2、公司对各下属公司的担保额度可以在下属公司之间相互调剂。 证券代码：601100 证券简称：恒立液压 公告编号：临 2025-030 江苏恒立液压股份有限公司 关于对外担保额度预计的公告 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法律责任。 重要内容提示： 一、担保情况概述情况 （一）担保基本情况 1、为满足公司下属公司日常经营和业务发展需要，公司拟为合并报表范围 内的资产负债率为 70%以下的下属公司（包括已成立的及未来通过新设立、收购 等方式取得的全资或控股子公司、孙公司）提供日常担保，提供日常担保总额不 超过人民币 7.50 亿元（或等值外币），担保额度可循环使用。 3、本次预计担保总额期限自董事会审议通过之日起 12 个月内有效，具体担 被担保人名称：江苏恒立液压股份有限公司（以下简称"公司"）合并报 表范围内的下属公司：江苏恒立液压科技有限公司、上海立新液压有限 公司、HENGLI DE MEXICO,S.A. DE C.V.（以下简称"恒立墨西哥"）、江 苏恒立精密机械科技有限公司等。 本次担保金额：公司本次拟为资为资 ...

证券代码：601100 证券简称：恒立液压 公告编号：临 2025-029 江苏恒立液压股份有限公司 第六届董事会第二次会议决议公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 江苏恒立液压股份有限公司（以下简称"公司"）董事会于2025年10月15 日以书面送达以及发送电子邮件方式向公司全体董事发出召开公司第六届董事 会第二次会议的通知，会议于2025年10月25日以现场表决与通讯表决相结合的 方式召开，会议应出席董事7名，实际现场出席董事4名，采用通讯表决方式的 董事3名。本次会议的召集和召开符合《公司法》和《公司章程》的有关规定， 会议决议为有效决议。本次会议由董事长汪立平先生召集并主持。会议审议了 如下议案： 1、审议《江苏恒立液压股份有限公司2025年第三季度报告》； 公司 2025 年第三季度报告的内容与本公告同日披露于上海证券交易所网 站 www.sse.com.cn。 表决结果：7票同意、0 票弃权、0 票反对。 2、审议《江苏恒立液压股份有限公司关于对外提供担保额度预计的议案》； 该议案内容与本公告同日披 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 2,618,672,958.10, representing a year-on-year increase of 24.53%[4] - The total profit for the quarter was CNY 730,837,591.63, reflecting a growth of 28.79% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 657,652,910.09, which is a 30.60% increase year-on-year[4] - The basic earnings per share for the quarter was CNY 0.49, up by 28.95% from the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥7,789,859,409.97, an increase of 12.3% compared to ¥6,935,751,382.64 in the same period of 2024[15] - Net profit for the first three quarters of 2025 was ¥2,091,349,725.05, up 16.6% from ¥1,794,288,251.14 in the previous year[16] - The company reported a total comprehensive income of ¥2,218,217,299.30 for the first three quarters of 2025, compared to ¥1,612,099,021.54 in the previous year, indicating a growth of 37.5%[17] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥1.56, an increase from ¥1.34 in the same period of 2024[17] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 21,010,377,534.78, marking a 6.98% increase from the end of the previous year[5] - The company's total assets reached ¥21,010,377,534.78, up from ¥19,638,650,656.83 year-over-year, marking an increase of 7.0%[15] - The total liabilities of the company were not specified, but current liabilities included short-term borrowings of CNY 1,001,731.95, significantly down from CNY 15,443,277.80[13] - The company's total liabilities amounted to ¥3,897,287,840.29, compared to ¥3,810,271,530.89 in the previous year, reflecting a growth of 2.3%[15] - The equity attributable to shareholders increased to CNY 17,056,091,886.31, which is an 8.12% rise compared to the previous year[5] - The total equity attributable to shareholders increased to ¥17,056,091,886.31, a rise of 8.1% from ¥15,774,716,902.67 year-over-year[15] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 1,058,993,247.08, showing a decline of 19.75%[4] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 6,142,005,905.04, an increase from CNY 6,032,771,816.71 in the same period of 2024, representing a growth of approximately 1.81%[20] - The net cash flow from operating activities decreased to CNY 1,058,993,247.08 in 2025 from CNY 1,319,592,859.83 in 2024, a decline of about 19.7%[20] - Cash inflow from investment activities significantly increased to CNY 4,333,069,504.49 in 2025, compared to CNY 2,843,400,899.27 in 2024, marking a growth of approximately 52.3%[21] - The net cash flow from investment activities improved to -CNY 2,229,284,903.13 in 2025 from -CNY 2,606,582,471.96 in 2024, indicating a reduction in cash outflow by about 14.4%[21] - Cash inflow from financing activities was CNY 30,000,000.00 in 2025, compared to CNY 514,957.69 in 2024, showing a substantial increase[21] - The net cash flow from financing activities was -CNY 687,804,422.64 in 2025, slightly worse than -CNY 627,177,532.39 in 2024, reflecting a decline of about 9.7%[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 36,857[10] - The largest shareholder, Jiangsu Hengli Holding Group Co., Ltd., holds 36.95% of the shares, totaling 495,474,869 shares[10] Investment and Development - The company has not disclosed any new product developments or market expansion strategies during the reporting period[12] - Research and development expenses for the first three quarters of 2025 were ¥550,435,142.49, slightly up from ¥535,023,605.01 in the same period last year[16] Cash and Cash Equivalents - Cash and cash equivalents stood at CNY 8,788,326,808.11, compared to CNY 7,882,770,759.14 in the previous year, reflecting a growth of approximately 11.5%[12] - The cash and cash equivalents at the end of Q3 2025 stood at CNY 2,457,628,285.41, down from CNY 3,692,098,450.13 in Q3 2024, a decrease of approximately 33.4%[21]

Market Overview - The engineering machinery sector experienced a decline of 0.75% on October 27, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Noli Co., Ltd. (603611) with a closing price of 25.81, up 6.56% on a trading volume of 177,300 shares and a turnover of 457 million [1] - Anhui Heli (600761) closed at 21.76, up 6.41% with a trading volume of 295,300 shares and a turnover of 634 million [1] - Tietuo Machinery (920706) closed at 25.40, up 5.44% with a trading volume of 95,800 shares and a turnover of 239 million [1] - Conversely, significant decliners included: - Wantong Hydraulic (920839) closed at 46.47, down 8.05% with a trading volume of 58,900 shares and a turnover of 280 million [2] - XCMG Machinery (000425) closed at 10.66, down 6.24% with a trading volume of 3,515,800 shares and a turnover of 385 million [2] - Sany Heavy Industry (600031) closed at 22.53, down 1.66% with a trading volume of 1,027,500 shares and a turnover of 2.345 billion [2] Capital Flow - The engineering machinery sector saw a net outflow of 826 million from institutional investors, while retail investors contributed a net inflow of 666 million [2] - Key stocks with significant capital flow included: - XGMA (600815) had a net inflow of 40.12 million from institutional investors, but a net outflow of 26.10 million from retail investors [3] - Hengli Hydraulic (601100) saw a net inflow of 39.40 million from institutional investors, with a net outflow of 30.37 million from retail investors [3] - Noli Co., Ltd. (603611) had a net inflow of 29.13 million from institutional investors, but a net outflow of 33.47 million from retail investors [3]

Summary of Key Points from Conference Call Industry Overview - The focus is on the "New T Chain" within the robotics industry, particularly in relation to Tesla's supply chain adjustments and the opportunities arising from it [1][3][5]. Core Companies and Their Insights 1. **Zhejiang Rongtai** - Holds a strong market share in microcrystalline steel for hands and is expected to become a major supplier of various components with an ASP projected to exceed 15,000 to 20,000 yuan [1][5]. - The company is advancing in gear and small module mass production, enhancing its industry position [5][7]. 2. **Luxshare Precision (立讯股份)** - Emerging as a significant supplier of ceramic balls, which outperform steel balls in heat dissipation [1][5]. - Expected single-unit ASP could exceed 4,000 yuan, with a potential market space of 4 billion yuan in the context of Tesla's production of 1 million robots [1][5]. 3. **Hengli Hydraulic (恒立液压)** - Transitioning from hydraulic parts for construction machinery to ball screw and transmission manufacturing, with over two years of collaboration with Tesla [1][5]. - Plans to establish production bases in Mexico and the U.S. to meet global demand [5][8]. - Recent factory audits by Tesla and collaborations with domestic firms like Xiaomi and XPeng have led to new orders [8][10]. 4. **Xingchen and Yinlun** - Both companies are expanding their capabilities into the robotics sector and are on track to become new Tier 1 suppliers [6][7]. - Xingchen has made significant progress in business connections and is currently valued at approximately 20 times PE, indicating potential undervaluation [6][7]. Market Dynamics and Trends - The Tesla supply chain has undergone significant changes, including personnel shifts and a new performance evaluation system that emphasizes component performance over cost [3][4]. - The industrial-grade trial production is expected to reach around 100 million yuan this year, with future output potentially reaching 1.5 to 2 billion yuan [2][8]. - The application of ceramic balls in the new energy vehicle sector is becoming more widespread, with costs expected to decrease as production scales up [2][14]. Investment Opportunities - Investors are encouraged to monitor companies like Zhejiang Rongtai, Luxshare, and Hengli Hydraulic due to their strong market positions and growth potential in the robotics supply chain [7][17]. - The anticipated mass production of robots in 2026 is expected to highlight the performance differences among companies in the mechanical sector, potentially increasing their investment value [16][17]. Additional Insights - The competitive landscape for Hengli Hydraulic is improving as competitors exit the market, enhancing its market share and value proposition [10]. - New technologies and product innovations are expected to drive growth in the robotics sector, with companies like Jialitu and Disenli showing significant potential [11][12][13]. This summary encapsulates the key points discussed in the conference call, highlighting the evolving landscape of the robotics industry and the companies poised to benefit from these changes.

Investment Rating - The report suggests a positive outlook for the machinery equipment sector, with specific recommendations for stocks such as XCMG, Hengli Hydraulic, SANY Heavy Industry, Zoomlion, LiuGong, and YTO Group [10]. Core Insights - The machinery equipment index rose by 4.71% in the last week, outperforming the CSI 300 index, which increased by 3.24% [13][15]. - Year-to-date, the machinery equipment index has increased by 35.02%, ranking fifth among 31 primary industry categories [15]. - The report highlights a significant increase in engineering machinery exports, with a total of $43.855 billion from January to September 2025, marking a year-on-year growth of 13.3% [4][23]. - The report emphasizes the potential growth in quantum computing and controllable nuclear fusion as new economic growth points, supported by top-level policy and funding [4][23]. - Tesla's humanoid robot production plans are seen as a strategic opportunity for the robotics sector, with expectations for significant commercialization by 2026 [4][23]. Summary by Sections Market Review - The SW Machinery Equipment Index increased by 4.71% last week, ranking fourth among 31 primary industry categories [13][15]. - Year-to-date performance shows a 35.02% increase in the SW Machinery Equipment Index, compared to an 18.44% increase in the CSI 300 Index [15]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.8% in September, indicating contraction [22]. - Forklift sales in September reached 130,380 units, a year-on-year increase of 23% [22]. Engineering Machinery - In September, total excavator sales reached 19,858 units, a year-on-year increase of 25.4%, with both domestic and international sales showing strong growth [31]. Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment in railways maintaining a growth rate of around 6% [42]. Shipbuilding - The shipbuilding sector is seeing a slowdown in price declines, with the global new ship price index at 185.58 as of September 2025 [44]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with an increase in global rig counts and expected growth in oil and gas extraction demand [46]. Industrial Gases - A decrease in raw material prices is expected to improve profitability in the steel sector, which may boost demand for industrial gases [50]. Gas Turbines - The gas turbine sector is showing robust growth, with GEV reporting a 39% year-on-year increase in new gas turbine orders in the first three quarters of 2025 [52].

Core Insights - The engineering machinery sector experienced a rise of 1.18% on October 24, with Hengli Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Group 1: Stock Performance - Hengli Hydraulic (601100) closed at 92.93, with a gain of 3.43% and a trading volume of 62,800 shares, amounting to a transaction value of 577 million yuan [1] - Other notable performers included Zhongji United (605305) with a 3.37% increase, Hangcha Group (603298) up by 2.09%, and Shaoyang Hydraulic (301079) rising by 1.56% [1] - Conversely, Southern Road Machinery (603280) saw a decline of 7.50%, while Construction Machinery (600984) fell by 4.52% [2] Group 2: Capital Flow - The engineering machinery sector experienced a net outflow of 390 million yuan from institutional investors, while retail investors saw a net inflow of 478 million yuan [2] - Major stocks with significant capital inflows included Anhui Heli (600761) with a net inflow of 27.51 million yuan and Zhejiang Dingli (603338) with 13.11 million yuan [3] - Conversely, stocks like LiuGong (000528) and Huadong Heavy Machine (002685) experienced mixed capital flows, with LiuGong seeing a net outflow from retail investors [3]

Core Viewpoint - The domestic sales of construction machinery in September 2025 continued to grow, with significant recovery in non-excavator categories, and strong export performance, indicating a positive outlook for the industry driven by equipment upgrades and internationalization [1][2][4]. Group 1: Domestic Sales Performance - In September 2025, excavator sales (including exports) reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units, up 21.5% [1]. - From January to September 2025, excavator sales (including exports) totaled 174,039 units, reflecting an 18.1% year-on-year growth, with domestic sales at 89,877 units, also up 21.5% [1]. - Non-excavator categories showed notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [1]. Group 2: Market Drivers - The ongoing replacement cycle in the construction machinery sector is expected to support future excavator sales, with a projected compound growth rate of around 30% in replacement demand over the next few years [2]. - The export of used construction machinery to developing countries has reduced domestic ownership levels, further supporting new machine sales [2]. Group 3: Government Support and Infrastructure Investment - The government plans to issue 1.3 trillion yuan in long-term special bonds, increasing infrastructure investment, which is expected to boost demand for construction machinery [3]. - The government aims to enhance urban infrastructure, including underground engineering and municipal construction, which will sustain demand for construction machinery [3]. Group 4: Export Performance - In September 2025, excavator exports reached 10,609 units, a year-on-year increase of 29.0%, with total exports from January to September at 84,162 units, up 14.6% [4]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with total export value from January to September at $43.86 billion, up 13.3% [4]. Group 5: Electrification Trends - In September 2025, electric loader sales surged to 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [5]. - From January to September 2025, electric loader sales totaled 21,407 units, up 157.2%, with an electrification rate of 22.8%, an increase of 13.6 percentage points [5][6]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery, with equipment demand projected to reach 120 to 180 billion yuan [7]. - The project will require various types of construction machinery, including large excavators and concrete machinery, further driving industry growth [7]. Group 7: Recommended Companies - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, along with component manufacturers like Hengli Hydraulic [8]. - Companies related to the Yarlung Tsangpo project, such as China Railway Engineering Corporation and others, are also suggested for attention [8].

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - Domestic excavator sales continued to grow in September 2025, with a total of 19,858 units sold, representing a year-on-year increase of 25.4%. Domestic sales reached 9,249 units, up 21.5% year-on-year [3][4] - The report highlights a significant recovery in non-excavator machinery categories, with loader sales increasing by 30.5% year-on-year in September 2025 [3][4] - The government is expected to support infrastructure investment through the issuance of long-term special bonds and local government bonds, which will drive demand for construction machinery [5] - The report notes that the electric loader sales surged by 176.0% year-on-year in September 2025, indicating a strong trend towards electrification in the machinery sector [7][8] - The commencement of the Yarlung Tsangpo River hydropower project is anticipated to further boost demand for construction machinery, with potential equipment needs estimated between 120 billion to 180 billion RMB [9][10] Summary by Sections Sales Performance - In September 2025, excavator sales reached 19,858 units, with domestic sales at 9,249 units, both showing significant year-on-year growth [3][14] - Non-excavator machinery categories also showed strong performance, with loaders up 30.5% and truck cranes up 40.7% in domestic sales [3][14] Market Trends - The report emphasizes the ongoing recovery in domestic demand for construction machinery, driven by equipment replacement cycles and government infrastructure initiatives [4][5] - The electric machinery segment is gaining traction, with electric loader sales increasing significantly, reflecting a shift towards greener technologies [7][8] Export Opportunities - Excavator exports in September 2025 totaled 10,609 units, marking a 29.0% increase year-on-year, with total export value reaching 5.27 billion USD [6][14] - The report identifies opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [6] Investment Recommendations - The report recommends several leading machinery manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a positive outlook for these companies [10][11]

Group 1: Machinery Industry - In September 2025, the total sales of excavators in China increased by 25.4% year-on-year, with domestic sales and exports growing by 21.5% and 29.0% respectively. For the first nine months, total excavator sales rose by 18.1% year-on-year, with domestic sales and exports increasing by 21.5% and 14.6% respectively [2] - In September 2025, the total sales of loaders in China increased by 30.5% year-on-year, with domestic sales and exports growing by 25.6% and 35.3% respectively. For the first nine months, total loader sales rose by 14.6% year-on-year, with domestic sales and exports increasing by 20.7% and 8.3% respectively [2] - The growth in sales for earth-moving machinery is attributed to increased sales efforts by manufacturers, accelerated exports of second-hand equipment, and a low base from the previous year. Future growth in domestic sales is expected to continue due to ongoing demand for equipment updates and contributions from new projects [2] - The overseas market is anticipated to maintain growth driven by demand from emerging markets in Africa and mineral-rich countries like Indonesia and Australia, alongside domestic manufacturers accelerating their international expansion [2] Group 2: Lithium Battery Equipment - In September 2025, the production of power batteries in China increased by 35.4% year-on-year, with a total installed capacity of 76.0 GWh, reflecting a 39.5% year-on-year growth. For the first nine months, the cumulative installed capacity reached 493.9 GWh, up 42.5% year-on-year, while total production grew by 51.4% to 1121.9 GWh [3] - The growth in power battery production is driven by the rapid increase in new energy vehicle sales, which reached approximately 1.604 million units in September 2025, a year-on-year increase of 24.6% [3] - Future growth in the new energy vehicle market is expected to continue, supported by policy incentives and technological advancements, which will also drive demand for lithium battery equipment [3] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.4 percentage points to 49.8% in September 2025, indicating improvements in production, new orders, and new export orders, suggesting a recovery in both supply and demand in the manufacturing sector [4] - The report maintains a "buy" rating for the machinery industry, particularly recommending the engineering machinery sector, which is expected to see sustained growth in performance due to the resonance of domestic and international demand [5] - The lithium battery equipment sector is also highlighted for its potential growth driven by rapid end-user demand and technological advancements leading to equipment upgrades [5]