万里扬(002434) - 2025 Q2 - 季度财报

Important Notices, Table of Contents, and Definitions 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] - The company does not plan to distribute cash dividends, issue bonus shares, or capitalize reserves for the first half of 2025[4] Company Profile and Key Financial Indicators The company reports key financial metrics, highlighting significant profit growth driven by non-recurring items Key Accounting Data and Financial Indicators 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 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 This section analyzes business segments, core competencies, financial results, and key operational risks Overview of Main Business The company operates in automotive parts and new energy storage, with both segments showing strong growth prospects Automotive Parts Business 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] - 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] - 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] New Energy Storage Business 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][39] - 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] - 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] Core Competitiveness Analysis 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] - 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][51] - 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] Main Business Analysis 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 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 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] Risks and Countermeasures 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][89][91][93] - 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][90][92][94] Corporate Governance, Environmental, and Social This section details the company's corporate governance structure and its commitment to social responsibility Social Responsibility 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] - 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] - 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] - 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] Significant Matters This section discloses significant related-party transactions, major contracts, and other material events Significant Related-Party Transactions 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 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] Other Significant Matters 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] - 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] Share Capital Changes and Shareholder Information This section outlines changes in share capital and provides details on the company's major shareholders Number of Shareholders and Shareholdings 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] 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 This section confirms the absence of any bond-related activities during the reporting period Bond-related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[154] Financial Report This section presents the unaudited consolidated financial statements for the first half of 2025 Financial Statements This chapter provides the unaudited H1 2025 consolidated and parent company financial statements - The company's semi-annual financial report is unaudited[156] 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 This section documents the company's investor relations activities during the reporting period Investor Relations Activities 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]