开第 二届董事会第十二次会议，审议通过《关于2025年度公司及子公司向金融机构申 请综合授信额度及提供担保并接受关联方担保的议案》，同意公司及全资子公司 襄阳美利信科技有限责任公司、重庆广澄模具有限责任公司、重庆市鼎喜实业有 限责任公司、安徽美利信智能科技有限公司和美利信科技国际有限公司拟向金融 机构申请不超过419,000.00万元的综合授信额度，主要用于公司日常生产运营。 在上述综合授信额度内，公司为子公司金融机构授信金额提供担保，合计担保额 度不超过人民币175,000.00万元。具体担保授信金额及方式以最终签订的协议为 准，有效期自公司2024年年度股东大会审议通过之日起2025年年度股东大会召开 之日止。具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn）的《 关于 ...

南财智讯1月30日电，美利信发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为亏损 45,500.00万元—68,000.00万元，同比预减177.72%—315.05%；预计2025年全年归属于上市公司股东的 扣除非经常性损益的净利润为亏损46,500.00万元—69,000.00万元。报告期内，公司汽车领域业务收入稳 步增长，通信领域业务收入保持相对稳定，但受安徽公司及美国新工厂投产初期产能爬坡、原材料价格 上涨、客户降价压力等因素影响，公司销售毛利率下降，叠加规模扩张带来的管理费用增加及持续加大 研发投入的影响，致使公司整体经营利润较上年同期出现明显下滑；公司结合实际经营情况及行业市场 变化等影响，根据《企业会计准则》相关规定，公司预计对可能发生资产减值损失的各项资产计提资产 减值准备；报告期内，预计非经常性损益对公司净利润的影响金额约为1,000万元。 ...

Financial Performance Forecast - The estimated net profit for the period from January 1, 2025, to December 31, 2025, is expected to be a loss between 455 million to 680 million CNY, representing a decline of 177.72% to 315.05% compared to the same period last year, which had a loss of 163.84 million CNY[3] - The estimated net profit after deducting non-recurring gains and losses is expected to be a loss between 465 million to 690 million CNY, reflecting a decrease of 167.44% to 296.85% from the previous year's loss of 173.87 million CNY[3] - The impact of non-recurring gains and losses on the company's net profit is estimated to be approximately 10 million CNY[6] - The financial data presented in the earnings forecast is based on preliminary calculations by the company's finance department and has not been audited[4] - The specific financial data for the 2025 fiscal year will be detailed in the company's annual report[7] Operational Challenges - The company's automotive sector revenue is steadily increasing, while the telecommunications sector remains relatively stable; however, the overall operating profit has significantly declined due to factors such as initial capacity ramp-up at the new factory in the U.S. and rising raw material costs[5] - The company is experiencing increased management expenses due to scale expansion and ongoing R&D investments, contributing to the decline in overall profitability[5] Risk Management - The company plans to account for potential asset impairment losses in its financial statements[6] - Investors are advised to make cautious decisions and be aware of investment risks related to the company's performance[7] - The company has communicated with its auditing firm regarding the earnings forecast and there are no significant discrepancies[4]

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Core Viewpoint - Meili Xin (301307) is a qualified supplier for leading semiconductor companies, providing major components for semiconductor equipment, with expanding cooperation and positive progress [1] Group 1 - The company is recognized as a qualified supplier in the semiconductor industry [1] - The cooperation scale with clients is gradually increasing [1] - The progress of collaboration with customers is reported to be good [1]

Market Overview - On January 16, the communication equipment sector rose by 0.03% compared to the previous trading day, with Xinke Mobile leading the gains [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Top Gainers in Communication Equipment - Xinke Mobile (688387) closed at 19.81, up 11.54% with a trading volume of 2.1261 million shares and a transaction value of 4.12 billion [1] - Sega Technology (002796) closed at 43.45, up 10.00% with a trading volume of 240,300 shares and a transaction value of 1.017 billion [1] - Datang Telecom (600198) closed at 12.13, up 9.97% with a trading volume of 1.2219 million shares [1] - Meilixin (301307) closed at 37.49, up 9.75% with a trading volume of 175,200 shares [1] Top Losers in Communication Equipment - Dongfang Communication (600776) closed at 21.14, down 10.00% with a trading volume of 68,500 shares and a transaction value of 145 million [2] - Shida Group (600734) closed at 5.01, down 9.73% with a trading volume of 4.1558 million shares and a transaction value of 2.124 billion [2] - Fenghuo Communication (600498) closed at 39.02, down 9.40% with a trading volume of 2.5667 million shares and a transaction value of 10.184 billion [2] Capital Flow Analysis - The communication equipment sector experienced a net outflow of 810 million from institutional investors, while retail investors saw a net inflow of 358 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Tianfu Communication (300394) had a net inflow of 72 million from institutional investors, while retail investors experienced a net outflow of 43 million [3] - Changfei Fiber (601869) saw a net inflow of 41 million from institutional investors, with a net outflow of 10.3 million from retail investors [3] - Longxin Bochuang (300548) had a net inflow of 354 million from institutional investors, while retail investors faced a net outflow of 156 million [3]