Market Overview - On September 29, the Shanghai Composite Index rose by 1.54%, the STAR Market 50 Index increased by 1.35%, the CSI 1000 Index went up by 1.36%, the ChiNext Index surged by 2.74%, and the Hang Seng Index climbed by 1.89% [2][3]. - The best-performing sectors on September 29 were non-bank financials (+3.84%), non-ferrous metals (+3.78%), electric power equipment (+3.07%), steel (+2.49%), and comprehensive sectors (+1.82%). The worst-performing sectors included coal (-0.84%), banking (-0.46%), social services (-0.24%), oil and petrochemicals (-0.22%), and beauty care (-0.05%) [2][3]. Key Recommendations - The report focuses on Meier Technology (688376), a leader in air purification equipment, highlighting growth opportunities in semiconductor and lithium battery applications. The projected revenue for 2025-2027 is 2,273 million, 2,936 million, and 3,546 million yuan, with revenue growth rates of 32%, 29%, and 21% respectively. The net profit attributable to the parent company is expected to be 269 million, 355 million, and 425 million yuan, with net profit growth rates of 40%, 32%, and 20% respectively. Earnings per share are forecasted to be 2.00, 2.64, and 3.16 yuan, with price-to-earnings ratios of 26, 20, and 17 times [4]. - Catalysts for growth include progress in overseas expansion with semiconductor clients and the development of lithium battery clients [4]. - The investment logic is based on the opportunities presented by solid-state batteries and semiconductors for the cleanroom leader, with potential for applications exceeding expectations [4].

Core Viewpoint - The announcement details the resignation of non-independent director Yap Wee Keong and his subsequent election as a representative director, along with his appointment to various board committees, ensuring compliance with legal requirements and maintaining board functionality [2][3][4]. Group 1: Director Resignation and Election - Yap Wee Keong submitted a resignation report for his position as a non-independent director due to internal adjustments, effective immediately upon delivery to the board [2]. - Despite his resignation from the non-independent director role, Yap Wee Keong retains his other positions within the company [2]. - On September 26, 2025, during the employee representative meeting, Yap Wee Keong was elected as the employee representative director for the second board term, effective until the board's term ends [3]. Group 2: Board Committee Appointments - The board approved the election of Yap Wee Keong to the Strategic Committee, Compensation and Assessment Committee, and Sustainable Development Committee, with terms lasting until the board's term concludes [4][5]. - The composition of the Strategic Committee remains unchanged after the appointment of Yap Wee Keong [5]. - The appointments ensure that the number of directors who are also senior management does not exceed half of the total board members, complying with relevant laws and regulations [3]. Group 3: Shareholder Meeting - The first extraordinary general meeting of 2025 was held on September 26, 2025, with no resolutions being rejected [9]. - The meeting was conducted in accordance with legal and regulatory requirements, with Yap Wee Keong presiding over the session [10][12]. - All proposed resolutions, including amendments to the company's articles of association and governance systems, were approved [12][14].

证券代码：688376 证券简称：美埃科技 公告编号：2025-037 美埃（中国）环境科技股份有限公司 关于非独立董事辞任暨选举职工代表董事及 补选董事会专门委员会委员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 美埃（中国）环境科技股份有限公司（以下简称"公司"）于近日收到非独 立董事 Yap Wee Keong（叶伟强）先生提交的书面辞任报告。因公司内部工作调 整，Yap Wee Keong（叶伟强）先生申请辞去公司第二届董事会非独立董事职务， 其辞任报告自送达公司董事会之日起生效。除辞任非独立董事职务之外，Yap Wee Keong（叶伟强）先生担任的公司其他职务不变。 二、关于选举职工代表董事的情况 根据《公司法》及《公司章程》等有关规定，公司董事会设职工代表董事一 名。公司于 2025 年 9 月 26 日召开职工代表大会，经全体与会职工代表表决，同 意选举 Yap Wee Keong（叶伟强）先生为公司第二届董事会职工代表董事，任期 自公司职工代表大会选举之日起至公司第二届董事会任期届满 ...

上海市锦天城律师事务所 关于美埃（中国）环境科技股份有限公司 2025 年第一次临时股东大会之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于美埃（中国）环境科技股份有限公司 2025 年第一次临时股东大会之 法律意见书 案号：01F20225320 致：美埃（中国）环境科技股份有限公司 敬启者： 上海市锦天城律师事务所（以下简称"本所"）接受美埃（中国）环境科技 股份有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、行政法规和其他规范性文件（以下简称"法律、法规"）以及《美埃（中 国）环境科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 就公司召开 2025 年第一次临时股东大会（以下简称"本次股东会"）的有关事 宜出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人 ...

重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 26 日 证券代码：688376 证券简称：美埃科技 公告编号：2025-038 美埃（中国）环境科技股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （二） 股东大会召开的地点：南京市江宁区秣陵街道蓝霞路 101 号美埃（中国） 环境科技股份有限公司三楼报告厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 110 | | --- | --- | | 普通股股东人数 | 110 | | 2、出席会议的股东所持有的表决权数量 | 95,524,182 | | 普通股股东所持有表决权数量 | 95,524,182 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 71.0745 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...

Core Viewpoint - The company Meai Technology has experienced a decline in stock price and trading volume, indicating potential market challenges while maintaining a leading position in the domestic semiconductor cleanroom equipment sector [1][4]. Company Overview - Meai Technology specializes in the research, production, and sales of air purification products and atmospheric environmental governance products, with a significant focus on cleanroom air filtration systems [2][7]. - The company was recognized as a national-level "specialized and innovative" small giant by the end of 2021, establishing itself as a leader in the domestic semiconductor cleanroom equipment market [2]. Financial Performance - For the first half of 2025, Meai Technology reported a revenue of 935 million yuan, representing a year-on-year growth of 23.51%, and a net profit attributable to shareholders of 98.01 million yuan, which is a 5.53% increase compared to the previous year [7][8]. - The company has distributed a total of 80.64 million yuan in dividends since its A-share listing [9]. Market Position and Competition - Meai Technology has developed the first domestic 28nm lithography equipment and is a qualified supplier for major international semiconductor manufacturers such as Intel and ST Microelectronics, indicating its competitive standing in both domestic and international markets [2][3]. - The company’s air purification devices are capable of efficiently removing PM2.5 and harmful gases, positioning it well within the environmental technology sector [3]. Stock Market Activity - On September 26, the stock price of Meai Technology fell by 5.04%, with a trading volume of 161 million yuan and a turnover rate of 6.17%, leading to a total market capitalization of 6.74 billion yuan [1]. - The stock has seen a net outflow of funds, with a significant reduction in main capital over the past few days, indicating a cautious sentiment among investors [4][5].

Core Viewpoint - The company Meiyai (China) Environmental Technology Co., Ltd. is positioned as a leading domestic brand in the air purification and environmental governance sector, particularly in the semiconductor industry, with significant growth potential due to its advanced technology and strong market presence [2][3]. Company Overview - Meiyai specializes in the research, development, production, and sales of air purification products and atmospheric environmental governance products, with a primary focus on fan filter units, filter products, and air purification equipment [3][7]. - The company was awarded the national-level "specialized and innovative" title of "little giant" at the end of 2021, establishing itself as a leader in cleanroom equipment for the electronics semiconductor sector [3][7]. Financial Performance - For the first half of 2025, Meiyai achieved operating revenue of 935 million yuan, representing a year-on-year growth of 23.51%, and a net profit attributable to shareholders of 98.02 million yuan, which is a 5.53% increase compared to the previous year [7][8]. - The company has distributed a total of 80.64 million yuan in dividends since its A-share listing [9]. Market Position and Supply Chain - Meiyai has developed the first domestic 28nm lithography equipment and provides essential air purification products to major semiconductor manufacturers, including Intel and ST Microelectronics, positioning itself competitively against international brands [2][3]. - The company has long-term supply agreements with SMIC, supplying various air purification products to meet stringent cleanliness standards for advanced semiconductor manufacturing processes [2][3]. Stock Performance and Investor Sentiment - On September 24, the stock price of Meiyai fell by 1.34%, with a trading volume of 191 million yuan and a turnover rate of 6.82%, resulting in a total market capitalization of 7.231 billion yuan [1]. - Recent trading data indicates a net outflow of 18.65 million yuan from main funds, with a lack of clear trends in main fund movements over the past few days [4][5].

Core Viewpoint - The company Meiyai (China) Environmental Technology Co., Ltd. is a leading player in the air purification and environmental governance sector, focusing on high-efficiency air filtration products and solutions for semiconductor manufacturing [2][3][7]. Company Overview - Meiyai specializes in the research, production, and sales of air purification products and atmospheric environmental governance products, with a primary revenue source from cleanroom air filtration and clean wall ceiling system products, accounting for 90.18% of total revenue [3][7]. - The company was recognized as a national-level "specialized, refined, and innovative" small giant by the end of 2021, establishing itself as a leader in cleanroom equipment for the semiconductor industry [3][7]. Financial Performance - For the first half of 2025, Meiyai achieved operating revenue of 935 million yuan, representing a year-on-year growth of 23.51%, and a net profit attributable to shareholders of 98.02 million yuan, with a year-on-year increase of 5.53% [8][9]. - The company has distributed a total of 80.64 million yuan in dividends since its A-share listing [9]. Market Position and Competitive Edge - Meiyai has developed the first domestic 28nm lithography equipment and provides high-efficiency filtration products to major semiconductor manufacturers, including Intel and ST Microelectronics, positioning itself competitively against international brands [2][3]. - The company’s air purification devices are capable of efficiently removing PM2.5 and harmful gases, enhancing its appeal in the environmental technology market [4][6]. Stock Performance and Investor Sentiment - On September 23, the stock price of Meiyai fell by 4.00%, with a trading volume of 135 million yuan and a market capitalization of 7.329 billion yuan [1]. - The stock has seen a net outflow of 3.2617 million yuan from main funds, indicating a lack of strong buying interest in the short term [4][5].

Group 1 - The company held its 22nd meeting of the second board on September 22, 2025, to discuss urgent matters, with all seven directors present [2][4]. - The board approved the proposal to void certain unvested restricted stocks due to the departure of some incentive plan participants [3][40]. - The board also approved the first vesting period of the 2024 restricted stock incentive plan, confirming that the conditions for vesting had been met [6][22]. Group 2 - The total number of restricted stocks to be vested is 827,968 shares, with the vesting price set at 15.40 yuan per share [11][25]. - The incentive plan involves granting a total of 4,032,000 restricted stocks, with 3% of the company's total share capital allocated for this purpose [11][12]. - The company has established performance assessment criteria for the vesting of restricted stocks, with a company-level assessment ratio of 80% and individual performance ratings affecting the final vesting amounts [24][46]. Group 3 - The company has confirmed that the voided restricted stocks will not significantly impact its operational status or the stability of its management team [46][47]. - The legal opinion confirms that the procedures followed for the voiding of stocks comply with relevant regulations and that the vesting conditions for the first period have been satisfied [31][47].

Core Viewpoint - The company Meai Technology has shown a positive market performance with a 2.75% increase in stock price, reaching a market capitalization of 7.634 billion yuan, indicating investor confidence in its growth potential in the air purification and semiconductor sectors [1]. Company Overview - Meai Technology specializes in the research, production, and sales of air purification products and atmospheric environmental governance products, with a significant focus on cleanroom air filtration systems [3][7]. - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant, establishing itself as a leading domestic brand in cleanroom equipment for the semiconductor industry [3]. Business Performance - For the first half of 2025, Meai Technology reported a revenue of 935 million yuan, reflecting a year-on-year growth of 23.51%, and a net profit attributable to shareholders of 98.019 million yuan, which is a 5.53% increase compared to the previous year [7][8]. - The company's main revenue source comes from cleanroom air filtration and clean wall ceiling systems, accounting for 90.18% of total revenue [7]. Market Position and Supply Chain - Meai Technology has developed the first domestic 28nm lithography equipment and provides essential air purification products to major semiconductor manufacturers like Intel and ST Microelectronics, positioning itself competitively against international brands [2][3]. - The company has a long-term supply relationship with SMIC, providing various filtration products to meet stringent air cleanliness requirements for advanced semiconductor manufacturing processes [2]. Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders decreased by 1.38%, while the average circulating shares per person increased by 1.40%, indicating a slight consolidation among investors [7]. - Institutional investors have shown interest, with notable increases in holdings from funds such as E Fund Kexin Mixed Fund and Huaxia Value Selection Mixed Fund [9].