Group 1 - The World Brand Lab released the 2025 "Asia Brand 500" report, highlighting that China has 217 brands on the list, ranking first in Asia [1] - Hunan Broadcasting and Television Group ranked 88th, while SANY Heavy Industry and Zoomlion ranked 108th and 111th respectively [1][2] - SANY Heavy Industry has implemented a "globalization, digitalization, and low-carbon" strategy, achieving significant market presence in over 180 countries and regions [1] - SANY's electric products sales exceeded 10 billion, with 101 electric products launched and 57 new technologies developed [1] Group 2 - Zoomlion has been on the "Asia Brand 500" list for 20 consecutive years, with its ranking improving to 111th [2] - The company leverages decades of industrial experience and data accumulation to enhance its competitiveness through advancements in AI, IoT, cloud computing, and big data [2] - Zoomlion aims to accelerate its transformation towards diversification, globalization, and digitalization while strengthening its brand [2]

Core Viewpoint - The company has commenced mass production of a series of self-developed liquid battery products, indicating a significant advancement in its energy storage technology [1] Group 1: Product Development - The company has launched mass production of liquid batteries, including a range of high-power agricultural batteries from 6kWh to 18kWh, a 397kWh energy-type battery, a 134kWh high-strength mining truck battery, and heavy-duty truck batteries ranging from 140kWh to 800kWh [1] - The company has established a dedicated research team for solid-state battery development, consisting of PhD and Master's level researchers [1] Group 2: Research and Collaboration - The research team collaborates with university professors and utilizes resources from national key laboratories for testing [1] - The research on solid-state batteries is being conducted in phases, progressing from hybrid liquid-solid batteries to semi-solid batteries and finally to all-solid-state batteries [1]

智通财经APP讯，中联重科(01157)发布公告，公司于近日收到股东长沙中联和一盛投资合伙企业(有限 合伙)(简称"和一盛投资")的通知，获悉其所持公司的股份办理了质押及解除质押相关手续，本次质押数 量为4600万股，本次解除质押数量为6000万股。 ...

Core Viewpoint - The company has successfully mass-produced a series of self-developed liquid batteries and is actively researching solid-state battery technology through a dedicated research team [1] Group 1: Battery Production - The company has achieved mass production of a range of self-developed power battery products, including 6kWh to 18kWh high-power agricultural batteries, 397kWh energy-type batteries, and 134kWh high-strength mining truck batteries [1] - The company also produces high-safety, long-life heavy truck batteries ranging from 140kWh to 800kWh [1] Group 2: Solid-State Battery Research - A specialized research team has been established for solid-state battery development, consisting of PhD and Master's level researchers [1] - The research is conducted in phases, focusing on solid-liquid hybrid batteries, semi-solid batteries, and ultimately full solid-state batteries, leveraging resources from university professors and national key laboratories [1]

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 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條而做出。 茲載列中聯重科股份有限公司於2025年9月26日在《中國證券報》、《上海證券 報》、《證券時報》、《證券日報》、深圳證券交易所網站( www.szse.cn)以及巨潮資 訊網( www.cninfo.com.cn)刊登的「關於持股5%以上股東股份質押及解除質押的公 告」文件，僅供參閱。 承董事會命 中聯重科股份有限公司 公司秘書 楊篤志 中國長沙，2025年9月25日 於本公告刊發日期，本公司執行董事為詹純新博士；非執行董事為賀柳先生及王 賢平先生；以及獨立非執行董事為張成虎先生、黃國濱先生、吳寶海先生及黃珺 女士。 ...

一、股东股份质押及解除质押的基本情况 （一）本次股东股份质押及解除质押的基本情况 | | 是否为控 股股东或 | | 占其所 | 占公司 | 是否为 限售股 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | 本次质押数 | | | （如 | 为补 | 质押 | 质押 | | 质押 | | 名称 | 第一大股 | 量（股） | 持股份 | 总股本 | 是，注 | 充质 | 起始日 | 到期日 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 明限售 | 押 | | | | | | | 致行动人 | | | | 类型） | | | | | | | 和一 | | | | | | | 2025 年 9 | 办理解 | 华泰证券（上 | 偿还 | | 盛投 | 否 | 46,000,000 | 6.74% | 0.53% | 否 | 否 | | 除质押 | 海）资产管理 | 质押 | | 资 | | | | | | | 月 24 日 | 手续止 | 有限公司 | 债 ...

Core Viewpoint - Zhonglian Heavy Industry's net profit attributable to shareholders for H1 2025 reached 2.765 billion yuan, a year-on-year increase of 20.84% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 1.355 billion yuan, a year-on-year decrease of 1.29% [1] - The company's profitability continues to recover, with various product gross margins improving [1] Revenue Breakdown - For H1 2025, revenue from the crane machinery, concrete machinery, and earth-moving machinery segments was 8.374 billion, 4.869 billion, and 4.293 billion yuan, respectively, with year-on-year growth of 1.24%, 15.66%, and 22.11% [1] - Overseas market revenue reached 13.815 billion yuan, a year-on-year increase of 14.66%, with rapid growth in markets such as the Middle East, Southeast Asia, and Australia/New Zealand [1] Strategic Developments - The company has established a humanoid robot training ground and developed the Zhongke Cloud Valley embodied intelligence platform, which includes a comprehensive toolchain for data collection, processing, labeling, model training, evaluation, and inference deployment [1] - The embodied intelligence initiative is expected to create a new growth driver for the company [1] Investment Outlook - The 6-month target price for A-shares is set at 9.32 yuan, and for Hong Kong shares at 7.64 yuan, maintaining a "buy" rating [1]

Core Viewpoint - Zhonglian Heavy Industry's stock price has shown a modest increase this year, with a notable rise in net profit, indicating potential growth in the engineering machinery sector [1][2]. Financial Performance - As of August 8, 2025, Zhonglian Heavy Industry reported a revenue of 24.855 billion yuan for the first half of the year, reflecting a year-on-year growth of 1.30% [2]. - The net profit attributable to shareholders for the same period was 2.765 billion yuan, marking a significant year-on-year increase of 20.84% [2]. - Cumulatively, the company has distributed 28.880 billion yuan in dividends since its A-share listing, with 8.013 billion yuan distributed over the past three years [3]. Stock Market Activity - On September 25, Zhonglian Heavy Industry's stock price decreased by 2.01%, trading at 7.80 yuan per share, with a total market capitalization of 67.459 billion yuan [1]. - The stock has increased by 12.55% year-to-date, with a 2.50% rise over the last five trading days [1]. - The company experienced a net outflow of 31.173 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of August 8, 2025, the number of shareholders increased to 262,200, with an average of 0 circulating shares per person [2]. - The top ten circulating shareholders include notable entities such as China Securities Finance Corporation and Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.32 CNY for A-shares and 7.64 HKD for H-shares, indicating a potential upside of 19.5% and 7.1% respectively from the current prices [5][45]. Core Insights - The company experienced steady growth in H1 2025, with revenue reaching 24.855 billion CNY, a year-on-year increase of 1.30%, and net profit attributable to shareholders at 2.765 billion CNY, up 20.84% year-on-year [1][11]. - The gross margin for H1 2025 was 28.15%, with a net margin of 11.67%, reflecting an improvement in profitability despite a slight decline in gross margin compared to the previous year [2][13]. - The company is benefiting from a diversified product line and a strong overseas market presence, with overseas revenue accounting for 55.58% of total revenue, amounting to 13.82 billion CNY, a 14.66% increase year-on-year [29][33]. Summary by Sections Company Development and Performance - The company reported stable growth in H1 2025, with revenue and profit both showing positive trends. The revenue was 24.855 billion CNY, and the net profit was 2.765 billion CNY, indicating a solid performance [1][11]. - The product lines, including cranes, concrete machinery, and earth-moving machinery, showed signs of recovery, with respective revenues of 8.374 billion CNY, 4.869 billion CNY, and 4.293 billion CNY, reflecting year-on-year growth rates of 1.24%, 15.66%, and 22.11% [18][20]. Embracing Intelligent Technology - The company has begun investing in embodied intelligence technology, developing three humanoid robots and establishing a training facility for these robots, which may create new growth opportunities [34][40]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 50.426 billion CNY in 2025, with net profits projected at 5.040 billion CNY, reflecting a significant growth trajectory [4][43]. - The projected EPS for 2025 is 0.58 CNY, with corresponding P/E ratios of 13.39x for A-shares and 11.20x for H-shares, indicating that the current valuation is below the average of comparable companies [43][44].

Group 1 - The company held an online performance briefing on September 19, 2025, attended by a wide range of domestic and international investors, with key insights shared by Secretary of the Board, Mr. Tao Zhaobo [1] - In the first half of 2025, the company's revenue reached 24.855 billion yuan, a year-on-year increase of 1.30%, while net profit attributable to shareholders was 2.765 billion yuan, up 20.84% [1] - The company's net profit margin improved by 1.80 percentage points to 11.12%, and the non-recurring net profit attributable to shareholders was 1.925 billion yuan, reflecting a 30.08% year-on-year growth [1] Group 2 - The company is advancing its agricultural machinery strategy with a focus on "high-end, international, and new energy," achieving significant market share in wheat machinery and growth in tractors and rice machinery [2] - The company is implementing a global strategy with a direct sales system overseas, achieving a 15% year-on-year increase in overseas revenue, with Africa showing a remarkable growth of over 179% [2] - The company has established over 30 primary business aviation ports and more than 430 secondary and tertiary outlets globally, employing approximately 5,000 local staff and covering over 170 countries and regions [2]