Group 1 - The rental index for aerial work platforms in February 2025 is projected to be 350 points, reflecting a month-on-month decrease of 21.4% but a year-on-year increase of 34.1% [1] - Excavator sales in March 2025 are expected to reach 28,500 units, representing a year-on-year increase of 14%, with domestic sales of 18,500 units (up 22% year-on-year) and exports of 10,000 units (up 2% year-on-year) [1] - Cumulative excavator domestic sales from January to March 2025 are projected at 35,545 units (up 34% year-on-year), while cumulative exports are expected to be 24,737 units (up 5% year-on-year), indicating a marginal recovery in both domestic and international demand [1] Group 2 - Dongwu Securities predicts that the improvement in excavator sales is primarily due to the replacement of aging equipment, as the previous upcycle lasted from 2015 to 2023, with an average lifespan of 8-10 years for excavators [1] - The financial environment has improved since Q4 2024, providing support for both existing and new projects, which is expected to further bolster demand for excavators [1] - The report anticipates that high growth in water conservancy investment will support small excavators, while stabilization in real estate and infrastructure development will benefit medium-sized excavators, and stable demand from mining will support large excavators [1] Group 3 - Pacific Securities reports that the export data for excavator products in January and February 2025 continues to show high year-on-year growth, contributing significantly to the profits of major manufacturers [2] - The positive trend in exports is expected to enhance profit margins for manufacturers, with a favorable overseas demand environment anticipated to positively impact their performance [2] - The engineering machinery sector is viewed positively by the market, with expectations of continued growth in exports and overall industry performance [2] Group 4 - Related Hong Kong-listed companies in the engineering machinery sector include Zoomlion Heavy Industry (000157), China Longgong (03339), First Tractor Company (00038), Sany International (00631), Zhengzhou Coal Mining Machinery (601717), China National Heavy Duty Truck Group (000951), Weichai Power (000338), and Sany International (02155) [3]

Group 1 - The establishment of Zhonglian Heavy Industry Mining Machinery (Changsha) Co., Ltd. has been reported, with a registered capital of 500 million yuan [1] - The company is wholly owned by Zhonglian Heavy Industry, indicating a strong backing from the parent company [1] - The business scope includes a wide range of activities such as manufacturing and sales of mining machinery, mechanical equipment research and development, and various engineering services [1] Group 2 - The company will engage in the recycling and secondary utilization of used power batteries from new energy vehicles, which aligns with current trends in sustainability [1] - The operational activities also cover a variety of sectors including construction machinery, industrial robots, and specialized equipment manufacturing [1] - The comprehensive list of services and products indicates a strategic expansion into multiple facets of the machinery and equipment industry [1]

Core Viewpoint - Zhonglian Heavy Industry's domestic revenue and gross profit declined last year, raising concerns about whether overseas sales can drive a recovery in this year's performance [1][2] Group 1: Financial Performance - In 2024, Zhonglian Heavy Industry reported total revenue of 45.478 billion yuan, a year-on-year decrease of 3.39%, while net profit was 3.52 billion yuan, a slight increase of 0.41% [1] - Domestic sales revenue fell significantly, reaching 22.098 billion yuan, down 24.24% from 29.17 billion yuan in the previous year, with a gross margin decrease of 0.6 percentage points [2] - In Q4, the company achieved revenue of 11.092 billion yuan, a year-on-year decrease of 4.05%, but a quarter-on-quarter increase of 12.61%, with net profit dropping 41.42% year-on-year and 55.19% quarter-on-quarter to 381 million yuan [2] Group 2: Product Performance - Revenue from core products such as concrete machinery and cranes declined, with year-on-year decreases of 6.8% and 23.35% respectively; cranes accounted for the largest revenue segment at 14.786 billion yuan, down 45.05% [2] - Agricultural machinery emerged as a highlight, with revenue growth of 122.29%, increasing from 2.092 billion yuan to 4.65 billion yuan [3] Group 3: Market Dynamics - Overseas revenue reached 23.38 billion yuan, accounting for 51.41% of total revenue, surpassing domestic revenue for the first time; this was a significant increase from 17.905 billion yuan and 38.04% in the previous year [6] - The demand for excavators, a key indicator of macroeconomic trends, showed a notable increase, with export sales in January and February totaling 10.08 billion yuan, a year-on-year growth of 28.72% [6] Group 4: Institutional Actions - The Stock Connect program saw continuous reductions in holdings of Zhonglian Heavy Industry from Q2 to Q4 last year, with a total reduction of 12.3128 million shares in Q4 [3] - Public funds displayed mixed actions, with 32 funds holding 15.8 million shares by the end of Q4, an increase of approximately 2.4 million shares from Q3 [3] Group 5: Industry Outlook - The engineering machinery industry is characterized by strong cyclicality, with the last update cycle peaking in 2021; the current market is closely watching for signs of recovery [4] - Analysts believe that overseas business growth is more certain compared to domestic demand, with foreign gross profit margins for major manufacturers significantly higher than domestic ones [4][6]

中联重科财报公布：海外营收首超国内，四季度净 利同比降四成 工程机械龙头中，中联重科(000157.SZ/01157.HK)率先披露了2024年成绩单。其去年营收下降但净 利实现微增。 3月24日晚，中联重科发布全年财报，该公司去年实现营业收入454.78亿元，同比下降3.39%；归属 于母公司净利润35.2亿元，同比增长0.41%。 分季度看，该公司净利出现较大波动，尤其是去年四季度，净利仅3.81亿元，环比下滑55.2%，同 比下滑41.47%；其前三季度净利润分别为9.16亿元、13.72亿元、8.51亿元。 分行业看，去年工程机械产品在中联重科业绩中的占比下降至88.74%，同比下降了9.28个百分点； 农业机械营收同比增122.29%，达到46.5亿元，占比10.2%，提升了近6个百分点。 分产品看，中联重科的工程起重机械、建筑起重机械、混凝土机械等传统优势产业地位依然稳固。 其中，35吨级、55吨级汽车吊市占率第一，履带吊收入行业第一。 其中，该公司最为王牌的起重机械产品，去年营收下滑23.35%，是该公司所有品类中营收下滑幅 度最大的产品。但这部分业务仍是中联重科除金融服务外，毛利率最高的业务， ...

0 0 0 0- IP 全球化、多元化描绘新增长曲线 企业进入非周期、可持续发展通道 tes 营业收入 454.78亿元 e - 境外收入 ------ es 同比增长 9 境外收入占比超 (3)同比提升约 13.37pct 233.80zz 30.5 0/0 持续领跑 1 % 土方、矿山、高机、农机等 第二增长曲线业务 s 营收 es 同比增长 222.07 (Z7 18.82% 第二增长曲线 ca 营收占比超 es 同比提升约 1 Bpct 1 1 1 0/0 1142 净利润增长6.31% 别除股份支付费影响后增长18.39% ea 同比增长 e - 争利润 40.09 亿元 -- belly e 别除股份支付费影响后 净利润同比增长 18.39% L 03 _ 坚持高质量发展 盈利能力行业领先 es 毛利率 72 6.17 % 13 同比提升 1.04 pct es 净利率 : 置 : 1 0/0 ea 同比提升 D i Upct 全球化转型高效推进 有效避免内卷、创造更大发展空间 1 产品和服务覆盖海外国家超 17 个。 9 海外网点超 400个。 8 海外员工超0300名,其中本地化员工约 4 ● ...

Core Viewpoint - KPMG Huazhen LLP has provided a reasonable assurance report on the use of funds raised by Zoomlion Heavy Industry Science and Technology Co., Ltd. for the year 2024, confirming that the report complies with regulatory requirements and accurately reflects the company's fund management and usage [2][5][6]. Fundraising Overview - The company raised a total of RMB 5,198,999,994.63 through a non-public offering of 511,209,439 shares at a price of RMB 10.17 per share, after deducting issuance costs of RMB 53,301,886.79, resulting in a net amount of RMB 5,145,698,107.84 [6][7]. - As of December 31, 2024, the total amount of funds raised was RMB 5,198,999,994.63, with a remaining balance of RMB 763,576,572.40 after accounting for project expenditures and interest income [6][7]. Fund Management and Storage - The company has implemented a dedicated account storage system for the raised funds, ensuring that funds are used specifically for their intended purposes, in compliance with regulatory guidelines [6][7]. - The company has signed a tripartite supervision agreement with several banks and its sponsor to ensure proper management of the raised funds [6][7]. Fund Usage Status - As of December 31, 2024, the company has not used any idle funds for temporary working capital or cash management, and there are no surplus funds or over-raised funds reported [8][9]. - The company has confirmed that there have been no changes in the implementation locations or methods for the fundraising projects, and all projects are progressing as planned [8][9]. Project Investment Details - The company has invested RMB 4,625,058,858.47 in various projects, with specific details provided in an attached report [8][9]. - The company has also conducted a special audit on the pre-invested self-raised funds, confirming compliance with the relevant regulations [8][9].

中联重科: 年度关联方资金占用专项审计报告 中联重科股份有限公司 其他关联资金往来情况的专项说明 | 马威华振会计师事务所 | KPMG | Huazhen | LLP | | | 毕 | | --- | --- | --- | --- | --- | --- | --- | | | Oriental | Plaza | | | | 中国北 | | 京 | | | | | | | | | Beijing | 100738 | | | | 东方广 | | 场毕马威大楼 8 层 | | | | | | | | | China | | | | | 邮政 | | 编码:100738 | | | | | | | | | Telephone | +86 | (10) 8508 | 5000 | | 电话 | | +86 (10) 8508 5000 | | | | | | | | | Fax | | +86 (10) | 8518 | 5111 | 传真 | | +86 (10) 8518 5111 | | | | | | | | | Internet | | kpmg.com/cn | | | 网址 | | kpmg. ...

中联重科: 关于拟发行中期票据的的公告 证券代码：000157 证券简称：中联重科 公告编号：2025-020 号 中联重科股份有限公司 关于拟发行中期票据的公告 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。 为了优化债务结构，拓宽融资渠道，降低融资成本，根据《公司 法》、 公司将按照有关法律、法规的规定及时披露中期票据的发行情况。 四、备查文件 《银行间债券市场非金融企业债务融资工具管理办法》等法律、 法规的规定，公司拟向中国银行间市场交易商协会申请注册发行总额 不超过50亿元人民币的中期票据。相关事项如下： 一、中期票据发行方案 本次拟注册发行中期票据的规模不超过 50 亿元人民币，将根据市 场环境和公司实际资金需求在注册有效期内择机一次或分次发行。 本次拟发行中期票据的期限不超过 10 年(包含 10 年)。 实际发行价格将根据发行时的指导价格及市场情况来确定。 本次发行的对象为全国银行间债券市场的机构投资者。 募集资金主要用于补充公司营运资金、偿还金融机构借款及其他交易 商协会认可的用途。 本次拟发行中期票据决议的有效期为自股东大会审议通过之日 起 ...

中联重科: 关于注册统一注册发行银行间市场交易 商协会债务融资工具（DFI）的公告 证券代码：000157 证券简称：中联重科 公告编号：2025-022 号 中联重科股份有限公司 关于注册统一注册发行银行间市场交易商协会 债务融资工具（DFI）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。 为提升银行间市场注册及发行效率、拓宽银行间市场可供发行融 资产品范围，中联重科股份有限公司(以下简称"公司"或"中联重 科")拟申请注册"统一注册发行银行间市场交易商协会债务融资工 具（DFI）"（以下简称"债务融资工具（DFI）"）相关事项如下： 一、 债务融资工具（DFI）注册方案 融资券、中期票据、永续票据、资产支持票据、绿色债务融资、扶贫 债务工具等。 注册债务融资工具（DFI）有关的事宜，包括但不限于根据需要签署 必要的文件，聘任相应的代理注册机构、信用评级机构、会计师事务 所、律师事务所等中介机构，办理必要的手续，以及采取其他必要的 相关行动。 的额度内，全权决定和办理上述 DFI 项下债券发行有关的事宜，包括 但不限于具体决定发行时机、发行方式、承销 ...

市值管理制度 第一章 总则 第一条 为推动提升中联重科股份有限公司（以下简称"公司"） 的投资价值，增强投资者回报，规范公司的市值管理活动，确保公司 市值管理活动的合规性、科学性、系统性、常态化，实现公司价值和 股东利益最大化，根据《中华人民共和国公司法》 《中华人民共和国 证券法》 中联重科: 中联重科股份有限公司市值管理制度 中联重科股份有限公司 《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》 《上市公司监管指 引第 10 号——市值管理》等法律法规、规范性文件和《中联重科股 份有限公司章程》（以下简称"《公司章程》"）等规定，制订本制 度。 第二条 本制度所称市值管理是以提高公司质量为基础，为提升 公司投资价值和投资者回报能力而实施的战略管理行为。其中公司质 量是公司市值的基础，依法合规运用各类方式提升公司投资价值是市 值管理的手段，增强股东回报是市值管理的目的，最终实现公司市值 充分反映公司价值。 第二章 市值管理的目的与基本原则 第三条 市值管理主要目的是通过充分、合规的信息披露，增强 公司透明度，引导公司的市场价值与内在价值趋同，同时，利 ...