证券代码：830839 证券简称：万通液压 公告编号：2025-020 山东万通液压股份有限公司 2024 年年度权益分派预案公告 本公司及董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。 山东万通液压股份有限公司（以下简称"公司"）综合考虑股东的合理回 报，兼顾公司可持续发展的前提下，根据法律法规、《公司章程》《利润分配管 理制度》的相关规定，公司拟实施 2024 年年度权益分派。 一、权益分派预案情况 根据公司 2025 年 3 月 12 日披露的 2024 年年度报告（财务报告已经审计）， 截至 2024 年 12 月 31 日，上市公司合并报表归属于母公司的未分配利润为 234,128,639.93 元，母公司未分配利润为 234,143,744.38 元。 公司本次权益分派预案如下：公司目前总股本为 119,215,000 股，根据扣除 回购专户 1,005,029 股后的 118,209,971 股为基数，以未分配利润向全体股东每 10 股派发现金红利 5.00 元（含税）。本次权益分派共预计派发现金 ...

Corporate Partnerships and R&D - The company signed a cooperation agreement with Shandong University to establish a hydraulic component R&D and industrialization base, enhancing its industry influence and competitiveness [4]. - The company was approved to establish a national-level postdoctoral research workstation, aimed at enhancing its innovation capabilities and attracting high-end talent [10]. - The company has a strong commitment to R&D, as evidenced by its establishment of a technology innovation center in collaboration with Shandong University [7]. - The company is focusing on upgrading traditional products and developing new technologies in areas such as oil-gas springs and suspension systems [7]. - The company has been recognized as a "high-tech enterprise" and has achieved "specialized, refined, distinctive, and innovative" status at the national level [59]. - The company established a "Postdoctoral Research Station" to enhance its technical personnel and key technology breakthroughs, contributing to sustainable development and competitive strength [66]. - The company is involved in collaborative R&D projects focusing on upgrading traditional products, oil-gas spring enhancements, and integrated suspension systems [130]. - Key partners in R&D include Shandong University and Shandong Energy Equipment Group, with responsibilities divided for project execution and market implementation [130]. Financial Performance - The company's operating revenue for 2024 was CNY 628,514,501.51, a decrease of 5.99% compared to CNY 668,544,386.06 in 2023 [32]. - The net profit attributable to shareholders for 2024 increased by 37.02% to CNY 108,720,471.01 from CNY 79,347,699.87 in 2023 [32]. - The gross profit margin improved to 27.93% in 2024, up from 21.73% in 2023 [32]. - Total assets increased by 11.76% to CNY 763,411,454.50 at the end of 2024, compared to CNY 683,103,026.36 at the end of 2023 [34]. - The company's total liabilities rose by 9.43% to CNY 179,793,593.44 in 2024 from CNY 164,301,496.83 in 2023 [34]. - The net asset attributable to shareholders increased by 12.49% to CNY 583,617,861.06 in 2024, compared to CNY 518,801,529.53 in 2023 [34]. - The cash flow from operating activities for 2024 was CNY 121,863,581.19, an increase of 84.85% from CNY 65,926,456.70 in 2023 [34]. - The basic earnings per share for 2024 was CNY 0.9229, reflecting a growth of 35.80% from CNY 0.6796 in 2023 [32]. - The company reported a non-recurring profit of CNY 8,590,600.73 in 2024, compared to CNY 5,054,735.65 in 2023 [38]. Market Expansion and Product Development - The company is actively expanding its market presence and product offerings to maintain a competitive edge in the hydraulic industry [8]. - The company has developed a new multi-stage electric lifting cylinder for green heavy-duty new energy vehicles, enhancing energy efficiency and meeting environmental demands [51]. - The company’s international sales of specialized dump truck cylinders have shown continuous growth, contributing significantly to gross profit margins [52]. - The company is focusing on technological innovation, with successful developments in intelligent weighing full oil suspension systems and new oil and gas spring products [63]. - The company is focusing on the development of high-end hydraulic cylinders to meet the increasing demand for intelligent and environmentally friendly mining equipment [74]. - The company plans to expand its market presence in the oil-gas spring sector, particularly in non-road dump trucks and heavy-duty transport vehicles, driven by increasing demand in mining and construction industries [79]. - The company is enhancing its product offerings in the self-dumping truck market by introducing innovative hydraulic systems, which will broaden its product spectrum [128]. - The company is actively pursuing market expansion in the heavy-duty rigid mining truck sector, aligning with market development trends [127]. Sustainability and Environmental Initiatives - The company aims to enhance its sustainable development and brand influence through strategic partnerships and technological advancements [4]. - The company emphasizes green operations, implementing measures such as using water-based paints to reduce volatile organic compound emissions and replacing fuel forklifts with electric ones to lower nitrogen oxide and particulate emissions [143]. - The company achieved a 100% compliance rate in occupational health checks, ensuring a safe and healthy work environment for employees [144]. - The company has upgraded its electroplating production line to reduce pollutant emissions and enhance environmental protection measures [147]. - The overall market for oil-gas springs is projected to grow significantly due to the increasing adoption of energy-efficient and environmentally friendly vehicles in the mining sector [79]. Challenges and Risks - The company faces intensified market competition, particularly in the high-end hydraulic product market, and aims to enhance its competitive advantages through product development and quality improvement [164]. - Raw material price fluctuations pose a risk, as the cost of key materials like seamless steel pipes significantly impacts overall business costs [164]. - The company has a high customer concentration, with the top five customers accounting for 63.13% of sales, which poses a risk if any major customer faces financial difficulties [165]. - Accounts receivable at the end of the reporting period amounted to ¥152,610,549.27, representing 19.99% of total assets, indicating potential collection risks [165]. - The company has not identified any new significant risks during the reporting period, indicating stability in its external and internal operating environment [167]. Shareholder and Financial Management - The company distributed a cash dividend of RMB 4.00 per 10 shares, totaling RMB 47,319,988.40, based on a total share base of 118,299,971 shares [9]. - The total share capital of the company is 119,215,000 shares, with no preferred shares issued [25]. - The largest shareholder, Wang Wanfah, holds 40,388,000 shares, accounting for 33.88% of the total shares [192]. - The actual controller holds 85,064,000 voting rights, representing 71.35% of the total voting rights [195]. - The company has implemented an employee stock incentive plan, granting 3 million restricted stocks at a price of 3.5 yuan per share, with 235,125 shares released from restrictions during the reporting period [178].

Core Viewpoint - Pangu Intelligent (301456) has signed a strategic cooperation agreement with Shandong Wantong Hydraulic Co., Ltd. to establish a long-term and stable partnership in the hydraulic field, focusing on multiple dimensions such as R&D innovation, procurement collaboration, supply chain integration, market development, and capital operation [1] Group 1 - The strategic cooperation aims to leverage the strengths of both companies to enhance forward-looking research and product development [1] - The collaboration will improve supply chain efficiency and cost control capabilities [1] - The partnership includes capital investment cooperation to establish a complementary advantage mechanism [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][17]. Core Views - The company is expected to achieve a revenue of 629 million yuan in 2024, a decrease of 5.99% year-on-year, while the net profit attributable to the parent company is projected to be 109 million yuan, reflecting a growth of 37.02% year-on-year [4]. - The company has optimized its revenue structure, increasing the proportion of high-margin products, which has led to a 6.2 percentage point increase in overall gross margin [4]. - The company is actively developing new products such as intelligent oil-gas suspension systems, which are gaining market recognition and demand [5]. - The company has established capabilities in the design and production of electric cylinders and is developing lifting systems for dump trucks, which are expected to enhance its competitive edge [6]. Financial Summary and Valuation Indicators - Revenue (million yuan): 2022A: 505, 2023A: 669, 2024E: 629, 2025E: 781, 2026E: 968 [8]. - Net profit (million yuan): 2022A: 63, 2023A: 79, 2024E: 109, 2025E: 127, 2026E: 167 [8]. - Gross margin (%): 2022A: 21.8, 2023A: 21.9, 2024E: 26.4, 2025E: 24.2, 2026E: 25.0 [8]. - EPS (diluted, yuan): 2022A: 0.53, 2023A: 0.67, 2024E: 0.91, 2025E: 1.07, 2026E: 1.40 [8]. - P/E (times): 2022A: 50.8, 2023A: 40.6, 2024E: 29.6, 2025E: 25.3, 2026E: 19.3 [8].

证券代码：830839 证券简称：万通液压 公告编号：2025-007 山东万通液压股份有限公司 董事会提名委员会工作细则 本公司及董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、 审议及表决情况 公司于 2025 年 3 月 3 日召开了第四届董事会第十一次会议，逐项审议《关 于制定公司内部治理制度的议案》，通过了对《董事会提名委员会工作细则》 的制定，该制度无需提交股东大会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 二、 制度的主要内容，分章节列示： 山东万通液压股份有限公司 董事会提名委员会工作细则 第一章 总则 第一条 为进一步建立健全公司董事、高级管理人员的产生程序、完善公 司治理结构，根据《中华人民共和国公司法》《上市公司独立董事管理办法》 《北京证券交易所股票上市规则(试行)》《北京证券交易所上市公司持续监管指 引第 1 号——独立董事》等法律、法规、规范性文件以及《山东万通液压股份 有限公司章程》（以下简称"《公司章程》"）及其他有关规定，公司特设董事会 提名委员会，并制定 ...

证券代码：830839 证券简称：万通液压 公告编号：2025-010 山东万通液压股份有限公司舆情管理制度 本公司及董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、 审议及表决情况 公司于 2025 年 3 月 3 日召开了第四届董事会第十一次会议，逐项审议《关 于制定公司内部治理制度的议案》，通过了对《舆情管理制度》的制定，该制 度无需提交股东大会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 二、 制度的主要内容，分章节列示： 山东万通液压股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高山东万通液压股份有限公司（以下简称"公司"）应对 各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对 公司股价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合 法权益，根据相关法律法规及《山东万通液压股份有限公司章程》（以下简称 "《公司章程》"）的相关规定，制订本制度。 第二条 本制度所称舆情包括： 第二章 舆情管理的组织体系及工作职责 （一）报刊、电视、网络等媒 ...

证券代码：830839 证券简称：万通液压 公告编号：2025-008 山东万通液压股份有限公司 董事会薪酬与考核委员会工作细则 本公司及董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、 审议及表决情况 公司于 2025 年 3 月 3 日召开了第四届董事会第十一次会议，逐项审议《关 于制定公司内部治理制度的议案》，通过了对《董事会薪酬与考核委员会工作 细则》的制定，该制度无需提交股东大会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 二、 制度的主要内容，分章节列示： 酬的董事长和董事；高级管理人员是指董事会聘任的总经理、副总经理、董事 会秘书、财务负责人及总经理提名董事会认定的其他高级管理人员。 第二章 人员组成 第三条 薪酬与考核委员会成员由三名董事组成，其中独立董事占多数。 第四条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者三 分之一以上董事提名，并由董事会选举产生。 第五条 薪酬与考核委员会设主任委员一名，为委员会的召集人，由薪酬 与考核委员会在独立董事委员中选举产生。 ...

证券代码：830839 证券简称：万通液压 公告编号：2025-009 山东万通液压股份有限公司 董事会战略委员会工作细则 山东万通液压股份有限公司 董事会战略委员会工作细则 本公司及董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、 审议及表决情况 公司于 2025 年 3 月 3 日召开了第四届董事会第十一次会议，逐项审议《关 于制定公司内部治理制度的议案》，通过了对《董事会战略委员会工作细则》 的制定，该制度无需提交股东大会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 二、 制度的主要内容，分章节列示： 第一章 总则 第一条 为适应山东万通液压股份有限公司（以下简称"公司"）战略发展 需要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决 策科学性并提高重大投资决策的效率和决策的质量，根据《中华人民共和国公 司法》《上市公司独立董事管理办法》等法律、法规、规范性文件以及《山东万 通液压股份有限公司章程》（以下简称"《公司章程》"）及其他有关规定，公司 设立董事会战略委员会， ...

证券代码：830839 证券简称：万通液压 公告编号：2025-006 山东万通液压股份有限公司 关于设立董事会专门委员会并选举委员的公告 本公司及董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。 山东万通液压股份有限公司（以下简称"公司"）于 2025 年 3 月 3 日召开第 四届董事会第十一次会议，审议通过了《关于设立董事会专门委员会并选举委员 的议案》，现将有关情况公告如下： 一、董事会专门委员会设立情况 为健全公司法人治理结构、加强内控管理体系建设、强化科学决策程序，根 据《公司法》《上市公司治理准则》《北京证券交易所股票上市规则（试行）》等 有关法律、法规、部门规章、规范性文件的有关规定，经公司第四届董事会第十 一次会议审议通过，公司在董事会下设提名委员会、薪酬与考核委员会、战略委 员会。 二、董事会专门委员会人员组成情况 上述董事会专门委员会委员的任期自公司第四届董事会第十一次会议审议 通过之日起生效至第四届董事会任期届满之日止。委员会委员在任职期间不再担 任公司董事职务时，其委员资格自动丧失。 三 ...

证券代码：830839 证券简称：万通液压 公告编号：2025-011 山东万通液压股份有限公司 关于拟修订《公司章程》公告 | 董事中会计专业人士担任召集人。 | 部由董事组成，委员会成员应为单数， | | --- | --- | | | 并不得少于 3 名。其中审计委员会、 | | | 薪酬与考核委员会、提名委员会中独 | | | 立董事应占多数并担任召集人；审计 | | | 委员会成员应当为不在公司担任高级 | | | 管理人员的董事，并由独立董事中会 | | | 计专业人士担任召集人。战略委员会 | | | 设召集人一名，由全体委员过半数推 | | | 举产生。 | | 新增 | 第一百三十一条 董事会薪酬与考核 | | | 委员会负责制定董事、高级管理人员 | | | 的考核标准并进行考核，制定、审查董 | | | 事、高级管理人员的薪酬政策与方案， | | | 并就下列事项向董事会提出建议： | | | （一） 董事、高级管理人员的薪酬； | | | （二）制定董事、高级管理人员的考 | | | 核标准并进行考核； | | | （三）制定或者变更股权激励计划、员 | | | 工持股计划，激励对象获 ...