证券代码：600031证券简称：三一重工 三一重工股份有限公司 2025年员工持股计划（草案）摘要 二〇二五年三月 声明 本公司及全体董事、监事保证本员工持股计划及其摘要不存在虚假记载、误导性陈述或重大遗漏，并对 其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 1、《三一重工股份有限公司2025年员工持股计划》（以下简称"本员工持股计划"）系三一重工股份有 限公司（以下简称"公司"或"三一重工"）依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《关于上市公司实施员工持股计划试点的指导 意见》（以下简称"《指导意见》"）、《上海证券交易所上市公司自律监管指引第1号一规范运作》等 有关法律、行政法规、规章和规范性文件以及《公司章程》的规定制定。 2、本员工持股计划的参加对象为公司董事、监事、高级管理人员、中层管理人员、关键岗位人员、核 心业务（技术）人员，共计不超过5,552人，所有参加对象均需在公司或公司的全资或控股子公司任 职。符合条件的员工按照依法合规、自愿参与、风险自担的原则参加本员工持股计划。 3、本员工持股计划的设立规模不超过 ...

Investment Rating - The investment rating for SANY Heavy Industry is "Buy" [6] Core Views - The company has launched an employee stock ownership plan, reflecting confidence in its future [1] - The construction machinery industry is showing signs of recovery, with leading companies expected to benefit [2][3] - SANY's excavator revenue accounts for a significant portion of its income, providing substantial earnings elasticity during industry upturns [4] - The company plans to repurchase shares and issue Hong Kong stocks, indicating a commitment to global expansion [5] - Revenue and profit forecasts for 2024-2026 show strong growth, with a compound annual growth rate of 34% for net profit [6] Summary by Sections Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry, indicating a positive outlook for the stock [6] Company Developments - On April 3, 2025, SANY announced a 2025 employee stock ownership plan with a scale not exceeding 535 million yuan, representing about 1% of the total share capital [1] - The company plans to repurchase shares worth 1-2 billion yuan to support the employee stock ownership plan and has announced plans to list on the Hong Kong Stock Exchange [5] Industry Analysis - The domestic excavator sales in China for January-February 2025 reached 17,045 units, a year-on-year increase of 51% [2] - The CMI index for March 2025 was 128.56, reflecting an 18% year-on-year increase and a 21% month-on-month increase, indicating a market entering a peak season [2] - The average working hours for major construction machinery products in March 2025 increased by 7% year-on-year and 94% month-on-month [3] Financial Performance - SANY's excavator revenue accounted for 39% of its total revenue in the first half of 2024, indicating strong earnings potential during industry upturns [4] - The company's net profit margin improved to 8.6% in Q1-Q3 2024, a year-on-year increase of 1.1 percentage points, with operating cash flow reaching 12.4 billion yuan, up 145% year-on-year [4] - Revenue projections for 2024-2026 are 78.194 billion yuan, 94.397 billion yuan, and 115.568 billion yuan, respectively, with net profit forecasts of 5.8 billion yuan, 8.484 billion yuan, and 11.011 billion yuan [6][8]

智明达：披露一季度业绩预告。经财务部门初步测算，预计2025年第一季度实现归属于母公司所有者的 净利润为780万元左右，与上年同期（法定披露数据）相比实现扭亏为盈，增加1,891万元左右。公司表 示，报告期由于新增订单大幅增加，公司交付增加，收入大幅增长；参股公司业绩有所改善，亏损同比 减少，公司投资收益同比增加；公司AI相关产品已小批量交付，预计本年度实现更多收入贡献。 利尔化学：披露一季度业绩预告。公司预计2025年第一季度实现归属于上市公司股东的净利润1.45亿 元-1.55亿元，比上年同期增长203.08%-223.98%。报告期内，公司部分产品的销量和价格有所上涨。 莲花控股：披露一季度业绩预告。公司预计2025年第一季度实现归属于上市公司股东的净利润10,000万 元至12,000万元，与上年同期（法定披露数据）相比，将增加5,077.67万元至7,077.67万元，同比增长 103.16%至143.79%。 涛涛车业：披露一季度业绩预告。公司预计2025年第一季度实现归属于上市公司股东的净利润7,500万 元-8,800万元，比上年同期增长47.42%-72.98%。报告期内，公司继续加大研发力 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also highlighting the importance of overseas factory layouts to mitigate tariff risks [3][4]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report notes that major engineering machinery companies have limited exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies such as SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report indicates that domestic forklift exports to the U.S. will face a 79% tariff, but the impact is manageable due to low exposure and pre-stocked inventory [3]. - It highlights the potential for growth in the domestic market driven by policies supporting electric vehicle adoption and logistics industry upgrades [3]. Semiconductor Equipment - The report suggests that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, such as North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the automation industry [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their strategic positions to capitalize on current market conditions [1][16].

| | | 4月3日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 销售数据 | 中通客车 | 1-3月累计销售量2766辆 同比增长10.02% | | | 广汽集团 | 3月销量为17.39万辆,同比下降3.01% | | 项目投资 | 顺控发展 | 拟投建顺德区资源循环利用中心(北滘)项目 | | 合同中标 | 华康洁净 | 联合体预中标"武汉大学细胞资源库项目维修改造工程设计施工总承包" | | 业绩披露 | 东兴证券 | 2024年净利润15.44亿元,同比增长88.39% | | | 利尔化学 | 一季度净利润预增203.08%-223.98% | | 股权转让 | 圣农发展 | 拟收购太阳谷54%股权 | | 回购 | 三一重工 | 拟斥资10亿元 20亿元回购股份 | | 增减持 | 嘉受服饰 | 深圳架桥、天津架桥拟合计减持不超3%股份 | | | 濮耐股份 | 实际控制人刘百宽家族部分成员拟合计减持不超0.993%股份 | | 其他 | 矩光科技 | 获得某欧洲知名汽车 Tierl 客户两个项目定点 | | | 东安动力 | 2025年一 ...

面临挑战 三一重工打算在香港发行H股并上市的消息传出，立刻吸引了众多目光。这一行动不仅对三一重工的未 来发展有着重大影响，同时也将对相关市场及投资者带来广泛效应。接下来，我们将从多个层面对此事 件进行详细分析。 发行目的 三一重工在香港推出了H股并实现了上市。这一举措主要是为了增加融资渠道。在香港的资本市场上 市，有助于吸引更多的国际资本，为公司的发展储备充足资金。此外，这也有助于提升公司的国际知名 度，推动公司国际化战略的执行，使三一重工在全球市场上更具竞争力。 上市优势 香港作为国际金融中心，金融体系完备，监管机制健全。三一重工在此挂牌，能借助香港市场的强大力 量，提升公司治理水平。此举也有助于公司更便捷地融入国际市场，便于与国际同行进行业务交流。同 时，还能吸引全球顶尖人才和先进技术，进一步强化公司的整体竞争力。 香港上市虽有利可图，但同样面临不少困难。香港投资者眼光独到，对企业根基和未来成长抱有较高期 望。三一重工需向他们清晰展示自身核心竞争力及未来规划。同时，还要应对国际市场的不确定性，比 如汇率波动和政策调整等风险。 市场影响 三一重工在香港上市，这一动作将重新划分工程机械市场的格局。此举可能会加 ...

三一重工股份有限公司 董事会提名委员会工作细则（草案） （H 股发行上市后适用） 第一章 总 则 第一条 为规范公司董事及高级管理人员提名的标准以及程序，完善公司治 理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 治理准则》 第二条 董事会提名委员会是董事会按照董事会决议设立的专门工作机构， 主要负责对公司董事和高级管理人员的人选、选择标准和程序进行规范并提出建 议。 第二章 人员组成 第三条 提名委员会成员由不少于 3 名董事组成，其中独立非执行董事应当 过半数，并至少包括一名不同性别的董事。 第四条 提名委员会委员由董事长、二分之一以上独立非执行董事或者全体 董事的三分之一提名，并由董事会选举产生。 第五条 提名委员会设主席 1 名，由独立非执行董事委员担任，负责主持委 员会工作；主席在委员内选举，并报请董事会批准产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，可连选连任。 委员任期届满前，除非出现《公司法》 《公司章程》 《香港上市规则》或本工作细 《上海证券交易所股票上市规则》 《香港联合交易所有限公司证券上市 规则》（以下简称"《香港上市规则》"）、《香港上 ...

证券代码：600031 证券简称：三一重工 公告编号：2025-018 三一重工股份有限公司 第八届监事会第二十四次会议决议公告 本公司监事会及全体监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。 表决结果： 3票同意， 0 票反对， 0 票弃权 本次发行方式为香港公开发行及国际配售新股。 其中，香港公开发售，即在香港向公众人士发售普通股；根据国际资本市场 的惯例和情况，国际配售可包括但不限于：依据（1）美国1933年《证券法》及 其修正案项下S条例以离岸交易方式进行的美国境外发行以及（2）美国1933年《证 券法》及其修正案项下144A规则（或其他豁免）于美国向合资格机构投资者进 行的发售。具体发行方式将由公司股东大会授权董事会或董事会授权人士单独或 共同代表公司根据法律规定、境内外监管机构审批或备案及市场状况加以确定。 三一重工股份有限公司（以下简称"公司"）第八届监事会第二十四次会议 于 2025 年 4 月 3 日以通讯表决方式召开。会议应参加表决的监事 3 人，实际参 加表决的监事 3 人。会议符合《公司法》和《公司章程》的有关 ...

证券代码：600031 证券简称：三一重工 公告编号：2025-023 三一重工股份有限公司 关于召开 2025 年第二次临时股东大会的通知 A 股股东 非累积投票议案 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法律责任。 重要内容提示： 一、 召开会议的基本情况 召开地点：湖南省长沙市长沙县三一产业园行政中心一号会议室 网络投票起止时间：自 2025 年 4 月 21 日 至 2025 年 4 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 本次股东大会审议议案及投票股东类型 序号 议案名称 议案 案的议案 议有效期的议案 并在香港联合交易所有限公司主板上市有关事项的议案 案）》及相关议事规则（草案）的议案 市后生效的公司内部治理制度的议案 责任保险的议案 相关事宜的议案 累积投票议案 人 （3）人 人 公司已于 2025 年 ...