MeiG(SZ:002881) Jin Rong Jie·2025-06-20 02:35Group 1 - The core viewpoint of the article is that Meige Intelligent (002881.SZ) has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, aiming for a dual listing in both A-share and H-share markets [1] - Meige Intelligent is a leading global provider of wireless communication modules and solutions, focusing on high-performance intelligent modules to promote the application of AI and 5G communication [1] - According to Frost & Sullivan, Meige Intelligent ranks fourth in the global wireless communication module industry by revenue in 2024 [1] Group 2 - For the fiscal year ending December 31, 2024, Meige Intelligent reported revenue of approximately 2.941 billion RMB, a year-on-year increase of about 37.0%, and a net profit of approximately 134 million RMB, a year-on-year increase of about 114.6% [1] - In the first quarter of 2025, Meige Intelligent's revenue was 999.7 million RMB, a year-on-year increase of 73.6%, and the net profit attributable to shareholders was 46.3 million RMB, a year-on-year increase of 616% [1] - However, the company is experiencing negative cash flow from operating activities, with a net outflow of 66.89 million RMB in the first quarter of 2025 [1] Group 3 - The negative cash flow situation is influenced by a significant increase in accounts receivable, which reached 1.016 billion RMB for the full year of 2024 and 1.296 billion RMB for the first quarter of 2025, representing year-on-year growth of approximately 54.08% and 102.64%, respectively [2] - The prospectus indicates that fluctuations and extensions in the turnover of trade, notes, and other receivables may adversely affect the company's cash flow and liquidity [2] Group 4 - As of the end of the first quarter of 2025, Meige Intelligent's cash and cash equivalents decreased by 7% year-on-year to 452 million RMB [3]