Tianjin Meiteng Technology Co. Ltd. A

Meiteng Technology, stock code 688420, disclosed its semi-annual report for 2026 on August 27. In the first half of the year, it achieved total operating revenue of 197 million yuan, a year-on-year decrease of 25.61 percent. Net profit attributable to the parent company was a loss of 18.7521 million yuan, compared with a profit of 8.1313 million yuan in the same period last year. Net profit after deducting non-recurring items was a loss of 20.6758 million yuan, compared with a profit of 4.7287 million yuan in the same period last year. Net cash flow from operating activities was 11.8692 million yuan, compared with negative 16.7793 million yuan in the same period last year. Basic earnings per share were negative 0.22 yuan, and the weighted average return on net assets was negative 1.33 percent. The company is mainly engaged in the research, development, design, manufacturing and sales of two categories of core products: intelligent equipment, and intelligent systems and instruments. Its products are applied in three major fields: coal, non-coal mining, and renewable resources.

Meiteng Technology recently replied to the Shanghai Stock Exchange's annual report regulatory inquiry letter, explaining the reasons for the significant deviation between its earnings forecast, preliminary earnings estimate, and annual report data. The company's early 2026 earnings forecast and the preliminary estimate at the end of February both projected a profit, but the revised estimate and annual report in April turned to a loss. The core reason was an additional individual provision for credit impairment of 21.9083 million yuan on receivables from projects for four customers: Shaanxi Tengda Zhixuan, Fugu Tongdayuan, Hunan Hanrui, and Nanchong Lipeng. These customers' terminal operations have stalled, and they have continued to default on payments after judicial mediation. At the annual report stage, based on the principle of prudence, new material objective evidence of impairment was added and individual provisions were calculated and supplemented. The company stated that at the end of 2024, there were no obvious signs of bad debts for these customers, and only an aging-based collective provision was made that year. There was no situation of insufficient prior provisioning or concentrated provisioning to adjust profits. The accounting treatment complies with standards. The company also stated that its financial internal controls have been generally effective since listing, and it has implemented rectification plans for loopholes such as delayed impairment forecasting.