第七届监事会 2024 年度第五次临时会议决议公告 证券代码：000157 证券简称：中联重科 公告编号：2024－054 号 中联重科股份有限公司 1 高空作业机械有限公司之股权收购协议》（以下简称"《股权收购协 议》"），以自有资金不超过32,255.95万元与2,250.85万元分别收购联 盈基石与兴湘隆银持有湖南中联重科智能高空作业机械有限公司（以 下简称"中联高机"）的3.39%与0.23%股权。同时，公司拟以自有资 金不超过2,821.79万元收购湖南省兴湘瑞航股权投资合伙企业（有限 合伙）（以下简称"兴湘瑞航"）持有中联高机的0.29%股权，具体交 易方式待兴湘瑞航完成必要的国资决策程序后，遵循国有资产转让的 相关原则予以确定。本次交易完成后，中联高机仍为公司的控股子公 司，不会导致公司合并报表范围发生变化。 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。 一、监事会会议召开情况 1、中联重科股份有限公司（以下简称"公司"、"上市公司"或"中 联重科"）第七届监事会 2024 年度第五次临时会议（以下简称"本次 会议"）通知已于 2024 年 1 ...

湖南中联重科智能高空作业机械有限公司 (2024年1月1日-2024年8月31日) 专项审计报告 湘天勤会所专字[2024]第 300 号 | | la | | র্তা | | | | --- | --- | --- | --- | --- | --- | | | 目 | 泉 | | | 页 次 | | í | 公司基本情况 | | | | 1 | | 二、 | 财务报表的编制基础 | | | | 2 | | ו | 重要会计政策和会计估计 | | | | 2 | | 四、 | 税项 | | | | 35 | | 五、 | 企业合并及合并财务报表 | | | 36 | | | (一) | 子公司基本情况 | | | 36 | | | 六、 | 合并财务报表重要项目的说明 | | | 36 | | | (一) | 2024年8月 31 日资产负债表情况 | | | 37 | | | (二) | 2024 年 1 月至 2024 年 8 月期间利润表情况 | | | 50 | | | 七、 | 母公司财务报表重要项目的说明 | | | 53 | | 湖南天勤会计师事务所有限责任公 漫才是必有导籍区公司 路于后来 ...

中联重科股份有限公司 第七届董事会 2024 年度第七次临时会议决议公告 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。 一、董事会会议召开情况 证券代码：000157 证券简称：中联重科 公告编号：2024－053 号 1 限合伙）（以下简称"兴湘隆银"）分别签署《关于湖南中联重科智能 高空作业机械有限公司之股权收购协议》（以下简称"《股权收购协 议》"），以自有资金不超过32,255.95万元与2,250.85万元分别收购联 盈基石与兴湘隆银持有湖南中联重科智能高空作业机械有限公司（以 下简称"中联高机"）的3.39%与0.23%股权。同时，公司拟以自有资 金不超过2,821.79万元收购湖南省兴湘瑞航股权投资合伙企业（有限 合伙）（以下简称"兴湘瑞航"）持有中联高机的0.29%股权，具体交 易方式待兴湘瑞航完成必要的国资决策程序后，遵循国有资产转让的 相关原则予以确定。本次交易完成后，中联高机仍为公司的控股子公 司，不会导致公司合并报表范围发生变化。本次交易属于关联交易， 董事贺柳先生、王贤平先生构成关联董事，在本次会议中回避对本议 案的表决。 公司独立 ...

Company and Industry Summary Company Overview - The company is involved in the manufacturing of high-performance machinery, including construction and agricultural equipment, with a focus on expanding its production capacity in regions like Mexico and the EU to meet demand in Western Europe and the US [1][2]. Key Points and Arguments Production Capacity and Market Demand - The company currently has a production capacity of approximately 1 billion and is planning to establish factories outside Mexico to meet market demands in Western Europe and the US [1]. - The global market for telescopic handlers is valued at 50 billion RMB, primarily driven by demand from Europe and the US [1]. Geopolitical Risks and Strategic Responses - Concerns regarding potential tariffs from Mexico have been raised, but the company has implemented local production strategies to mitigate risks, including maintaining a buffer for production and ensuring compliance with local localization requirements [2]. - The investment in the Mexican factory is relatively low, allowing flexibility in response to tariff changes [2]. Overseas Growth and Revenue Performance - The company has maintained a 35% growth rate in overseas revenue from Q1 to Q3, significantly outperforming industry peers, which average around 10% [3]. - Adjustments in personnel allocation affected growth in two months, but overall growth remained strong at over 40% in other months [3]. Profitability and Future Projections - The company has set a profit growth target of at least 25-30% for the next year, linked to an ESOP commitment that impacts employee incentives [4]. - A revenue growth of just 10% is deemed sufficient to meet profit targets, indicating confidence in achieving these goals despite current low stock prices [4]. Market Expansion and Product Development - The company has seen significant growth in regions like Africa, South America, and India, with a 70% growth rate in these areas due to prior investments in subsidiaries and personnel [5]. - Targeted actions in Western Europe and North America include partnerships with local distributors and the introduction of new products tailored to these markets [6]. Agricultural Machinery and Technological Advancements - The company is focusing on AI, digitalization, and new energy technologies in agricultural machinery, aiming to become a leader in this sector by 2028 [8]. - The gross margin for agricultural machinery has improved to 12-15% this year, with expectations for profitability in the coming year [9][10]. Competitive Landscape and Market Position - The company is positioned to increase its overseas revenue share from 20% to 40% next year, indicating a strong focus on international markets [14]. - The competitive advantages include technological breakthroughs in new energy and automation, which are expected to enhance market share in regions like Southeast Asia and Africa [12][13]. Management and Strategic Focus - The management team emphasizes product quality and technological innovation, with significant R&D investments totaling 120 billion over the past three years [19]. - The company is expanding its global footprint, particularly in underrepresented markets like Europe and North America, to capitalize on growth opportunities [20]. Financial Performance and Market Valuation - The company faces a global market capacity exceeding 2 trillion, combining construction and agricultural machinery, which presents substantial growth potential [18]. - The valuation of engineering machinery companies is expected to recover as they expand into less cyclical product categories [17]. Additional Important Insights - The company has a strong focus on enhancing its brand recognition and distribution channels, particularly in cost-sensitive markets [24]. - The management team is composed of younger leaders, indicating a strategic shift towards modernization and innovation in leadership [22]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market opportunities, and financial outlook.

证券代码：000157 证券简称：中联重科 公告编号：2024-052 号 中联重科股份有限公司 关于持股 5%以上股东股份质押及解除质押的公告 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。 中联重科股份有限公司（以下简称"公司"、"本公司"）于近 日收到股东长沙中联和一盛投资合伙企业（有限合伙）（以下简称"和 一盛投资"）的通知，获悉其所持本公司的部分股份办理了质押及解 除质押相关手续，具体情况如下： 一、股东股份质押及解除质押的基本情况 （二）股东股份累计被质押的情况 （一）本次股东股份质押及解除质押的基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | 是否为控 | | 占其所 | 占公司 | 是否为 限售股 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押数 | | | （如 | 为补 | 质押 | 质押 | | 质押 | | 名称 | 第一大股 | 量（股） | 持股份 ...

以下文章来源于bauma上海工程机械展 ，作者今日圆满落幕 bauma上海工程机械展 . bauma CHINA，即上海国际工程机械、建材机械、矿山机械、工程车辆及设备博览会，是亚洲知名的工程机械行业盛会，德国 bauma展在中国的延伸，每两年一次在上海举办。展会官网：www.b-china.cn 2024 bauma CHINA 33万 平方米展览面积 3,542家 参展商 281,488名 专业观众 海外观众占比 超20% 众多全球新品集中发布 11月26-29日， bauma CHINA 2024（上海国际工程机械、建材机械、矿山机械、工程车辆及设备博览会） 在上海新国际博览 中心成功举办。这场阔别四年的工程机械行业风向标盛会，以展览面积、参展商及观众人数全面创新高的傲人成绩，彰显了其 在亚太地区举足轻重的平台地位，全方位呈现工程机械领域前沿突破与创新成果。海外观众占比的大幅增长传递出强烈信号： bauma CHINA再次成为中国工程机械面向世界的窗口！ 为期四天的展会盛况空前， bauma CHINA 2024展示总面积突破33万平方米。展会汇聚了来自32个国家和地区的3,542家参展 商，数量较上届 ...

Group 1: Overseas Revenue Performance - In the first three quarters of 2024, the company's overseas revenue accounted for 51.31%, with a year-on-year growth of 35.42% [3] - Key regions contributing to growth include Southeast Asia, the Middle East, and South America, which are becoming new drivers for overseas business [3][5] - The company has established a presence in approximately 150 countries and completed the layout of around 400 overseas outlets [7] Group 2: Future Growth Outlook - The company sees significant potential in overseas markets, with a low current market penetration rate indicating opportunities for expansion [5] - Focus will be on consolidating existing markets along the Belt and Road Initiative and enhancing market share in developing regions [5] - The company plans to invest over half of its R&D resources in overseas markets to broaden sales channels and diversify product offerings [5] Group 3: Competitive Advantages - The company emphasizes its technological innovation and manufacturing advantages, which have improved product quality significantly since 2020-2021 [7] - A direct sales model is adopted, which reduces costs and enhances customer engagement through localized teams familiar with local cultures [9] - The company is enhancing its service capabilities through digitalization, transitioning from passive to proactive service models [9] Group 4: Market Dynamics and Strategy - The high-altitude machinery industry in Europe and North America is expected to maintain stable growth, with demand for electric equipment upgrades anticipated [10] - The company is optimizing its product structure and accelerating the development of customized products for overseas markets [10] - The competitive landscape in the domestic market is stabilizing, with companies focusing on innovation and service rather than price competition [12]

Investment Rating - The report upgrades the investment rating to "Buy" [1] Core Views - The company has shown a mixed performance in revenue and profit, with a slight decline in revenue but an increase in net profit for the first three quarters of 2024 [4][5] - The company is experiencing strong growth in its emerging business segments, with international operations expanding significantly [6][7] - The company maintains a strong focus on shareholder returns through dividends and share buybacks [7] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 343.9 billion yuan, a year-over-year decrease of 3.2%, while net profit increased by 10.0% to 31.4 billion yuan [4][9] - The gross margin and net margin for the first three quarters of 2024 were 28.4% and 9.1%, respectively, showing improvements compared to the previous year [5][9] - The company forecasts net profits of 40.6 billion yuan, 55.3 billion yuan, and 64.2 billion yuan for 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [8][12] Business Performance - The company has seen significant growth in its concrete machinery exports and has improved its market share in various segments, including construction machinery [5][6] - The emerging business segments, such as high-altitude machinery and agricultural machinery, have contributed to over 50% of total revenue, showcasing a diversified product structure [6][7] - The international business has grown rapidly, with overseas revenue reaching 176.4 billion yuan in the first three quarters of 2024, a year-over-year increase of 35.4% [6][7] Shareholder Returns - The company distributed nearly 28 billion yuan in cash dividends in the third quarter of 2024 and has a history of significant share buybacks, totaling approximately 48 billion yuan over the past five years [7]

Financial Performance - Overseas revenue accounted for 51.31% of total revenue in the first three quarters of 2024, with a year-on-year growth of 35.42% [4] - The company's overall gross margin in the first three quarters was 28.37% [6] - The company's overseas revenue CAGR from 2020 to 2023 was nearly 70% [3] - The company has repurchased nearly 4.8 billion yuan in the past 5 years and has a cumulative dividend payout of approximately 26.3 billion yuan since listing, with a historical dividend payout ratio of about 45% and a recent three-year payout ratio of about 68% [3] Overseas Market Expansion - The company has accelerated its globalization strategy, with overseas revenue reaching 17.644 billion yuan in the first three quarters of 2024 [3] - The company has established over 400 overseas outlets, covering approximately 150 countries, with more than 3,000 overseas employees and a localization rate of about 90% [6] - Key markets include Southeast Asia, the Middle East, Central Asia, South America, Africa, South Asia, Europe, and North America, with rapid growth in Europe and North America [4] - The company has completed the layout of first-tier outlets in Rotterdam, Paris, Warsaw, Houston, and Ontario [6] Product Development and Innovation - The company has achieved full coverage of new energy mainframe products and launched 156 new 4.0 and 4.0A products, including 31 new energy products, in the first three quarters of 2024 [4] - The company has invested nearly 12 billion yuan in R&D over the past three years, with an R&D intensity of nearly 8%, leading the industry [3] - The company has developed over 300 internationally certified products and launched more than 250 overseas products in 2024 [4] - The company has achieved full coverage of main sales models for excavators below 400 tons, bulldozers below 600 horsepower, and 5-12.5 ton new energy wheel loaders [5] Operational Efficiency and Risk Management - The company's accounts receivable and inventory levels have been optimized, with a reduction of 3.985 billion yuan in accounts receivable and a decrease of over 1.4 billion yuan in inventory compared to the end of Q2 2024 [6][7] - The company has implemented strict risk control measures, including contract quality control for new business and hierarchical management of existing accounts receivable [6] - The company has adjusted production and inventory management models, focusing on order-based production and optimizing inventory turnover [7] Digital Transformation - The company has accelerated digital transformation, using digital platforms to manage overseas business end-to-end, from R&D to after-sales service [8] - The company has established a digital twin mechanism and implemented a flat digital management structure for global operations [8] - The company uses industrial internet platforms to achieve full-process digital control of overseas business, including personnel, finance, and materials [8] Strategic Outlook - The company aims to further increase its overseas market share by leveraging its "end-to-end, digital, localized" direct sales system, diversified product structure, and reasonable regional layout [6] - The company plans to continue expanding its overseas production capacity, with industrial parks or production bases in Italy, Germany, Mexico, Brazil, Turkey, and India [7] - The company expects global market conditions to improve in 2025, with the end of the global interest rate hike cycle and accelerated infrastructure and real estate market construction in developing markets [6]

证券代码：000157 证券简称：中联重科 公告编号：2024－051 号 中联重科股份有限公司 关于回购部分 H 股股份债权人通知的公告 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。 债权人为自然人的，需同时携带有效身份证的原件及复印件；委 托他人申报的，除上述文件外，还需携带授权委托书和代理人有效身 份证件的原件及复印件。 二、债权申报具体方式 债权人可采用信函或电子邮件的方式申报，具体方式如下： 1、申报时间：2024年11月12日起45日内，工作日9:30-11:30； 14: 00-16:00 中联重科股份有限公司（以下简称"公司"）于2024年11月11 日召开的公司2024年度第二次临时股东大会、A股类别股东大会及H 股类别股东大会审议通过了《关于回购公司部分H股一般性授权的议 案》。股东大会授权公司董事会于有效期内在不超过公司已发行H股 股份总数10%的限额内回购，即回购限额为158,196,454股H股；回购 当日的回购价格不高于之前五个交易日在香港联交所的平均收市价 105%。详见公司于2024年11月12日披露的《2024年度第二次临时 ...