国泰海通证券股份有限公司 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 万控智造股份有限公司（以下简称"万控智造"或"公司"）首次公开发行股票 并在主板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易 所上市公司自律监管指引第 11 号——持续督导》《上海证券交易所股票上市规则》 等有关法律法规和规范性文件的要求，对万控智造使用闲置募集资金和自有资金 进行现金管理的事项进行了审慎核查，并发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准万控智造股份有限公司首次公开发行 股票的批复》（证监许可[2022]302 号）核准，并经上海证券交易所同意，公司首 次向社会公众发行人民币普通股 6,000 万股，每股面值 1 元，每股发行价格 9.42 元，募集资金总额为 565,200,000.00 元。坐扣承销及保荐费 38,679,245.28 元后的 募集资金金额为 526,520,754.72 元，已由主承销商于 2022 年 3 月 7 日汇入公司 募集资金专项账户。另扣除前 ...

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告………………第 3—8 页 三、附件………………………………………………………… 第 9—12 页 （一）本所营业执照复印件……………………………………… 第 9 页 （二）本所执业证书复印件………………………………………第 10 页 （三）本所签字注册会计师执业证书复印件……………… 第 11-12 页 募集资金年度存放与使用情况鉴证报告 三、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对万控智造公司管理层编制的上述 报告独立地提出鉴证结论。 第 1 页 共 12 页 天健审〔2025〕6807 号 万控智造股份有限公司全体股东： 我们鉴证了后附的万控智造股份有限公司（以下简称万控智造公司）管理层 编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供万控智造公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为万控智造公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 ...

国泰海通证券股份有限公司 关于万控智造股份有限公司 2024 年度持续督导年度报告书 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：万控智造 | | --- | --- | | 保荐代表人姓名：陆奇、蒋勇 | 被保荐公司代码：603070 | 经中国证券监督管理委员会《关于核准万控智造股份有限公司首次公开发行 股票的批复》（证监许可[2022]302 号）核准，并经上海证券交易所同意，万控 智造股份有限公司（以下简称"万控智造"、"上市公司"、"公司"）首次向 社会公众发行人民币普通股 6,000 万股，每股面值 1 元，每股发行价格 9.42 元， 募集资金总额为 565,200,000.00 元。坐扣承销及保荐费 38,679,245.28 元后的募集 资金金额为 526,520,754.72 元，已由主承销商于 2022 年 3 月 7 日汇入公司募集 资金专项账户。另扣除前期已支付承销及保荐费用、审计及验资费、律师费、信 息披露费用、发行手续费等其他发行费用 22,181,859.65 元后，募集资金净额为 504,338,895.07 元。 本次发行证券已于 2022 年 3 月 ...

| | | | 一、审计报告……………………………………………………… 第 | 1—5 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 6—13 | 页 | | （一）合并资产负债表…………………………………………… 第 | 6 页 | | （二）母公司资产负债表………………………………………… 第 | 7 页 | | （三）合并利润表………………………………………………… 第 | 8 页 | | （四）母公司利润表……………………………………………… 第 | 9 页 | | （五）合并现金流量表……………………………………………第 | 10 页 | | （六）母公司现金流量表…………………………………………第 | 11 页 | | （七）合并所有者权益变动表……………………………………第 | 12 页 | | （八）母公司所有者权益变动表…………………………………第 | 13 页 | | 三、财务报表附注…………………………………………………第 14—97 | 页 | | 四、附件……………………………………………………………第 98—99 | 页 | | ...

国泰海通证券股份有限公司 关于万控智造股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 万控智造股份有限公司（以下简称"万控智造"或"公司"）的持续督导机构， 根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》等相关规定，对万控智造 2024 年度募集资金存放与使用情况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准万控智造股份有限公司首次公开发行 股票的批复》（证监许可[2022]302 号）核准，并经上海证券交易所同意，公司首 次向社会公众发行人民币普通股 6,000 万股，每股面值 1 元，每股发行价格 9.42 元，募集资金总额为 565,200,000.00 元。坐扣承销及保荐费 38,679,245.28 元后的 募集资金金额为 526,520,754.72 元，已由主承销商于 2022 年 ...

内部控制审计报告 天健审〔2025〕6805 号 目 录 | 一、内部控制审计报告…………………………………………第 | 1—2 | 页 | | | --- | --- | --- | --- | | 二、附件…………………………………………………………第 | 3—6 | | 页 | | （一）本所营业执照复印件……………………………………… | 第 3 | 页 | | | （二）本所执业证书复印件……………………………………… | 第 4 | 页 | | | （三）本所签字注册会计师执业证书复印件………………… | 第 5-6 | 页 | | 我们认为，万控智造公司于 2024 年 12 月 31 日按照《企业内部控制基本规 第 1 页 共 6 页 万控智造股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了万控智造股份有限公司（以下简称万控智造公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………… 第 3 页 三、附件………………………………………………………………第 4—7 页 （一）本所营业执照复印件……………………………………… 第 4 页 （二）本所执业证书复印件……………………………………… 第 5 页 （三）本所签字注册会计师执业证书复印件…………………第 6—7 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕6806 号 万控智造股份有限公司全体股东： 我们接受委托，审计了万控智造股份有限公司（以下简称万控智造公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后附的 万控智造公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金往来 情况汇总表》（以下简称汇总表）。 一、对 ...

Financial Performance - The company's operating revenue for 2024 was approximately ¥2.03 billion, a decrease of 11.56% compared to ¥2.29 billion in 2023[22]. - Net profit attributable to shareholders for 2024 was approximately ¥96 million, down 45.04% from ¥175 million in 2023[22]. - Basic earnings per share for 2024 were ¥0.2395, reflecting a decline of 45.04% from ¥0.4358 in 2023[23]. - The weighted average return on equity decreased to 4.57% in 2024, down 4.10 percentage points from 8.67% in 2023[23]. - The net cash flow from operating activities for 2024 was approximately ¥311.7 million, a decrease of 12.87% from ¥357.7 million in 2023[22]. - Total assets at the end of 2024 were approximately ¥3.01 billion, a decrease of 9.76% from ¥3.34 billion at the end of 2023[22]. - The company achieved operating revenue of CNY 2,027,447,300.46, a decrease of 11.56% compared to the same period last year[64]. - The net profit attributable to shareholders was CNY 96,038,618.28, down 45.04% year-on-year[64]. - The net profit after deducting non-operating gains and losses was CNY 94,054,667.31, a decline of 46.05% compared to the previous year[64]. - The main business revenue decreased by 11.53% to CNY 1.972 billion, while the main business cost fell by 8.18% to CNY 1.526 billion[67]. Dividend Policy - The company plans to distribute a cash dividend of 0.08 CNY per share (including tax) for the 2024 fiscal year, pending shareholder approval[5]. - The company plans to distribute a cash dividend of 1.50 RMB per 10 shares to all shareholders, approved on April 25, 2024[145]. - The total cash dividend declared was CNY 0.80 per 10 shares, totaling CNY 32,080,000, which represents 33.40% of the net profit attributable to ordinary shareholders in the consolidated financial statements[147]. - Over the last three accounting years, the cumulative cash dividend amounted to CNY 124,310,000, with an average annual net profit of CNY 158,635,566.76, resulting in a cash dividend ratio of 78.36%[149]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The company has established a comprehensive internal control system, with no significant deficiencies reported during the period[151]. - The internal control audit report issued by Tianjian Accounting Firm confirmed the effectiveness of the internal control system with a standard unqualified opinion[153]. - The company has implemented strict information disclosure policies to ensure transparency and compliance with legal requirements[119]. - The company has no record of penalties from securities regulatory agencies in the past three years[129]. - The company will adhere to regulations regarding the transfer of shares by directors, supervisors, and senior management, limiting annual transfers to 25% of their holdings[164]. Business Strategy and Operations - The company has adjusted its internal business and organizational structure to optimize resource allocation and improve operational efficiency[34]. - The company plans to focus on enhancing operational efficiency and seizing market opportunities amid a challenging macroeconomic environment[34]. - The company has initiated the closure of loss-making operations and the disposal of inefficient assets to improve overall performance[34]. - The strategic emerging industries, including new energy and digital economy, are highlighted as key growth areas despite the overall economic challenges[34]. - The company aims to enhance its supply chain management system, transitioning from traditional procurement to value integration, with a focus on cost savings and risk management[40]. - The company is implementing a dual-track management system for planning and dynamic pricing to enhance market responsiveness[36]. - The company is focusing on digital transformation and quality system optimization to improve manufacturing efficiency and core competitiveness[39]. - The company is committed to a dual domestic and international market strategy, enhancing its operational capabilities and expanding its presence in overseas markets[106]. Research and Development - The company focuses on R&D and manufacturing of distribution switch control equipment, with a strong emphasis on customized products[59]. - The company has invested in R&D, with expenses amounting to CNY 74,654,216.37, a decrease of 11.28% from the previous year[65]. - The number of R&D personnel is 301, representing 9.77% of the total workforce[81]. - The company is developing a demand-driven agile R&D system, focusing on five major product lines related to gas-insulated switchgear technology[108]. Market and Industry Trends - The total social electricity consumption in China is expected to reach 9.85 trillion kWh in 2024, with a year-on-year growth of 6.8%[44]. - The expected new installed power generation capacity in China for 2025 is over 450 million kW, with more than 300 million kW from new energy sources[45]. - The clean energy transition and rapid growth in wind and solar installations provide incremental support for the power equipment industry[50]. - The cumulative installed power generation capacity in China is expected to reach approximately 3.35 billion kilowatts by 2024, representing a year-on-year growth of 14.6%[101]. - Solar power generation capacity is projected to be around 890 million kilowatts, with a year-on-year increase of 45.2%, while wind power capacity is expected to reach 520 million kilowatts, growing by 18.0%[101]. Governance and Management - The board of directors consists of 7 members, including 3 independent directors, and operates in accordance with relevant laws and regulations[118]. - The company has established a comprehensive performance evaluation system linking assessment results to employee compensation and promotions to attract and retain talent[119]. - The company has a strong management team with extensive experience in the electrical equipment industry, enhancing its operational capabilities[123]. - The company has a structured compensation policy that links salaries to performance, with a focus on attracting and retaining key talent[142]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[6]. - The company faces risks related to raw material price fluctuations, with steel and copper being significant components of its cost structure[112]. - The company is focused on optimizing its supply chain to enhance efficiency and resilience while reducing costs[109]. - The company operates in sectors closely tied to the macroeconomy, and any adverse changes in macroeconomic conditions or national industrial policies could lead to a slowdown in downstream demand[114]. Social Responsibility - The company actively engaged in social responsibility initiatives, contributing CNY 62,600 to various public welfare projects[160]. - The company invested CNY 1,099,300 in environmental protection during the reporting period[154]. - The company implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 1,287.45 tons through the use of clean energy and energy-efficient technologies[158].

Financial Performance - The company's operating revenue for Q1 2025 was ¥405,557,893.26, a decrease of 6.53% compared to ¥433,875,270.35 in the same period last year[5] - Net profit attributable to shareholders increased by 36.00% to ¥9,282,255.20 from ¥6,825,086.00 year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 48.94% to ¥8,853,924.38 compared to ¥5,944,529.03 in the previous year[5] - Basic and diluted earnings per share both increased by 36.00% to ¥0.023148 from ¥0.017020 year-on-year[5] - The total comprehensive income for Q1 2025 was CNY 9,234,315.56, up from CNY 6,054,895.77 in Q1 2024[17] - The total comprehensive income for the first quarter of 2025 was CNY 9,444,642.73, compared to CNY 12,900,564.44 in the first quarter of 2024, indicating a decrease[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,866,109,857.39, a decrease of 4.85% from ¥3,012,045,036.03 at the end of the previous year[6] - The equity attributable to shareholders increased by 0.44% to ¥2,135,064,163.25 from ¥2,125,782,563.13 at the end of the previous year[6] - Total current assets decreased from CNY 2,174,549,705.91 to CNY 1,857,852,517.04, a decline of approximately 14.5%[12] - Total liabilities decreased from CNY 880,927,114.53 to CNY 725,757,620.33, a reduction of about 17.6%[14] - Non-current assets increased from CNY 837,495,330.12 to CNY 1,008,257,340.35, an increase of approximately 20.4%[13] - The total assets of the company as of March 31, 2025, were CNY 2,358,949,631.29, a slight decrease from CNY 2,405,699,880.87 at the end of 2024[24] - The total liabilities amounted to CNY 601,682,345.57, down from CNY 657,877,237.88 in the previous year[24] Cash Flow - The net cash flow from operating activities was negative at -¥93,083,863.14, compared to -¥10,477,768.74 in the same period last year[5] - Cash flow from operating activities for Q1 2025 was negative at CNY -93,083,863.14, compared to CNY -10,477,768.74 in Q1 2024[19] - The net cash flow from investment activities was negative CNY 302,734,594.46, compared to a positive CNY 248,969,267.13 in the previous period[20] - The net cash flow from operating activities for Q1 2025 was -CNY 147,407,878.81, a significant decline from CNY 94,462,402.09 in Q1 2024[27] - Cash inflow from operating activities totaled CNY 278,294,253.74 in Q1 2025, down 42.5% from CNY 484,189,819.79 in Q1 2024[27] - Cash outflow from operating activities increased to CNY 425,702,132.55 in Q1 2025, compared to CNY 389,727,417.70 in Q1 2024, reflecting a rise of 9.2%[27] Accounts Receivable and Payable - The company reported a significant increase in accounts receivable by 31.10%, attributed to the seasonal nature of sales in the first quarter[9] - Accounts receivable increased from CNY 676,229,197.17 to CNY 886,519,257.35, an increase of approximately 31.1%[12] - The company reported a decrease in accounts receivable to CNY 611,670,338.97 from CNY 465,638,321.25 year-over-year[23] - Accounts payable decreased from CNY 257,679,145.45 to CNY 231,738,548.78, a decline of about 10.1%[14] Cost Management - The company implemented cost reduction and quality improvement measures, leading to a decrease in expenses year-on-year[9] - Total operating costs for Q1 2025 were CNY 391,427,294.43, down 8.8% from CNY 429,409,004.85 in Q1 2024[16] - Research and development expenses for Q1 2025 were CNY 10,695,935.83, a decrease of 25.5% from CNY 14,325,244.84 in Q1 2024[16] - The company's R&D expenses for Q1 2025 were CNY 8,445,144.44, a decrease of 25.5% from CNY 11,340,894.03 in Q1 2024[26] Cash and Cash Equivalents - Cash and cash equivalents dropped significantly from CNY 790,127,425.48 to CNY 345,198,830.89, representing a decrease of about 56.3%[12] - The total cash and cash equivalents at the end of the period were CNY 140,069,330.26, a significant decrease from CNY 912,409,112.51 at the end of the previous year[20] - Total cash and cash equivalents at the end of Q1 2025 were CNY 74,322,557.73, a decrease from CNY 721,818,189.63 at the end of Q1 2024[28] Other Financial Metrics - The company recognized non-recurring gains of ¥1,531,600.00 from government subsidies related to normal business operations[7] - The company reported a financial asset impairment loss of CNY -7,057,172.26 in Q1 2025, compared to CNY -3,556,781.52 in Q1 2024[17] - The company maintained a minority shareholder loss of CNY -47,284.56 in Q1 2025, an improvement from CNY -770,190.23 in Q1 2024[17] - The company paid CNY 365,400,000.00 in other cash related to investment activities in Q1 2025[28] - The company is not applying new accounting standards or interpretations starting from 2025[28]

经核查公司独立董事的任职履历及其出具的自查报告,独立董事刘兆林、戴 文涛、张磊未在公司担任除独立董事、董事会专门委员会委员之外的其他任何职 务,也未在公司主要股东及其附属单位任职,与公司及主要股东、实际控制人不 存在直接或者间接的利害关系,也不存在其他可能影响其进行独立客观判断的关 系。公司现任独立董事均符合《上市公司独立董事管理办法》《上海证券交易所 上市公司自律监管指引第1号 -- 规范运作》等规范性文件以及《公司章程》对 于独立董事独立性的有关要求。 董事会关于独立董事 2024年度独立性的专项意见 万控智造胜 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号 -- 规范运作》等有关规定,并结合独立董事刘兆林、戴文涛、张磊分 别向公司董事会提交的《独立董事关于 2024年度独立性情况的自查报告》(以下 简称"自查报告"),万控智造股份有限公司(以下简称"公司")董事会就 2024. 年度在任独立董事的独立性情况进行评估并出具如下专项意见: 万控智造股份有限公司 ...