行业前三，聚焦工业预制钢结构：美联股份正式登陆港交所

Core Viewpoint - The focus has shifted from "whether to list" to "how to view the business after listing" for Meilian Steel Structure Building System (Shanghai) Co., Ltd. following its successful listing on the Hong Kong Stock Exchange, with attention on its business model, revenue structure, and overseas expansion [1] Group 1: Business Model - Meilian is not just a supplier of steel structure components but provides integrated prefabricated steel structure building subcontracting services, covering design optimization, procurement, manufacturing, and on-site installation [2] - The company’s business primarily serves the manufacturing sector, with applications in various industries such as automotive, pharmaceuticals, food and beverage, machinery electronics, logistics, and agriculture, leading to high-value project orders with clear delivery timelines [2] Group 2: Revenue Structure - Meilian has established a clear and concentrated business structure, with revenues of approximately 1.903 billion, 1.453 billion, and 1.523 billion RMB for 2022, 2023, and 2024 respectively, maintaining a scale above 1 billion RMB [3] - The prefabricated steel structure building subcontracting service remains the main revenue source, contributing about 1.241 billion RMB in 2024, accounting for 81.5% of total revenue, indicating a strong focus on the industrial prefabricated steel structure sector [3] Group 3: Overseas Business - Meilian has begun to penetrate overseas markets, with its industrial environmental equipment business revenue increasing from approximately 31.82 million RMB in 2022 to about 100 million RMB in 2024, showing a clear growth trend despite its relatively small scale [4] - The gross margin of this overseas business has improved, reaching 18.9% in 2024, higher than the overall company gross margin, indicating potential for future growth [4] Group 4: Profitability and Cash Flow - The company exhibits characteristics typical of industrial project-based enterprises, with overall gross margins of 12.7%, 14.8%, and 12.5% from 2022 to 2024, and core subcontracting business margins consistently between 13% and 15% [5] - Operating cash flow remains stable, supporting project execution and business operations, with revenue of approximately 1.424 billion RMB achieved in the first half of 2025, reflecting the direct impact of project delivery schedules on performance [5]