证券代码：834599 证券简称：同力股份 公告编号：2025-039 陕西同力重工股份有限公司 第五届监事会第十九次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 6.召开情况合法、合规、合章程性说明： 本次会议的召开符合《公司法》和《陕西同力重工股份有限公司公司章程》 的规定。 （二）会议出席情况 会议应出席监事 3 人，出席监事 3 人。 二、议案审议情况 （一）审议通过《关于<陕西同力重工股份有限公司 2025 年第一季度报告>》的 议案。 1.议案内容： 审议《关于<陕西同力重工股份有限公司 2025 年第一季度报告>》的议案。 2025 年 4 月 28 日 详细内容见公司 2025 年 4 月 28 日于北京证券交易所信息披露平台 （www.bse.cn）披露的《陕西同力重工股份有限公司 2025 年第一季度报告》（公 1.会议召开时间：2025 年 4 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场会议 4.发 ...

证券代码：834599 证券简称：同力股份 公告编号：2025-038 陕西同力重工股份有限公司 第五届董事会第二十四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 本次会议召开符合《公司法》和《陕西同力重工股份有限公司公司章程》的 规定。 （二）会议出席情况 （一）会议召开情况 1.会议召开时间：2025 年 4 月 25 日 2.会议召开地点：公司会议室 3.会议召开方式：现场会议 4.发出董事会会议通知的时间和方式：2025 年 4 月 18 日以电话方式发出 5.会议主持人：公司董事长叶磊先生 会议应出席董事 6 人，出席董事 6 人。 6.会议列席人员：公司全体监事和公司高管薛晓强、杨建耀、安杰、杨鹏。 7.召开情况合法、合规、合章程性说明： 二、议案审议情况 （一）审议通过《关于<陕西同力重工股份有限公司 2025 年第一季度报告>》的 议案。 1.议案内容： 审议《关于<陕西同力重工股份有限公司 2025 年第一季度报告>》的议案。 详细内容见公司 ...

Financial Performance - Operating revenue for Q1 2025 reached CNY 1,536,052,828.62, a growth of 28.34% year-on-year [10]. - Net profit attributable to shareholders rose by 58.45% to CNY 187,364,327.21 compared to the same period last year [10]. - The weighted average return on net assets based on net profit attributable to shareholders increased to 5.85% from 4.67% [10]. - The company reported a significant increase in tax expenses, with a rise of 74.46% to CNY 30,146,687.25 due to higher revenue and profit [12]. - Basic earnings per share for Q1 2025 were ¥0.4095, compared to ¥0.2672 in Q1 2024, indicating a 53.2% increase [86]. - The total comprehensive income for Q1 2025 was ¥116,148,474.56, an increase from ¥99,816,899.38 in Q1 2024 [88]. Assets and Liabilities - Total assets increased by 7.12% to CNY 8,129,582,260.92 compared to the end of 2024 [10]. - Current assets totaled approximately ¥7.23 billion as of March 31, 2025, an increase of 8.3% from ¥6.68 billion on December 31, 2024 [75]. - Total liabilities amounted to approximately ¥4.90 billion, an increase of 9.3% from ¥4.48 billion [77]. - Total equity attributable to shareholders reached ¥3.23 billion, up 4.0% from ¥3.10 billion [77]. - The company reported a significant increase in accounts payable, which rose to ¥1.61 billion from ¥1.12 billion, marking a 43.5% increase [76]. Cash Flow - The company's cash flow from operating activities showed a significant decline, with a net outflow of CNY 268,574,608.95, a decrease of 724.56% year-on-year [10]. - Cash and cash equivalents decreased to ¥2.06 billion from ¥2.30 billion, representing a decline of 10.1% [75]. - The cash outflow for purchasing goods and services in Q1 2025 was ¥642,985,346.49, which is a substantial increase from ¥398,565,830.52 in Q1 2024 [90]. - Cash inflow from financing activities totaled $123.10 million, up from $62.06 million in the prior period [94]. Research and Development - Research and development expenses increased by 53.83% to CNY 36,828,574.08, driven by higher material costs and increased personnel expenses [12]. - Research and development expenses in Q1 2025 amounted to ¥36,828,574.08, a significant increase of 53.9% from ¥23,940,722.29 in Q1 2024 [84]. Shareholder Information - The total number of ordinary shareholders increased to 11,408 during the reporting period [18]. - The top ten shareholders collectively hold 263,572,613 shares, accounting for 57.61% of total shares [21]. - The company has no pledged or judicially frozen shares among the top ten shareholders [23]. Stock Repurchase and Incentive Plans - The company completed a share repurchase of 6,001,787 shares at a maximum price of 10.00 CNY/share and a minimum price of 7.10 CNY/share, totaling 54,741,680.15 CNY [38]. - The employee stock ownership plan has a total funding limit of 40 million CNY, with actual subscriptions reaching this limit [39]. - The stock option grant price is set at 5.04 yuan per share, with total amortization costs estimated at 1,792 million yuan over the plan's duration [52]. - The company plans to repurchase between 5,000,000 and 10,000,000 shares, representing 1.09% to 2.19% of the total share capital [65]. Financing Activities - Short-term borrowings surged by 109.06% to CNY 185,240,000.00 due to new repurchase loans [11]. - The company has signed financing leasing agreements with multiple financial institutions, including a new partnership with six leasing companies in 2025 [28]. - The company plans to provide guarantees for a total of RMB 1.2 billion in credit facilities for its wholly-owned subsidiary in 2025 [29]. Compliance and Commitments - The company has committed to avoid any potential competition with its former controlling shareholder, ensuring compliance with competitive practices [31]. - The company has confirmed that there are no violations of commitments by the parties involved during the reporting period [35].

投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 证券代码：834599 证券简称：同力股份 公告编号：2025-041 陕西同力重工股份有限公司 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 25 日 活动地点：全景网"投资者关系互动平台"（https://ir.p5w.net）。 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事&总经理许亚楠先生；公司董事会秘书杨鹏先 生；公司财务总监安杰先生；保荐代表人邬海波先生。 三、 投资者关系活动主要内容 问题 1：海外市场增长放缓是否与目标市场容量或竞争格局变化相关；公司 将如何调整海外战略（如区域布局、本地化服务）？ 回答：感谢您对公司的关注！公司积极开拓海外市场，坚持"走出去"的既 定战略方针。目前，海外市场的拓展主要受到销售渠道、落地 ...

Core Viewpoint - Tongli Co., Ltd. is a leading high-tech enterprise specializing in the production of off-road transportation equipment, focusing on professional development and technological innovation to drive industry growth [2][3]. Group 1: Business Overview - The company has established four main business segments: off-road wide-body dump trucks, mining dump trucks, underground transportation equipment, and special off-road transportation equipment [3]. - The company has a market share of approximately 40% in the off-road wide-body dump truck sector, indicating strong brand recognition and customer loyalty [2]. Group 2: Financial Performance - In 2024, the company achieved a total revenue of 6.145 billion yuan, representing a year-on-year growth of 4.85% [3]. - The net profit attributable to shareholders reached 793 million yuan, up 29.03% year-on-year, while the net profit after deducting non-recurring gains and losses was 776 million yuan, reflecting a growth of 31.59% [3]. - The basic earnings per share were reported at 1.79 yuan, with a slight increase in profitability as the gross margin improved by 2.37 percentage points compared to the previous year [3]. Group 3: Shareholder Returns - The company maintains a high dividend payout ratio, proposing a cash dividend of 7 yuan per 10 shares for 2024, amounting to a total distribution of 317 million yuan [3]. - Since its listing in 2020, the cumulative cash dividends have reached 1.087 billion yuan, accounting for 57.98% of the net profit attributable to shareholders over the past three years [3]. Group 4: Future Development Strategy - The company plans to focus on the large-scale development of mining dump trucks to meet the demands of high-end users both domestically and internationally [5]. - There is a strong emphasis on developing new energy mining dump trucks and exploring autonomous driving technology for mining vehicles [5][6]. - The company has initiated long-term research on all-terrain rigid dump trucks and has successfully sold various models, including those with a load capacity of 90 tons and plans for a 136-ton electric model by the second half of 2025 [5][6]. Group 5: Technological Advancements - The company has integrated various technologies, including hybrid, extended-range, and pure electric drive technologies into its off-road dump trucks to meet the needs of green mining [6]. - Tongli Co., Ltd. has developed a comprehensive design capability for autonomous off-road vehicles, collaborating with leading companies in the autonomous driving sector to advance the deployment of unmanned mining vehicles [6][7]. - The company has launched a series of underground transportation equipment, covering a range of 15 to 40 tons, to address specific underground application scenarios [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company achieved a total revenue of 6.145 billion yuan in 2024, representing a year-on-year growth of 4.85%, and a net profit attributable to shareholders of 793 million yuan, which is a 29.03% increase year-on-year [4]. - The growth in revenue is primarily driven by the increase in sales of new energy vehicles, high unit prices, stable operations in domestic and overseas markets, and significant growth in autonomous driving models [4]. - The company is focusing on new energy vehicles and autonomous driving models, with new energy products accounting for approximately 20% of total sales, contributing to higher gross margins [4]. - The company is advancing its strategy of "large-scale, intelligent, new energy, and internationalization," which is expected to provide sustained momentum for growth [4]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 21.45% and a net margin of 12.91% [4]. - The projected total revenue for 2025 is 6.925 billion yuan, with an expected growth rate of 12.7% [4]. - The net profit attributable to shareholders is forecasted to be 941 million yuan in 2025, reflecting an 18.65% growth [4]. Product Development - The company has launched various new energy models, including pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles, which have higher gross margins [4]. - The company is also testing a 180-ton rigid mining truck, with plans for domestic promotion and subsequent international market entry [4]. Market Expansion - The company is rapidly expanding its overseas market presence, with exports of non-road dump trucks increasing by 13.7% in 2024 [4]. - The company has established a global strategy, with products now available in multiple countries, including Pakistan, Indonesia, and Ecuador [4]. Future Outlook - The company maintains its profit forecasts for 2025-2027, expecting net profits of 941 million yuan, 1.039 billion yuan, and 1.129 billion yuan respectively [4]. - The projected EPS for 2025 is 2.06 yuan, with a corresponding P/E ratio of 10.28 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company achieved a total revenue of 6.145 billion yuan in 2024, representing a year-on-year growth of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year [4] - The growth in revenue is primarily driven by increased sales of new energy vehicles, stable performance in domestic and overseas markets, and significant growth in autonomous driving models [4] - The company is focusing on new energy vehicles and autonomous driving, with new energy products accounting for approximately 20% of total sales, contributing to higher gross margins [4] - The company is advancing its strategy in large-scale products, with the launch of a 180-ton rigid mining truck and plans for a 220-ton model [4] - The company is expanding its international market presence, with exports of non-road dump trucks increasing by 13.7% in 2024 [4] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 21.45% and a net margin of 12.91% [4] - The projected total revenue for 2025 is 6.925 billion yuan, with an expected growth rate of 12.7% [4] - The projected net profit for 2025 is 941 million yuan, reflecting an 18.65% increase [4] Product Development - The company is actively developing new energy products, including pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles [4] - The autonomous driving segment has seen significant growth, with 300 units of ET100 and ET70M deployed in operations [4] Market Strategy - The company is leveraging its first-mover advantage in the autonomous driving sector and aims to play a pivotal role in the construction of unmanned mines [4] - The international strategy includes expanding sales and service networks in various countries, supported by a Singapore subsidiary [4]

Core Viewpoint - Tongli Co., Ltd. reported a revenue of 6.145 billion yuan for 2024, marking a year-on-year increase of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year, indicating a solid financial performance and growth in profitability [1] Financial Performance - The company achieved a net profit of 793 million yuan, a 29.03% increase year-on-year [1] - The basic earnings per share stood at 1.79 yuan [1] - The gross profit margin improved by 2.37 percentage points compared to the same period last year [1] - A cash dividend of 7 yuan per 10 shares is proposed, totaling approximately 317 million yuan [1] Product Development and Strategy - Tongli Co., Ltd. focuses on the development of large-scale, intelligent, and new energy products, with significant achievements in product research and new product launches in 2024 [2] - The company has expanded its product lineup in new energy vehicles, including large-scale products with enhanced efficiency [2] - Key research projects include hybrid mining dump trucks, autonomous driving technology for non-road vehicles, and key technologies for electric vehicle battery swapping [3] Market Expansion - Domestic revenue reached 5.134 billion yuan, a year-on-year increase of 5.22%, with a focus on niche markets [2] - Overseas revenue grew by 34.03% to 1.011 billion yuan, with plans to balance domestic and international markets [2] - The company aims to enhance its brand influence and gradually increase its market share in the international arena [4] Research and Development - R&D investment surged by 89.33% to 196 million yuan, reflecting a commitment to innovation [3] - Collaborations with several autonomous driving companies have led to the introduction of large-scale new energy autonomous products [3] - The industry is trending towards automation and electrification, supported by domestic policies and facing challenges such as raw material price fluctuations and international trade tensions [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company, Xian Tongli, along with its Singapore subsidiary, is expanding globally with a nearly doubled R&D investment to enhance new product technology innovation [5] - In 2024, the company achieved a revenue of 6.145 billion yuan (up 4.85% year-on-year) and a net profit attributable to shareholders of 793 million yuan (up 29.03% year-on-year) [6] - The company is focusing on three main business segments: wide-body dump trucks, parts sales, and maintenance services, all of which showed stable growth in 2024 [6] - The domestic market is recovering, and the overseas market presents significant opportunities, particularly in open-pit coal mining [6] - The company is increasing its R&D expenses by 89% year-on-year, focusing on large-scale, intelligent, and new energy strategies [6] Financial Summary - The company forecasts revenues of 6.507 billion yuan in 2025, with a year-on-year growth rate of 5.90% [8] - The net profit attributable to shareholders is expected to be 803 million yuan in 2025, reflecting a growth rate of 1.28% [8] - The earnings per share (EPS) is projected to be 1.76 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.31 [9] - The company anticipates a steady increase in net profit to 1.007 billion yuan by 2027, with an EPS of 2.20 yuan [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's profitability is expected to significantly improve in 2024, driven by trends in large-scale, intelligent, and electrified operations, which will support continuous performance growth [1][6] - The company achieved a revenue of 6.145 billion yuan in 2024, representing a year-on-year increase of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year [4][6] - The company is making significant progress in the new energy and autonomous driving sectors, with successful deliveries and increased sales of new energy vehicles and autonomous mining trucks [6][8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 6.145 billion yuan, with domestic revenue of 5.134 billion yuan (up 5.22% year-on-year) and overseas revenue of 1.011 billion yuan (up 3.03% year-on-year) [6][8] - The gross profit margin for 2024 was 21.45%, an increase of 2.37 percentage points year-on-year, attributed to the introduction of higher-margin large-tonnage and new energy products [6][7] - The net profit margin improved to 12.91%, up 2.32 percentage points year-on-year, reflecting enhanced profitability [7][8] Market Trends and Strategic Initiatives - The company is positioned to benefit from national policies promoting equipment upgrades in the mining sector, which will drive demand for large-scale and autonomous mining trucks [7][8] - The autonomous mining truck market is expected to grow significantly, with projections indicating an increase in the number of autonomous trucks deployed in open-pit mines [7][8] - The company aims to enhance its market share in the new energy sector by increasing the production scale of electric off-road dump trucks [7][8] Earnings Forecast - The company forecasts revenues of 7.067 billion yuan in 2025, 8.296 billion yuan in 2026, and 9.821 billion yuan in 2027, with corresponding net profits of 910 million yuan, 995 million yuan, and 1.148 billion yuan respectively [8][9] - The expected growth rates for revenue and net profit are 15% and 9% for 2025 and 2026, respectively, with a return on equity (ROE) projected at around 25% [9][10]