安徽长城军工股份有限公司2025 年半年度报告 公司代码：601606 公司简称：长城军工 安徽长城军工股份有限公司 安徽长城军工股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实 性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带 的法律责任。 一、 未出席董事情况 未出席董事职务 未出席董事姓名 未出席董事的原因说明 被委托人姓名 董事 李昌坤 工作原因 周鸿彦 二、本半年度报告未经审计。 三、公司负责人涂荣、主管会计工作负责人蔡芸及会计机构负责人（会计主管人员） 蔡芸声明：保证半年度报告中财务报告的真实、准确、完整。 四、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 五、前瞻性陈述的风险声明 √适用 □不适用 本报告中如涉及对未来计划的前瞻性陈述，不构成公司对投资者的实质承诺，请 投资者注意投资风险。 六、是否存在被控股股东及其他关联方非经营性占用资金情况 否 七、是否存在违反规定决策程序对外提供担保的情况 否 八、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整 性 否 ...

Core Viewpoint - Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. is undergoing significant asset restructuring, planning to exit the maglev and bridge component business while acquiring a 60% stake in Sichuan Shudao Clean Energy Group, focusing on the clean energy power generation sector. Company Overview and Financial Indicators - The company reported a revenue of approximately 704.20 million yuan, a decrease of 37.53% compared to the previous year [2] - The net profit attributable to shareholders was approximately -67.71 million yuan, an improvement of 62.91% year-on-year [2] - The total assets at the end of the reporting period were approximately 14.15 billion yuan, down 4.95% from the previous year [2] Industry Analysis - The rail transit equipment industry has high entry barriers and fewer competitors, making it a key focus for national infrastructure investment [3] - As of June 30, 2025, there were 58 cities in mainland China operating urban rail transit lines totaling 12,381.48 kilometers, with an increase of 220.70 kilometers in the first half of 2025 compared to 194.06 kilometers in the same period last year [3] - The bridge component industry is closely related to railway and highway construction, which is significantly influenced by national fixed asset investment policies [3] Business Introduction - The company's rail transit business primarily focuses on urban rail vehicle manufacturing and repair, mainly serving the Chengdu market [3] - The bridge component business is implemented by a wholly-owned subsidiary, producing essential components such as bridge bearings and expansion devices [3] Product Overview - The rail transit products include subway vehicles, modern trams, and embedded medium-low speed maglev systems [4][5] - The bridge component products consist of bridge bearings, expansion devices, and prestressed anchorage devices [6][10] Competitive Advantages - The company has established strong technical cooperation with leading research institutions, enhancing its product development capabilities [12] - It has a well-recognized brand in the bridge component industry, having received numerous awards and certifications [14] - The company maintains a robust quality control system, ensuring high product quality and stability [14] Future Outlook - The company aims to enhance its research and development capabilities in rail transit products to improve market competitiveness [12] - The clean energy sector is expected to grow, with the company positioning itself to capitalize on this trend through its acquisition of a stake in Sichuan Shudao Clean Energy Group [3]

Group 1 - The stock price of Xinzhu Co., Ltd. is reported at 7.27 yuan, down 0.24 yuan or 3.20% from the previous trading day, with a trading volume of 2.24 billion yuan [1] - Xinzhu Co., Ltd. primarily engages in the manufacturing of bridge functional components and rail transit, with products including bridge bearings, expansion devices, and prestressed anchors, indicating its involvement in the infrastructure construction sector [1] - The latest earnings forecast indicates that Xinzhu Co., Ltd. expects a net loss attributable to shareholders in the first half of 2025, ranking among the highest losses in the public utility sector [1] Group 2 - On August 11, the net outflow of main funds was 46.66 million yuan, accounting for 0.84% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 65.23 million yuan, representing 1.17% of the circulating market value [1]

Core Viewpoint - Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. (Xinzhu Co., 002480.SZ) announced a major asset sale and related transactions, aiming to divest underperforming assets and focus on clean energy business [1][9]. Group 1: Asset Sale and Acquisition - Xinzhu Co. plans to sell 100% equity of Sichuan Development Maglev Technology Co., Ltd. (Chuanfa Maglev) and related assets to Sichuan Shudao Rail Transit Group [1][4]. - The company will also sell 100% equity of Chengdu Xinzhu Transportation Technology Co., Ltd. (Xinzhu Jiao Ke) to Sichuan Road and Bridge Construction Group [1][4]. - Xinzhu Co. intends to acquire 60% equity of Sichuan Shudao Clean Energy Group from Shudao Group through a share issuance and cash payment [1][10]. Group 2: Financial Performance - Xinzhu Co.'s business segments include rail transit, photovoltaic power generation, bridge components, and others, contributing revenues of 1.318 billion, 647 million, 446 million, and 73 million respectively in 2024 [3]. - The company has faced continuous losses from 2021 to 2024, with total losses amounting to 1.55 billion [3]. Group 3: Business Focus Shift - The divestment of Chuanfa Maglev aims to eliminate long-term losses associated with the maglev business, which has not yet achieved commercialization [6][12]. - Xinzhu Co. will focus on clean energy generation, with the acquisition of Shudao Clean Energy expected to significantly enhance its clean energy capacity and resources [10][12]. Group 4: Financial Strategy - Xinzhu Co. plans to raise funds from up to 35 qualified investors to cover transaction costs, taxes, and to support the development of Shudao Clean Energy projects [13].

Core Viewpoint - Sichuan Road and Bridge (四川路桥) is acquiring assets from its affiliate New筑股份 to enhance its bridge component business and strengthen market competitiveness, with the total asset scale exceeding 1.2 billion yuan [1][4]. Group 1: Acquisition Details - The acquisition involves cash payment for 100% equity of New筑交科 and other related assets and liabilities, aimed at solidifying the company's engineering construction business and improving technical advantages in bridge construction [2][3]. - The total scale of the acquired assets is approximately 1.227 billion yuan, which includes New筑交科's total assets of about 880 million yuan and other related assets totaling around 347 million yuan [3][4]. Group 2: Company Background and Financial Performance - Sichuan Road and Bridge has a stable operational performance, with annual revenues exceeding 100 billion yuan from 2022 to 2024, and a total net profit attributable to shareholders exceeding 27 billion yuan during the same period [1][7]. - The company has seen significant growth in total assets, increasing from approximately 1370.38 billion yuan at the end of 2021 to about 2409.15 billion yuan by the end of 2023, marking an increase of over 103.8 billion yuan in just two years [5][6]. Group 3: Historical Context and Future Outlook - The company has a history of strategic acquisitions and investments, including cross-border projects and renewable energy initiatives, indicating a proactive approach to expanding its business portfolio [5][6]. - In the first quarter of this year, the company reported a revenue of 229.86 billion yuan and a net profit of 17.74 billion yuan, showing a slight year-on-year growth and halting a previous downward trend [7].

Investment Rating - The report does not explicitly state an investment rating for the specialized equipment industry or the specific company, Changcheng Military Industry [1]. Core Insights - The company anticipates a steady increase in special product orders for 2025, with efforts to meet delivery deadlines and complete annual targets [18]. - The company has been increasing its R&D investment in line with its "16M33" development strategy, focusing on precision, information technology, unmanned systems, and upgrading traditional products [19]. - The company is experiencing significant growth in new contracts and strategic partnerships in the civil products sector, particularly in prestressed anchoring products, indicating a positive market response [21]. Summary by Sections 1. Basic Research Information - The research was conducted on Changcheng Military Industry, which operates in the specialized equipment sector, on March 13, 2025 [13]. 2. Detailed Research Institutions - The research involved several institutions, including CITIC Securities, Guotai Junan, China International Capital Corporation Asset Management, Fidelity Fund, and Changxin Fund [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company is strategically organizing production to fulfill its 2025 special product orders, which are expected to rise steadily [18]. - R&D expenditures are on the rise, with multiple projects reaching completion and entering the bidding phase [19]. - The civil products sector is seeing a significant increase in new contracts and partnerships, indicating a strong market entry [21].