Summary of Zhonglian Heavy Industry Conference Call Company Overview - **Company**: Zhonglian Heavy Industry - **Year**: 2025 - **Revenue**: 52.1 billion CNY (up 14.58% YoY) - **Net Profit**: 4.858 billion CNY (up 38% YoY) - **Gross Margin**: 28.04% - **Net Margin**: 9.32% (up 1.58 percentage points YoY) - **Operating Cash Flow**: 54.874 billion CNY (up 128% YoY) [2][3][9] Key Industry Insights Revenue Growth and Profitability - **Overseas Revenue**: 30.5 billion CNY (up 31% YoY), accounting for 58.56% of total revenue [2][3] - **Domestic Market Recovery**: Engineering cranes in China grew over 40%, with concrete mixer truck sales doubling [2][3] - **Emerging Business Growth**: Earth-moving machinery revenue grew 45%, reaching a scale of 10 billion CNY, with 75% from overseas [2][3][4] Strategic Focus - **Diversification and Globalization**: Continued emphasis on diversification, globalization, and digital transformation [3][9] - **Intelligent and Green Transition**: Ongoing efforts in smart and green technology development [3][9] Product and Market Performance - **Earth-moving Machinery**: Significant growth in Africa and the Middle East, with a doubling of revenue in mining machinery [3][5] - **High-altitude Work Machinery**: Continued growth in overseas markets, with a focus on electric and automated products [4][5][6] - **Agricultural Machinery**: Ranked among the top five domestic brands, with over 20% growth in overseas sales [4][5] Future Outlook 2026 Projections - **Balanced Growth**: Expectation of a more balanced growth rhythm in overseas markets, particularly in agricultural and mining machinery [8][9] - **Regional Focus**: Increased investment in Europe, Australia, and Latin America, with expectations of superior performance in these regions [8][9] Cost Management and Profitability - **Cost Control**: Ability to manage rising costs through strategic procurement and production optimization [10][11] - **Future Profitability**: Anticipated stable and improving profitability driven by digital transformation and product mix optimization [9][10] Cash Flow and Capital Expenditure - **Cash Flow Management**: Focus on ensuring timely profit recovery and optimizing inventory turnover [11] - **Capital Expenditure**: Limited large-scale capital investments, focusing on routine updates and new product lines [11] Geopolitical Impact - **Middle East Conflicts**: Short-term impacts on logistics and supply chains, with adjustments made to shipping routes [17][18] - **Long-term Opportunities**: Potential increase in demand for electric products due to fuel shortages in conflict areas [17][18] Mining Machinery Strategy - **Sales Goals**: Aim to establish mining machinery as a 10 billion CNY product segment, achieving top-tier status globally [19][21] - **Product Development**: Focus on comprehensive solutions for mining operations, including electric and automated equipment [20][21] High-altitude Work Machinery - **Product Range**: Extensive product offerings with a focus on electric and automated systems [22][23] - **Local Manufacturing**: Establishment of a factory in Hungary to mitigate trade barriers and enhance local production capabilities [22][23] Engineering and Concrete Machinery - **Domestic Market Trends**: Anticipated growth in engineering cranes and concrete machinery driven by government infrastructure projects and equipment upgrades [24]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [10][16]. Core Insights - The company reported a revenue of 52.107 billion yuan for 2025, representing a year-on-year growth of 14.58%. The net profit attributable to shareholders was 4.858 billion yuan, with a significant increase of 38.01% [3][10]. - The company achieved impressive growth in its overseas sales, with a year-on-year increase of over 30%, and its foreign revenue accounted for over 58% of total revenue in 2025 [4][6]. - The company has been actively expanding its global presence, with significant growth in emerging markets such as Africa, which saw a year-on-year increase of over 157% [6]. Financial Performance - In Q4 of 2025, the company achieved a revenue of 14.951 billion yuan, marking a year-on-year growth of 34.79%, and a net profit of 0.938 billion yuan, which is a remarkable increase of 145.99% [3][4]. - The gross margin for 2025 was 28.04%, with domestic gross margin increasing slightly to 24.17%, while the overseas gross margin decreased to 30.78% [5]. - The company is projected to achieve revenues of 58.859 billion yuan, 66.169 billion yuan, and 74.231 billion yuan for 2026, 2027, and 2028, respectively, with corresponding net profits of 5.893 billion yuan, 6.995 billion yuan, and 8.201 billion yuan [10][12]. Product and Market Segmentation - The company’s product segments showed varied performance, with concrete machinery and earth-moving machinery achieving revenue growth rates of 25.50% and 44.99%, respectively, while aerial work machinery saw a decline of 12.63% [4]. - The company has established production bases in several countries, including Italy, Germany, and Mexico, and has expanded its network by adding over 40 new outlets in smaller cities [6]. Research and Development - The company has undertaken over 1,800 R&D projects, successfully overcoming 463 key technologies and developing 361 new products, including several industry-first innovations [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within six months [10][16]. Core Insights - The company reported a revenue of 52.107 billion yuan for 2025, representing a year-on-year growth of 14.58%. The net profit attributable to shareholders reached 4.858 billion yuan, up 38.01% year-on-year [3][10]. - The company achieved significant growth in its overseas sales, with a year-on-year increase of over 30%. The revenue from overseas markets accounted for over 58% of total revenue, with a gross profit margin exceeding 64% [4][6]. - The company has been actively expanding its global presence, with notable growth in emerging markets such as Africa, which saw a year-on-year increase of over 157% [6]. Financial Performance - In Q4 of 2025, the company achieved a revenue of 14.951 billion yuan, a 34.79% increase year-on-year, and a net profit of 0.938 billion yuan, up 145.99% year-on-year [3]. - The gross margin for 2025 was 28.04%, with domestic gross margin increasing to 24.17% and overseas gross margin decreasing to 30.78% [5]. - The company is projected to achieve revenues of 58.859 billion yuan, 66.169 billion yuan, and 74.231 billion yuan for 2026, 2027, and 2028, respectively, with corresponding net profits of 5.893 billion yuan, 6.995 billion yuan, and 8.201 billion yuan [10][12]. Product and Market Segmentation - The company’s product segments showed varied growth rates, with concrete machinery and earth-moving machinery growing by 25.50% and 44.99%, respectively, while aerial work machinery declined by 12.63% [4]. - The company has established production bases in several countries, including Italy, Germany, and Mexico, and has expanded its network by adding over 40 new outlets [6]. Research and Development - The company has undertaken over 1,800 R&D projects, successfully overcoming 463 key technologies and developing 361 new products, including several industry-first innovations [6]. - The company has developed 8 models of intelligent robots that meet international advanced standards, indicating a strong focus on innovation and future technologies [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance in 2025 met expectations, with a year-on-year revenue growth of 15% and a net profit growth of 38% [9] - The growth was driven by strong overseas business performance, recovery in domestic sales, and a reduction in stock incentive expenses [3][9] - The company is expanding its global presence and product categories, which opens up new growth opportunities [4] Financial Summary - Revenue for 2025 was 52.1 billion yuan, with a net profit of 4.86 billion yuan [6][9] - The operating cash flow for 2025 reached 4.9 billion yuan, a 128% increase year-on-year [3] - The projected net profits for 2026, 2027, and 2028 are 6.11 billion, 7.65 billion, and 9.45 billion yuan respectively, with growth rates of 26%, 25%, and 24% [9] Business Performance - The company achieved a gross margin of 28.0% in 2025, with a net profit margin of 9.3% [9] - The overseas revenue and gross profit accounted for 59% and 64% of total revenue and gross profit respectively, showing a year-on-year growth of 31% and 25% [9] - The domestic sales of earthmoving machinery grew by over 13%, while export sales increased by over 57%, outperforming the industry [9] Product and Market Expansion - The company is focusing on three main sectors: engineering machinery, agricultural machinery, and mining machinery, which are all contributing to growth [4] - The agricultural machinery segment saw a year-on-year sales increase of over 21%, while mining machinery sales tripled in overseas markets [9] - The company is also advancing in humanoid robotics, with several units already in operation across various industrial applications [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company demonstrated strong overseas growth, with a 30.5% year-on-year increase in overseas revenue, reaching 30.52 billion RMB in 2025. The growth was particularly notable in emerging markets such as Africa, which saw over 157% year-on-year growth [2] - Domestic revenue decreased by 2.3% year-on-year to 21.59 billion RMB, but the decline was significantly narrowed compared to the previous year. The domestic gross margin improved to 24.2% [3] - The company’s net profit margin increased to 9.8%, reflecting a 1 percentage point improvement from the previous year, supported by scale effects and high growth in overseas revenue [3] Summary by Sections Performance Overview - In 2025, the company achieved operating revenue of 52.11 billion RMB, a 14.6% increase year-on-year, and a net profit of 4.86 billion RMB, up 38.0% year-on-year [1] - The fourth quarter of 2025 saw operating revenue of 14.95 billion RMB, a 34.8% increase year-on-year, and a net profit of 0.94 billion RMB, up 146.0% year-on-year [1] Operational Analysis - The company has established a robust global sales and service network with over 30 primary business airports and more than 430 outlets, which supports its ongoing overseas growth [2] - The gross margins for overseas and domestic operations were 30.8% and 24.2%, respectively, indicating a significant advantage in overseas operations [2] Profitability Forecast - The company is projected to achieve revenues of 60.42 billion RMB, 70.01 billion RMB, and 80.91 billion RMB for the years 2026 to 2028, with corresponding net profits of 6.10 billion RMB, 7.48 billion RMB, and 9.19 billion RMB [4]

Investment Rating - The report maintains a "Buy" rating for Zoomlion with a target price of RMB 12.0 for A-shares and HKD 9.2 for H-shares, based on a projected P/E ratio of 18.6 for 2026 and a 30% discount for H-shares [1]. Core Insights - Zoomlion is expected to achieve a net profit growth of 36% year-on-year in 2025, reaching RMB 4.8 billion, which is 2% higher than expectations and aligns with Bloomberg's consensus [1]. - The fourth quarter of 2025 is projected to see a significant increase in overseas revenue, soaring by 60% to RMB 9.2 billion, contributing approximately 62% to total revenue [1]. - The company plans to distribute a total dividend of RMB 0.4 per share for the year, resulting in a payout ratio of 72% [1]. Financial Summary - Total revenue for 2025 is forecasted to be RMB 52.1 billion, reflecting a year-on-year increase of 14.6% from RMB 45.5 billion in 2024 [2][3]. - Gross profit is expected to rise to RMB 14.6 billion in 2025, a 14.1% increase compared to RMB 12.8 billion in 2024 [2]. - The EBIT (Earnings Before Interest and Taxes) is projected to grow by 34.3% to RMB 5.8 billion in 2025 [2]. - Net profit is anticipated to reach RMB 4.8 billion in 2025, marking a 35.7% increase from RMB 3.5 billion in 2024 [2][3]. Revenue Breakdown - The construction machinery segment is expected to generate RMB 48.1 billion in 2025, up 19.2% from RMB 40.4 billion in 2024 [5]. - Concrete machinery equipment revenue is projected to increase by 25.5% to RMB 10.1 billion, while earth-moving machinery is expected to grow by 45% to RMB 9.7 billion [5]. - Agricultural machinery revenue is forecasted to decline by 23.8% to RMB 3.5 billion [5]. Quarterly Performance - In Q4 2025, overseas revenue is expected to increase by 60% year-on-year, while domestic revenue is projected to grow by 7% [6]. - The total revenue for Q4 2025 is anticipated to be RMB 14.9 billion, reflecting a 35% increase compared to the same quarter in 2024 [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 承董事會命 中聯重科股份有限公司 公司秘書 楊篤志 中國長沙，2026年3月30日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；非執行董事為 賀柳先生及王賢平先生；以及獨立非執行董事為張成虎先生、黃國濱先生、吳寶 海先生及黃珺女士。 中聯重科股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列中聯重科股份有限公司於 2026 年 3 月 3 1 日在深圳證券交易所網站 ( www.szse.cn)以及巨潮資訊網( www.cninfo.com.cn)刊登的「第七屆董事會獨立董 事專門會議2026年第一次會議審核意見」文件，僅供參閱。 * 僅供識別 中联重科 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；非執行董事為 賀柳先生及王賢平先生；以及獨立非執行董事為張成虎先生、黃國濱先生、吳寶 海先生及黃珺女士。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列中聯重科股份有限公司於2026年3月31日在《中國證券報》、《上海證券 報》、《證券時報》、《證券日報》、深圳證券交易所網站( www.szse.cn)以及巨潮資 訊網( www.cninfo.com.cn)刊登的「第七屆董事會第七次會議決議公告」文件，僅供 參閱。 承董事會命 中聯重科股份有限公司 公司秘書 楊篤志 中國長沙，2026年3月30日 （股份代號：1157） ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告的全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （於中華人民共和國（「中國」）註冊成立的股份有限公司） （股份代號：1157） 公告 (1) 2025年度計提資產減值準備 (2) 2026年度中期利潤分配方案 I. 2025年度計提資產減值準備 根據《企業會計準則》及中聯重科股份有限公司（「本公司」）會計政策的相關規 定，本著謹慎性原則，本公司對截至2025年12月31日存在減值跡象的應收款 項、存貨、固定資產等進行了減值測試，預計各項資產的可變現淨值低於其 賬面價值時，經過確認或計量，計提了資產減值準備。 A. 概述 經測試，本公司各項減值準備2025年度合共計提人民幣611.56百萬元，其中 (i)應收賬款計提壞賬準備人民幣644.70百萬元，(ii)其他應收款計提壞賬準備 人民幣20.48百萬元， ...

Financial Performance - For the year ending December 31, 2025, the group's revenue from continuing operations was RMB 52.107 billion, an increase of RMB 6.629 billion (14.58%) compared to 2024[2]. - The profit attributable to shareholders for the year was RMB 4.779 billion, an increase of RMB 1.258 billion (35.73%) compared to 2024[2]. - Basic and diluted earnings per share for the year were RMB 0.55, an increase of RMB 0.14 compared to 2024[2]. - The total comprehensive income for the year was RMB 5.031 billion, compared to RMB 3.579 billion in 2024[5]. - The operating profit for the year was RMB 5.813 billion, an increase from RMB 4.327 billion in 2024[3]. - The total revenue for the year ending December 31, 2025, is projected to be RMB 52,107 million, an increase from RMB 45,478 million in 2024, representing a growth of approximately 14.0%[20]. - The profit for the engineering machinery segment in 2025 is RMB 14,610 million, compared to RMB 12,810 million in 2024, indicating an increase of approximately 14.0%[21]. - The company's net profit for the year increased by 25.39% to RMB 5.027 billion for the year ending December 31, 2025, compared to RMB 4.009 billion for the year ending December 31, 2024[75]. Revenue Breakdown - The total revenue for engineering machinery in 2025 was RMB 51,509 million, an increase from RMB 44,849 million in 2024, representing a growth of approximately 14.8%[15]. - The revenue from concrete machinery in 2025 was RMB 10,043 million, up from RMB 8,004 million in 2024, indicating a growth of 25.4%[15]. - The revenue from agricultural machinery decreased to RMB 3,541 million in 2025 from RMB 4,646 million in 2024, a decline of 23.8%[15]. - Revenue from external customers in China decreased to RMB 21,592 million in 2025 from RMB 22,164 million in 2024, a decline of about 2.6%[24]. - Revenue from external customers outside China increased significantly to RMB 30,515 million in 2025, up from RMB 23,314 million in 2024, representing a growth of approximately 31.1%[24]. Assets and Liabilities - Non-current assets totaled RMB 49.077 billion, slightly down from RMB 49.234 billion in 2024[6]. - Current assets increased to RMB 84.030 billion from RMB 74.478 billion in 2024[6]. - Total assets amounted to RMB 133.107 billion, up from RMB 123.712 billion in 2024[6]. - The total equity attributable to shareholders was RMB 57.534 billion, compared to RMB 57.101 billion in 2024[7]. - The total liabilities as of December 31, 2025, amount to RMB 36.083 billion, compared to RMB 29.763 billion in 2024[57]. Research and Development - Research and development expenses for the year were RMB 2.895 billion, compared to RMB 2.769 billion in 2024[3]. - Research and development expenses for 2025 were RMB 2,895 million, compared to RMB 2,769 million in 2024, reflecting an increase of approximately 4.6%[22]. - During the reporting period, the company undertook over 1,800 R&D projects, overcoming 463 key technologies and developing 361 new products, including 3 global bests and 3 industry-first products[88]. - The company has developed the world's largest 3,600-ton wind electric boom tower crane and the longest 76-meter compliant steel boom pump truck, achieving significant technological breakthroughs[88]. Dividends and Share Repurchase - The proposed final dividend for the year ending December 31, 2025, is RMB 0.2 per share, totaling RMB 1.73 billion[102]. - The company repurchased a total of 18,746,800 H-shares during the reporting period, with a total cost of HKD 103,588,328[105]. - The cash dividend declared for the year 2024 was RMB 2,777 million[8]. Market Strategy and Growth - The company plans to continue expanding its market presence and investing in new technologies and products[12]. - The company is focusing on digitalization, globalization, and diversification strategies to drive high-quality development[79]. - The company aims for high-quality development, focusing on "precision, efficiency, and sustainability" while accelerating digital, intelligent, and green transformation[96]. - The company plans to strengthen its overseas market presence, particularly in high-end agricultural machinery and mining equipment, while expanding its domestic distribution network[98]. Compliance and Governance - The company has adopted all applicable code provisions of the Corporate Governance Code, with the exception of the separation of the roles of Chairman and CEO[103]. - The Audit Committee held 4 meetings during the year to review the financial performance and internal controls[106]. Financial Management - The company will enhance budget management and cost control to ensure the achievement of annual operational targets and maintain competitive advantages[101]. - A customer-centric service strategy will be implemented, aiming to improve customer satisfaction through enhanced service networks and digital service management[101].