Core Viewpoint - Meilixin plans to raise up to 1.2 billion yuan through a private placement to invest in semiconductor equipment and new energy vehicle components, despite facing significant losses and high debt levels since its IPO [1][15][16]. Financial Performance - Meilixin's performance has deteriorated sharply since its IPO in April 2023, with a net profit of 1.14 billion yuan in 2023, down 33.65% year-on-year, followed by losses of 1.74 billion yuan in 2024 and 2.15 billion yuan in the first three quarters of 2025 [2][17][19]. - The company reported a significant drop in gross margin from 17.28% in 2022 to 4.98% in the first three quarters of 2025, indicating severe profitability issues [20][22]. Capital Utilization - The 1.71 billion yuan raised during the IPO was not utilized effectively, leading to questions about the allocation of funds and potential financial misconduct [5][9][24]. - Of the net proceeds from the IPO, 368 million yuan was allocated to replenish working capital and repay bank loans, while the remaining funds were directed towards three projects that were completed quickly but did not alleviate the company's financial burdens [9][24][25]. Management Actions - Prior to the announcement of the private placement, four executives disclosed plans to reduce their holdings, raising concerns about the timing and intentions behind the financing strategy [14][31][32]. - The collective selling of shares by executives before the financing announcement has led to market skepticism regarding the company's governance and the necessity of the fundraising [14][31][32]. Asset Management - Meilixin's fixed assets have increased dramatically, with a 150% rise from 20.38 billion yuan in 2020 to 51.34 billion yuan in 2025, yet the fixed asset turnover ratio has declined significantly, suggesting underutilization [22][26]. - The rapid conversion of construction projects into fixed assets, alongside the substantial increase in fixed assets, raises red flags about the company's financial practices and the potential for asset misrepresentation [23][30].
美利信12亿元定增：高管前脚减持公司后脚增发 IPO前盈利暴增上市后迅速亏损疑点重重