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，並表明概不就因本公告全部或任何部分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。 中聯重科股份有限公司 * 僅供識別 （於中華人民共和國註冊成立的股份有限公司） 承董事會命 中聯重科股份有限公司 董事長 詹純新 長沙，2025年8月18日 於本公告刊發日期，本公司執行董事為詹純新博士；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。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 董事會議通告 中聯重科股份有限公司（「本公司」）董事會（「董事會」）謹此公佈將於2025年8月 29日（星期五）召開董事會，以考慮及批准（其中包括）本公司及其附屬公司截至 2025年6月30日止六個月的中期業績及其刊發。 （股份代號：1157） ...

行业报告:先进制造行业周报 2025年8月17日 中航证券有限公司 AVIC SECURITIES CO., LTD. 全球首个机器人运动会开幕，智元率先推出机器人世界模型开源平台 行业评级:增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航先进制造- -- 投资观点 ■ 重点推荐:华胜天成、三晖电气、晶品特装、浙江荣泰、北特科技、汉威科技、组威股份、软通动力 ■ 重点跟踪行业——人形机器人: ■ 核心个假组合：华胜天成、三晖电气、晶晶特装、北特科技、浙江荣泰、兆威机电、腾亚精工、纽威股份、三花智控、双树股份、中坚科技、莱斯 信息、软通动力、航锦科技、华伍股份、天阳科技 ■ 本周专题研究：近日人形机器人产业动态汇总：1）Figure 02首次展示基于瑞到瑞神经网络的自主折叠毛巾能力，其Helix大模型实现似人化交互； 2）智元机器人发布行业首个开源世界模型平台Genie Envi ...

Group 1 - The core viewpoint of the news is that Zhonglian Heavy Industry (000157) has shown a slight decline in stock price and a mixed performance in capital flow, while its latest quarterly earnings report indicates a growth in revenue and net profit [1][3]. - As of August 14, 2025, Zhonglian Heavy Industry's stock closed at 7.42 yuan, down 0.93%, with a turnover rate of 0.83% and a trading volume of 589,900 hands, amounting to 441 million yuan [1]. - The company experienced a net outflow of main funds amounting to 33.05 million yuan, which represents 7.5% of the total transaction amount, with significant outflows from large orders [1]. Group 2 - In the latest quarterly report, Zhonglian Heavy Industry reported total operating revenue of 12.117 billion yuan, a year-on-year increase of 2.92%, and a net profit attributable to shareholders of 1.410 billion yuan, reflecting a year-on-year growth of 53.98% [1]. - The company has a current ratio of 1.735, a quick ratio of 1.220, and a debt-to-asset ratio of 53.08% [1]. - Zhonglian Heavy Industry was established in 1999 and is primarily engaged in the automotive manufacturing industry, with a registered capital of approximately 8.678 billion yuan [1]. Group 3 - According to data analysis, Zhonglian Heavy Industry has made investments in 104 companies and participated in 5,000 bidding projects [2]. - The company holds 1,181 trademark registrations and 5,000 patent registrations, along with 673 administrative licenses [2].

Core Insights - In 2024, China's industrial robot market reached a sales volume of 302,000 units, maintaining its position as the largest industrial robot market globally for 12 consecutive years [2] - Industrial robots are now applied across 71 major industries and 236 sub-industries in the national economy, with the density of robots in manufacturing rising to the third highest globally [2] - The 2025 World Robot Conference showcased over 1,500 exhibits from more than 200 domestic and international robot companies, highlighting new technologies and applications in industrial robots [2][3] Group 1: Industrial Robot Types and Applications - Industrial robots can be categorized into three main types: programmable robots, adaptive robots with perception and decision-making capabilities, and humanoid robots with embodied intelligence [2] - The most widely used industrial robots in manufacturing are mechanical arms, which are characterized by their programmable, automated, and multi-degree-of-freedom structures [4] - In logistics and warehousing, customizable mechanical arms are capable of efficiently handling and stacking goods, demonstrating high adaptability to various tasks [5] Group 2: Technological Advancements - The development of adaptive robots has been accelerated by advancements in computer vision and sensor technology, allowing robots to navigate complex environments and perform specific tasks autonomously [7] - AI-powered industrial cleaning robots are being deployed across various factories, utilizing AI vision systems to adapt cleaning strategies based on the type of dirt detected [8][9] - The integration of AI in industrial robots enhances their efficiency and accuracy, as seen in the AI vision detection systems that can inspect components with over 99.5% accuracy [9] Group 3: Future Trends and Challenges - The global installed base of industrial robots has increased sevenfold from 2009 to 2024, indicating a strong growth trajectory in industrial applications [11] - Experts emphasize the need for continuous iteration of industrial robots, particularly in the realm of AI, to overcome current limitations and expand their application scenarios [11][12] - The future of industrial robots is expected to be shaped by trends such as artificial intelligence, embodied robots, sustainability demands, new customer segments, and addressing labor shortages [12]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The outlook for the engineering machinery sector is expected to continue positively, with the company's traditional flagship products anticipated to see an increase in demand, while emerging products are gaining competitiveness and maintaining rapid growth [3][17] - The company is projected to achieve a net profit attributable to shareholders of 4.89 billion, 5.58 billion, and 6.39 billion yuan for the years 2025, 2026, and 2027 respectively, with a target price of 9.12 yuan based on a 16x PE ratio for 2025 [3][17] Summary by Relevant Sections Industry Outlook - The demand for domestic engineering machinery is stabilizing after a period of decline, supported by ongoing large-scale infrastructure projects and the transition towards electric machinery driven by new energy policies [9][10] - The "Belt and Road" initiative is expected to further boost exports of domestic brands in the engineering machinery sector [10] Company Performance - The company's traditional products, including lifting and concrete machinery, are expected to see a gradual increase in demand as construction activities ramp up [9][14] - Emerging products such as earth-moving machinery, aerial work machinery, agricultural machinery, and mining machinery are experiencing rapid growth, with improved competitiveness and market share [15][17] Financial Projections - The company’s revenue is projected to grow from 47.075 billion yuan in 2023 to 67.358 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.2% from 2025 to 2027 [4][19] - The gross profit margin is expected to improve from 27.1% in 2023 to 29.2% in 2027, indicating enhanced profitability [4][19]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The outlook for the engineering machinery industry is expected to continue, with the company's traditional flagship products anticipated to see an increase in demand, while emerging products are gaining competitiveness and maintaining rapid growth [3][17] - The company is projected to achieve a net profit attributable to shareholders of 4.89 billion, 5.58 billion, and 6.39 billion yuan for the years 2025, 2026, and 2027 respectively, with a target price of 9.12 yuan based on a 16x PE ratio for 2025 [3][17] Financial Performance Summary - Revenue is forecasted to be 50.76 billion, 58.47 billion, and 67.36 billion yuan for 2025, 2026, and 2027, reflecting growth rates of 11.6%, 15.2%, and 15.2% respectively [4] - Operating profit is expected to reach 5.75 billion, 6.57 billion, and 7.54 billion yuan for the years 2025, 2026, and 2027, with growth rates of 32.9%, 14.3%, and 14.7% respectively [4] - The net profit attributable to the parent company is projected to grow by 38.9%, 14.1%, and 14.6% for the years 2025, 2026, and 2027, reaching 4.89 billion, 5.58 billion, and 6.39 billion yuan [4] - Earnings per share are expected to be 0.57, 0.64, and 0.74 yuan for 2025, 2026, and 2027 respectively [4] Industry Outlook - The engineering machinery industry is showing signs of stabilization after a period of decline, with domestic demand expected to be supported by ongoing large-scale infrastructure projects and the transition to electric machinery [9][10] - The company's traditional products, including lifting and concrete machinery, are expected to see a gradual increase in demand as construction activities ramp up [9][14] - Emerging products such as earth-moving machinery and high-altitude work machinery are experiencing rapid growth, with the company improving its competitive position in these segments [15][17]

Group 1 - The core viewpoint is that the Chinese construction machinery industry is experiencing significant growth, with excavator sales reaching 17,138 units in July 2025, a year-on-year increase of 25.2% [1] - Domestic sales accounted for 7,306 units, reflecting a growth of 17.2%, while exports reached 9,832 units, marking a substantial increase of 31.9% [1] - The government plans to issue 1.3 trillion yuan in ultra-long special bonds, an increase of 300 billion yuan from the previous year, to support infrastructure investment and stimulate demand for construction machinery [1] Group 2 - Zhejiang Securities suggests that the Chinese construction machinery industry is transitioning from import substitution to global supply, recommending a focus on industry leaders [2] - Everbright Securities highlights strong performance in both domestic and export sales in July, indicating a positive outlook for the industry driven by ongoing demand and policy support [2] - The report emphasizes that the internationalization and electrification of the construction machinery sector will likely benefit leading companies, with projects like the Yajiang and Xinjiang railways expected to further boost demand [2] Group 3 - Relevant companies in the Hong Kong stock market include Zoomlion Heavy Industry (000157), SANY International (00631), China Longgong (03339), and Zhengzhou Coal Mining Machinery (00564) [3]

Core Viewpoint - The announcement details the share reduction plan of a major shareholder, Zoomlion Heavy Industry Science and Technology Co., Ltd., regarding its stake in Hunan Taijia New Materials Technology Co., Ltd. [2][3] Group 1: Shareholder Reduction Plan - Zoomlion plans to reduce its holdings by a total of up to 7,552,126 shares, which represents 3% of the total share capital of the company [2] - The reduction will occur through two methods: a maximum of 2,517,375 shares via centralized bidding and up to 5,034,751 shares through block trading [2] - As of July 9, 2025, Zoomlion has already reduced its holdings by 468,400 shares, bringing its total shares down from 48,000,000 to 47,531,600, which is a decrease from 19.07% to 18.88% of the total share capital [3] Group 2: Progress of Share Reduction - From July 10 to August 11, 2025, Zoomlion further reduced its holdings by 3,286,971 shares, with 2,048,971 shares sold through centralized bidding and 1,238,000 shares through block trading [3] - Following this reduction, Zoomlion's total shares decreased to 44,244,629, representing 17.58% of the total share capital [3] - The reduction has triggered a change in shareholder equity that touches on the 1% integer multiple threshold [3][4] Group 3: Compliance and Impact - The share reduction plan complies with relevant regulations and does not affect the control of the company, as Zoomlion is not a controlling shareholder [4] - The company will continue to monitor the progress of the share reduction and will disclose updates as required [4]

Group 1 - The stock price of Zoomlion reached 7.54 yuan as of August 11, 2025, with a slight increase of 0.01 yuan, representing a 0.13% rise [1] - The trading volume on that day was 587,332 hands, with a total transaction amount of 442 million yuan [1] - Zoomlion specializes in the research and manufacturing of high-tech equipment, including construction machinery and agricultural machinery, and is a global leader in the equipment manufacturing industry [1] Group 2 - At the 2025 World Robot Conference, Zoomlion showcased its latest achievements in intelligent manufacturing and robotics, including three humanoid robots [1] - The company has developed two wheeled humanoid robots and one bipedal version, with dozens of these robots already in operation within factories for tasks such as machining, logistics, assembly, and quality inspection [1] - Zoomlion has established nearly a hundred humanoid robot training stations, creating the Zhongke Cloud Valley embodied intelligence platform [1] Group 3 - On August 11, 2025, the net outflow of main funds for Zoomlion was 15.93 million yuan, while the net inflow over the past five days was 22.28 million yuan [1]

Core Insights - The 2025 World Robot Conference was held in Beijing, showcasing the advancements in industrial and humanoid robots by Zoomlion Heavy Industry Science & Technology Co., Ltd. [1] - Zoomlion is recognized as a leader in intelligent manufacturing and has been an early adopter of robotic technology in the engineering machinery sector since 2006 [1][2]. Group 1: Company Developments - Since 2019, Zoomlion has implemented adaptive robots with perception and mobility capabilities, including visual and tactile sensing robotic arms and autonomous mobile robots (AMRs) [2]. - The company has integrated over 300 intelligent manufacturing production lines in its Changsha facility, utilizing more than 2,000 industrial robots for various processes, ensuring full lifecycle traceability and scheduling through QR codes [2]. - Zoomlion has developed three models of humanoid robots, including two wheeled and one bipedal version, with several units already operational in factory settings for tasks such as logistics, assembly, and quality inspection [2]. Group 2: Future Vision and Strategy - The company envisions a new production model through the collaborative evolution of hardware and software, transitioning from large-scale agile manufacturing to personalized single-piece customization in future smart factories [3]. - The integration of humanoid robots into factories requires a reevaluation and optimization of manufacturing processes and management systems, focusing on automation, digital transformation, and intelligent governance [3]. - Zoomlion's strategic alignment with national priorities on embodied intelligence positions it to drive the collaborative operation of industrial and humanoid robots, expanding the boundaries of intelligent manufacturing and reshaping development patterns in the engineering machinery industry [3].