[Performance Forecast Summary](index=1&type=section&id=Performance%20Forecast%20Summary) This section provides a high-level overview of the company's expected significant profit growth for the first half of 2025 [Key Highlights](index=1&type=section&id=Key%20Highlights) Lutian Machinery expects significant profit growth in H1 2025, with net profit attributable to shareholders projected to increase by 50-70% and non-recurring net profit by 40-60% Estimated Performance Indicators | Indicator | Estimated Amount (CNY 10,000) | Year-over-Year Growth | | :--- | :--- | :--- | | Net Profit Attributable to Parent | 12,819.89 - 14,529.20 | 50.00% - 70.00% | | Net Profit Attributable to Parent (Excl. Non-recurring Items) | 12,796.53 - 14,624.61 | 40.00% - 60.00% | [Details of Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20Situation) This section details the company's performance forecast for the first half of 2025, including specific financial ranges and growth rates [Performance Forecast Period and Specific Data](index=1&type=section&id=(I)%20Performance%20Forecast%20Period%20and%20Situation) This performance forecast covers H1 2025, detailing estimated ranges, absolute increases, and year-over-year growth rates for net profit attributable to parent and non-recurring net profit, noting it is unaudited - The performance forecast period is from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) Estimated Financial Performance | Item | Estimated Amount (CNY 10,000) | Estimated YoY Increase (CNY 10,000) | Estimated YoY Growth Rate | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent | 12,819.89 - 14,529.20 | 4,273.30 - 5,982.61 | 50.00% - 70.00% | | Net Profit Attributable to Parent (Excl. Non-recurring Items) | 12,796.53 - 14,624.61 | 3,656.15 - 5,484.23 | 40.00% - 60.00% | - This performance forecast has not been audited by an accounting firm[6](index=6&type=chunk) [Review of Prior Period Performance](index=2&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) This section reviews the company's operating performance and financial status for the same period in the prior year, providing a comparative baseline [2024 Half-Year Performance](index=2&type=section&id=2024%20Half-Year%20Performance) The company achieved a net profit attributable to parent of **CNY 85.47 million** in H1 2024, serving as the baseline for the current period's year-over-year growth forecast 2024 Half-Year Key Indicators | Indicator (H1 2024) | Amount | | :--- | :--- | | Total Profit | CNY 9,449.62 ten thousand | | Net Profit Attributable to Parent | CNY 8,546.59 ten thousand | | Net Profit Attributable to Parent (Excl. Non-recurring Items) | CNY 9,140.38 ten thousand | | Earnings Per Share | CNY 0.50 | [Drivers of Performance Growth](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Increase) This section analyzes the key factors contributing to the anticipated increase in the company's performance, including strategic initiatives and market achievements [Analysis of Performance Increase Reasons](index=2&type=section&id=Analysis%20of%20Performance%20Increase%20Reasons) Performance growth is primarily driven by the company's focus on core businesses, increased R&D, and enhanced products, leading to successful customer expansion, significant order backlog, and steady revenue and profit growth, supported by ongoing globalization - Core business driven: The company focuses on the development of core businesses including general power machinery products, high-pressure washers, and energy storage products[8](index=8&type=chunk) - Operating strategy effectiveness: Increased R&D, improved quality, and expanded customer base have led to a significant increase in the company's order backlog and steady growth in revenue and profit[8](index=8&type=chunk) - Long-term strategy: The company will adhere to a three-pronged strategy of 'technological autonomy, global branding, and localized operations' to advance its global presence and build a world-class brand[8](index=8&type=chunk) [Risk Warning and Other Explanations](index=2&type=section&id=IV.%20Risk%20Warning) This section outlines the inherent risks and uncertainties associated with the preliminary performance forecast, emphasizing the importance of the final audited report [Risks and Uncertainties](index=2&type=section&id=Risks%20and%20Uncertainties) The company clarifies that this performance forecast is a preliminary, unaudited estimate by the finance department, and final figures will be based on the officially disclosed semi-annual report, urging investors to be aware of investment risks - The data in this performance forecast is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[9](index=9&type=chunk) - The company states there are no significant uncertainties affecting the accuracy of this performance forecast[9](index=9&type=chunk) - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, and investors are advised to be aware of investment risks[10](index=10&type=chunk)

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent trade agreement between the US and Vietnam, which imposes a 20% tariff on Vietnamese goods and a 40% tariff on goods transshipped through Vietnam, is expected to improve export chain sentiment [12][6] - The manufacturing PMI in China showed a slight recovery in June 2025, indicating improved new orders and production indices, which may contribute to a positive outlook for the industry [12][24] Company Summaries 1) Jiao Cheng Ultrasonic - The company focuses on ultrasonic equipment and solutions, achieving a revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%. The net profit attributable to shareholders reached 23.63 million yuan, up 2152.47% [3][13] - The business recovery in the new energy sector, particularly in lithium battery expansion, is expected to bring performance elasticity [13] 2) Zhenghe Industrial - Engaged in the research, manufacturing, and sales of various chain transmission systems, the company reported a revenue of 395 million yuan in Q1 2025, a 6.32% year-on-year increase, with a net profit of 53.84 million yuan, up 100.09% [4][14] - The company is developing a micro-chain system project, focusing on robotic dexterous hand transmission technology, which may benefit from the mass production of humanoid robots [14] 3) Lvtian Machinery - The main products include general power machinery and high-pressure cleaning machines, with energy storage products entering mass production. Revenue growth rates for Q3 2024, Q4 2024, and Q1 2025 are projected at 47.9%, 72.5%, and 50.1%, respectively [5][15] - The company is expected to experience a performance turning point, indicating a positive outlook for valuation recovery [15] Industry Overview - The mechanical index (CITIC) increased by 0.41% last week, while the overall market indices also showed positive growth [16][19] - The manufacturing sector's fixed asset investment in China grew by 8.5% year-on-year from January to May 2025, indicating a recovery trend [24]

绿田机械股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.60元（含税） 证券代码：605259 证券简称：绿田机械 公告编号：2025-016 本次利润分配以方案实施前的公司总股本172,480,000股为基数，向全体股东每股派发现 金红利0.60元（含税），共计派发现金红利103,488,000.00元（含税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/10 | － | 2025/7/11 | 2025/7/11 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][8]. Core Insights - The company, Lvtian Machinery, reported a revenue of 2.249 billion yuan in 2024, reflecting a year-on-year growth of 38.29%. The net profit attributable to shareholders was 186 million yuan, with a growth of 3.44% [5][6]. - In Q1 2025, the company achieved a revenue of 639 million yuan, a significant increase of 50.11%, and a net profit of 57 million yuan, up by 56.34% [5][6]. - The company is experiencing robust growth in its general machinery and high-pressure cleaning machine segments, with respective revenue increases of 14.20% and 70.07% in 2024 [6]. Company Overview - The latest closing price of the company's stock is 19.26 yuan, with a total market capitalization of 3.3 billion yuan [4]. - The company has a total share capital of 172 million shares, with a debt-to-asset ratio of 38.0% and a price-to-earnings ratio of 17.83 [4]. Financial Performance - The company is expected to see revenues of 2.795 billion yuan, 3.463 billion yuan, and 4.266 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.24%, 23.91%, and 23.21% [8][10]. - The net profit attributable to shareholders is projected to be 251 million yuan, 322 million yuan, and 412 million yuan for the same years, with growth rates of 34.63%, 28.41%, and 28.16% [8][10]. Product Development and Strategy - The company is expanding its production capacity for general machinery, with a new project expected to complete its main construction in the second half of 2025, which will enhance its product variety and market competitiveness [7]. - Lvtian Machinery is focusing on developing high-value-added new products and aims to implement a global strategy for its proprietary brand, enhancing its resilience and market presence [7].

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [2][8]. Core Insights - The company, Lvtian Machinery, reported a revenue of 2.249 billion yuan for 2024, reflecting a year-on-year growth of 38.29%. The net profit attributable to shareholders was 186 million yuan, with a growth of 3.44% [5][6]. - In Q1 2025, the company achieved a revenue of 639 million yuan, a significant increase of 50.11%, and a net profit of 57 million yuan, up by 56.34% [5][6]. - The company's product segments showed robust growth, particularly in high-pressure cleaning machines, which saw a revenue increase of 70.07% in 2024 [6]. Financial Performance - The company’s gross margin decreased by 3.96 percentage points to 18.05% in 2024, with specific declines in the gross margin of general power machinery and high-pressure cleaning products [6]. - The company is expected to see revenues of 2.795 billion yuan, 3.463 billion yuan, and 4.266 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.24%, 23.91%, and 23.21% [8][10]. Production Capacity and Strategy - The company is expanding its production capacity for general power machinery, with a new project expected to complete its main construction in the second half of 2025, which will enhance its competitiveness in the global market [7]. - Lvtian Machinery is focusing on developing high-value-added new products and a global brand strategy, aiming to enhance its product performance while reducing manufacturing costs [7]. Earnings Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 251 million yuan, 322 million yuan, and 412 million yuan, respectively, with corresponding PE ratios of 13.26, 10.33, and 8.06 [8][10].

Core Insights - The high-pressure cleaning machine market in China is experiencing steady growth, with the market size projected to increase from 1.937 billion yuan in 2018 to 3.02 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 7.68% [1][13] - The demand for high-pressure cleaning machines is diversifying due to rising living standards and changing consumer perceptions, which will further expand the market [1][13] - The industry is characterized by a complete supply chain, including upstream raw material supply, midstream manufacturing, and downstream applications across various sectors [7] Industry Overview - High-pressure cleaning machines utilize a power-driven high-pressure pump to generate high-pressure water for cleaning surfaces, making them an efficient and environmentally friendly cleaning solution [3] - The machines can be categorized based on the driving engine (electric, gasoline, diesel), usage (household, commercial, industrial), and water temperature (cold, hot, or both) [3] Industry Development History - The Chinese high-pressure cleaning machine industry has evolved through four stages: initial imitation of imported equipment, expansion with domestic innovation, technological upgrades, and a focus on high-quality development driven by carbon neutrality goals [5] Industry Chain - The industry chain includes upstream raw materials (plastics, steel, aluminum alloys), midstream manufacturing, and downstream applications in household, automotive, construction, food processing, and municipal sectors [7] Market Trends - The global high-pressure cleaning machine market is projected to reach approximately 3.195 billion yuan by 2024, driven by industrialization and urbanization [12] - The application of high-pressure cleaning machines is expanding into various sectors, including vehicle washing, building maintenance, and municipal cleaning, due to their efficiency and environmental benefits [24] Competitive Landscape - The industry is fragmented, with domestic manufacturers transitioning from OEM to ODM and OBM models, enhancing their competitive edge [16][18] - Key players include Greenfield Machinery, Zhejiang Danong, and others, with Greenfield's revenue from high-pressure cleaning machines expected to reach 1.085 billion yuan in 2024, a 70.06% increase [19][21] Future Development Trends - The industry is expected to see continued technological innovation, with a focus on high-performance materials and smart manufacturing processes [23] - The trend towards specialization, diversification, integration, and intelligence in high-pressure cleaning machines will cater to specific market needs and enhance user experience [25]

Core Viewpoint - The legal opinion letter from Grandall Law Firm confirms that the procedures for the 2024 annual shareholders' meeting of Lvtian Machinery Co., Ltd. were conducted in accordance with relevant laws and regulations, ensuring the legitimacy and validity of the meeting and its resolutions [1][12]. Group 1: Meeting Procedures - The shareholders' meeting was convened following the proper procedures as outlined in the Company Law, Securities Law, and other relevant regulations [3][12]. - The meeting notification included all necessary details such as time, location, and voting methods, which were verified to be compliant with legal requirements [4][5]. Group 2: Attendance and Voting - A total of 62 shareholders and their proxies attended the meeting, representing 102,433,228 shares, which is 59.3884% of the total shares [6]. - The voting process combined both on-site and online methods, with specific timeframes and procedures clearly communicated in the meeting notification [5][7]. Group 3: Resolutions and Voting Results - All resolutions presented at the shareholders' meeting were approved, with voting results indicating a strong majority in favor [10][12]. - The voting results showed that for the resolutions, the majority of votes were in favor, with specific percentages of approval and abstentions documented [8][9].

证券代码：605259 证券简称：绿田机械 公告编号：2025-015 绿田机械股份有限公司 2024年年度股东大会决议公告 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 16 日 (二)股东大会召开的地点：浙江省台州市路桥区横街镇新兴路 299 号公司一楼会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 62 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 102,433,228 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 59.3884 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事长罗昌国先生主持，会议采用现场投票与网络投票相结 合的方式进行表决。会议召集、召开程序及表决方式符合《公司法》及《公司章 程》的规定。 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 ...

国浩律师（杭州）事务所 关于 绿田机械股份有限公司 2024 年年度股东大会 法律意见书 国浩律师（杭州）事务所 关 于 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 绿田机械股份有限公司 2024 年年度股东大会 法律意见书 致：绿田机械股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受绿田机械股份有限公司 （以下简称"公司""绿田机械"）的委托，指派律师出席公司 2024 年年度股 东大会（以下简称"本次股东大会"），并依据《中华人民共和 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is a leading player in the high-pressure cleaning machine sector, experiencing accelerated growth, while its general machinery business shows steady growth [2] - The company's revenue and profit for 2024 and Q1 2025 exceeded expectations, driven by increased orders in general power machinery and high-pressure cleaning machines [5][6] - The company is expanding its production capacity and entering the energy storage sector, which is expected to become a new growth point [5][6] Financial Performance Summary 1) Revenue & Profit: - 2024 full year revenue reached 2.25 billion, a year-on-year increase of 38.3%, with net profit attributable to shareholders at 190 million, a year-on-year increase of 3.4% [5] - Q4 2024 revenue was 680 million, a year-on-year increase of 72.5%, with net profit of 50 million, a year-on-year increase of 55.9% [5] - Q1 2025 revenue was 640 million, a year-on-year increase of 50.1%, with net profit of 60 million, a year-on-year increase of 56.3% [5] 2) Profitability: - The gross margin for 2024 was 18.1%, down 4.0 percentage points year-on-year, while the net profit margin was 8.3%, down 2.8 percentage points [5] - In Q1 2025, the gross margin improved to 20.0%, up 0.9 percentage points year-on-year, with a net profit margin of 9.0%, up 0.4 percentage points [5] 3) Expense Structure: - The total expense ratio for 2024 was 7.4%, down 0.2 percentage points year-on-year, with R&D expenses increasing due to investments in energy storage product development [5] - In Q1 2025, the total expense ratio was 7.7%, up 0.9 percentage points, primarily due to an increase in financial expenses [5] Business Segmentation - High-pressure cleaning machine business generated 1.09 billion in revenue in 2024, a year-on-year increase of 70.1%, with a gross margin of 20.6% [5] - General machinery revenue was 1 billion in 2024, a year-on-year increase of 14.2%, with a gross margin of 13% [5] - The energy storage segment generated 10 million in revenue in 2024, with a gross margin of 19.2% [5] Earnings Forecast and Valuation - The company is expected to achieve revenues of 2.87 billion, 3.76 billion, and 4.96 billion in 2025, 2026, and 2027, respectively, with corresponding net profits of 247 million, 331 million, and 455 million [6] - The current market valuation corresponds to a PE ratio of 12.4 for 2025, indicating that the company is undervalued compared to industry averages [6]