公司代码：600031 公司简称：三一重工 三一重工股份有限公司 2025年度内部控制评价报告 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 2. 财务报告内部控制评价结论 √有效 □无效 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日，不存在财务报告内 部控制重大缺陷，董事会认为，公司已按照企业内部控制规范体系和相关规定的要求在所有重大方面保 持了有效的财务报告内部控制。 3. 是否发现非财务报告内部控制重大缺陷 三一重工股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2025年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。审计委员会对公司建立和实施内部控制进行监督。经理层负责组 织领导企业内部控制的日常运行。公司董 ...

三一重工股份有限公司 关于对会计师事务所 2025 年度履职情况的评估报告 三一重工股份有限公司（以下简称"公司"）聘请安永华明会计师事务所（特 殊普通合伙）（以下简称"安永华明"）为公司 2025 年度财务审计机构及内部控 制审计机构。根据《公司法》《证券法》《国有企业、上市公司选聘会计师事务所 管理办法》等规定和要求，公司对安永华明在 2025 年度审计工作中的履职情况 进行了评估。经评估，公司认为安永华明具备良好的执业资质和专业的执业能力， 遵循了独立、客观、公正的执业准则，恪守职责，在 2025 年度审计工作中执行 了恰当的审计程序。具体情况如下： 一、资质条件 （一）安永华明会计师事务所（特殊普通合伙） 安永华明会计师事务所（特殊普通合伙）于 1992 年 9 月成立，2012 年 8 月 完成本土化转制，从一家中外合作的有限责任制事务所转制为特殊普通合伙制事 务所。安永华明总部设在北京，注册地址为北京市东城区东长安街 1 号东方广场 安永大楼 17 层 01-12 室。截至 2025 年末拥有合伙人 249 人，首席合伙人为毛鞍 宁先生。安永华明一直以来注重人才培养，截至 2025 年末拥有执业注 ...

三一重工股份有限公司 未来三年股东回报规划（2026 年-2028 年） 三一重工股份有限公司（以下简称"公司"）在致力于自身发展的同时，高 度重视对股东的投资回报及其稳定性和连续性。为进一步优化分红决策和监督机 制，积极回报投资者，引导投资者树立长期投资和理性投资理念，公司根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司监管指引第 3 号—— 上市公司现金分红》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作（2025 年 5 月修订）》及《三一重工股份有限公司章程》（以下简称《公司章 程》）的有关规定，特制定《三一重工股份有限公司未来三年股东回报规划 （2026-2028 年）》（以下简称本规划），具体如下： 一、分红回报规划制定考虑因素 公司以可持续发展和维护股东权益为宗旨，综合考虑公司所处行业特征和发 展趋势，以及公司发展战略、经营计划、盈利水平、重大投资安排等因素，建立 健全持续、稳定、科学的股东回报规划与机制，保证公司利润分配政策的连续性 和稳定性。 二、分红回报规划制定的原则 （一）本规划制定遵循《公司法》《证券法》等法律、法规、规范性文件以 及《公司章程》的有关规定 ...

三一重工股份有限公司 2025 年度董事会审计委员会履职报告 根据中国证券监督管理委员会《上市公司治理准则》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》《公司章程》以 及三一重工股份有限公司（以下简称"公司"）《董事会审计委员会工 作细则》的有关规定，公司董事会审计委员会现就 2025 年度履职情 况向董事会报告如下，请各位董事予以审议。 一、审计委员会基本情况 1、2025 年 4 月 3 日，审议通过《关于公司聘请 H 股发行及上市 的审计机构的议案》； 1 公司现任第九届董事会审计委员会主任委员为伍中信先生（独立 董事），委员为席卿女士（独立董事）、蓝玉权先生（独立董事）。 主任委员由具备会计或财务管理相关专业经验的独立董事担任， 符合上海证券交易所的相关规定及《公司章程》等制度要求。 二、审计委员会年度会议召开情况 2025 年度，审计委员会共召开 5 次会议，具体如下： 3、2025 年 4 月 28 日，审议通过《2025 年第一季度报告》； 2、2025 年 4 月 17 日，审议通过《2024 年年度报告及报告摘要》 《2024 年度财务决算报告》《2024 年度利润分配预案 ...

证券代码：600031 证券简称：三一重工 公告编号：2026-008 三一重工股份有限公司 关于续聘 2026 年度会计师事务所的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙）（以下 简称"安永华明"）及安永会计师事务所（以下简称"安永香港"）。 一、拟聘任会计师事务所的基本情况 （一）机构信息 （1）安永华明会计师事务所（特殊普通合伙） 1、基本信息 安永华明会计师事务所（特殊普通合伙）于 1992 年 9 月成立，2012 年 8 月完成 本土化转制，从一家中外合作的有限责任制事务所转制为特殊普通合伙制事务所。安 永华明总部设在北京，注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。截至 2025 年末拥有合伙人 249 人，首席合伙人为毛鞍宁先生。安永华明 一直以来注重人才培养，截至 2025 年末拥有执业注册会计师逾 1700 人，其中拥有证 券相关业务服务经验的执业注册会计师超过 1500 ...

1、 专项审计报告 2、 附表 委托单位：三一重工股份有限公司 审计单位：安永华明会计师事务所（特殊普通合伙） 1 关于三一重工股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 非经营性资金占用及其他关联资金往来情况的专项说明 安永华明（2026）专字第70045452_G01号 三一重工股份有限公司 三一重工股份有限公司董事会： 我们审计了三一重工股份有限公司的2025年度财务报表，包括2025年12月31日的 合并及公司资产负债表，2025年度的合并及公司利润表、股东权益变动表和现金流量 表以及相关财务报表附注，并于2026年3月30日出具了编号为安永华明（2026）审字 第70045452_G01号的无保留意见审计报告。 按照《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求，三一重工股份有限公司编制了后附的2025年度非经营性资金占用及其他关联资 金往来情况汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是三一重工股份 有限公司的责任。我们对汇总表所载资料与我们审计三一重工股份有限公司2025年度 财务报 ...

Core Viewpoint - The engineering machinery industry is at a critical juncture of unprecedented challenges and rare opportunities, driven by the dual revolutions of the Fourth Industrial Revolution and the Third Energy Revolution [4][5][6]. Industry Development Trends Opportunities - The industry benefits from two major opportunities: the Chinese Dream of national rejuvenation and the technological window provided by the convergence of information and energy technologies [5]. Challenges - The industry faces significant challenges, including a rapidly evolving global landscape, increasing complexity in export environments, and domestic market downturns characterized by low-price competition and oversaturation [6]. Strategic Directions Globalization Strategy - The company prioritizes globalization, emphasizing a commitment to local production and resource allocation across global markets. It has established a global R&D system with 21 centers and plans to build six major manufacturing platforms [8][9]. - The strategy includes a shift from mere product export to comprehensive exports of technology, brand, and service, aiming to enhance brand value and avoid low-price competition [9][10]. Digital Intelligence Strategy - The company views digital transformation as a critical strategic shift, focusing on smart products, manufacturing, and operations. It has invested over 50 billion yuan in smart manufacturing and established "lighthouse factories" to enhance production efficiency [11][12]. - The company aims to evolve into an AI-native enterprise, enhancing operational intelligence and customer engagement through advanced data integration and smart solutions [13]. Low-Carbon Strategy - The company is driving low-carbon transformation through electric product development and a focus on renewable energy sectors, achieving over 100% year-on-year growth in electric product sales by 2025 [14][15]. Path to High-Quality Development - The company emphasizes building strength before scale, focusing on core capabilities to ensure sustainable value creation. It is implementing internal reforms to enhance efficiency and long-term capabilities [17][18]. - The company adheres to value marketing, prioritizing product value over price competition, which is seen as detrimental to the industry [18]. Industry Development Recommendations - The industry should seize opportunities in digital and intelligent development, accelerating the independent research of key technologies to achieve competitive advantages [19]. - Quality should be prioritized to uphold the dignity of Chinese manufacturing, with a focus on delivering high-quality products to penetrate high-end global markets [19].

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on opportunities in the helium and tungsten alloy supply chains due to supply contraction [1]. Core Insights - The report highlights the impact of ongoing conflicts in the Middle East on helium supply, leading to price increases in domestic markets. The average price of high-purity helium has risen by 8.15% month-on-month as of March 27, reaching 89.3 CNY per cubic meter [6]. - Tungsten prices are being reassessed due to tight supply and resilient demand in sectors like aerospace and military. The report suggests that rising tungsten prices may accelerate industry consolidation, benefiting larger firms with cost advantages [6]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policies, and suggests focusing on companies involved in AI PCB equipment, AIDC devices, and industrial gases [6]. Summary by Sections Industry and Company Investment Views - Newray Co., Ltd. plans to acquire HuiLian Electronics to enter the PCB drill needle market, enhancing its product line and positioning in high-growth sectors driven by AI [19][20]. - The report discusses the acceleration of satellite network construction in China, highlighting the strategic importance of commercial space and rocket launch capabilities [23][24]. - Liugong, a leader in the engineering machinery sector, is undergoing reforms to enhance operational vitality and aims for 60 billion CNY in revenue by 2030, with a focus on internationalization and smart solutions [27][28]. Key Data Tracking - The mechanical industry has seen a significant decline of 12.8% in the past month, with various sub-sectors experiencing different levels of performance [10][11]. - The report tracks macroeconomic indicators, including manufacturing PMI and fixed asset investment growth, which are crucial for understanding industry trends [32][33].

Summary of Sany Heavy Industry Conference Call Company Overview - **Company**: Sany Heavy Industry (H-share: 6031 HK) - **Industry**: Construction Machinery - **Market Position**: Largest construction machinery manufacturer in China and among the top three globally Key Points Investment Rating and Price Target - Coverage initiated with an Overweight (OW) rating and a DCF-based price target (PT) of HK$30, indicating approximately 50% upside potential from current levels [2][7][59] Growth Drivers - **Domestic Market**: Anticipated over 10% year-on-year (Y/Y) volume growth in core domestic machinery lines, driven by a replacement cycle for equipment purchased during the 2016-2021 upcycle [5][11] - **International Expansion**: Forecasted overseas revenue growth at a compound annual growth rate (CAGR) of 15%, with international sales expected to account for approximately 68% of total revenue by 2027 [19][24] - **Mining and Aftermarket Services**: Mining equipment sales projected to grow from approximately Rmb2 billion in 2025 to Rmb3.5 billion in 2026, with aftermarket revenue contributing around 5% of total revenue [24][25] Financial Performance - Expected net profit growth of 25% Y/Y for 4Q25, with total revenue for FY25 projected at Rmb89,983 million (+15% Y/Y) and net profit at Rmb8,627 million (+44% Y/Y) [47][49] - Anticipated gross margin improvement to 26.8% in 4Q25, with segment margin increases across excavators, cranes, and concrete mixers [48] Margin and Risk Management - Sany's margin profile is expected to improve due to a higher share of high-margin products and effective risk management, with gross margins projected to rise from 25.9% in 2024 to 30.3% in 2027 [29][33] - The company maintains a bad debt ratio below 1%, reflecting strong credit and project selection standards [8][52] Strategic Projects - **Tibet Hydropower Project**: Estimated to require Rmb120-200 billion in equipment procurement over a 10-year cycle, with Sany expected to capture approximately 40% of this market [43][45] - **China's 15th Five-Year Plan**: Anticipated to drive Rmb5-10 billion in incremental annual revenue at peak, focusing on electrification and aftermarket opportunities [45] Market Risks - Potential impacts from global macroeconomic conditions, commodity price fluctuations, and geopolitical tensions, though Sany's diversified revenue mix provides a buffer [51][52] - Risks associated with policy changes and execution challenges in the domestic market, which could affect high-value equipment demand [52] Competitive Positioning - Sany's current valuation at 14-15x FY26E P/E is considered undemanding compared to global leaders like Caterpillar (30x), with expectations for re-rating as earnings mix shifts towards high-value segments [9][66] - The company’s operational cash flow (Op-CF) is projected to rise from Rmb11.3 billion in 2024 to Rmb19.2 billion in 2027, supporting reinvestment and dividend growth [34] Conclusion - Sany Heavy Industry is well-positioned for growth driven by domestic replacement cycles, international expansion, and high-margin aftermarket services, with robust financial management and strategic project involvement enhancing its competitive edge in the construction machinery sector [7][19][29]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on opportunities in the helium and tungsten alloy supply chains due to supply contraction [1]. Core Insights - The report highlights the impact of ongoing conflicts in the Middle East on helium supply, leading to price increases in the domestic market. The average price of high-purity helium has risen by 8.15% month-on-month as of March 27, reaching 89.3 CNY per cubic meter [6]. - Tungsten prices are being reassessed due to tight supply and resilient demand in aerospace, military, and electronics sectors. The report suggests that rising tungsten prices may accelerate industry consolidation, benefiting leading manufacturers [6]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policy support, and suggests focusing on companies involved in AI PCB equipment, industrial gases, humanoid robots, and engineering machinery [6]. Summary by Sections Industry and Company Investment Views - Newray Co., Ltd. plans to acquire 70% of Huilian Electronics for up to 700 million CNY, enhancing its position in the PCB drill needle sector. This acquisition is expected to strengthen its product line and capitalize on the growing demand driven by AI and high-tech applications [19][20]. - The report discusses the acceleration of satellite network construction in China, highlighting the strategic importance of rocket launch capabilities and the potential for investment in related components [23][24]. Key Data Tracking - The mechanical industry has seen a significant decline, with a 12.8% drop in the sector's performance over the past month. However, certain sub-sectors, such as metal products, have shown resilience with a 2.7% increase [10][11]. - The report provides macroeconomic indicators, including the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's overall health [32][33].