Core Viewpoint - Sany Heavy Industry is nearing its goal of achieving "A+H" listing, with the recent update on the Hong Kong Stock Exchange indicating that the company is on the verge of H-share listing [1][3]. Company Overview - Sany Heavy Industry, established in 1994, is a leading global player in the engineering machinery sector, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [3]. - The company has a strong market presence in excavators, concrete machinery, cranes, pile machinery, and road machinery, with leading market shares in multiple segments [1][5]. Listing Progress - The company began planning for its Hong Kong listing in February 2025, officially submitted its application in May, and received approval from the China Securities Regulatory Commission in October [3][4]. - Sany plans to issue up to 1.083 billion overseas listed ordinary shares to raise funds for global sales and service network development, enhancing R&D, increasing overseas manufacturing capacity, and supplementing working capital [3][4]. Financial Performance - In the first half of 2025, Sany Heavy Industry achieved a total revenue of 447.80 billion yuan, a year-on-year increase of 14.64%, with a net profit of 52.16 billion yuan, up 46% [5][6]. - The company reported a significant increase in net profits for 2023 and 2024, with figures of 45.27 billion yuan and 59.75 billion yuan, reflecting growth rates of 5.53% and 31.98% respectively [5]. Market Dynamics - The overseas market has become the main revenue driver for Sany Heavy Industry, with international sales accounting for 60.26% of its main business revenue in the first half of 2025 [6]. - The company’s products are sold in over 150 countries and regions, with steady revenue growth across major areas: Asia-Pacific (114.55 billion yuan, +16.3%), Europe (61.52 billion yuan, +0.66%), Americas (50.65 billion yuan, +1.36%), and Africa (36.30 billion yuan, +40.48%) [7]. Product Performance - In the first half of 2025, Sany Heavy Industry's sales revenue for excavators was 174.97 billion yuan (+15.00%), concrete machinery was 74.41 billion yuan (-6.49%), cranes was 78.04 billion yuan (+17.89%), pile machinery was 13.41 billion yuan (+15.05%), and road machinery was 21.59 billion yuan (+36.83%) [5]. - The gross profit margin for overseas main business improved to 31.18%, up from 30.14% year-on-year, driven by price adjustments, product structure optimization, and cost reduction measures [7].

Core Viewpoint - A total of 20 A-share companies are undergoing equity registration today, with notable dividend distributions from specific companies [1] Group 1: Dividend Distribution - Dameng Data is distributing the highest dividend, offering 6.00 yuan per 10 shares [1] - Dayuan Pump Industry is providing a dividend of 5.00 yuan per 10 shares [1] - Sany Heavy Industry is issuing a dividend of 3.10 yuan per 10 shares [1]

Group 1: Baima Tea Industry - Baima Tea Industry has passed the Hong Kong Stock Exchange hearing for its IPO, establishing itself as a leader in the high-end tea market in China [1] - According to Frost & Sullivan, Baima Tea ranks first in sales in the Chinese oolong and black tea markets as of 2024, with its Tieguanyin sales leading the nation for over 10 years [1] - The successful hearing paves the way for Baima Tea to raise funds for expansion and digitalization, serving as a model for other tea companies to address branding challenges [1] Group 2: SANY Heavy Industry - SANY Heavy Industry has also passed the Hong Kong Stock Exchange hearing for its IPO, with CITIC Securities as its sole sponsor [2] - Founded in 1994, SANY has transformed from a single product and country operation to a diversified, global leader in the engineering machinery industry, ranking as the largest in China and third globally based on cumulative revenue from 2020 to 2024 [2] - The IPO is a key move in SANY's globalization strategy, allowing the company to raise capital for overseas manufacturing and R&D, enhancing its international brand recognition [2] Group 3: Cambridge Technology - Cambridge Technology has received approval for its IPO application on the Hong Kong Stock Exchange, focusing on the design, development, and sales of connectivity and data transmission devices [3] - As of 2024, Cambridge Technology ranks fifth globally in the optical and wireless connectivity device industry, holding a market share of 4.1% [3] - The company's revenue primarily comes from overseas markets, and the IPO will broaden its financing channels to support R&D in optical modules, aligning with the demand for data transmission driven by artificial intelligence [3] Group 4: Dipo Technology - Dipo Technology has passed the Hong Kong Stock Exchange hearing for its IPO, specializing in enterprise-level large model AI application solutions [4] - The company ranks fifth in the Chinese market for enterprise-level large model AI application solutions, with a market share of 4.2% as of 2024 [4] - The IPO aligns with the growing trend of AI application deployment and highlights the attractiveness of the Hong Kong stock market for tech innovation companies [4]

Group 1 - Salt Lake Co. expects net profit for the first three quarters of 2025 to be between 4.3 billion and 4.7 billion yuan, representing a year-on-year increase of 36.89% to 49.62% [1][2] - The increase in profit is attributed to the rise in potassium chloride prices compared to the previous year, which boosted profitability in that segment [1] - Lithium carbonate market prices have seen a downward adjustment, but overall performance remains positive compared to the previous year [1] Group 2 - Lingyi Technology anticipates net profit for the first three quarters of 2025 to be between 1.89 billion and 2.12 billion yuan, reflecting a growth of 34.10% to 50.42% year-on-year [4][5] - The growth is driven by the launch of new AI terminal products and increased production capacity [5] Group 3 - Xinhua Insurance projects net profit for the first three quarters of 2025 to be between 29.986 billion and 34.122 billion yuan, an increase of 45% to 65% year-on-year [7] - The growth is attributed to improved asset allocation and a favorable capital market environment, leading to significant investment income [7] Group 4 - Sanmei Co. expects net profit for the first three quarters of 2025 to be between 1.524 billion and 1.646 billion yuan, indicating a year-on-year increase of 171.73% to 193.46% [22] - The increase is driven by the reduction in production quotas for certain refrigerants and rising market prices [22] Group 5 - Flying Technology anticipates net profit for the first three quarters of 2025 to be between 275 million and 300 million yuan, representing a growth of 110.80% to 129.96% year-on-year [24] - The growth is supported by increased investment in cutting-edge fields and a recovery in consumer electronics demand [24] Group 6 - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau for failing to disclose related party non-operating fund occupation [6] - The company incurred costs related to employee salaries and benefits post-acquisition, which were not disclosed as required [6] Group 7 - Gansu Energy expects net profit for the first three quarters of 2025 to be between 1.55 billion and 1.6 billion yuan, reflecting a year-on-year increase of 11.86% to 15.47% [29] - The increase is attributed to a decrease in power generation costs compared to the previous year [29] Group 8 - Dongfang Tower anticipates net profit for the first three quarters of 2025 to be between 750 million and 900 million yuan, indicating a growth of 60.83% to 93% year-on-year [30] - The growth is driven by stable production in potassium chloride and rising market prices [30]

Core Insights - The article highlights the recent activities in the Hong Kong stock market, including companies filing for IPOs, passing hearings, and new stock listings. Group 1: Companies Filing for IPOs - Tambor Group Limited filed for an IPO on October 8, 2023, with CICC as the sole sponsor. It is a leading outdoor apparel brand in China, projected to have revenues of approximately RMB 7.32 billion in 2022, growing to RMB 13.02 billion by 2025 [2] - Chengyi Biotechnology Cayman Limited also filed on October 8, 2023, with Jefferies, Bank of America, and CICC as joint sponsors. The company focuses on developing new oral small molecule drugs for unmet medical needs in cardiovascular and inflammatory diseases, with projected revenues of USD 36.06 million in 2023, increasing to USD 221 million in 2024 [3] - Dongpeng Beverage Group Limited submitted its application on October 9, 2023, with Huatai International, Morgan Stanley, and UBS as joint sponsors. It is the leading functional beverage company in China, with revenues expected to rise from RMB 85 billion in 2022 to RMB 158.3 billion by 2025 [4] Group 2: Companies Passing Hearings - Dipo Technology Co., Ltd. passed the hearing on October 12, 2023, with a focus on providing AI solutions for enterprises. It is ranked first in the Chinese enterprise-level AI application solutions market, with projected revenues of RMB 1.01 billion in 2022, growing to RMB 2.43 billion by 2025 [5][6] - Cambridge Technology Co., Ltd. also passed the hearing on October 12, 2023, with a focus on ICT industry services. It ranks fifth in the global optical and wireless connection device market, with revenues expected to reach RMB 37.84 billion in 2022 [7] - SANY Heavy Industry Co., Ltd. passed the hearing on October 12, 2023, and is recognized as a leading global engineering machinery company, with revenues projected to be RMB 808.39 billion in 2022 [8] - Eight Horses Tea Co., Ltd. passed the hearing on October 12, 2023, and is a leader in the high-end tea market in China, with revenues expected to grow from RMB 18.18 billion in 2022 to RMB 21.43 billion by 2025 [9] Group 3: Companies Launching IPOs - Zhida Technology (02650.HK) launched its IPO from September 30 to October 6, 2025, with a final price of HKD 66.92 per share [10] - Jinye International Group (08549.HK) also launched its IPO during the same period, with a share price of HKD 0.65 [10] - Xuan Bamboo Biotechnology-B (02575.HK) launched its IPO from October 6 to October 10, 2025, with a share price of HKD 11.6 [11] - Yunji (02670.HK) launched its IPO from October 8 to October 13, 2025, with a share price of HKD 95.6 [12] - Haixi New Drug (02637.HK) launched its IPO from October 9 to October 14, 2025, with a price range of HKD 69.88 to 86.40 [12] Group 4: New Stock Listings - Changfeng Pharmaceutical (HK:02652) was listed on October 8, 2025, closing at HKD 38.50 per share, with a gain of 161.02% [13] - Jinye International Group (HK:08549) was listed on October 10, 2025, closing at HKD 2.15 per share, with a gain of 330.00% [14] - Zhida Technology (HK:02650) was also listed on October 10, 2025, closing at HKD 195.5 per share, with a gain of 192.14% [15]

Core Viewpoint - Sany Heavy Industry announced the convening of its ninth board meeting via telecommunication to discuss amendments to the company's articles of association [1] Group 1: Company Overview - For the first half of 2025, Sany Heavy Industry's revenue composition was 97.48% from the construction machinery sector and 2.52% from other businesses [1] - As of the report date, Sany Heavy Industry's market capitalization stood at 193.8 billion yuan [1]

证券代码：600031 证券简称：三一重工 公告编号：2025-075 三一重工股份有限公司 关于刊发 H 股发行聆讯后资料集的公告 根据本次发行上市的时间安排，公司按照有关规定在香港联合交易所网站刊 - 1 - 登本次发行聆讯后资料集，该聆讯后资料集为公司根据香港联合交易所、香港证 券及期货事务监察委员会的要求而刊发，刊发目的仅为提供资讯予香港公众人士 和合资格的投资者。同时，该聆讯后资料集为草拟版本，其所载资料可能会适时 作出更新和变动。 鉴于聆讯后资料集的刊发目的仅为提供信息予香港公众人士和合资格的投资 者，公司将不会在境内证券交易所的网站和符合监管机构规定条件的媒体上刊登 该聆讯后资料集，但为使 A 股投资者及时了解该聆讯后资料集披露的本次发行上 市及公司的其他相关信息，现提供该聆讯后资料集在香港联合交易所网站的查询 链接： 中文： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 三一重工股份有限公司（以下简称"公司"）正在进行申请发行境外上市股 份（H 股）并在香港联合交易所有限公司（以下简称"香港联合交易所 ...

三一重工股份有限公司 章 程（草案） （H 股发行上市后适用） 二 ○二 五 年 【 】 月 | 第一章 | 总 | 则 | 1 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 2 | | 第三章 | | 股份 | 3 | | 第一节 | | 股份发行 | 3 | | 第二节 | | 股份增减和回购 | 4 | | 第三节 | | 股份转让 | 5 | | 第四章 | | 股东和股东会 | 6 | | 第一节 | | 股东 | 6 | | 第二节 | | 控股股东和实际控制人 | 9 | | 第三节 | | 股东会的一般规定 | 10 | | 第四节 | | 股东会的召集 | 13 | | 第五节 | | 股东会的提案与通知 | 15 | | 第六节 | | 股东会的召开 | 17 | | 第七节 | | 股东会的表决和决议 | 20 | | 第五章 | | 董事会 | 24 | | 第一节 | 董 | 事 | 24 | | 第二节 | | 董事会 | 28 | | 第三节 | | 独立非执行董事 | 32 | | 第四节 | | 董事会专门委员会 | 35 | ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 三一重工股份有限公司（以下简称"公司"）第九届董事会第五次 会议于 2025 年 10 月 13 日以通讯表决的方式召开。会议应参加表决的 董事 7 人，实际参加表决的董事 7 人。会议由董事长向文波先生主持， 符合《公司法》和《公司章程》的有关规定，审议通过了以下议案： 一、审议通过《关于确定 H 股全球发售（包括香港公开发售及国 际发售）及在香港联合交易所有限公司上市相关事宜之议案》 与会董事经审议，同意关于公司首次公开发行境外上市股份（H 股）并在香港联合交易所有限公司主板上市事宜的相关安排，包括但 不限于刊发、签署符合相关法律法规要求的招股说明书及其他相关文 件，处理 H 股发行程序及相关事项，授权相关人士按相关决议处理与 本次发行上市有关的具体事务。 证券代码：600031 证券简称：三一重工 公告编号：2025-076 表决结果： 7 票同意， 0 票反对， 0 票弃权。 根据公司 2025 年第二次临时股东大会授权，本议案无需提交公司 股东会审议。 三一重工 ...

港交所10月12日晚披露，三一重工（600031）股份有限公司(下称"三一重工")通过港交所主板上市聆 讯，中信证券为其独家保荐人。 三一重工此次冲击港股IPO取得实质性进展。若赴港上市成功，将成为继中联重科（000157）后第二 家"A+H"工程机械股。 招股书显示，三一重工成立于1994年，已从单一品类、单一国家运营，转型升级为多元化产品、全球化 运营的世界级工程机械行业领军企业。产品线覆盖挖掘机械、混凝土机械、起重机械、桩工机械、路面 机械等主要品类，并提供定制化解决方案，服务于多种工程场景。 近年来，三一重工积极实施全球化战略，产品已销往150多个国家与地区。2024年海外市场收入占总收 入的62.3%，增速高于行业平均水平。 研发投入方面，三一重工在全球设有21个研发中心，研发费用占收入比例超过行业平均水平。 根据招股书披露，三一重工此次港股IPO拟发行不超过10.83亿股境外上市普通股，拟募集资金15亿美元 （约117亿港元），募集资金将主要投向全球化业务拓展与研发投入两大核心领域，旨在进一步提速国 际化的战略布局。 公开资料显示，三一重工主要从事工程机械的研发、制造、销售和服务，公司于2003年 ...