《投资者关系活动记录表》 根据公司近日发布的投资者关系活动记录表，湖南五新隧道智能装备股份有限公司于2026年1月15日举 行线上投资者关系活动，通报发行股份及支付现金购买五新重工100%股权、兴中科技99.9057%股权事 项已获北交所及证监会批准，并于2025年12月25日完成资产过户。标的资产经营情况良好，兴中科技 2025年1-9月营收10.29亿元，净利润1.91亿元；五新重工同期营收3.25亿元，净利润0.63亿元。公司正推 进股份发行登记手续，并计划通过采购、销售、研发、生产等方面的协同整合提升整体竞争力。未来将 重点发展能源基建、矿山、港口及海外市场。 最新公告列表 截至2026年1月16日收盘，五新隧装（920174）报收于49.89元，较前一交易日上涨2.13%，最新总市值 为44.91亿元。该股当日开盘48.73元，最高50.89元，最低48.73元，成交额达1.87亿元，换手率为 4.29%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Group 1 - The engineering machinery sector increased by 0.72% on January 7, with Shaoyang Hydraulic leading the gains at 20.01% [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key stocks in the engineering machinery sector showed significant price movements, with Shaoyang Hydraulic closing at 41.33 and a trading volume of 340,600 shares, resulting in a transaction value of 1.284 billion yuan [1] Group 2 - The engineering machinery sector experienced a net inflow of 251 million yuan from main funds, while retail investors saw a net outflow of 165 million yuan [2] - Major stocks like Shaoyang Hydraulic had a net inflow of 25.2 million yuan from main funds, indicating strong institutional interest [3] - Conversely, stocks like LiuGong and Zhonglian Heavy Industry faced declines of 3.24% and 2.27%, respectively, reflecting a mixed performance within the sector [2][3]

Core Viewpoint - Wuxin Tunnel Equipment's major asset restructuring has been approved by the China Securities Regulatory Commission, allowing the company to acquire 100% of Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. and 99.9057% of Huaihua Xingzhong Technology Co., Ltd. through a combination of share issuance and cash payment [1] Group 1: Transaction Details - The acquisition aims to solidify the company's core business and expand its product range, enhancing its capabilities in manufacturing specialized equipment for railway and highway construction while entering the high-end port logistics equipment manufacturing sector [2][5] - After the completion of the transaction, Xingzhong Technology will become a controlling subsidiary of Wuxin Tunnel Equipment, and Wuxin Heavy Industry will be a wholly-owned subsidiary, with Wuxin Heavy Industry holding 7.94% of Wuxin Tunnel Equipment's shares [4] Group 2: Financial Impact - The transaction is expected to significantly increase Wuxin Tunnel Equipment's revenue and profit, with projected revenue growth of 228.10% to 2.621 billion yuan and net profit growth of 303.73% to 422 million yuan for the fiscal year 2024 [5][6] - The financial performance of the acquired companies is promising, with Xingzhong Technology projected to generate revenues of approximately 1.243 billion yuan and 1.029 billion yuan in 2024 and the first three quarters of 2025, respectively, and net profits of 219 million yuan and 191 million yuan [5] Group 3: Synergies and Operational Efficiency - The companies involved in the transaction are expected to benefit from synergies in procurement, sales channels, technology research and development, and talent resources, which will help reduce management costs and enhance brand value [3][6] - The integration of the new businesses is anticipated to create a collaborative effect that will drive sales across different product lines, thereby improving operational efficiency and reducing costs associated with market expansion [2][6]

Core Viewpoint - The approval of the asset acquisition and fundraising by Wuxin Tunnel Equipment marks the first successful implementation of the "share issuance for asset acquisition" project on the Beijing Stock Exchange, following the release of the "merger and acquisition six guidelines" [1][3]. Group 1: Transaction Details - Wuxin Tunnel Equipment announced an acquisition involving two companies, Xingzhong Technology and Wuxin Heavy Industry, with a total transaction price of 2.649 billion yuan and plans to raise no more than 100 million yuan in supporting funds [1]. - The completion of the acquisition is expected to significantly enhance Wuxin Tunnel Equipment's asset scale and profitability, establishing a foundation for long-term development through business synergy, technology integration, and market expansion [3]. Group 2: Financial Impact - After the transaction, Wuxin Tunnel Equipment's revenue surged from 584 million yuan to 1.937 billion yuan, representing an increase of 231.75% [3]. - The net profit attributable to the parent company rose from 66 million yuan to 278 million yuan, marking a growth rate of 319.50% [3]. - As of September 30, 2025, the total assets of Wuxin Tunnel Equipment reached 5.106 billion yuan, a growth of 338.78% compared to before the transaction, while the equity attributable to shareholders increased to 2.698 billion yuan, up by 221.01% [3]. Group 3: Market Implications - The successful completion of the merger project is attributed to the strong support from regulatory agencies and the efficient internal management of Wuxin Tunnel Equipment, which enhances the company's long-term investment value [4]. - The "first case" is expected to further stimulate the activity of mergers and acquisitions in the Beijing Stock Exchange market, promoting high-quality development of listed companies and contributing to a stable and active capital market [4].

Core Viewpoint - The announcement of the acquisition and fundraising by Wuxin Tunnel Equipment marks the first successful implementation of the "merger and acquisition six guidelines" in the Beijing Stock Exchange, indicating a new development phase for the company [1] Group 1: Acquisition Details - Wuxin Tunnel Equipment plans to acquire 99.9057% of Huaihua Xingzhong Technology Co., Ltd. and 100% of Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. through a combination of share issuance and cash payment [1] - The acquisition aims to build a diversified system covering four major areas: transportation infrastructure, energy infrastructure, mining, and port logistics, driving sustainable high-quality development for the listed company [1] Group 2: Synergy and Market Impact - The synergy between Wuxin Tunnel Equipment, Xingzhong Technology, and Wuxin Heavy Industry is expected to create a "fusion effect," enhancing value for shareholders [2] - The integration of customer resources and expertise from the three companies will facilitate rapid implementation of shared resources post-transaction, contributing to high-quality development [2] - The transaction will optimize sales service network layouts, reducing personnel costs and allowing more resources to be allocated to improve network coverage density [2] Group 3: Financial Projections - Post-transaction, Wuxin Tunnel Equipment's projected revenues for 2024 and the first nine months of 2025 are estimated at 2.621 billion yuan and 1.937 billion yuan, representing increases of 228.10% and 231.75% respectively compared to pre-transaction figures [4] - The net profit attributable to the parent company is projected to be 422 million yuan and 278 million yuan for the same periods, reflecting increases of 303.73% and 319.50% respectively [4] - The company aims to achieve a sales target of over 10 billion yuan within the next ten years, with the acquisition expected to accelerate business expansion and enhance market position [4] Group 4: Strategic Insights - The acquisition serves as a benchmark for significant asset restructuring in the Beijing Stock Exchange, emphasizing the importance of strategic value over mere percentage ownership [6] - The approach taken by Wuxin Tunnel Equipment and Xingzhong Technology highlights the potential for value co-creation in mergers and acquisitions, moving away from zero-sum games [6] Group 5: Professional Team and Governance - The successful execution of the restructuring is attributed to a professional team well-versed in capital operations and corporate governance, providing valuable practical references for similar operations in the Beijing Stock Exchange [7] - The team has received recognition for its contributions to corporate governance and investor relations, underscoring its capability in ensuring effective information disclosure and compliance [7]

Core Insights - The engineering machinery industry is expected to maintain steady growth in 2025, driven by domestic infrastructure investment and overseas market expansion, achieving a high-quality development pattern of "stable growth, structural optimization, and improved efficiency" [10] - The report maintains a "leading the market" rating for the engineering machinery sector, highlighting the potential of intelligent logistics and mining machinery as key investment areas [10] Industry Performance Overview - The engineering machinery industry index has outperformed major market indices, with a year-to-date increase of 33.14% as of December 21, 2025, significantly surpassing the Shanghai Composite Index and Shenzhen Component Index [9][14] - The revenue and net profit of the engineering machinery industry grew by 10.84% and 19.72% year-on-year, respectively, in the first three quarters of 2025, indicating a recovery in operational performance [21][23] Intelligent Logistics Equipment - The demand from e-commerce has driven rapid transformation in the logistics market, with the logistics total amount reaching 263.2 trillion yuan in the first three quarters of 2025, a year-on-year increase of 5.4% [38][49] - Policies at both national and local levels are establishing a supportive framework for the development of intelligent logistics, focusing on technology empowerment, equipment upgrades, and scenario innovation [10][55] Mining Machinery and Tunnel Engineering Equipment - The "14th Five-Year Plan" emphasizes the development of deep-earth economy, with mining machinery showing significant work hour differentiation, particularly for non-road dump trucks [10][19] - The demand for intelligent mining equipment is accelerating due to stringent policies related to carbon neutrality and safety regulations, driving the production of advanced machinery [10][21] Investment Recommendations - The report suggests focusing on companies involved in intelligent logistics equipment such as Anhui Heli and Hangcha Group, as well as traditional earth-moving machinery like SANY Heavy Industry and Zoomlion [10][7] - The mining machinery sector is highlighted for its growth potential, particularly in non-road dump trucks and tunnel boring machines, with companies like Tiedao Heavy Industry and Wuxin Tunnel Equipment recommended for investment [10][7]

《关于收到中国证券监督管理委员会同意恢复注册发行股份及支付现金购买资产并募集配套资金 暨关联交易事项通知的公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年12月15日收盘，五新隧装（920174）报收于47.78元，较前一交易日下跌1.34%，最新总市值 为43.01亿元。该股当日开盘48.06元，最高48.66元，最低47.66元，成交额达6145.93万元，换手率为 1.47%。 公司近日发布公告称，湖南五新隧道智能装备股份有限公司拟通过发行股份及支付现金方式购买湖南中 铁五新重工有限公司100%股权和怀化市兴中科技股份有限公司99.9057%股权，并募集配套资金。公司 已收到中国证券监督管理委员会出具的《中国证监会行政许可申请恢复注册通知书》（252872号），根 据相关规定，证监会决定恢复注册程序。本次交易尚需证监会同意注册后方可实施，能否完成注册及最 终注册时间存在不确定性。公司将继续履行信息披露义务，提示投资者注意风险。 最新公告列表 ...

Core Viewpoint - The company Wuxin Tunnel Equipment announced a significant asset restructuring plan to acquire 100% of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and 99.9057% of Huaihua Xingzhong Technology Co., Ltd. for a total consideration of approximately 2.649 billion yuan, marking a notable event in the Beijing Stock Exchange's merger reform [1][6]. Group 1: Transaction Details - The transaction will be executed through a combination of issuing shares and cash payments, with approximately 2.278 billion yuan paid in shares and about 371 million yuan in cash [1][6]. - The assessment of the two target companies shows a significant difference in valuation, with Xingzhong Technology having an appraisal premium of 69.69% and Wuxin Heavy Industry at 380.64% [1][7]. - The valuation method used for this transaction is the income approach, which aims to reflect the overall value of the companies, including their technical advantages and market positions [7]. Group 2: Performance Commitments - The transaction includes performance commitments from the counterparties, with Xingzhong Technology's 156 counterparties and Wuxin Heavy Industry's 14 counterparties promising net profits of 233.44 million yuan, 242.29 million yuan, and 245.58 million yuan for the years 2025 to 2027 [2][7]. - Wuxin Tunnel Equipment faces challenges in achieving these high performance commitments, as it reported a 16.26% decline in revenue and a 33.73% drop in net profit attributable to shareholders for 2024 [2][7]. Group 3: Risks and Concerns - Xingzhong Technology's subsidiary has a high customer concentration, with the top five customers accounting for approximately 80% of sales [3][8]. - Post-acquisition, the company will face new risks, particularly goodwill impairment risk, with an additional goodwill of 339.48 million yuan on the consolidated balance sheet [4][8]. - The high accounts receivable issue is exacerbated by the concentrated customer structure, with accounts receivable values for Xingzhong Technology being 989.99 million yuan, 918.94 million yuan, and 901.93 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively [4][8].

Core Viewpoint - The company plans to acquire 100% equity of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and 99.9057% equity of Huaihua Xingzhong Technology Co., Ltd. through a combination of share issuance and cash payment, constituting a major asset restructuring [2] Group 1 - The board of directors approved the relevant audit report and pro forma review report on December 3, 2025 [2] - The transaction is subject to approval and registration by the China Securities Regulatory Commission, introducing uncertainty regarding the completion and timing of the registration [2]

Core Viewpoint - Wuxin Tunnel Equipment (920174.BJ) has announced its application to resume the registration for issuing shares and cash to acquire assets, along with raising supporting funds, which constitutes a significant asset restructuring [2] Group 1: Acquisition Details - Wuxin Tunnel Equipment plans to acquire 100% equity of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and 99.9057% equity of Huaihua Xingzhong Technology Co., Ltd. through a combination of share issuance and cash payment [2] - The company is also seeking to raise supporting funds as part of this major asset restructuring [2] Group 2: Regulatory Process - The company applied for a suspension of registration on October 31, 2025, due to updates in financial report data, which was approved by the China Securities Regulatory Commission on November 18, 2025 [2] - Previously, Wuxin Tunnel Equipment had applied for a suspension of review on June 30, 2025, which was granted, and subsequently applied to resume the review on August 19, 2025, receiving approval from the Beijing Stock Exchange [2] Group 3: Financial Reporting and Compliance - The company indicated that the two applications for extension were necessary due to the expiration of the financial data involved in the restructuring application documents, requiring updated audits and submissions [2] - Wuxin Tunnel Equipment is actively collaborating with relevant intermediary organizations to expedite the extension audit and related work, ensuring compliance with information disclosure requirements [2]