Group 1 - Xiamen Tungsten's revenue for the first half of 2025 reached 19.178 billion yuan, an increase of 11.75% year-on-year [1] - Xiamen Tungsten's net profit attributable to shareholders decreased by 4.37% year-on-year to 972 million yuan [1] - Xiamen Tungsten plans to distribute a cash dividend of 1.84 yuan per 10 shares [1] Group 2 - Sinopec's revenue for the first half of 2025 was 1.41 trillion yuan, a decrease of 10.6% year-on-year [1][2] - Sinopec's net profit attributable to shareholders fell by 39.8% year-on-year to 21.483 billion yuan [1][2] - Sinopec's basic earnings per share were 0.177 yuan [1] Group 3 - Xinhua Department Store's revenue for the first half of 2025 was 3.254 billion yuan, a decrease of 0.99% year-on-year [3][4] - Xinhua Department Store's net profit attributable to shareholders decreased by 2.52% year-on-year to 86.08 million yuan [3][4] - Xinhua Department Store plans to distribute a cash dividend of 1 yuan per 10 shares [3] Group 4 - Huaqin Technology's revenue for the first half of 2025 reached 516 million yuan, an increase of 6.44% year-on-year [5][6] - Huaqin Technology's net profit attributable to shareholders decreased by 32.45% year-on-year to 146 million yuan [5][6] - Huaqin Technology plans to distribute a cash dividend of 1.3 yuan per 10 shares [5] Group 5 - Tianhao Energy's revenue for the first half of 2025 was 1.372 billion yuan, a decrease of 32.15% year-on-year [7] - Tianhao Energy's net profit attributable to shareholders decreased by 32.08% year-on-year to 69.01 million yuan [7] - Tianhao Energy's basic earnings per share were 0.0798 yuan [7] Group 6 - Wanliyang's revenue for the first half of 2025 reached 2.812 billion yuan, an increase of 2.69% year-on-year [8][9] - Wanliyang's net profit attributable to shareholders increased by 50.24% year-on-year to 277 million yuan [8][9] - Wanliyang's basic earnings per share were 0.21 yuan [8] Group 7 - Kede CNC's revenue for the first half of 2025 was 295 million yuan, an increase of 15.24% year-on-year [10] - Kede CNC's net profit attributable to shareholders increased by 1.27% year-on-year to 49.06 million yuan [10] - Kede CNC's basic earnings per share were 0.4582 yuan [10] Group 8 - Saifutian's revenue for the first half of 2025 reached 1.06 billion yuan, an increase of 62.41% year-on-year [11] - Saifutian achieved a net profit of 3.08 million yuan, recovering from a loss of 12.49 million yuan in the previous year [11] - Saifutian's basic earnings per share were 0.01 yuan [11] Group 9 - Funeng's revenue for the first half of 2025 was 6.369 billion yuan, a decrease of 4.44% year-on-year [13][14] - Funeng's net profit attributable to shareholders increased by 12.48% year-on-year to 1.337 billion yuan [13][14] - Funeng plans to distribute a cash dividend of 0.73 yuan per 10 shares [13] Group 10 - Ningbo Shipping reported a net loss of 39.23 million yuan for the first half of 2025 [15][16] - Ningbo Shipping's revenue for the first half of 2025 was 1.157 billion yuan, an increase of 11.33% year-on-year [15][16] - Ningbo Shipping's basic earnings per share were a loss of 0.0325 yuan [15] Group 11 - Samsung Medical's revenue for the first half of 2025 reached 7.972 billion yuan, an increase of 13.93% year-on-year [17][18] - Samsung Medical's net profit attributable to shareholders increased by 6.93% year-on-year to 1.23 billion yuan [17][18] - Samsung Medical plans to distribute a cash dividend of 4.85 yuan per 10 shares [17] Group 12 - Huiding Technology's revenue for the first half of 2025 was 2.251 billion yuan, a decrease of 0.20% year-on-year [20] - Huiding Technology's net profit attributable to shareholders increased by 35.74% year-on-year to 431 million yuan [20] - Huiding Technology plans to distribute a cash dividend of 0.15 yuan per share [20] Group 13 - Baihua Pharmaceutical's revenue for the first half of 2025 reached 202 million yuan, an increase of 2.95% year-on-year [21] - Baihua Pharmaceutical's net profit attributable to shareholders increased by 12.45% year-on-year to 25.48 million yuan [21] - Baihua Pharmaceutical's basic earnings per share were 0.0663 yuan [21] Group 14 - Stanley's revenue for the first half of 2025 was 6.391 billion yuan, an increase of 12.66% year-on-year [22][23] - Stanley's net profit attributable to shareholders increased by 18.9% year-on-year to 607 million yuan [22][23] - Stanley plans to distribute a cash dividend of 0.45 yuan per 10 shares [22] Group 15 - Duoli Technology's revenue for the first half of 2025 reached 1.734 billion yuan, an increase of 13.15% year-on-year [24] - Duoli Technology's net profit attributable to shareholders decreased by 28.13% year-on-year to 157 million yuan [24] - Duoli Technology's basic earnings per share were 0.51 yuan [24] Group 16 - Datang Telecom reported a net loss of 81.17 million yuan for the first half of 2025 [25][26] - Datang Telecom's revenue for the first half of 2025 was 275 million yuan, a decrease of 3.32% year-on-year [25][26] - Datang Telecom's basic earnings per share were a loss of 0.0623 yuan [25] Group 17 - Niuwei Co.'s revenue for the first half of 2025 reached 3.404 billion yuan, an increase of 19.96% year-on-year [27][28] - Niuwei Co.'s net profit attributable to shareholders increased by 30.44% year-on-year to 637 million yuan [27][28] - Niuwei Co. plans to distribute a cash dividend of 5.8 yuan per 10 shares [27] Group 18 - ST Zhiyun reported a net loss of 106 million yuan for the first half of 2025 [29][30] - ST Zhiyun's revenue for the first half of 2025 was 89.13 million yuan, a decrease of 63.59% year-on-year [29][30] - ST Zhiyun's basic earnings per share were a loss of 0.37 yuan [29] Group 19 - Huace Testing's revenue for the first half of 2025 reached 2.96 billion yuan, an increase of 6.05% year-on-year [31] - Huace Testing's net profit attributable to shareholders increased by 7.03% year-on-year to 467 million yuan [31] - Huace Testing plans to distribute a cash dividend of 0.5 yuan per 10 shares [31] Group 20 - Taixiang's revenue for the first half of 2025 was 219 million yuan, an increase of 6.57% year-on-year [32] - Taixiang's net profit attributable to shareholders increased by 16.12% year-on-year to 25.30 million yuan [32] - Taixiang's basic earnings per share were 0.2533 yuan [32] Group 21 - Huayi Technology applied for a credit line of up to 165 million yuan from HSBC [33][34] - Huayi Technology will use real estate as collateral for the credit line [33][34] Group 22 - Hengong Precision plans to use up to 70 million yuan of idle raised funds for cash management [35][36] - Hengong Precision will invest in high-security, high-liquidity products with a term not exceeding 12 months [35][36] Group 23 - Tianhe's financial assistance to its associate company has not been repaid [37] - Tianhe provided 243,200 yuan in financial assistance to its associate company [37] Group 24 - Spring and Autumn Electronics' revenue for the first half of 2025 reached 1.926 billion yuan, an increase of 2.62% year-on-year [38] - Spring and Autumn Electronics' net profit attributable to shareholders increased by 248.44% year-on-year to 93.31 million yuan [38] - Spring and Autumn Electronics' basic earnings per share were 0.21 yuan [38] Group 25 - Kingsoft Office's revenue for the first half of 2025 was 2.657 billion yuan, an increase of 10.12% year-on-year [39][40] - Kingsoft Office's net profit attributable to shareholders increased by 3.57% year-on-year to 747 million yuan [39][40] Group 26 - Yanjinpuzi's revenue for the first half of 2025 reached 2.941 billion yuan, an increase of 19.58% year-on-year [41] - Yanjinpuzi's net profit attributable to shareholders increased by 16.70% year-on-year to 373 million yuan [41] Group 27 - Muyuan's revenue for the first half of 2025 was 76.463 billion yuan, an increase of 34.46% year-on-year [43][44] - Muyuan's net profit attributable to shareholders increased by 1169.77% year-on-year to 10.53 billion yuan [43][44] - Muyuan plans to distribute a cash dividend of 9.32 yuan per 10 shares [43][44] Group 28 - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [45][46] Group 29 - Alloy Investment's shareholder plans to reduce their stake by no more than 3% [47] - Alloy Investment's shareholder plans to sell up to 11.5531 million shares [47] Group 30 - Rongzhi Rixin's controlling shareholder plans to reduce their stake by no more than 3% [48] - Rongzhi Rixin's controlling shareholder plans to sell up to 1.2318 million shares [48] Group 31 - Yijiahe's shareholders plan to reduce their stake by no more than 2% [49] - Yijiahe's shareholders plan to sell up to 409.72 million shares [49] Group 32 - Dongfeng Group adjusted the upper limit of its share repurchase price to 6.28 yuan per share [50] Group 33 - Jingu's revenue for the first half of 2025 reached 2.123 billion yuan, an increase of 10.04% year-on-year [51] - Jingu's net profit attributable to shareholders increased by 45.36% year-on-year to 30.27 million yuan [51] Group 34 - Yibai Pharmaceutical reported a net loss of 19.9 million yuan for the first half of 2025 [52] - Yibai Pharmaceutical's revenue for the first half of 2025 was 999 million yuan, a decrease of 14.99% year-on-year [52] Group 35 - Yonghui Supermarket reported a net loss of 241 million yuan for the first half of 2025 [53] - Yonghui Supermarket's revenue for the first half of 2025 was 29.948 billion yuan, a decrease of 20.73% year-on-year [53] Group 36 - Suotong Development's net profit increased by 1568.52% year-on-year to 523 million yuan [54] - Suotong Development's revenue for the first half of 2025 was 8.306 billion yuan, an increase of 28.28% year-on-year [54]

Core Viewpoint - Wanliyang (002434.SZ) reported a revenue of 2.812 billion yuan for the first half of 2025, reflecting a year-on-year growth of 2.69% [1] - The net profit attributable to shareholders of the listed company reached 277 million yuan, marking a significant year-on-year increase of 50.24% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 175 million yuan, with a year-on-year growth of 2.19% [1] - The basic earnings per share stood at 0.21 yuan [1]

Core Insights - The company reported a revenue of 2.81 billion yuan for the first half of 2025, representing a year-on-year growth of 2.69% [1] - The net profit attributable to shareholders reached 277 million yuan, showing a significant year-on-year increase of 50.24% [1] - The basic earnings per share stood at 0.21 yuan [1] Revenue Breakdown - Revenue from pure electric vehicle (EV) reducer products surged by 117% year-on-year [1] - The demand for light truck manual transmissions remained strong, leading to a substantial increase in product sales compared to the previous year [1]

Core Points - The company held its sixth board meeting on August 11, 2025, where resolutions were passed regarding the 2025 semi-annual report and a comprehensive credit limit application [1] Group 1 - The board approved the full text and summary of the 2025 semi-annual report, with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1] - The board also approved a proposal to apply for a comprehensive credit limit, with the same voting results of 9 in favor, 0 against, and 0 abstentions [1]

Core Points - The company held the eighth meeting of the sixth supervisory board on August 11, 2025, and the meeting was conducted in accordance with the Company Law and the Articles of Association [1] - The supervisory board approved the full text and summary of the company's 2025 semi-annual report, confirming that the report accurately reflects the company's actual situation without any false records or misleading statements [1] - The voting result for the approval was 3 votes in favor, with no votes against or abstentions [1]

证券代码：002434 证券简称：万里扬 公告编号：2025-041 一、审议通过《公司 2025 年半年度报告全文及摘要》 经审核，监事会认为：董事会编制和审核公司 2025 年半年度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 浙江万里扬股份有限公司 监事会 2025 年 8 月 22 日 浙江万里扬股份有限公司 第六届监事会第八次会议决议公告 本公司及监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。 浙江万里扬股份有限公司（以下简称"公司"）第六届监事会第八次会议通 知于 2025 年 8 月 11 日以电子邮件、书面形式送达公司全体监事，并于 2025 年 8 月 21 日以通讯方式召开，会议应参会监事 3 名，实际参会监事 3 名。会议通 知和召开程序符合《公司法》及《公司章程》的有关规定。会议以书面表决方式 通过了以下决议： ...

第六届董事会第九次会议决议公告 证券代码：002434 证券简称：万里扬 公告编号：2025-040 浙江万里扬股份有限公司 二、审议通过《关于申请综合授信额度的议案》 具体内容详见刊登在巨潮资讯网（www.cninfo.com.cn）上《浙江万里扬股 份有限公司关于申请综合授信额度的公告》（2025-042）。 表决结果：9 票同意，0 票反对，0 票弃权。 特此公告。 浙江万里扬股份有限公司 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。 浙江万里扬股份有限公司（以下简称"公司"）第六届董事会第九次会议通 知于 2025 年 8 月 11 日以电子邮件、书面形式送达公司全体董事，并于 2025 年 8 月 21 日以通讯方式召开，会议应参会董事 9 名，实际参会董事 9 名。会议通 知和召开程序符合《公司法》及《公司章程》的有关规定。会议以书面表决方式 通过了以下决议： 一、审议通过《公司 2025 年半年度报告全文及摘要》 公司 2025 年半年度报告详见巨潮资讯网（www.cninfo.com.cn）。 表决结果：9 票同意，0 票反对，0 票弃权。 ...

Core Viewpoint - Wanliyang (002434.SZ) reported a revenue of 2.81 billion yuan for the first half of 2025, reflecting a year-on-year growth of 2.69% [1] - The net profit attributable to shareholders reached 277 million yuan, showing a significant year-on-year increase of 50.24% [1] - The net profit excluding non-recurring gains and losses was 175 million yuan, with a year-on-year growth of 2.19% [1] - Basic earnings per share stood at 0.21 yuan [1] Financial Performance - Revenue: 28.12 billion yuan, up 2.69% year-on-year [1] - Net Profit: 2.77 billion yuan, up 50.24% year-on-year [1] - Net Profit (excluding non-recurring items): 1.75 billion yuan, up 2.19% year-on-year [1] - Basic Earnings per Share: 0.21 yuan [1]

[Important Notices, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The company's board confirms the report's accuracy and states no dividends will be issued for H1 2025 - The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report and assume corresponding legal responsibilities[3](index=3&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or capitalize reserves for the first half of 2025[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company reports key financial metrics, highlighting significant profit growth driven by non-recurring items [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Revenue grew 2.69% to RMB 2.81 billion, while net profit attributable to shareholders surged 50.24% due to investment gains Key Financial Indicators for H1 2025 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (RMB)** | 2,811,672,168.18 | 2,737,976,941.45 | 2.69% | | **Net Profit Attributable to Shareholders (RMB)** | 276,548,727.20 | 184,068,476.50 | 50.24% | | **Net Profit Attributable to Shareholders (Non-recurring items excluded) (RMB)** | 175,331,560.89 | 171,569,745.71 | 2.19% | | **Net Cash Flow from Operating Activities (RMB)** | 289,834,261.78 | 90,475,450.59 | 220.35% | | **Basic Earnings Per Share (RMB/Share)** | 0.21 | 0.14 | 50.00% | | **Weighted Average Return on Equity** | 4.70% | 3.08% | 1.62% | | **Total Assets (RMB)** | 11,084,173,504.82 | 10,671,944,067.61 | 3.86% (End of period vs. End of prior year) | | **Net Assets Attributable to Shareholders (RMB)** | 5,885,197,297.01 | 5,739,908,569.81 | 2.53% (End of period vs. End of prior year) | [Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains totaled RMB 101.22 million, primarily driven by a RMB 119.04 million gain from financial asset disposals Details of Non-recurring Profit and Loss Items | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -6,083,884.82 | | Government Grants Recognized in Current Profit/Loss | 5,437,893.11 | | Gains/Losses from Holding and Disposing Financial Assets/Liabilities | 119,038,104.93 | | Other Non-operating Income and Expenses | 29,443.10 | | Less: Income Tax Effect | 17,259,522.95 | | Less: Minority Interest Effect (After Tax) | -55,132.94 | | **Total** | **101,217,166.31** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes business segments, core competencies, financial results, and key operational risks [Overview of Main Business](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company operates in automotive parts and new energy storage, with both segments showing strong growth prospects [Automotive Parts Business](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%B1%BD%E8%BD%A6%E9%9B%B6%E9%83%A8%E4%BB%B6%E4%B8%9A%E5%8A%A1) This segment focuses on transmission systems, capitalizing on vehicle electrification and international market expansion - The company's product strategy focuses on vehicle transmission systems, new energy solutions, and non-road applications for synergistic growth[30](index=30&type=chunk) - During the reporting period, revenue from EV reducer products for pure electric vehicles **grew by 117%**, with an increasing number of customer vehicle models[32](index=32&type=chunk) - The company established Zhejiang Wanliyang Robot Technology Co, Ltd to manage the R&D and industrialization of precision transmission products for robot joints, with initial projects already launched[34](index=34&type=chunk) [New Energy Storage Business](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%96%B0%E5%9E%8B%E5%82%A8%E8%83%BD%E4%B8%9A%E5%8A%A1) The energy storage business is rapidly expanding through power station investments and electricity market trading - As of the end of 2024, China's new energy storage installed capacity reached **78.3GW/184.2GWh**, a YoY increase of over 126%, with lithium-ion battery storage accounting for 96.7%[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has a sufficient pipeline of grid-side independent energy storage projects that are operational, under construction, or planned, with several projects included in the provincial "14th Five-Year Plan"[41](index=41&type=chunk) - In H1 2025, the company's green certificate business continued to grow, with a cumulative transaction volume of **2.866 million domestic green certificates**, a YoY increase of 93%[46](index=46&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core strengths include scale, technology, brand recognition, cost control, and emerging advantages in energy storage - The company is the first domestic transmission enterprise to cover both commercial and passenger vehicle markets, recognized as a **National Manufacturing Single-Champion Demonstration Enterprise** for its strong production capacity[48](index=48&type=chunk) - With a national-level enterprise technology center, the company independently developed China's first AMT automatic transmission for light trucks, and its CVT product was named one of the "World's Top Ten Transmissions"[49](index=49&type=chunk)[51](index=51&type=chunk) - The new energy storage business has a project reserve pipeline exceeding **3,000MW/6,000MWh** and possesses a self-developed panoramic simulation and decision-making system for the electricity market[58](index=58&type=chunk) [Main Business Analysis](index=19&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue slightly increased, but net profit surged 50.24% due to a RMB 119 million investment gain from selling Zheda Innovation shares Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 2,811,672,168.18 | 2,737,976,941.45 | 2.69% | - | | **Net Profit Attributable to Parent Company** | 276,548,727.20 | 184,068,476.50 | 50.24% | Cost reduction, efficiency improvements, and a RMB 119 million investment gain from selling Zheda Innovation shares | | **Net Cash Flow from Operating Activities** | 289,834,261.78 | 90,475,450.59 | 220.35% | Decrease in cash paid for goods | | **Net Cash Flow from Investing Activities** | 269,074,676.60 | -298,353,077.48 | 190.19% | Received RMB 513 million in cash from selling Zheda Innovation shares | | **Investment Income** | 115,241,792.05 | -2,005,028.79 | 5,847.64% | Gained RMB 119 million in investment income from selling Zheda Innovation shares | Operating Revenue Composition | By Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Automotive Parts Manufacturing | 2,670,208,811.99 | 94.97% | 0.34% | | Energy Storage and Power Trading Business | 127,350,964.53 | 4.53% | 96.27% | [Analysis of Assets and Liabilities](index=21&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets grew 3.86%, with a notable decrease in long-term equity investments and shifts in financing structure Significant Changes in Asset Composition | Item | End of Current Period Amount (RMB) | % of Total Assets | End of Prior Year Amount (RMB) | % of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Long-term Equity Investment** | 76,237,139.72 | 0.69% | 476,077,026.93 | 4.46% | -3.77% | Sold 53 million shares of Zheda Innovation | | **Short-term Borrowings** | 1,090,413,597.23 | 9.84% | 1,387,525,741.57 | 13.00% | -3.16% | Repaid more bank loans due to sufficient funds | | **Long-term Borrowings** | 743,422,059.60 | 6.71% | 602,538,498.74 | 5.65% | 1.06% | Increase in bank loans with maturities over one year | | **Notes Payable** | 911,497,265.64 | 8.22% | 406,361,378.81 | 3.81% | 4.41% | Increase in newly issued bank acceptance bills | [Analysis of Major Subsidiaries and Investees](index=24&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Key subsidiaries in new energy drive systems and smart manufacturing were profitable, while the energy storage unit shows strong potential Operating Performance of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Main Business | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Zhejiang Wanliyang New Energy Drive Co, Ltd | New energy vehicle drive assemblies | 111,794.73 | 5,523.07 | | Wuhu Wanliyang Transmission Co, Ltd | Automotive transmissions | 126,000.62 | -1,612.49 | | Zhejiang Wanliyang Intelligent Manufacturing Co, Ltd | Gear manufacturing | 55,175.75 | 4,683.98 | | Zhejiang Wanliyang New Materials Co, Ltd | Recycled resource processing | 31,003.26 | -2,377.49 | | Zhejiang Wanliyang Energy Technology Co, Ltd | New energy storage and power trading | 12,735.10 | 3,266.18 | - Three new subsidiaries were established during the period to support new business expansion, including one in robotics and two in new energy technology[85](index=85&type=chunk) [Risks and Countermeasures](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from market competition, talent acquisition, supply chain volatility, and new business uncertainties - The company faces four major risks: market competition, talent, supply chain, and new business operations[87](index=87&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk) - Countermeasures include expanding overseas markets, promoting new energy vehicle products, enhancing human resource systems, establishing a global procurement platform, and leveraging the energy storage team's expertise to control operational risks[88](index=88&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk)[94](index=94&type=chunk) [Corporate Governance, Environmental, and Social](index=29&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's corporate governance structure and its commitment to social responsibility [Social Responsibility](index=29&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively engages in social responsibility through customer service, employee care, environmental protection, and philanthropy - **Customer Relations**: Adheres to a "fast, professional, and attentive" service philosophy to deepen strategic cooperation and achieve mutual success with clients[102](index=102&type=chunk) - **Employee Care**: Fosters a "striver-centric" value system, provides a comprehensive career-long training system, and established the "Wanliyang Employee Mutual Aid Association" to support employees in need[104](index=104&type=chunk) - **Environmental Protection**: Strictly implements the ISO14001 environmental management system, improves energy efficiency through "5G + Industrial Internet" applications, and promotes green transformation by developing new energy vehicle systems and energy storage businesses[107](index=107&type=chunk) - **Social Philanthropy**: Established the **RMB 10 million** Wanliyang Education Fund for improving educational facilities and aiding students, and actively participates in rural revitalization and poverty alleviation initiatives[108](index=108&type=chunk) [Significant Matters](index=33&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses significant related-party transactions, major contracts, and other material events [Significant Related-Party Transactions](index=34&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Significant transactions occurred with related party Chery Automobile, primarily involving sales of auto parts totaling RMB 1.12 billion Related-Party Transactions in the Ordinary Course of Business | Related Party | Transaction Type | Transaction Content | Transaction Amount (RMB 10,000) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Chery Automobile Co, Ltd and its affiliates | Sales of goods | Automotive transmissions, related parts, and services | 111,771.04 | 39.75% | | Chery Automobile Co, Ltd and its affiliates | Purchase of goods | Materials, energy, service fees, development fees, etc | 4,761.41 | 2.36% | | Wanhuitong Energy Technology Co, Ltd and its affiliates | Rental | Rooftop rental | 332.30 | 0.12% | | Wanhuitong Energy Technology Co, Ltd and its affiliates | Purchase of goods | Electricity | 1,744.36 | 0.87% | [Significant Contracts and Their Performance](index=36&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's total outstanding guarantees amounted to RMB 2.49 billion, representing 42.30% of its net assets Significant Guarantees (Unit: RMB 10,000) | Guarantee Type | Total Approved Limit at Period End | Total Actual Balance at Period End | | :--- | :--- | :--- | | External Guarantees (for Controlling Shareholder) | 50,000 | 45,000 | | Guarantees for Subsidiaries | 467,000 | 203,929.92 | | **Total** | **517,000** | **248,929.92** | - The total actual guarantee amount represents **42.30%** of the company's net assets[135](index=135&type=chunk) [Other Significant Matters](index=40&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The controlling shareholder increased its stake to 30.21%, and the company significantly reduced its holdings in Zheda Innovation - In May 2025, the controlling shareholder Wanliyang Group increased its stake by **12,512,400 shares** (0.95% of total share capital), raising its holding to **30.21%**[138](index=138&type=chunk) - From February to June 2025, the company cumulatively sold **53 million shares** of Zheda Innovation Technology Co, Ltd, reducing its holding to 2 million shares (0.19% of its total share capital) at period end[139](index=139&type=chunk) [Share Capital Changes and Shareholder Information](index=42&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section outlines changes in share capital and provides details on the company's major shareholders [Number of Shareholders and Shareholdings](index=44&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period end, the company had 39,313 shareholders, with the controlling shareholder holding a 30.21% stake - The total number of common shareholders was **39,313** at the end of the reporting period[148](index=148&type=chunk) Top Ten Shareholders | Shareholder Name | Shareholder Type | Shareholding Ratio | Number of Shares | Pledged/Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Wanliyang Group Co, Ltd | Domestic Non-state-owned Legal Entity | 30.21% | 396,588,144 | Pledged 212,250,000 | | Shaanxi International Trust - Changsheng No. 1 Single Fund Trust | Other | 6.02% | 79,000,000 | - | | Guoyuan Trust - Anrui No. 1 Single Fund Trust | Other | 6.02% | 79,000,000 | - | | China Resources Trust - Huaying No. 16 Single Fund Trust | Other | 5.62% | 73,760,000 | - | | Shaanxi International Trust - Changfeng No. 52 Single Fund Trust | Other | 5.27% | 69,178,800 | - | | Jinhua Zhongcheng Investment Co, Ltd | Domestic Non-state-owned Legal Entity | 4.02% | 52,785,000 | Pledged 52,785,000 | [Bond-related Matters](index=47&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms the absence of any bond-related activities during the reporting period [Bond-related Matters](index=47&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[154](index=154&type=chunk) [Financial Report](index=48&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the unaudited consolidated financial statements for the first half of 2025 [Financial Statements](index=48&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter provides the unaudited H1 2025 consolidated and parent company financial statements - The company's semi-annual financial report is unaudited[156](index=156&type=chunk) Consolidated Balance Sheet Summary (As of June 30, 2025) | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | **Total Assets** | 11,084,173,504.82 | 10,671,944,067.61 | | **Total Liabilities** | 5,095,743,415.07 | 4,826,611,351.97 | | **Total Equity Attributable to Parent Company** | 5,885,197,297.01 | 5,739,908,569.81 | | **Total Equity** | 5,988,430,089.75 | 5,845,332,715.64 | Consolidated Income Statement Summary (For H1 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 2,811,672,168.18 | 2,737,976,941.45 | | **III. Operating Profit** | 323,846,705.34 | 215,557,995.61 | | **V. Net Profit** | 290,123,660.38 | 189,538,562.02 | | **Net Profit Attributable to Parent Company Shareholders** | 276,548,727.20 | 184,068,476.50 | [Other Submitted Data](index=182&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section documents the company's investor relations activities during the reporting period [Investor Relations Activities](index=182&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) The company conducted five investor relations events during the period, engaging with institutional investors on business performance - The company held **five** investor relations events during the reporting period, engaging with institutional investors to discuss business operations and future development plans[710](index=710&type=chunk)

浙江万里扬股份有限公司 2025 年半年度财务报告 浙江万里扬股份有限公司 Zhejiang Wanliyang Co., Ltd. 2025 年半年度财务报告 2025 年 08 月 1 浙江万里扬股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：浙江万里扬股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 970,717,809.02 | 731,791,864.25 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 1,624,085,942.52 | 1,618,357,551.03 | | 应收款项融资 | 96,904,910.19 | 74,326,049.08 | | 预付款项 | 51,388,335.77 ...