证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 中联重科（000157.SZ） Q2 扣非归母净利润增长接近 50%，表现亮眼 公司发布 2025 年半年度报告。今年上半年公司实现营业收入 248.55 亿 元，同比增长 1.30%；归属于母公司净利润 27.65 亿元，同比增长 20.84%。 今年单 2 季度，公司扣非后归母净利润 10.51 亿元，同比增长接近 50%。 混凝土、起重机市场地位稳固。混凝土机械、工程起重机械、建筑起重机 械三大传统优势产品线，公司坚守稳健发展战略，统筹优化全局资源配置， 全面推进海外转型。三大产品线国内市场地位稳固，新能源搅拌车、履带 吊产品实现翻番增长。海外业务规模与市场地位持续提升，三大产品线整 体出口销售规模同比增幅超 13%。 土方机械全场景产品矩阵筑优势，实现海内外市场双增长。土方机械通过 全面完善微小挖型谱、全方位提升中大挖性能、引领超大吨位绿色矿山技 术，已构建覆盖全场景的产品矩阵，形成行业领先的竞争力。国内市场方 面，销售模式切换为经销模式，产品结构持续优化，中大挖市占率位居行 业前列。海外市场方面，深耕全球化布局 ...

Core Insights - The company Zhonglian Heavy Industry (000157) reported a total revenue of 24.855 billion yuan for the first half of 2025, reflecting a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders reached 2.765 billion yuan, marking a significant year-on-year growth of 20.84% [1] - The company's accounts receivable is notably high, with accounts receivable amounting to 836.17% of the net profit for the latest annual report [1] Financial Performance - Total revenue for the second quarter was 12.738 billion yuan, showing a slight decline of 0.19% year-on-year [1] - The net profit for the second quarter was 1.355 billion yuan, down 1.29% year-on-year [1] - Gross margin improved to 28.15%, up 0.59% year-on-year, while net margin increased to 11.67%, a rise of 12.6% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 2.75 billion yuan, which is 11.07% of revenue, down 13.06% year-on-year [1] - The company reported a significant increase in operating cash flow per share, which reached 0.2 yuan, up 113.18% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) was 4.66%, indicating a relatively weak capital return [2] - The average operating cash flow over the past three years relative to current liabilities is only 7.19%, suggesting potential liquidity concerns [2] - The company’s debt situation is concerning, with interest-bearing liabilities reaching 29.347 billion yuan, a 23.15% increase year-on-year [1][2] Fund Holdings - The largest fund holding Zhonglian Heavy Industry is the Huaxia New Emerging Growth Stock A, which holds 16.4475 million shares and has recently entered the top ten holdings [3] - Other funds that have recently increased their positions include E Fund New Silk Road Flexible Allocation Mixed and Invesco Great Wall Prosperity Mixed A [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000157 证券简称：中联重科 公告编号：2025－044号 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以实施2025年中期利润分配时股权登记日的总股本为基 数，向全体股东每10股派发现金红利2.00元（含税），送红股0股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 公司报告期控股股东未发生变更。 实际控制人报告期内变更 □适用 √不适 ...

Core Viewpoint - Zoomlion reported a revenue of 24.855 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.30%, while net profit attributable to shareholders reached 2.765 billion yuan, up 20.84% [2] Financial Performance - The company achieved a non-recurring net profit of 1.925 billion yuan, marking a 30% increase year-on-year [2] - In Q2, the non-recurring net profit was 1.051 billion yuan, showing a 50% year-on-year growth and further improvement in quarter-on-quarter growth [2] - Gross margin stood at 28.15%, an increase of 0.17 percentage points year-on-year; net profit margin was 11.12%, up 1.8 percentage points; and non-recurring net profit margin was 7.75%, up 1.71 percentage points [2] - Operating cash flow net amount reached 1.752 billion yuan, a significant increase of 112% year-on-year [2] Business Segments - The traditional business segments, including concrete machinery and engineering hoisting machinery, showed a recovery in domestic sales and an increase in market share for exports [2] - The emerging business segments are rapidly growing, with earthmoving machinery revenue increasing by 22%, accounting for nearly 20% of total revenue [3] - The mining machinery segment experienced high-speed growth, establishing annual procurement and strategic cooperation with several large state-owned enterprises [3] - The aerial work machinery segment is advancing in electrification and intelligent upgrades, with a factory in Hungary accelerating construction [3] - The agricultural machinery segment maintains a leading market share in domestic drying machines and wheat machines, with continuous improvement in market share for other products [3] Global Expansion - The company reported overseas revenue of 13.815 billion yuan, a 15% increase year-on-year, accounting for 55.58% of total revenue, up 6.48 percentage points [4] - The African market saw a year-on-year growth of over 179%, while the Middle East, Southeast Asia, and Australia/New Zealand maintained rapid growth [4] - Emerging market sales accounted for 39% of total sales [4] Shareholder Returns - The company plans to distribute a mid-term dividend of 2 yuan per 10 shares (including tax), totaling 1.73 billion yuan [4] - Since its listing, the company has conducted 28 dividend distributions totaling 30.61 billion yuan, exceeding the total amount raised from the capital market, with a historical overall dividend ratio of 47% [4] - The company has also engaged in large-scale share buybacks, totaling approximately 5 billion yuan [5]

证券代码：000157 证券简称：中联重科 公告编号：2025-045 号 中联重科股份有限公司 关于 2025 年中期利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示： ）2025年中期利润分 配预案为：以分红派息股权登记日股本总数为基数，向全体股东每10 股派发2.00元人民币现金（含税） 。公司2025年中期利润分配预案公 布至实施前，如股本总数发生变动，以2025年中期利润分配预案实施 所确定的分红派息股权登记日股本总数为基数，分配比例不变，按重 新调整后的股本总数进行分配。 第 9.8.1 条规定的可能被实施其他风险警示情形。 一、审议程序 通过了《2025年中期利润分配预案》 通过了《2025年中期利润分配预案》 中期利润分配预案公布后至实施前，如股本总数发生变动，以2025 年中期利润分配预案实施所确定的分红派息股权登记日股本总数为 基数，分配比例不变，按重新调整后的股本总数进行分配。公司2025 年中期股息派发具体时间将根据股东大会审议时间以及股息派发工 作进展情况确定。 三、现金分红方案合理性说明 本次利润分配 ...

Group 1 - The core initiative "Love Changes Destiny" charity scholarship program has been ongoing for 23 years, showcasing its influence as a significant public welfare brand in China [3] - Zoomlion, as one of the initiators, donated 2 million yuan in the latest round of the program, bringing its total donations over the years to more than 38 million yuan [1][3] - The program aims to encourage more enterprises to give back to society, aligning with the theme of gratitude and social responsibility [3] Group 2 - In addition to the 2 million yuan donation, Zoomlion also contributed 800,000 yuan through the Hunan Charity Federation to support underprivileged university students in ethnic minority areas of Hunan Province [3] - The company has a strong commitment to social responsibility, having engaged in various charitable activities, including donations and educational facility construction, benefiting over 20,000 students across multiple provinces [3] - Zoomlion has received multiple honors for its charitable contributions, including the "Most Caring Donor Enterprise" award and the National Chinese Charity Award [3]

Core Viewpoint - Zhonglian Heavy Industry (SZ000157) reported a slight revenue growth of 1.30% year-on-year for the first half of 2025, reaching 24.855 billion yuan, while net profit increased significantly by 20.84% to 2.765 billion yuan, indicating improved profitability despite lower revenue growth compared to competitors [1][2]. Financial Performance - The company achieved a revenue of 24.855 billion yuan, with a year-on-year growth of 1.30% [2]. - Net profit attributable to shareholders reached 2.765 billion yuan, reflecting a year-on-year increase of 20.84% [1][2]. - The gross margin improved to 28.15%, up by 0.17 percentage points, and the net profit margin increased to 11.12%, up by 1.8 percentage points [2]. - Operating cash flow net amount reached 1.752 billion yuan, showing a significant growth of 112.46% [2]. Market Expansion - Zhonglian Heavy Industry increased its global market investment, with overseas revenue reaching 13.815 billion yuan, a year-on-year growth of 14.66%, accounting for 55.58% of total revenue [3]. - The company’s products are now available in over 170 countries and regions, with notable growth in Africa, the Middle East, and East Asia [3]. Robotics Development - The company is advancing in the field of embodied intelligent humanoid robots, having developed three models, including one wheeled and two bipedal versions, which are already in pilot applications within the company [1][4]. - Zhonglian Heavy Industry has established a comprehensive technical system for humanoid robots, including a data collection and model training toolchain, and a training facility with 120 workstations [5]. - The company aims to continuously integrate cutting-edge technologies to enhance the evolution of humanoid robots and expand their applications in the industrial sector [5].

Core Viewpoint - The company reported a steady growth in revenue and profit for the first half of 2025, with a significant increase in net profit and a proposed mid-term dividend, reflecting its strong financial health and commitment to shareholder returns [1][7]. Financial Performance - The company achieved operating revenue of 24.855 billion yuan, a year-on-year increase of 1.30% [1]. - The net profit attributable to shareholders was 2.765 billion yuan, up 21% year-on-year, while the net profit after deducting non-recurring gains and losses reached 1.925 billion yuan, marking a 30% increase [1]. - In the second quarter, the net profit after deducting non-recurring gains and losses was 1.051 billion yuan, showing a 50% year-on-year growth and further acceleration compared to the previous quarter [1]. Overseas Business Development - The company has been enhancing its unique "end-to-end, digital, localized" overseas business model, with overseas revenue reaching 13.815 billion yuan, a 15% increase year-on-year, accounting for 55.58% of total revenue [3]. - The company has established over 30 primary business aviation ports and more than 430 secondary and tertiary outlets globally, with approximately 7,800 overseas employees, of which about 5,000 are local hires [3]. - In the first half of the year, the company added 19 secondary outlets in high-potential markets and accelerated its "airport sinking strategy" in traditional markets by establishing 62 new primary and secondary outlets [3]. Market Position and Product Development - The company maintained a strong market position in its core segments, with concrete machinery and engineering lifting machinery showing a recovery in domestic sales and an increase in export market share [5]. - The earthmoving machinery segment saw a revenue growth of 22%, contributing nearly 20% to total revenue, with exports growing faster than the industry average for over three consecutive years [5]. - The company is advancing in the high-end mining market with the successful export of its first domestically produced 100-ton electric drive dump truck and has launched new electric and intelligent aerial work machinery products in Europe [5]. Dividend Policy - The company plans to distribute a mid-term dividend of 1.73 billion yuan, with a payout of 2 yuan per 10 shares (tax included), resulting in a distribution rate of 62.56% [7]. - Since its listing, the company has conducted 28 dividend distributions totaling 30.61 billion yuan, surpassing the total amount raised from equity financing in the capital market [7]. - The company has been recognized in the "Top 100 Cash Dividend Total" list by the China Listed Companies Association, reflecting its commitment to a robust dividend policy and transition to a value growth-oriented enterprise [7].

Core Viewpoint - Company reported a steady growth in revenue and profit, emphasizing high-quality development and risk control while maintaining industry-leading profitability [1][2][3] Financial Performance - Company achieved operating revenue of 24.855 billion yuan, a year-on-year increase of 1.30% - Net profit attributable to shareholders reached 2.765 billion yuan, up 21% year-on-year, with a non-recurring net profit of 1.925 billion yuan, increasing by 30% - In Q2, non-recurring net profit was 1.051 billion yuan, showing a 50% year-on-year growth and further acceleration compared to Q1 - Gross margin stood at 28.15%, up 0.17 percentage points year-on-year; net profit margin was 11.12%, up 1.8 percentage points; non-recurring net profit margin was 7.75%, up 1.71 percentage points - Operating cash flow net amount was 1.752 billion yuan, a 112% increase year-on-year, with a cash collection rate of 99% [1] Global Strategy - Company is advancing a unique "end-to-end, digital, localized" overseas business model, increasing resource investment in global markets - Overseas revenue reached 13.815 billion yuan, a 15% year-on-year increase, accounting for 55.58% of total revenue, up 6.48 percentage points - Products are now available in over 170 countries and regions, with a balanced regional market structure to mitigate single-market risks - Significant growth observed in Africa, the Middle East, Australia, New Zealand, and East Asia, with Southeast Asia and South America outperforming overall company performance - Company has established over 30 primary business airports and more than 430 secondary and tertiary outlets globally, employing approximately 7,800 overseas staff, including about 5,000 local employees [2] Emerging Segments - Company maintains a strong market position in core segments, with concrete machinery and engineering lifting machinery showing unexpected recovery in domestic sales and continuous improvement in export market share - Emerging segments are rapidly rising, with earth-moving machinery revenue growing by 22%, accounting for nearly 20% of total revenue, and export growth exceeding industry averages for over three consecutive years - Mining machinery experienced significant growth, with strategic partnerships established with major state-owned enterprises, and successful exports of high-end products [3] Future Industry Developments - Company is accelerating the industrialization of embodied intelligent humanoid robots, having developed three new models, including one wheeled and two bipedal robots, with dozens already in factory applications - A comprehensive toolchain for data collection, annotation, and model training has been developed, creating a 120-workstation intelligent training facility to facilitate a closed-loop mechanism for data-driven model evolution [4] Dividend Policy - Company plans to distribute a mid-term dividend of 2 yuan per 10 shares (tax included), with a distribution rate of 62.56% - Since its listing, the company has conducted 28 dividend distributions totaling 30.61 billion yuan, exceeding the total amount raised from equity financing in the capital market, with a historical overall dividend rate of 47% [5][6]

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]