为深入贯彻落实党中央、国务院决策部署，进一步推动新"国九条"和资本市场"1+N"政策文件的落地实 施，9月19日，由中国证券监督管理委员会上海监管局指导，上海上市公司协会、全景网主办，上海证 券交易所、深圳证券交易所、中证中小投资者服务中心支持的"2025年上海辖区上市公司集体接待日暨 中报业绩说明会"在上海圆满举行。 国泰海通证券投教基地作为本次集体接待日暨中报业绩说明会的投教支持机构，充分调动各分支机构力 量，广泛组织投资者参与活动并对上市公司提问，切实维护中小投资者的合法权益，并有效推动上市公 司优化投资者关系管理。本次活动中，国泰海通证券投教基地向辖区内39家上市公司提问共103条，收 到上市公司回复101条。 唯万密封董事会秘书刘正山回复：尊敬的投资者您好，2025年上半年度，公司主要业务板块的营业收入 均有所增长，工程机械领域依旧为公司最大的业务板块，由于不断深化与核心客户的合作及持续推进国 产化进程，营业收入依旧呈现增长趋势；值得一提的是，石油天然气、通用机械、气动及工业自动化等 领域营业收入增长显著，随着行业的进一步发展，预计将进一步拉低工程机械行业的营收占比。公司将 持续关注相关行业及市场动 ...

Core Viewpoint - The company, Aotega (002239.SZ), has clarified that it is not involved in the military sector regarding thermal management products, indicating a focus on automotive thermal management technology and potential expansion into new transportation fields [1] Company Summary - Aotega's automotive thermal management technology has been adapted for broader applications, suggesting a strategic openness to explore new business areas [1] - The company aims to capture a larger market share by expanding its technology into traditional and new types of transportation [1]

Core Viewpoint - The company, Aotega (002239.SZ), has clarified that it is not involved in the military sector regarding thermal management products, while expressing an openness to expand its automotive thermal management technology into traditional and new transportation vehicles to capture a larger market share [1] Group 1 - The company currently does not engage in military-related thermal management products [1] - Aotega's automotive thermal management technology can be adapted for use in various transportation modes [1] - The company aims to explore new business areas to achieve greater market opportunities [1]

Group 1: Company Overview - The company is Zhejiang Yinlun Machinery Co., Ltd., with stock code 002126 and bond code 127037 [1] - The investor relations activity was recorded on August 28, 2025, via a telephone conference [3][6] Group 2: Investor Participation - A total of 112 participants from various investment firms attended the meeting, including Fidelity, BoShi Fund, and Huatai Securities [2][3] - The meeting included representatives from both domestic and international investment firms, showcasing a diverse investor interest [2] Group 3: Business Growth and Strategy - The company anticipates a high growth rate in its digital energy business, focusing on data centers, energy storage, and low-altitude aircraft over the next 2-3 years [3][4] - The data center liquid cooling strategy involves a comprehensive approach with a focus on system integration and component manufacturing [4] Group 4: Competitive Advantages - The company leverages its existing automotive thermal management expertise to enhance its data center thermal management capabilities [4] - Key advantages include strategic, technical, and customer-related strengths, such as in-house component manufacturing and reduced leakage risks through advanced technology [4] Group 5: Future Strategic Goals - The long-term goal for the data center thermal management segment is to exceed 50% of the overall scale of the digital and energy division [4] - The company aims to establish a global presence by targeting leading global enterprises and developing a comprehensive product range from components to systems [4] Group 6: Robotics and Supply Chain - The company is actively developing robotic solutions and has established partnerships to enhance its product offerings [4] - A global procurement and supply chain management framework has been established to mitigate geopolitical risks, covering North America, Europe, and Southeast Asia [5][6]

Group 1 - The company achieved total revenue of 6.729 billion, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 535 million, up 12.94% year-on-year [1] - The automotive thermal management revenue reached 481 million, showing a significant growth of 81.84% year-on-year, with over 15 billion in confirmed orders from major domestic manufacturers [1] - The company’s cooling components for air conditioning generated revenue of 5.412 billion in the first half of 2025, an increase of 8.8% year-on-year, with a gross margin of 17.78% [1] Group 2 - The cooling equipment business faced short-term pressure, with revenue of 483 million, a decline of 31.43% year-on-year, and a gross margin decrease of 2.69 percentage points [2] - The company is focusing on cold chain construction, energy storage, and nuclear power sectors, leveraging policy-driven growth opportunities [2] - The company has made progress in energy storage thermal management, securing orders from top industry clients such as BYD and CATL [2] Group 3 - Revenue projections for 2025-2027 are estimated at 14.117 billion, 15.614 billion, and 17.003 billion, with year-on-year growth rates of 11.3%, 10.6%, and 8.9% respectively [2] - Net profit attributable to shareholders is projected to be 1.149 billion, 1.340 billion, and 1.512 billion for the same period, with growth rates of 9.9%, 16.6%, and 12.8% [2] - The current stock price corresponds to PE ratios of 12.31, 10.55, and 9.35 for the years 2025, 2026, and 2027 respectively [2]

Core Viewpoint - The company reported a revenue of 6.729 billion yuan for the first half of 2025, reflecting a year-on-year increase of 6.05%, with a net profit attributable to shareholders of 535 million yuan, up 12.94% year-on-year, driven by reduced credit impairment losses and strong performance in the automotive thermal management segment [1][4]. Group 1: Financial Performance - In 25H1, the company achieved total revenue of 6.729 billion yuan, a year-on-year increase of 6.05%, and a net profit of 535 million yuan, up 12.94% year-on-year [1]. - The second quarter of 2025 saw revenue, net profit, and net profit after deducting non-recurring items change by -0.31%, +19.69%, and +15.24% year-on-year, respectively [1]. - The gross profit margin for 25H1 was 17.32%, a decrease of 0.54 percentage points year-on-year, while the second quarter saw a slight increase of 0.09 percentage points year-on-year [5]. Group 2: Business Segments - The refrigeration parts business reported a revenue increase of 8.8% year-on-year in 25H1, supported by the domestic air conditioning replacement policy [3]. - The automotive thermal management business experienced significant growth, with a revenue increase of 81.84% year-on-year, reaching 481 million yuan in 25H1, driven by partnerships with major domestic new energy vehicle manufacturers [4]. - The refrigeration equipment segment faced challenges, with a revenue decline of 31.4% year-on-year in 25H1, attributed to weak demand in the domestic central air conditioning market [3]. Group 3: Future Outlook - The company is focusing on high-growth areas such as energy storage temperature control and cold chain logistics, which are expected to contribute to incremental growth [3]. - The company maintains a high investment in research and development, particularly in high-efficiency and new energy automotive components, to strengthen its technological advantages [5]. - The earnings per share (EPS) forecast for 2025-2027 is projected at 1.11, 1.24, and 1.38 yuan, respectively, with a target price adjustment to 17.76 yuan based on a 16x price-to-earnings ratio for 2025 [6].

Core Viewpoint - Jiangshun Technology's stock price has declined, reflecting challenges in revenue and profit, with a notable decrease in shareholder numbers and net capital outflow [1] Company Overview - Jiangshun Technology's stock price as of August 11, 2025, is 58.55 yuan, down 1.47 yuan or 2.45% from the previous trading day [1] - The company has a total market capitalization of 3.513 billion yuan and a price-to-earnings ratio of 35.45 [1] - The company specializes in general equipment manufacturing, with products in areas such as reducers and automotive thermal management [1] - Jiangshun Technology holds the qualification of a specialized and innovative enterprise, registered in Jiangsu Province [1] Financial Performance - For the first half of the year, the company reported operating revenue of 494 million yuan, a year-on-year decrease of 14.07% [1] - Net profit for the same period was 49.56 million yuan, down 40.73% year-on-year [1] Shareholder Activity - As of August 10, the number of shareholders decreased to 9,971, a reduction of 705 or 6.60% compared to July 31 [1] - This marks the second consecutive period of decline in the number of shareholders [1] Capital Flow - On August 11, the net outflow of main funds was 3.36 million yuan, with a cumulative net outflow of 4.51 million yuan over the past five trading days [1]

Core Viewpoint - The company reported a slight revenue increase in the first half of 2025, but faced challenges in the second quarter due to weak domestic demand and increased competition in the air conditioning sector [1][2][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 49.34 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 2.08 billion yuan, up 3.0% year-on-year [1][2]. - Q2 2025 revenue was 24.50 billion yuan, down 2.6% year-on-year, with a net profit of 0.95 billion yuan, a decline of 8.3% year-on-year [1][3]. - The company’s revenue from domestic and overseas markets in H1 2025 showed a slight decline of 0.3% and an increase of 12.3%, respectively [2]. Business Segment Analysis - Air Conditioning Business: H1 2025 revenue was 23.69 billion yuan, up 4.1% year-on-year, but central air conditioning growth was under pressure, declining by 6.0% due to a weak real estate market [2]. - Washing and Refrigeration Business: H1 2025 revenue reached 15.39 billion yuan, a 4.8% increase year-on-year, with washing machine revenue growing by 37.6% due to technological upgrades [2]. - Automotive Thermal Management: H1 2025 revenue increased by 3.0%, benefiting from the gradual realization of previous new energy orders [2]. Cost and Profitability - The net profit margin in Q2 2025 was 3.9%, down 0.2 percentage points year-on-year, despite a gross margin increase of 1.0 percentage points to 21.5% [3]. - The company faced a one-time expense impact from layoffs in the automotive thermal management segment, amounting to 1.9 billion yen [3]. Future Outlook - The company anticipates a recovery in performance due to favorable weather conditions and the successful rollout of government subsidies [4]. - Internal governance improvements are expected to drive growth, with a focus on supply chain efficiency and cost reduction [4]. - The company has adjusted its EPS forecasts for 2025, 2026, and 2027 to 2.68, 2.94, and 3.20 yuan, respectively, reflecting a slight decrease from previous estimates [4].

Group 1: Financial Performance - The gross margin of the passenger vehicle thermal management segment decreased by 0.09 percentage points in 2024 compared to the previous year, remaining stable [1] - The company's overseas revenue for 2024 was approximately 282 million CNY, accounting for 5.63% of total revenue [3] Group 2: Business Strategy - The company focuses on upgrading products and optimizing customer structure to enhance market share and industry position [4] - The company plans to establish a wholly-owned overseas subsidiary to improve international competitiveness and meet overseas customer demands [3] Group 3: Product Development - The company is a key supplier of thermal management products for high-end models, utilizing advanced technologies such as four-zone dual-layer flow [2] - In the battery thermal management segment, the company has upgraded systems for commercial vehicles and liquid-cooled energy storage power stations [5] Group 4: Customer Engagement - The company has successfully entered the customer systems of various domestic and foreign brands, including major players in the electric vehicle market [6] - The company is actively engaging with strategic customers and exploring opportunities in the global market to expand its customer base [6]