Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 25.60 [6][7]. Core Views - The company has shown improvement in profit quality and is expected to benefit from a recovery in the industry [1]. - The color sorting machine business is experiencing rapid growth, while the revenue from dental medical equipment has reached a bottom [2]. - The gross profit margin for CBCT has rebounded, and the overall net profit margin has stabilized [3]. - There has been a significant improvement in cash flow, with net cash flow from operating activities increasing by 125% year-on-year [4]. - The company is optimistic about the growth potential of its color sorting machine business and the recovery of the CBCT business, maintaining profit forecasts for 2025 [5]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 1.023 billion, a year-on-year increase of 9.92%, and a net profit of RMB 303 million, up 11.34% year-on-year [1]. - The gross profit margin for the first half of the year was 52.14%, with a net profit margin of 29.61%, reflecting a year-on-year increase of 1.26 percentage points and 0.38 percentage points, respectively [3]. Business Segments - The color sorting machine business saw a revenue increase of 15.2% year-on-year, while the medical equipment segment experienced a slight decline of 0.5% [2]. - The company has made significant strides in digital transformation within the dental medical sector, with over 10,000 users on its "Meiya Meiya" digital health platform by the end of June [2]. Cash Flow and Working Capital - The net cash flow from operating activities reached RMB 393 million, which is higher than the net profit, marking the first time since 2017 that this has occurred [4]. - Accounts receivable and inventory decreased year-on-year, indicating improved operational efficiency and industry leverage [4]. Profit Forecast and Valuation - The company forecasts net profits of RMB 700 million, RMB 744 million, and RMB 789 million for 2025, 2026, and 2027, respectively [5]. - The report assigns a PE ratio of 32 times for 2025, reflecting a target price adjustment based on comparable company valuations [5].

Core Insights - The company reported a total revenue of 1.023 billion yuan for the first half of 2025, representing an increase of 92.29 million yuan or 9.92% year-on-year [1] - The net profit attributable to shareholders reached 303 million yuan, up by 30.84 million yuan or 11.34% compared to the same period last year [1] - The net cash inflow from operating activities was 393 million yuan, an increase of 219 million yuan or 125.28% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stands at 20.86% [3] - The gross profit margin is 52.14%, which is an increase of 0.54 percentage points from the previous quarter and up by 1.26 percentage points year-on-year [3] - The return on equity (ROE) is 12.07%, reflecting an increase of 0.58 percentage points compared to the same period last year [3] Earnings and Turnover - The diluted earnings per share (EPS) is 0.34 yuan, an increase of 0.04 yuan or 11.62% year-on-year [4] - The total asset turnover ratio is 0.31 times, which is an increase of 0.02 times or 7.94% year-on-year [4] - The inventory turnover ratio is 1.49 times, up by 0.44 times or 41.85% year-on-year, marking two consecutive years of increase [4] Shareholder Structure - The number of shareholders is 28,300, with the top ten shareholders holding a total of 692 million shares, accounting for 78.47% of the total share capital [4] - The largest shareholder, Tian Ming, holds 60.92% of the shares [4]

Core Viewpoint - Meiya Optoelectronics (002690.SZ) reported a revenue of 1.023 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.92% [1] - The net profit attributable to shareholders reached 303 million yuan, marking an increase of 11.34% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 295 million yuan, up by 11.62% year-on-year [1] - Basic earnings per share stood at 0.343 yuan [1] Financial Performance - Revenue: 1.023 billion yuan, up 9.92% year-on-year [1] - Net Profit: 303 million yuan, up 11.34% year-on-year [1] - Net Profit (excluding non-recurring items): 295 million yuan, up 11.62% year-on-year [1] - Basic Earnings per Share: 0.343 yuan [1]

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | 资金占用 | 占用方与上市 | 上市公司核算 | 2025 | 年期初 | 2025 | 年半年度 占用累计发生 | | 2025 年半年度 | 2025 | 年半年度 | 2025 年半年度 | | 占用形成 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 方名称 | 公司的关联关 系 | 的会计科目 | | 占用资金余 额 | | 金额（不含利 | | 占用资金的利 息（如有） | | 偿还累计发生 金额 | 期末占用资金 余额 | | 原因 | 占用性质 | | | | | | | | | | 息） | | | | | | | | | | | 控股股东、实际控制人及 | - | | - | - | | - | | - | - | | - | | - | - | | - | | 其附属企业 | | | | | | | | | | | | | ...

合肥美亚光电技术股份有限公司 2025 年半年度 财务报告 合肥美亚光电技术股份有限公司 2025 年半年度财务报告（未经审计） 2025 年 8 月 合肥美亚光电技术股份有限公司 2025 年半年度 财务报表 | 编制单位：合肥美亚光电技术股份有限公司 | | | 单位：人民币元 | | --- | --- | --- | --- | | 资产 | 附注五 | 期末余额 | 期初余额 | | 流动资产： | | | | | 货币资金 | 注释 1 | 1,622,771,777.47 | 1,560,367,800.56 | | 交易性金融资产 | 注释 2 | | 301,155,945.20 | | 应收票据 | | | | | 应收账款 | 注释 3 | 430,641,002.65 | 455,247,225.78 | | 应收款项融资 | 注释 4 | 7,085,918.16 | 7,462,895.17 | | 预付款项 | 注释 5 | 5,302,375.73 | 5,105,493.98 | | 其他应收款 | 注释 6 | 5,661,513.51 | 5,678,510.26 | | ...

合肥美亚光电技术股份有限公司 2025 年半年度报告全文 证券代码：002690 证券简称：美亚光电 公告编号：2025-019 合肥美亚光电技术股份有限公司 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人田明、主管会计工作负责人陈凯及会计机构负责人(会计主管 人员)陈凯声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 2025 年 8 月 本报告中所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 1 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 合肥美亚光电技术股份有限公司 2025 年半年度报告全文 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第一 ...

Group 1 - The core viewpoint of the news is that Hefei Meiya Optoelectronics Technology Co., Ltd. has obtained a patent for a "gas valve and color sorting machine," which is expected to enhance the functionality and lifespan of the gas valve [1] - The patent includes a gas valve design that features a valve body, a baffle, and a cushion, allowing for the switching between two positions to control the gas flow [1] - The baffle's design provides a limiting function to prevent excessive opening, thereby improving the working conditions and extending the service life of the gas valve [1] Group 2 - Hefei Meiya Optoelectronics Technology Co., Ltd. was established in 2000 and is located in Hefei City, focusing primarily on research and experimental development [2] - The company has a registered capital of 882.25745 million RMB and has made investments in 8 enterprises [2] - The company has participated in 5000 bidding projects and holds 838 patents along with 65 trademark registrations and 79 administrative licenses [2]

金融界8月22日消息，有投资者在互动平台向美亚光电提问："尊敬的董秘:您好！ 截止8月20日公司的股 东人数是多少？请您告知一下。谢谢！" 针对上述提问，美亚光电回应称："谢谢提问。根据中国登记结算公司下发的文件，截至8月20日收盘， 公司股东数为29,170户。"责任编辑：小悠 ...

Group 1 - The company Meiya Optoelectronics (002690) responded to investor inquiries on August 5, indicating that as of July 31, the number of shareholders was 29,037 [1]

Core Viewpoint - Meiya Optoelectronics (002690) reported that as of the end of July, the number of its shareholders reached 29,037 [1] Summary by Category - **Company Information** - Meiya Optoelectronics has a total of 29,037 shareholders as of July 31 [1]