二、进展情况 近日基金参与各方正式签署《重庆两江芯徵程半导体私募股权投 资基金合伙企业（有限合伙）合伙协议》。经工商核准，重庆两江产 业基金已办理完成工商登记注册手续，并取得重庆两江新区市场监督 管理局核发的《营业执照》，具体信息如下： 1、工商登记信息 名称：重庆两江芯徵程半导体私募股权投资基金合伙企业（有限 合伙） 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 2025-041 一、基本情况 上海万业企业股份有限公司 关于全资子公司参与发起设立股权投资基金 的进展情况公告 2025 年 7 月 11 日，上海万业企业股份有限公司（以下简称"公 司"）第十二届董事会临时会议审议通过了相关议案并披露了《关于 全资子公司参与发起设立股权投资基金暨关联交易的公告》（公告编 号：临 2025-039），公司全资子公司南通万业科技发展有限公司（以 下简称"南通万业"）作为有限合伙人（LP）认缴出资 2.99 亿元， 参与投资设立重庆两江芯徵程半导体私募股权投资基金合伙企业（有 ...

Group 1 - The core point of the article is the establishment of a new company, Quzhou Wanyuan Thermal Electric Technology Co., Ltd., which is involved in semiconductor-related businesses [1] - The company has a registered capital of 50 million yuan and its business scope includes manufacturing electronic components, semiconductor device manufacturing, integrated circuit chip and product manufacturing, and general parts manufacturing [1] - Quzhou Wanyuan Thermal Electric Technology Co., Ltd. is wholly owned by Wanyuan Enterprise (600641) through indirect shareholding [1]

Summary of Key Points Group 1: Company Performance Highlights - Wan Ye Enterprise expects a net profit of 30 to 40 million yuan for H1 2025, marking a turnaround from losses, with a significant reduction in non-recurring losses [4] - Zhongwei Company anticipates a revenue of 49.61 billion yuan for H1 2025, a year-on-year increase of 43.88%, with net profit expected to be between 6.8 to 7.3 billion yuan, reflecting a growth of 31.61% to 41.28% [8] - Kema Technology projects H1 2025 revenue of 5.15 to 5.25 billion yuan, a growth of 33.93% to 36.53%, with net profit expected to be between 1.65 to 1.75 billion yuan, a year-on-year increase of 18.59% to 25.77% [12] - Tuo Jing Technology forecasts H2 2025 revenue of 12.10 to 12.60 billion yuan, a growth of 52.18% to 58.47%, with net profit expected to double year-on-year [15][16] Group 2: Industry Trends and Insights - The motorcycle industry saw a total sales volume of 8.317 million units in the first half of 2025, representing a year-on-year increase of 19% [19] - The medical insurance sector is expected to maintain a stable income and expenditure structure, with basic medical insurance income projected to reach 34.913 billion yuan in 2024, a growth of 4.2% [27][28] - The railway equipment sector is entering a high-growth cycle, with a projected net profit increase of 45% to 65% for H1 2025, driven by product volume and price increases [30][31] Group 3: Investment Opportunities - The semiconductor industry is witnessing significant growth, with companies like Zhongwei and Tuo Jing expected to benefit from increased demand for advanced manufacturing equipment [10][11] - The photovoltaic sector is undergoing supply-side reforms, with a focus on cost-effective production and advanced capacity selection, indicating potential investment opportunities in leading companies [42][43] - The electric heavy truck market is experiencing a surge, with sales in June 2025 reaching 18,000 units, a year-on-year increase of 158%, suggesting strong growth potential in the commercial vehicle sector [48]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 16.61 CNY per share, reflecting a 10x PS valuation for 2025 [4][6]. Core Insights - The company is expected to achieve significant revenue growth from 2025 to 2027, with projected revenues of 15.46 billion CNY, 20.96 billion CNY, and 25.18 billion CNY, respectively. Corresponding net profits are forecasted to be 2.4 billion CNY, 3.35 billion CNY, and 3.72 billion CNY [4][11]. - The company has successfully transitioned to a leading bismuth materials platform following the establishment of Anhui Wandao Electronics, which has significantly boosted revenue and profit [2][10]. - The company has accelerated the construction of new bismuth production lines, expected to commence production in the second half of 2025, aiming to meet customer demand and mitigate raw material price volatility [10][11]. Financial Performance - In the first half of 2025, the company reported a net profit attributable to shareholders of 0.3-0.4 billion CNY, marking a turnaround from previous losses. The net profit after deducting non-recurring items was projected to be between -0.2 and -0.1 billion CNY, indicating a year-on-year increase in losses of 159.47% to 29.74% [1][2]. - The second quarter of 2025 saw a net profit attributable to shareholders of 0.5-0.6 billion CNY, again reflecting a recovery, while the net profit after non-recurring items narrowed losses to between -0.16 and -0.06 billion CNY, a year-on-year improvement of 21.96% to 70.67% [1][2]. Market Position and Growth - The company has achieved record deliveries of ion implantation machines, with five 12-inch machines delivered in June 2025, indicating strong demand and operational capabilities in advanced semiconductor manufacturing [3][10]. - The company has enhanced its liquidity through the sale of its stake in Zhejiang Princ Electronics, which not only improved net profit but also provided funding for future R&D and capacity expansion [2][10].

[Shanghai Wanye Enterprises Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E4%B8%8A%E6%B5%B7%E4%B8%87%E4%B8%9A%E4%BC%81%E4%B8%9A%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Performance Forecast Summary](index=1&type=section&id=I.%E3%80%81Current%20Period%20Performance%20Forecast) Shanghai Wanye Enterprises Co., Ltd. forecasts H1 2025 net profit attributable to parent company shareholders at CNY 30-40 million, turning losses into profits, though non-recurring adjusted net profit remains negative 2025 Semi-Annual Performance Forecast | Metric | Estimated Amount (CNY million) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 30 to 40 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | -20 to -10 | - The company expects to **turn losses into profits** in the first half of 2025 compared to the same period last year[2](index=2&type=chunk) [Comparison with Prior Period Performance](index=1&type=section&id=II.%E3%80%81Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) H1 2025 performance significantly improves from H1 2024's CNY 70.81 million net loss, yet expanded non-recurring adjusted loss indicates ongoing core business profitability challenges, with the turnaround driven by non-recurring gains 2025 H1 Performance Forecast vs 2024 H1 Actual Performance (Unit: CNY million) | Metric | 2025 H1 (Forecast, CNY million) | 2024 H1 (Actual, CNY million) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 30 to 40 | -70.81 | Turned Loss into Profit | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | -20 to -10 | -7.71 | Loss Widened | [Analysis of Performance Change](index=2&type=section&id=III.%E3%80%81Primary%20Reasons%20for%20Current%20Period%27s%20Turnaround) The turnaround is primarily due to a new bismuth material business subsidiary and significant investment gains from an associate company's equity sale - Following the entry of the new actual controller, Xiantao Technology Group, the company established a wholly-owned subsidiary, Anhui Wandao Electronic Technology Co., Ltd., to develop bismuth material business, becoming a **new source of revenue and profit growth**[7](index=7&type=chunk) - The company sold equity in its associate company, Zhejiang Puxin Electronic Technology Co., Ltd., realizing **investment gains**, which is one of the **key factors for the current net profit turnaround**[7](index=7&type=chunk) [Risk Warning and Other Matters](index=2&type=section&id=IV.%E3%80%81Risk%20Warning) Management confirms no significant uncertainties affecting forecast accuracy, noting disclosed data are preliminary and subject to the final 2025 semi-annual report - The company states there are **no significant uncertainties** affecting the accuracy of this performance forecast[8](index=8&type=chunk) - Investors are reminded that the current data are **preliminary estimates** and should refer to the **final semi-annual report**[9](index=9&type=chunk)

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Core Viewpoint - Shanghai Wanye Enterprise Co., Ltd. plans to establish a private equity investment fund through its wholly-owned subsidiary, Nantong Wanye Technology Development Co., Ltd., with an initial investment of 299 million yuan, aiming for a total fundraising target of 1 billion yuan [2][6]. Group 1: Fund Establishment and Investment Direction - The fund, tentatively named Chongqing Liangjiang Chip Venture Capital Private Equity Fund, will focus on investments in the integrated circuit industry and its upstream and downstream sectors, as well as high-quality enterprises in emerging fields such as digital economy, artificial intelligence, and new energy [2][21]. - Nantong Wanye will contribute 299 million yuan, representing 29.90% of the fund's total target size [6][15]. Group 2: Related Party Transactions - The fund's management will be handled by Shanghai Semiconductor Equipment Materials Industry Investment Management Co., Ltd., which is a related party of the company [2][7]. - The establishment of the fund constitutes a related party transaction but does not qualify as a major asset restructuring, and it was approved by the company's board of directors without needing shareholder approval [2][8]. Group 3: Approval Process - The proposal for the fund's establishment was unanimously approved by the independent directors and subsequently by the board of directors, with related party directors abstaining from the vote [28][30]. Group 4: Fund Management and Operations - The fund will operate as a limited partnership, with a management fee of 2% per year based on the total capital contributions during the investment period [19]. - The fund's investment decisions will be made by an investment decision committee, ensuring a structured approach to project investments and exits [18]. Group 5: Strategic Importance - This investment aligns with the company's strategic goals and is expected to enhance its core competitiveness and market influence by investing in projects that are relevant and synergistic with its main business [26][29].

Group 1 - Yuntian Lifa plans to issue H-shares and list on the Hong Kong Stock Exchange [3] - Aerospace Electromechanical's wholly-owned subsidiary intends to transfer 70% equity of Eschong Korea [4] - Three Gorges Water Conservancy plans to publicly transfer 41.0071% equity of Chongqing Tiantai Energy Group [5] Group 2 - Galaxy Microelectronics intends to invest 310 million yuan in the construction of a high-end integrated circuit device industrialization base [6] - Wanye Enterprises' wholly-owned subsidiary plans to invest 299 million yuan to establish a private equity investment fund [7] - Dailor New Materials will invest 45 million yuan to establish a holding subsidiary [8] Group 3 - Huaxi Securities expects a net profit increase of 1025.19% to 1353.9% year-on-year for the first half of 2025 [10][11] - Guolian Minsheng anticipates a net profit increase of approximately 1183% year-on-year for the first half of 2025 [12] - Gaode Infrared expects a net profit increase of 734.73% to 957.33% year-on-year for the first half of 2025 [13] Group 4 - Tianchen Co. expects a net profit increase of 640% to 786% year-on-year for the first half of 2025 [14] - Shenkai Co. anticipates a net profit increase of 183% to 278% year-on-year for the first half of 2025 [15] - Taishan Petroleum expects a net profit increase of 123% to 173% year-on-year for the first half of 2025 [16] Group 5 - Ruikeda expects a net profit increase of 132.44% to 163.22% year-on-year for the first half of 2025 [17] - Jinkong Electric anticipates a net profit of 120 million to 150 million yuan, turning from loss to profit [18] - Ankai Bus expects a net profit increase of 106.67% to 189.34% year-on-year for the first half of 2025 [19] Group 6 - Yara International expects a net profit increase of 170% to 244% year-on-year for the first half of 2025 [20] - Zhongshun Jierou anticipates a net profit increase of 59.85% to 82.68% year-on-year for the first half of 2025 [21] - Guoan Co. expects a loss of 25.9 million to 36.7 million yuan for the first half of 2025 [22] Group 7 - Huamei Holdings expects a loss of 46.5 million to 60 million yuan for the first half of 2025 [23] - AOC Technology anticipates a loss of 450 million to 490 million yuan for the first half of 2025 [24] - Shangrong Medical expects a loss of 7 million to 9.5 million yuan for the first half of 2025 [25] Group 8 - Hangang Co. expects a net loss of approximately 111 million yuan for the first half of 2025 [26] - Baili Electric's shareholder plans to reduce its stake by no more than 2% [27] - Dream Lily's major shareholder plans to reduce its stake by no more than 0.5% [28]

证券代码：600641 证券简称：万业企业 公告编号：临2025-039 上海万业企业股份有限公司 关于全资子公司参与发起设立股权投资基金暨关联交 易的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资基金名称及投资金额：上海万业企业股份有限公司（以 下简称"公司"）全资子公司南通万业科技发展有限公司（以下简称" 南通万业"）拟参与投资设立重庆两江芯徵程半导体私募股权投资基 金合伙企业（有限合伙）（暂定名，以市场监督管理部门最终核准 的名称为准，以下简称"合伙企业"或"重庆两江产业基金"）。南通万 业作为有限合伙人（LP）认缴出资2.99亿元。合伙企业的目标募集 规模暂定为10亿元。 投资方向：参与投资重庆两江产业基金是为尽早布局与公司 主营业务具有相关性、协同性、符合公司发展战略的项目，重庆两江 产业基金主要投资方向为集成电路及其产业链上下游，兼顾投资符合 国家政策导向且具有核心技术、市场前景广阔的优质企业，包括但不 限于新一代信息技术方向的成长期和成熟期企业以及未上市公司，领 域如数字经济、人工 ...

Group 1 - The company, Wanye Enterprise (600641.SH), announced that its wholly-owned subsidiary, Nantong Wanye, plans to invest as a limited partner in the establishment of the Chongqing Liangjiang Chip Venture Capital Private Equity Fund, committing a capital contribution of 299 million yuan, which accounts for 29.90% of the fund [1] - The fund's primary investment focus will be on integrated circuits and their upstream and downstream industries, while also considering investments in high-quality enterprises that align with national policy directions and possess core technologies and broad market prospects [1] - The transaction constitutes a related party transaction as the fund managers and general partners are affiliated parties, namely Shanghai Semiconductor Equipment Materials Industry Investment Management Co., Ltd. and Shanghai Chip Venture Management Partnership [1]