每经记者｜彭斐 每经编辑｜程鹏 魏官红 美晨科技（300237.SZ，股价3.38元，市值48.74亿元）再次向其控股股东伸出求援之手。 9月11日，美晨科技召开董事会会议，审议通过《关于向关联方申请融资借款额度并授权签署相关协议暨关联交易的议案》，公司拟向控股股东潍坊市国 有资产投资控股有限公司（以下简称"潍坊市国投公司"）申请不超过13亿元人民币的借款额度。 上市公司称，此举旨在满足公司经营业务对流动资金的周转需求。《每日经济新闻》记者注意到，这场看似常规的"股东救子"戏码背后暗藏波澜。 财务数据显示，作为"输血方"的潍坊市国投公司2024年度净亏损高达5.15亿元。与此同时，美晨科技自身的财务状况也不容乐观，截至2025年上半年末， 公司资产负债率已攀升至97.61%。 在此背景下，这笔借款能否真正帮助美晨科技走出困境，还是会引发更深层次的风险？ 借款直指两大"出血点"： 日常经营与债券兑付 根据美晨科技发布的公告，公司于9月11日召开了第六届董事会第十三次会议，董事会以8票同意、0票反对、0票弃权的表决结果通过了向关联方申请融资 借款的相关议案。 公司公告显示，美晨科技计划向控股股东潍坊市国投公司申请 ...

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].