Core Viewpoint - The controlling shareholder and actual controller of Zhongji United (605305), Liu Zhixin, plans to reduce his holdings by no more than 4.2504 million shares through block trading, which represents 2% of the company's total share capital [1] Summary by Relevant Categories - **Shareholder Actions** - Liu Zhixin intends to decrease his stake in the company by up to 4.2504 million shares [1] - This reduction accounts for 2% of Zhongji United's total share capital [1]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 28.95 CNY, compared to the current stock price of 26.08 CNY [5]. Core Insights - The company reported a total revenue of 317 million CNY in Q1 2025, representing a year-on-year increase of 31.71%, and a net profit of 99 million CNY, up 68.78% year-on-year, marking a record high for a single quarter [1]. - The company has seen strong order growth, with new orders increasing approximately 50% year-on-year in Q1 2025, contributing to a robust revenue outlook [1][2]. - The company's gross margin and net margin improved to 48.64% and 31.1%, respectively, driven by a higher proportion of high-value products and effective cost control measures [2]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a total revenue of 317 million CNY, a 31.71% increase year-on-year, and a net profit of 99 million CNY, reflecting a 68.78% growth [1]. - The gross margin was reported at 48.64%, up 3.93 percentage points year-on-year, while the net margin increased by 6.83 percentage points to 31.1% [2]. Order and Revenue Growth - The company signed new orders that grew approximately 35% year-on-year in 2024 and 50% year-on-year in Q1 2025, indicating strong demand for its products [1]. - Export revenue accounted for 55% of total revenue, highlighting the company's successful international expansion [1]. Market Outlook - The domestic wind power market is expected to see significant growth, with installed capacity projected to reach 105-115 GW in 2025, representing a growth rate of 22.8% to 34.5% [3]. - The company is well-positioned to benefit from both domestic and international market trends, particularly in the wind power sector [3]. Profitability and Cost Control - The company's effective cost control measures have led to a decrease in total expense ratios, contributing to improved profitability [2]. - The company is expected to maintain strong revenue growth, with projected revenues of 1.61 billion CNY, 1.87 billion CNY, and 2.15 billion CNY for 2025, 2026, and 2027, respectively [8].

中际联合（北京）科技股份有限公司（以下简称"公司"）于 2025 年 2 月 17 日召开第四届董事会第十一次会议，审议通过《关于对外投资设立二级子公司 的议案》，同意公司通过全资子公司 FICONT INDUSTRY (HONGKONG) LIMITED（中 文名：中际联合（香港）科技有限公司）以自有资金在阿拉伯联合酋长国迪拜设 立全资二级子公司，投资总额 100 万美元（约人民币 731 万元）。具体内容详见 公司于 2025 年 2 月 18 日在上海证券交易所网站（www.sse.com.cn）披露的《中 际联合（北京）科技股份有限公司关于对外投资设立二级子公司的公告》（公告 编号：2025-006）。 证券代码：605305 证券简称：中际联合 公告编号：2025-036 中际联合（北京）科技股份有限公司 关于对外投资设立二级子公司完成注册登记的公告 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。 一、对外投资概述 二、对外投资的进展情况 近日，公司已完成阿拉伯联合酋长国迪拜二级子公司的注册登记，并取得了 当地相关行 ...

证券代码：605305 证券简称：中际联合 公告编号：2025-035 2025 年 4 月 1 日，公司子公司中际联合（北京）装备制造有限公司向兴业 银行股份有限公司北京通州北苑支行购买了兴业银行企业金融人民币结构性存 款产品 6,500.00 万元。具体详见公司于 2025 年 4 月 3 日在上海证券交易所网站 （www.sse.com.cn）披露的《中际联合（北京）科技股份有限公司关于使用闲置 募集资金进行现金管理到期赎回并继续进行现金管理的进展公告》（公告编号： 2025-012）。 中际联合（北京）科技股份有限公司 关于使用闲置募集资金进行现金管理到期赎回的公告 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： ● 现金管理受托方：兴业银行股份有限公司北京通州北苑支行 ● 本次赎回现金管理金额：人民币 6,500.00 万元 ● 现金管理产品名称：兴业银行企业金融人民币结构性存款产品 ● 现金管理期限：28 天 ● 履行的审议程序：中际联合（北京）科技股份有限公司（以下简称"公 司"）于 2024 年 ...

中际联合（605305）公告，公司通过全资子公司FICONT INDUSTRY(HONGKONG)LIMITED以自有资 金在阿拉伯联合酋长国迪拜设立的全资二级子公司已完成注册登记。该子公司名称为3S Middle East L.L.C-FZ，注册资本为10万迪拉姆，成立日期为2025年5月2日，有效期至2027年5月1日。投资总额为 100万美元(约人民币731万元)。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is a leader in wind power aerial work equipment, holding the top market share in the wind power segment. The continuous release of domestic wind power projects is expected to drive growth in the supply chain, significantly benefiting the company. Additionally, with controllable expenses and the expansion into non-wind power businesses, the company's profitability is anticipated to continue improving [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.299 billion yuan, representing an 18% year-on-year increase. The net profit attributable to shareholders was 315 million yuan, up 52% year-on-year. In Q4 2024, revenue was 365 million yuan, down 10% year-on-year, and net profit was 77 million yuan, down 13% year-on-year. In Q1 2025, revenue reached 317 million yuan, a 32% increase year-on-year, with net profit at 99 million yuan, up 69% year-on-year [4]. Business Segments - Wind power sales accounted for 97% of the company's main business revenue in 2024, totaling 1.25 billion yuan. The company is actively expanding into international markets and focusing on steady growth in its core business. Non-wind power sales were 35 million yuan, making up 3% of main business revenue. The company is also innovating in non-wind sectors, including industrial and construction lifting equipment and safety protection products [9]. Cost Management - The company has shown significant cost control, with a decrease in sales, management, and R&D expenses in 2024. Total expenses for sales, management, and R&D were 127 million, 118 million, and 85 million yuan respectively, with a combined year-on-year growth of only 0.7%. The expense ratio dropped to 25.4%, a decrease of 4.2 percentage points year-on-year. The net profit margin in Q1 2025 reached 31.1%, an increase of approximately 7 percentage points year-on-year and 10 percentage points quarter-on-quarter [9]. International Expansion - The company is enhancing its international presence, having established wholly-owned subsidiaries in the USA, Germany, India, Japan, and Brazil. It has a dedicated overseas sales team and local teams in key regions to meet global customer needs. In 2024, overseas business revenue was 650 million yuan, a year-on-year increase of 19.1%, accounting for 50% of the company's main business revenue [9]. Future Outlook - The company is expected to achieve net profits of 400 million yuan and 480 million yuan in 2025 and 2026, respectively, corresponding to a price-to-earnings ratio of 14 and 11 times [9].

证券代码：605305 证券简称：中际联合 公告编号：2025-034 中际联合（北京）科技股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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： 会议召开时间：2025 年 5 月 13 日（星期二）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 6 日（星期二）至 5 月 12 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@3slift.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 财务总监：任慧玲女士 董事会秘书：刘亚锋先生 中际联合（北京）科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布《公司 2025 年第一季度报告》，为便于广大投资者更全面深入 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 316,809,959.80, representing a year-on-year increase of 31.71% compared to CNY 240,544,062.67 in the same period last year[3] - The net profit attributable to shareholders for Q1 2025 was CNY 98,536,031.84, a significant increase of 68.78% from CNY 58,382,930.78 in the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 93,135,240.13, reflecting a 79.13% increase from CNY 51,994,499.81 year-on-year[3] - The basic earnings per share for Q1 2025 was CNY 0.46, up 70.37% from CNY 0.27 in the same period last year[3] - The diluted earnings per share also stood at CNY 0.46, marking a 70.37% increase compared to CNY 0.27 in the previous year[3] - Total revenue for Q1 2025 reached CNY 316.81 million, a 31.6% increase from CNY 240.54 million in Q1 2024[26] - Operating profit for Q1 2025 was CNY 102.18 million, up 51.5% from CNY 67.50 million in Q1 2024[27] - Net profit for Q1 2025 was CNY 98.54 million, representing a 68.9% increase compared to CNY 58.38 million in Q1 2024[27] - Earnings per share for Q1 2025 were CNY 0.46, compared to CNY 0.27 in Q1 2024[29] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 3,369,894,597.16, a 1.51% increase from CNY 3,319,763,582.78 at the end of the previous year[6] - Total assets increased to CNY 3.37 billion in Q1 2025 from CNY 3.32 billion in Q1 2024[23] - Total liabilities decreased to CNY 682.35 million in Q1 2025 from CNY 731.60 million in Q1 2024[23] - The equity attributable to shareholders increased by 3.84%, reaching CNY 2,687,540,608.07 compared to CNY 2,588,161,367.00 at the end of the last year[6] - The total equity attributable to shareholders increased to CNY 2.69 billion in Q1 2025 from CNY 2.59 billion in Q1 2024[23] Cash Flow - The net cash flow from operating activities decreased by 92.60%, amounting to CNY 1,275,205.50, down from CNY 17,236,637.25 in the same period last year[3] - Cash flow from operating activities for Q1 2025 was CNY 364.13 million, up from CNY 266.97 million in Q1 2024[29] - The cash outflow from operating activities was CNY 362,856,979.22, up from CNY 249,737,600.03, indicating a 45.2% increase[30] - Cash inflow from investment activities totaled CNY 722,941,521.26, up 68.3% from CNY 429,349,526.66 year-over-year[30] - The net cash flow from investment activities was CNY 65,130,443.12, a significant improvement from a negative CNY 258,311,161.19 in the previous year[30] - Cash inflow from financing activities was CNY 24,190,728.45, with a net cash flow of CNY 22,965,286.16, compared to a negative CNY 1,212,873.76 last year[30] - The total cash and cash equivalents at the end of the period reached CNY 1,006,059,820.00, an increase from CNY 625,633,454.77 in the previous year[30] Shareholder Information - The largest shareholder, Liu Zhixin, holds 51,656,387 shares, representing 24.31% of the total shares[12] - The second largest shareholder, Shichuang (Beijing) Technology Development Co., Ltd., holds 12,099,614 shares, accounting for 5.69%[12] - The total number of shares held by the top ten shareholders is 30.00% of the total shares[15] - The company has no reported changes in the status of major shareholders participating in margin trading[15] - The company has not identified any related party transactions among other shareholders[15] Operational Insights - The company reported a significant increase in sales revenue from high-altitude safety lifting and protective equipment, contributing to the overall revenue growth[8] - The company has recognized a VAT deduction amounting to CNY 757,374.00 as a regular income, in line with the government's policy for advanced manufacturing enterprises[8] - Research and development expenses for Q1 2025 were CNY 14.90 million, slightly up from CNY 14.58 million in Q1 2024[27] - The company reported a decrease in sales expenses to CNY 20.07 million in Q1 2025 from CNY 21.39 million in Q1 2024[26] - The company has not disclosed any significant new strategies or product developments during the reporting period[16] Taxation and Accounting - The company paid taxes amounting to CNY 48,511,576.34, compared to CNY 20,887,705.38 in the previous year, reflecting a 132.0% increase[30] - The company did not apply new accounting standards or interpretations for the first time in 2025[31] - The impact of exchange rate changes on cash and cash equivalents was a decrease of CNY 577,227.51, compared to an increase of CNY 1,655,788.58 in the previous year[30]

| 名称 持有数量(万股) | | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- | --- | --- | | 刘志欣 | | | | | 5165.64 | | 24.31 | 不变 | | 世创(北京)科技发展有限公司 | 1209.96 | 5.69 | 不变 | | 中日节能环保创业投资有限公司 | 962.81 | 4.53 | 不变 | | 马东升 | 440.13 | 2.07 | 不变 | | 科威特政府投资局-自有资金 | 381.05 | 1.79 | 33.63 | | 王喜军 | 330.10 | 1.55 | 不变 | | 澳门金融管理局-自有资金 | 307.36 | 1.45 | 新进 | | 宁波梅山保税港区创言投资合伙企业(有限合伙) | 304.01 | 1.43 | 不变 | | 北京六合基金管理有限公司-北京外经贸发展引导基金 | | | | | (有限合伙) | 302.31 | 1.42 | -30.50 | | 交银趋势混合A | 274.59 | 1.29 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 香港中央 ...

Group 1 - The article discusses the latest profit forecasts for Zhongji United, highlighting the projected net profits for 2025, 2026, and 2027, with estimates ranging from 4.10 billion to 6.00 billion yuan [3] - Various securities firms have provided their predictions, with Guotou Securities estimating a net profit of 4.10 billion yuan for 2025 and 6.00 billion yuan for 2027, while CITIC Securities forecasts 4.33 billion yuan for 2025 and 6.28 billion yuan for 2027 [3] - The target prices set by different firms for Zhongji United range from 28.95 yuan to 40.79 yuan, indicating a positive outlook on the company's future performance [3] Group 2 - The article includes a table summarizing the performance predictions from multiple research institutions, showing a general trend of increasing net profits over the forecasted years [3] - The accuracy of the predictions varies, with some firms reporting accuracy rates above 74%, indicating a level of confidence in their forecasts [3] - The data presented is based on publicly available information and is intended for reference purposes [3]