Group 1 - In the first half of 2025, infrastructure investment across the country showed a "blossoming" trend, providing continuous momentum for economic development, with an average construction machinery operating rate of 44.81% [1] - The operating rate in the second quarter was 47.1%, an increase of 4.62% compared to the first quarter, with 15 provinces exceeding an average operating rate of 50% [1] - Six provinces, including Anhui, Fujian, Henan, Jiangxi, Zhejiang, and Chongqing, maintained a comprehensive operating rate above 50% for six consecutive months, indicating strong performance particularly in East and South China [1] Group 2 - In the first half of 2025, the average operating rate of lifting equipment was 66.87%, ranking first among various types of equipment [1] - In June 2025, sales of various aerial work vehicles reached 539 units, a year-on-year increase of 153%, with domestic sales of 509 units up by 147% and exports of 30 units up by 329% [1] - From January to June 2025, a total of 2,445 aerial work vehicles were sold, representing a year-on-year growth of 27.9%, with domestic sales of 2,312 units increasing by 25% and exports of 133 units rising by 115% [1] Group 3 - In June 2025, sales of various forklifts reached 137,570 units, a year-on-year increase of 23.1%, with domestic sales of 83,892 units up by 27.3% and exports of 53,678 units up by 17.2% [2] - From January to June 2025, a total of 739,334 forklifts were sold, reflecting a year-on-year growth of 11.7%, with domestic sales of 476,382 units increasing by 9.79% and exports of 262,952 units rising by 15.2% [2] - Major engineering machinery companies such as SANY Heavy Industry, XCMG, Zoomlion, and Liugong have continued to see steady growth in overseas markets, with overseas sales accounting for nearly or exceeding 50% [2]

Group 1 - The company has approved a profit distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 3.00 per 10 shares for all shareholders [1][2] - The total number of shares for the distribution plan is 8,648,535,236, with 7,096,027,688 A-shares and 1,552,507,548 H-shares [2] - The dividend distribution will be subject to different tax rates for various categories of investors, with specific tax implications based on the holding period of the shares [2] Group 2 - The A-share dividend record date is set for July 24, 2025, and the ex-dividend date is July 25, 2025 [3] - A-share dividends will be directly credited to the accounts of shareholders through their securities companies or other custodians [3] - The H-share distribution will follow the regulations of the Hong Kong Stock Exchange [4]

证券代码：000157 证券简称：中联重科 公告编号：2025－041 号 中联重科股份有限公司 2024 年度 A 股权益分派实施公告 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。 特别提示： 中联重科股份有限公司 2024 年度权益分派方案已获 2025 年 6 月 26 日召开的公司 2024 年年度股东大会审议通过，现将此次权益 分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、中联重科股份有限公司（以下简称"公司"、"本公司"）于 2025 年 6 月 26 日召开的 2024 年年度股东大会审议通过的《公司 2024 年度利润分配预案》具体如下： 公司以实施2024年度利润分配时股权登记日的总股本为基数， 向全体股东每10股派发现金红利人民币3.00元（含税），不送红股， 不以公积金转增股本。 如在分配预案披露之日起至实施权益分派股权登记日期间，因可 转债转股、股份回购、股权激励行权、再融资新增股份上市等原因致 使公司总股本发生变动的，公司拟维持每股分配比例不变，相应调整 分配总额。 2、2024年度分配方案披露至实施期间，公司总股本 ...

Summary of Conference Call Industry Overview - The conference call focused on the construction machinery sector, specifically analyzing the performance of major companies such as SANY, XCMG, LiuGong, and Shantui, among others, over the years 2024 and 2025 [1][3][5]. Key Points and Arguments - The construction machinery sector has shown a positive growth trend, with a reported revenue increase of 3.1% year-on-year for 2024 compared to January of the same year [1]. - The domestic market has seen a recovery, particularly in the excavator segment, which has experienced a growth rate of approximately 12% [2][6]. - The overall recovery in the sector is characterized by improvements across various machinery types, including excavators and concrete machinery, indicating a broad-based recovery [3][4]. - Profit growth in the sector has outpaced revenue growth, suggesting improved operational efficiency and cost management among major companies [4][6]. - The revenue from major machinery companies is projected to grow by 11.3% this year, although there is notable differentiation among companies based on their product focus [5][10]. - Export growth has been significant, with a reported increase of 16% in 2023, and expectations for continued growth in 2024 [14][16]. Additional Important Insights - The profitability of major machinery companies has improved, with gross margins for main machine manufacturers reaching approximately 12% and showing a year-on-year increase of 1.24 percentage points [6][18]. - The sector has seen a slight increase in sales expenses, attributed to expanded overseas marketing efforts and network development [12]. - The financial health of the sector appears stable, with a reported 66.5% increase in cash flow from operating activities [24][25]. - There is a notable focus on R&D efficiency, with a slight decrease in R&D expenses as companies optimize their spending [11]. - The performance of leading companies is expected to be stronger due to their robust financial positions and market adaptability [27][28]. - The recovery in the construction machinery sector is anticipated to continue, with potential investment opportunities in companies with high excavator sales ratios [30][32]. Conclusion - The construction machinery industry is on a recovery path, with positive growth indicators in both domestic and export markets. Companies are focusing on improving profitability and operational efficiency, which bodes well for future investment opportunities. The overall sentiment is optimistic, with expectations for continued growth in the coming years.

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the construction machinery industry, with specific references to companies like SANY and Zoomlion, as well as the overall market dynamics in China and export markets. Core Points and Arguments 1. **Growth Trends**: The growth rate for the first quarter was around 14%, but there were significant discrepancies in May, with small and medium enterprises showing varied performance. The overall forecast remains optimistic with a growth rate of over 10% expected for the month [1][1][1]. 2. **Domestic Sales and Recovery**: Despite a decline in construction activity and payment collection in late April, there has been a noticeable improvement compared to the same period last year. The government is expected to introduce new fiscal policies by the end of June, supporting a moderate recovery in domestic sales [2][2][2]. 3. **Export Performance**: The export data for mid-May was disappointing, but this is attributed to the inherent randomness in half-month reporting. Official customs data and EM databases are being used to assess export performance [2][3][3]. 4. **Regional Growth Rates**: Notable growth rates were reported in regions such as Southeast Asia (e.g., Indonesia at 138%), Africa, and Latin America, while North America showed a 7% increase. The growth in these regions is primarily driven by demand for construction machinery [3][3][3]. 5. **Export Dynamics**: There is a distinction between customs data and AM database data, with customs data showing faster growth. The presence of small and medium enterprises may lead to discrepancies in reported export figures [4][4][4]. 6. **Trade Tariffs Impact**: The impact of trade tariffs on exports to the U.S. has been significant, with various tariffs affecting the cost structure for companies. The engineering sector has been adapting to these tariffs since 2018, with strategies including relocating production to Southeast Asia [6][6][6]. 7. **Long-term Outlook**: The overall sentiment is that the engineering sector is poised for a moderate and sustained recovery over the next three to five years, with a compound annual growth rate expected to be favorable. Companies are focusing on shareholder returns and improving asset quality [11][11][11]. Other Important but Possibly Overlooked Content 1. **Tariff Adjustments**: The recent adjustments in tariffs have provided some relief, but the overall impact on smaller enterprises remains a concern due to their higher exposure to tariff fluctuations [7][7][7]. 2. **Supply Chain Adjustments**: Companies are exploring alternative solutions to mitigate the impact of tariffs, including using domestic engines and hybrid solutions, although challenges remain for larger machinery [9][10][10]. 3. **Market Sentiment**: There is a cautious optimism regarding the recovery of the construction machinery market, with expectations of a gradual improvement in demand driven by structural changes in the industry [11][11][11].

Core Viewpoint - The article highlights the successful deployment of hydrogen-powered sanitation vehicles in Anhui Province, marking a significant advancement in the use of hydrogen energy for public services [2][8]. Group 1: Deployment and Impact - On July 15, 8 hydrogen-powered sanitation vehicles were delivered in Liu'an City, creating a new precedent for the mass operation of hydrogen energy sanitation vehicles in Anhui Province [2]. - The operational vehicles are 18-ton fuel cell street sweepers developed by Tianming Hydrogen Energy in collaboration with Zhonglian Heavy Industry and Yingfeng Environment, featuring a high-performance fuel cell system with a hydrogen consumption of less than 0.8 kg per 100 km and a range of up to 500 km [4]. - As of now, a total of 11 hydrogen sanitation vehicles are operational in Liu'an City, which has become a key demonstration site for hydrogen energy applications in the province [8]. Group 2: Environmental Benefits - Since the launch of the first hydrogen energy sanitation demonstration in April 2023, over 40,000 km have been traveled, resulting in a carbon reduction of over 100 tons, equivalent to creating 100 acres of forest [6]. - Hydrogen-powered sanitation vehicles offer advantages over traditional fuel and pure electric vehicles, including higher energy conversion efficiency, quick refueling, long range, strong environmental adaptability, and zero carbon emissions during operation, leading to improved operational efficiency and lower lifecycle costs [6].

Core Viewpoint - Changsha is recognized as a hub for advanced manufacturing, particularly in the engineering machinery sector, showcasing a robust ecosystem of large enterprises, small and medium-sized enterprises (SMEs), and a strong talent base [1][2][3] Group 1: Large Enterprises - Major companies like SANY Heavy Industry and Zoomlion are pivotal to Changsha's economy, contributing significantly to the engineering machinery industry, which has a total output value of nearly 200 billion yuan [3] - The presence of large enterprises creates a "magnetic effect," attracting smaller firms and fostering innovation across the supply chain [3] Group 2: Small and Medium-sized Enterprises - SMEs in Changsha are characterized by their specialization and innovation, with many achieving significant growth and technological breakthroughs [4] - Companies like Chutian Technology and Jingjia Micro are examples of SMEs that have successfully navigated their respective markets, contributing to the local economy [4] Group 3: Talent Ecosystem - The talent ecosystem in Changsha includes scientists, entrepreneurs, industrial workers, and government officials, all of whom play crucial roles in the city's manufacturing landscape [6][7] - The city has established numerous research stations and initiatives to attract and retain top talent, fostering a culture of innovation and collaboration [7][8] Group 4: Industrial Chains and Clusters - Changsha has successfully developed industrial chains by integrating various sectors, leading to the emergence of several billion-yuan manufacturing clusters [10][11] - The establishment of the "chain leader system" has facilitated the connection of upstream and downstream enterprises, enhancing the overall competitiveness of the manufacturing sector [10] Group 5: Future Development Strategy - The "4433" modern industrial system outlines Changsha's strategic focus on four major industries, four emerging industries, and three traditional industries, positioning the city for future growth [12] - This comprehensive approach aims to elevate Changsha to a national advanced manufacturing hub, emphasizing innovation and collaboration among enterprises [12][14]

Group 1 - The State Intellectual Property Office of China has granted a patent for a "Radiator Installation Structure and Engineering Machinery" to Shaanxi Zhonglian Western Earthmoving Machinery Co., Ltd. and Zhonglian Heavy Industry Earthmoving Machinery Co., Ltd. The patent was announced with the authorization number CN223085833U and the application date is September 2024 [1] - The patent pertains to the technical field of engineering machinery, specifically involving a radiator installation structure that includes an installation component and a limiting component. The installation component is designed to mount the radiator on the front cover assembly and includes a plug-in installation support and installation base [1] - The installation support and installation base are connected to the radiator and front cover assembly, respectively, with radial and axial damping components placed between them to reduce vibration impact on the radiator, thereby extending its lifespan [1] Group 2 - Shaanxi Zhonglian Western Earthmoving Machinery Co., Ltd. was established in 2020, located in Weinan City, with a registered capital of 135 million RMB. The company has participated in 111 bidding projects and holds 496 patent records [2] - Zhonglian Heavy Industry Earthmoving Machinery Co., Ltd. was founded in 2019, located in Changsha City, with a registered capital of 380 million RMB. The company has made investments in 2 enterprises, participated in 146 bidding projects, and holds 570 patent records [2]

Core Viewpoint - The excavator sales in China showed significant growth in the first half of the year, exceeding expectations, with a total of 120,520 units sold, representing a year-on-year increase of 16.8% [1] Sales Performance - In the first half of the year, domestic sales reached 65,637 units, up 22.9%, while exports totaled 54,883 units, marking a 10.2% increase [1] - In June alone, excavator sales reached 18,804 units, a 13.3% year-on-year increase, with domestic sales at 8,136 units (up 6.2%) and exports at 10,668 units (up 19.3%) [3] Market Trends - After a brief decline in May, domestic excavator sales rebounded in June, supported by accelerating second-hand machine exports and policy-driven demand [2] - The construction machinery industry is experiencing a recovery, with the real estate sector's negative impact on excavator sales diminishing and infrastructure investment remaining resilient [3] Export Dynamics - The export value of China's construction machinery in May was 36.168 billion yuan, a 10.1% increase year-on-year, with a total export value of 165.91 billion yuan from January to May, also up 10.2% [4] - Emerging markets in the Middle East, Southeast Asia, and Africa are driving demand, with Chinese equipment's cost-performance advantage facilitating market expansion [4] Industry Outlook - Major construction machinery companies are optimistic about the market recovery, with expectations of stable growth in domestic and overseas markets [5][7] - The industry is anticipated to continue its upward trajectory, driven by infrastructure investments, new urbanization, and the increasing penetration of renewable energy products [9]

Group 1: Industry Overview - The sales of various excavators reached 18,804 units in June 2025, representing a year-on-year increase of 13.3%, with domestic sales of 8,136 units (up 6.2%) and exports of 10,668 units (up 19.3%) [1] - In the first half of 2025, a total of 120,520 excavators were sold, marking a year-on-year growth of 16.8%, with domestic sales of 65,637 units (up 22.9%) and exports of 54,883 units (up 10.2%) [1] - The domestic excavator sales in June showed a year-on-year growth of 6.2%, rebounding by 7.7 percentage points compared to previous values, driven by accelerated second-hand exports and a low base from the previous year [1] Group 2: Market Dynamics - The construction machinery industry is expected to maintain stable growth in excavator sales, with domestic earth-moving equipment projected to achieve double-digit growth for the year [2] - The demand for excavators is shifting towards recovery, particularly in the mining sector and major water conservancy projects, while the demand for small excavators is slowing down [2] - The government plans to issue long-term special bonds and increase local government special bonds to stimulate infrastructure investment, which is expected to boost downstream equipment demand [5][6] Group 3: Company Performance - Zoomlion (000157) anticipates that domestic sales will enter a growth trajectory, expanding its business from domestic markets to global markets across engineering, agricultural, and mining machinery [3] - Sany International (00631) reported a revenue of 5.876 billion yuan in Q1 2025, a year-on-year increase of 14.6%, with net profit rising by 23.2% [7] - The company is focusing on expanding its overseas business, particularly in emerging regions, while also enhancing its product offerings in earth-moving, agricultural, and mining machinery [7]