负债率高企，还面临超9亿元债券兑付 美晨科技拟向控股股东申请13亿元“输血”额度

Core Viewpoint - Meicheng Technology is seeking a loan of up to 1.3 billion RMB from its controlling shareholder, Weifang State-owned Assets Investment Holding Co., Ltd., to address its liquidity needs and prepare for bond repayment, despite both entities facing significant financial challenges [1][2][3]. Financial Condition - As of June 30, 2025, Meicheng Technology's total assets were 5.411 billion RMB, with total liabilities reaching 5.282 billion RMB, resulting in an asset-liability ratio of 97.61% [3]. - The company's net profit attributable to shareholders was -91.68 million RMB for the reporting period, indicating ongoing financial distress [2][3]. - The net assets of Meicheng Technology dropped from 102 million RMB at the end of the previous year to 10.37 million RMB, a decline of 89.85% [3]. Loan Details - The board of Meicheng Technology approved the loan application with a voting outcome of 8 in favor, 0 against, and 0 abstentions [2]. - The loan from Weifang State-owned Assets is intended to meet operational cash flow needs and to provide a backup for the repayment of the "22 Meicheng 01" bond, which has a maturity date of October 18, 2025, with a balance of 943 million RMB [2][3]. Risks and Concerns - Weifang State-owned Assets is projected to incur a net loss of 515 million RMB in 2024, raising concerns about its ability to support Meicheng Technology financially [4][5]. - The interest rate for the loan is capped at 7.5%, which is considered high for a loan from a controlling shareholder, reflecting the financial difficulties faced by Meicheng Technology [4][5]. - Prior to this loan application, Meicheng Technology had an existing borrowing relationship with Weifang State-owned Assets, with a total outstanding balance of 147 million RMB [5].