Core Viewpoint - The report highlights the steady growth in performance and the continuous breakthrough in overseas markets for Zoomlion Heavy Industry Science and Technology Co., Ltd. (000157.SZ, 1157.HK) in the first half of 2025, showcasing strong financial results and international expansion efforts [1]. Financial Performance - In H1 2025, the company achieved revenue of 24.85 billion CNY, a year-on-year increase of 1.3%; net profit attributable to shareholders was 2.76 billion CNY, up 20.8% year-on-year; and operating cash flow net amount reached 1.75 billion CNY, a significant increase of 112.5% [2]. - The gross profit margin stood at 28.1%, a slight decrease of 0.2 percentage points, while the net profit margin increased by 1.3 percentage points to 11.7% [2]. Business Segments - The traditional advantage businesses showed an unexpected recovery, with concrete machinery and lifting machinery generating revenues of 4.87 billion CNY and 8.37 billion CNY, respectively, reflecting year-on-year growth of 15.7% and 1.2% [3]. - The company’s earth-moving machinery, aerial work machinery, and agricultural machinery reported revenues of 4.29 billion CNY, 2.59 billion CNY, and 1.99 billion CNY, with growth rates of 22.1%, -34.5%, and -15.2%, respectively [3]. - The domestic market position for earth-moving machinery remains strong, with a market share in large excavators leading the industry, and export sales growing over 33% year-on-year [3]. International Expansion - In H1 2025, overseas revenue reached 13.81 billion CNY, a year-on-year increase of 14.7%, accounting for 55.6% of total revenue, up 6.5 percentage points [4]. - The African region saw a remarkable growth of over 179% year-on-year, while the Middle East, Southeast Asia, and Australia/New Zealand maintained rapid growth, with emerging markets accounting for 39% of sales [4]. - The company is enhancing its overseas production capacity by upgrading its factory in Germany and establishing a new high-tech factory in Hungary, which is expected to strengthen its long-term competitive advantage in international markets [4]. Profit Forecast and Valuation - The company maintains a positive outlook on its emerging businesses and overseas export potential, forecasting net profits attributable to shareholders of 5.0 billion CNY, 6.22 billion CNY, and 7.35 billion CNY for 2025, 2026, and 2027, respectively [5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.58 CNY, 0.72 CNY, and 0.85 CNY [5]. Financial Metrics - The company’s revenue is expected to grow from 47.075 billion CNY in 2023 to 67.759 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 12.05% [6]. - The return on equity (ROE) is projected to increase from 6.22% in 2023 to 11.18% in 2027, indicating improved profitability and efficiency [9].

Summary of Conference Call Industry or Company Involved - **Industries Discussed**: Lithium mining, copper, aluminum, steel, cement, coal, shipping (cruise industry), express delivery, logistics, insurance, industrial equipment. Key Points and Arguments Lithium Mining - Market misunderstanding regarding the resumption of operations at Ningde lithium mines, with a target for resumption set for November [4][3] - Seven mines in Yichun are awaiting a government decision on their operational status, with results expected by October or November [3][4] Copper - Copper smelting processing fees are currently negative, but no significant changes in smelting operations are anticipated [6][6] - New regulations on waste copper suppliers may increase domestic costs and affect supply, with an estimated monthly supply impact of 50,000 to 55,000 tons [7][7] Aluminum - The impact of anti-involution on alumina is minimal, with the industry remaining in a state of oversupply [8][8] Steel - Regional differences in steel production cuts, with some provinces actively implementing reductions while others, like Tangshan, have not yet enforced cuts [9][9] - Profitability in the steel sector has dropped significantly, leading to potential voluntary production cuts [9][9] Cement - Cement demand is declining, particularly in cities like Shanghai, prompting discussions among leading companies about potential production cuts [10][10] Coal - Coal prices are expected to stabilize between 600 and 700, with production checks likely if prices fall below 600 [11][11] Shipping (Cruise Industry) - The cruise industry has faced demand dilution due to illegal oil transport, impacting market performance [14][14] - Recent increases in shipping rates, from around 30,000 to 60,000, indicate a potential recovery in the sector [15][16] - Supply-side changes are expected to drive future price increases, with a focus on compliance and sanctions affecting operational efficiency [20][20] Express Delivery - The express delivery sector is experiencing a gradual price increase, with major players locking in market shares to stabilize pricing [26][26] - Concerns about social security changes impacting delivery costs were noted, but no drastic regulatory changes are expected [29][29] Logistics (Aneng Logistics) - Aneng is positioned as a leading player in the express delivery market, benefiting from structural changes and a growing market share [30][30] - The company is expected to see continued growth due to favorable market dynamics and competitive advantages [31][31] Insurance - The insurance sector has reported strong performance in the first half of the year, with a focus on cost control and structural improvements [39][39] - The growth in the insurance market is driven by fewer catastrophic events and improved expense management [39][39] Industrial Equipment - The industrial sector is entering a new upcycle, particularly in engineering machinery and lithium battery equipment, with expected growth rates of 46%, 24%, and 21% over the next three years [52][57] - Key drivers include equipment replacement cycles, infrastructure projects, and overseas market growth [54][55] Other Important but Possibly Overlooked Content - The overall sentiment in various sectors indicates a cautious optimism, with potential for recovery in specific industries despite ongoing challenges [12][12] - The discussion highlighted the importance of regulatory changes and market dynamics in shaping future performance across sectors [12][12][12]

Core Insights - The 2025 Global Top 50 Construction Machinery Manufacturers list was released, with a total sales revenue of $222.53 billion, reflecting an 8.02% year-on-year decline [1][2] - Chinese companies dominate the list with 13 entries, including Sany Heavy Industry and Zoomlion Heavy Industry, ranked 5th and 10th respectively [1][3] - The average overseas sales ratio for the 13 Chinese companies is approximately 41.94%, with some companies exceeding 70% in overseas sales [2] Group 1: Rankings and Performance - Caterpillar Inc. leads the list with sales of $378.44 million, followed by Komatsu Ltd. at $241.32 million and Deere & Company at $129.56 million [3] - XCMG ranks 4th with $125.57 million, while Sany Heavy Industry and Zoomlion Heavy Industry rank 5th and 10th with $106.55 million and $62.30 million respectively [3][4] - The total operating profit for the top 50 companies is $30.30 billion, down 10.86% from the previous year, with an average operating profit margin of 13.62% [1][2] Group 2: Chinese Companies' Global Presence - Among the 13 Chinese companies, XCMG, Sany Heavy Industry, and Zoomlion Heavy Industry are in the top 10, while others like CRCHI Group and Hunan Sunward Intelligent Machinery rank 33rd and 42nd respectively [1][5] - The trend of "quality improvement" is noted as Chinese companies expand overseas, transitioning from quantity growth to quality enhancement [2]

Core Points - The successful delivery of the first articulated truck-mounted crane from Zoomlion's German subsidiary, Wilbert, marks a significant advancement in the company's localization strategy in Europe [1][2] - The crane model ZLK7600V803 combines "Chinese technology + European manufacturing," meeting CE certification and European road transport regulations while offering excellent lifting performance and cost-effectiveness [2] - Zoomlion has established 13 R&D and manufacturing bases overseas and over 30 primary business aviation ports, covering products and services in more than 170 countries and regions [3] Localization Strategy - The acquisition of Wilbert in 2018 has allowed Zoomlion to transition from a single construction machinery manufacturer to a comprehensive industrial base producing construction cranes, concrete machinery, and engineering cranes [2] - The company has strengthened its competitiveness in the European market by building new factories in Hungary and expanding its operations in Germany, enhancing local supply efficiency and market responsiveness [2] Market Expansion - The collaboration with Slovak customers signifies a commitment to expanding the engineering crane business, with the delivery of the new equipment symbolizing a milestone in Sino-Slovak commercial cooperation [2] - Zoomlion aims to leverage its localization advantages to enrich its overseas product offerings and enhance market coverage and service response [3]

Core Insights - Zhonglian Heavy Industry has successfully delivered its first articulated truck crane to a customer in Slovakia, marking a significant advancement in its localization strategy in Europe [1][2] - The crane, model ZLK7600V803, integrates Chinese technology with European manufacturing, meeting CE certification and European road transport regulations while offering excellent lifting performance and cost-effectiveness [1] Group 1 - The delivery of the crane has been positively acknowledged by the Slovak customer, who emphasized the importance of this collaboration in expanding the engineering crane business [2] - Zhonglian Heavy Industry has been deepening its localization strategy in Europe, enhancing its competitiveness in the market and establishing high-end equipment manufacturing bases [2] - The company has built 13 R&D and manufacturing bases overseas and has over 30 primary business aviation ports, with products and services covering more than 170 countries and regions [2] Group 2 - In addition to the German Wilbert factory, Zhonglian Heavy Industry has established a new high-lift factory in Hungary and a second factory in Germany this year, further enhancing its European manufacturing network [2] - The company aims to leverage its localization advantages to enrich its overseas product offerings and strengthen market coverage and service response [2]

Core Viewpoint - The engineering machinery industry continues its recovery in the first half of 2025, driven by domestic demand from long-term government bond issuance, deepening equipment renewal policies, and accelerated energy transition. Core products such as excavators, concrete machinery, and cranes have seen comprehensive growth in domestic sales, while overseas markets remain robust, particularly in mineral development and energy infrastructure [1]. Company Performance Summary XCMG Machinery - Achieved operating revenue of 54.808 billion yuan, a year-on-year increase of 8.04%, and a net profit of 4.358 billion yuan, up 16.63%. The company shows a favorable development trend with growth in revenue, net profit, and cash flow, driven by internationalization, new energy, and aftermarket services [2][3]. - The earthmoving segment saw a revenue increase of 22.37%, making it the largest revenue segment, accounting for 31.05% of total revenue. Domestic sales share increased, with export revenue growing by 20% and aftermarket revenue up by 29% [3]. SANY Heavy Industry - Reported revenue of 44.534 billion yuan, a 14.96% increase, and a net profit of 5.216 billion yuan, up 46%. The excavator segment generated 17.497 billion yuan in sales, a 15% increase, maintaining the top position in the domestic market [5]. - Concrete machinery sales decreased by 6.49% to 7.441 billion yuan, while crane machinery sales increased by 17.89% to 7.804 billion yuan, with significant market share gains in various crane categories [6][7]. Zoomlion Heavy Industry - Recorded revenue of 24.855 billion yuan, a 1.3% increase, and a net profit of 2.765 billion yuan, up 20.84%. The crane segment accounted for 33.69% of total revenue, with earthmoving machinery exports growing over 33% [8]. LiuGong Machinery - Achieved revenue of 18.181 billion yuan, a 13.21% increase, and a net profit of 1.230 billion yuan, up 25.05%. The earthmoving machinery segment contributed 64.09% of total revenue, with both domestic and overseas markets showing strong growth [9]. Shantui - Reported revenue of 7.004 billion yuan, an 8.78% increase, with overseas revenue growing by 7.66% compared to the previous year [10]. Zhejiang Dingli - Achieved operating revenue of 4.336 billion yuan, a 12.35% increase, and a net profit of 1.052 billion yuan, up 27.63%. The company has shown resilience in a complex external environment [10]. Anhui Heli - Reported revenue of 9.390 billion yuan, a 6.18% increase, but net profit decreased by 4.60% to 0.796 billion yuan. Overseas revenue reached 4.016 billion yuan, up 15.20%, accounting for 43% of total revenue [11]. Market Dynamics - The engineering machinery industry is gradually improving, with domestic markets recovering and exports maintaining stable growth. Companies are actively seizing opportunities to enhance quality and efficiency while expanding their market presence [9][10].

新京报贝壳财经讯 9月8日，泰嘉股份发布公告称，中联重科于2025年7月3日—8月25日通过集中竞价交 易减持251.74万股，占公司总股本1.00%，减持均价20.31元/股；于2025年8月11日—9月5日通过大宗交 易减持503.48万股，占公司总股本2.00%，减持均价21.45元/股；合计减持755.21万股，占公司总股本 3.00%。减持后，中联重科持股4044.79万股，占公司总股本16.07%。 编辑 杨娟娟 ...

泰嘉股份公告，中联重科于2025.7.3—2025.8.25通过集中竞价交易减持251.74万股，占公司总股本 1.00%，减持均价20.31元/股；于2025.8.11--2025.9.5通过大宗交易减持503.48万股，占公司总股本 2.00%，减持均价21.45元/股；合计减持755.21万股，占公司总股本3.00%。减持后，中联重科持股 4044.79万股，占16.07%。 ...

证券研究报告：机械设备|公司点评报告 发布时间：2025-09-08 股票投资评级 买入 |维持 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-09 -6% 2% 10% 18% 26% 34% 42% 50% 58% 66% 74% 中联重科 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） 7.41 | | | --- | --- | | 总股本/流通股本（亿股）86.49 | / 70.70 | | 总市值/流通市值（亿元）641 | / 524 | | 52 周内最高/最低价 8.39 | / 5.75 | | 资产负债率(%) | 51.6% | | 市盈率 | 18.07 | | | 香港中央结算(代理人) | | 第一大股东 有 | 限 公 司 (HKSCC | | NOMINEES | LIMITED) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenji ...

Group 1 - Morgan Stanley upgraded Zoomlion's A-share rating to "Overweight" with a target price of 9 RMB [1]