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]

Core Points - The company is Shanghai Wanye Enterprises Co., Ltd., established on October 28, 1991, with a registered capital of RMB 930.629920 million [3] - The company aims to maximize shareholder value and social value through honest operations and standardized practices [3] - The company has issued a total of 61.8 million shares, with 93,062.9920 million shares currently outstanding, all of which are ordinary shares [4][3] Chapter Summaries Chapter 1: General Provisions - The legal representative of the company is responsible for civil activities conducted in the company's name, and the company bears civil liability for damages caused by the representative in the course of duty [3] - The company is a permanent joint-stock company established according to the Company Law and other relevant regulations [3] Chapter 2: Business Objectives and Scope - The company's business scope includes industrial investment, asset management, domestic trade (excluding special regulations), and technology development in the electronic technology field [3] Chapter 3: Shares - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [4] - The company can increase capital through various legal means, including issuing new shares or reducing registered capital as needed [5] Chapter 4: Shareholders and Shareholder Meetings - Shareholders have rights to dividends, voting, and supervision of company operations, and can request to convene shareholder meetings [9][10] - The company must hold an annual shareholder meeting within six months after the end of the previous fiscal year [23] Chapter 5: Shareholder Meeting Proposals and Notifications - Proposals for shareholder meetings must be within the scope of the meeting's authority and clearly defined [58] - Notifications for meetings must include details such as time, location, and agenda, and must be sent out in advance [61][62] Chapter 6: Voting and Resolutions of Shareholder Meetings - Resolutions can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring two-thirds approval [80][82] - Shareholders must exercise voting rights based on the number of shares they hold, with each share granting one vote [83]

Core Viewpoint - Shanghai Wanye Enterprise Co., Ltd. plans to cancel its supervisory board and amend its articles of association to enhance corporate governance and comply with updated regulations [1][2]. Group 1: Cancellation of Supervisory Board - The company aims to improve its governance structure by abolishing the supervisory board, with the audit committee of the board taking over its statutory responsibilities [1][2]. - The proposal to cancel the supervisory board requires approval from the shareholders' meeting [1][2]. Group 2: Amendments to Articles of Association - The amendments to the articles of association are intended to align with the latest legal and regulatory requirements, ensuring that corporate governance remains compliant [2][3]. - Specific changes include the removal of references to the supervisory board and the introduction of terms related to the audit committee [3][4]. - The articles will also standardize terminology, such as changing "shareholders' meeting" to "shareholders' assembly" [3][4]. Group 3: Impact on Current Supervisors - Following the cancellation of the supervisory board, current members, including Jin Weizhao and others, will no longer hold their positions [2][3]. - The company expresses gratitude for the contributions made by the outgoing supervisors during their tenure [2].

Core Viewpoint - Shanghai Wanye Enterprises Co., Ltd. reported significant growth in revenue and profitability for the first half of 2025, driven by the establishment of a new subsidiary focused on bismuth materials and the sale of equity in an associated company, enhancing both net profit and cash flow [2][3][4]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 698.97 million yuan, a 247.76% increase compared to the same period last year [2]. - The total profit reached approximately 6.55 million yuan, a significant recovery from a loss of 137.59 million yuan in the previous year [2]. - The net profit attributable to shareholders was approximately 40.81 million yuan, compared to a loss of 70.81 million yuan in the same period last year [2]. - The company's total assets increased by 15.37% to approximately 11.53 billion yuan [2]. Industry Context - The semiconductor market is experiencing robust growth, with global sales projected to reach 627.6 billion USD in 2024, a 19.1% increase year-on-year [4]. - China's semiconductor sales are expected to grow by 18.3% in 2024, reflecting strong domestic demand [4]. - The government is actively supporting the semiconductor industry through various policies, including tax reductions and R&D subsidies, which are expected to accelerate the development of domestic semiconductor equipment and materials [5]. Business Segments - The company is focusing on two main areas: semiconductor industry and real estate. It is enhancing its semiconductor equipment and materials business while optimizing its real estate asset structure [12][14]. - The newly established subsidiary, Anhui Wandao Electronics Technology Co., Ltd., is dedicated to the deep processing of bismuth materials, contributing significantly to the company's revenue [7][14]. - The semiconductor equipment segment, particularly ion implantation machines, is a key focus, with the company delivering eight 12-inch ion implantation machines in the first half of 2025 [6][13]. Market Trends - The demand for bismuth materials is increasing due to their applications in various industries, including electronics and semiconductors, driven by the growth of new energy and electronic sectors [9][10]. - The price of bismuth materials has surged significantly in the first half of 2025, influenced by geopolitical factors and export control policies [10][11]. - The real estate market in China is currently in a phase of adjustment, with a reported decline in investment and sales, prompting the government to implement measures to stabilize the market [12].