证券研究报告 计算机 | IT 服务Ⅱ 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | 08 | 25 | 2025 | 年 | 月 | 日 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 71.40 | | | | | | | 一 年 最 低 | | | | | 92.99/18.04 | | 高 | 内 | 最 | / | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 2,780.42 | | | | | | | 流通市值（百万元） | | | | | 1,258.33 | | | | | | | 总股本（百万股） | | | | | 38.94 | | ...

Core Viewpoint - Hangzhou Meideng Technology Co., Ltd. has received an administrative regulatory decision due to multiple violations related to inaccurate disclosures and improper use of raised funds [1][2]. Group 1: Violations - The company and its founders held approximately 0.51% of the company's shares through an employee, leading to inaccurate shareholder information in the prospectus and periodic reports from 2017 to Q1 2023, corresponding to about 152,400 shares based on the 2017 total share capital [2]. - The company failed to timely disclose the acquisition of 100% equity in Hangzhou Kesu Interactive Network Technology Co., Ltd. and 70% equity in Chengdu Xi Aimi Network Technology Co., Ltd. [2]. - A total of 12.7742 million yuan was transferred from the fundraising account to the general account for paying social security and housing fund expenses related to R&D personnel, resulting in inaccurate disclosures regarding the use of raised funds for 2023 and 2024 [2]. Group 2: Regulatory Actions - The Zhejiang Securities Regulatory Bureau issued warning letters to Meideng Technology and several key individuals, including the actual controller and board members, which will be recorded in the securities market integrity archives [2]. Group 3: Company Status and Future Actions - Meideng Technology stated that its production and business operations are currently normal and that the regulatory measures have not impacted its operations [5]. - The company emphasizes its commitment to improving compliance and risk awareness, enhancing governance, and ensuring the quality of information disclosure to prevent similar issues in the future [5]. - Founded in 2013, Meideng Technology is a leading e-commerce information technology service provider, focusing on software development, sales, and operations for various e-commerce platforms, with over ten million merchants served by its main products "Meizhe" and "Wodai" [5].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, Meideng Technology, is positioned as a leading provider of e-commerce SaaS software, focusing on differentiated products that enhance brand advantage and accelerate the commercialization of AI technology [5][6]. - The domestic SaaS market is expected to grow significantly, with projections indicating a market size exceeding 100 billion yuan in 2023, driven by increasing demand for operational efficiency among e-commerce merchants [7][10]. - The company has successfully integrated AI technology into its product offerings, enhancing user experience and operational capabilities, particularly in live-streaming e-commerce [8][10]. Summary by Sections Market Performance - As of May 30, 2025, the closing price of the stock is 58.93 yuan, with a market capitalization of approximately 2,294.82 million yuan [3]. Financial Performance - In 2024, the company achieved a revenue of 148 million yuan, representing a year-on-year growth of 29.23%, with a net profit of 41.78 million yuan [7][9]. - The company’s revenue is projected to reach 204 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.35% from 2025 to 2027 [9]. Product and Service Development - The company’s main products, "Meizhe" and "Woda," are designed to meet the marketing and order management needs of e-commerce merchants, with a strong user base and positive market reception [6][7]. - The integration of AI into the company's offerings, such as the "Light Circle Smart Broadcasting" product, has been well-received, enhancing its competitive position in the market [8][10]. Market Trends - The e-commerce SaaS market is characterized by rapid growth and a fragmented competitive landscape, with increasing diversification in e-commerce types and merchant needs [7][10]. - The company is expanding its product matrix to include new scenarios such as live-streaming e-commerce and supply chain management, which are essential for meeting the evolving demands of merchants [6][8].