Summary of Conference Call on China Construction Machinery Sector Companies Involved - Hengli Hydraulic - XCMG - Zoomlion Key Points and Arguments Industry Outlook 1. **Domestic Demand Recovery**: There is a positive sentiment regarding the recovery of domestic demand in the construction machinery sector, alongside continued growth in overseas revenues [2][8] 2. **Yarlung Zangbo Hydropower Project**: This project is expected to significantly impact the industry, with leading companies like Zoomlion and XCMG anticipating benefits due to the demand for eco-friendly and intelligent high-end electric products [2][8] 3. **Anti-involution Policy**: XCMG reports limited impact from this policy, maintaining decent margins, while Zoomlion views it as a long-term positive that could lead to increased market concentration [2][8] Company-Specific Insights 1. **Hengli Hydraulic**: - Focused on developing new screw products, expecting significant revenue growth by the end of Q3 2025 [2][3] - The company anticipates breakeven for its ball screw plant by 2026, with mass production expected by the end of Q3 2025 [3][10] 2. **XCMG**: - Maintained a revenue growth guidance of 10%, with export revenue growth outpacing domestic growth [4][7] - Anticipates mining machinery revenue exceeding Rmb10 billion for 2025 and Rmb20 billion by 2027 [4][7] 3. **Zoomlion**: - Revenue guidance remains unchanged, with expectations for H2 revenue growth to surpass H1 [5][11] - Adjusting strategy to focus on high-end overseas markets in agricultural machinery [2][5] Financial Performance 1. **Revenue Guidance**: Both Zoomlion and XCMG have largely maintained their full-year revenue guidance, with overseas growth expected to outpace domestic growth [2][4] 2. **Profit Growth Estimates**: Preliminary estimates suggest double-digit profit growth for all original equipment manufacturers (OEMs) in Q2 2025 [2][8] Risks and Challenges 1. **Downside Risks**: The sector faces potential risks including slower-than-expected property and infrastructure investment, weaker replacement demand, and potential trade frictions impacting overseas sales [8][9][10] 2. **Upside Risks**: Conversely, faster-than-expected recovery in property investment and stronger replacement demand could positively impact the sector [8][9][10] Valuation and Recommendations 1. **Investment Ratings**: - XCMG and Hengli Hydraulic are rated as "Buy" for medium to long-term investment [2][24] - Zoomlion and Lonking are rated as "Neutral" [2][24] Additional Insights 1. **Market Dynamics**: The construction machinery industry is expected to see rising concentration, which could benefit larger players [2][8] 2. **Product Demand**: There is a noted increase in demand for earthmoving machinery and other products, despite muted demand for tower cranes and concrete machinery [4][7] This summary encapsulates the key insights from the conference call regarding the construction machinery sector in China, highlighting the outlook, company-specific developments, financial performance, and associated risks.

Core Viewpoint - The company is focusing on the development of mining machinery as a key strategic industry, emphasizing automation and intelligent solutions in mining operations [1] Group 1: Company Strategy - The company has established a national-level technology center and has received a significant technology equipment award from the State Council for its capability to produce complete sets of open-pit mining equipment with an annual output of tens of millions of tons [1] - The company is accelerating the development and application of large-scale, intelligent, and environmentally friendly mining solutions, including remote-controlled excavators, unmanned mining trucks, and remote-controlled drilling rigs [1] Group 2: Product Offerings - The company has developed three main product series: open-pit mining equipment, crushing and screening equipment, and material handling equipment [1] - The company's tunneling machines are primarily used for tunnel construction and water conservancy projects, rather than for mining operations [1]

Core Insights - The mechanical industry in China has shown a year-on-year growth of 9.0% in value added for large-scale enterprises in the first half of the year, with expectations for a stable and positive trend continuing into the second half, projecting an annual growth rate of around 5.5% [1] - The industry is focusing on high-end, intelligent, and green transformation, as highlighted by the recent implementation plan for digital transformation from 2025 to 2030, aiming for high-quality development [1] - Leading companies in the mechanical industry are driving digital transformation and upgrading the supply chain, with significant advancements in automation and efficiency reported [2] Industry Trends - The implementation plan encourages leading enterprises to collaborate with upstream and downstream partners to develop coordinated technological transformation plans, aligning with the current trend of chain transformation in the engineering machinery sector [2] - Major companies like Zoomlion and SANY have reported impressive automation rates and efficiency improvements in their smart factories, with Zoomlion achieving over 85% automation and significant enhancements in production metrics [2] - The industry is witnessing a shift towards AI technologies becoming central to decision-making, predictive maintenance services, and accelerated international expansion, marking a new phase of "digital intelligence integration" [3] Technological Advancements - Companies are developing proprietary AI tools to enhance operational efficiency, such as LiuGong's AI assistant "Wen Xiaoqi," which automates document processing and contract management, showing increased daily active usage [3] - The integration of AI and IoT technologies is enabling companies to support complex scenarios in smart manufacturing and vehicle networking, enhancing overall operational capabilities [2][3]

Core Insights - The Ministry of Industry and Information Technology and eight other departments issued the "Implementation Plan for Digital Transformation of the Machinery Industry," aiming for widespread application of digital technologies by 2027, with 50% of enterprises achieving a maturity level of at least two in intelligent manufacturing [1] - By 2030, the plan targets that major enterprises will complete a round of digital transformation, with 60% achieving a maturity level of at least two, and the establishment of at least 500 exemplary intelligent factories [1] - Wuhan Investment Holding Group signed a strategic cooperation agreement to establish a 10 billion yuan humanoid robot mother fund, indicating a strong push towards robotics and automation in the region [2] Industry Overview - Industrial digitalization aims to enhance production efficiency, quality, and flexibility while reducing costs and resource consumption, forming a key path for new industrialization [2] - The manufacturing sector is a significant application area for artificial intelligence, which is expected to accelerate technological innovation in the industrial sector [2] - Industrial software is characterized by vast potential, low penetration rates, low domestic production rates, and high technical barriers, indicating a deep industry moat and promising future [3] Company Highlights - Innovation Qizhi (02121) announced a technological upgrade for its AInnoGC industrial model, enhancing its reasoning capabilities while maintaining a deep understanding of industrial knowledge [4] - Sensong International (02155) aims to become a leading supplier of core equipment and smart factory solutions in the industrial sector, focusing on design, manufacturing, installation, and operation and maintenance services [4] - Zoomlion Heavy Industry Science and Technology Co., Ltd. (01157) is enhancing its global service strategy in the aerial work machinery sector through digital and intelligent service upgrades [5]

Group 1 - The Ministry of Industry and Information Technology and eight other departments issued a digital transformation implementation plan for the machinery industry, aiming for widespread application of digital technologies by 2027, with 50% of enterprises achieving a maturity level of at least two in intelligent manufacturing [1] - By 2030, the plan targets that major enterprises will complete a round of digital transformation, with 60% of enterprises achieving a maturity level of at least two in intelligent manufacturing and the establishment of at least 500 excellent intelligent factories [1] - Wuhan Investment Holding Group signed a strategic cooperation agreement to establish a humanoid robot mother fund with a total scale of 10 billion yuan [1] Group 2 - The Hubei Humanoid Robot Innovation Center was established to support industrialization, featuring facilities for motion training, data collection, practical applications, and talent cultivation [2] - Industrial digitalization aims to enhance production efficiency, quality, and flexibility while reducing costs and resource consumption, serving as a key path for new industrialization [2] - The manufacturing sector is a significant application area for artificial intelligence, which accelerates technological innovation in the industrial sector [2] Group 3 - Long-term prospects for industrial software are promising due to low penetration rates, low domestic production rates, and high technical barriers, indicating a deep industry moat and broad future [3] - The application of industrial large models in China is expanding from single processes to multiple scenarios across vertical industries, potentially reshaping the entire manufacturing value chain [3] Group 4 - Innovation Qizhi (02121) announced a technical upgrade for its AInnoGC industrial large model, enhancing its reasoning capabilities while maintaining a deep understanding of industrial knowledge [4] - Sensong International (02155) aims to become a leading supplier of core equipment and smart factory solutions in the industrial sector, focusing on design, manufacturing, installation, and operation [4] - Zoomlion (01157) is a leader in the aerial work machinery industry, enhancing its global service strategy through digital and intelligent service upgrades [5]

尤其值得关注的是，今年1月1日起实施的全国首部行业立法《长沙市促进工程机械产业发展条例》，从 多方面为工程机械企业出海贸易保驾护航，如条例中明确的通关便利化、海外服务体系建设等配套措 施，将显著提升企业参与国际竞争的效率。 "湘琼先进制造业共建产业园坐落在海南省东方市临港产业园高排港区腹地，内靠粤港澳大湾区，西邻 北部湾，是海上丝绸之路和西部陆海新通道的重要节点，也是面向东南亚、辐射东盟与'一带一路'共建 国家的重要门户。"产业园招商负责人介绍，园区以工程机械、装备制造为代表的先进制造业为主导产 业，已开工三批、共落户29个项目，总投资达130亿元，已有三一重工、中联重科、湘科集团、威重化 机、星邦智能等一批龙头企业落户。 当前，湘琼先进制造业共建产业园正在加快推进基础设施配套道路建设，谋划推进标准厂房、邻里中心 等项目建设，全面加快构建产业生态。 本次活动由海南省工业和信息化厅、湖南自贸试验区长沙片区管委会、长沙市工业和信息化局主办，湘 琼先进制造业共建产业园现场指挥部、长沙市制造业发展促进中心承办。 长沙晚报掌上长沙8月1日讯（全媒体记者 朱泽寰）1日下午，2025长沙企业全球化战略升级活动在湖南 自贸试 ...

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 公司名稱: 中聯重科股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01157 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,552,507,548 | RMB | | 1 | RMB | | 1,552,507,548 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,552,507,548 | RMB | | 1 | RMB | | 1,552,507,548 | | 2. 股份分類 ...

天眼查商业履历信息显示，中联重科股份有限公司，成立于1999年，位于长沙市，是一家以从事汽车制 造业为主的企业。企业注册资本867799.2236万人民币，实缴资本517956.6668万人民币。公司法定代表 人为詹纯新。 通过天眼查大数据分析，中联重科股份有限公司共对外投资了105家企业，参与招投标项目5000次，知 识产权方面有商标信息1181条，专利信息5000条，此外企业还拥有行政许可673个。 来源：金融界 金融界消息 截至2025年7月30日收盘，中联重科（000157）报收于7.5元，下跌0.92%，换手率0.88%， 成交量62.54万手，成交金额4.70亿元。 资金流向方面，今日主力资金净流出1959.77万元，占比成交额4.17%。其中，超大单净流出1680.88万 元、占成交额3.57%，大单净流出278.89万元、占成交额0.59%，中单净流出流出1312.60万元、占成交 额2.79%，小单净流入3272.36万元、占成交额6.96%。 中联重科最新一期业绩显示，截至2025一季报，公司营业总收入121.17亿元、同比增长2.92%，归属净 利润14.10亿元，同比增长53.98%， ...

Core Insights - The tower crane industry is facing increasing safety concerns due to recent accidents, prompting a focus on "full lifecycle safety" practices [1][3] - Zoomlion Heavy Industry Science & Technology Co., Ltd. (Zoomlion) has established itself as a leader in the tower crane market, with consistent global sales leadership and significant growth in overseas markets [1][2] - The company has achieved multiple international certifications, making it one of the manufacturers with the most international access qualifications in the industry [1][2] Group 1: Safety Practices - Zoomlion has implemented a full lifecycle traceability system for its tower cranes, ensuring quality control from raw material inspection to usage and maintenance [2] - Each component of the cranes is marked with a unique identifier, allowing for complete tracking of materials back to their source [2] - The company has adopted automation in its production line, enhancing efficiency by 20% through the use of unmanned equipment [2] Group 2: Regulatory Environment - The Chinese government has introduced laws and regulations, such as the Special Equipment Safety Law, to enhance safety supervision and management in the tower crane sector [3] - The safety of tower cranes is viewed as a systemic issue that requires collaboration among various stakeholders, including manufacturers, operators, and regulatory bodies [3] - Zoomlion has advocated for improved safety measures and has established a set of core safety standards to elevate industry safety practices [3] Group 3: Strategic Projects - The Yarlung Tsangpo River Hydropower Station project is expected to positively impact Zoomlion's performance due to its scale and complexity, requiring a diverse range of engineering products [4] - The company is actively involved in this national strategic project, customizing advanced construction equipment to meet specific project requirements [4] - Zoomlion has established ongoing communication with key participants in the Yarlung Tsangpo project to ensure high-quality execution [4]

长沙晚报掌上长沙7月29日讯（全媒体记者 匡小娟）7月29日，"才展三湘云聘优才"2025年湖南省先进制造业骨干 企业与全国重点高校人才供需对接会举行，100余家湖南省先进制造业企业和150余所高校参加对接会。活动当天 达成校企签约意向500余个，签约100余对。 本次对接会由湖南省人力资源和社会保障厅人力资源流动管理处、湖南省教育厅学生处指导，长沙市云研网络科 技有限公司、湖南省先进制造业人才市场、中国（长沙）人力资源服务产业园经开园区主办，旨在发挥人力资源 服务精准匹配功能，助力"优才来湘"及大学生创业"七个一"行动落地。 据悉，本次对接会将持续至7月30日，通过线上线下联动，拓展对接维度。线下设置多个功能专区，政策咨询区提 供"优才来湘""创业在湘"等政策咨询。线上则同步开展云端招聘会（持续至8月底）、政策直播宣讲、企业数字人 直播带岗等活动，实现"云端对接不打烊"。 在企业展示区，五矿二十三冶建设集团有限公司招聘经理林荷正给高校介绍企业人才需求及人才培养体系，忙得 不亦乐乎。 "以往我们与高校的沟通需逐家推进，效率相对有限。而此次对接会有效整合了资源，使我们能够一次性对接百余 家企业，降低了沟通成本与 ...