Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.95 CNY, based on a projected 11x PE for 2026 [3][7]. Core Insights - The company's performance in 2025 is expected to meet expectations, with a total revenue of 41.35 billion CNY, reflecting an 11.7% year-on-year growth, and a net profit attributable to the parent company of 4.29 billion CNY, up 9.1% [3][12]. - The report highlights three main business segments: coal machinery, industrial intelligence, and automotive parts, all of which are anticipated to show improvement in 2026 [3][12]. - The company is focusing on enhancing its management and governance capabilities, which is expected to increase long-term certainty and value creation [3][12]. Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 41.35 billion CNY in 2025, 46.20 billion CNY in 2026, and 53.53 billion CNY in 2027, with respective growth rates of 11.7%, 11.7%, and 15.9% [5][14]. - The net profit attributable to the parent company is forecasted to be 4.38 billion CNY in 2026 and 5.10 billion CNY in 2027, with growth rates of 2.1% and 16.4% respectively [5][14]. - The gross margin is expected to decline slightly from 22.7% in 2025 to 21.5% in 2026, before stabilizing at 21.9% in 2028 [5][14]. Business Segment Analysis - The coal machinery segment is projected to generate 19.18 billion CNY in revenue in 2025, with a net profit of 3.06 billion CNY, despite a slight decline in profit due to geopolitical factors affecting coal prices [12]. - The industrial intelligence segment is expected to achieve 3.33 billion CNY in revenue, with a net profit of 932 million CNY, driven by digital transformation projects across various industries [12]. - The automotive parts segment is forecasted to reach 20.05 billion CNY in revenue, with a significant profit increase of 85.31%, attributed to new product developments [12].

EF001 | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） | 10% | 非居民企業H股股東，包括以香港 | | | | | 中央結算（代理人）有限公司、其 | | | | | 他代理人或受託人、或其他組織及 | | | | | 團體名義登記，本公司將按10%的 | | | | | 稅率代扣代繳企業所得稅。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 10% | H股個人股東為香港或澳門居民以 | | | | | 及其他與中國簽訂10%股息稅率的 | | | | | 稅收協議的國家的居民，本公司將 | | | | | 按10%的稅率代扣代繳個人所得 稅。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 20% | H股個人股東為與中國簽訂低於 | | | | | 10%股息紅利所得稅率的稅收協定 | | | | | 的國家的居民，本公司將暫按10% | | | | | 的稅率代扣代繳個人所得稅。 ...

Financial Performance - The group's revenue for 2025 was RMB 41,345.55 million, an increase of RMB 4,293.51 million (11.59%) compared to 2024[3]. - The annual profit attributable to owners of the company for 2025 was RMB 4,306.18 million, up by RMB 362.69 million (9.20%) from 2024[3]. - Earnings per share for 2025 was RMB 245.46[4]. - Gross profit for 2025 was RMB 9,081.98 million, compared to RMB 8,853.17 million in 2024, reflecting an increase of RMB 228.80 million[6]. - Total comprehensive income for the year was RMB 4,844.58 million, compared to RMB 4,120.73 million in 2024[7]. - The company reported a decrease in selling and distribution expenses to RMB 901.54 million from RMB 1,069.41 million in 2024[6]. - Research and development expenses increased to RMB 1,657.77 million from RMB 1,516.44 million in 2024[6]. - The company recognized a financial impairment loss of RMB 405.98 million, compared to RMB 157.72 million in 2024[6]. - The total revenue for the year ending December 31, 2025, is RMB 41,345,553,000, with significant contributions from automotive parts sales at RMB 19,859,882,000 and hydraulic supports at RMB 13,565,982,000[17]. - For the year ending December 31, 2024, the total revenue was RMB 37,052,042,000, with automotive parts sales at RMB 17,467,175,000 and hydraulic supports at RMB 12,547,762,000, indicating growth in these segments[17]. - Total revenue for the year ending December 31, 2025, reached RMB 41,345,553, an increase from RMB 37,052,042 in 2024, representing a growth of approximately 6.2%[22]. - Net profit for the same period was RMB 4,447,523, slightly up from RMB 4,433,001 in 2024, indicating a stable performance[22]. Assets and Liabilities - The total assets of the company increased, indicating potential for future market expansion and investment opportunities[6]. - Non-current assets increased to RMB 14,691,945 thousand in 2025 from RMB 13,528,231 thousand in 2024, representing a growth of approximately 8.6%[8]. - Current assets rose to RMB 37,280,702 thousand in 2025, up from RMB 35,487,752 thousand in 2024, indicating an increase of about 5.1%[8]. - Total assets reached RMB 51,972,647 thousand in 2025, compared to RMB 49,015,983 thousand in 2024, reflecting a growth of approximately 6.0%[9]. - Total liabilities increased to RMB 27,062,071 thousand in 2025 from RMB 26,270,274 thousand in 2024, marking a rise of about 3.0%[9]. - The company's equity attributable to shareholders grew to RMB 24,186,731 thousand in 2025, up from RMB 21,950,799 thousand in 2024, representing an increase of approximately 10.1%[9]. - The total non-current liabilities amounted to RMB 4,661,139 thousand in 2025, compared to RMB 4,518,093 thousand in 2024, showing an increase of about 3.2%[9]. - Trade and other payables under current liabilities rose to RMB 15,905,441 thousand in 2025 from RMB 13,932,210 thousand in 2024, reflecting an increase of approximately 14.2%[9]. - The company reported a cash and cash equivalents balance of RMB 2,987,585 thousand in 2025, down from RMB 3,425,729 thousand in 2024, indicating a decrease of about 12.8%[8]. - Trade receivables for 2025 amount to RMB 14,442,823,000, up from RMB 9,656,275,000 in 2024, representing a growth of approximately 49.5%[38]. - The allowance for trade receivables increased to RMB 1,169,281,000 in 2025 from RMB 792,376,000 in 2024, marking a rise of about 47.6%[40]. - Total trade and other payables for 2025 reached RMB 15,905,441,000, compared to RMB 13,932,210,000 in 2024, reflecting an increase of approximately 14.2%[41]. - The company's current assets net value was approximately RMB 14,879.77 million, with a current ratio of 1.66 at the end of 2025, up from 1.63 at the end of 2024[60]. Dividends and Shareholder Information - The board proposed a final dividend of RMB 12.50 per 10 shares (tax included) for the year 2025[5]. - The proposed final dividend for the year ending December 31, 2025, is RMB 1.25 per share, totaling RMB 2,231,750,000, subject to shareholder approval[35]. - The company aims to maintain a stable dividend policy, continuously improving investor returns based on industry trends and operational funding needs[84]. - The company will withhold a 10% corporate income tax on dividends paid to non-resident shareholders[104]. - The company will withhold a 10% personal income tax on dividends distributed to H-share individual shareholders unless otherwise specified by tax regulations or agreements[105]. - For investors under the Shanghai-Hong Kong Stock Connect, the company will also withhold a 10% tax on dividends, with the possibility of tax refunds for those eligible under tax treaties[106]. - The cash dividends for H-share investors will be distributed in RMB through the relevant registration and settlement system[108]. - The cash dividends for Hong Kong Stock Connect investors will also be distributed in RMB, with a 20% tax rate applied for individual investors from mainland China[109]. Corporate Governance and Management - The company was established in 2008 and completed its IPO in 2010, listing on the Shanghai Stock Exchange and later on the Hong Kong Stock Exchange[10]. - The board of directors is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code[91]. - The company adopted a standard code for securities trading by directors, ensuring compliance during the reporting period[92]. - Changes in the board included the resignation of independent non-executive director Cheng Jing Lei, effective October 20, 2025, after serving for six years[94]. - The company will no longer have a supervisory board, with its functions transferred to the audit and risk management committee of the board, effective June 17, 2025[95]. - The company changed its name to ZCZL Industrial Technology Group Company Limited on October 31, 2025, with the Chinese name remaining the same[99]. - There were no changes in the information of directors, supervisors, or senior management during the reporting period[96]. - The company completed a share repurchase plan, acquiring 39,120,130 A-shares, representing 2.19% of the total shares as of March 31, 2025[86]. - The total amount spent on the share repurchase was RMB 599,917,693.20, with an average repurchase price of RMB 15.335 per share[86]. - The company proposed an employee stock ownership plan involving 307 participants, with a total of 39,120,130 A-shares and a total investment of RMB 279,708,930[88]. - Senior management, including directors, hold 25.41% of the employee stock ownership plan, amounting to RMB 71,086,230[88]. - The stock for the employee stock ownership plan was sourced from the company's repurchased A-shares, with a lock-up period of 12 months[89]. - The repurchased shares were transferred to the employee stock ownership plan at a price of RMB 7.15 per share[89]. - The company has no inventory shares as of December 31, 2025[90]. Strategic Initiatives and Market Position - The company has restructured its reporting segments to include a new industrial intelligence product segment, reflecting its growth dynamics and enhancing the relevance of reported data[19]. - The company initiated a digital transformation strategy, establishing a global IT governance system and promoting collaboration across business segments[64]. - The company launched ten types of mining robots to address challenging underground operations, marking a shift towards systematic and large-scale applications of automation[68]. - The company signed a contract for a million-ton suite of equipment with a coal mine in Uzbekistan, marking its entry into the Central Asian market[66]. - The company introduced groundbreaking electric cylinder technology aimed at achieving "zero emissions, zero pollution, and zero additional investment," revolutionizing traditional hydraulic support systems[67]. - The company is focusing on the development of high-end industrial bases and R&D centers in the Yangtze River Delta for new energy vehicle components[69]. - The coal machinery segment is enhancing its market share in intelligent mining systems while maintaining stable order volumes in suite projects[66]. - The establishment of an AI joint working group aims to explore data-driven new models and enhance overall security levels in information management[64]. - The commercial vehicle core component business maintains strong market competitiveness, contributing solid support to the sector's performance[70]. - The 48V BRM in the passenger vehicle business shows significant growth in Europe, with nearly 30 project milestones completed for battery cooling plates[71]. - The company invested RMB 300 million to establish a new industrial investment platform, focusing on systematic investment layout for the next 5-10 years[74]. - The industrial intelligence sector aims to become a hundred billion-level growth driver, integrating various resources to enhance core competitiveness in "AI + manufacturing"[73]. - The company has achieved significant breakthroughs in the North American market, expanding its international market presence[70]. - The company is accelerating digital transformation and enhancing smart manufacturing levels to improve overall efficiency and customer experience[77]. - The company successfully obtained the first European high-end high-voltage drive project, marking important progress in the high-voltage drive motor sector[72]. - The company aims to strengthen its strategic focus on technological innovation to achieve breakthroughs in governance, digital transformation, and overall quality development[75]. - The company is actively cultivating the industrial intelligence sector as its third growth curve, targeting a hundred billion-level market[73]. - The company is enhancing coordination across various sectors to promote both organic and external growth strategies[78]. - The company is focusing on upgrading coal machinery through digitalization and intelligence, enhancing market competitiveness and accelerating the transition from single product exports to integrated equipment sales[79]. - In the commercial vehicle sector, the company is strengthening its overseas sales and manufacturing capabilities, aiming to provide reliable and diverse products to both domestic and international customers[80]. - The passenger vehicle business is optimizing costs and supply chain efficiency while developing new energy vehicle products, including advancements in shock absorption and thermal management technologies[81]. - The company is expanding into new business areas, leveraging core capabilities in electric control and thermal management to explore growth opportunities in robotics and electric products in Europe and India[82]. - The industrial intelligence sector is positioned as a core engine for strategic transformation, focusing on the integration of artificial intelligence and manufacturing, and promoting internationalization of coal machinery control systems[83]. - The company is committed to enhancing governance levels and optimizing incentive mechanisms to stimulate corporate vitality and increase market value[84]. - The company aims to maintain a stable dividend policy, continuously improving investor returns based on industry trends and operational funding needs[84]. - The company is enhancing information disclosure quality to improve readability and effectiveness, ensuring timely responses to investor demands[84]. Regulatory and Compliance - The company has applied new and revised International Financial Reporting Standards, which did not have a significant impact on the financial position or performance for the year[11]. - The new International Financial Reporting Standards (IFRS) 18 will come into effect on January 1, 2027, and is expected to impact the structure and presentation of the consolidated income statement but not significantly affect financial performance or position[15]. - The company anticipates that the application of the new IFRS standards will not have a major impact on the consolidated financial statements in the foreseeable future[16]. - The company has not early adopted any of the new IFRS standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[12]. - The company has adopted accounting principles and policies reviewed by the Audit and Risk Management Committee for the fiscal year ending December 31, 2025[111]. - The preliminary financial figures for the fiscal year ending December 31, 2025, have been confirmed by Deloitte Touche Tohmatsu, aligning with the audited consolidated financial statements approved by the board[112]. - Forward-looking statements regarding the company's financial condition and business performance are based on current plans and estimates, subject to inherent risks and uncertainties[113]. - The annual report for the fiscal year ending December 31, 2025, will be published on the Hong Kong Stock Exchange and the company's website in due course[114]. - The company has signed an agreement with China Securities Registration and Clearing Co., Ltd. for the distribution of cash dividends to Hong Kong Stock Connect investors[108]. - The company will not be responsible for any claims arising from the incorrect identification of shareholder status affecting tax withholding[105].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 （股 份 代 碼：00564） 海外監管公告 中 國，鄭 州，2026年3月30日 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 ...

ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 中 國，鄭 州，2026年3月30日 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 中 國，鄭 州，2026年3月30日 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 中 國，鄭 州，2026年3月30日 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 中 國，鄭 州，2026年3月30日 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 中 國，鄭 州，2026年3月30日 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 先 生 及 姚 艶 秋 女 士。 证 ...