北京市中伦律师事务所 关于山东万通液压股份有限公司 向特定对象发行可转换公司债券的 法律意见书 2025 年 4 月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 法律意见书 | 《业务细则》 | 指 | 《北京证券交易所上市公司向特定对象发行可转换公司债券业 | | --- | --- | --- | | | | 务细则》 | | 《编报规则第 12 | 指 | 《公开发行证券公司信息披露的编报规则第 号—公开发行证 12 | | 号》 | | 券的法律意见书和律师工作报告》（证监发[2001]3 ...

山东万通液压股份有限公司 向特定对象发行可转换公司债券 之 申请挂牌转让保荐书 保荐机构（主承销商） 中国（上海）自由贸易试验区世纪大道 1198 号 28 层 二零二五年四月 长江证券承销保荐有限公司 关于 声明 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）接受 山东万通液压股份有限公司（以下简称"万通液压"、"发行人"或"公司"） 的委托，担任其向特定对象发行可转换公司债券的保荐机构和主承销商。 本保荐机构及保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《证券发行 上市保荐业务管理办法》（以下简称"《保荐业务管理办法》"）《北京证券交 易所证券发行上市保荐业务管理细则》（以下简称"《保荐业务管理细则》"） 《北京证券交易所上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）等法律、法规和规范性文件及中国证监会和北京证券交易所的规定，诚 实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具申请挂牌 转让保荐书，并保证所出具文件的真实性、准确性和完整性。 本申请挂牌转让保荐书中如无特别说明，相关用语与 ...

长江证券承销保荐有限公司 关于 山东万通液压股份有限公司 向特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） 中国（上海）自由贸易试验区世纪大道 1198 号 28 层 二零二五年四月 声明 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）接受 山东万通液压股份有限公司（以下简称"万通液压"、"发行人"或"公司"）的 委托，担任其向特定对象发行可转换公司债券的保荐机构和主承销商。 本保荐机构及保荐代表人根据《中华人民共和国公司法》（以下简称"《公司 法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《证券发行上市保荐业 务管理办法》（以下简称"《保荐业务管理办法》"）《北京证券交易所证券发行上 市保荐业务管理细则》（以下简称"《保荐业务管理细则》"）《北京证券交易所上 市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等法律、法规和 规范性文件及中国证监会和北京证券交易所的规定，诚实守信，勤勉尽责，严格 按照依法制定的业务规则和行业自律规范出具发行保荐书，并保证所出具文件的 真实性、准确性和完整性。 本发行保荐书中如无特别说明，相关用语与《山东万通液压股份有限公 ...

山东万竭液压股份有限公司 审计报告 和信审字(2024)第 000263 号 | 目 美 | 刷 页 | | --- | --- | | 一、审计报告 | 1-5 | | 二、已审财务报表及附注 | | | 1、合并及公司资产负债表 | 6-9 | | 2、合并及公司利润表 | 10-11 | | 3、合并及公司现金流量表 | 12-13 | | 4、合并及公司所有者权益(股东权益)变动表 | 14-17 | | 5、财务报表附注 | 18-99 | 和信会计师事务所 (特殊普通合伙) 二〇二四年四月十日 您可使用手机"扫一扫"或进入]"注册会计师行业统一监管平台（http://acc.mof.gov.cn】 山东万通液压股份有限公司 报告正文 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了万通液压 2023年12月 31 日的合并及公司财务状况以及 2023 年度合 并及公司的经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计 ...

关于山东万通液压股份有限公司 北京植德律师事务所 2024 年年度股东大会的 法律意见书 植德京(会)字[2025]0022 号 二〇二五年四月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 1 关于山东万通液压股份有限公司 2024年年度股东大会的 法律意见书 植德京(会)字[2025]0022号 致：山东万通液压股份有限公司 北京植德律师事务所（以下简称"本所"）接受山东万通液压股份有限公司 （以下简称"公司"或"万通液压"）的委托，指派律师出席并见证公司2024年 年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法 ...

（一）会议召开情况 证券代码：830839 证券简称：万通液压 公告编号：2025-046 山东万通液压股份有限公司 2024 年年度股东大会决议公告 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。 一、会议召开和出席情况 1.会议召开时间：2025 年 4 月 2 日 2.会议召开地点：山东省日照市五莲县山东路 1 号山东万通液压股份有限公 司办公楼二楼会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长王万法先生 6.召开情况合法、合规、合章程性说明： 本次股东大会的召集程序符合《公司法》《公司章程》及有关法律法规、规 范性文件的规定。本次会议的召开无需其他相关部门批准或履行必要程序。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 16 人，持有表决权的股份总数 86,851,491 股，占公司有表决权股份总数的 73.4722%。 其中通过网络投票参与本次股东大会的股东共 3 人，持有表决权的股份总数 47,488 股，占公司有表决权股份总数 ...

Investment Rating - The investment rating for the company is "Hold" (downgraded) [1] Core Views - The company reported a revenue of 629 million yuan in 2024, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders increased by 37.02% to 109 million yuan [4] - The company is optimizing its product structure, which has led to a significant increase in net profit, supported by a decrease in raw material prices and automation upgrades [6] - The domestic engineering machinery market shows signs of recovery, with excavator sales increasing by 52.8% year-on-year in February, indicating a positive trend for the company's related products [6] - The company is actively launching new products, including oil-gas spring products and electric cylinders, which are expected to open up growth opportunities [6] Financial Performance - The company’s total revenue for 2023 was 668.54 million yuan, with a projected revenue of 784.09 million yuan for 2025, reflecting a growth rate of 24.75% [8] - The net profit for 2023 was 79.35 million yuan, with an expected increase to 144.36 million yuan by 2025, indicating a growth rate of 32.78% [8] - The company's comprehensive gross margin improved by 6.20 percentage points year-on-year, driven by the increase in high-margin product revenue [6] Market Outlook - The engineering machinery industry is expected to continue its positive trajectory, benefiting from sustained demand growth and policy support [6] - The company has established a partnership with a leading manufacturer in the lubrication systems sector, which is anticipated to enhance its market position in the hydraulic cylinder segment [6]

Group 1: Investor Relations Activity - The company held an annual performance briefing on March 26, 2025, via an online platform, attended by investors [3] - Key company representatives included the Chairman, General Manager, and Financial Director [3] Group 2: Market Expansion and Product Development - The company is expanding into the new energy vehicle and wind power sectors, with strategic partnerships to enhance product offerings [4] - A strategic cooperation agreement was signed with Pangu Intelligent for joint research in wind power hydraulic systems [4] - The company reported a 62.71% year-on-year increase in overseas sales, attributed to successful international market expansion [6] Group 3: Financial Performance and Shareholder Returns - The company has distributed a total of 136.15 million CNY in cash dividends over the past three years, representing 162.46% of the average annual net profit attributable to shareholders [10] - The proposed cash dividend for 2024 is 5 CNY per 10 shares, totaling approximately 59.11 million CNY, with a cash dividend ratio of 54.36% [11] Group 4: Research and Development Initiatives - The company is focusing on the development of planetary roller screw technology for robotic applications, aiming to enhance precision processing capabilities [5] - Ongoing projects in deep-sea technology and high-end marine equipment are in the research phase, with no bulk orders yet [5] Group 5: Future Outlook and Strategic Planning - The company aims to maintain a high gross profit margin through cost reduction and efficiency improvements, while also expanding its international market presence [9] - Plans for a convertible bond issuance are underway, pending shareholder and regulatory approvals [7] - The company is committed to enhancing its market value through brand building and effective communication with investors [11]

Core Viewpoint - Shandong Wantong Hydraulic Co., Ltd. reported significant improvements in profitability and financial health for 2024, with a net profit of 109 million yuan, a year-on-year increase of 37.02%, and a strong cash flow from operating activities of 122 million yuan, reflecting ongoing operational quality improvements [1][2]. Financial Performance - In 2024, the company achieved a record net profit of 109 million yuan, marking a 37.02% increase compared to 2023, and has maintained high growth for three consecutive years [1]. - The net cash flow from operating activities reached 122 million yuan, representing an 84.85% year-on-year growth, indicating improved operational quality [1]. - The asset-liability ratio stood at 23.55%, showcasing a robust asset structure and excellent debt repayment capability [1]. Future Business Plans - The company plans to focus on five key areas for future operations, including enhancing existing products and exploring new fields such as electric cylinders and intelligent oil-gas suspension systems [2]. - Emphasis will be placed on innovation-driven development, increasing R&D investment, and enriching the product matrix to enhance competitiveness [2]. - Lean management will be prioritized to improve management efficiency and achieve sustainable development through cost management and resource optimization [2]. Digital Transformation - The company aims to drive innovation through digital transformation, focusing on digital manufacturing, design, and management as core areas for future growth [3]. - Key growth points for 2025 and beyond include expanding oil-gas spring products into new applications, accelerating overseas market development, and responding to the recovery in the engineering machinery sector [3]. Shareholder Returns - The company maintains a generous dividend policy, with a cash dividend distribution plan of 5 yuan per 10 shares for 2024, totaling approximately 59.11 million yuan, resulting in a cash dividend ratio of 54.36% [4][5]. - Over the past three years, the company has distributed a total of 136.15 million yuan in cash dividends, representing 162.46% of the average annual net profit attributable to shareholders [5]. - The company’s controlling shareholder has not reduced their holdings since the IPO and has no plans to do so, emphasizing a commitment to shareholder value [5].

Core Viewpoint - The company has achieved significant growth in 2024, with record net profits and a strong focus on expanding both domestic and international markets while enhancing product development and collaboration across business segments [1][2][3]. Financial Performance - The company reported a total revenue of 629 million yuan and a net profit attributable to shareholders of 109 million yuan, representing a year-on-year increase of 37.02% [1]. - The net cash flow from operating activities reached 122 million yuan, showing an impressive growth of 84.85% year-on-year [1]. Product Development and Market Strategy - The company is focusing on four main industries: automotive, energy extraction machinery, engineering machinery, and JG equipment, while advancing high-end, intelligent, and green technologies [1]. - The oil and gas spring product line has seen a significant increase in standardization and series development, with revenue growth of 93.34% year-on-year [1][2]. - The company is actively developing new oil and gas spring products for various vehicle types, including heavy-duty mining trucks and special transport vehicles, to meet market demands for intelligent and safe driving [2]. International Market Expansion - The company has made notable progress in international market expansion, with overseas revenue increasing by 62.71% year-on-year due to successful promotion of customized products [3]. - Future plans include enhancing international trade sales platforms and deepening cooperation with global clients to increase the share of overseas revenue [4].