证券之星消息，9月3日工程机械板块较上一交易日下跌0.28%，万通液压领跌。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000425 | 徐工机械 | 9.98 | 3.31% | 171.18万 | | 17.18亿 | | 301446 | 福事特 | 30.58 | 2.62% | 4.03万 | | 1.23亿 | | 600761 | 安徽合力 | 20.16 | 2.60% | 30.75万 | | 6.21亿 | | 836942 | 恒立钻具 | 44.85 | 1.93% | - 3.27万 | | 1.44亿 | | 605389 | 长龄液压 | 45.06 | 1.90% | 2.06万 | | 9227.72万 | | 301161 | 唯万密封 | 34.93 | 0.92% | 11.89万 | | 4.15亿 | | ...

上 市 公 司 机械设备 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 4.99 | | 资产负债率% | 23.53 | | 总股本/流通 A 股（百万） | 119/66 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-27 09-27 10-27 11-27 12-27 01-27 02-27 03-27 04-27 05-27 06-27 07-27 08-27 -100% 0% 100% 200% 300% 400% 万通液压 沪深300指数 (收益率) 相关研究 2025 年 08 月 28 日 万通液压 (830839) ——毛利率提升超预期，出口持续高增长验证公司国际竞 争力 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 42.79 | | 一年内最高/最低（元） | 55.75/8.91 | | 市净率 | 8.6 | | 股息率%（分红/股价） | 1.17 | | 流通 A 股市 ...

证券研究报告 交运 东莞控股(000828.SZ)点评：高速公路主业稳固，2025-2027 年分红收益可观： 公司 2025H1 实现收入约 7.66 亿元，同比-8.57%，归母净利润约 5.32 亿元，同比 +20.51%；其中 2025 年 Q2 实现收入 4.00 亿元，同比-6.28%，归母净利润 3.13 亿元，同比+699.24%。公司发布 2025 中期分红公告，公司拟向全体股东派发现金 红利 0.15 元/股（含税）。高速公路主业稳固，类金融业务收缩致收入承压。毛利率 变化主因收入结构调整，冲回计提损失助力业绩提升。改扩建稳步推进，新能源业 务网络快速扩张。公司高速主业优势夯实，多元化布局初见成效，高分红承诺稳定 股东收益，2028 年莞深高速改扩建结束后有望释放盈利增量。 晨会 hyzqdatemark 2025 年 08 月 27 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年08月27日 华源晨会精粹 20250827 新消费 丸美生物(603983.SH)点评：25H1 收入端高增，主品牌丸美势能向好：公司 25H1 实现总营业收入 17.69 亿元，同比增长 30 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit attributable to shareholders increased by 40% year-on-year in H1 2025, driven by high growth in overseas business and cost optimization [2] - The company is actively expanding into new fields such as autonomous mining vehicles and humanoid robots, supported by a recently approved convertible bond project [4] Financial Performance Summary - In H1 2025, the company achieved total revenue of 344 million yuan, net profit of 67 million yuan, and net profit excluding non-recurring items of 66 million yuan, representing year-on-year increases of 13%, 40%, and 42% respectively [2] - The gross profit margin and net profit margin for H1 2025 were 30.56% and 19.55%, reflecting increases of 4.26 percentage points and 3.79 percentage points year-on-year [2] - Revenue from the domestic market was 298 million yuan (up 10% year-on-year), while overseas revenue reached 46 million yuan (up 41% year-on-year) [2] Business Segment Performance - The three main business segments showed growth: 1. Dump truck cylinders saw a revenue increase of 26% to 86 million yuan, with a gross margin of 25.78% [3] 2. Mechanical equipment cylinders maintained stable revenue at 183 million yuan, with a gross margin of 26.34% [3] 3. Oil and gas springs revenue grew by 21% to 63 million yuan, with a gross margin of 49.73% [3] Future Outlook - The company plans to issue a 150 million yuan convertible bond in collaboration with Pangu Intelligent, which has been approved by the Beijing Stock Exchange [4] - The company is focusing on research and development in emerging fields, including intelligent hydraulic lifting systems for autonomous mining vehicles and high-precision components for humanoid robots [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 to 2027 is 137 million, 170 million, and 193 million yuan respectively, with corresponding P/E ratios of 35.57, 28.81, and 25.32 [1][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown robust growth in the first half of 2025, with a 40% year-on-year increase in net profit attributable to shareholders, driven by industry recovery and strategic product developments in intelligent oil-gas suspension and robotics [5][6] - The company's revenue for H1 2025 reached 344 million yuan, a 13% increase year-on-year, while the net profit attributable to shareholders was 67.32 million yuan, reflecting a 40% growth [6] - The report highlights significant growth in specific product lines, including a 25.95% increase in revenue from dump truck cylinders and a 21.40% increase from oil-gas springs, attributed to policy support and rising demand in the construction and new energy sectors [6] Summary by Sections Market Performance - The closing price as of August 25, 2025, was 44.56 yuan, with a total market capitalization of 5,312.22 million yuan and a circulating market value of 2,943.58 million yuan [3] Financial Performance - For H1 2025, the company reported a net cash flow from operating activities of 108.19 million yuan, a 48% increase year-on-year [6] - The sales expense ratio was 1.28%, and the management expense ratio was 2.74% [6] Revenue and Profit Forecast - The company expects net profits for 2025, 2026, and 2027 to be 141 million yuan, 185 million yuan, and 220 million yuan respectively, with corresponding P/E ratios of 37.7, 28.6, and 24.1 [7] - Revenue projections for 2025, 2026, and 2027 are 779 million yuan, 931 million yuan, and 1,102 million yuan, with growth rates of 23.87%, 19.62%, and 18.35% respectively [7] Product Development and Market Trends - The company is actively investing in R&D, with a 15.93% increase in R&D expenses in H1 2025, focusing on electric, intelligent, and systematized solutions [6] - The report notes a significant recovery in the heavy-duty dump truck market, with a 36.4% year-on-year increase in sales, and a substantial rise in new energy heavy truck sales by 184.68% [6]

Group 1 - The issuance of convertible bonds by Youji Co., Ltd. has been successfully completed, with 24 investment institutions actively participating in the subscription [1][3] - The scale of Youji's convertible bond issuance is 120 million yuan, with a term of 6 years, aimed at funding the intelligent flexible production line for valves and related technical upgrades [3] - The initial coupon rate for Youji's convertible bonds was determined through a bidding process, starting at 0.20% in the first year and increasing by 0.30% each subsequent year [3][7] Group 2 - Wantong Hydraulic's convertible bond issuance plan has resumed registration, with a proposed scale of 150 million yuan, aimed at attracting strategic partners [4] - Wantong Hydraulic reported a revenue of 344 million yuan in the first half of the year, a year-on-year increase of 13.12%, and a net profit of 67.32 million yuan, up 40.33% [4] - The funds raised from Wantong's convertible bond issuance will be used entirely to supplement working capital [4] Group 3 - The market is witnessing a growing interest in convertible bonds on the Beijing Stock Exchange, with institutions focusing on their intrinsic investment value [5] - The initial conversion price for convertible bonds on the Beijing Stock Exchange is generally set higher compared to those on the Shanghai and Shenzhen exchanges, which may affect their attractiveness [6] - The terms of convertible bonds on the Beijing Stock Exchange are stricter, with no down adjustment clauses, which may lead to a perception of lower value [7][8]

New Stock Issuance - The new stock issuance for Sanxie Electric (证券代码: 920100) is priced at 8.83[1] - Shenkou Co. (证券代码: 002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (证券代码: 600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] Market Alerts - Changcheng Military Industry (证券代码: 601606) is experiencing severe abnormal fluctuations[1] - ST Yanzhen (证券代码: 603389) has reported significant trading anomalies[1] - ST Zhongdi (证券代码: 000609) has been flagged for unusual trading activity[1] Other Notable Stocks - Zhanjiang Development (证券代码: 000753) and Pudong Construction (证券代码: 600284) are also under scrutiny for trading irregularities[1] - The stock of Zhaoyi Innovation (证券代码: 603986) is being monitored for potential volatility[1] - The stock of ST Suwu (证券代码: 600200) has been highlighted for its trading behavior[1]

Core Viewpoint - Wantong Hydraulic reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by innovation and market expansion efforts [1][2] Financial Performance - The company achieved operating revenue of 344 million yuan, a year-on-year increase of 13.12% - Net profit attributable to shareholders reached 67.32 million yuan, up 40.33% - Basic earnings per share were 0.57 yuan [1] Business Development - Focused on core business development, enhancing innovation, and implementing lean management practices - Steady growth in main business areas, with orderly progress in new product market development and significant results in international business expansion [1] - Research and exploration in electrification, intelligence, systemization, and servo control fields led to phased achievements in product iteration and technological innovation [1] Segment Performance - The revenue from special oil cylinders for dump trucks increased by 25.95% due to the positive effects of the old-for-new policy and the rapid growth of the new energy vehicle market [1] - The oil and gas spring products saw a revenue increase of 21.40%, with steady growth in order volume and enhanced brand influence [2] - Mechanical equipment cylinders benefited from active market expansion, with overall revenue growth of 3.96% in this segment [2] Market Analysis - Domestic market showed recovery in demand for special oil cylinders for dump trucks, with a year-on-year revenue increase of 9.74% - Internationally, the company achieved a significant revenue increase of 41.24%, driven by the high reliability and core technology advantages of its products [2]

Group 1 - The company reported a revenue of 344 million yuan in the first half of 2025, representing a year-on-year increase of 13.12% [1] - The net profit attributable to shareholders reached 67.32 million yuan, showing a year-on-year growth of 40.33% [1] - The net cash flow from operating activities was 108 million yuan, up 48.40% year-on-year [1] Group 2 - The company focused on four main industries: automotive, energy extraction equipment, engineering machinery, and national defense equipment, leading to significant growth in core products [1] - The revenue from specialized oil cylinders for dump trucks increased by 25.95% due to the positive effects of the vehicle replacement policy and the rapid growth of the new energy vehicle market [1] - The demand for oil and gas spring products surged, with revenue increasing by 21.40% year-on-year, and overseas revenue grew by 41.24% [2] Group 3 - The company enhanced its research and development efforts, with R&D expenses rising by 15.93%, focusing on innovative projects in smart driving and industrial robotics [2] - Lean management practices have improved the company's profitability, with a systematic upgrade of the entire value chain from R&D to sales [3] - Automation and digital transformation initiatives have significantly increased production efficiency and reduced costs [3]

山东万通液压股份有限公司 第四届监事会第十二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 证券代码：830839 证券简称：万通液压 公告编号：2025-062 二、议案审议情况 （一）审议通过《关于<2025 年半年度报告及报告摘要>的议案》 （一）会议召开情况 1.会议召开时间：2025 年 8 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2025 年 8 月 15 日以书面方式发出 5.会议主持人：监事会主席苏金杰先生 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开符合《中华人民共和国公司法》《公司章程》和《监 事会制度》的相关规定。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 1.议案内容： 根据《公司法》《证券法》《北京证券交易所股票上市规则》等法律、法规 及规范性文件的要求，公司监事会对公司《2025 年半年度报告及报告摘要》进 行了审核，并发表审 ...