证券代码：920599 证券简称：同力股份 公告编号：2025-131 陕西同力重工股份有限公司 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 □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 10 月 31 日 活动地点：线上交流会 参会单位及人员：开源证券、华源证券、西部证券、中信建投基金管理有限 公司、创金合信基金管理有限公司、平安基金管理有限公司、汇添富基金管理有 限公司、广发基金管理有限公司、阳光资产管理股份有限公司、华夏久盈管理有 限公司、红塔证券股份有限公司、中国国际金融股份有限公司、第一创业证券股 份有限公司、深圳市尚诚资产管理有限责任公司、上海卫宁私募基金管理有限公 司、上海滦海啸阳私募基金管理有限公司、上海滦海投资管理有限公司、上海汇 瑾资产管理有限公司、上海颢升私募基金管理有限公司、上海冰河资产管理有限 公司、杭州深沃投资管理合伙企 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 11 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 2025Q3 公募对北交所配置风格转向多元新兴标的，机构参与格局持续深化 ——北交所基金三季报深度总结 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 年第三季度公募基金持仓总量稳中有进，市场广度与参与度持续深化。2025 年第三季度，公募基金对北交所市场的配置呈现出"总量攀升、广度拓展、结构优 化"的鲜明特征。当季进入各类基金前十大重仓名单的北交所公司数量增至 71 家， 涵盖的基金产品数量攀升至 142 只。值得注意的是，非北交所主题基金数量增至 103 只，占比 73%，表明北交所正获得全市场主流基金产品的关注与积极参与。2025Q3 公募重仓北交所总市值突破 100 亿元大关，环比增长 4%。然而，由于同期全市场 权益基金重仓总市值增长更快，北交所重仓市值占全 A 的 ...

北交所信息更新 北 交 所 研 究 同力股份（920599.BJ） 新能源+无人矿卡赋能盈利能力，2025Q3 末合同负债 1.71 亿在手订单饱满 ——北交所信息更新 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 22.90 | | 一年最高最低(元) | 27.31/11.77 | | 总市值(亿元) | 105.92 | | 流通市值(亿元) | 79.82 | | 总股本(亿股) | 4.63 | | 流通股本(亿股) | 3.49 | | 近 3 个月换手率(%) | 131.29 | 北交所研究团队 2025Q1-3 公司营收 47.96 亿元（+9.45%），归母净利润 5.35 亿元（+16.39%） 2025 前三季度公司实现营收 47.96 亿元，同比增长 9.45%，归母净利润 5.35 亿元， 同比增长 16.39%，其中 2025Q3 实现营收 16.27 亿元，同比增长 3.64%，归母净 利润 2.14 亿元，同比增长 31.22%。我们维持 2025-2027 年盈利预测，我 ...

证券代码：920599 证券简称：同力股份 公告编号：2025-130 陕西同力重工股份有限公司 2025 年第三季度报告业绩说明会预告公告 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、 说明会类型 陕西同力重工股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日在北 京证券交易所官网（www.bse.cn）披露了《陕西同力重工股份有限公司 2025 年 年第三季度报告》（公告编号：2025-128）,为方便广大投资者更深入了解公司 2025 年第三季度经营业绩的具体情况，进一步加强与投资者的互动交流，公司 拟召开 2025 年第三季度报告网上业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 5 日（周三）下午 15:00-16:00。 （二）会议召开地点 本次 2025 年第三季度报告业绩说明会将采用网络方式召开，投资者可登陆 全景路演平台（https://ir.p5w.net）参与本次第三季度报告业绩说明会。 三、 参加人员 公司董事长& ...

Core Insights - The engineering machinery sector experienced a rise of 1.84% on October 29, with Tongli Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Engineering Machinery Sector Performance - Tongli Co., Ltd. (code: 920599) closed at 21.82, with a significant increase of 9.48% and a trading volume of 196,600 shares [1] - Other notable performers included Wantong Hydraulic (code: 920839) with a 7.91% increase, and Hangcha Group (code: 603298) with a 6.02% increase [1] - The sector saw a total net inflow of 85.14 million yuan from main funds, while retail investors contributed a net inflow of 21.9 million yuan [2][3] Individual Stock Performance - Major stocks with negative performance included XG Group (code: 600815) which fell by 6.10% and Shaoyang Hydraulic (code: 301079) which decreased by 4.06% [2] - The trading volume for XG Group was 1,946,700 shares, with a transaction value of 631 million yuan [2] Fund Flow Analysis - Main funds showed a net inflow in several companies, with Hengli Hydraulic (code: 601100) receiving a net inflow of 14.216 million yuan [3] - Conversely, retail funds showed a net outflow in many stocks, indicating a shift in investor sentiment [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported better-than-expected performance in Q3 2025, with a significant increase in contract liabilities, indicating strong future revenue potential [8] - The company is focusing on high-value new energy wide-body dump trucks, with a notable increase in sales and a strategic push into overseas markets [8] - The company is actively repurchasing shares and has seen significant insider buying, reflecting confidence in its long-term growth prospects [8] - The profit forecast has been raised, with expected net profits for 2025-2027 adjusted to 9.62 billion, 11.03 billion, and 12.72 billion respectively, maintaining a "Buy" rating [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.796 billion, a year-on-year increase of 9.5%, and a net profit of 535 million, up 16.4% [5][7] - The Q3 2025 results showed revenue of 1.627 billion, a 3.64% increase year-on-year, and a net profit of 214 million, reflecting a 31.22% growth [5][7] - The company’s gross margin is projected to improve, with estimates of 22.2% for 2025 and 23.1% for 2027 [7] Market Data - As of October 28, 2025, the closing price was 19.93 yuan, with a market capitalization of 6,947 million yuan [2] - The stock has a price-to-book ratio of 2.8 and a dividend yield of 3.51% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has significantly improved its profits in Q3 2025, driven by expansion in the Xinjiang market and collaboration with Rio Tinto to establish benchmarks in overseas markets [5] - The projected net profits for the company from 2025 to 2027 are estimated to be 0.887 billion, 0.994 billion, and 1.114 billion RMB respectively, with corresponding PE ratios of 10.4, 9.3, and 8.3 times [5] - The company is focusing on product innovation in the fields of unmanned driving and new energy, and is rapidly expanding its overseas sales channels [5][7] Financial Performance Summary - In Q1-Q3 2025, the company achieved revenue of 4.796 billion RMB (YoY +9%) and a net profit of 535.27 million RMB (YoY +16%) [7] - For Q3 2025, the company reported revenue of 1.627 billion RMB (YoY +4%) and a net profit of 214.04 million RMB (YoY +31% / QoQ +60%) [7] - The company’s revenue is expected to grow from 6.145 billion RMB in 2024 to 8.174 billion RMB in 2027, with a CAGR of approximately 9.98% [6][8] Market Strategy - The company is prioritizing the Xinjiang market due to its high operating rates and quality customers, with a significant increase in market share expected in the next 2-5 years [7] - The pricing strategy maintains a premium of 2-3 percentage points over competitors for new energy and unmanned driving products, leveraging quality and after-sales service to counter potential price wars [7] - The company is collaborating with Rio Tinto to deliver high-standard electric vehicles, which is expected to enhance its reputation and facilitate more overseas orders [7]

证券代码：920599 证券简称：同力股份 公告编号：2025-129 陕西同力重工股份有限公司 第六届董事会第三次会议决议公告 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 4.发出董事会会议通知的时间和方式：2025 年 10 月 22 日以电话方式发出 5.会议主持人：公司董事长樊斌先生 6.会议列席人员：公司高管杨建耀先生、杨鹏先生。 7.召开情况合法合规的说明： 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。 （一）会议召开情况 1.会议召开时间：2025 年 10 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场及通讯方式 （二）会议出席情况 会议应出席董事 9 人，出席董事 9 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 年第三季度报告>》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 年第三季度报告》的议案。 3.回避表决情况： 本议案不涉及关联交易事 ...

证券代码：920599 证券简称：同力股份 公告编号：2025-127 陕西同力重工股份有限公司 关于股东获得增持贷款承诺函的公告 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。 三、备查文件 1、山东华岳汇盈机械设备有限公司向公司递交的《关于获得中信银行股份 有限公司济南分行增持股票<贷款承诺函>的告知函》； 陕西同力重工股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日发 布了《股东增持股份计划公告》（公告编号：2025-126），公司股东山东华岳汇盈 机械设备有限公司（以下简称"华岳汇盈"）基于对公司未来发展前景的信心以 及对公司长期投资价值的认可，拟自该公告披露之日起 6 个月内(窗口期不交易) 通过北京证券交易所交易系统以集中竞价交易或者大宗交易方式增持公司股票， 增持股票不超过 150 万股。 详细内容见公司 2025 年 10 月 16 日于北京证券交易所信息披露平台 （www.bse.cn）披露的《股东增持股份计划公告》(公告编号：2025-126)。 二、获得增持贷款 ...

Core Viewpoint - The demand for off-road wide-body dump trucks in China is driven by ongoing urbanization, infrastructure investments, and increased mineral resource development, with the market size reaching 13.617 billion yuan in 2023, a year-on-year growth of 10.40%. However, the market is expected to decline to 13.158 billion yuan in 2024, a decrease of 3.37% due to insufficient demand and falling coal prices [1][7]. Overview - Off-road vehicles are specifically designed for non-public road conditions, commonly used in mining, water conservancy projects, construction sites, and farms. Off-road wide-body dump trucks are characterized by their heavy-duty design, stability in harsh conditions, and high load capacity [2][3]. Industry Barriers to Entry - Manufacturing off-road wide-body dump trucks requires significant long-term investment in technology, production, and service capabilities to enhance brand recognition and loyalty among users [3]. Market Policies - The Chinese government has implemented various policies to promote the development of the off-road wide-body dump truck industry, emphasizing energy-efficient and environmentally friendly products while encouraging innovation and international expansion [4]. Industry Chain - The industry chain includes upstream suppliers of raw materials and components, midstream manufacturers of off-road wide-body dump trucks, and downstream markets primarily in mining and large-scale infrastructure projects [4][5]. Current Market Demand - Mining remains the largest demand sector for off-road wide-body dump trucks, accounting for over 70% of the market. However, the mining industry's revenue has seen a decline, impacting the demand for these vehicles [5]. Competitive Landscape - The market for off-road wide-body dump trucks in China is highly concentrated, with the top three companies holding a market share of 73.2% in 2023. Leading companies include Lingong Heavy Machinery, Shaanxi Tongli Heavy Industry, and Xuzhou Xugong Heavy Machinery [6][8]. Company Analysis - Lingong Heavy Machinery focuses on mining equipment and has a significant market presence in various regions. Shaanxi Tongli Heavy Industry is a pioneer in the industry, with a substantial portion of its revenue coming from wide-body dump trucks [8][9]. Future Development Trends - The industry is expected to accelerate the electrification of off-road wide-body dump trucks in response to stricter environmental regulations and advancements in new energy technologies. Companies will also enhance after-sales services to improve customer satisfaction and brand loyalty [11].