Core Viewpoint - Harbin Dong'an Automotive Power Co., Ltd. reported a significant revenue increase but remains reliant on non-operating income for profitability, raising concerns about the sustainability of its financial performance [3][5][7]. Financial Performance - The company achieved a total revenue of 2.479 billion yuan, a year-on-year increase of 25.72% [3][4]. - The net profit attributable to shareholders was 3.9212 million yuan, a turnaround from a loss of 6.7898 million yuan in the same period last year [3][5]. - However, the net profit excluding non-recurring items showed a deeper loss, widening from 48.1724 million yuan to 61.1340 million yuan [3][5]. Cost and Margin Analysis - The gross margin decreased to 2.33%, down 3.19 percentage points from the previous year, indicating pressure on profitability despite revenue growth [4][7]. - Operating costs increased by 28.85%, outpacing revenue growth, which suggests a potential strategy of sacrificing margin for volume [4][5]. Cash Flow and Inventory - The net cash flow from operating activities was -492 million yuan, worsening from -186 million yuan year-on-year, indicating increasing cash flow pressure [5][6]. - Inventory rose to 1.012 billion yuan from 671 million yuan at the end of the previous year, reflecting increased capital tied up in stock due to expanded sales [5][6]. Market Position and Product Development - The company’s market share in gasoline engines increased from 2.01% to 2.39%, a rise of 0.38 percentage points [4]. - Dong'an Power is actively pursuing product and market transformation, with 285 new product development projects underway, including 28 in the new energy sector [5][6]. Legal and Corporate Governance Issues - The company is facing a patent lawsuit from ZF involving significant products, with a claim amounting to 54 million yuan [6]. - In July, the company canceled the third tranche of restricted stock due to unmet performance targets and staff turnover [6]. Future Outlook - The reliance on non-operating income raises questions about the sustainability of the company's profitability, especially as core business profitability remains weak [7]. - The ability to balance investment in new energy projects with financial stability will be crucial for the company's future success [7].

（原标题：东安动力上半年净利润 同比扭亏为盈） 证券时报记者 孙宪超 东安动力（600178）7月30日晚披露2025年半年度报告，上半年实现营业收入24.79亿元，同比增长 25.72%；归母净利润392.12万元，同比扭亏为盈，上年同期亏损678.98万元；基本每股收益0.02元。 东安动力拥有自然吸气、增压直喷和新能源增程动力三大发动机产品平台以及手动变速器、自动变速器 和DHT三大变速器产品平台。据介绍，公司通过系统集成可以满足轻型和中型商用车市场、新能源增 程动力和混动汽车市场、中高端乘用车和皮卡市场，还可以应用于发电机组、通用动力、空域经济、清 洁能源等领域，进一步扩大市场覆盖范围。公司拥有DA-PDS产品开发流程，车厂适应性开发项目开发 周期仅为6至14个月，远低于同行业的12至18个月，平均效率提升50%。 半年报介绍，东安动力在商用车市场坚持动力总成一体化供货优势，做到了排量1.5L—2.5L全覆盖，成 为市场绝对主力；公司在增程动力领域继续保持市场先发优势，客户不断扩充，成为造车新势力等客户 首选；公司是长安汽车高端乘用车发动机（2.0L及以上蓝鲸发动机）唯一生产制造基地；公司的自动变 速 ...

Core Viewpoint - Dong'an Power reported a significant turnaround in its financial performance for the first half of 2025, achieving a revenue of 2.479 billion yuan, a year-on-year increase of 25.72%, and a net profit of 3.9212 million yuan, compared to a loss of 6.7898 million yuan in the same period last year [2][3] Group 1: Financial Performance - The company achieved a revenue of 2.479 billion yuan in the first half of 2025, reflecting a year-on-year growth of 25.72% [2] - The net profit for the first half of 2025 was 3.9212 million yuan, marking a turnaround from a loss of 6.7898 million yuan in the previous year [2] - Basic earnings per share were reported at 0.02 yuan [2] Group 2: Product and Market Development - Dong'an Power has three major engine product platforms: naturally aspirated, turbocharged direct injection, and new energy range-extended power [2] - The company has a comprehensive supply advantage in the commercial vehicle market, covering engine displacement from 1.5L to 2.5L, establishing itself as a market leader [2] - The company is the sole manufacturing base for Changan Automobile's high-end passenger car engines (2.0L and above) [2] Group 3: Production and Market Expansion - The total production volume for the first half of 2025 reached 330,700 units, a year-on-year increase of 33.95% [3] - Dong'an Power's market share in the gasoline engine industry increased to 2.39%, up by 0.38 percentage points year-on-year [3] - The company has initiated projects focusing on low-altitude economy and has established partnerships for new product development, including a new 2.0L turbocharged direct injection engine with Changan Automobile [3]

Core Viewpoint - Dong'an Power reported significant growth in revenue and profitability for the first half of 2025, indicating a successful turnaround and strong market positioning in the automotive powertrain sector [1][2]. Group 1: Financial Performance - In the first half of 2025, Dong'an Power achieved operating revenue of 2.479 billion yuan, a year-on-year increase of 25.72% [1]. - The company reported a net profit of 3.9212 million yuan, reversing a loss of 6.7898 million yuan in the same period last year [1]. - Basic earnings per share were 0.02 yuan, reflecting improved financial health [1]. Group 2: Product and Market Positioning - Dong'an Power offers three major engine product platforms: naturally aspirated, turbocharged direct injection, and new energy range-extended power systems, along with three transmission product platforms [1]. - The company has established itself as a dominant player in the commercial vehicle market, covering engine displacements from 1.5L to 2.5L [2]. - Dong'an Power is the sole manufacturing base for Changan Automobile's high-end passenger car engines (2.0L and above) [2]. Group 3: Production and Market Expansion - The total production volume for Dong'an Power reached 330,700 units in the first half of 2025, representing a year-on-year increase of 33.95% [2]. - The company has a market share of 2.39% in the gasoline engine sector, an increase of 0.38 percentage points compared to the previous year [2]. - Dong'an Power has initiated 60 new market projects, including 14 in the new energy sector, with a projected lifecycle sales volume of 3 million units [3]. Group 4: Future Goals and Innovations - The company aims to sell 600,000 units and achieve operating revenue of 5.2 billion yuan in 2025 [3]. - Future market strategies include focusing on traditional markets, export markets, and range-extended and hybrid markets, each targeting one-third of overall business [3]. - Dong'an Power is actively pursuing product innovation, including the development of a rotor engine in collaboration with AVL [3].