会议审议并通过了以下议题： 1、9 票同意，0 票反对，0 票弃权；审议通过了《2025 年第 一季度报告》。 证券代码:600817 证券简称：宇通重工 编号：临 2025-027 宇通重工股份有限公司 第十二届董事会第四次会议决议公告 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。 宇通重工股份有限公司（以下简称"公司"）第十二届董事会 第四次会议于 2025 年 4 月 24 日以邮件方式发出通知，2025 年 4 月 29 日以通讯方式召开，应参会董事 9 名，实际参会 9 名。会议 由董事长晁莉红女士主持，表决方式符合公司章程及有关法律法 规的规定。 宇通重工股份有限公司董事会 二零二五年四月二十九日 1 详见公司在上海证券交易所网站（www.sse.com.cn）上披露的 《2025 年第一季度报告》。 本议案已经董事会审计委员会审议通过。 2、8 票同意，0 票反对，0 票弃权；审议通过了《关于回购注 销部分限制性股票的议案》。 详见公司在上海证券交易所网站（www.sse.com.cn）上披露的 《关于回购注销 ...

一、通知债权人的原由 宇通重工股份有限公司（以下简称"公司"）于2025年4月29 日召开了第十二届董事会第四次会议和第十一届监事会第三十六 次会议，审议通过了《关于回购注销部分限制性股票的议案》，决 定回购并注销限制性股票共计100,000股。本次回购注销限制性股 票事项暂不实施注销，后续统一注销。回购注销完成后，公司总 股本将变更为530,504,346股，具体内容详见公司披露的《关于回 购注销部分限制性股票的公告》（临2025-029）。 证券代码：600817 证券简称：宇通重工 编号：临 2025-030 宇通重工股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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。 债权申报方式如下： 1、联系地址：郑州市经济技术开发区宇工路 88 号公司董事 会办公室 2、申报时间：2025 年 4 月 30 日至 2025 年 6 月 13 日，每日 8:30-11:30,13:30-17:30 3、联系人：刘朋、屈晨曦 二、需债权人知晓的相关信息 鉴于公司本次回购注销限制性股 ...

关于回购注销部分限制性股票的公告 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。 宇通重工股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开了第十二届董事会第四次会议和第十一届监事会第三 十六次会议，审议通过了《关于回购注销部分限制性股票的议案》， 同意公司回购注销已授予但尚未解除限售的限制性股票共计 100,000 股。现将相关事项公告如下： 一、本次回购注销限制性股票履行的决策程序 2025 年 4 月 29 日，公司召开第十二届董事会薪酬与考核委 员会 2025 年第二次会议，审议通过了《关于回购注销部分限制性 股票的议案》，同意将议案提交第十二届董事会第四次会议审议。 2025 年 4 月 29 日，公司召开第十二届董事会第四次会议和 第十一届监事会第三十六次会议，审议通过了《关于回购注销部 分限制性股票的议案》。 二、本次回购注销限制性股票的原因、数量及价格 （一）回购注销限制性股票的原因、数量 证券代码：600817 证券简称：宇通重工 编号：临 2025-029 宇通重工股份有限公司 鉴于《公 ...

北京市通商律师事务所 关于宇通重工股份有限公司 2024 年限制性股票激励计划 回购注销部分限制性股票的 法律意见书 二零二五年四月 释 义 除另有所指，本法律意见书所使用下列词语具有的含义如下： | 宇通重工、公司 | 指 | 宇通重工股份有限公司，曾用名郑州德恒宏盛科技发展股份有限 公司 | | --- | --- | --- | | 本计划、本激励计划、 | 指 | 宇通重工股份有限公司 年限制性股票激励计划 2024 | | 激励计划 | | | | 《激励计划（草案）》、 本计划草案 | 指 | 宇通重工股份有限公司 2024 年限制性股票激励计划（草案） | | 限制性股票/标的股 | 指 | 公司按照本计划约定的条件和计划授予激励对象一定数量的公 司股票，该等股票设置一定期限的限售期，在达成本计划规定的 | | 票 | | 解除限售条件后，方可解除限售进行流通 | | 激励对象 | 指 | 根据本计划获授限制性股票的人员 | | 授予日 | 指 | 公司向激励对象授予限制性股票的日期，授予日必须为交易日 | | 授予价格 | 指 | 公司授予激励对象每一股限制性股票的价格 | | 有效期 | 指 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥707,089,559.18, representing a year-on-year increase of 0.79% compared to ¥701,539,732.40 in the same period last year[5] - Net profit attributable to shareholders increased by 62.47% to ¥51,547,797.24 from ¥31,726,930.78 in the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 51.09% to ¥39,597,275.01 from ¥26,208,269.39[5] - Basic earnings per share increased by 63.82% to ¥0.0960 from ¥0.0586 in the same period last year[5] - Net profit for Q1 2025 was ¥50.56 million, representing a 37.7% increase from ¥36.71 million in Q1 2024[14] - Basic earnings per share for Q1 2025 were ¥0.096, compared to ¥0.0586 in Q1 2024, an increase of 63.5%[15] - The company reported a significant increase in investment income to ¥8.19 million in Q1 2025, compared to ¥4.97 million in Q1 2024, reflecting a growth of 64.5%[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,443,218,235.85, a decrease of 5.36% from ¥4,694,727,550.99 at the end of the previous year[6] - The company's total assets decreased to ¥4.44 billion as of March 31, 2025, down from ¥4.69 billion at the end of 2024, a decline of 5.3%[12] - Total liabilities decreased to ¥1.78 billion as of March 31, 2025, down from ¥2.08 billion at the end of 2024, a reduction of 14.5%[12] - The total equity attributable to shareholders increased to ¥2.49 billion as of March 31, 2025, up from ¥2.44 billion at the end of 2024, an increase of 2.5%[12] Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of ¥70,289,100.24 compared to a net outflow of ¥103,521,695.20 in the previous year, indicating better collection of receivables[5] - In Q1 2025, the cash inflow from operating activities was CNY 813,558,368.91, an increase of 24% compared to CNY 655,758,378.76 in Q1 2024[16] - The net cash flow from operating activities was -CNY 70,289,100.24, an improvement from -CNY 103,521,695.20 in the same period last year[16] - The cash inflow from sales of goods and services was CNY 799,949,773.67, reflecting a strong performance compared to CNY 642,716,321.80 in the previous year[16] - The total cash outflow from operating activities was CNY 883,847,469.15, an increase from CNY 759,280,073.96 in Q1 2024[16] - The company's cash and cash equivalents decreased to ¥739.60 million from ¥1.35 billion, a decline of 45.0%[12] - The cash inflow from investment activities totaled CNY 597,434,456.75, up from CNY 541,327,512.67 in Q1 2024[16] - The net cash flow from investment activities was -CNY 534,222,127.75, significantly worse than -CNY 49,927,883.28 in Q1 2024[16] - The company experienced a net decrease in cash and cash equivalents of -CNY 605,265,235.33 in Q1 2025, compared to -CNY 153,447,061.05 in Q1 2024[16] - The cash and cash equivalents at the end of Q1 2025 were CNY 727,021,228.51, compared to CNY 516,553,741.37 at the end of Q1 2024[16] - Total cash outflow from financing activities was CNY 756,446.57, with no cash inflow reported[16] Strategic Moves - The company plans to repurchase and cancel 3,750,000 restricted shares held by a shareholder, indicating a strategic move to manage equity structure[10] - Non-recurring gains and losses amounted to ¥11,950,522.23, primarily due to government subsidies and the reversal of bad debt provisions[7] Research and Development - R&D expenses increased to ¥35.22 million in Q1 2025, compared to ¥28.98 million in Q1 2024, reflecting a growth of 21.5%[14] Accounting Standards - The company has not adopted new accounting standards for the year 2025[17]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Core Viewpoint - Yutong Heavy Industry is focusing on its core business by divesting its stake in Aolande Environmental Technology Co., Ltd to enhance operational quality and concentrate on manufacturing sectors such as new energy sanitation equipment and mining equipment [1][5]. Financial Performance - In 2024, Yutong Heavy Industry achieved a record revenue of 3.799 billion yuan, representing a year-on-year increase of 30.67%, and a net profit of 227 million yuan, up 3.97% [6][7]. - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares, totaling 149 million yuan, which accounts for 89.04% of the net profit attributable to shareholders in 2024 [2][7]. Equity Transfer Details - Yutong Heavy Industry's subsidiary intends to publicly transfer 85% of its stake in Aolande, with a total listing price of 477 million yuan, including 303 million yuan for 72.25% equity and 120 million yuan for debt [1][4][5]. - The estimated value of Aolande's 100% equity is 420 million yuan, reflecting a 35.14% increase over its book value of 311 million yuan [5]. Strategic Focus - The divestment is aimed at avoiding competition in the sanitation service sector and aligning with the company's strategic development needs [5]. - Yutong Heavy Industry is committed to enhancing its research and development capabilities in areas such as new energy systems and autonomous driving, with a dedicated team of 214 personnel in sanitation equipment R&D [7]. Future Goals - For 2025, Yutong Heavy Industry has set a revenue target of 4.04 billion yuan and plans to invest 28 million yuan in projects to ensure stable growth [8].

证券代码:600817 证券简称：宇通重工 编号：临 2025-026 宇通重工股份有限公司 关于公开挂牌转让控股子公司股权及相关债权的公告 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。 重要内容提示： 为进一步聚焦战略、整合资源、提升经营质量，更加专注于 制造业领域的新能源环卫设备、新能源矿用装备等本公司具备一 定竞争优势的业务，同时避免与环卫设备业务客户在环卫服务领 域形成竞争，以争取与更多客户达成合作，宇通重工股份有限公 司（以下简称"公司"）全资子公司郑州宇通重工有限公司（以 下简称"重工有限"）以及余礼祥先生拟以公开挂牌方式转让所 持傲蓝得环境科技有限公司（以下简称"傲蓝得"、"标的公司"） 85%的股权和相关债权，其中重工有限拟转让傲蓝得72.25%的股 权和对傲蓝得享有的12,000万元债权本金，余礼祥先生拟转让傲蓝 得12.75%的股权，意向方须整体受让傲蓝得85%的股权和相关债 权。本次交易整体挂牌底价为476,974,415.00元，其中公司拟转让 傲蓝得72.25%的股权对应挂牌底价303,428,25 ...

宇通重工：拟公开挂牌转让傲蓝得环境85%股权及相关债权 智通财经4月23日电，宇通重工(600817.SH)公告称，为聚焦战略、整合资源、提升经营质量，公司全资 子公司及余礼祥拟以公开挂牌方式转让傲蓝得环境85%的股权和相关债权，其中公司拟转让72.25%的股 权和12,000万元债权本金，余礼祥拟转让12.75%的股权。整体挂牌底价为4.77亿元。此次交易旨在避免 与环卫设备业务客户在环卫服务领域形成竞争，以争取与更多客户达成合作。 ...

专用机械 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 矿用装备和新能源环卫装备表现突出，较 大分红力度强化股东回报 ——宇通重工(600817)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 10.64 | | --- | --- | | 一年内最高/最低(元) | 14.25/7.85 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.34 | | 流通市值(亿元) | 56.10 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 4.54 | | 每股经营现金流(元) | 1.06 | | 毛利率(%) | 21.56 | | 净资产收益率_摊薄(%) | 9.32 | | 资产负债率(%) | 44.37 | | 总股本/流通股(万股) | 53,684.94/52,724.93 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -12% ...