Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry [6]. Core Insights - The mechanical equipment industry experienced a year-on-year revenue growth of 7.64% in Q2 2025, with a narrowing growth rate compared to the previous quarter. Key segments with accelerated revenue growth include wind power equipment, PCB(A), shipbuilding, lithium battery equipment, and instruments [13][18]. - The industry saw a year-on-year increase in net profit excluding non-recurring items of 16.22% in Q2 2025, with wind power and lithium battery equipment showing accelerated growth. The shipbuilding sector led with a 106% year-on-year increase, although this was affected by a low base [18][31]. - The overall profitability of the mechanical equipment industry strengthened in Q2 2025, with notable performance in the shipbuilding, railway equipment, and oil and gas equipment sectors [31]. Summary by Sections Overall Mechanical Equipment Overview - The mechanical equipment industry reported a year-on-year revenue growth of 7.64% in Q2 2025, with revenue growth accelerating in specific segments [13]. - The net profit excluding non-recurring items grew by 16.22% year-on-year, with wind power and lithium battery equipment leading the growth [18]. - The industry’s net profit margin increased by 0.38 percentage points year-on-year in Q2 2025, indicating improved profitability across various segments [25]. Subsector Performance - The engineering machinery sector saw a revenue increase of 8.7% in H1 2025, driven by strong overseas sales and diversified business contributions [44]. - Major companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG, reported significant revenue growth, with SANY achieving a 15% increase year-on-year in H1 2025 [41][44]. - The overall net profit for the engineering machinery sector reached 161 billion yuan in H1 2025, reflecting a 25.1% year-on-year increase, with profit growth outpacing revenue growth [45].

Market Performance - The engineering machinery sector rose by 0.9% on September 11, with Hengli Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Hengli Hydraulic (601100) closed at 89.75, up 2.34% with a trading volume of 70,500 shares and a transaction value of 624 million [1] - Huadong Heavy Machine (002685) closed at 8.36, up 2.33% with a trading volume of 572,200 shares and a transaction value of 473 million [1] - Changling Hydraulic (605389) closed at 44.93, up 2.28% with a trading volume of 16,500 shares and a transaction value of 7.32 million [1] - Other notable performers include Shaoyang Hydraulic (301079) up 2.12% and Jinzhi Technology (301279) up 1.88% [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 341 million from institutional investors, while retail investors saw a net inflow of 313 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling and retail buying [2] Detailed Capital Flow for Selected Stocks - Huadong Heavy Machine saw a net inflow of 26.1 million from institutional investors but a net outflow of 16.9 million from retail investors [3] - Hengli Hydraulic had a net inflow of 6.1 million from institutional investors, with retail investors showing a net outflow of 7.3 million [3] - Zhejiang Dingli (603338) had a net inflow of 3.1 million from institutional investors, while retail investors contributed a net inflow of 789.86 thousand [3]

截至本公告披露之日，本次要约收购事项尚在推进过程中，收购人无锡 核芯破浪科技合伙企业（有限合伙）（以下简称"核芯破浪"）何时发布要约收 购报告书全文的时间尚未最终确定。请投资者注意投资风险。 证券代码：605389 证券简称：长龄液压 公告编号：2025-040 江苏长龄液压股份有限公司 关于要约收购事项的进展公告 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。 重要内容提示： 公司将密切关注上述要约收购事项的进展情况，及时履行信息披露义务。公 司指定信息披露媒体为《上海证券报》和上海证券交易所网站（www.sse.com.cn/）。 公司所有信息均以在前述媒体披露的信息为准，敬请广大投资者注意投资风险。 特此公告。 江苏长龄液压股份有限公司 董 事 会 江苏长龄液压股份有限公司（以下简称"公司"）于 2025 年 9 月 10 日收到 核芯破浪发来的《关于要约收购江苏长龄液压股份有限公司进展情况的函》，现 将函件内容公告如下： "2025 年 7 月 10 日，无锡核芯破浪科技合伙企业（有限合伙）（以下简称 "核芯破浪"）向 ...

Market Overview - The engineering machinery sector experienced a decline of 0.58% on September 10, with Changling Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Southern Road Machinery (603280) with a closing price of 44.00, up 4.64% and a trading volume of 60,700 shares, totaling 262 million yuan [1] - Hangcha Group (603298) closed at 25.54, up 4.37% with a trading volume of 147,600 shares, totaling 374 million yuan [1] - Hengli Drill (836942) closed at 42.80, up 2.69% with a trading volume of 27,200 shares, totaling 115 million yuan [1] - Conversely, the following stocks saw declines: - Changling Hydraulic (605389) closed at 43.93, down 3.24% with a trading volume of 20,100 shares, totaling 88.97 million yuan [2] - Tongli Co. (834599) closed at 21.14, down 2.80% with a trading volume of 68,000 shares, totaling 146 million yuan [2] - Weiman Sealing (301161) closed at 35.94, down 2.71% with a trading volume of 116,700 shares, totaling 416 million yuan [2] Capital Flow - The engineering machinery sector saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 242 million yuan [2] - Key stocks with significant capital flow included: - Southern Road Machinery (002685) had a main fund net inflow of 18.65 million yuan, but a retail net outflow of 19.17 million yuan [3] - Hangcha Group (603298) experienced a main fund net inflow of 16.71 million yuan, with a retail net outflow of 47.34 million yuan [3] - Changling Hydraulic (605389) had a main fund net inflow of 2.24 million yuan, but a retail net outflow of 4.39 million yuan [3]

Core Viewpoint - The transfer of shares by the controlling shareholders of Changling Hydraulic, Xia Jifa and Xia Zemin, is progressing smoothly, with plans to cash out approximately 20.75 billion yuan through a two-step process involving share transfers and a tender offer [1][5]. Share Transfer Details - Xia Jifa and Xia Zemin are transferring a total of 41.99% of their shares in Changling Hydraulic, which includes 24.99% to Wuxi Core Technology and 5% to Chenglian Shuangying [2][3]. - The share transfer involves 36,007,400 shares, with Xia Jifa transferring 26,209,400 shares (18.19% of total shares) and Xia Zemin transferring 9,797,900 shares (6.80% of total shares) [2]. Financial Impact - The total cash out from the share transfers is approximately 20.75 billion yuan, with 14.68 billion yuan from the initial transfers and an additional 6.27 billion yuan expected from the tender offer [3][5]. - After the share transfers, Xia Jifa and Xia Zemin will still control 40.94% of Changling Hydraulic [4]. Company Performance - Changling Hydraulic has faced declining profits since its IPO, with net profits decreasing for four consecutive years from 2021 to 2024 [1][8]. - The company reported revenues of 9.07 billion yuan in 2021, which have fluctuated slightly, but net profits have consistently declined, reaching 0.95 billion yuan in 2024 [8]. - Despite the declining performance, the company plans to distribute over 90% of its profits as dividends in 2024 and the first half of 2025 [1][9]. Business Background - Changling Hydraulic was established in 2006 and went public in 2021, primarily engaged in the research, production, and sales of hydraulic components [7]. - The company has attempted to diversify its operations by planning to acquire a 70% stake in Jiangyin Shangchi Machinery, a company in the photovoltaic industry, but has faced challenges in meeting performance commitments [8][9].

证券代码：605389 证券简称：长龄液压 公告编号：2025-039 江苏长龄液压股份有限公司 关于控股股东、实际控制人股份协议转让价格暨要约收购价格除 息调整的公告 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、本次交易概述 2025 年 7 月 10 日，江苏长龄液压股份有限公司（以下简称"公司"）控股 股东及实际控制人夏继发、夏泽民与无锡核芯听涛科技合伙企业（有限合伙）（现 已更名为"无锡核芯听涛科技合伙企业（普通合伙）"，以下简称"核芯听涛"） 签订《股份转让协议》，夏继发、夏泽民将所持有上市公司股份合计 36,007,360 股（占上市公司股份比例为 24.99%）转让给核芯听涛，其中：夏继发将所持 26,209,439 股股份（占上市公司股份比例为 18.19%）转让给核芯听涛；夏泽民将 所持 9,797,921 股股份（占上市公司股份比例为 6.80%）转让给核芯听涛。 同日，夏继发与江阴澄联双盈投资合伙企业（有限合伙）（以下简称"澄联 双盈"）签订《股份转让协议》，夏继发将所持有上市公司股份合计 7,2 ...

Market Performance - The engineering machinery sector rose by 1.59% on September 5, with Changling Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Gainers in Engineering Machinery - Changling Hydraulic (code: 605389) closed at 45.04, up 6.20% with a trading volume of 31,800 lots and a turnover of 141 million yuan [1] - Hangcha Group (code: 603298) closed at 24.59, up 5.76% with a trading volume of 156,200 lots and a turnover of 378 million yuan [1] - Zhongji United (code: 605305) closed at 38.70, up 5.33% with a trading volume of 148,900 lots and a turnover of 570 million yuan [1] Market Capital Flow - The engineering machinery sector experienced a net outflow of 96.58 million yuan from institutional investors, while retail investors saw a net inflow of 104 million yuan [2] - The top stocks with significant net inflows from retail investors include Changling Hydraulic and Zhongji United [2][3] Individual Stock Performance - Yichang Heavy Industry (code: 600031) had a net inflow of 39.30 million yuan from institutional investors, while retail investors had a net outflow of 29.07 million yuan [3] - Liugong (code: 000528) saw a net inflow of 25.38 million yuan from institutional investors, with a net outflow of 18.96 million yuan from retail investors [3]

Market Overview - The engineering machinery sector experienced a decline of 0.28% on September 3, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Xugong Machinery (Code: 000425) with a closing price of 9.98, up 3.31% and a trading volume of 1.71 million shares, totaling 1.718 billion yuan [1] - Fushite (Code: 301446) closed at 30.58, up 2.62% with a trading volume of 40,300 shares, totaling 123 million yuan [1] - Anhui Heli (Code: 600761) closed at 20.16, up 2.60% with a trading volume of 307,500 shares, totaling 621 million yuan [1] - Conversely, significant decliners included: - Wantong Hydraulic (Code: 830839) closed at 39.68, down 5.59% with a trading volume of 22,200 shares, totaling 89.44 million yuan [2] - Huadong Heavy Machine (Code: 002685) closed at 8.29, down 5.26% with a trading volume of 693,500 shares, totaling 588 million yuan [2] - Shaoyang Hydraulic (Code: 301079) closed at 27.90, down 3.93% with a trading volume of 40,100 shares, totaling 114 million yuan [2] Capital Flow - The engineering machinery sector saw a net outflow of 82.3951 million yuan from institutional investors, while retail investors contributed a net inflow of 61.1566 million yuan [2] - The detailed capital flow for selected stocks showed: - Xugong Machinery had a net inflow of 1.22 billion yuan from institutional investors, while retail investors had a net outflow of 1.06 billion yuan [3] - Weiman Sealing (Code: 301161) had a net inflow of 74.8286 million yuan from institutional investors and a net outflow of 1.12 billion yuan from retail investors [3] - Fushite had a net inflow of 8.0905 million yuan from institutional investors, with a net outflow of 1.2838 million yuan from retail investors [3]

Market Performance - The engineering machinery sector rose by 1.35% on September 1, with Fushite leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers - Fushite (301446) closed at 30.80, up 8.91% with a trading volume of 52,800 shares and a turnover of 160 million yuan [1] - Hangcha Group (603298) closed at 24.87, up 7.11% with a trading volume of 215,700 shares and a turnover of 523 million yuan [1] - Xugong Machinery (000425) closed at 68.6, up 3.45% with a trading volume of 1,256,000 shares and a turnover of 1.229 billion yuan [1] Top Losers - Wuxin Suizhuang (835174) closed at 58.14, down 4.15% with a trading volume of 38,900 shares and a turnover of 226 million yuan [2] - Tietuo Machinery (873706) closed at 24.89, down 3.83% with a trading volume of 34,500 shares and a turnover of 86.3 million yuan [2] - Noli Co., Ltd. (603611) closed at 25.85, down 3.69% with a trading volume of 150,400 shares and a turnover of 392 million yuan [2] Capital Flow - The engineering machinery sector experienced a net outflow of 719 million yuan from institutional investors, while retail investors saw a net inflow of 551 million yuan [2][3] - The sector's overall capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors increased their positions [2][3] Individual Stock Capital Flow - Liugong (000528) had a net outflow of 58.11 million yuan from institutional investors, while retail investors saw a net outflow of 69.41 million yuan [3] - Xugong Machinery (000425) experienced a net inflow of 53.84 million yuan from institutional investors, but retail investors had a net outflow of 47.69 million yuan [3] - Huadong Heavy Machine (002685) saw a net inflow of 25.18 million yuan from institutional investors, while retail investors had a net outflow of 6.57 million yuan [3]

证券代码：605389 证券简称：长龄液压 公告编号：2025-038 江苏长龄液压股份有限公司 关于控股股东协议转让股份暨控制权发生变更事项通过上海证 券交易所合规性审核的进展公告 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。 重要内容提示： ? 本次权益变动相关事项已通过上海证券交易所合规性审核。 ? 本次权益变动事项尚需在中国证券登记结算有限责任公司上海分公司办 理股份过户登记手续。最终实施结果尚存在不确定性，敬请投资者注意投资风险。 一、本次权益变动概述 听涛科技合伙企业（有限合伙）（以下简称"核芯听涛"）签订《股份转让协议》， 夏继发、夏泽民将所持有上市公司股份合计 36,007,360 股（占上市公司股份比例 为 24.99%）转让给核芯听涛，其中：夏继发将所持 26,209,439 股股份（占上市 公司股份比例为 18.19%）转让给核芯听涛；夏泽民将所持 9,797,921 股股份（占 上市公司股份比例为 6.80%）转让给核芯听涛。 下简称"澄联双盈"）签订《股份转让协议》，夏继发将所持有上市公司股份合 计 ...