Core Viewpoint - The company has established a subsidiary focused on the research and industrialization of precision transmission products for robotic joints, indicating a strategic expansion into the robotics sector [1] Group 1: Company Developments - The robotics business research center is located in Hangzhou, Zhejiang, which leverages the region's dense robotics industry to better understand market demands and expand customer business [1] - The production base is situated in Jinhua, Zhejiang, allowing the company to effectively reuse its expertise in transmission technology and related production resources, thereby creating technological and cost advantages [1] - The company has invested in production lines for robotic joint precision transmission products, with equipment expected to be in place and operational by March 2026, and mass production anticipated to commence in May 2026 [1]

Core Viewpoint - Wanliyang's heavy-duty truck transmission business includes MT, AMT, hybrid systems, and pure electric drive systems, with performance comparable to international mainstream manufacturers and cost advantages [1] Group 1: Business Performance - The company has successfully expanded its customer base and continues to enhance brand recognition [1] - Supporting vehicle models are gradually entering mass production, indicating potential for sustained growth in production and sales in the future [1] Group 2: Robotics Subsidiary - The company's robotics subsidiary has established a production line for precision transmission products, with equipment expected to be in place and operational by March 2026 [1] - By May 2026, the subsidiary aims to achieve mass production, currently developing harmonic reducers, planetary reducers, and joint module products for multiple clients [1]

Group 1: Business Overview - The company operates in two main sectors: automotive parts and new energy storage [2] - Automotive parts include R&D, production, and sales of transmission system products for passenger vehicles, commercial vehicles, and new energy vehicles [2] - The new energy storage business focuses on power generation side storage stations, grid side independent storage stations, and user side storage stations [2] Group 2: Passenger Vehicle Transmission Development - The company is expanding its CVT automatic and MT manual transmission products into international markets such as Europe, Southeast Asia, and the Middle East [3] - The growth in electric vehicle (EV) penetration is expected to drive sales of EV reducers and related products [3] Group 3: Commercial Vehicle Transmission Development - The company has a competitive advantage in the light truck transmission market, with significant sales growth in 2025 [4] - Focus on electric products for light trucks, including P2 and PS hybrid systems, with increased single vehicle value compared to manual products [4] - Heavy-duty truck transmission products are a key area for expansion, with performance comparable to international brands and a cost advantage [4] Group 4: Non-Road Transmission System Development - The company is developing products such as electric drive systems for construction machinery and CVTs for high-horsepower tractors [5] - New products have been launched, with positive client feedback and increased single vehicle value compared to passenger vehicle products [5] Group 5: Robotics Components Development - A dedicated robotics subsidiary has been established to focus on precision transmission products for robots [6][7] - The production line for robotic joint precision transmission products is expected to be operational by May 2026 [7] - The product platform includes harmonic reducers and planetary reducers, catering to various robotic applications [7] Group 6: New Energy Storage Business Development - The company has operational grid-side independent storage stations in Zhaoqing and Yiwu, with capacities of 100MW/200MWh and 100MW/200MWh respectively [7] - Ongoing construction of additional storage stations in Foshan and Yiwu, with expected completion by the end of 2025 [7] - The company is actively expanding its footprint in multiple regions for independent storage projects [7]

证券代码：002434 证券简称：万里扬 公告编号：2025-057 浙江万里扬股份有限公司 关于控股股东股份质押及解除质押的公告 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。 浙江万里扬股份有限公司（以下简称"公司"）收到公司控股股东万里扬集 团有限公司（以下简称"万里扬集团"）关于其所持有的公司部分股份在中国证 券登记结算有限责任公司办理了股份质押以及解除质押登记手续的通知，具体情 况如下： 一、股东股份质押基本情况 质押股份不存在负担重大资产重组等业绩补偿义务。 二、股东股份解除质押基本情况 1.股东本次解除质押情况 | | 是否为控股 股东或第一 | 本次解除质 | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | | 押股份数量 | 持股份 | 总股本 | 起始日 | 解除日期 | 质权人 | | | 大股东及其 | | | | | | | | | | （股） | 比例 | 比例 | | | | | | 一致行动人 | | | | | | | | ...

Core Viewpoint - The company is actively developing and manufacturing products for two robot system clients, focusing on industrialization capabilities for various components, including planetary gear reducers and harmonic reducers [2]. Group 1: Company Developments - The company has been involved in the acquisition of Chery's transmission for nine years, successfully supporting Chery's traditional transmission systems and generating significant profits [2]. - The company is collaborating with Yushu Robotics and has signed a supply agreement, indicating a strategic partnership in the robotics sector [2]. Group 2: Product Development - The company is currently developing 11 products for two robot system clients, which include individual components such as planetary reducers, harmonic reducers, and joint modules [2]. - There is a strong emphasis on expanding the business of robot joint modules, with efforts to attract additional robot system clients [2].

证券日报网讯12月3日，万里扬（002434）在互动平台回答投资者提问时表示，公司成立了机器人科技 公司，并组建了专业的研发、工艺、制造等团队，负责包括人形机器人在内的机器人关节模组产品的研 发、生产和销售工作。同时，根据业务发展需求，不断培养、引进相关专业人才，有效保障和满足机器 人关节模组产品业务的发展需求。 ...

Core Viewpoint - Wanliyang (002434) is actively developing and manufacturing 11 products for two robot system customers, focusing on planetary gear reducers, harmonic reducers, and joint modules [1] Group 1: Product Development - The company is engaged in the development and manufacturing of products including planetary reducers, harmonic reducers, and joint modules [1] - There is a strong emphasis on building industrial manufacturing capabilities for these products [1] Group 2: Market Expansion - The company is aggressively exploring opportunities with other robot system customers to enhance its joint module business [1] - Efforts are being made to continuously grow and strengthen the company's robot joint module business [1]

证券日报网讯 12月3日，万里扬在互动平台回答投资者提问时表示，截至2025年11月28日，公司股东人 数为39326户。 （文章来源：证券日报） ...

Core Viewpoint - Wanliyang's stock has shown significant performance with a year-to-date increase of 46.07%, reflecting strong market interest and potential growth in the automotive parts sector [1][2]. Financial Performance - For the period from January to September 2025, Wanliyang reported a revenue of 4.201 billion yuan, a decrease of 2.14% year-on-year, while the net profit attributable to shareholders increased by 32.58% to 341 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 2.079 billion yuan, with 525 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 43,300, up by 10.14%, while the average circulating shares per person decreased by 9.21% to 30,284 shares [2]. - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 21.4289 million shares, an increase of 2.4749 million shares from the previous period [3]. Market Activity - On December 1, Wanliyang's stock price rose by 2.06% to 8.91 yuan per share, with a trading volume of 47.1177 million yuan and a turnover rate of 0.41% [1]. - The stock experienced a net inflow of 7.8347 million yuan from main funds, with significant buying activity from large orders [1]. Business Overview - Wanliyang, established on October 22, 2003, and listed on June 18, 2010, specializes in the research, production, and sales of automotive transmissions and other auto parts [1]. - The company's main revenue sources include automotive transmissions and components (89.64%), other businesses (5.33%), energy storage and power trading (4.53%), and financing leasing (0.50%) [1]. Industry Classification - Wanliyang is classified under the automotive industry, specifically in the automotive parts sector, focusing on chassis and engine systems [1]. - The company is associated with various concept sectors, including automotive parts, reducers, humanoid robots, Chery Automobile concepts, and robotics concepts [1].

Core Viewpoint - The company is actively developing products such as robotic motors, harmonic reducers, and planetary reducers, focusing on joint modules and their applications in the market [1] Group 1 - The company is emphasizing the development of single products and combinations of joint modules [1] - There is a strong push to quickly develop a series of standardized products [1] - The company is working to connect with mainstream machine customers to expedite the realization of supporting applications [1]