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 liquidity needs and impending debt obligations [2][3]. Financial Situation - 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 a debt-to-asset ratio of 97.61% [4]. - The company's net profit attributable to shareholders for the first half of 2025 was -91.68 million RMB, indicating ongoing financial distress despite a narrowing loss compared to previous periods [3][4]. Loan Purpose and Terms - The loan aims to support operational cash flow and provide a backup for the repayment of the "22 Meicheng 01" corporate bond, which has a maturity date of October 18, 2025, with a balance of 943 million RMB [3][5]. - The maximum annual interest rate for the loan is set at 7.5%, which is considered relatively high for a loan from a controlling shareholder, reflecting the company's current financing challenges [6][7]. Shareholder's Financial Health - Weifang State-owned Assets Investment Holding Co., Ltd. reported a net loss of 515 million RMB for the fiscal year 2024, raising concerns about its ability to support Meicheng Technology financially [6][7]. - Prior to this loan application, Meicheng Technology had an existing borrowing balance of 147 million RMB with its controlling shareholder [7]. Business Strategy - Meicheng Technology is in the process of divesting its loss-making landscaping business to focus on its core rubber tire operations, although the transaction's outcome remains uncertain [5].