688685.SH上海证券交易所 · 科创板 STAR
Maixinlin 迈信林
Aviation Equipment 航空装备Ⅱ
¥33.08−¥1.44 · −4.17%
Open 开盘
¥34.38
High 最高
¥34.38
Low 最低
¥31.83
Prev Close 昨收
¥34.52
Volume 成交量
409.9万股
Turnover 成交额
¥1.34亿
Mkt Cap 总市值
¥49亿
P/E 市盈率
−381.4×
Recent Activity 近期动态All Filings 全部公告 →
7 significant filings since 31 May 2026: 1 on litigation, 2 on major contract or bid won and 2 on acquisition or disposal, and 2 other kinds. The latest, on 23 Sep 2026: 江苏迈信林航空科技股份有限公司关于采购合同的进展公告.
自 31 May 2026 起有 7 份重大公告：litigation 1 份、major contract or bid won 2 份、acquisition or disposal 2 份，另有 2 类。最新一份（23 Sep 2026）：江苏迈信林航空科技股份有限公司关于采购合同的进展公告。
Price History 价格走势
1,307 trading days 个交易日 · High 最高 ¥68.98 · Low 最低 ¥12.2420.0030.0040.0050.0060.00
Volume 成交量
1,925.8万
20212022202420252026
Overview 概览Deep Report 深度报告Financials 财务Valuation 估值Ownership 股东Analysts 券商Estimates 预测News 动态Events 事件Peers 同业
As of 25 Sep 2026 截至2026年9月25日
Assessment 评估
Maixinlin, listed on the Shanghai Stock Exchange as 688685, operates in the aviation equipment industry. The company reported a decline in both revenue and profit in 2025, with attributable net profit down 61.4% and revenue down 3.5%. Profit quality appears strong, as operating cash flow per share was RMB4.65, far exceeding net profit. However, financial risks are evident. Liabilities reached 71.5% of assets by mid-2026, current ratio stood at 0.79, and receivables took 294 days to collect. The share price fell 44.0% over one year. A litigation filing in July 2026 indicated past legal issues, though a settlement was reached. The actual and largest holder is 张友志, with 32.59% ownership.
迈信林（688685）为航空装备行业公司，于上海证券交易所上市。2025年公司营收与利润均下滑，营业收入同比减少3.5%，归母净利润同比下降61.4%。盈利质量表现较强，2025年每股经营现金流达4.65元，远超净利润。但财务风险显现：截至2026年6月30日，资产负债率达71.5%，流动比率0.79，应收账款周转天数达294天。股价一年内下跌44.0%。2026年7月公告涉及诉讼事项，但已达成和解。实际控制人及第一大股东均为张友志，持股32.59%。
Risk Register 风险登记
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities are at 71.5% of assets, indicating high leverage. 资产负债率达71.5%，显示杠杆水平较高。 | High liabilities relative to assets may limit the company's ability to secure additional financing and increase financial risk during downturns. This level of leverage could strain cash flows if interest rates rise or profitability weakens. 较高的资产负债率可能限制公司获取额外融资的能力，并在市场下行时增加财务风险。若利率上升或盈利减弱，该杠杆水平可能对现金流造成压力。 |
| Current ratio below 1: current liabilities exceed current assets 流动比率低于1：流动负债超过流动资产 | Current ratio is below 1, at 0.79, meaning current liabilities exceed current assets. 流动比率0.79，低于1，表明流动负债超过流动资产。 | This indicates a potential short-term liquidity risk, as the company may struggle to meet its near-term obligations without additional funding or asset liquidation. 这表明公司可能存在短期流动性风险，若无额外融资或资产变现，可能难以偿还即将到期的债务。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take 294 days to collect, significantly above the 180-day threshold. 应收账款周转天数为294天，远超180天阈值。 | Prolonged collection periods tie up working capital and increase credit risk, potentially leading to cash flow strain and higher bad debt provisions. 回款周期过长会占用营运资金，增加信用风险，可能导致现金流紧张及坏账计提上升。 |
| Share price down 40% or more in a year 股价一年下跌40%或以上 | The share price has fallen 44.0% over one year, below the 40% decline threshold. 股价一年内下跌44.0%，超过40%的阈值。 | A price decline of this magnitude may impair the company's ability to raise capital through equity and reduce market capitalisation, based on market pricing alone. 股价大幅下跌可能影响公司通过股权融资的能力，并降低市值，此为市场定价结果。 |
What to Watch 关注要点
- Change in attributable net profit for the full year 2026, compared to 2025's RMB17.6m.
2026全年归母净利润变动，对比2025年的1,757.7万元。 - Receivable days at the end of 2026, compared to 294 days at mid-year.
2026年末应收账款周转天数，对比年中294天。 - Liabilities to assets ratio at 31 Dec 2026, compared to 71.5% at mid-year.
2026年末资产负债率，对比年中71.5%。 - Operating cash flow per share for 2026, compared to RMB4.65 in 2025.
2026年每股经营现金流，对比2025年的4.65元。 - Any new litigation filings or developments following the July 2026 settlement.
2026年7月和解后是否出现新的诉讼公告或进展。 - Revenue growth in the second half of 2026, compared to the first half's -6.7% decline.
2026年下半年营业收入增长情况，对比上半年-6.7%的降幅。
Facts 事实
- Company: Maixinlin 迈信林, Shanghai Stock Exchange 688685; industry Aviation Equipment; listed 13 May 2021.
公司：迈信林，上海证券交易所 688685；行业：航空装备；上市日期：2021年5月13日。 - Close on 24 Sep 2026 RMB34.52; close on 24 Sep 2025 RMB61.74, RMB61.68 in today's terms; one-year change, adjusted for distributions and share changes -44.0%.
2026年9月24日收盘价34.52元；2025年9月24日收盘价61.74元（前复权61.68元）；一年涨跌幅（复权）-44.0%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB32.32 to RMB65.63.
52周区间（前复权）32.32元至65.63元。 - In the last 12 months 15 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 20 Jul 2026 -15.9%; 27 Jul 2026 +10.7%; 29 Jul 2026 +13.8%; 3 Aug 2026 -10.7%; 12 Aug 2026 +11.6%. The longest run of them on consecutive trading days: 2 days.
近12个月共有15个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近5个：2026年7月20日 -15.9%；2026年7月27日 +10.7%；2026年7月29日 +13.8%；2026年8月3日 -10.7%；2026年8月12日 +11.6%。其中最长连续2个交易日。 - Market capitalisation RMB5.07bn; P/E TTM not meaningful (loss-making); price to book 6.27x.
总市值50.69亿元；市盈率（TTM）不适用（亏损）；市净率6.27倍。 - Revenue 2025 RMB460.0m; change -3.5%.
营业收入2025年4.60亿元；同比-3.5%。 - Attributable net profit 2025 RMB17.6m; change -61.4%.
归属于母公司股东的净利润2025年1,757.7万元；同比-61.4%。 - Net profit excluding non-recurring items, 2025 change -74.1%.
2025年扣除非经常性损益后的净利润同比-74.1%。 - Basic EPS 2025 RMB0.12.
基本每股收益2025年0.12元。 - Operating cash flow per share 2025 RMB4.65; operating cash flow to net profit 71.97x.
每股经营现金流2025年4.65元；经营现金流与净利润之比71.97倍。 - 2025 gross margin 34.3%; net margin 2.1%; ROE 2.3%.
2025年毛利率34.3%；净利率2.1%；净资产收益率2.3%。 - At 30 Jun 2026: liabilities to assets 71.5%; current ratio 0.79; quick ratio 0.65; receivable days 294; inventory days 179.
截至2026年6月30日：资产负债率71.5%；流动比率0.79；速动比率0.65；应收账款周转天数294；存货周转天数179。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB268.1m, change -6.7%; attributable net profit RMB10.8m, change -73.8%; operating cash flow per share RMB0.75.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入2.68亿元，同比-6.7%；归母净利润1,076.6万元，同比-73.8%；每股经营现金流0.75元。 - In the 12 months to 25 Sep 2026: 1 distinct filing classed critical, high or as a lift; by class: 1 filing classed Litigation. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共1份；按类别：归为诉讼仲裁的公告1份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 24 Jul 2026, Litigation (high): filing titled 《江苏迈信林航空科技股份有限公司关于诉讼事项及进展暨达成和解的公告》.
2026年7月24日，诉讼仲裁：公告《江苏迈信林航空科技股份有限公司关于诉讼事项及进展暨达成和解的公告》。 - Ownership: actual controller 张友志; largest holder at 30 Jun 2026: 张友志, 32.59%.
股权：实际控制人：张友志；2026年6月30日第一大股东：张友志，持股32.59%。 - Latest distribution: ex-date 22 Jun 2026, cash RMB0.04 per share.
最近一次分配：除权除息日2026年6月22日，每股现金0.04元。 - Aurelian Grade C, score 51.6 of 100, graded within a peer group of 49 companies in its industry; no rank among peers is given.
金源评级C，得分51.6（满分100），于行业同业49家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。