证券代码：603010 证券简称：万盛股份 公告编号：2025-063 浙江万盛股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 一、本次说明会召开情况 浙江万盛股份有限公司（以下简称"公司"）2025 年半年度业绩说明会于 2025 年 9 月 3 日上午 10:00-11:00，通过上海证券交易所上证路演中心以网络互动形 式召开。公司董事长高献国先生、职工代表董事兼总裁周三昌先生、独立董事陈 良照先生、副总裁兼 CFO 宋瑞波先生及副总裁兼董事会秘书钱明均先生参加了说 明会，并在信息披露允许的范围内就投资者关注的事项与投资者进行了交流和沟 通。 公司已于 2025 年 8 月 26 日在上海证券交易所网站披露了《浙江万盛股份有 限公司关于召开 2025 年半年度业绩说明会的公告》（公告编号：2025-061）。 二、投资者提出的主要问题及公司回复情况 公司在本次说明会上就投资者关心的问题给予了答复，征集问题及网络文字 问答互动整理如下： 问题一：请问今年下半年业 ...

格隆汇9月3日丨万盛股份(603010.SH)公布，2025年9月3日，公司收到股东高远夏《关于股份减持结果 的告知函》，本次减持计划期间，高远夏通过大宗交易方式减持30万股股份，占公司总股本的0.05%， 减持价格为9.50元/股。 ...

| 交易日期 | 证券商标 | 蓬券代码。 | 成交价(元) 成交金额(万元) 成交量(*) 莫入营业部 | 美出营业部 | 是否为专场 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金元证券股份有限 | 浙商证券股份有限 | 025-09-03 | 603010 | 万盛般份 | 9.5 | 285 582 | 00 | ко | 公司临海质域路证 | 公司临海景和路证 | | Add Income color an an | ARE 10 A.R. | | | | | | | | | | 9月3日，万盛股份大宗交易成交30万股，成交额285万元，占当日总成交额的5.62%，成交价9.5元，较 市场收盘价10.1元折价5.94%。 ...

万盛股份公告，股东高远夏于2025年9月3日通过大宗交易方式减持30万股，减持价格9.5元/股，占公司 总股本0.05%，已完成原计划不超过0.08%的减持；本次减持后，高远夏持股133.95万股，占0.23%。高 远夏及其一致行动人临海洛升、高献国、高峰、高强、高敏、郑国富合计持股1.18亿股，占20.05%，减 持过程符合此前披露的减持计划。 ...

Core Viewpoint - The company emphasizes technological innovation as its primary productivity driver, focusing on its core business and leveraging its research institutes and production bases for independent and collaborative R&D efforts [1] Group 1: Technological Innovation - The company has established research institutes in Zhejiang and Shanghai to support its technological innovation initiatives [1] - The new nylon flame retardant is expected to complete production trials by mid-2025, with product performance receiving high recognition from customers [1] - Several specialty epoxy resins and antistatic agent products have successfully entered trial production [1] Group 2: Product Development - Various new products, including engineering plastic flame retardants, polyurethane flame retardants, cashew phenol curing agents, polyamide curing agents, amine additives, fatty acyl chlorides, and green amino acid surfactants, are undergoing trial production or gradual mass production across different production bases [1] - The company is accelerating the marketization and industrialization of new products across its business segments, thereby expanding its development areas and niche markets [1]

Core Points - Wansheng Co., Ltd. announced that as of August 31, 2025, it has repurchased a total of 30,000 shares, which represents 0.0051% of the company's total share capital [2] Summary by Category Company Actions - The company has not repurchased any shares since August 2025 [2] - The total number of shares repurchased is 30,000 [2] - The repurchased shares account for a very small percentage of the total share capital, specifically 0.0051% [2]

证券代码：603010 证券简称：万盛股份 公告编号：2025-062 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2025/4/12 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 28 | 4 | 月 | 29 | 日~2026 | 年 | 4 | 月 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | | □用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | 3万股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.0051% | | | | ...

Core Viewpoint - Wansheng Co., Ltd. (603010.SH) announced that as of August 31, 2025, the company has repurchased a total of 30,000 shares, representing 0.0051% of the total share capital, with a total expenditure of RMB 291,800 excluding transaction fees [1] Summary by Categories Share Repurchase - The company has repurchased 30,000 shares as of August 31, 2025 [1] - The repurchased shares account for 0.0051% of the company's total share capital [1] - The highest transaction price for the repurchased shares was RMB 9.73 per share, while the lowest was RMB 9.71 per share [1] - The total amount paid for the repurchased shares was RMB 291,800, excluding transaction fees [1]

Core Viewpoint - The financial performance of Wansheng Co., Ltd. (603010) for the first half of 2025 shows a significant increase in revenue but a sharp decline in net profit, indicating potential operational challenges and increased costs [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.623 billion yuan, a year-on-year increase of 17.07% compared to 1.386 billion yuan in 2024 [1]. - Net profit attributable to shareholders was 26.32 million yuan, down 65.02% from 75.26 million yuan in the previous year [1]. - The gross profit margin improved to 19.01%, up 7.9% year-on-year, while the net profit margin decreased to 2.31%, down 53.62% [1]. - Total accounts receivable increased by 38.82%, reaching 540 million yuan, indicating potential cash flow issues [1]. Expense and Cost Analysis - Total selling, administrative, and financial expenses amounted to 140 million yuan, accounting for 8.64% of revenue, an increase of 46.66% year-on-year [1]. - The increase in expenses was attributed to the consolidation of Guangzhou Entropy Energy into the company's financials and increased market development efforts [9]. - Research and development expenses rose by 33.52%, reflecting ongoing investment in innovation [10]. Cash Flow and Debt Situation - Operating cash flow per share decreased by 50.99% to 0.18 yuan, indicating reduced cash generation capabilities [1]. - The company’s interest-bearing debt increased by 73.14% to 1.889 billion yuan, raising concerns about financial leverage [1]. - The ratio of cash and cash equivalents to current liabilities stands at 85.85%, suggesting potential liquidity challenges [16]. Investment and Return Metrics - The return on invested capital (ROIC) for the previous year was 1.57%, indicating weak capital efficiency [15]. - The historical median ROIC over the past decade was 9.5%, suggesting that the current performance is below historical averages [15]. Operational Changes and Strategic Insights - The company has seen significant changes in its asset structure, including a 252.83% increase in right-of-use assets due to land leasing in Thailand [2][5]. - The increase in contract liabilities by 91.22% indicates a rise in advance payments from customers, which may reflect growing business activity [2]. - The company needs to closely monitor its capital expenditure projects to ensure they are yielding adequate returns [16].

Summary of the Conference Call for Wansheng Co., Ltd. Company Overview - **Company**: Wansheng Co., Ltd. - **Industry**: Flame Retardants and Functional Additives Key Financial Performance - **Net Profit**: In the first half of 2024, the net profit attributable to shareholders decreased by 65% to 26.32 million yuan, primarily due to losses from Shandong Wansheng and increased depreciation costs from new production lines [2][3] - **Operating Cash Flow**: Operating cash flow decreased by 100 million yuan year-on-year, influenced by bill discounting and U.S. anti-dumping deposits [2][3] - **Revenue Growth**: Revenue for the first half of 2025 reached 1.623 billion yuan, a 17% increase, mainly due to the consolidation of Guangzhou Shuangneng's revenue [3] Product Performance - **Sales Volume**: Total sales volume increased by 6.29% to 105,400 tons, with polymer functional additives up by 7.81% [5] - **Flame Retardants**: Sales of flame retardants decreased by 6% due to anti-dumping duties in Europe and the U.S. [5] - **Gross Margin**: The gross margin for polymer functional additives was 24%, while the gross margin for flame retardants fell by 3 percentage points to 20% due to the same duties [5] Key Projects and Developments - **New Projects**: Major ongoing projects include: - Shandong Weifang Phase III (expected to start production in October 2024) - Guangzhou Shuangneng Phase II (ASA refrigerants and MBS toughening agents) - Thailand 32,000-ton flame retardant project (expected trial production in June 2026) [2][6][7] - **Production Capacity**: The Thailand facility aims to mitigate tariffs and is expected to generate a net profit of 30 to 50 million yuan upon full production [11] Market Trends and Future Outlook - **Demand Growth**: Future demand for flame retardants is expected to grow in the new energy sector, including electric vehicles, charging stations, and photovoltaic equipment [4][14] - **High-frequency Copper Clad Laminate Market**: This market is rapidly growing, driven by the proliferation of smart electronic products [4][18] - **Regulatory Impact**: The upcoming strict battery safety regulations in July 2026 will require collaboration with research institutions to develop compliant products [16] Competitive Landscape - **Industry Competition**: The industry has high barriers to entry due to technical requirements and strict supplier standards, limiting new entrants [21] - **Market Position**: Wansheng Co. is positioned as a leading global flame retardant supplier, with strong relationships with downstream customers [21] Challenges and Risks - **Tariff Impact**: The company faces significant tariffs in the U.S. and Europe, which have affected pricing strategies and profit margins [12][10] - **Market Pricing**: Despite claims of stable pricing, actual prices for exports to the U.S. and Europe have increased due to high tariffs, while domestic prices for certain products have reached low points [9] Conclusion - **Growth Projections**: The company anticipates annual revenue growth of 10% to 15% and an annual increase in EVITA profit of 15% to 20% in the long term, supported by new production capacities and ongoing R&D efforts [28]