山东万通液压股份有限公司 发行情况报告书 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 保荐人（主承销商） 二〇二五年十月 1 山东万通液压股份有限公司 发行情况报告书 非董事高级管理人员签名： 发行人全体董事、高级管理人员声明 公司全体董事、高级管理人员承诺本发行情况报告书不存在虚假记载、误导 性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 王万法 李美文 王月虎 景传明 厉建慧 于善利 崔飞龙 2 全体董事签名： 顾亮 冯绪良 王刚 王梦君 山东万通液压股份有限公司 年 月 日 山东万通液压股份有限公司 发行情况报告书 3 山东万通液压股份有限公司 发行情况报告书 4 山东万通液压股份有限公司 发行情况报告书 发行人审计委员会声明 公司审计委员会承诺本发行情况报告书不存在虚假记载、误导性陈述或重大 遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 审计委员会委员签名： 王万法 王月虎 李美文 山东万通液压股份有限公司 5 年 月 日 山东万通液压股份有限公司 发行情况报告书 6 | 释 义 … | | --- | | 第一节 本次发行的基本情况 | | ...

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 可转换公司债券发行过程和认购对象 合规性的报告 保荐人（主承销商） 二〇二五年十月 1 山东万通液压股份有限公司（以下简称"万通液压""发行人"或"上市公 司"）已收到中国证券监督管理委员会（以下简称"中国证监会"）于 2025 年 9 月 10 日出具的《关于同意山东万通液压股份有限公司向特定对象发行可转换 公司债券注册的批复》（证监许可﹝2025﹞2004 号），该批复的主要内容为"一、 同意你公司向特定对象发行可转换公司债券的注册申请。…三、本批复自同意注 册之日起 12 个月内有效。" 如无特别说明，本报告中涉及的简称与《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募集说明书（注册稿）》（以下简称"《募集说明书》"） 中释义相同。长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐人（主 承销商）"）作为上市公司本次发行的保荐人及本次发行的主承销商，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》《北京证券交 易所上市公司证券发行 ...

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 发行过程和认购对象合规性的 法律意见书 二〇二五年十月 发行过程和认购对象合规性的 法律意见书 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 法律意见书 （三）本法律意见书仅就与本次发行有关的中国境内法律问题发表法律意见， 本所及经办律师并不具备对有关会计、验资及审计、资产评估、信用评级、投资 决策等专业事项和境外法律事项发表专业意见的适当资格。基于专业分工及归位 尽责的原则，本所律师对境内法律事项履行了证券法律专业人士的特别注意义务； 对财务、会计、评估等非法律事项履行了普通人一般的注意义务。本法律意见书 中涉及财务、会计、验资及审计、评估、投资决策等专业事项的内容时，本所律 师履行了必要的调查、复核工作，形成合理信赖，并严格按照保荐机构及其他证 券服务机构出具的专业文件和/或发行人的说明予以引述；涉及境外法律或其他 境外事项相关内容时，本所律师亦严格按照有关中介机构出具的专业文件和/或 发行人的说明予以引述。该等引述并不意味着本所及本所律师对所引用内容的真 实性和准确性作出任何明示或默示的 ...

Group 1 - The Bay Area Semiconductor Expo successfully showcased high-growth semiconductor targets, with 18 companies in the semiconductor industry on the North Exchange, totaling a market value of 73.242 billion yuan as of October 17, 2025 [2][22][24] - Tonghui Electronics (920509.BJ) achieved a revenue of 101 million yuan in H1 2025, representing a year-on-year growth of 16.81%, and a net profit of 29.3099 million yuan, up 55.40% year-on-year [2][24][27] - The semiconductor industry is expected to benefit from the integration of the entire semiconductor supply chain, with significant participation from top global companies [12][13] Group 2 - The average weekly decline for five major industries, including high-end equipment and information technology, was recorded at -4.50% and -5.43% respectively [3][28] - The median price-to-earnings (PE) ratio for the high-end equipment industry dropped to 40.1X, while the information technology sector saw an increase to 69.6X [3][30] - The chemical new materials industry also experienced a decline in median PE ratio to 40.4X, with notable performers like Litong Technology increasing by 39.83% [3][31] Group 3 - In the technology sector, the median TTM PE ratio for 156 companies decreased from 48.9X to 45.8X, with an overall market capitalization drop from 495.739 billion yuan to 471.131 billion yuan [4][40][41] - The top five gainers in the technology sector included Wantong Hydraulic (+16.56%) and Tonghui Electronics (+15.66%) [4][38][43] - The smart manufacturing industry saw its median PE ratio drop to 50.1X, while the electronic industry’s median PE ratio fell to 54.0X [4][45][51] Group 4 - The third-quarter reports are being disclosed, highlighting high-growth and scarce targets such as Yabo Xuan, which reported a revenue of 419 million yuan, up 55.9% year-on-year [5][62] - Other companies like Minshida and Lichuang Technology also reported significant revenue growth, with Minshida achieving 343 million yuan in revenue, a 21.77% increase [5][63] - The announcements indicate a focus on innovation and technology advancements, with several companies receiving patents and regulatory approvals [5][62][63]

山东万通液压股份有限公司 证券代码：920839 证券简称：万通液压 公告编号：2025-107 库存股注销完成暨股份变动公告 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、 库存股注销情况 山东万通液压股份有限公司（以下简称"公司"）于 2022 年 4 月 28 日召开第三 届董事会第十七次会议、第三届监事会第十六次会议，审议通过了《关于公司股份回 购方案的议案》。公司使用不低于 900 万元不超过 1,800 万元的自有资金回购公司股 份用于股权激励或员工持股计划，拟回购股份数量不少于 1,000,000 股，不超过 2,000,000 股，回购价格不超过人民币 9 元/股。回购股份的实施期限为自董事会审议 通过股份回购方案之日起不超过 6 个月。本次股份回购期限自 2022 年 4 月 29 日开 始，至 2022 年 10 月 28 日结束。 公司于 2022 年 10 月 28 日完成本次股份回购，通过回购股份专用证券账户，以 连续竞价转让方式累计回购股份数量 1,005,029 股， ...

Core Viewpoint - WanTong Hydraulic (920839.BJ) experienced a significant decline in stock price, closing at 53.21 yuan with a drop of 9.66%, resulting in a total market capitalization of 6.343 billion yuan [1]. Group 1: Company Performance - Dongwu Securities published a research report highlighting the growth potential of oil and gas springs, indicating significant overseas market performance and promising military-civilian dual-use business prospects [1]. - The report revised the projected net profit for WanTong Hydraulic for the years 2025 to 2027 to 151 million, 193 million, and 242 million yuan respectively, up from previous estimates of 137 million, 170 million, and 193 million yuan [1]. - The corresponding price-to-earnings (PE) ratios for these projections are set at 38, 30, and 24 times [1]. Group 2: Investment Rating - Dongwu Securities maintains a "Buy" rating for WanTong Hydraulic, reflecting confidence in the company's growth trajectory and market potential [1].

Core Points - Wante Hydraulic (920839) experienced a significant increase of 21.67% in its stock price, with a trading volume of 5.05 billion yuan and a turnover rate of 14.02% [1][2] - The stock's volatility was notable, with a fluctuation amplitude of 29.46% during the trading day [1] - Institutional investors showed strong interest, with a net purchase of 9.42 million yuan from specialized institutional seats [2] Trading Data Summary - The top five trading departments had a combined transaction amount of 162 million yuan, with a total buying amount of 87.82 million yuan and selling amount of 74.14 million yuan, resulting in a net purchase of 13.68 million yuan [2] - Specific trading details include: - The top buying department was Huachuang Securities, with a buying amount of 29.43 million yuan and a selling amount of 2.10 million yuan [2] - The second buying department was Guosen Securities, with a buying amount of 17.43 million yuan and a selling amount of 4.16 million yuan [2] - Three specialized institutional seats were involved, with a total buying amount of 27.27 million yuan and a selling amount of 17.85 million yuan, leading to a net purchase of 9.42 million yuan [2]

Core Viewpoint - On October 15, 2025, Wantong Hydraulic (920839) experienced a significant stock price increase of 21.67%, leading to its appearance on the trading leaderboard with a total transaction volume of 9.2593 million shares and a transaction value of 505 million yuan [1][2]. Group 1: Trading Activity - The closing price of Wantong Hydraulic reached 58.9 yuan, marking a notable rise [1]. - The total trading volume for the day was 9.2593 million shares, with a total transaction value of 505 million yuan [1]. - The top buying seat was held by Huachuang Securities, which purchased shares worth approximately 29.43 million yuan [2]. - The top selling seat was held by Dongfang Caifu Securities, which sold shares worth approximately 24.73 million yuan [2]. Group 2: Institutional Participation - Various securities firms participated in the trading, with significant amounts bought and sold by institutional investors [2]. - The second largest buying activity was from Guoxin Securities, amounting to approximately 17.43 million yuan [2]. - Institutional investors were also active in both buying and selling, indicating a robust interest in the stock [2].

Market Overview - On October 15, the total trading volume of stocks on the Beijing Stock Exchange reached 742 million shares, with a total transaction value of 17.798 billion yuan, a decrease of 2.908 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 213 stocks closed higher, accounting for 76.90% of the total, with notable gainers including Wantong Hydraulic, Kaitai Co., and Guangzi International, which rose by 21.67%, 13.14%, and 13.02% respectively [1][2] - Conversely, 58 stocks closed lower, with the largest declines seen in Tonghui Electronics, Luqiao Information, and Huaguang Yuanhai, which fell by 12.08%, 8.13%, and 5.87% respectively [1] Trading Activity - A total of 51 stocks had transaction values exceeding 100 million yuan, with the highest transaction values recorded for Jinbo Biological, Tonghui Electronics, and Wantong Hydraulic at 629.739 million yuan, 580.019 million yuan, and 505.496 million yuan respectively [1] - In terms of trading activity, 20 stocks had a turnover rate exceeding 10%, with 3 stocks exceeding 20%. Additionally, 27 stocks had turnover rates between 5% and 10%, while 207 stocks had turnover rates between 1% and 5% [1] Notable Stocks - Jinbo Biological closed at 290.43 yuan with a gain of 5.00% and a turnover rate of 3.57%, with a transaction value of 629.739 million yuan [1] - Tonghui Electronics closed at 42.00 yuan, down 12.08%, with a turnover rate of 15.75% and a transaction value of 580.019 million yuan [1] - Wantong Hydraulic closed at 58.90 yuan, up 21.67%, with a turnover rate of 14.02% and a transaction value of 505.496 million yuan [1]

Core Insights - The engineering machinery sector experienced a significant increase of 3.02% on October 15, with Wantong Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Engineering Machinery Sector Performance - Wantong Hydraulic (code: 920839) saw a closing price of 58.90, with a remarkable increase of 21.67% and a trading volume of 92,600 shares, amounting to a transaction value of 505 million [1] - Other notable performers included: - Hengli Hydraulic (code: 601100) with a closing price of 98.41, up 6.91%, and a transaction value of 1.227 billion [1] - Shantui (code: 000680) closed at 12.10, up 6.51%, with a transaction value of 1.149 billion [1] - Fushite (code: 301446) closed at 31.22, up 6.41%, with a transaction value of 107 million [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 458 million from institutional investors, while retail investors experienced a net outflow of 527 million [2] - The main capital inflow was observed in: - XD Sany Heavy Industry (code: 600031) with a net inflow of 27.5 million [3] - Hengli Hydraulic (code: 601100) with a net inflow of 65.99 million [3] - Yongda Co. (code: 001239) with a net inflow of 49.74 million [3]