Core Viewpoint - Zhejiang University NetNew Technology Co., Ltd. plans to sell 48.6 million shares of Zhejiang Wanliyang Co., Ltd. stock acquired in 2020, with an estimated transaction amount of 474.82 million yuan based on the stock price before September 26, 2025 [1] Summary by Relevant Sections - **Proposed Transaction** The company intends to sell 48.6 million shares of Zhejiang Wanliyang, with an expected transaction value of 474.82 million yuan, calculated based on the closing stock price prior to September 26, 2025 [1] - **Cost Basis** The book cost of the shares is 41.0184 million yuan, indicating a potential gain from the sale [1] - **Authorization Period** The authorization for this transaction is valid for 12 months from the date the board approves the proposal [1] - **Transaction Classification** This transaction does not constitute a related party transaction or a major asset restructuring. If the amount involved reaches the threshold for shareholder meeting review, a separate meeting will be convened [1]

证券日报网讯万里扬（002434）9月25日在互动平台回答投资者提问时表示，目前与特斯拉没有合作业 务。 ...

Group 1 - The company plans to integrate its business resources and advantages internally while actively consolidating industry resources externally to promote the growth of its robot components business [1] - The company's strategy is aligned with the development trends of the robotics industry [1] - The company aims to continuously develop and strengthen its robot components business based on business development needs [1]

Core Viewpoint - Wanliyang is expanding into the robotics components market through its subsidiary, Wanliyang Robotics, which is developing products for multiple clients and aims to enhance manufacturing efficiency and product differentiation to improve profit margins [1][2][3] Group 1: Company Developments - Wanliyang announced that Wanliyang Robotics is developing 10 products, including harmonic reducers and planetary joint modules, for two clients, with testing set to begin in early November [1] - The company has completed initial product platform planning, which includes various types of reducers and controllers, and aims to standardize designs for mass production [2][3] - The robotics division has a core team of over 30 members, with more than 60% holding advanced degrees, focusing on comprehensive development capabilities [3] Group 2: Market Position and Challenges - The robotics components market is highly competitive, with approximately 200 domestic companies involved, leading to reduced profit margins, particularly in planetary reducers where gross margins have fallen below 20% [2][3] - Wanliyang aims to leverage its experience in automotive component manufacturing to control production and procurement costs in the robotics sector [3][4] Group 3: Product Features and Innovations - The company's products exhibit advantages in torque density, temperature control, positioning accuracy, and transmission efficiency, with temperature control capabilities significantly better than industry averages [4] - Wanliyang Robotics is developing various types of reducers, including planetary and harmonic reducers, to cater to different robotic applications, with a focus on both high precision and cost-effective solutions [5][6] Group 4: Future Plans - The company plans to complete platform development by February 2026, aiming to create a standardized technology platform that allows for customizable product offerings based on client needs [7] - Application development is currently underway for two clients, with products expected to be assembled by the end of September and tested in November [7]

Core Insights - Wanliyang's stock price increased by 1.79% on September 24, with a trading volume of 680 million yuan [1] - The company reported a financing net purchase of 16.73 million yuan on the same day, with a total financing and securities balance of 498 million yuan [1] Financing Overview - On September 24, Wanliyang had a financing buy-in amount of 93.82 million yuan and a financing repayment of 77.08 million yuan, resulting in a net financing purchase of 16.73 million yuan [1] - The current financing balance stands at 495 million yuan, accounting for 3.69% of the circulating market value, which is above the 90th percentile level over the past year [1] Securities Lending Overview - On September 24, Wanliyang repaid 21,700 shares in securities lending and sold 27,500 shares, amounting to 280,800 yuan based on the closing price [1] - The remaining securities lending volume is 265,200 shares, with a balance of 2.71 million yuan, also exceeding the 90th percentile level over the past year [1] Company Profile - Zhejiang Wanliyang Co., Ltd. was established on October 22, 2003, and listed on June 18, 2010 [1] - The company's main business involves the research, production, and sales of automotive transmissions and other automotive components, with revenue composition as follows: 89.64% from automotive transmissions and parts, 5.33% from other sources, 4.53% from energy storage and power trading, and 0.50% from financial leasing [1] Financial Performance - For the first half of 2025, Wanliyang achieved an operating income of 2.81 billion yuan, a year-on-year increase of 2.69%, and a net profit attributable to shareholders of 277 million yuan, reflecting a 50.24% year-on-year growth [2] - As of June 30, 2025, the number of shareholders decreased by 8.48% to 39,300, while the average circulating shares per person increased by 9.26% to 33,356 shares [2] Dividend Distribution - Since its A-share listing, Wanliyang has distributed a total of 2.08 billion yuan in dividends, with 525 million yuan distributed over the past three years [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 18.95 million shares, an increase of 1.26 million shares compared to the previous period [2]

Group 1 - The company was asked about the competitiveness of its energy storage business and whether it plans to extend into solid-state battery technology [1] - The company indicated that details regarding its energy storage business's competitive advantages can be found in its 2025 semi-annual report [1] - Currently, the company has no plans to expand into solid-state battery business [1]

Core Viewpoint - Wanliyang (002434.SZ) is focusing on the development of precision transmission products for robotic joints, including harmonic reducers, planetary reducers, brushless motors, and controllers, while planning to expand its humanoid robot product offerings in line with industry trends [1] Group 1 - The company is currently developing precision transmission products for robotic joints [1] - The product categories include harmonic reducers, planetary reducers, brushless motors, and controllers [1] - Future development will focus on expanding and improving humanoid robot-related products and business [1]

Group 1 - The company is focusing on the development of robotic components as a long-term strategic business [2] - The company is investing in talent acquisition and resource integration to enhance product competitiveness in the market [2] - Currently, the company is advancing the platform design, development, testing, and production capabilities of its robotic joint precision transmission products [2]

Group 1 - The GK7206V1 series visual processing chips from Guokewi have been mass-produced and successfully integrated into the supply chains of leading companies in traditional security and consumer electronics [2] - Wanliyang has successfully trial-produced its first two-speed automatic transmission for new energy vehicles, the 2EDA45, which addresses the challenges of range and load for commercial electric vehicles [2] - The first integrated circuit incubator in Hubei has been unveiled, providing comprehensive technical services to innovation teams in the integrated circuit field, significantly shortening the time from R&D to mass production [2] Group 2 - SK Hynix has launched a trial production line for 1b DRAM at its M15X factory in Cheongju, aiming to meet the growing demand for HBM, with an initial target of producing 10,000 wafers per month [2]

Group 1: Report General Information - The report is about a research meeting on Wanliyang, a company in the automotive parts industry, held on September 23, 2025 [1][2][16] Group 2: Participating Institutions - Participating institutions include Hangzhou Kuanhe Private Fund, Zhejiang Yingrui Investment, Zhejiang Naxuan Private Fund, CITIC Securities Zhejiang, and Zhongcai Investment [2][17] Group 3: Company Business Overview - The company's business includes automotive parts and new energy storage. The automotive parts business covers R&D, production, and sales of automotive transmission and drive systems for passenger, commercial, and new - energy vehicles, non - highway transmission/drive systems, and parts export. The new energy storage business involves power generation - side, grid - side, and user - side energy storage stations and power trading [21][22][23] Group 4: Business Development in Different Segments Automotive Parts Business - **Passenger Vehicle Transmission Business**: The company is expanding the international market for CVT and MT transmissions and increasing the sales of EV reducers [23] - **Commercial Vehicle Transmission Business**: In 2025, the light - truck manual transmission market demand is strong. The company is also developing light - and - micro - truck electrification products. The heavy - truck transmission business has significant market promotion results and increasing production and sales [23][24] - **Non - Highway Transmission/Drive System Business**: The company is focusing on products like construction machinery electric drive systems, large - horsepower tractor CVTs, and medium - and - large - horsepower tractor power - shift systems, with products gradually being mass - produced [24] New Energy Storage Business - The energy storage stations in Zhaoqing, Guangdong, and Yiwu, Zhejiang, are in operation. Some under - construction stations in Foshan, Guangdong, and Yiwu, Zhejiang, are expected to be connected to the grid in the second half of 2025. The company is also actively planning multiple grid - side energy storage projects in other regions [24][25] Robot Parts Business - The company established Zhejiang Wanliyang Robot Technology Co., Ltd. It has completed the product platform planning, is developing products for customers, and is building testing, inspection, and manufacturing capabilities [25]