证券代码：600178 证券简称：东安动力 公告编号：临 2025-052 哈尔滨东安汽车动力股份有限公司 2025 年 7 月份产销数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 2021 年 1 月，哈尔滨东安汽车动力股份有限公司收购哈尔滨东安汽车发动机制造有限公司 19.64%的股权，持 股比例提高到 55.64%，实现了对哈尔滨东安汽车发动机制造有限公司的控股。目前，两公司业务已高度融合，从本 月起，产销数据快报进行汇总公告，具体如下： 注：本表为销售快报数据，最终数据以公司定期报告数据为准。 特此公告。 哈尔滨东安汽车动力股份有限公司董事会 2025 年 8 月 2 日 单位：台 产品 销量 产量 本月 上年 同期 增减比 例（%） 本年 累计 上年同 期累计 增减比 例（%） 本月 上年 同期 增减比 例（%） 本年 累计 上年同 期累计 增减比 例（%） 发动机 34541 27118 27.37 258080 208333 23.88 36595 29535 23.90 262231 228587 1 ...

东安动力（600178）(600178.SH)披露2025年7月份产销数据快报，本月发动机销量34541台，产量36595 台;变速器销量9511台，产量12264台。 ...

智通财经APP讯，东安动力(600178.SH)披露2025年7月份产销数据快报，本月发动机销量34541台，产 量36595台;变速器销量9511台，产量12264台。 ...

Core Viewpoint - Dong'an Power (600178) achieved significant revenue growth in the first half of 2025, but the decline in non-recurring net profit and worsening cash flow raise concerns about the company's operational efficiency and sustainability [2][8]. Operational Overview - Dong'an Power reported total revenue of 2.479 billion yuan, a year-on-year increase of 25.72%. The net profit attributable to shareholders was 3.9212 million yuan, up 157.75%, indicating a successful turnaround from losses. However, the non-recurring net profit was -61.134 million yuan, down 26.91%, highlighting challenges in core business profitability [2]. Quarterly Performance - In the second quarter, total revenue reached 1.485 billion yuan, a year-on-year increase of 57.38%. However, the net profit attributable to shareholders was only 192,200 yuan, down 73.5%. The non-recurring net profit was -39.8316 million yuan, a decline of 78.36%, indicating a drop in core business profitability during this period [3]. Key Financial Indicators - Gross margin was 2.33%, a decrease of 50.44%, suggesting low added value in products or services. Net margin was 0.29%, an increase of 38.76%. Operating expenses as a percentage of revenue were 4.25%, down 21.55%, indicating improved cost control. Earnings per share were 0.02 yuan, up 216.78% [4]. Accounts Receivable and Cash Flow - Accounts receivable amounted to 1.03 billion yuan, a year-on-year increase of 42.55%, with an accounts receivable to profit ratio of 17,971.8%, indicating significant risks in accounts receivable management. The net cash flow from operating activities was negative, with operating cash flow per share at -1.06 yuan, down 169.38%, reflecting poor cash flow conditions [5]. Solvency - The company had cash and cash equivalents of 1.069 billion yuan, a decrease of 37.42%, while interest-bearing debt was 148 million yuan, down 63.66%. Although interest-bearing debt has significantly decreased, the reduction in cash indicates liquidity pressure [6]. Business Model and Core Competitiveness - Dong'an Power focuses on providing integrated solutions for engines, transmissions, and powertrains for high-end passenger cars, light and medium commercial vehicles, and new energy vehicles. The company employs a market development model of "forward-looking prediction + precise guidance + full ecological chain expansion" to ensure the smooth progress of new market projects. Additionally, it is advancing 285 new product R&D projects, covering platform development, vehicle-matching, and application research, collaborating with 65 vehicle manufacturers, which helps maintain technological leadership and market position [7]. Summary - Dong'an Power achieved significant revenue growth in the first half of 2025, but the decline in non-recurring net profit and cash flow deterioration are concerning. The company needs to optimize accounts receivable management and enhance core business profitability for sustainable development [8].

Financial Performance - The company reported a total revenue of 2.479 billion yuan for the first half of 2025, representing a year-on-year increase of 25.72% [1] - The net profit attributable to shareholders was 3.9212 million yuan, showing a significant year-on-year increase of 157.75% [1] - The gross profit margin decreased to 2.33%, down 50.44% year-on-year, while the net profit margin increased to 0.29%, up 38.76% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 105 million yuan, accounting for 4.25% of revenue, a decrease of 21.55% year-on-year [1] Key Financial Metrics - The company’s earnings per share improved to 0.02 yuan, a 216.78% increase compared to the previous year [1] - The company’s cash flow from operating activities showed a negative change of 164.39%, attributed to increased inventory and capital occupation [10] - The company’s total assets included a significant increase in accounts receivable, which rose by 42.55% to 1.03 billion yuan [1] Changes in Financial Items - Accounts receivable financing increased by 81.59% due to an increase in bank notes held [1] - Other receivables surged by 426.19% due to an increase in asset disposal payments [2] - Inventory increased by 50.88% as a result of higher sales volume of gearboxes [2] - Short-term borrowings decreased by 32.23% due to a reduction in discounted non-state and joint-stock bank notes [5] Company Background and Structure - The company was listed on the Shanghai Stock Exchange in 1998 and was initially part of the Aviation Industry Corporation of China [13] - In 2012, the company became part of the China Changan Automobile Group [13] - The company has undergone several acquisitions, including a 55.64% stake in Dong'an Automotive Engine Manufacturing Co., and a 60% stake in Harbin Dong'an Zhiyue Engine Co. [13]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.479 billion yuan, a year-on-year increase of 25.72% compared to 1.972 billion yuan in the same period last year [1][3] - The total profit reached 79.36 million yuan, representing a significant increase of 94.97% from 40.70 million yuan in the previous year [1] - The net profit attributable to shareholders was 3.92 million yuan, recovering from a loss of 6.79 million yuan in the same period last year, indicating a turnaround [1][3] - The net cash flow from operating activities was -492.24 million yuan, worsening from -186.18 million yuan in the previous year [1] Business Operations - The company has three major engine product platforms: naturally aspirated, turbocharged direct injection, and new energy extended range, along with three transmission product platforms: manual, automatic, and DHT [2] - During the reporting period, the total production volume reached 330,700 units, reflecting a year-on-year growth of 33.95% driven by increased demand from major customers and new project mass production [2] Strategic Developments - The increase in net profit is attributed to a rise in orders for AT transmissions, leading to significant growth in both operating revenue and gross profit compared to the previous year [1] - The company is accelerating the asset handover process following its overall relocation, which has contributed to increased fixed asset disposal gains recognized in the current period [1]

Core Insights - As of July 31, 66 companies have released their semi-annual reports for 2025, with 49 reporting year-on-year profit growth and 47 showing revenue growth [1] - Notably, 12 companies have seen their profit growth double, with Zhimin Da leading at an impressive 2147.93% increase in net profit [1] Group 1: Company Performance - Zhimin Da reported earnings per share of 0.2284, net profit of 38.30 million, and a year-on-year net profit growth of 2147.93%, alongside an 84.83% increase in revenue [1] - Shijia Guangzi achieved a net profit of 216.65 million, with a year-on-year growth of 1712.00% and revenue growth of 121.12% [1] - Tongzhou Electronics reported a net profit of 203.07 million, with a year-on-year increase of 662.77% and revenue growth of 606.52% [1] Group 2: Revenue and Profit Trends - 47 companies reported revenue growth, while 19 experienced a decline in revenue [1] - Among the companies with declining profits, Anada and others reported a simultaneous decrease in both revenue and profit [1] - Companies like Huakang Clean and others showed significant revenue increases, with Huakang Clean achieving a 50.73% growth in revenue [1] Group 3: Notable Performers - Other notable performers include Wohua Pharmaceutical with a net profit of 44.68 million and a year-on-year growth of 303.16% [1] - Ding Tong Technology reported a net profit of 115.40 million, with a year-on-year growth of 134.06% [1] - Yao Ming Kang De achieved a net profit of 856.09 million, with a year-on-year growth of 101.92% [1]

Summary of Key Points Core Viewpoint - In July 2023, 19 companies released their semi-annual reports for 2025, with 12 companies reporting year-on-year profit growth and 7 reporting declines. Notably, 10 companies experienced simultaneous growth in both net profit and revenue, while 6 companies saw declines in both metrics. The most significant profit increase was reported by Dong'an Power, with a growth rate of 157.75% [1]. Group 1: Company Performance - Dong'an Power reported earnings per share of 0.0167, with a net profit of 3.92 million and a year-on-year increase of 157.75%. Revenue reached 247.91 million, up 25.72% [1]. - Ding Tong Technology achieved an earnings per share of 0.8300, net profit of 115.40 million, and a year-on-year increase of 134.06%. Revenue was 78.46 million, up 73.51% [1]. - Zhiwei Intelligence reported earnings per share of 0.4100, net profit of 10.17 million, with an 80.08% year-on-year increase. Revenue was 194.69 million, up 15.29% [1]. - Huijia Times reported earnings per share of 0.1425, net profit of 6.70 million, with a year-on-year increase of 62.64%. Revenue was 127.12 million, up 2.29% [1]. - Ningde Times reported earnings per share of 6.9200, net profit of 3,048.51 million, with a year-on-year increase of 33.33%. Revenue was 17,888.63 million, up 7.27% [1]. Group 2: Declining Performance - Anada reported a loss per share of -0.1222, with a net loss of 2.63 million, reflecting a year-on-year decline of 158.08%. Revenue was 87.59 million, down 10.51% [2]. - Weitong Communication reported earnings per share of 0.0675, with a net profit of 3.10 million, down 68.57% year-on-year. Revenue was 35.99 million, down 24.62% [2]. - New Tian Pharmaceutical reported earnings per share of 0.0236, with a net profit of 576.61 thousand, down 80.99% year-on-year. Revenue was 35.83 million, down 18.88% [2].

Core Insights - Dong'an Power reported a significant increase in revenue and profitability for the first half of 2025, with operating income reaching 2.479 billion yuan, a year-on-year growth of 25.72%, and a net profit of 3.9212 million yuan, reversing a loss from the previous year [1][2] Group 1: Financial Performance - The company achieved a basic earnings per share of 0.02 yuan [1] - The net profit turnaround was primarily driven by increased orders for automatic transmissions, leading to substantial growth in both revenue and gross profit [2] - Dong'an Power's total machine output reached 330,700 units, reflecting a year-on-year increase of 33.95% [2] Group 2: Product and Market Development - Dong'an Power maintains a comprehensive supply advantage in the commercial vehicle market, covering engine displacements from 1.5L to 2.5L, solidifying its position as a market leader [2] - The company is the sole manufacturing base for Changan Automobile's high-end passenger car engines (2.0L and above) [2] - Dong'an Power has initiated a rotor engine platform focused on the low-altitude economy and has established a partnership with AVL [3] - The company has successfully completed performance verification for the DASP1200 high-torque transmission platform [3] Group 3: Market Expansion - Dong'an Power has secured 60 new market project designations, including 14 in the new energy sector, and has developed 11 new key customers [3] - The projected sales volume for new market projects is estimated at 3 million units [3]

Core Viewpoint - Dong'an Power reported a significant turnaround in its financial performance for the first half of 2025, achieving a revenue of 2.479 billion yuan, a year-on-year increase of 25.72%, and a net profit of 3.9212 million yuan, compared to a loss of 6.7898 million yuan in the same period last year [2][3] Group 1: Financial Performance - The company achieved a revenue of 2.479 billion yuan in the first half of 2025, reflecting a year-on-year growth of 25.72% [2] - The net profit for the first half of 2025 was 3.9212 million yuan, marking a turnaround from a loss of 6.7898 million yuan in the previous year [2] - Basic earnings per share were reported at 0.02 yuan [2] Group 2: Product and Market Development - Dong'an Power has three major engine product platforms: naturally aspirated, turbocharged direct injection, and new energy range-extended power [2] - The company has a comprehensive supply advantage in the commercial vehicle market, covering engine displacement from 1.5L to 2.5L, establishing itself as a market leader [2] - The company is the sole manufacturing base for Changan Automobile's high-end passenger car engines (2.0L and above) [2] Group 3: Production and Market Expansion - The total production volume for the first half of 2025 reached 330,700 units, a year-on-year increase of 33.95% [3] - Dong'an Power's market share in the gasoline engine industry increased to 2.39%, up by 0.38 percentage points year-on-year [3] - The company has initiated projects focusing on low-altitude economy and has established partnerships for new product development, including a new 2.0L turbocharged direct injection engine with Changan Automobile [3]