Core Viewpoint - Wan Ye Enterprise's stock has shown significant growth in 2023, with a year-to-date increase of 12.64% and a notable rise of 23.11% over the past 60 days, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Wan Ye Enterprise reported a revenue of 699 million yuan, representing a year-on-year growth of 247.76%. The net profit attributable to shareholders was approximately 40.81 million yuan, reflecting a 157.63% increase compared to the previous year [2]. - Cumulatively, the company has distributed 2.546 billion yuan in dividends since its A-share listing, with 212 million yuan distributed over the last three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 5.44% to 50,600, while the average number of circulating shares per person increased by 5.76% to 18,394 shares [2]. - The stock's trading activity on September 10, 2023, included a net inflow of 3.89 million yuan from major funds, with significant buying activity from large orders [1]. Business Overview - Wan Ye Enterprise, established in October 1991 and listed in April 1993, operates primarily in the integrated circuit and photovoltaic sectors, alongside real estate. The revenue breakdown shows that real estate sales account for 48.34%, specialized equipment manufacturing for 41.44%, property services for 6.14%, property leasing for 2.58%, and other activities for 1.49% [1]. - The company is categorized under the real estate development sector, specifically in residential development, and is associated with various concept sectors including MSCI China and semiconductor equipment [1]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include Southern Information Innovation Mixed A, which increased its holdings by 5.51 million shares, and Hong Kong Central Clearing Limited, which added 706,000 shares [3].

证券代码：600641 证券简称：万业企业 公告编号：临 2025-054 上海万业企业股份有限公司 2025年第二次临时股东大会 2. 原股东大会召开日期：2025 年 9 月 15 日 3. 原股东大会股权登记日 关于2025年第二次临时股东大会的延期公告 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。 重要内容提示： 会议延期后的召开时间：2025 年 10 月 15 日 一、 原股东大会有关情况 1. 原股东大会的类型和届次 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600641 | 万业企业 | 2025/9/8 | 二、 股东大会延期原因 因统筹相关工作安排，经上海万业企业股份有限公司（以下简称 "公司"）审慎研究，决定将 2025 年第二次临时股东大会延期至 2025 年 10 月 15 日 14 点召开，原股权登记日不变。 本次临时股东大会的延期符合《上市公司股东会规则》和《上海 证券交易所股票上市规则》等相关法律法规和《上海 ...

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company turned profitable in H1 2025, with significant growth in bismuth materials and semiconductor equipment businesses [7] - H1 2025 revenue reached 699 million yuan, a substantial increase of 247.8% year-on-year, driven primarily by bismuth materials and deep processing business [7] - The company is expanding its semiconductor equipment segment, particularly in ion implantation machines, while also enhancing its bismuth materials business [7] Financial Summary - Total revenue forecast for 2023A is 964.61 million yuan, with a projected increase to 1,982.74 million yuan by 2027E, reflecting a growth rate of 40.18% [7] - The net profit attributable to the parent company is expected to rise from 151.15 million yuan in 2023A to 514.54 million yuan in 2027E, indicating an 81.80% growth in 2025E [7] - The latest diluted EPS is projected to increase from 0.16 yuan in 2023A to 0.55 yuan in 2027E [7] - The current market capitalization corresponds to dynamic P/E ratios of 74, 45, and 28 for 2025E, 2026E, and 2027E respectively [7] Business Performance - The company achieved a gross margin of 27.5% in H1 2025, although it faced pressure due to lower margins in new bismuth materials [7] - The net profit margin improved significantly to -2.6% in H1 2025, a year-on-year increase of 57.1 percentage points [7] - The company’s cash flow from operating activities was -3.294 billion yuan in H1 2025, indicating short-term cash flow pressure [7] Strategic Developments - The company is solidifying its position as a domestic leader in ion implantation equipment while expanding into larger market segments such as etching and thin film deposition [7] - The bismuth materials business is rapidly growing, benefiting from rising domestic prices and increased demand from downstream sectors [7]

Financing Activities - On September 1, Wan Ye Enterprise (600641) had a financing buy-in of 73.35 million yuan and a financing repayment of 70.11 million yuan, resulting in a net financing buy of 3.23 million yuan, with a financing balance of 942 million yuan [1] - In the last three trading days, the cumulative net buy reached 31.28 million yuan, and in the last 20 trading days, there were net financing buys on 11 occasions [1] Margin Trading Data - On September 1, the margin trading balance was 944 million yuan, reflecting an increase of 3.36 million yuan or 0.36% from the previous day [4] - The margin trading balance has shown fluctuations over the past few days, with notable increases on August 28 (26.67 million yuan) and August 27 (5.79 million yuan) [4] Short Selling Activities - On September 1, there were 3,300 shares sold short, with a short selling balance of 146,700 shares [3] - In the last three trading days, there has been a cumulative net short sell of 8,200 shares, with 13 out of the last 20 trading days showing net short selling [2][3] Market Sentiment Indicators - An increase in financing balance indicates a strengthening of bullish market sentiment, while a decrease suggests a more cautious or bearish outlook [5] - Conversely, an increase in short selling balance reflects a growing bearish sentiment in the market, while a decrease indicates a potential shift towards a more bullish sentiment [5]

Group 1 - The second largest shareholder of Wanye Enterprise, Sanlin Wanye (Shanghai) Enterprise Group, holds approximately 70.35 million shares, accounting for 7.56% of the total share capital [1] - As of the announcement date, Sanlin Wanye has pledged 66.56 million shares, which represents 94.62% of its total holdings and 7.15% of the company's total share capital [1] - The revenue composition for Wanye Enterprise for the year 2024 is as follows: real estate accounts for 48.34%, manufacturing for 41.44%, services for 8.72%, and other businesses for 1.49% [1] Group 2 - The current market capitalization of Wanye Enterprise is 15 billion yuan [1]

关于持股5%以上股东部分股份解除质押及质押的公 告 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。 证券代码：600641 证券简称：万业企业 公告编号：临 2025-053 上海万业企业股份有限公司 重要内容提示： 上海万业企业股份有限公司（以下简称"公司"）第二大 股东三林万业（上海）企业集团有限公司（以下简称"三林万业"） 持有公司 70,346,221 股股份，占公司总股本的 7.56%，截至本公告 披露日，三林万业累计质押 6,656 万股股份，占其持有公司股份总 数的 94.62%，占公司总股本的 7.15%。 公司于 2025 年 9 月 1 日收到持有公司 70,346,221 股股份（占公 司总股本的 7.56%）的公司第二大股东三林万业的知会函，获悉其 将所持有本公司的部分股份先后办理了解除质押登记及新增质押登 记手续，现将有关情况公告如下： | 股东名称 | 三林万业（上海）企业集团有限公司 | | --- | --- | | 本次解质股份（股） | 1,300 万 | | 占其所持股份比例 | 18.4 ...

Core Viewpoint - The company reported significant revenue growth in H1 2025, driven by strong performance in its bismuth materials and semiconductor equipment segments, exceeding market expectations [2][3]. Revenue Performance - In H1 2025, the company's revenue reached 699 million yuan, a year-on-year increase of 248%, with Q2 revenue at 507 million yuan, up 397% year-on-year [2]. - Bismuth materials accounted for 75% of total revenue in H1 2025, generating 525 million yuan, with Q2 revenue increasing by 450% quarter-on-quarter [2]. - The company delivered 8 ion implantation machines in H1 2025, contributing approximately 70 million yuan to revenue [2]. Profitability Analysis - The company achieved a net profit of 41 million yuan in H1 2025, marking a turnaround from losses, with Q2 net profit at 61 million yuan [3]. - The net profit margin improved significantly, with H1 2025 net profit margin at -2.61% and Q2 at 4.72%, reflecting a year-on-year increase of 87.38 percentage points [3]. - Bismuth business contributed 93 million yuan to net profit, with a net profit margin of approximately 17.7%, while the ion implantation segment incurred a loss of 110 million yuan [3]. Strategic Transition - The company successfully transitioned towards semiconductor equipment and materials, with these segments accounting for about 80% of total revenue in H1 2025 [4]. - The company is focusing on expanding its capabilities in equipment, components, and materials, leveraging its position in the bismuth market to enhance long-term growth [4]. - The company has made progress in the domestic production of key components, which is expected to strengthen its supply chain and operational efficiency [4]. Investment Outlook - Revenue forecasts for 2025-2027 have been revised to 1.946 billion, 2.478 billion, and 3.130 billion yuan, reflecting year-on-year growth rates of 234.8%, 27.3%, and 26.3% respectively [5]. - Net profit forecasts for the same period are adjusted to 257 million, 314 million, and 400 million yuan, with corresponding year-on-year growth rates of 139.1%, 22.3%, and 27.3% [5]. - The company's stock price as of August 29, 2025, was 15.59 yuan, with projected PE ratios of 56.42, 46.14, and 36.25 for the next three years [5].

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 15, 2025, at 14:00 [1] - The meeting will take place at Longhua Vanke T4 Office Building, Room 2F, 2696 Longhua Road, Xuhui District, Shanghai [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Procedures - The online voting period is from September 15, 2025, during trading hours [1] - Shareholders can vote via the trading system or the internet voting platform [3] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [3][4] Shareholder Participation - Only shareholders registered by the close of business on the equity registration date of September 8, 2025, are eligible to attend the meeting [5] - Shareholders can appoint proxies to attend and vote on their behalf [5] - The company will provide a reminder service for shareholders to encourage participation [4] Meeting Agenda - The meeting will review and vote on non-cumulative voting proposals that have been approved by the board and supervisory committee [2] - There are no related shareholders that need to abstain from voting [2]

Core Points - The company held its 12th Supervisory Board's third meeting on August 27, 2025, with all five supervisors present and voting [1][2] - The meeting unanimously approved the 2025 semi-annual report, confirming compliance with legal and regulatory requirements [1][2] - The Supervisory Board approved an increase in the guarantee limit for 2025 and the addition of guarantee objects, aimed at supporting the business development of a wholly-owned subsidiary [2] - A proposal to cancel the Supervisory Board and amend the company's articles of association was also approved, pending shareholder meeting review [2] Summary by Sections Meeting Details - The meeting was convened via email notification and conducted in accordance with the Company Law and the company's articles of association [1] - All five supervisors participated in the meeting, with a unanimous vote on all resolutions [2] Financial Reporting - The 2025 semi-annual report was approved, ensuring that the content and format met the requirements set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1][2] Guarantee Approval - The increase in the guarantee limit and the addition of guarantee objects were deemed necessary for the financial needs of the subsidiary, which has a good credit status [2] Governance Changes - The proposal to cancel the Supervisory Board and amend the articles of association will be submitted for approval at the upcoming shareholder meeting [2]