Financial Performance - The company's revenue for Q1 2025 was ¥179,043,313.29, representing a 1.03% increase compared to ¥177,216,289.64 in the same period last year[5] - Net profit attributable to shareholders decreased by 41.67% to ¥9,655,640.39 from ¥16,553,657.39 year-on-year[5] - The company's basic earnings per share decreased by 41.49% to ¥0.0983 from ¥0.1680 in the same period last year[5] - Total operating revenue for Q1 2025 was CNY 179,043,313.29, an increase of 1.03% compared to CNY 177,216,289.64 in the previous year[20] - Net profit for Q1 2025 was CNY 9,655,640.39, a decrease of 41.83% from CNY 16,553,657.39 in the prior year[21] - Basic and diluted earnings per share for the current period were CNY 0.0983, down from CNY 0.1680 in the previous year[22] Cash Flow and Assets - The net cash flow from operating activities improved by 42.00%, reaching -¥2,606,568.92 compared to -¥4,493,970.00 in Q1 2024[5] - The company reported a significant increase in cash flow from operating activities, indicating improved cash management[9] - Operating cash inflow for the current period was $219,850,615.85, an increase of 7.99% from $204,836,793.80 in the previous period[23] - Net cash outflow from operating activities was -$2,606,568.92, improving from -$4,493,970.00 in the previous period[23] - Cash and cash equivalents decreased from 783,045,285.79 RMB to 640,166,561.39 RMB, a decline of about 18.2%[17] - Cash and cash equivalents at the end of the period totaled $636,577,461.39, down from $835,776,481.56 in the previous period[24] Expenses and Investments - Research and development expenses rose by 42.51% to ¥8,856,390.31, reflecting increased investment in R&D projects[9] - Sales expenses increased by 45.83% to ¥8,219,267.85, driven by higher marketing and channel development costs[9] - Total operating costs for the same period were CNY 169,516,141.49, up from CNY 158,725,106.71, reflecting a year-over-year increase of 6.67%[20] - Cash outflow for purchasing fixed assets and intangible assets was $74,815,605.87, up from $47,331,994.55 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,744[11] - Major shareholders include Xia Feng with 35.28% (34,680,000 shares) and Yan Hua with 33.89% (33,320,000 shares) of the total shares[11] - The company has a total of 70,500,000 restricted shares, with 630,000 shares released during the period[15] - There are no significant changes in the top ten shareholders or their shareholding due to margin trading activities[12] Asset and Liability Overview - Total assets increased by 2.81% to ¥1,340,788,300.73 from ¥1,304,168,721.42 at the end of the previous year[5] - Non-current assets totaled CNY 409,683,862.79, an increase from CNY 385,640,910.47 year-over-year[19] - Total liabilities decreased to CNY 199,432,216.94 from CNY 267,602,427.66, indicating a reduction of approximately 25.5%[19] - The total amount of current assets is 931,104,437.94 RMB, down from 1,018,811,898.95 RMB at the beginning of the period, representing a decrease of approximately 8.6%[17] - Accounts receivable decreased from 154,392,796.55 RMB to 144,975,307.48 RMB, a reduction of approximately 6.5%[17] - Inventory increased from 67,599,196.65 RMB to 72,007,392.52 RMB, an increase of about 6.5%[17] Future Plans and Strategic Focus - The company has plans for market expansion and new product development, although specific details were not disclosed in the provided content[16] - The company reported a decrease in accounts payable from CNY 177,876,298.13 to CNY 120,689,190.41, a reduction of approximately 32.2%[19] - Deferred tax assets remained stable at CNY 1,830,724.89, showing consistency in tax planning strategies[19] Audit and Compliance - The company did not conduct an audit for the first quarter report[25]

| 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（（包括但 | 是 | | 不限于防止关联方占用公司资源的制度、募集 | | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 次，均事前或事后审阅会议议案 0 | | （2）列席公司董事会次数 | 0 次，均事前或事后审阅会议议案 | | 5.现场检查情况 | | | （1）现场检查次数 | 1 次 | | （2）现场检查报告是否按照本所规定报送 | 是 | | （3）现场检查发现的 ...

外资态度来看，本期较上一季度新披露的外资机构有 2 家 ，包括MORGAN STANLEY & CO. INTERNATIONAL PLC.、BARCLAYS BANK PLC。 2025年4月21日，威马农机(301533.SZ)发布2024年年度报告。截至2025年4月20日，共有48个机构投资 者披露持有威马农机A股股份，合计持股量达881.63万股，占威马农机总股本的8.97%。其中，前十大 机构投资者包括重庆威创企业管理咨询合伙企业(有限合伙)、重庆宝厚企业营销策划合伙企业(有限合 伙)、中国农业产业发展基金有限公司、威马农机股份有限公司回购专用证券账户、MORGAN STANLEY & CO. INTERNATIONAL PLC.、BARCLAYS BANK PLC、交银安享稳健养老一年A、交银 智选星光混合(FOF-LOF)A、交银慧选睿信一年持有期混合(FOF)A、交银兴享一年持有期混合(FOF)A， 前十大机构投资者合计持股比例达8.93%。相较于上一季度，前十大机构持股比例合计下跌了0.26个百 分点。 公募基金方面，本期较上一季度新披露的公募基金共计42个，主要包括交银安享稳健养老一年A ...

Core Viewpoint - The company is a leading player in the domestic hilly and mountainous agricultural machinery industry, focusing on the research, design, production, and sales of agricultural machinery and other power machinery products, with a commitment to becoming a top global brand in this sector [2][3][10]. Company Overview - The company primarily engages in the development and manufacturing of hilly and mountainous agricultural machinery, including tillage, field management, harvesting, and irrigation machinery, as well as other power machinery products [2][3]. - The product range includes micro tillers, walking transplanters, field management machines, combine harvesters, and centrifugal pumps, among others, catering to various agricultural needs [3][4][5]. Business Model - The company operates an independent R&D, procurement, production, and sales system, generating revenue through direct sales to downstream customers [6][7]. - The procurement strategy is based on a "production-based ordering" model, while the production strategy focuses on "sales-based production" to ensure efficient operations [6][7]. Performance Drivers - Supportive policies from the Ministry of Agriculture and Rural Affairs aim to enhance the quality of agricultural machinery and promote the development of small machinery suitable for hilly areas, providing growth opportunities for the agricultural machinery market [8]. - The agricultural machinery market in China is projected to reach approximately 600 billion yuan by 2024, with a compound annual growth rate (CAGR) of around 5% over the next five years [8]. Market Outlook - The global agricultural machinery market is expected to grow steadily, reaching approximately $200 billion by 2026, with a CAGR of about 3% [9]. - The Asia-Pacific region holds the largest share of the global agricultural machinery market, driven by the demand from developing countries and a large population [9]. Future Strategy - The company plans to focus on smart agriculture and global expansion, emphasizing the development of electric, lightweight, and unmanned technologies [10]. - The establishment of a smart and flexible production base in Chongqing is expected to meet the growing market demand, while the company aims to enhance its product competitiveness and expand its product matrix [10].

Core Insights - Weima Agricultural Machinery (301533) reported a revenue of 925 million yuan for 2024, representing a year-on-year growth of 17.27%, with a net profit attributable to shareholders of 79.53 million yuan, up 9.50% [2] - The company has expanded its product range into various agricultural machinery sectors, achieving sales of 445,900 units of hilly and mountainous agricultural machinery, a growth of 17.71% [2] - Weima has established a strong competitive advantage in production technology, product quality, and manufacturing scale, exporting to over 70 countries and regions globally [2] Financial Performance - The basic earnings per share for the company stood at 0.81 yuan, with net cash flow from operating activities reaching 91.21 million yuan, an increase of 13.76% [2] - The total cash dividends and share buybacks for the year amounted to 69.78 million yuan, accounting for 87.74% of the net profit attributable to shareholders [3] Strategic Initiatives - The company aims to focus on "intelligent leadership and global layout" as its core operational strategy, emphasizing the development of new energy power and intelligent agricultural equipment [3] - Weima plans to accelerate its overseas market expansion, establishing localized service systems in Southeast Asia and Latin America, leveraging its production base in Thailand and subsidiaries in the U.S. and Europe [3] - The company is transitioning from a traditional equipment manufacturer to a provider of smart agricultural solutions, enhancing the value of the entire industry chain through a digital management platform [3]

长江证券承销保荐有限公司 关于威马农机股份有限公司 2024 年度募集资金存放与实际使用情况的专项核查意见 长江证券承销保荐有限公司（ 以下简称"长江保荐"或"保荐机构"）作为威马 农机股份有限公司（ 以下简称"威马农机"或"公司"）首次公开发行股票并在创业 板上市（ 以下简称"本次发行"）的保荐机构，根据（ 证券发行上市保荐业务管理办 法》 深圳证券交易所创业板股票上市规则》 深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》以及 上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》等有关法律法规和规范性文件的要求，对公司 2024 年度募集资金存放与实际使用情况进行了认真、审慎的核查。核查的具体情况 如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 截至 2024 年 12 月 31 日，公司募集资金使用和结余情况如下表所示： | 金额单位：人民币万元 | | --- | | 项 目 | | 序号 | 金 额 | | --- | --- | --- | --- | | 募集资金净额 | | A | 65,546.60 | | 截至期初累计发生额 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕8-290 号 威马农机股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了威马农机股份有限公司（以下简称威马农机公司）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是威马 农机公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，威马农机公司于 2024 年 12 月 31 日按照《企业内部控制基本 ...

| 1—6 页 | | --- | | 一、审计报告……………………………………………………… 第 | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | --- | --- | --- | | （一）合并资产负债表…………………………………………… 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… 第 | 8 | 页 | | （三）合并利润表………………………………………………… 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | 三、财务报表附注……………………………………………… 第 15—88 页 四、资质附件………………………………………… ...

关于威马农机股份有限公司 使用部分暂时闲置自有资金进行现金管理的核查意见 一、本次使用闲置自有资金进行现金管理基本情况 长江证券承销保荐有限公司（以下简称"长江保荐"）作为威马农机股份有 限公司（以下简称"上市公司"或"公司"）2024 年度首次公开发行股票的保荐 机构和持续督导机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保 荐业务》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等相关规定的要求，对公司使用部分暂时闲置自有资金进行现金管理的 情况进行了审慎核查，并发表核查意见如下： 长江证券承销保荐有限公司 威马农机股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开第三届 董事会第十次会议和第三届监事会第九次会议，分别审议通过了《关于使用部分 暂时闲置自有资金进行现金管理的议案》，同意公司在确保不影响正常生产经营 的情况下，拟使用不超过人民币 20,000 万元(含本数）的暂时闲置自有资金进行 现金管理,上述额度自董事会审议通过之日起 12 个月内有效，在前述额度和期限 范 ...

威马农机股份有限公司 商华军，1977 年出生，中国国籍，无境外永久居留权，中共党员，经济学硕士 学位，中国注册会计师、中国注册税务师。曾任天健会计师事务所（特殊普通合伙） 重庆分所审计高级项目经理，中国证监会重庆监管局主任科员、副处长，神州能源集 团股份有限公司、国城矿业股份有限公司副总经理兼董事会秘书。现任重庆冠达世纪 游轮有限公司财务总监。2021 年 3 月至今，担任公司独立董事。2024 年度任职期间， 本人同时兼任重庆国际复合材料股份有限公司、重庆美利信科技股份有限公司的独 立董事。本人担任公司独立董事符合中国证监会《上市公司独立董事管理办法》，具 有履行独立董事职责所必需的工作经验。 （二）独立性说明 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》第六条 规定的独立性要求，不存在影响独立性的情况。 二、独立董事年度履职概况 2024 年度独立董事述职报告 各位股东及股东代表： 作为威马农机股份有限公司（以下简称"公司"）第三届董事会的独立董事，本人 严格按照《公司法》《证券法》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》《上市公司独立董事管理办法 ...