Core Viewpoint - Meili Cloud's stock price has shown fluctuations with a year-to-date increase of 17.38%, but a recent decline of 9.37% over the past five trading days, indicating volatility in investor sentiment and market performance [1]. Financial Performance - For the first half of 2025, Meili Cloud reported operating revenue of 174 million yuan, a significant year-on-year decrease of 64.73%. However, the net profit attributable to shareholders increased by 660.77% to approximately 19.88 million yuan [2]. - The company has cumulatively distributed dividends of 59.48 million yuan since its A-share listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of September 5, Meili Cloud's stock price was 13.44 yuan per share, with a market capitalization of 9.34 billion yuan. The trading volume was 250 million yuan, with a turnover rate of 2.71% [1]. - The stock has appeared on the "Dragon and Tiger List" five times this year, with the most recent net purchase on June 6 amounting to 69.12 million yuan [1]. Shareholder Information - As of June 30, 2025, Meili Cloud had 92,900 shareholders, a decrease of 1.02% from the previous period. The average number of circulating shares per shareholder increased by 1.03% to 7,487 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 1.87 million shares, a decrease of 5.77 million shares from the previous period [3]. Industry Classification - Meili Cloud is classified under the Shenwan industry as part of the IT services sector, with concepts including small-cap stocks, state-owned cloud services, big data, solar energy, and digital energy [2].

Core Insights - Meili Cloud has experienced significant growth since its IPO in 1998, with its market capitalization increasing from 935 million yuan to 9.449 billion yuan, reflecting a complex journey of transformation in traditional manufacturing [1][6] - Despite the growth in market value, the company's operational performance has faced continuous pressure in recent years, leading to a decline in profitability [1][3] Business Overview - Meili Cloud primarily engages in the production and sale of cultural paper and colored paper, with data center business contributing the highest revenue share at 34.22%, followed closely by colored paper at 33.49% [3] - The company reported a net profit of 28 million yuan in its first year of listing, but by the latest complete fiscal year of 2024, it recorded a net loss of 548 million yuan, marking a cumulative profit decline of 2052.30% [3][4] Financial Performance - Revenue has shown a downward trend, with Meili Cloud achieving 1.162 billion yuan in revenue in 2020, which decreased to 912 million yuan in 2024 [3] - The net profit situation has deteriorated sharply, with a net profit of 49 million yuan in 2020 turning into a loss of 548 million yuan by 2024, indicating several years of substantial losses [4] Market Capitalization - Since its IPO, Meili Cloud's market capitalization has grown by 9.11 times, peaking at 18.056 billion yuan in October 2016, with the stock price reaching 25.97 yuan [6] - As of June 6, the stock price was 13.59 yuan, and the market capitalization stood at 9.449 billion yuan, representing a decrease of 8.607 billion yuan from its peak, equating to a market value evaporation of 47.67% [6]