浙江美力科技股份有限公司2025年年度报告摘要深度解读

一、报告亮点速览

• 业绩大幅增长：2025年营业收入达20.12亿元，同比增长25.48%；归属于上市公司股东净利润1.46亿元，同比增长36.76%；扣非净利润增长40.44%。
• 现金流充足：2025年经营活动产生的现金流量净额同比大增125.53%，至3.01亿元，显示公司经营质量持续提升。
• 利润分配积极：公司拟每10股派发现金红利1.5元（含税），展现了对股东回报的高度重视。
• 行业景气与新能源驱动：受益于中国汽车产业持续景气、特别是新能源汽车的爆发，公司主营业务需求稳步扩张。
• 国际化布局推进：公司持续优化全球产业布局，尽管ACPS收购尚未并表，但已完成对Hitched Holdings 3 B.V.的全资收购，全球化步伐加快。

二、股东需重点关注的事项（潜在影响股价因素）

1. 业绩爆发增长及分红方案

2025年，公司核心财务指标均实现大幅增长，盈利能力显著提升，分红方案也更具吸引力。持续高速增长和积极分红，可能提振市场信心，推动股价上行。

2. 重大资产收购（国际化扩张）

公司通过全资孙公司Meili Holding GmbH以现金方式完成对Hitched Holdings 3 B.V.的100%股权收购，标志着公司全球化战略迈出关键一步。此次收购有助于公司拓展海外市场、增强国际服务能力，为未来业绩增长提供新支撑。该事项于2026年3月30日正式公告，具备较强的战略意义和潜在业绩增厚预期，属于典型的敏感信息。

3. 可转债发行终止

原计划向不特定对象发行可转债已于2026年1月23日终止并撤回相关申请。此举有助于避免稀释现有股东权益，并显示公司当前资金状况较为健康。对于市场而言，终止可转债发行或将被视作管理层对现有资本结构的信心体现。

4. 行业景气度与市场扩容

汽车行业特别是新能源汽车持续高景气，2025年中国新能源汽车销量占比已接近50%，公司产品广泛应用于底盘、悬架、智能座舱等核心环节，行业高景气有望持续拉动公司订单增长。

5. 员工持股计划顺利完成

公司第三期员工持股计划已完成股份过户，锁定期届满，有利于提升员工积极性和公司治理稳定性，为业绩持续增长奠定基础。

三、详细财务数据及分季度表现

• 2025年末总资产：26.58亿元，同比增长22.43%；归母净资产12.66亿元，同比增长16.45%。
• 2025年分季度营收与净利均稳步增长，四季度营收5.99亿元，为全年最高，显示下游需求旺盛。
• 主要股东结构稳定，控股股东章碧鸿持股36.29%，未出现大比例质押或冻结。

四、公司业务与行业地位

公司专注于高端弹簧及汽车零部件制造，产品覆盖悬架弹簧、稳定杆、动力系统弹簧、各类弹性装置及精密注塑件，广泛服务于吉利、比亚迪、大众、宝马、理想、蔚来等国内外知名主机厂，并成为多家全球知名零部件企业的供应商。公司具备较强的研发、制造和客户服务能力，行业地位显著。

五、未来展望与风险提示

• 公司将继续推进技术升级和产品优化，强化国际市场布局，抢抓全球汽车产业链调整带来的新机遇。
• 行业周期性、区域性特征明显，宏观经济波动、行业政策变化及国际并购整合进展等亦需持续关注。

免责声明

本文仅供信息参考，不构成投资建议。投资有风险，入市需谨慎。投资者应结合自身情况及需求，独立做出投资决策。

英文版：

Zhejiang Meili Technology Co., Ltd. 2025 Annual Report Summary – In-depth Highlights

Key Highlights

• Strong Financial Growth: 2025 revenue reached RMB 2.012 billion, up 25.48% YoY; net profit attributable to shareholders was RMB 145.9 million, up 36.76%; non-recurring profit also up 40.44%.
• Robust Cash Flow: Operating cash flow surged 125.53% to RMB 301 million, reflecting improving business quality.
• Attractive Dividend: The company plans a cash dividend of RMB 1.50 (tax included) per 10 shares, demonstrating strong shareholder returns.
• Industry and NEV Tailwinds: Benefiting from the booming Chinese auto sector, especially NEVs, the company’s core market demand continues to expand rapidly.
• Accelerated Globalization: The company has furthered its international footprint, completing the acquisition of 100% equity in Hitched Holdings 3 B.V. via its subsidiary, paving the way for future global growth. The previously announced ACPS acquisition is not yet consolidated but is in progress.

Key Shareholder-Related & Price-Sensitive Matters

1. Explosive Earnings Growth & Dividend Plan

The company delivered robust financial performance in 2025, with significant earnings growth and an attractive cash dividend. This combination is likely to boost investor confidence and could positively impact share price.

2. Major Asset Acquisition (Globalization)

Through its wholly-owned subsidiary, the company acquired Hitched Holdings 3 B.V. (100% equity in cash), marking a critical step in international expansion. The transaction, officially completed by March 30, 2026, is strategically significant and may enhance future earnings, representing a classic price-sensitive event.

3. Termination of Convertible Bond Issuance

The company has terminated its previously planned public convertible bond issuance as of January 23, 2026, avoiding equity dilution and signaling management’s confidence in the current capital structure.

4. Industry Boom & Market Expansion

China’s auto industry, especially NEVs, remains robust, with NEV sales nearing 50% of the market in 2025. The company’s products are widely used in key auto components, positioning it to benefit from ongoing industry tailwinds.

5. Employee Shareholding Plan Completion

The third employee shareholding plan has been smoothly implemented, which should enhance employee motivation and corporate governance stability, supporting long-term growth.

Detailed Financials & Quarterly Data

• Total assets at 2025 year-end: RMB 2.657 billion, up 22.43%; shareholders’ equity: RMB 1.266 billion, up 16.45%.
• Quarterly revenue and profit both climbed steadily, with Q4 revenue the highest at RMB 599 million, reflecting strong year-end demand.
• Shareholding structure remains stable; major shareholder Zhang Bihong holds 36.29% with no significant pledge or freeze.

Business & Industry Positioning

Meili Technology focuses on high-end springs and automotive components, supplying leading OEMs and global Tier-1s, including Geely, BYD, VW, BMW, Li Auto, NIO, etc. The company has strong R&D, manufacturing, and customer service capabilities, with a prominent industry position.

Outlook & Risks

• The company will continue upgrading technology, optimizing products, and expanding internationally to seize new opportunities from the global automotive supply chain reshuffle.
• Investors should monitor industry cyclicality, regional characteristics, macro factors, policy changes, and progress of overseas integration efforts.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Market risks are real; please invest prudently according to your own circumstances.

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