[Table_Author] [Table_scodeMsg1] 公司研究丨点评报告丨美埃科技（688376.SH） [Table_Title] 美埃科技：费用提升拖累 2025Q3 业绩，应用领 域拓展+产业链完善利好长期发展 报告要点 [Table_Summary] 2025 前三季度公司实现营业收入 14.9 亿元，同比增长 23.6%，归母净利润 1.4 亿元，同比下 滑 5.2%，其中 Q3 单季度实现营业收入 5.5 亿元，同比增长 23.9%，归母净利润 0.4 亿元，同 比下滑 23.0%。股权激励费用拖累业绩提升。竞争加剧，毛利率开始承压。出台股权激励，未 来业绩成长可期。产能扩张、产业链延伸、应用领域拓展，利好未来业绩持续提升。 分析师及联系人 丨证券研究报告丨 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 徐科 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 美埃科技 ...

丨证券研究报告丨 公司研究丨点评报告丨美埃科技（688376.SH） [Table_Title] 美埃科技 2025H1 业绩点评：并购扩大收入，股 权激励费用拖累业绩提升 报告要点 [Table_Summary] 2025 上半年公司实现营业收入 9.35 亿元，同比增长 23.51%，归母净利润 0.98 亿元，同比增 长 5.53%，其中 Q2 单季度实现营业收入 6.18 亿元，同比增长 27.73%，归母净利润 0.56 亿 元，同比下滑 2.42%。上半年增收不增利主要受股权激励费用影响，竞争加剧，毛利率开始承 压，美埃科技出台股权激励，未来业绩成长可期，产能扩张带动未来业绩持续提升。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美埃科技 ...

Core Viewpoint - The company has decided to adjust the repurchase price of certain restricted stocks due to unmet performance targets in the fourth phase of its equity incentive plan, leading to the repurchase and cancellation of specific stock options and restricted stocks [2][9][10]. Summary by Relevant Sections Stock Repurchase and Cancellation - The company will repurchase and cancel a total of 680,400 shares of restricted stock due to the failure to meet performance targets set in the fourth phase of the equity incentive plan [9][10]. - The adjusted repurchase price for the third unlock period of the fourth phase restricted stock is set at approximately 19.03 yuan per share, while for the second unlock period, it is approximately 15.61 yuan per share [3][10]. Performance Targets and Adjustments - The board of directors has acknowledged that the company's 2024 financial performance did not meet the established targets for the fourth phase of the equity incentive plan, resulting in the decision to cancel the corresponding stock options and restricted stocks [2][9]. - The adjustments to the repurchase prices were made in accordance with the company's equity incentive plan and relevant regulations, reflecting the impact of the company's performance on the incentive structure [10][12]. Legal and Procedural Compliance - The company has followed necessary legal procedures for the stock repurchase and cancellation, including notifying creditors and obtaining required approvals from the supervisory board and independent directors [12][13]. - The legal opinion from Shanghai Bohang Law Firm confirms that the adjustments and cancellations comply with applicable laws and regulations, ensuring no significant impact on the company's normal operations [13].

Core Viewpoint - The legal opinion letter from Shanghai Bohang Law Firm confirms the adjustment of the repurchase price for restricted stock under the fourth phase of the stock option and restricted stock incentive plan of Shanghai Zhichun Clean System Technology Co., Ltd. [1][2] Group 1: Approval and Authorization of the Incentive Plan - The board of directors approved the fourth phase of the stock option and restricted stock incentive plan, and independent directors provided their opinions [5] - The supervisory board verified the list of incentive objects and issued a report on the public announcement of the incentive object list [5] - The legal opinion letter was issued by Bohang Law Firm regarding the adjustments and grants related to the incentive plan [5] Group 2: Adjustment of Repurchase Price - The adjustment of the repurchase price for restricted stocks was approved, with the new repurchase price set at 19.03 yuan/share for the first grant of the third unlock period and 15.61 yuan/share for the reserved grant of the second unlock period [7][8] - The adjustment is based on the company's performance not meeting the set targets, leading to the repurchase and cancellation of certain restricted stocks [8][11] Group 3: Reasons and Financial Sources for Repurchase - The repurchase is due to the company's performance not meeting the required targets, resulting in the cancellation of corresponding restricted stocks [8][11] - The repurchase will be funded by the company's own funds [11] Group 4: Supervisory Board's Review and Conclusion - The supervisory board confirmed that the adjustment of the repurchase price complies with relevant laws and regulations and will not adversely affect the company's operations or harm shareholders' interests [12] - The legal opinion concludes that the necessary approvals and procedures for the repurchase and cancellation of stocks have been followed [12]

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that Shanghai Zhichun Clean System Technology Co., Ltd. has properly adjusted the share transfer price for its first employee stock ownership plan, complying with relevant laws and regulations [1][3][6]. Group 1: Approval and Authorization of Adjustment - On October 29, 2024, the company held a staff representative meeting to solicit opinions regarding the first employee stock ownership plan [3]. - The fifth board of directors and the eighth supervisory board meeting on the same day approved the relevant proposals related to the employee stock ownership plan [3]. - The third extraordinary general meeting of shareholders on December 23, 2024, also approved the proposals related to the employee stock ownership plan [4]. - On August 28, 2025, the board of directors and supervisory board approved the adjustment of the share transfer price from 11.83 yuan/share to 11.78 yuan/share due to the company's profit distribution for 2024 [4]. Group 2: Details of Price Adjustment - The company plans to distribute a cash dividend of 0.05 yuan per share (tax included) to all shareholders as part of its 2024 annual profit distribution plan [4]. - The adjustment of the share transfer price is based on the company's stock dividend distribution and follows the stipulations of the employee stock ownership plan [5]. - The adjusted transfer price calculation is as follows: adjusted transfer price = (11.83 - 0.0496) / (1 + 0) = 11.78 yuan/share [5]. Group 3: Conclusion - The legal opinion concludes that the adjustment has received the necessary approvals and complies with relevant regulations, and the company must continue to fulfill its information disclosure obligations [6].

Core Viewpoint - Shanghai Zhichun Clean System Technology Co., Ltd. has announced an adjustment to the maximum repurchase price of its shares following a cash dividend distribution, reflecting changes in the company's capital structure and shareholder returns [1][2]. Share Repurchase Basic Information - The company will repurchase its shares using a combination of a special loan from Industrial Bank Co., Ltd. and its own funds, with a total repurchase amount between RMB 80 million and RMB 160 million [1]. - The maximum repurchase price was adjusted from RMB 33.65 per share to RMB 33.60 per share, effective from July 15, 2025 [2][3]. Reasons for Price Adjustment - The adjustment in the repurchase price is due to the cash dividend distribution of RMB 0.05 per share, which necessitates a recalibration of the repurchase price to maintain the total cash dividend amount [1][2]. - The calculation for the adjusted repurchase price considers the cash dividend and the company's total share capital changes [2]. Other Matters - Other aspects of the share repurchase plan remain unchanged, and the company will comply with relevant regulations for timely information disclosure [3][4].

Core Viewpoint - The company has adjusted its profit distribution plan for the fiscal year 2024, increasing the cash dividend per share from RMB 0.05 to RMB 0.0501 due to changes in the number of shares eligible for profit distribution resulting from share buybacks [1][2][3] Group 1: Profit Distribution Plan - The company plans to distribute a cash dividend of RMB 0.0501 per share (including tax), which represents 80.58% of the net profit attributable to shareholders [2][3] - The total number of shares eligible for profit distribution is 379,510,709 after accounting for shares held in the buyback account [3][5] - The total cash dividend amount is approximately RMB 19,013,486.52 (including tax) [5] Group 2: Share Buyback Details - The company approved a share buyback plan with a total budget between RMB 80 million and RMB 160 million, with a maximum buyback price of RMB 33.65 per share [7][8] - As of June 2025, the company has repurchased a total of 2,784,601 shares, accounting for 0.73% of the total share capital, with a total expenditure of approximately RMB 69.37 million [9] - The buyback shares will be used for employee stock ownership plans or equity incentives in the future [7][8]

Core Viewpoint - The company has revised its 2024 annual performance forecast, indicating a significant decline in net profit compared to the previous year, primarily due to increased credit impairment provisions and adjustments in accounts receivable bad debt preparation rates [2][5][9]. Performance Forecast Situation - The performance forecast period is from January 1, 2024, to December 31, 2024 [3]. - The revised forecast estimates a net profit attributable to shareholders of the parent company between 20 million and 30 million yuan, representing a decrease of 34.73 million to 35.73 million yuan compared to the previous year, which is a year-on-year decline of 92.05% to 94.70% [2][5]. - The previous forecast estimated a net profit between 90 million and 135 million yuan, with a year-on-year decrease of 24.23 million to 28.73 million yuan, or a decline of 64.22% to 76.14% [4]. Reasons for Forecast Revision - The main reasons for the revision include: 1. The company has decided to make additional credit impairment provisions for receivables with recovery risks, which will reduce the net profit for 2024 [9]. 2. The accounts receivable bad debt preparation rate has been increased by two percentage points after a thorough assessment, leading to a higher amount of bad debt provisions and a corresponding reduction in net profit [9]. Previous Year’s Financial Performance - In the previous year, the net profit attributable to shareholders of the parent company was 377.28 million yuan, and the net profit after deducting non-recurring gains and losses was 102.06 million yuan [6]. - The earnings per share for the previous year were 1.059 yuan [7].