Core Viewpoint - The company, Construction Machinery, has announced a significant expected loss for the year 2025, projecting a net profit attributable to shareholders of -2.072 billion yuan, which indicates a worsening financial situation compared to previous years [1][4]. Financial Performance - In 2024, the company reported a net profit of -988 million yuan and a net profit excluding non-recurring items of -1.001 billion yuan [4]. - Revenue figures for the years 2022 to 2024 were 3.888 billion yuan, 3.228 billion yuan, and 2.727 billion yuan respectively, with net profits of -44.69 million yuan, -745 million yuan, and -988 million yuan [5]. Market Conditions - The domestic tower crane rental market is experiencing a downturn due to insufficient downstream demand, attributed to a decrease in new construction area and low project commencement rates [4]. - The utilization rate and rental prices of tower crane equipment remain at low levels, further impacting the company's revenue [4]. Business Structure - Construction Machinery's operations are divided into five main segments: leasing, engineering construction, steel structure manufacturing and installation, equipment sales, and transportation, with leasing being the core business that accounted for over 80% of revenue in the first half of 2025 [4]. Debt and Capital Structure - The company's asset-liability ratio reached 74.81% in 2024, an increase of approximately 9.5 percentage points from 2021, influenced by rising accounts receivable [8]. - A planned capital increase to raise up to 1.265 billion yuan was intended to improve liquidity and reduce debt levels, but the company decided to terminate this plan due to various factors including the macroeconomic environment [8]. Market Position - Construction Machinery's subsidiary, Pangyuan Leasing, is recognized as a leading player in the domestic construction hoisting machinery rental industry [4].

Core Viewpoint - Construction Machinery is expected to continue its losses in 2025, with a projected net profit attributable to shareholders of -2.072 billion yuan, indicating an increase in the loss compared to previous years [2][6]. Financial Performance - In 2024, Construction Machinery reported a net profit attributable to shareholders of -988 million yuan and a non-recurring net profit of -1.001 billion yuan [5]. - The company's revenue from 2022 to 2024 showed a declining trend, with figures of 3.888 billion yuan, 3.228 billion yuan, and 2.727 billion yuan respectively [7]. Business Environment - The domestic tower crane rental market is experiencing insufficient downstream demand, attributed to a decrease in new construction area and project commencement rates, leading to low equipment utilization and rental prices [6]. - The company’s core business is primarily focused on rental services, which accounted for over 80% of revenue in the first half of 2025 [6]. Asset and Debt Management - Construction Machinery's asset-liability ratio reached 74.81% in 2024, an increase of approximately 9.5 percentage points compared to 2021 [9]. - The company planned to raise up to 1.265 billion yuan through a private placement to improve liquidity and reduce debt, but later decided to terminate this fundraising plan [9]. Market Position - Construction Machinery is recognized as a leading enterprise in the domestic construction hoisting machinery rental industry, with its subsidiary, Pangyuan Leasing, specializing in this sector since its inception [6].

Market Performance - The three major A-share indices collectively rose on January 23, with over 3,900 stocks closing higher, including 121 stocks hitting the daily limit up [1] - For the week, the Shanghai Composite Index increased by 0.83%, the Shenzhen Component Index rose by 1.11%, while the ChiNext Index fell by 0.34% [2] Weekly Stock Performance - Over 4,200 stocks rose this week, with 35 stocks gaining over 30%. The largest increase was seen in *ST Lifan, which surged by 95.52% [3] - Other notable gainers included *ST K Pharmaceutical and Fenglong Co., which both saw increases exceeding 50% [3] - The power equipment sector had 10 stocks listed among those with over 30% gains, while the machinery and non-ferrous metals sectors had 4 stocks each [3] Top Gainers - The top gainers for the week included: - *ST Lifan: 95.52% increase, closing at 1.31 yuan [4] - *ST K Pharmaceutical: 70.37% increase, closing at 0.92 yuan [4] - Fenglong Co.: 61.08% increase, closing at 99.53 yuan [4] - Other significant gainers included companies in construction decoration and power equipment sectors [4] Weekly Decliners - Among the stocks that declined, 46 stocks fell by over 10%, with Koma Materials dropping over 30% [5] - Other notable decliners included Silin Jie and Bofei Electric, which saw declines of over 24% [5] Institutional Activity - Institutions were active in the market, with 160 stocks appearing on the institutional leaderboard, net buying 102 stocks and net selling 58 stocks [7] - The highest net buying was seen in Shengxin Lithium Energy, which rose by 26.38% with a net institutional purchase of approximately 638.55 million yuan [9] - Other stocks with significant institutional net buying included Quanfeng Technology and Hunan Silver, with net purchases of 604.81 million yuan and 352.97 million yuan, respectively [9] Notable Announcements - Shuaifeng Electric announced an expected net loss of 43 million to 62 million yuan for 2025, with projected revenue between 210 million to 250 million yuan [12] - Anqi Yeast plans to invest 222 million yuan in a new green manufacturing project for yeast products [13] - Construction Machinery expects a net loss of approximately 2.072 billion yuan for 2025, attributed to a downturn in the tower crane rental market [13] - Aerospace Electric anticipates a net loss of 39 million to 58 million yuan for 2025, impacted by industry overcapacity and competitive pressures [13] - Lisheng Pharmaceutical forecasts a net profit of 400 million to 440 million yuan for 2025, representing a year-on-year increase of 116.77% to 138.44% [14]

Group 1 - The company expects a net profit loss of approximately 2.072 billion yuan for 2025, compared to a loss of 988 million yuan in the same period last year [2] - The domestic tower crane rental market continues to face insufficient downstream demand, leading to low equipment utilization rates and rental prices due to reduced new construction area and project commencement rates [4] - Significant asset impairments, including goodwill in the construction machinery rental business, have contributed to the expected large loss for 2025 [4] Group 2 - The company's main business includes engineering machinery rental and manufacturing, with key products such as asphalt concrete pavers, road rollers, and tower cranes [4] - The company terminated its plan to raise funds through a private placement to its controlling shareholder, Shaanxi Coal and Chemical Industry Group, which was initially intended to raise up to 1.265 billion yuan [6] - The decision to terminate the stock issuance was based on various factors, including the macroeconomic environment and the company's operational situation, but it will not affect the normal development of existing business [6] Group 3 - As of January 23, the company's stock closed at 3.81 yuan per share, with a total market capitalization of 4.8 billion yuan [7]

Core Viewpoint - The company, Construction Machinery (600984.SH), forecasts a net profit attributable to shareholders of approximately -2.072 billion yuan for the fiscal year 2025, compared to -988 million yuan in the previous year, indicating a significant increase in losses due to ongoing market challenges in the domestic tower crane rental sector [1] Industry Summary - The domestic tower crane rental market continues to experience insufficient demand, with a decrease in the new construction area of engineering projects and low project commencement rates, leading to low equipment utilization rates and rental prices [1] - The company's rental business assets and properties in lieu of debt have undergone substantial impairment, contributing to the large losses reported [1]

Core Viewpoint - The company, Construction Machinery, expects a net profit loss of approximately 2.072 billion yuan for 2025, compared to a loss of 988 million yuan in the same period last year [1][6]. Group 1: Performance and Financial Outlook - The anticipated loss for 2025 is attributed to insufficient downstream demand in the domestic tower crane rental market, resulting from a decrease in new construction area and low project commencement rates, which have kept equipment utilization and rental prices at low levels [2][7]. - The company has conducted asset impairment tests, revealing significant impairments in its construction machinery rental business assets, including goodwill and properties acquired through debt settlement, contributing to the expected large loss [2][7]. Group 2: Business Operations - Construction Machinery's main business segments include engineering machinery rental and manufacturing, with key products such as asphalt concrete pavers, rollers, milling machines, stabilizing soil mixers, asphalt mixing plants, trackless rubber-tired vehicles for coal transportation, rotary drilling rigs for municipal construction, and tower cranes for building projects [2][7]. Group 3: Capital Raising and Market Response - The company announced the termination of its plan to raise funds through a private placement to its controlling shareholder, Shaanxi Coal and Chemical Industry Group, which was initially intended to raise up to 1.265 billion yuan for working capital and debt repayment [3][8]. - The decision to terminate the stock issuance was based on a comprehensive assessment of the macroeconomic environment, the company's actual situation, and changes in the capital market, ensuring that the termination would not affect the normal development of the company's existing business or harm the interests of shareholders, especially minority shareholders [3][8]. Group 4: Market Performance - As of January 23, the company's stock closed at 3.81 yuan per share, with a total market capitalization of 4.8 billion yuan [4][9].

Group 1 - The company, Construction Machinery, forecasts a net loss of approximately 2.072 billion yuan for the fiscal year 2025, attributed to insufficient demand in the domestic tower crane rental market [1] - The decline in performance is primarily due to reduced new construction area and low project commencement rates, leading to low utilization rates and rental prices for tower crane equipment [1] - Significant asset impairments, including goodwill in the construction machinery rental business and other assets, have contributed to the expected large loss for 2025 [1]

Core Viewpoint - The company, Construction Machinery (600984.SH), is expected to report a significant net loss of approximately 2.072 billion yuan for the fiscal year 2025, indicating ongoing challenges in the domestic tower crane rental market [1] Company Summary - The projected net profit attributable to shareholders for 2025 is estimated at -2.072 billion yuan, with a net profit of -2.082 billion yuan after excluding non-recurring gains and losses [1] - The company has conducted an asset impairment test, revealing substantial impairments in its construction machinery rental business assets, including goodwill and properties acquired through debt settlement [1] Industry Summary - The domestic tower crane rental market is expected to continue facing insufficient downstream demand in 2025, driven by a decrease in the new construction area of engineering projects and low project commencement rates [1] - As a result of these factors, the utilization rates of tower crane rental equipment and rental prices are anticipated to remain at low levels [1]

证券代码：600984 证券简称：建设机械 公告编号：2026-004 陕西建设机械股份有限公司 2025 年年度业绩预亏公告 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法律责任。 重要内容提示： 本期业绩预告适用于净利润为负值的情形。 陕西建设机械股份有限公司(以下简称"公司") 预计 2025 年度归属于上市公 司的净利润将出现亏损，实现归属于上市公司股东净利润为-20.72 亿元左右。 归属于上市公司股东扣除非经常性损益后的净利润为-20.82 亿元左右。 一、本期业绩预告情况 （一）业绩预告期间 （三）本次业绩预告未经注册会计师审计，注册会计师未对公司本期业绩预告是否 适当和审慎出具专项说明。 二、上年同期经营业绩和财务状况 （一）归属于上市公司股东的净利润：-9.88 亿元。 归属于上市公司股东的扣除非经常性损益的净利润：-10.01 亿元 （二）每股收益：-0.7863 元。 三、本期业绩预亏的主要原因 （一）主营业务影响 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经财务 ...

Core Viewpoint - The company, Construction Machinery (600984), expects a net profit loss of approximately 2.072 billion yuan for 2025, compared to a loss of 988 million yuan in the same period last year [1] Group 1: Financial Performance - The projected net profit loss for 2025 is significantly higher than the previous year's loss, indicating a worsening financial situation [1] - The company reported a net profit loss of 988 million yuan in the previous year [1] Group 2: Market Conditions - The domestic tower crane rental market is expected to continue facing insufficient downstream demand in 2025 [1] - Factors contributing to the low utilization rates and rental prices of tower crane equipment include a decrease in the area of new construction projects and insufficient project commencement rates [1]