Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - In April 2025, the total sales of excavators reached 22,142 units, representing a year-on-year growth of 17.6%, with domestic sales increasing by 16.4% and export sales rising by 19.3% [2][3] - The excavator sales from January to April 2025 totaled 83,514 units, showing a year-on-year increase of 21.4%, with domestic sales up by 31.9% and export sales up by 9.0% [2] - The demand for small excavators is driven by agricultural and municipal needs, while domestic demand for large and super-large excavators is expected to gradually increase due to water conservancy projects [3] - The loader sales in April 2025 reached 11,653 units, a year-on-year increase of 19.2%, with domestic sales growing by 35.4% [3] - The electric loader sales in April 2025 were 2,924 units, marking a significant year-on-year growth of 211%, with a penetration rate of 25% [15][16] - The report anticipates a gradual recovery in the domestic machinery industry, driven by improved domestic demand, increased export market share, and the initiation of a replacement cycle [3][4] Summary by Sections Excavator Sales - April 2025 excavator sales totaled 22,142 units, with domestic sales at 12,547 units and export sales at 9,595 units, reflecting year-on-year growth of 16.4% and 19.3% respectively [2][12] - The sales from January to April 2025 reached 83,514 units, with domestic sales at 49,109 units and export sales at 34,405 units, indicating a year-on-year increase of 31.9% for domestic sales [2] Loader Sales - Loader sales in April 2025 were 11,653 units, with domestic sales at 7,191 units and export sales at 4,462 units, showing a year-on-year increase of 35.4% for domestic sales [3] - The total loader sales from January to April 2025 were 42,220 units, with domestic sales at 23,570 units, reflecting a year-on-year growth of 27.8% [3] Market Trends - The report highlights the ongoing globalization of the Chinese construction machinery industry, with an expected increase in overseas market share [3] - Domestic demand is projected to improve due to government initiatives, including the issuance of long-term special bonds and local government special bonds aimed at infrastructure investment [4] - The report suggests that the domestic replacement cycle for excavators is expected to gradually initiate in 2025, following a historical cycle of 8-10 years [4]

Core Viewpoint - Noli Co., Ltd. is advancing the spin-off of its subsidiary, Zhongding Intelligent Technology Co., Ltd., with the submission of an application for an initial public offering (IPO) on the Hong Kong Stock Exchange, marking a significant step towards independent listing [2][5] Group 1: Spin-off Progress - Zhongding Intelligent, a wholly-owned subsidiary of Noli Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange [5] - The spin-off aims to enhance Zhongding Intelligent's financing channels and improve its profitability and core competitiveness [2][5] - Following a stock incentive plan, Noli Co., Ltd.'s ownership in Zhongding Intelligent will decrease from 100% to 99.6% [3] Group 2: Financial Performance - In 2024, Noli Co., Ltd. reported a revenue of 6.979 billion yuan and a net profit of 462 million yuan, with Zhongding Intelligent contributing a net profit of 88.63 million yuan [2][8] - For the same year, Noli Co., Ltd.'s revenue from overseas markets accounted for 61.79% of total revenue [7] - Zhongding Intelligent's revenue has shown steady growth from 1.643 billion yuan in 2022 to 1.798 billion yuan in 2024, with net profit increasing from 70.58 million yuan to 88.63 million yuan during the same period [8] Group 3: Business Structure and Market Position - Noli Co., Ltd. operates primarily in two business segments: intelligent manufacturing equipment and smart logistics systems, with Zhongding Intelligent being a key player in the latter [7] - Zhongding Intelligent ranks fourth in China's smart on-site logistics solutions market and first in the new energy lithium-ion battery sector [8] - The company has a high customer concentration, with 75% of its revenue coming from clients in the new energy sector in 2024 [8]

Group 1 - Zhongding Intelligent (Wuxi) Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor [3] - The company is a provider of intelligent on-site logistics and warehouse automation solutions, ranking fourth in China's intelligent on-site logistics solutions industry in 2024 with a market share of 1.7% [3] - Revenue for the years 2022, 2023, and 2024 is projected to be 1.643 billion, 1.695 billion, and 1.798 billion yuan respectively, with over 95% of revenue coming from intelligent on-site logistics solutions [3] Group 2 - The company is primarily owned by Noli Co., Ltd., which holds 99.6% of the shares, and the chairman, Ding Sheng, is the son of Ding Yi, who holds 28.17% of Noli Co., Ltd. [3] - The board of directors consists of 9 members, including 6 executive directors and 3 independent non-executive directors [5] - Ding Sheng, aged 42, has been the chairman since February 2017 and is responsible for the overall strategic planning of the group [5][8] Group 3 - Yang Tianbiao, aged 62, has held various senior positions in logistics companies and is responsible for the group's technology research and development [6][7] - Chen Lisheng, aged 42, has been with the company since 2021 and has recently been reappointed as the general manager [8]

Group 1 - CATL (宁德时代) has launched its Hong Kong IPO, offering 118 million H-shares at a maximum price of HKD 263 per share, aiming to raise approximately HKD 31 billion [1] - The IPO is expected to enhance CATL's financing channels, given its position as a leading lithium battery manufacturer [1] Group 2 - Zhixing Technology (知行科技) plans to acquire a majority stake in Suzhou Xiaogongjian Robot Co., a national high-tech enterprise specializing in smart integrated joints and customized robotic arms [2] - This acquisition is anticipated to accelerate Zhixing Technology's technological accumulation and business expansion in the robotics sector, potentially creating new growth opportunities [2] Group 3 - Yuefeng Environmental Protection (粤丰环保) has received approval for its privatization proposal, which will allow the company to operate more flexibly without short-term market pressures [3] - The company will suspend share transfer registration starting May 21, 2025, to ensure the determination of eligible shareholder rights [3] Group 4 - Noli Shares (诺力股份) has submitted an IPO application for its subsidiary, Zhongding Intelligent, to be listed on the Hong Kong Stock Exchange [4] - The IPO is subject to various conditions, including approvals from regulatory bodies, and if successful, it could provide new funding and growth opportunities for Noli Shares [4] Group 5 - Mi Rui Group (觅瑞集团) has passed the listing hearing at the Hong Kong Stock Exchange, focusing on RNA technology for disease screening and diagnostic solutions [5] - The company reported revenues of approximately USD 17.76 million, USD 24.19 million, and USD 20.28 million for 2022, 2023, and 2024, respectively, with increasing losses attributed to R&D and market expansion [5] - With the growing demand for precision medicine, Mi Rui Group is positioned to achieve a turnaround in profitability, potentially delivering long-term value to investors [5] Group 6 - The Hang Seng Index closed at 23,549.46, up 2.98% on May 12, 2023, while the Hang Seng Tech Index rose by 5.16% to 5,447.35, and the National Enterprises Index increased by 3.01% to 8,559.23 [6]

今日焦点中国中车：近期签订合计547.4亿元重大合同 中国中车公告称，公司及下属企业于近期（主要为2024年12月至2025年5月）签订了若干项重大合同， 合计金额约547.4亿元人民币。主要合同包括城市轨道车辆、设备销售及维保合同，动车组销售合同， 动车组高级修合同，风电设备销售合同和储能设备销售合同，机车销售合同以及货车修理合同。上述合 同总金额约占公司中国会计准则下2024年营业收入的22.2%。 阳光诺和：拟购买朗研生命100%股权，股票明日复牌 南方财经5月12日电，阳光诺和(688621.SH)公告称，公司拟通过发行股份及可转换公司债券购买资产并 募集配套资金，购买利虔、朗颐投资等38名朗研生命股东持有的朗研生命100%股权。并向不超过35名 特定投资者发行股份募集配套资金。朗研生命专注于高端化学药及原料药的研发、生产和销售，并对外 提供药品生产服务，在高端化学药、原料药等领域深耕多年，已经形成了较为成熟的医药生产体系。公 司股票将于5月13日开市起复牌。 沃尔核材：筹划发行H股股票并申请在香港联交所主板上市 沃尔核材公告称，公司拟发行H股股票并申请在香港联交所主板挂牌上市，以推进国际化战略，提升 ...

Group 1 - Aikolan's controlling shareholder Liu Yi terminated the share transfer agreement for 4 million shares, which represents 5% of the company's total share capital, with no change in control [1] - Wancheng Group announced a cash dividend of 4.00 yuan per 10 shares, totaling 71.9959 million yuan, with the record date on May 19, 2025 [1] - Wanda Film plans to invest in Lezi Tiancheng and engage in strategic cooperation, acquiring a total of 7% equity in the company [2] Group 2 - China Resources Double Crane's subsidiaries received approval for two drugs, indicating progress in their product pipeline [3] - Fosun Pharma's subsidiary's drug was included in the breakthrough therapy program, highlighting its innovative potential [4] - Zhongheng Group's subsidiary received approval for naloxone injection, enhancing its product offerings [5] Group 3 - Shenzhen Airport reported a passenger throughput of 5.3202 million in April, a year-on-year increase of 23.50% [8] - Hangzhou Bank successfully issued 5 billion yuan in technology innovation bonds, aimed at supporting tech innovation [10] - Jiuzhou Pharmaceutical received approval for a raw material drug used in treating severe depression, expanding its product range [12] Group 4 - Aihua Group reported a 25.38% decline in revenue for the first four months of the year, indicating potential challenges [27] - Changhua Group received a project designation notice from a well-known new energy vehicle company, with an expected total sales amount of approximately 108 million yuan [28] - Nanchao Food reported a slight revenue decrease of 0.98% in April, reflecting market conditions [30]

关于控股子公司中鼎智能向香港联交所递交境外首 次公开发行股份并上市申请的公告 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。 证券代码:603611 证券简称:诺力股份 公告编号:2025-034 诺力智能装备股份有限公司 诺力智能装备股份有限公司董事会 2025年5月12日 本次发行上市尚需满足多项条件（包括但不限于取得中国证监会的备案、 香港联交所及其他有关监管机构的批准），并需综合考虑市场情况以及其他因素 方可实施，尚存在一定不确定性。公司将根据相关事项进展情况，严格按照法 律法规的规定与要求，及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 诺力智能装备股份有限公司（以下简称"诺力股份"、"公司"或"上市公 司"）拟分拆所属子公司中鼎智能（无锡）科技股份有限公司（以下简称"中鼎 智能"）至香港联合交易所有限公司（以下简称"香港联交所"）主板上市。具 体内容详见公司在《证券时报》《中国证券报》《上海证券报》及上海证券交易 所网站（www.sse.com.cn）披露的相关公告。 中鼎智能于 2025 ...

Core Viewpoint - The company, Noli Intelligent Equipment Co., Ltd., is preparing for its 2024 Annual General Meeting, focusing on its operational performance, financial results, and future strategies in the context of a complex global economic environment. Group 1: Meeting Details - The Annual General Meeting will be held on May 19, 2025, at the company's office in Changxing County, Zhejiang Province [1] - Voting will occur through a trading system from 9:15 AM to 3:00 PM on the day of the meeting [1] - The meeting will be presided over by the chairman or a designated director [1] Group 2: Financial Performance - As of the end of the reporting period, the company reported total assets of 88.25 billion RMB, a decrease of 3.00% from the beginning of the year [6] - The net profit attributable to shareholders was 4.62 billion RMB, an increase of 0.91% year-on-year [6] - Operating revenue reached 69.79 billion RMB, reflecting a year-on-year increase of 0.23% [6] Group 3: Business Development and Strategy - The company emphasizes "full-domain innovation" and aims to deepen its focus on product research and development, supply chain cost reduction, and production line upgrades [7] - The intelligent manufacturing equipment segment has shown stable growth, with a strong demand for electric forklifts in both domestic and international markets [7] - The company launched over 30 new products in 2024, enhancing its product line and focusing on electric and intelligent solutions [7] Group 4: Industry Trends - The global automated logistics and warehousing market is experiencing rapid growth, driven by the need for smart factories and automated systems [17] - National policies are increasingly supporting smart manufacturing and logistics, creating favorable conditions for industry growth [19] - The forklift industry is transitioning towards electric and intelligent solutions, with significant market opportunities arising from government policies promoting the replacement of old diesel vehicles [21] Group 5: Future Outlook - The company plans to accelerate its global expansion, particularly in the electric forklift sector, and enhance its competitive edge through product innovation [26] - Continued investment in digital transformation and technology development is a priority to maintain market leadership [26] - The company aims to optimize resource allocation and improve brand culture to achieve long-term growth [26]

诺力股份 2024 年年度股东大会会议资料 诺力股份 2024 年年度股东大会会议资料 诺力智能装备股份有限公司 2024 年年度股东大会议程 一、会议召开时间： 1、现场会议时间：2025年5月19日（星期一）14:00。 证券代码：603611 证券简称：诺力股份 诺力智能装备股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月十九日 1 浙江省长兴县太湖街道长州路528号公司办公楼201会议室。 三、会议主持人： 根据《公司章程》由董事长丁毅先生或（在董事长不能主持时）由半数以上 董事推选的董事。 四、会议议程： （一）会前和会议开始阶段 （二）宣读会议相关议案阶段 1、审议《关于 2024 年度董事会工作报告的议案》 2 2、投票方式：现场投票与网络投票相结合 3、网络投票时间：公司此次股东大会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。 二、现场会议召开地点： 1、参加现场会议的股东及股东代理人 ...

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。 诺力智能装备股份有限公司关于 公司董事和高级管理人员、董事会秘书辞职的公告 证券代码：603611 证券简称：诺力股份 公告编号：2025-031 诺力智能装备股份有限公司（以下简称"公司"或"诺力股份"）董事会近 日收到公司董事陈黎升先生及副总经理、董事会秘书戴文斌先生提交的书面辞职 报告，陈黎升先生因工作原因申请辞去公司董事职务，戴文斌先生因工作原因申 请辞去公司副总经理、董事会秘书职务。辞职后陈黎升先生将继续担任中鼎智能 （无锡）科技股份有限公司（以下简称："中鼎智能"）的董事、总经理职务。 戴文斌先生也会参与中鼎智能的经营管理相关工作。截至本公告披露日，陈黎升 先生持有公司股票 336,000 股，陈黎升先生将继续遵守《上海证券交易所股票上 市规则》《上市公司股东减持股份管理暂行办法》《上海证券交易所上市公司自 律监管指引第 15 号——股东及董事、高级管理人员减持股份》等相关规定，陈 黎升先生不存在应当履行而未履行的承诺事项。戴文斌先生未持有公司股票，不 存在应 ...