截至目前，双方已在核心产品矩阵形成全面合作：从经典的212越野车，到王牌MPV、卡路里皮卡等主 力车型，累计立项合作项目超十个，覆盖传统燃油与新能源两大动力赛道。其中已实现量产的合作车 型，累计销量突破五万台，市场表现印证了双方技术协同的市场价值。当前，针对下一代越野车的动力 系统研发，双方已进入深度攻坚阶段，有望为中国越野市场带来技术突破。 东安动力表示，此次战略合作的达成，不仅是行业优势资源整合的典范，更成为中国越野车市场高质量 发展的重要里程碑——标志着双方正式迈入"共同定义产品、共享技术成果、共拓市场空间"的深度融合 阶段。展望未来，双方将以联合创新实验室为载体，聚焦硬核越野性能提升与前瞻新能源技术落地，致 力于将212越野车打造为兼具技术实力与文化魅力的中国越野新标杆。 东安动力此前披露的2025年三季度获取定点协议的公告显示，2025年三季度，公司新市场开发共获取5 家企业（基于保密协议约定，客户名称不便披露）的5项新市场《定点协议》，其中全新开发客户3家。 上述项目预计生命周期为5年至10年，总销量预计100万台，其中，涉及新能源新市场项目2项，规划销 量预计80万台。 由于产品平台化，公司具备 ...

Core Insights - Dong'an Power has secured new market agreements with five companies in Q3 2025, including three new clients, with a projected total sales volume of 1 million units over a lifecycle of 5 to 10 years, of which 800,000 units are related to new energy projects [1] - The company aims to achieve sales of 600,000 units and revenue of 5.2 billion yuan by 2025, with a long-term goal of 1 million units sold and 10 billion yuan in revenue by 2027 [2] Group 1 - Dong'an Power's new market agreements are expected to positively impact future revenue and operational efficiency [1] - The company has a diverse product platform, including naturally aspirated, turbocharged direct injection, and new energy range-extended engines, as well as manual and automatic transmission systems [1] - The company has developed a unique DA-PDS product development process that allows for a project development cycle of 6 to 14 months, significantly faster than the industry average of 12 to 18 months, improving efficiency by 50% [2] Group 2 - In Q1 2025, Dong'an Power secured 51 new market agreements with 26 companies, including 9 new clients, with a total projected sales volume of 1.5 million units, including 1 million units for new energy projects [3] - In Q2 2025, the company obtained 9 new market agreements with 8 companies, including 2 new clients, with a total projected sales volume of 150,000 units, including 100,000 units for new energy projects [3]

Core Viewpoint - Dong'an Power (600178) achieved significant revenue growth in the first half of 2025, but the decline in non-recurring net profit and worsening cash flow raise concerns about the company's operational efficiency and sustainability [2][8]. Operational Overview - Dong'an Power reported total revenue of 2.479 billion yuan, a year-on-year increase of 25.72%. The net profit attributable to shareholders was 3.9212 million yuan, up 157.75%, indicating a successful turnaround from losses. However, the non-recurring net profit was -61.134 million yuan, down 26.91%, highlighting challenges in core business profitability [2]. Quarterly Performance - In the second quarter, total revenue reached 1.485 billion yuan, a year-on-year increase of 57.38%. However, the net profit attributable to shareholders was only 192,200 yuan, down 73.5%. The non-recurring net profit was -39.8316 million yuan, a decline of 78.36%, indicating a drop in core business profitability during this period [3]. Key Financial Indicators - Gross margin was 2.33%, a decrease of 50.44%, suggesting low added value in products or services. Net margin was 0.29%, an increase of 38.76%. Operating expenses as a percentage of revenue were 4.25%, down 21.55%, indicating improved cost control. Earnings per share were 0.02 yuan, up 216.78% [4]. Accounts Receivable and Cash Flow - Accounts receivable amounted to 1.03 billion yuan, a year-on-year increase of 42.55%, with an accounts receivable to profit ratio of 17,971.8%, indicating significant risks in accounts receivable management. The net cash flow from operating activities was negative, with operating cash flow per share at -1.06 yuan, down 169.38%, reflecting poor cash flow conditions [5]. Solvency - The company had cash and cash equivalents of 1.069 billion yuan, a decrease of 37.42%, while interest-bearing debt was 148 million yuan, down 63.66%. Although interest-bearing debt has significantly decreased, the reduction in cash indicates liquidity pressure [6]. Business Model and Core Competitiveness - Dong'an Power focuses on providing integrated solutions for engines, transmissions, and powertrains for high-end passenger cars, light and medium commercial vehicles, and new energy vehicles. The company employs a market development model of "forward-looking prediction + precise guidance + full ecological chain expansion" to ensure the smooth progress of new market projects. Additionally, it is advancing 285 new product R&D projects, covering platform development, vehicle-matching, and application research, collaborating with 65 vehicle manufacturers, which helps maintain technological leadership and market position [7]. Summary - Dong'an Power achieved significant revenue growth in the first half of 2025, but the decline in non-recurring net profit and cash flow deterioration are concerning. The company needs to optimize accounts receivable management and enhance core business profitability for sustainable development [8].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.479 billion yuan, a year-on-year increase of 25.72% compared to 1.972 billion yuan in the same period last year [1][3] - The total profit reached 79.36 million yuan, representing a significant increase of 94.97% from 40.70 million yuan in the previous year [1] - The net profit attributable to shareholders was 3.92 million yuan, recovering from a loss of 6.79 million yuan in the same period last year, indicating a turnaround [1][3] - The net cash flow from operating activities was -492.24 million yuan, worsening from -186.18 million yuan in the previous year [1] Business Operations - The company has three major engine product platforms: naturally aspirated, turbocharged direct injection, and new energy extended range, along with three transmission product platforms: manual, automatic, and DHT [2] - During the reporting period, the total production volume reached 330,700 units, reflecting a year-on-year growth of 33.95% driven by increased demand from major customers and new project mass production [2] Strategic Developments - The increase in net profit is attributed to a rise in orders for AT transmissions, leading to significant growth in both operating revenue and gross profit compared to the previous year [1] - The company is accelerating the asset handover process following its overall relocation, which has contributed to increased fixed asset disposal gains recognized in the current period [1]