Summary of Zhonglian Heavy Industry Conference Call Company Overview - **Company**: Zhonglian Heavy Industry - **Industry**: Construction Machinery Key Financial Performance - **Revenue**: 248.55 billion CNY in H1 2025, up 1.3% YoY [3] - **Net Profit**: 27.65 billion CNY, up 20.84% YoY [3] - **Net Profit (Excluding Non-recurring Items)**: 19.25 billion CNY, up 30% YoY [3] - **Operating Cash Flow**: 17.52 billion CNY, up 112.46% YoY [3] - **Gross Margin**: 28.15%, up 0.17 percentage points YoY [4] - **Return on Equity (ROE)**: 4.95%, up 0.97 percentage points YoY [4] Global Market Expansion - **Overseas Revenue**: 138.15 billion CNY, up approximately 15% YoY, accounting for 56% of total revenue [4] - **Market Presence**: Products available in over 170 countries, with significant growth in Africa, the Middle East, and Australia/New Zealand [2][5] - **Local Operations**: Established over 30 primary airports and 430 secondary and tertiary outlets globally, with 80 new outlets added [2][5] Product Performance - **Concrete Machinery**: Domestic sales turned positive ahead of schedule, with exports up 40% and market share increasing by 1.2 percentage points [6] - **Engineering Cranes**: Double-digit growth in domestic sales, leading market share in crawler cranes and large-tonnage truck cranes [6] - **Emerging Segments**: Earthmoving machinery revenue grew by 22%, and mining machinery by nearly 40% [7] Technological Advancements - **Digitalization and Automation**: 17 smart factories and over 360 smart production lines established, with a focus on digital, green, and intelligent transformation [4][9] - **Patents**: Nearly 6,000 patents related to new technologies in digitalization, green technology, and automation [9] Shareholder Returns - **Dividends**: Cash dividend of 2 CNY per 10 shares, with a payout ratio of 62.6% [10] - **Share Buybacks**: Nearly 50 billion CNY in stock repurchases, enhancing shareholder confidence [10] Future Outlook - **Market Growth**: Significant growth expected in Africa, with near 100% YoY increase in sales [11] - **Strategic Focus**: Continued investment in local production and R&D, particularly in Europe and emerging markets [12][13] - **Challenges**: Trade barriers, cultural differences, and brand recognition issues identified as key challenges for overseas growth [14] Cost Management - **Cost Reduction**: Achieved a 4.63% reduction in costs, contributing nearly 6 billion CNY to profits [17] - **Supply Chain Optimization**: Improved product sales structure and increased overseas sales proportion, enhancing gross margin [17] Domestic Market Insights - **Market Recovery**: Cautiously optimistic about domestic demand recovery, driven by equipment replacement cycles and major national projects [18] - **High-end Equipment Demand**: Increased demand for intelligent and green equipment expected to boost revenue and profit margins [18] Capital Expenditure Plans - **Investment Focus**: Capital expenditure primarily on R&D and overseas base development, with approximately 20 billion CNY planned for technical upgrades in 2025 [23]

Core Viewpoint - The company is actively pursuing digital and intelligent transformation, focusing on enhancing its computing power capabilities [1] Group 1: Digital Transformation - The company has established a national A-level and international T3+ level supercomputing center [1] - The current GPU computing power stands at 59P, which supports 1,000 cabinets and 10,000 servers [1] - The company is implementing elastic expansion of hybrid cloud computing power [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 non-net profit attributable to shareholders increased by 50% year-on-year, exceeding market expectations, indicating a positive outlook for revenue growth in the second half of the year [2] - The company's profitability remains robust, with a notable improvement in profit quality, as evidenced by a sales gross margin of 28.1% and a net profit margin of 11.7% for the first half of 2025 [3] - The main business is experiencing a domestic and international resonance, with significant progress in emerging business segments, including construction machinery and agricultural machinery [4] Financial Performance Summary - For H1 2025, total revenue reached 24.85 billion yuan, a year-on-year increase of 1.3%, with a net profit attributable to shareholders of 2.76 billion yuan, up 20.8% year-on-year [2] - The company's sales gross margin for H1 2025 was 28.1%, an increase of 0.2 percentage points year-on-year, while the net profit margin was 11.7%, up 1.3 percentage points year-on-year [3] - The company reported a significant increase in operating cash flow, reaching 1.75 billion yuan in H1 2025, a year-on-year increase of 112.5%, indicating improved profit quality [3] Emerging Business Segments - The company has made substantial advancements in its emerging business segments, including the introduction of new products in earthmoving machinery and agricultural machinery, as well as the development of humanoid robots [4]

Core Insights - The President of the New Development Bank of BRICS, Dilma Rousseff, visited the Zhonglian Smart Industrial City, highlighting the importance of international collaboration in equipment manufacturing [1][3] - Zhonglian Heavy Industry is accelerating its transformation towards high-end, intelligent, and digital manufacturing, with products and services covering over 170 countries and regions globally [3] Group 1: Company Developments - Dilma Rousseff observed Zhonglian Heavy Industry's advancements in intelligent manufacturing and digital transformation, expressing admiration for the company's achievements [3] - The company has developed a series of high-end, intelligent, and green mining and agricultural machinery products, including the world's largest hybrid mining truck and a 400-ton mining excavator [3] - Zhonglian Heavy Industry has established 15 comprehensive service points and three major warehouses in Brazil, employing over 200 local staff [3] Group 2: Market Position - The company maintains a leading market share in concrete machinery in Brazil, with significant growth in the market shares of engineering lifting machinery and aerial work machinery [3] - Agricultural machinery has achieved breakthroughs in the local market, with ongoing efforts to expand service points [3]

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

8月29日，中联重科发布截至2025年6月30日止6个月中期业绩，集团总资产为人民币1292.62亿元，较2024年12月31日增加人民币55.50亿元（即4.49%）；营业额为人民币248.55亿元，较 国金证券指出，上半年公司海外收入138.1亿元，同比+14.7%，占比55.6%，同比+6.5pct，毛利率为31.4%，高于国内7.3pct。高盈利能力的海外业务增长带动公司整体盈利能力提升，25 责任编辑：卢昱君 中联重科（01157）绩后涨超4%，截至发稿，股价上涨3.41%，现报6.67港元，成交额3390.37万港元。 ...

Group 1: Zhonglian Heavy Industry Performance - Zhonglian Heavy Industry's stock rose over 4% following the release of its interim results, reaching HKD 6.73 with a trading volume of HKD 23.89 million [1] - As of June 30, 2025, the company's total assets amounted to RMB 129.26 billion, an increase of RMB 5.55 billion (4.49%) compared to December 31, 2024 [1] - The operating revenue for the period was RMB 24.85 billion, reflecting an increase of RMB 320 million (1.30%) year-on-year [1] - The profit attributable to shareholders was RMB 2.75 billion, up RMB 472 million (20.69%) from the same period last year [1] - Earnings per share were RMB 0.32, and the interim dividend declared was RMB 0.20 per share [1] Group 2: Guojin Securities Insights - In the first half of the year, the company's overseas revenue reached RMB 13.81 billion, a year-on-year increase of 14.7%, accounting for 55.6% of total revenue, up 6.5 percentage points [2] - The gross profit margin for overseas operations was 31.4%, exceeding domestic margins by 7.3 percentage points [2] - The company's net profit margin attributable to shareholders for H1 2025 was 11.1%, an increase of 1.8 percentage points year-on-year [2] - Regionally, Africa saw a 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 [2] - With the EAME region's growth turning positive and a narrowing decline in North America, the company anticipates an improvement in export growth in the second half of the year [2]

Core Viewpoint - Company shares of Zoomlion Heavy Industry Science and Technology Co., Ltd. (01157) rose over 4% following the release of its interim results, indicating positive market sentiment towards the company's performance and future growth prospects [1] Financial Performance - For the six months ending June 30, 2025, the company reported total assets of RMB 129.26 billion, an increase of RMB 5.55 billion (4.49%) compared to December 31, 2024 [1] - The operating revenue reached RMB 24.86 billion, reflecting an increase of RMB 320 million (1.30%) year-on-year [1] - Shareholder profit attributable to the company was RMB 2.75 billion, up RMB 472 million (20.69%) from the same period in 2024 [1] - Earnings per share were RMB 0.32, with an interim dividend of RMB 0.20 per share [1] International Revenue Growth - In the first half of the year, the company's overseas revenue was RMB 13.81 billion, representing a year-on-year increase of 14.7% and accounting for 55.6% of total revenue, up 6.5 percentage points [2] - The gross profit margin for overseas operations was 31.4%, exceeding domestic margins by 7.3 percentage points [2] - The company's net profit margin for the first half of 2025 was 11.1%, an increase of 1.8 percentage points year-on-year [2] Regional Performance - Sales in Africa saw a significant increase of over 179% year-on-year, while the Middle East, Southeast Asia, and Australia/New Zealand also maintained high growth rates [2] - Emerging market sales accounted for 39% of total sales, indicating a strong presence in these regions [2] Market Outlook - With the second quarter showing positive growth in the EAME region for Caterpillar and a narrowing decline in North America, there is optimism for a market recovery in Europe and the United States in the second half of the year, which is expected to boost the company's export growth [2]

公司名稱: 中聯重科股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,552,507,548 | | 0 | | 1,552,507,548 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,552,507,548 | | 0 | | 1,552,507,548 | | 1. 股份分類 | 普通股 | 股份類別 | H | ...

据了解，该工程起于220kV横店村变电站，止于110kV枫林变电站，新建线路路径全长12.31公里。本次施工放线 区段为G11-G17，长度1.64公里，其中G17为张力场，G11为牵引场。项目建成后，将显著优化醴陵西北部区域网 架结构，大幅提升供电可靠性。 中联重科新能源牵张设备首次应用 实现我国架空输电线路牵张施工装备领域从跟跑到领跑的重大跨越 长沙晚报掌上长沙8月31日讯（全媒体记者 周辉霞 通讯员 刘成坤）记者今天从中联重科了解到，由该企业自主研 发的行业首创、国际领先的新能源牵张成套设备，近日在株洲横店村～枫林（官庄）110kV线路工程中实现首次 应用，这标志着我国在架空输电线路牵张施工装备领域实现从跟跑到领跑的重大跨越。 新能源牵引机采用"电驱+增程"方案，电量不足时增程器自动启动，保障持续作业，相较于传统燃油牵引机，节能 率达50%以上。 在实际应用中，该成套设备也深受项目方认可，其在纯电模式下噪声仅78dB（A），同比降噪20%~30%；电机与 减速机直联驱动张力轮使作业效率提升10%以上；集控智能协同平台实现放线里程精度提高30%，支持毫秒级响 应的自主切换功能。 近年来，中联重科以智能化、 ...