东安动力（600178）11月25日召开2025年第三季度业绩说明会，公司管理层主要成员与投资者进行交 流。 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，致力于为高端乘用车、轻型和中型商用车、新能源汽车等提供发动机、 变速器及动力总成一体化解决方案。 该公司制定的2025年经营目标为整机销售60万台，实现营业收入52亿元。 公司此前介绍，目前新能源产品中，增程器主要匹配东风岚图、江淮汽车（600418）等，DHT产品主 要配套郑州日产，正在逐渐上量。公司未来市场主要包括三个方面，即传统市场、出口市场及增程和混 动市场，目标规模各占整体业务三分之一。公司持续加大产品创新及市场开拓力度，正在合作研发转子 发动机。公司2026年挑战整机销量100万台，2027年挑战收入100亿元。 2025年前三季度，公司实现营业收入37.66亿元，归属于上市公司股东的净利润-328.45万元。 东安动力介绍，2025年1月至9月，公司进一步加强市场开拓力度，新市场立项达65项，其中新能源市场 项目16项，同比增长130%，传统市场项目35项，特品市场项目 ...

Core Viewpoint - Dong'an Power is focusing on the development of range extenders in the new energy sector, with increasing production and sales expected in the fourth quarter, primarily serving clients like Dongfeng Lantu and Jianghuai Automobile [2] Product Development and Market Expansion - The company has diversified its product offerings across five dimensions: light commercial vehicles, medium and heavy trucks, passenger cars, new energy vehicles, and specialty markets, achieving comprehensive coverage in various fields including air, ground, water, and underwater [2] - The operational goal for 2024 is to achieve total machine sales of 600,000 units, with a target of 1 million units by 2026 and revenue of 10 billion yuan by 2027 [2] Production Capacity and Utilization - Current production capacity stands at 300,000 units for the main plant and 440,000 units for the subsidiary Dong'an Qifa, with both capacities based on a dual-shift, 250 working days standard [2] - The main plant's capacity utilization is relatively high, while some engine production at the subsidiary requires improvement in utilization rates [2] Financial Performance and Profitability - The overall gross margin for engines is low and has been declining year-on-year due to intense industry competition, underutilization of capacity, and poor profitability in commercial vehicles [2] - There is no significant difference in the engines for commercial and passenger vehicles, and the decline in gross margin is also attributed to increased depreciation following production line construction and adjustments in expenses under new accounting standards [2]

Core Viewpoint - Dong'an Power aims to expand its market presence across three main areas: traditional market, export market, and range extender and hybrid market, with each segment targeting one-third of the overall business [2] Group 1: Future Goals and Market Strategy - The company plans to achieve a total sales volume of 1 million units by 2026 and aims for revenue of 10 billion yuan by 2027 [2] - For 2025, Dong'an Power has set a target of selling 600,000 units and achieving a revenue of 5.2 billion yuan [2] Group 2: Sales Performance - From January to July, the company sold 258,100 engines, representing a year-on-year increase of 23.88%, and sold 97,600 transmissions, which is a significant year-on-year increase of 119% [2] - In the first half of the year, Dong'an Power reported a revenue of 2.479 billion yuan, a year-on-year growth of 25.72%, and a net profit attributable to shareholders of 3.9212 million yuan, recovering from a loss of 6.7898 million yuan in the same period last year [2] Group 3: Product Development - The company is currently collaborating on the development of rotary engines and is undergoing a technical transformation of its range extender production line, expected to be completed by the end of Q1 next year to meet the growing demand for range extenders [2]

Core Viewpoint - Dong'an Power has shown significant growth in revenue and profitability in the first half of 2025, driven by increased orders for AT transmissions and successful asset transitions following relocation [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 stood at 0.02 yuan [1]. Group 2: Production and Market Position - Dong'an Power's total machine output reached 330,700 units, reflecting a year-on-year growth of 33.95% [2]. - The market share of the gasoline engine sector increased to 2.39%, up by 0.38 percentage points year-on-year [2]. - The company has a current production capacity of 300,000 units at its headquarters and 440,000 units at its subsidiary, with the headquarters operating at a high capacity utilization rate [2]. Group 3: Strategic Goals and Innovations - The company aims to sell 600,000 units and achieve operating revenue of 5.2 billion yuan by 2025 [2]. - Dong'an Power is undergoing technical upgrades to its range extender production line, expected to be completed by the end of Q1 next year to meet growing demand [3]. - Future market focus includes traditional markets, export markets, and range extender and hybrid markets, each targeting one-third of overall business [3].