美盈森：对未来几年公司经营发展有较强的信心

Core Viewpoint - Meiyingsen (002303) reported double growth in revenue and net profit in the first half of 2025, expressing strong confidence in future business development during an institutional survey on August 18 [1] Group 1: Financial Performance - In the first half of 2025, Meiyingsen achieved a revenue of 1.949 billion yuan, representing a year-on-year growth of 5.46%, while net profit reached 176 million yuan, up 17.29% year-on-year [3] - The company's gross margin decreased to 27.03% from 28.32% in the same period last year, attributed to intense market competition and adjustments in order pricing [3] Group 2: Business Development and Client Base - Meiyingsen's client base is diversified, with no single client contributing significantly to revenue; the breakdown includes approximately 40% from consumer electronics, 30% from furniture and home appliances, and 10% from the liquor industry [1] - Major clients include Huawei, Xiaomi, Lenovo, BYD (002594), and Luzhou Laojiao (000568), for whom the company provides integrated packaging services [1] Group 3: Overseas Expansion - The company operates five factories in Vietnam, Thailand, Malaysia, and Mexico, with a new factory in Mexico set to commence production this year [2] - Overseas revenue accounts for about 30% of total revenue, with significant growth driven by a strategy of following client demand for capacity expansion [2]