| 证券代码：920839 | 证券简称：万通液压 公告编号：2025-119 | | --- | --- | | 债券代码：810013 | 债券简称：万通定转 | 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 □业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 11 月 19 日 活动地点：山东省日照市五莲县山东路 1 号 参会单位及人员：贝寅基金、煜德投资、一乾投资、左侧投资、胤胜资产、 滦海资本、东吴证券、西部证券、长江证券、中泰证券、华源证券、开源证券（排 名不分先后） 上市公司接待人员：公司董事、总经理王刚先生；董事、副总经理、董事会 秘书王梦君女士 尽管国际形势变化存在不确定性，但基于与核心客户的深度沟通及对行业 趋势的研判，我们认为境外市场仍蕴含重要发展机遇，对其前景充满信心。公 司将聚焦主业，持续优化自卸车专用油 ...

一、 减持主体减持前基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比 | 当前持股股 | | --- | --- | --- | --- | --- | | | | （股） | 例（%） | 份来源 | | 孔祥娥 | 控股股东、实际控制人的 | | | 北交所上市 | | | 一致行动人、持股 5%以上 | 16,102,500 | 13.62% | 前取得 | | | 股东 | | | | | 王刚 | 控股股东、实际控制人的 一致行动人、持股 5%以上 | | | 北交所上市 | | | 股东、董事、高级管理人 | 17,850,000 | 15.10% | 前取得 | | | 员 | | | | | 王梦君 | 控股股东、实际控制人的 一致行动人、持股 5%以上 | 10,723,500 | 9.07% | 北交所上市 | | | 股东、董事、高级管理人 | | | 前取得 | | | 员 | | | | | 厉建慧 | 高级管理人员 | 125,000 | 0.11% | 北交所上市 前取得及参 与公司股权 | | | | | | 激励计划取 | | | | | | 得 | 注：因公司 ...

证券代码：920839 证券简称：万通液压 公告编号：2025-117 债券代码：810013 债券简称：万通定转 （一）会议召开情况 山东万通液压股份有限公司 2025 年第三次临时股东会决议公告 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 11 月 11 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.召开情况合法合规的说明： 本次股东会的召集程序符合《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会的股东共 17 人，持有表决权的股份总数 88,235,317 股，占公司有表决权股份总数的 74.6429%。 其中通过网络投票参与本次股东会的股东共 5 人，持有表决权的股份总数 2 ...

北京植德（上海）律师事务所 关于山东万通液压股份有限公司 法律意见书 植德沪(会)字[2025]0049 号 二〇二五年十一月 上海市徐汇区虹桥路 183 号徐家汇中心三期 A 座办公楼 27 层 邮编：200030 27 th Floor Tower A, THREE itc, No.183 Hongqiao Road, Xuhui District, Shanghai 200030 P.R.C 电话(Tel)：021-52533500 传真(Fax)：021-52533599 www.meritsandtree.com 2025 年第三次临时股东会的 北京植德（上海）律师事务所 关于山东万通液压股份有限公司 2025年第三次临时股东会的 法律意见书 植德沪(会)字[2025]0049号 致：山东万通液压股份有限公司 北京植德（上海）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2025年第三次临时股东会（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 ...

Group 1 - The North Exchange 50 Index and the North Exchange Specialized and Innovative Index will undergo adjustments on December 15, 2025, with potential new additions and removals of companies based on quantitative indicators and buffer rules [3][6][12] - Expected companies to be added to the North Exchange 50 Index include Development Technology, Geberit, and Wantong Hydraulic, while companies like Zhongfangbiao, Qiuguan Cable, and Haitai New Energy may be removed [3][8][10] - For the North Exchange Specialized and Innovative Index, anticipated additions include Star Map Measurement and Control, Jun Chuang Technology, and Ju Xing Technology, with removals expected for companies like Runong Water Saving and Tongxiang Technology [12][13] Group 2 - The North Exchange A-share PE ratio has decreased to 49X, with a weekly average trading volume dropping to 231 billion [17][20] - The North Exchange 50 Index has reported a decline of 3.79%, closing at 1,522.73 points, while other indices like the Shanghai and Shenzhen 300 and the ChiNext have shown increases [18][22] - The market sentiment remains optimistic for the year, with a focus on several key themes, including the establishment of more public fund products targeting small and medium-sized stocks and the promotion of domestic consumption-related stocks [3][12][23] Group 3 - Recent IPO activities include the listing of two new companies, Zhongcheng Consulting and Danna Biology, with a total of 43 companies having gone public since January 1, 2024 [23][24] - The average issuance PE ratio for the 43 listed companies is 13.76X, with an average first-day price fluctuation of 264% [27][29] - The report highlights the ongoing normalization of new stock issuance processes at the North Exchange, with several companies currently in various stages of the IPO process [31]

证券代码：920839 证券简称：万通液压 公告编号：2025-116 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 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □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 10 月 27 日至 2025 年 10 月 28 日 活动地点：线上会议调研 参会单位：汇添富基金、创金合信基金、平安基金、中信建投基金、指南基 金、上汽金控、国联基金、华夏基金、安信基金、大湾区发展基金、中欧基金、 广发基金、兴银基金、中信证券、第一创业证券、开源证券、长江证券、红塔证 券、民生证券、兴业证券、国投证券、东北证券、华源证券、国信证券、东方证 券、方正证券、浙商证券、华鑫证券、、阳光资产、上海鹏山资产、上海弘尚投 资、杭州锐稳投资、上海益和源资产、上海森锦投资、华宝信托、肇万资产、中 银理财、联储证券、Tiger pacif ...

证券代码:920839 证券简称:万通液压 = 公告编号:2025-115 《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发行情况报告 书》等相关文件已披露于北京证券交易所指定信息披露平台 www.bse.cn,供投资 者查阅。 特此公告。 山东方 山东万通液压股份有限公司 关于定向发行可转换公司债券在北京证券交易所挂牌转让的公告 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 2025 年度向特定对象发行可转换公司债券总数 量为 1,500,000 张,债券简称:万通定转,债券代码:810013，其中限售债券数 量为 0 张,无限售债券数量为 1,500.000 张,本次定向发行可转换公司债券将于 2025 年 11 月 3 日起在北京证券交易所挂牌转让。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has achieved a revenue of 506 million yuan in Q1-Q3 2025, representing a year-on-year growth of 14.18%, and a net profit attributable to the parent company of 95.29 million yuan, up 26.13% year-on-year. The growth is attributed to significant increases across major product types and successful overseas expansion [3] - The company is expected to maintain its profit forecast, with projected net profits of 145 million yuan, 186 million yuan, and 201 million yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.23, 1.57, and 1.70 yuan [3] - The company is entering the wind power sector through a strategic partnership with Pangu Intelligent, which is expected to enhance its product offerings in hydraulic systems [5] Financial Performance - The company has experienced rapid growth in oil and gas spring products, with a compound annual growth rate (CAGR) of 116.46% in revenue from 2022 to 2024. In the first half of 2025, revenue reached 63.48 million yuan, a year-on-year increase of 21.40% [4] - The overseas revenue for the company grew by 41.24% year-on-year in the first half of 2025, indicating a strong international market presence [4] - The financial summary indicates projected revenues of 781 million yuan, 968 million yuan, and 1.087 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 145 million yuan, 186 million yuan, and 201 million yuan [6][9] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 37.9, 29.6, and 27.3 for 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [6][10] - The projected return on equity (ROE) is expected to be 21.7%, 22.9%, and 20.9% for the years 2025, 2026, and 2027 respectively, reflecting strong profitability [6][10]

Fixed Income - Credit yields have entered a smooth downward channel in October, with credit spreads showing a noticeable compression. For example, the yield of the 5Y AAA credit bond "25 ICBC Secondary Capital Bond 02BC" has decreased from 2.19% at the beginning of the month to 2.11% by the end of the week, a decline of nearly 8 basis points [10] - The report suggests a bullish outlook for the bond market, recommending a focus on 10Y government bonds, 30Y government bonds, and 5Y capital bonds, with expectations for the 10Y government bond yield to return to around 1.65% by year-end [16][12] Media and Internet - The AI comic industry is experiencing high growth driven by both supply and demand, with a significant increase in the number of AI comic productions and viewership. The market scale is expected to exceed 20 billion, with related companies projected to grow significantly [19] - The gaming sector is expected to continue benefiting from high-quality product performance, with recommendations to focus on major titles and new game pipelines that show structural growth opportunities [20] Pharmaceuticals - The pharmaceutical index has seen a slight increase of 0.58%, but innovative drugs are currently underperforming. However, the report anticipates a positive investment trend in innovative drugs as clinical research progresses and BD (business development) opportunities expand [30][33] - Breakthroughs in gene testing technology are opening up significant market opportunities, particularly in multi-cancer early screening and MRD (minimal residual disease) monitoring, with several companies achieving notable clinical trial results [31][32] Utilities and Environmental Protection - In September, electricity consumption growth was recorded at 4.5%, indicating a recovery in secondary industry electricity usage. The report highlights the importance of monitoring companies with potential third-quarter performance catalysts [36][37] - The coal supply is expected to remain strong, with a recovery in raw coal production and a stable demand outlook for winter heating [36] New Consumption - Li Ning's retail revenue has seen a decline due to external environmental disturbances, but online sales continue to grow. The company is actively expanding its offline store presence, which may support long-term growth [29] - The report emphasizes the importance of sports resources in aiding the company's business development in the medium to long term [29]

Market Overview - The engineering machinery sector experienced a decline of 0.75% on October 27, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Noli Co., Ltd. (603611) with a closing price of 25.81, up 6.56% on a trading volume of 177,300 shares and a turnover of 457 million [1] - Anhui Heli (600761) closed at 21.76, up 6.41% with a trading volume of 295,300 shares and a turnover of 634 million [1] - Tietuo Machinery (920706) closed at 25.40, up 5.44% with a trading volume of 95,800 shares and a turnover of 239 million [1] - Conversely, significant decliners included: - Wantong Hydraulic (920839) closed at 46.47, down 8.05% with a trading volume of 58,900 shares and a turnover of 280 million [2] - XCMG Machinery (000425) closed at 10.66, down 6.24% with a trading volume of 3,515,800 shares and a turnover of 385 million [2] - Sany Heavy Industry (600031) closed at 22.53, down 1.66% with a trading volume of 1,027,500 shares and a turnover of 2.345 billion [2] Capital Flow - The engineering machinery sector saw a net outflow of 826 million from institutional investors, while retail investors contributed a net inflow of 666 million [2] - Key stocks with significant capital flow included: - XGMA (600815) had a net inflow of 40.12 million from institutional investors, but a net outflow of 26.10 million from retail investors [3] - Hengli Hydraulic (601100) saw a net inflow of 39.40 million from institutional investors, with a net outflow of 30.37 million from retail investors [3] - Noli Co., Ltd. (603611) had a net inflow of 29.13 million from institutional investors, but a net outflow of 33.47 million from retail investors [3]