Group 1 - The core viewpoint of the article is that Zhongma Transmission (603767.SH) has announced a projected net loss for the year 2025, estimated to be between -8 million to -5.4 million yuan, indicating a decline compared to the previous year [2] Group 2 - The primary reason for the projected loss is the bankruptcy restructuring of the company's main customer, Chengdu Dayun Automobile Group, which has not made substantial progress, leading to a low probability of recovering accounts receivable. Consequently, the company has made an additional provision for bad debts of 3.6479 million yuan, with a 100% provision rate [3] - The company has also recognized an asset impairment loss of 13.4819 million yuan due to signs of impairment in some dedicated production lines for AT transmissions, influenced by the Chengdu Dayun business [3] - Additionally, the company holds a 60 million yuan equity stake in Chengdu Eagle Ming Zhitong Technology Co., classified as a financial asset measured at fair value with changes recognized in profit or loss. Due to a decline in the fair value of Eagle Ming's equity as of the balance sheet date, the company has recognized a fair value loss of 29.505 million yuan, impacting the current period's profit or loss [3]

Core Viewpoint - Zhongma Transmission (603767.SH) is expected to report a net loss of between 8 million to 5.4 million yuan for the fiscal year 2025, indicating a significant decline compared to the previous year [1] Group 1: Financial Performance - The anticipated net loss is primarily attributed to the bankruptcy restructuring of the company's major customer, Chengdu Dayun Automobile Group, which has not made substantial progress, leading to a low probability of recovering accounts receivable [1] - The company has made an additional provision for bad debts amounting to 3.6479 million yuan, with a 100% provision rate for the accounts receivable from Chengdu Dayun [1] - The company has recognized an asset impairment loss of 13.4819 million yuan due to indications of impairment on certain production lines for AT transmission [1] Group 2: Investment Losses - The company holds a 60 million yuan equity stake in Chengdu Eagle Ming Zhitong Technology Co., classified as a financial asset measured at fair value with changes recognized in profit or loss [1] - Due to a decline in the fair value of Eagle Ming's equity as of the balance sheet date, the company has recognized a fair value loss of 29.505 million yuan, which is included in the current period's profit or loss [1]

Group 1 - The company Zhongma Transmission expects a net profit attributable to shareholders of the parent company to be between -8 million and -5.4 million yuan for the year 2025, indicating a loss compared to the same period last year [1] - The primary reason for the performance change is the bankruptcy restructuring of its major customer, Chengdu Dayun Automobile Group Co., Ltd., which has not made substantial progress, leading to a low probability of recovering accounts receivable [1] - As a precaution, the company has made an additional provision for bad debts of 3.6479 million yuan against the accounts receivable from Chengdu Dayun, with a provision ratio of 100% [1] Group 2 - The company has confirmed an asset impairment loss of 13.4819 million yuan due to signs of impairment in some dedicated production lines for AT transmission, affected by the Chengdu Dayun business [1]

关于计提资产减值准备及确认公允价值变动的公告 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：603767 证券简称：中马传动 公告编号：2026-001 浙江中马传动股份有限公司 浙江中马传动股份有限公司 (以下简称"公司")于 2026 年 1 月 19 日召开 第六届董事会第十八次会议，审议通过了《关于计提资产减值准备及确认公允价 值变动的议案》，现将相关情况公告如下： 一、本次计提资产减值准备及确认公允价值变动的具体情况 根据《企业会计准则》和公司会计政策的相关规定，基于谨慎性原则，公司 对截至 2025 年 12 月 31 日的各项资产进行了全面清查和减值测试，并对存在减 值迹象的资产计提相应的减值准备及确认公允价值变动，具体明细如下： | | 项目 | | 金额（万元） | | --- | --- | --- | --- | | 信用减值准备 | 坏账准备 | | 297.74 | | | 其中： | 组合计提 | -67.05 | | | | 单项计提 | 364.79 | | 资产减值准备 | 存货跌 ...

Core Viewpoint - Zhongma Transmission (603767.SH) expects a net profit attributable to shareholders of the parent company for the year 2025 to be between -8 million and -5.4 million yuan, indicating a potential loss [1] - The company anticipates a net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, to be between 14 million and 21 million yuan for the year 2025 [1] Financial Projections - Expected net profit for 2025: -8 million to -5.4 million yuan [1] - Expected net profit excluding non-recurring items for 2025: 14 million to 21 million yuan [1]

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -8 million and -5.4 million RMB, indicating a loss compared to the previous year [3]. - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between 14 million and 21 million RMB for 2025 [5]. - In the previous year, the total profit was 35.08 million RMB, with a net profit attributable to shareholders of the parent company of 33.25 million RMB [6]. - The earnings per share for the previous year was 0.11 RMB [6]. Asset Impairment and Provisions - The company has recognized an asset impairment loss of 13.48 million RMB due to indications of impairment in certain production lines [8]. - The company has made a provision for bad debts of 3.65 million RMB related to accounts receivable from Chengdu Dayun Automobile Group, with a 100% provision rate [7]. - The company holds a 60 million RMB equity stake in Chengdu Eagle Mingzhitong Technology Co., which has seen a fair value loss of 29.51 million RMB due to a decline in fair value [8]. Financial Data Accuracy - The financial data provided is preliminary and subject to final audit, with no significant uncertainties affecting the accuracy of the forecast [9][10].

Core Viewpoint - The company expects a significant decline in net profit for the year 2025, projecting a loss between 8 million to 5.4 million yuan, compared to a profit of 33.25 million yuan in the same period last year [1] Financial Performance - The anticipated non-recurring net profit is estimated to be between 14 million to 21 million yuan, down from 32.71 million yuan in the previous year [1] - The expected loss is primarily attributed to the bankruptcy restructuring of a major client, Chengdu Dayun, which has not made substantial progress, leading to an additional bad debt provision of 3.65 million yuan [1] - The company also recognized an asset impairment loss of 13.48 million yuan related to certain specialized production lines [1] - Additionally, a decline in the fair value of the equity held in Yingming Zhitong resulted in a loss of 29.51 million yuan [1]

Group 1 - The core announcement is about the change in the audit team for the fiscal year 2025 at Zhongma Transmission, due to internal adjustments at Tianjian Accounting Firm [2] - The signing registered accountant has been changed from Li Kun to Ge Haihao, while the project quality review personnel has been changed from Zhao Zurong to Shi Yihong [2] - Wang Jianlan will continue to serve as the project partner, and these changes will not affect the annual audit schedule and quality [2]

证券代码：603767 证券简称：中马传动 公告编号：2025-043 浙江中马传动股份有限公司 关于变更签字注册会计师及项目质量复核人员的 公告 天健会计师事务所（特殊普通合伙）作为公司 2025 年度财务报告和内部控 制的审计机构，原指派王建兰女士、李锟先生作为签字注册会计师，赵祖荣先生 作为项目质量复核人员。由于李锟先生、赵祖荣先生工作调整，为按时完成公司 2025 年度审计工作，天健会计师事务所（特殊普通合伙）指派葛海昊先生接替 李锟先生作为签字注册会计师，指派石怡弘先生接替赵祖荣先生作为项目质量复 核人员。本次变更后，为公司提供 2025 年度财务报告和内部控制审计的签字注 册会计师为王建兰女士、葛海昊先生，项目质量复核人员为石怡弘先生。 二、本次变更人员的基本情况 1、人员基本信息 项目合伙人及签字注册会计师：王建兰，2007 年起成为注册会计师，2005 年开始从事上市公司审计，2007 年开始在本所执业，2024 年起为本公司提供审 计服务；近三年签署或复核 11 家上市公司审计报告。 签字注册会计师：葛海昊，2020 年起成为注册会计师，2017 年开始从事上 市公司审计，2020 年开始在 ...

Core Insights - The automotive reducer industry in China has established a complete and closely coordinated industrial chain, with upstream focusing on raw materials and core components, midstream dominated by international giants like BorgWarner, and local companies like Jingzhu Technology and Shuanghuan Transmission gaining significant market share in mainstream and new energy segments [1][6][10] - The market is experiencing steady growth, closely tied to the explosive growth of the automotive industry, particularly in new energy vehicles (NEVs), with local companies making rapid advancements through technological breakthroughs [1][9][10] - Future developments in the industry will focus on deep technological iterations, industry consolidation, and ecological collaboration, with products evolving towards high-speed, low-noise, lightweight, and integrated designs [1][10][14] Industry Overview - Automotive reducers are key components in the automotive transmission system, responsible for reducing speed and increasing torque to provide suitable driving power [2][3] - The industry is characterized by a tight integration of upstream and downstream sectors, with a strong emphasis on localization and integration [6][9] Market Dynamics - The demand for automotive reducers is driven by the rapid growth of the passenger vehicle market, particularly electric and hybrid models, which require lightweight and high-efficiency products [6][7] - In the commercial vehicle sector, the demand for reducers is focused on heavy load and high reliability, with structural upgrades driven by the rise of automatic transmissions and new energy vehicles [7][9] Competitive Landscape - The competitive landscape is marked by a clear stratification, with international giants dominating the high-end market while local companies rapidly rise in the mid-range and NEV segments [10][11] - Key players include Shuanghuan Transmission, Jingzhu Technology, and others, who are establishing themselves as core suppliers for NEV gears [10][12] Future Trends - The industry is expected to evolve along three main directions: technological iteration focusing on precision and integration, industry consolidation with a focus on high-end breakthroughs by local brands, and ecological collaboration emphasizing standardization and cross-industry integration [10][14] - The adoption of advanced materials and manufacturing techniques will drive the development of high-speed, low-noise, and lightweight reducers, with a significant shift towards integrated electric drive systems [12][13]