Core Viewpoint - The company has developed the Zhongke Yungu Industrial Internet platform, which enhances global production efficiency and market expansion through real-time scheduling and data integration across the supply chain [1] Group 1: Industrial Internet Platform - The Zhongke Yungu Industrial Internet platform connects various global production bases using a hybrid cloud architecture, enabling compliant and efficient real-time scheduling of factories worldwide [1] - The platform improves overall production efficiency through intelligent scheduling [1] Group 2: Supply Chain Integration - The platform integrates data across upstream and downstream enterprises, driving efficient collaboration and agile supply [1] - It horizontally connects research, production, sales, and service, while vertically linking equipment, production lines, workshops, management, and decision-making, facilitating flexible production [1] Group 3: Market Expansion and Cost Reduction - The platform enables an "end-to-end" connection between the company and the market, effectively reducing intermediate links, lowering marketing costs, and improving service quality [1] - These advancements support the company's efforts to expand into diverse global markets and contribute to steady growth in overseas performance [1]

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 ...

（文章来源：每日经济新闻） 中联重科（000157.SZ）9月16日在投资者互动平台表示，公司2025年上半年财务费用-3.71亿，其中汇兑 净收益为4.40亿，主要是欧元、巴西雷亚尔等货币对人民币升值所致。 每经AI快讯，有投资者在投资者互动平台提问：贵公司25年中报汇兑收益影响增加利润3.71亿中具体内 容是什么？鉴于今年人民币对美元汇率增值的情况，贵公司境外收入中有多少比例是以人民币计价？有 多少以美元计价的负债？ ...

9月15日，2025互联网岳麓大会在长沙开幕。图为人形机器人演奏乐器。 中新社记者 唐小晴 摄 该公司创始人兼董事长肖湘江告诉记者，"超人乐队"依托自研的全链条人工智能技术中台及虚实融合异 构机器人集群操作系统，融合多项前沿技术，可精准控制节奏，实现细腻的音色处理与高度协同的多乐 器配合。 中新社长沙9月15日电 (记者 唐小晴)2025互联网岳麓大会15日在长沙开幕。现场，各种自研人形机器人 亮相，应用场景涵盖日常生活、工业生产。 湖南超能机器人技术有限公司携完全由人形机器人组建的乐队——"超人乐队"登台亮相。这支乐队由钢 琴演奏机器人、吉他演奏机器人、架子鼓演奏机器人及主控制器模块组成，演奏了《我和我的祖国》 《孤勇者》《童年》等曲目。 "它们可24小时作业，代替人从事相对辛苦、枯燥的工作，在各类真实场景应用成熟后，会向客户推 广。"中联重科机器人研发中心负责人佘玲娟说。 湘江实验室展示的是和宇树科技合作开发的拳击人形机器人，能表演直拳、勾拳、扫腿等动作。"它呈 现了人形机器人在复杂动作执行、环境适应等方面的最新技术突破，更通过竞技场景的实战检验，持续 推高全球人形机器人产业发展热度。"湘江实验室研发与外 ...

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]