| 第一部分 3 | 引言 | | --- | --- | | 一、律师事务所及律师简介 3 | | | 二、律师制作法律意见书及《律师工作报告》的工作过程 4 | | | 文 第二部分 7 | 正 | | 一、本次发行的批准和授权 7 | | | 二、发行人本次发行的主体资格 22 | | | 三、本次发行的实质条件 23 | | | 四、发行人的设立 32 | | | 五、发行人的独立性 33 | | | 六、发行人的主要股东、控股股东及实际控制人 33 | | | 七、发行人的股本及演变 36 | | | 八、发行人的业务 36 | | | 九、关联交易及同业竞争 37 | | | 十、发行人的主要财产 39 | | | 十一、发行人的重大债权债务 40 | | | 十二、发行人重大资产变动及收购兼并 42 | | | 十三、发行人章程的制定与修改 43 | | | 十四、发行人股东大会、董事会、监事会会议规则及规范运作 43 | | | 十五、发行人董事、监事和高级管理人员及其变化 44 | | 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 ...

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 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 二零二五年八月 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。 3-3-2 | | | | 声明 2 | | ...

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 和信审字(2024)第 000263 号 山东万通液压股份有限公司全体股东: 一、审计意见 我们审计了山东万通液压股份有限公司(以下简称万通液压)财务报表,包 括 2023年 12月 31 日的合并及公司资产负债表,2023年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计 ...

证券代码：830839 证券简称：万通液压 公告编号：2025-065 山东万通液压股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 √特定对象调研 √现场参观 □新闻发布会 活动地点：山东省日照市五莲县山东路 1 号 参会单位：长江证券、东北证券、西南证券、财通证券、华福证券、中航证 券、开源证券、广发基金、东方基金、驼铃资产（排名不分先后） 上市公司接待人员：公司董事、副总经理、董事会秘书：王梦君女士 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如下： □分析师会议 □路演活动 √其他 （投资者线上交流会） 二、 投资者关系活动情况 活动时间：2025 年 9 月 10 日 动导引车（AGV）、井下运人车/服务车、除雪车、4*4 特种车、武警车等各类车 型匹配设计对应的油气悬挂，涉及到许多不同的悬架形式，包括有麦弗逊的， 有烛式悬挂的，有纵轴悬挂的，有双横臂的，还有非独立桥的，这些都形成了 成熟产品或提供 ...

北 交 所 研 究 万通液压（830839.BJ） 重卡、JG 装备等推动主要产品营收毛利双增，2025H1 归母净利润+40.33% ——北交所信息更新 2025 年 09 月 11 日 投资评级：买入（维持） | 日期 | 2025/9/10 | | --- | --- | | 当前股价(元) | 40.84 | | 一年最高最低(元) | 55.75/8.91 | | 总市值(亿元) | 48.69 | | 流通市值(亿元) | 26.98 | | 总股本(亿股) | 1.19 | | 流通股本(亿股) | 0.66 | | 近 3 个月换手率(%) | 274.04 | 北交所研究团队 北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025H1 实现归母净利润 0.67 亿元+40.33%，维持"买入"评级 万通液压披露半年报，2025H1 实现总营业收入 3.44 亿元，同比增长 13.12%；实 现归母净利润 0.67 亿元，同比增长 40.33%。考虑到万通液压在各主要产品类型 均产生较大增长，海外拓展成效显现，并预期合作盘古智能 ...

Market Overview - The engineering machinery sector experienced a decline of 0.28% on September 3, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Xugong Machinery (Code: 000425) with a closing price of 9.98, up 3.31% and a trading volume of 1.71 million shares, totaling 1.718 billion yuan [1] - Fushite (Code: 301446) closed at 30.58, up 2.62% with a trading volume of 40,300 shares, totaling 123 million yuan [1] - Anhui Heli (Code: 600761) closed at 20.16, up 2.60% with a trading volume of 307,500 shares, totaling 621 million yuan [1] - Conversely, significant decliners included: - Wantong Hydraulic (Code: 830839) closed at 39.68, down 5.59% with a trading volume of 22,200 shares, totaling 89.44 million yuan [2] - Huadong Heavy Machine (Code: 002685) closed at 8.29, down 5.26% with a trading volume of 693,500 shares, totaling 588 million yuan [2] - Shaoyang Hydraulic (Code: 301079) closed at 27.90, down 3.93% with a trading volume of 40,100 shares, totaling 114 million yuan [2] Capital Flow - The engineering machinery sector saw a net outflow of 82.3951 million yuan from institutional investors, while retail investors contributed a net inflow of 61.1566 million yuan [2] - The detailed capital flow for selected stocks showed: - Xugong Machinery had a net inflow of 1.22 billion yuan from institutional investors, while retail investors had a net outflow of 1.06 billion yuan [3] - Weiman Sealing (Code: 301161) had a net inflow of 74.8286 million yuan from institutional investors and a net outflow of 1.12 billion yuan from retail investors [3] - Fushite had a net inflow of 8.0905 million yuan from institutional investors, with a net outflow of 1.2838 million yuan from retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [1]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue of 344 million yuan, a year-over-year increase of 13.12%, and a net profit of 67.32 million yuan, reflecting a 40.33% growth [4][7]. - The report highlights significant growth in all three major business segments, with self-dumping truck special oil cylinders, mechanical equipment cylinders, and gas springs showing year-over-year increases of 25.95%, 3.96%, and 21.40% respectively [7]. - The gross margin has improved beyond expectations, with the gas spring segment achieving a gross margin of 49.73%, up 7.28 percentage points from the previous year, showcasing the company's cost reduction capabilities and product competitiveness [7]. - The company has demonstrated strong international competitiveness, with overseas revenue growth of 62.71% in 2024 and 41.24% in H1 2025 [7]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 702 million yuan in 2025, with a year-over-year growth rate of 11.7% [6]. - The net profit forecast for 2025 is 145 million yuan, reflecting a growth rate of 33.5% compared to the previous year [6]. - The report anticipates earnings per share of 1.22 yuan for 2025, with a projected price-to-earnings ratio of 35 times based on the closing price on August 27 [6][7].

New Consumption - The company achieved total operating revenue of 1.769 billion yuan in H1 2025, a year-on-year increase of 30.83% [2][8] - The total profit reached 241 million yuan, up 7.17% year-on-year, while the net profit attributable to shareholders was 186 million yuan, reflecting a growth of 5.21% [2][10] - The main brand, Marubi, maintained its position as the "No. 1 domestic brand in eye care" and the PL brand won the "Most Influential Makeup and Fragrance Brand" award [2][9] Machinery/Building Materials - The company reported operating revenue of 161 million yuan in H1 2025, a significant increase of 51.66% year-on-year, with a net profit of 23 million yuan, up 199.23% [12][15] - The balance machine business showed steady growth, while automation equipment and software information systems contributed significantly to performance [13][15] - The company is recognized as a leader in domestic balance machines, with new orders expected to increase as the company expands into high-end equipment manufacturing markets [15] Transportation - The company achieved approximately 766 million yuan in revenue in H1 2025, a decrease of 8.57% year-on-year, while the net profit was approximately 532 million yuan, an increase of 20.51% [16][17] - The main business of highways remains stable, with a significant increase in net profit in Q2 2025 due to the recovery of previously provisioned losses [16][17] - The company plans to distribute a cash dividend of 0.15 yuan per share, indicating a commitment to shareholder returns [16][18] North Exchange - The company reported revenue of 237 million yuan in H1 2025, a year-on-year increase of 7%, with a net profit of 52.68 million yuan, up 14% [20][21] - The domestic revenue grew by 31%, while overseas revenue faced challenges [21] - The company is actively developing new products in nuclear power and data center sectors, which are expected to drive future growth [21][22] Hydraulic Industry - The company achieved revenue of 344 million yuan in H1 2025, a year-on-year increase of 13%, with a net profit of 67.32 million yuan, up 40% [31][32] - The growth was driven by strong demand for dump truck cylinders and oil-gas springs, with significant improvements in gross margins [32][33] - The company is expanding into new fields such as autonomous driving and industrial robotics, indicating a strategic shift towards innovative applications [34][35]

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]