重庆美利信科技股份有限公司投资者关系活动记录表 编号：2025-007 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 (请文字说明其他活动内容) | | 时间 | 2025年9月18日 10:00-11:00；15:00-16:30 | | 地点 | 公司会议室 | | 上市公司接待 | 副总经理、董事会秘书：王双松 | | 人员姓名 | 证券事务代表：郭海芳 | | | 市场经理：吴冰冰 | | | 西南证券股份有限公司：万红兵 | | | 招商证券股份有限公司：杨岱东 | | | 上海证券有限责任公司：仇百良 | | | 银华基金管理有限公司：范文韬 | | | 重庆市金科投资控股（集团）有限责任公司：刘宇 | | 参与单位名称 | 中信保诚基金管理有限公司：王帅 | | 及人员姓名 | 中信证券股份有限公司：孙成晔 | | | 华夏基金管理有限公司：李昭伦 | | | 中泰证券股份有限公司：刘欣畅 | | | 深圳前海博普资产管理有限公司：章腾 ...

Core Viewpoint - Meili Xin (301307) reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 1.859 billion yuan, a year-on-year increase of 12.41% compared to 1.654 billion yuan in 2024 [1] - The net profit attributable to shareholders was -105 million yuan, a decline of 468.13% from -18.47 million yuan in the previous year [1] - The gross margin was 7.46%, down 34.26% year-on-year, while the net margin was -5.66%, a decrease of 418.99% [1] - Total expenses (selling, administrative, and financial) amounted to 146 million yuan, accounting for 7.84% of revenue, an increase of 16.66% year-on-year [1] - Earnings per share were -0.5 yuan, a decrease of 455.56% from -0.09 yuan in 2024 [1] Cash Flow and Debt Situation - Cash flow per share was 0.29 yuan, down 82.24% year-on-year from 1.61 yuan [1] - The company had cash and cash equivalents of 633 million yuan, a 32.05% increase from 479 million yuan [1] - Interest-bearing liabilities rose to 2.331 billion yuan, an increase of 86.99% from 1.247 billion yuan [1] - The cash ratio (cash and cash equivalents to current liabilities) was only 39.07%, indicating potential liquidity concerns [2] - The interest-bearing debt ratio reached 31.19%, highlighting the company's debt exposure [2] Business Model and Market Position - The company's performance is heavily reliant on capital expenditures, necessitating scrutiny of the viability of these investments [2] - Historical data shows a median Return on Invested Capital (ROIC) of 4.6%, with the worst year being 2024 at -2.75%, indicating weak investment returns [1] - The company has faced three years of losses since its listing, suggesting a fragile business model [1] Industry Trends and Future Outlook - The company is actively monitoring developments in the robotics sector, particularly in humanoid robots, and is prepared to collaborate with clients on relevant product developments [3] - There is an expectation among analysts for the company's performance in 2025 to remain negative, with projected net profit at -45 million yuan and an average earnings per share forecast of -0.21 yuan [2]

Group 1: Company Overview and Strategic Focus - The company is closely monitoring the demand and changes in the robotics sector, developing humanoid robot shells and components in anticipation of large-scale applications [3] - In 2025, the company aims to focus on quality, cost reduction, and efficiency improvement as key operational strategies [6] - The company plans to establish a semiconductor division in Chongqing, focusing on semiconductor device manufacturing and precision manufacturing [5] Group 2: Technological Development and Research - The company is currently providing 4G and 5G communication base station structures and is exploring developments in 5.5G and 6G technologies [4] - The company maintains close communication with core clients in the telecommunications sector to synchronize research and development efforts [4] Group 3: Operational Progress and Future Plans - The North American factory is preparing for production, including facility renovations and equipment installation [7] - The company is considering an equity incentive plan based on its operational status and future strategic planning [8]