<p>香港，2025 年 12 月 30 日 -（ACN Newswire）-2025 年 12 月 30 日，美国美联股份（上海）有限公司（以下简称 “公司” 或 “美联”）正式在香港联合交易所主板上市，标志着公司进入国际资本市场的重要一步的完成，以及作为一家面向公众投资者的上市公司新发展阶段的开始。</p>
<p>成功上市不仅代表了美联发展历史上的一个关键里程碑，也通过更具代表性的商业形象将长期服务于制造业的工业预制钢结构细分市场带入资本市场的视野。</p>
<p>作为一家专注于工业领域的预制钢结构建筑解决方案提供商，美联通过提供涵盖设计优化、采购、制造和现场安装的综合分包服务，满足制造工厂和工业项目的建设需求。根据 Frost &amp; Sullivan 报告，按收入计算，公司在 2024 年排名中国工业预制钢结构建筑市场的第三位。</p>
<p>稳定的运营规模为上市后提供基础</p>
<p>从运营角度来看，美联已建立了相对稳定的业务规模。根据招股说明书，从 2022 年到 2024 年，公司分别录得收入约为 19.03 亿元、14.53 亿元和 15.23 亿元，整体规模保持在超过 10 亿元的水平。其中，预制钢结构建筑分包服务始终是核心收入来源。2024 年，该业务的收入约为 12.41 亿元，占总收入的 81.5%，显示出公司对其核心工业预制钢结构业务的高度关注。</p>
<p>在明显的项目型业务特征背景下，公司盈利结构也保持相对稳定。从 2022 年到 2024 年，美联的整体毛利率分别为 12.7%、14.8% 和 12.5%，而核心分包业务的毛利率长期保持在 13%-15% 的区间，反映出项目管理、成本控制和交付能力的相对成熟的运营体系。同时，招股说明书显示，公司运营现金流表现稳定，流动性良好，为其业务的持续推进和项目的执行提供了必要的财务支持。</p>
<p>工业建筑的清晰长期逻辑，海外业务作为增量补充</p>
<p>从行业角度来看，工业预制钢结构建筑主要服务于制造工厂和工业项目，其需求与制造投资周期高度相关。随着制造业向更高端、更大规模和更集约化的方向发展，工业项目对建设效率、结构安全和系统集成能力的要求日益提高，使得预制钢结构在工业建筑中的应用具有明确的工业合理性。</p>
<p>在继续深化国内工业市场的同时，美联也逐步扩展其相关的海外业务。招股说明书披露，公司工业环保设备业务的收入主要来自海外市场。该细分市场的收入从 2022 年的 3182 万元增加到 2024 年的约 1 亿元，毛利率在此期间上升至 18.9%。相关业务覆盖多个海外市场，并已获得中国、美国、欧洲和加拿大的认证，为公司的跨区域项目执行和海外扩展奠定了基础。</p>
<p>以香港上市为新的起点，推进长期工业建筑布局</p>
<p>在完成在香港证券交易所上市后，美联正式进入公共资本市场体系。根据招股说明书中披露的发展方向，公司未来将继续深化在工业建筑领域的布局。在巩固核心预制钢结构业务的同时，公司将促进不同业务板块之间的协同，稳步推进海外市场的扩展。</p>
<p>在制造投资周期、工业建筑升级和海外需求逐步释放的背景下，美联通过多年的项目积累、稳定的收入规模和逐渐成型的海外布局，建立了可验证的商业基础。随着上市平台的建立，公司在工业预制钢结构细分市场的运营能力和发展路径预计将在更高透明度和更广泛市场参与的条件下持续推进。</p>
<p>来源：美国美联股份（上海）有限公司。</p>
<p>版权 2025 ACN Newswire。保留所有权利。</p>

美联股份

<p>USAS Building System (Shanghai) Co., Ltd. 于 2025 年 12 月 30 日在香港证券交易所正式上市。这标志着公司在中国工业预制钢结构市场中排名第三的重要里程碑。公司报告称，2022 年至 2024 年期间，收入稳定超过 10 亿元人民币，专注于分包服务。USAS 旨在扩大在国内和海外市场的影响力，利用其作为上市公司的新身份来增强运营能力和市场参与度</p>

<p>HONG KONG, Dec 30, 2025 - (ACN Newswire) - On 30 December, USAS Building System (Shanghai) Co., Ltd. (the 'Company' or 'USAS') was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited, marking the completion of an important step in the Company's entry into the international capital markets and the commencement of a new development phase as a publicly listed company accessible to public investors.</p>
<div class="lb-trans"><p>香港，2025 年 12 月 30 日 -（ACN Newswire）-2025 年 12 月 30 日，美国美联股份（上海）有限公司（以下简称 “公司” 或 “美联”）正式在香港联合交易所主板上市，标志着公司进入国际资本市场的重要一步的完成，以及作为一家面向公众投资者的上市公司新发展阶段的开始。</p>
</div><p>The successful listing represents not only a key milestone in the development history of USAS, but also brings the industrial prefabricated steel structure segment'long serving the manufacturing sector'into clearer view of the capital markets through a more representative business profile.</p>
<div class="lb-trans"><p>成功上市不仅代表了美联发展历史上的一个关键里程碑，也通过更具代表性的商业形象将长期服务于制造业的工业预制钢结构细分市场带入资本市场的视野。</p>
</div><p>As a prefabricated steel structure building solution provider focused on the industrial sector, USAS addresses the construction needs of manufacturing plants and industrial projects by offering integrated subcontracting services covering design optimisation, procurement, manufacturing and on-site installation. According to the Frost &amp; Sullivan Report, by revenue in 2024, the Company ranked third in China's industrial prefabricated steel structure building market.</p>
<div class="lb-trans"><p>作为一家专注于工业领域的预制钢结构建筑解决方案提供商，美联通过提供涵盖设计优化、采购、制造和现场安装的综合分包服务，满足制造工厂和工业项目的建设需求。根据 Frost &amp; Sullivan 报告，按收入计算，公司在 2024 年排名中国工业预制钢结构建筑市场的第三位。</p>
</div><p>A Stable Operating Scale Provides a Foundation After Listing</p>
<div class="lb-trans"><p>稳定的运营规模为上市后提供基础</p>
</div><p>From an operating perspective, USAS has established a relatively stable business scale. As disclosed in the prospectus, from 2022 to 2024, the Company recorded revenue of approximately RMB1,903 million, RMB1,453 million and RMB1,523 million, respectively, maintaining an overall scale at the level of over RMB1 billion. Among these, prefabricated steel structure building subcontracting services have consistently been the core source of revenue. In 2024, revenue from this business amounted to approximately RMB1,241 million, accounting for 81.5% of total revenue, demonstrating the Company's high level of focus on its core industrial prefabricated steel structure business.</p>
<div class="lb-trans"><p>从运营角度来看，美联已建立了相对稳定的业务规模。根据招股说明书，从 2022 年到 2024 年，公司分别录得收入约为 19.03 亿元、14.53 亿元和 15.23 亿元，整体规模保持在超过 10 亿元的水平。其中，预制钢结构建筑分包服务始终是核心收入来源。2024 年，该业务的收入约为 12.41 亿元，占总收入的 81.5%，显示出公司对其核心工业预制钢结构业务的高度关注。</p>
</div><p>Against the backdrop of pronounced project-based business characteristics, the Company's profitability structure has also remained relatively stable. From 2022 to 2024, USAS recorded overall gross profit margins of 12.7%, 14.8% and 12.5%, respectively, while the gross profit margin of the core subcontracting business remained within the 13%-15% range over the long term, reflecting a relatively mature operating system in project management, cost control and delivery capability. At the same time, the prospectus shows that the Company's operating cash flow performance has remained stable, with sound liquidity, providing the necessary financial support for the continued advancement of its business and the execution of projects.</p>
<div class="lb-trans"><p>在明显的项目型业务特征背景下，公司盈利结构也保持相对稳定。从 2022 年到 2024 年，美联的整体毛利率分别为 12.7%、14.8% 和 12.5%，而核心分包业务的毛利率长期保持在 13%-15% 的区间，反映出项目管理、成本控制和交付能力的相对成熟的运营体系。同时，招股说明书显示，公司运营现金流表现稳定，流动性良好，为其业务的持续推进和项目的执行提供了必要的财务支持。</p>
</div><p>Clear Long-Term Logic for Industrial Buildings, with Overseas Business as an Incremental Supplement</p>
<div class="lb-trans"><p>工业建筑的清晰长期逻辑，海外业务作为增量补充</p>
</div><p>From an industry perspective, industrial prefabricated steel structure buildings primarily serve manufacturing plants and industrial projects, and their demand is highly correlated with the manufacturing investment cycle. As manufacturing develops toward higher-end, larger-scale and more intensive operations, industrial projects increasingly require higher construction efficiency, structural safety and system integration capabilities, giving prefabricated steel structures a clear industrial rationale for application in industrial buildings.</p>
<div class="lb-trans"><p>从行业角度来看，工业预制钢结构建筑主要服务于制造工厂和工业项目，其需求与制造投资周期高度相关。随着制造业向更高端、更大规模和更集约化的方向发展，工业项目对建设效率、结构安全和系统集成能力的要求日益提高，使得预制钢结构在工业建筑中的应用具有明确的工业合理性。</p>
</div><p>While continuing to deepen its presence in the domestic industrial market, USAS has also gradually expanded its related overseas business. The prospectus discloses that revenue from the Company's industrial environmental equipment business is mainly derived from overseas markets. Revenue from this segment increased from approximately RMB31.82 million in 2022 to approximately RMB100 million in 2024, with the gross profit margin rising to 18.9% over the same period. The relevant business has covered multiple overseas markets and has obtained certifications in China, the United States, Europe and Canada, laying a foundation for the Company's cross-regional project execution and overseas expansion.</p>
<div class="lb-trans"><p>在继续深化国内工业市场的同时，美联也逐步扩展其相关的海外业务。招股说明书披露，公司工业环保设备业务的收入主要来自海外市场。该细分市场的收入从 2022 年的 3182 万元增加到 2024 年的约 1 亿元，毛利率在此期间上升至 18.9%。相关业务覆盖多个海外市场，并已获得中国、美国、欧洲和加拿大的认证，为公司的跨区域项目执行和海外扩展奠定了基础。</p>
</div><p>Using the Hong Kong Listing as a New Starting Point to Advance Long-Term Industrial Building Deployment</p>
<div class="lb-trans"><p>以香港上市为新的起点，推进长期工业建筑布局</p>
</div><p>Following the completion of its listing on the Hong Kong Stock Exchange, USAS has formally entered the public capital market system. In line with the development directions disclosed in the prospectus, the Company will continue to deepen its presence in the industrial building sector in the future. While consolidating its core prefabricated steel structure business, the Company will promote synergies among different business segments and steadily advance its overseas market expansion.</p>
<div class="lb-trans"><p>在完成在香港证券交易所上市后，美联正式进入公共资本市场体系。根据招股说明书中披露的发展方向，公司未来将继续深化在工业建筑领域的布局。在巩固核心预制钢结构业务的同时，公司将促进不同业务板块之间的协同，稳步推进海外市场的扩展。</p>
</div><p>Against the backdrop of manufacturing investment cycles, industrial building upgrades and the gradual release of overseas demand, USAS has built a verifiable business foundation through years of project accumulation, a stable revenue scale and a gradually taking-shape overseas footprint. With the listing platform now in place, the Company's operational capabilities and development path in the industrial prefabricated steel structure segment are expected to continue advancing under conditions of higher transparency and broader market participation.</p>
<div class="lb-trans"><p>在制造投资周期、工业建筑升级和海外需求逐步释放的背景下，美联通过多年的项目积累、稳定的收入规模和逐渐成型的海外布局，建立了可验证的商业基础。随着上市平台的建立，公司在工业预制钢结构细分市场的运营能力和发展路径预计将在更高透明度和更广泛市场参与的条件下持续推进。</p>
</div><p>Source: USAS Building System (Shanghai) Co., Ltd.</p>
<div class="lb-trans"><p>来源：美国美联股份（上海）有限公司。</p>
</div><p>Copyright 2025 ACN Newswire . All rights reserved.</p>
<div class="lb-trans"><p>版权 2025 ACN Newswire。保留所有权利。</p>
</div>

USAS Building System Listed on the Hong Kong Stock Exchange: A Top-Three Industrial Prefabricated Steel Structure Solution Provider Enters a New Phase in the Capital Markets

美联股份系统在香港证券交易所上市：作为排名前三的工业预制钢结构解决方案提供商，进入资本市场的新阶段