证券代码：605305 证券简称：中际联合 公告编号：2025-065 中际联合（北京）科技股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 （一） 担保的基本情况 为满足子公司生产经营及业务发展的需要，中际联合（北京）科技股份有限 公司（以下简称"中际联合"或"公司"）全资子公司中际联合（北京）装备制 1 造有限公司（以下简称"中际装备"）向招商银行股份有限公司北京分行（以下 简称"招商银行"）申请综合授信人民币 2,000.00 万元，授信期限为 1 年，公 司为上述授信提供担保，担保金额为最高额度人民币 2,000.00 万元，担保方式 为连带责任保证。本次担保主要用于申请银行承兑汇票、非融资性保函、贷款、 衍生产品交易、信用证、委托开证、商业承兑汇票等业务，具体业务品种及金额 最终以银行批复为准。本次公司为中际装备提供担保不收取子公司任何担保费用， 也不需要提供反担保，担保风险可控，本次担保有助于满足中际装备经营发展的 需要。上述事项具体内容详见公司于 ...

Core Insights - The company, Zhongji United (605305.SH), reported a new order amount for the period from January to August 2025, indicating a growth of less than 30% compared to the same period last year [1] Company Summary - Zhongji United's new order amount for the first eight months of 2025 shows a growth rate of approximately less than 30% year-on-year [1]

Core Viewpoint - Zhongji United (Beijing) Technology Co., Ltd. has provided a guarantee for its wholly-owned subsidiary, Zhongji United (Beijing) Equipment Manufacturing Co., Ltd., to support its business operations through a credit facility from China Merchants Bank [1] Group 1 - Zhongji Equipment has applied for a comprehensive credit facility of 20 million yuan from China Merchants Bank, with a term of one year [1] - The company has signed a "Maximum Unrevocable Guarantee Letter" and provided joint liability guarantees [1] - As of the announcement date, the actual guarantee balance provided by the company is 9.3055 million yuan, with total external guarantees amounting to 26 million yuan, which accounts for 10.05% of the audited net assets for the fiscal year 2024 [1] Group 2 - There are no overdue guarantees reported, indicating a stable financial position [1] - The guarantee is intended for various business operations, and the associated risks are considered controllable, which is beneficial for the subsidiary's operational development [1]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Views - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, with a projected average annual installation of over 20GW during the 14th Five-Year Plan period, surpassing the previous plan's levels. The onshore wind sector is anticipated to reach a historical high of 100GW in installations in 2025, with component manufacturers experiencing growth in both volume and price [4][5] - The report suggests focusing on three main areas: 1) Leading companies in export layouts such as pile foundations and submarine cables; 2) Domestic manufacturers with bottoming profits and accelerating exports; 3) Component manufacturers benefiting from simultaneous volume and profit growth opportunities in 2025 [5] Summary by Sections Industry News - The wind power sector has generally risen in the past two weeks, with the top three performing segments being bearings (+14.9%), complete machines (+12.5%), and blades (+11.7%). The top three individual stocks were Jinlei Co. (+20.1%), Wuzhou Xinchun (+19.4%), and Yunda Co. (+17.6%) [3] Market Performance - As of mid-September 2025, the cumulative public bidding capacity for wind turbines in China is 68.6GW, with a 13% decrease year-on-year. The average winning bid price for onshore wind turbines (excluding towers) is 1,533 CNY/kW [7][8] - In 2024, the total public bidding capacity for wind turbines is projected to be 107.4GW, a 61% increase year-on-year, with onshore wind turbines accounting for 99.1GW of this total [7][8] Installation Data - In 2024, the total new wind power installation capacity is expected to be 79.8GW, with onshore wind contributing 75.8GW and offshore wind 4.0GW. The report forecasts new installations of 130GW from 2025 to 2027 [8][39] Investment Recommendations - The report recommends focusing on companies such as Goldwind Technology, Oriental Cable, and others that are positioned well for growth in the wind power sector [5]

Market Overview - On September 18, the engineering machinery sector declined by 1.28%, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers included: - Fushite (301446) with a closing price of 33.98, up 19.99% [1] - Zhongji United (605305) at 41.79, up 9.20% [1] - Changling Hydraulic (605389) at 57.02, up 6.84% [1] - Significant losers included: - Wantong Hydraulic (830839) at 43.42, down 5.42% [2] - Hangcha Group (603298) at 27.80, down 3.64% [2] - Anhui Heli (600761) at 21.59, down 3.18% [2] Capital Flow - The engineering machinery sector experienced a net outflow of 325 million yuan from main funds, while retail investors saw a net inflow of 393 million yuan [2][3] - Main fund inflows were led by Zhongji United (605305) with 84.05 million yuan, while Wantong Hydraulic (830839) saw a net outflow of 81.98 million yuan [3]

证券代码：605305 证券简称：中际联合 公告编号：2025-064 1 近日，公司已在北京市通州区市场监督管理局办理完成《公司章程》工商 备案工作。 特此公告。 中际联合（北京）科技股份有限公司 董事会 2025 年 9 月 18 日 中际联合（北京）科技股份有限公司 关于完成《公司章程》工商备案的公告 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。 中际联合（北京）科技股份有限公司（以下简称"公司"）于2025年8月21 日召开第四届董事会第十四次会议，审议通过了《关于取消监事会、修改公司 英文名称并修订<公司章程>的议案》，并授权公司董事长或董事长书面指定的 授权代理人具体办理与《公司章程》有关的工商备案等工作；该议案经公司 2025年9月8日召开的2025年第一次临时股东会审议通过。具体内容详见公司在 上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露的《中际联 合（北京）科技股份有限公司关于修订<公司章程>及修订、制定部分治理制度 的公告》（公告编号：2025-056）《中际联合（北京）科技股 ...

Core Viewpoint - Zhongji United (sh605305) experienced a limit-up on September 18, 2025, with a price of 42.1 yuan, a rise of 9.72%, and a total market capitalization of 8.924 billion yuan, indicating strong investor interest driven by performance growth, cash dividends, and business expansion [1][2]. Group 1: Financial Performance - Zhongji United reported a net profit growth of 78%-113% year-on-year for the first half of 2025, with a non-recurring net profit increase of 86%-127%, reflecting a significant improvement in operational performance and profitability [2]. - The company declared a cash dividend of 0.37 yuan per share (before tax), totaling 78.63 million yuan, which has attracted investor attention and boosted market confidence [2]. Group 2: Business Development - The company focuses on the research, production, and sales of specialized high-altitude safety operation equipment, including wind turbine tower elevators, anti-climbing devices, and fall protection systems, aligning with the rapid growth in the renewable energy sector, particularly in wind power [2]. - Zhongji United maintained R&D expenses of 35.93 million yuan in the first half of 2025, ensuring technological competitiveness and enhancing solutions based on customer needs, leading to a continuous increase in order volume [2]. Group 3: Market Dynamics - Although specific capital flow data for the day was not obtained, the company's strong performance is likely to attract capital inflow. The technical pattern suggests that if the stock price was stable or on an upward trend before the limit-up, this could be a result of both technical and fundamental resonance [2]. - Related stocks in the same industry may also benefit from the sector's development, creating a board linkage effect [2].

Core Viewpoint - Zhongji United has shown significant growth in revenue and net profit, indicating strong business performance and potential for future investment opportunities [2]. Financial Performance - For the first half of 2025, Zhongji United achieved operating revenue of 818 million yuan, representing a year-on-year increase of 43.52% [2]. - The net profit attributable to shareholders for the same period was 262 million yuan, reflecting a year-on-year growth of 86.61% [2]. Shareholder Information - As of September 10, the number of shareholders for Zhongji United reached 22,700, an increase of 5.04% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 4.80% to 9,355 shares [2]. Financing and Margin Trading - On September 17, Zhongji United's financing buy-in amounted to 31.73 million yuan, with a net buy of 20,400 yuan [1]. - The total margin trading balance reached 336 million yuan, accounting for 4.13% of the circulating market value, which is above the 90th percentile of the past year [1]. - The margin balance for short selling was 3,827 yuan, with a remaining quantity of 100 shares, indicating a high level of short selling activity [1]. Dividend Distribution - Since its A-share listing, Zhongji United has distributed a total of 409 million yuan in dividends, with 284 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include Baodao Huitai Preferred Mixed A, which is the fifth largest shareholder with 3.7661 million shares, and Hong Kong Central Clearing Limited, the seventh largest with 3.1668 million shares, both being new shareholders [3].

Summary of Zhongji United Conference Call Company Overview - Zhongji United is a leading enterprise in high-altitude safety operation equipment, primarily serving the wind power, industrial, and construction sectors [3][4]. Revenue Distribution - The company's revenue is evenly split between domestic and overseas markets, with overseas gross margins approximately 10% higher than domestic [2][4]. - Domestic new installations contribute about 60% of revenue, while stock renovations account for 40% [2][4]. - The U.S. is the main overseas market, contributing 60% of overseas revenue, equivalent to 30% of total revenue [2][4]. - Europe contributes 20% of overseas revenue, or 10% of total revenue, with the remaining 20% from other regions including Africa and Latin America [2][4]. Financial Performance - Over the past decade, Zhongji United has achieved a compound annual growth rate (CAGR) of 28% in revenue and 26% in net profit attributable to shareholders [2][5]. - Average Return on Equity (ROE) is close to 20%, with a historical ROE of 11% since listing [5]. - The gross margin is expected to stabilize around 52%, net margin at 25%, and ROE at 18% from 2014 to 2024 [2][5]. Market Growth and Opportunities - Domestic wind power installations are projected to maintain a double-digit growth rate of around 16% from 2025 to 2027, with onshore wind growth at 11% and offshore wind growth exceeding 60% [2][10]. - There is significant potential for stock renovations, with approximately 50,000 wind turbines relying on manual climbing, indicating a large market for retrofitting with new equipment [9][10]. - The U.S. market for retrofitting existing wind turbines is estimated to be worth $3.5 to $4 billion over the next 3-5 years, with Zhongji United holding patent protection for its climbing-free products [9]. Competitive Advantages - Zhongji United operates in a niche industry with limited competition, as products require customization and involve high added value due to safety considerations [7]. - The company has a 30% market share in global new markets and 70% in the domestic market, indicating substantial growth potential overseas [12]. - The company is expanding into industrial, emergency rescue, and power grid sectors, aiming for $500 million to $1 billion in revenue from these areas over the next 3-5 years [4][13]. Recent Performance and Future Outlook - From January to August this year, new domestic orders increased by over 50%, and shipment volumes grew by 20-30% year-on-year [8]. - The company anticipates net profits of 500 million, 620 million, and 740 million yuan for 2025, 2026, and 2027, respectively, with a CAGR of 21% [4][18]. - Current valuation is considered low, with a projected price-to-earnings ratio of 16 times for 2025, 13 times for 2026, and 11 times for 2027, indicating high investment value [18]. Impact of External Factors - The U.S. tariff increases are not expected to adversely affect the company due to its ability to adjust pricing, local operations, and strong market demand [16]. - The company has prepared for potential disruptions by maintaining a one-year inventory, minimizing the impact on current profits [16]. Conclusion - Zhongji United is well-positioned for growth in both domestic and international markets, with strong financial performance, competitive advantages, and a clear strategy for expansion into new sectors and markets [2][4][18].

Market Performance - The engineering machinery sector increased by 2.81% on September 17, with Wantong Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Wantong Hydraulic (code: 830839) closed at 45.91, up 12.41% with a trading volume of 50,300 shares and a turnover of 221 million yuan [1] - Changling Hydraulic (code: 605389) closed at 53.37, up 10.00% with a trading volume of 27,100 shares [1] - Hangcha Group (code: 603298) closed at 28.85, up 8.09% with a trading volume of 180,100 shares and a turnover of 506 million yuan [1] - Zhonglian Heavy Industry (code: 000157) closed at 7.71, up 4.76% with a trading volume of 2,696,700 shares and a turnover of 2.043 billion yuan [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 197 million yuan from institutional investors, while retail investors experienced a net outflow of 75.92 million yuan [2] - The main stocks with significant net inflows included Zhonglian Heavy Industry with 202 million yuan and Zhejiang Dingli with 89.57 million yuan [3] Summary of Stock Movements - The overall performance of the engineering machinery sector indicates a positive trend, with several key players showing substantial gains in both stock price and trading volume [1][2] - The capital flow data suggests a strong interest from institutional investors, contrasting with the outflows from retail investors, indicating a potential shift in market sentiment [2][3]