Xin Lang Cai Jing·2025-12-11 14:05Core Viewpoint - Guangdong Meiya Tourism Technology Group Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 200 million yuan, with Guangfa Securities as the sponsor and Zhong Lun Law Firm as the legal advisor [1][14]. Financial Performance - Meiya Technology's revenue from 2022 to the first half of 2025 was 457 million yuan, 354 million yuan, 401 million yuan, and 183 million yuan respectively, while net profits were 40.33 million yuan, 72.18 million yuan, 77.40 million yuan, and 36.28 million yuan [2][14]. - Total assets as of June 30, 2025, were approximately 1.18 billion yuan, with total equity of about 629.65 million yuan, and a debt-to-asset ratio of 49.99% [3][15]. Revenue Breakdown - Revenue by service category for the first half of 2025 was as follows: air travel ticketing (29.66%), business travel management (46.38%), and incentive tourism (23.95%) [6][18]. - The gross profit margins for these categories were 60.47%, 77.88%, and 4.22% respectively [7][19]. Client Base - The top five clients in the first half of 2025 accounted for 37.29% of total revenue, with China Airlines and its subsidiaries contributing 12.67% [8][20]. - The client revenue distribution for 2024 showed similar trends, with the top clients also being major airlines and energy companies [20]. Industry Competition - Meiya Technology competes with companies like Ctrip, which offers a comprehensive online travel service platform, and Tongcheng Travel, which provides similar travel management services [10][22]. - The competitive landscape indicates that while Meiya Technology has a strong position in the business travel sector, it faces significant competition from established players with extensive service offerings [21][23].