On November 27, 2025, Dalian Meidel Industrial Automation Co., Ltd. ("Meidel") will face listing committee review at the Beijing Stock Exchange. The company, branded as an "intelligent conveying system supplier," is undergoing unprecedented scrutiny amid a downturn in the new energy sector and tightened regulatory oversight. A deep dive into its prospectus and regulatory responses reveals a contradictory financial landscape.
From January to June 2025, Meidel reported a 35.13% YoY revenue growth and a 63.15% increase in non-GAAP net profit attributable to shareholders, with gross margin rising by approximately 4 percentage points. During H1 2025, BYD Company Limited contributed 31.55% of sales, while Lead Intelligent Equipment accounted for 25.42%, making these two clients responsible for 57% of total revenue. However, orders from BYD plummeted 76.3% from CNY 493 million in 2022 to CNY 117 million in 2024, while accounts receivable from BYD surged 220.56% during the same period—an anomaly of "shrinking revenue alongside ballooning receivables."
Meidel’s top five clients accounted for 47.5%-62.75% of sales during the reporting period, with the top two alone making up 57% in H1 2025. Notably, Lead Intelligent Equipment—Meidel’s largest client—saw its 2024 net profit plunge 83.88% YoY, yet Meidel’s sales to it grew 287%. This paradox of "deteriorating client performance vs. supplier revenue growth" exposes risks of over-reliance on key accounts.
Meidel’s gross margins for 2022-2024 stood at 36.80%, 33.27%, and 33.60% respectively—significantly higher than industry averages (32.11%, 31.52%, 31.34%). Surprisingly, when the sector’s average margin dropped to 29.85% in H1 2025, Meidel’s rose to 37.45%, defying logic with this "counter-cyclical resilience."
Regulators demanded explanations for the lower and declining margins, factoring in order scale, market competition, and additional costs. Meidel’s response remained vague, attributing it to large-client sales volume, intense pricing pressure, and extra project costs—arguments weakened by lack of granular data.
In regulatory filings, Meidel redacted multiple key metrics for its high-precision conveying systems under "trade secrets." Its R&D expenditure ratios of 4.18%, 4.26%, and 4.9% (2022-2024) lagged behind industry benchmarks (7.19%, 7.10%, 7.66%). As of June 2025, its 214 R&D staff represented just 54% of peer YFH’s headcount (396) and a mere 4.7% of Lead Intelligent’s (4,512).
While outsourcing costs fell from CNY 105 million to CNY 56.57 million, several suppliers began collaborations in their founding year. A 27% reduction in production staff coincided with a 34.4% productivity gain per worker, raising cost-accounting doubts. Project acceptance cycles doubled from 10 to 20 months, fueling suspicions of revenue manipulation via delayed approvals.
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