证券代码：000534 证券简称：万泽股份 公告编号:2026-016 万泽实业股份有限公司 关于为下属子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 2025 年 6 月 30 日，公司 2024 年度股东大会审议通过《关于拟向相关 金融机构申请综合授信额度的议案》《关于确定担保额度的议案》等议案， 同意公司（含公司合并报表范围内的下属子公司）向银行等金融机构申请 综合授信业务和与具有相应资质的金融公司合作进行融资业务，并由本公 司或子公司为上述融资业务提供连带责任担保，担保对象为公司及合并报 表范围内的下属子公司，担保方式包括但不限于保证担保、信用担保、资 产抵押、质押等以及因业务需要向相关方视情况提供的反担保，担保额度 不超过 56 亿元，担保额度的授权期限自公司 2024 年度股东大会审议通过 之日至公司 2025 年度股东大会召开之日止，担保额度在授权期限内可循环 使用，担保额度可根据实际情况在公司和下属子公司间进行调剂，其中内 蒙双奇的额度为 8 亿元，具体内容详见公司相关公告（公告编号：2025-024 ...

证券代码：000534 证券简称：万泽股份 公告编号:2026-015 万泽实业股份有限公司（以下简称"公司"、"本公司"或"万泽股份"） 于 2026 年 3 月 26 日召开第十二届董事会第二次会议，审议通过了《关于 下属子公司引入战略投资者的议案》，现将相关内容公告如下： 一、交易概述 根据公司战略发展需要，公司下属子公司上海万泽精密铸造有限公司 （以下简称"上海万泽"）拟进一步引入战略投资者，情况如下： （一）原股东转让股份 万泽实业股份有限公司 上海万泽股东北京国发航空发动机产业投资基金中心（有限合伙）（以 下简称"航发基金"）拟将其持有的上海万泽 3.1204%股权（对应上海万泽 409.0909 万元注册资本）转让给泽适（苏州）先进技术成果转化基金（有 限合伙）（以下简称"泽适基金"）、上海临港数科创业投资合伙企业（有限 合伙）（以下简称"临港数科"）及上海临港策源创业投资合伙企业（有 限合伙）（以下简称"临港策源"），股权转让价格合计 4,720.4126 万元 人民币。公司下属子公司深圳市万泽精密铸造科技有限公司（以下简称"深 圳万泽精密"）及深圳市万泽航空材料研究有限公司（以下简称"万泽航 ...

证券代码：000534 证券简称：万泽股份 公告编号:2026-014 万泽实业股份有限公司 第十二届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 万泽实业股份有限公司（以下简称"公司"）第十二届董事会第二次会 议于 2026 年 3 月 26 日以通讯方式召开。会议通知于 2026 年 3 月 23 日以 电子邮件方式送达各位董事。公司董事 7 人，实际参会董事 7 人，会议的 召开符合《公司法》及《公司章程》的有关规定。会议决议事项如下： 董 事 会 2026 年 3 月 26 日 1 审议通过《关于下属子公司引入战略投资者的议案》 具体内容详见公司披露的《关于下属子公司引入战略投资者的公告》 （公告编号：2026-015）。 表决结果：同意：7票；反对：0票；弃权：0票。 特此公告。 万泽实业股份有限公司 ...

Summary of Key Points from Conference Call Industry Overview - The gas turbine sector remains a core area of focus due to ongoing electricity shortages, with a strong outlook for the future [1] - Recent declines in the gas turbine sector are attributed to market fluctuations caused by geopolitical conflicts and perceptions of rising European natural gas prices negatively impacting the sector [1] - However, North American natural gas prices remain stable and independent, and demand for gas turbines driven by rapid AIDC (Artificial Intelligence Data Center) construction has not diminished [1] Core Insights and Arguments - The narrative of gas turbine shortages has not changed; it continues to be a central theme in addressing electricity shortages [1] - Despite short-term fluctuations in global natural gas prices, these do not affect the long-term energy transition and related downstream demand in certain regions [1] - With the rapid growth of AI demand in North America and stable demand increases in other regions, it is projected that the global gas turbine shortfall will reach 30 GW by 2028 [1] - The tightening of the supply chain is expected to lead to price increases and a growing trend in demand for gas engines [1] Investment Recommendations - Strong recommendations for the following areas: 1. **Complete Units**: Focus on small gas turbines and medium-speed engines, with a particular emphasis on China Power, which is considered to have the lowest valuation in the sector and stable core business [2] 2. **Component Sector**: Key blade components with ongoing integration into overseas core downstream markets, including companies like Yingliu and Wanzhou, and low-valuation HRSG (Heat Recovery Steam Generator) segments with strong potential for price increases [2] 3. **Structural Components**: Companies such as Linde and Haomai Technology are highlighted for their potential [2] Additional Important Insights - The overall sentiment in the market indicates a strong belief in the resilience of the gas turbine sector despite external pressures [1] - The anticipated growth in AI-related infrastructure is expected to significantly drive demand for gas turbines in the coming years [1]

Core Insights - The mechanical industry is expected to outperform the market, with a focus on sectors and stocks showing positive performance trends as earnings season approaches [1] - The mechanical industry index rose by 7.27% in February, outperforming the CSI 300 index by 7.18 percentage points, with a TTM P/E ratio of approximately 44.93 and a P/B ratio of 3.63, indicating a continuous improvement in valuation levels [1][37][41] - The manufacturing PMI for February was reported at 49.0%, reflecting a slight decline due to seasonal factors, although high-tech manufacturing maintained good expansion [1][51] Monthly Market Review & Key Data Tracking - In February, the mechanical industry index increased by 7.27%, ranking fourth among 27 industries [37] - The TTM P/E ratio for the mechanical industry was approximately 44.93, and the P/B ratio was about 3.63, showing an increase in valuation levels [41] - The sub-industries of the mechanical sector showed positive performance, with laser equipment, marine engineering, and cold chain equipment rising by 19.38%, 14.67%, and 10.99% respectively [45] Investment Strategy & Key Recommendations - Growth & Forward-Looking Direction Portfolio includes companies such as Boying Welding, Feirongda, Hanzhong Precision, Yingliu Co., Wanze Co., and others [2][23] - Long-term focus includes companies like Huace Testing, Guodian Measurement, Yizhiming, and others [2][23] - March's recommended stocks include Yirui Technology, Huace Testing, Yizhiming, Puyuan Precision, and Dingyang Technology [3][24] Key Focus Areas - AI Infrastructure: The report emphasizes the importance of the AI infrastructure supply chain, particularly in gas turbines and liquid cooling, recommending companies like Yingliu Co., Wanze Co., and others [25][29] - Humanoid Robots: The report highlights the commercial potential of humanoid robots, suggesting a focus on companies with strong positions in the Tesla supply chain and those with high growth potential [27][29] - Commercial Aerospace: The report notes the government's support for commercial aerospace as an emerging industry, recommending suppliers and companies within the Blue Arrow Aerospace chain [6][29] Sectoral Insights - The engineering machinery sector is expected to stabilize and grow, with recommendations for companies like XCMG, SANY Heavy Industry, and others [31] - The report identifies opportunities in self-sufficiency and core segments, particularly in scientific instruments and semiconductor components [31] - The nuclear power sector is highlighted for its positive outlook, with a focus on companies like Zhongmi Holdings and Jiangsu Shentong [31] Valuation and Performance Metrics - The report provides detailed valuation metrics for recommended companies, including market capitalization, net profit forecasts, and P/E ratios for 2024-2026 [33][35]

Investment Rating - The report gives a "Buy" rating for Wanzhe Co., Ltd. (万泽股份) [1] Core Views - Wanzhe Co., Ltd. is positioned as a dual-business model focusing on "micro-ecological live bacteria products and high-temperature alloys," with strong growth potential in both sectors [5][7] - The company is expected to benefit from the booming commercial aviation engine market and the increasing demand for gas turbines, particularly in the context of AI data centers [8][9] Summary by Sections Company Overview - Wanzhe Co., Ltd. transitioned to a dual-business model in 2019, focusing on micro-ecological live bacteria products and high-temperature alloys [13] - The company has shown stable revenue growth since the transition, with a CAGR of 14.5% from 2019 to 2024 [16] Financial Analysis - The total revenue for Wanzhe Co., Ltd. is projected to reach 1,336 million yuan in 2025, with a year-on-year growth rate of 23.9% [6] - The net profit attributable to shareholders is expected to be 245 million yuan in 2025, reflecting a growth rate of 27.3% [6] - The company maintains a gross margin above 70%, with a slight decline due to the increasing share of lower-margin high-temperature alloy products [31] Micro-Ecological Live Bacteria Products - The micro-ecological live bacteria segment is expected to grow significantly, with the Chinese probiotic market projected to reach 180 billion yuan by 2028, growing at a CAGR of 8.8% from 2024 to 2028 [5][57] - Key products like "Jin Shuangqi" and "Ding Junsheng" have established strong market positions, with high gross margins around 90% [5][62] High-Temperature Alloy Business - The high-temperature alloy business is experiencing rapid growth, with revenues increasing from 7.2 million yuan in 2019 to an estimated 236 million yuan in 2024, representing a CAGR of 101% [5][51] - The company has a unique integrated capability in the production of high-temperature alloys, which is rare among private enterprises in China [41] Market Opportunities - The commercial aviation engine market in China is expected to exceed 2.6 trillion yuan over the next 20 years, with significant opportunities in both new deliveries and aftermarket services [8] - The gas turbine market is also expanding, driven by AI data center construction, creating a favorable environment for Wanzhe Co., Ltd. to capture market share [8][9] Profitability Forecast - The forecasted net profits for 2025, 2026, and 2027 are 245 million yuan, 326 million yuan, and 420 million yuan, respectively, with corresponding PE ratios of 93, 70, and 54 [9]

本公司董事黄振光先生保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 万泽实业股份有限公司（以下简称"公司"或"本公司"）于2026年2 月7日披露了公司《关于董事减持股份的预披露公告》（公告编号：2026-009， 以下简称"本次减持计划"）。公司董事黄振光先生计划在2026年3月10日至 2026年6月9日通过深圳证券交易所证券交易系统的集中竞价交易或大宗交 易方式减持本公司股份不超过93,750股，占本次减持计划预披露时本公司总 股本（剔除公司回购专用证券账户持股数量）的0.0194%。 证券代码：000534 证券简称：万泽股份 公告编号：2026－013 万泽实业股份有限公司 关于董事减持股份实施情况 暨减持计划实施完成的公告 2、本次减持前后持股情况 | | | 1 | 名称 | | 股数（股） | 占公司总股本 比例（注） | 股数（股） | 占公司总股本 比例（注） | | --- | --- | --- | --- | --- | --- | | 黄振光 | 合计持有股份 | 455,000 ...

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

二、公司关注及核实的情况说明 针对公司股票交易异常波动，公司就相关事项进行了核查，现将有关 情况说明如下： 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 万泽实业股份有限公司（以下简称"公司"或"本公司"）股票（证券 简称：万泽股份；证券代码：000534）连续2个交易日内（2026年3月6日、 2026年3月9日）收盘价格涨幅偏离值累计超过20%，根据深圳证券交易所（以 下简称"深交所"）《交易规则》的有关规定，属于股票交易异常波动。 证券代码：000534 证券简称：万泽股份 公告编号:2026-012 万泽实业股份有限公司 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒有报道可能或已经对公司股票交易价格产 生较大影响的未公开重大信息。 四、公司认为必要的风险提示 1、经自查，公司不存在违反信息公平披露的情形。 3、近期公司经营情况及内外部经营环境未发生或未预计发生重大变化。 4、公司不存在关于本公司的应披露而未披露的重大事项，也不存在处 于筹划阶段的重大事项。 5、经公 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: 万泽股份 (Wanzhe Co., Ltd.) - **Industry**: Gas turbine manufacturing and aerospace components Key Points and Arguments 1. **Expansion Plans**: The company has announced a new capacity expansion plan, aiming for a production capacity of 5 billion by 2030 for two types of turbines [1] 2. **Demand Drivers**: The demand for gas turbines is expected to be driven by three factors: new overseas machines, overseas maintenance, and new domestic machines [1] 3. **Client Relationships**: As a core supplier for Siemens, the company is expanding from combustion chamber components to lightweight blades, with potential collaborations on Siemens' main model, SGT-800, and heavy-duty blades [1] 4. **Maintenance Contracts**: The company has secured a $200 million maintenance contract for blades in the Middle East, indicating a growing demand for maintenance services in various regions [1] 5. **Domestic Market Position**: The company is a key supplier of blades for Longjiang Guanghan, which is expected to benefit from overseas data center projects [1] Market Potential 1. **Aerospace Market Forecast**: According to market predictions, from 2025 to 2044, the Chinese market is expected to deliver an average of 450 new large aircraft annually, creating a market space of over a thousand units per year for domestic aerospace components [2] 2. **Engine Development**: The CJ-1000A engine is projected to achieve mass production by 2027, with a demand corresponding to 1 billion for 100 units, positioning the company as one of three core suppliers of blades [2] 3. **Long-term Market Space**: The company is expected to tap into a market space exceeding 10 billion solely from its exclusive supply of blades for the aerospace sector [2] Investment Recommendations and Valuation 1. **Investment Thesis**: Investing in Wanzhe is seen as a bet on the strong beta of the industry and the alpha generated from the company's strategic positioning. The gas turbine industry is expected to maintain a strong growth cycle until 2030, with simultaneous demand from domestic new machines, overseas maintenance, and new overseas machines [3] 2. **Market Valuation**: The conservative mid-term market value target is set at 30 billion, combining valuations from pharmaceuticals, gas turbines, and aerospace components. The long-term target is projected at 40 billion, based on anticipated revenues and profit margins [3]