本报讯 （记者何文英）9月14日至16日，以"AI领航 畅想湘江"为主题的2025互联网岳麓大会在长沙举 行。中联重科（000157）股份有限公司（以下简称"中联重科"）副总裁付玲出席开幕式；中联重科中科 云谷总经理曾光受邀出席岳麓论坛，在"AI+工业互联网"分论坛上进行主题分享；大会现场发布了云谷 具身智能大模型和工具链，展示了多款人形机器人，在业内引发强烈反响。 中联重科中科云谷技术团队通过自主研发，在现场正式发布云谷具身智能大模型和工具链。在AI与工 业制造深度融合的趋势下，发展工业机器人、具身智能人形机器人并持续扩大生产应用广受关注，但行 业也面临数据获取难、开发门槛高、训练效率低等问题，限制了技术迭代和实际运用，该平台针对关键 痛点打造，可显著降低开发门槛和成本，提升智能进化速度。 据介绍，云谷具身智能大模型和工具链通过突破多模态数据处理、GPU算力调度、分布式训练等关键技 术，集成数据采集、模型训练、仿真评测、OTA部署四大核心模块，覆盖具身智能算法开发的全流程需 求。在具身智能大模型和工具链支持下，中联重科建设的拥有上百工位的人形机器人训练场，正大规模 采集沉淀真实数据，通过真实数据与海量工业操 ...

Core Viewpoint - The company reported a financial expense of -371 million yuan for the first half of 2025, primarily due to a net exchange gain of 440 million yuan resulting from the appreciation of currencies like the euro and Brazilian real against the yuan [1]. Group 1 - The company indicated that the net exchange gain significantly contributed to its profit increase for the first half of 2025 [1]. - The appreciation of the euro and Brazilian real against the yuan was a key factor in the reported exchange gains [1]. - The company engaged with investors regarding the specifics of the exchange gains and the impact of currency fluctuations on its financials [3].

Core Insights - The 2025 Internet Yuelu Conference opened in Changsha, showcasing various self-developed humanoid robots with applications in daily life and industrial production [1][3] Company Highlights - Hunan Super Energy Robot Technology Co., Ltd. presented a fully humanoid robot band called "Super Band," which includes a piano-playing robot, guitar-playing robot, drum-playing robot, and a main control module, performing songs like "My Motherland and I" and "Childhood" [1][3] - The founder and chairman of the company, Xiao Xiangjiang, stated that "Super Band" utilizes a self-developed AI technology platform and heterogeneous robot cluster operating system, allowing for precise rhythm control and intricate sound processing [3] - The band has potential applications beyond stage performances, including museums, science centers, cultural auditoriums, and scenic spots, providing interactive performances and music education support [3] Industry Developments - Zoomlion Heavy Industry Science and Technology Co., Ltd. showcased a series of bipedal humanoid robots and two wheeled humanoid robots, which have been deployed in factories for material sorting, component assembly, and logistics [3] - These robots can operate 24 hours a day, replacing humans in relatively laborious and monotonous tasks, with plans for broader customer promotion once real-world applications are mature [3] - Xiangjiang Laboratory displayed a boxing humanoid robot developed in collaboration with Yushu Technology, demonstrating advancements in executing complex movements and environmental adaptability [4] Market Projections - According to the China Academy of Information and Communications Technology, it is projected that by 2045, there will be over 100 million humanoid robots in use across various industries in China, with a total market size reaching approximately 10 trillion RMB [5] - The wheeled humanoid robots developed by Hunan Bilin Star Technology Co., Ltd. incorporate large models capable of understanding voice commands and generating code for decision-making, with applications in education, research, and commercial services [5] - The industry recognizes that large-scale commercialization of humanoid robots will require time, focusing on the collaboration between the "brain" and "cerebellum" of the robots [5]

Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 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。 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16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「關於參加2025年湖南轄區上市公司投資者網上 集體接待日暨半年度業績說明會活動的公告」文件，僅供參閱。 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。 * 僅供識別 证券代码：000157 证券简称：中联重科 公告编号：2025－047 号 （於中華人民共和國註冊 ...

为进一步加强与投资者的互动交流，中联重科股份有限公司（以 下简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市 全景网络有限公司联合举办的"资本聚三湘 楚光耀新程——2025 年 湖南辖区上市公司投资者网上集体接待日暨半年度业绩说明会"活动， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全 景路演 APP，参与本次互动交流，活动时间为 2025 年 9 月 19 日（星 期五）14:00-17:00。届时公司高管将在线就 2024 年至 2025 年半年度 业绩、公司治理、发展战略和经营状况等投资者关心的问题，与投资 者进行沟通与交流，欢迎广大投资者踊跃参与！ 证券代码：000157 证券简称：中联重科 公告编号：2025－047 号 中联重科股份有限公司 关于参加 2025 年湖南辖区上市公司投资者网上集体 接待日暨半年度业绩说明会活动的公告 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。 2 特此公告。 中联重科股份有限公司 1 ...

Core Viewpoint - Zhonglian Heavy Industry has made significant progress in its localization strategy in Europe, highlighted by the successful delivery of the first articulated truck-mounted crane to a customer in Slovakia, marking a key milestone in its European operations [1][2]. Group 1: Localization Strategy - The delivery of the ZLK7600V803 articulated truck-mounted crane represents the integration of "Chinese technology + European manufacturing," meeting CE certification and European road transport regulations while offering high lifting performance and cost-effectiveness [1]. - Zhonglian Heavy Industry has expanded its European manufacturing network, including the establishment of new factories in Hungary and the second phase of its German facility, enhancing local supply efficiency and market responsiveness [2]. - The company has built 13 R&D and manufacturing bases overseas and operates over 30 primary business aviation ports, with products and services covering more than 170 countries and regions [2]. Group 2: Market Position and Future Plans - The localization of production has improved product delivery efficiency and adaptability, receiving positive feedback from European customers [2]. - Zhonglian Heavy Industry aims to leverage its localization advantages to diversify its product offerings in overseas markets, strengthen market coverage, and accelerate its globalization process [2].

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]