本报告依据中国资产评估准则编制 湖南兴湘投资控股集团有限公司 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020051202403510 | | --- | --- | | 合同编号: | 沃克森国际评合同字【2024】第2231号 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 沃克森评报字(2024)第2937号 | | 报告名称: | 湖南兴湖投资格股集团有限公司拟转让其持有中联重科融资租赁 (北京)看限公司股权涉及中联重科融资相贷（北京）有限公司 | | | 股东全部权益价值资产评估报告 | | 评估结论: | 2.071.238.823.48元 | | 评估报告日: | 2024年12月31日 | | 评估机构名称: | 沃克森(北京)国际资产评估有限公司 | | | 周邊 (资产评估师) 正式会员编号:43200031 | | 签名人员: | 正式会员编号: 47060011 尹元 (资产评估师) | 拟转让其持有中联重科融资租赁（北京）有限公司股权 涉及中联重科融资租赁（北京）有限公司 股东全部权益价值 资产评估报告 沃克森评报字(2024) ...

中联重科股份有限公司 第七届董事会独立董事专门会议 2025 年第二次会议 审核意见 中联重科股份有限公司（以下简称"公司"）第七届董事会独立 董事专门会议 2025 年第二次会议（以下简称"本次会议"）于 2025 年5月20日以通讯表决的方式召开，本次会议应出席独立董事4人， 实际出席独立董事 4 人。本次会议的召开符合《上市公司独立董事管 理办法》及《公司章程》的有关规定。 独立董事专门会议审议通过了《关于以公开摘牌方式购买北京租 赁股权暨关联交易的议案》，全体独立董事同意此议案，并发表审核 意见如下： 全体独立董事同意公司通过公开竞价摘牌方式分别参与收购湖 南兴湘投资控股集团有限公司、湖南迪策投资有限公司挂牌转让的中 联重科融资租赁（北京）有限公司（以下简称"北京租赁"）45%、36% 股权，挂牌转让底价分别为90,405.01万元、72,324.01万元。本次交 易完成后，公司持有北京租赁股权比例由19%上升至100%，北京租赁 成为公司全资子公司，纳入公司合并报表范围。全体独立董事同意董 事会授权公司董事长（或其授权人士）根据具体情况实施相关事宜并 签署有关协议及文件。 独立董事： 该项决策不存在 ...

证券代码：000157 证券简称：中联重科 公告编号：2025－032 号 中联重科股份有限公司 关于以公开摘牌方式购买北京租赁股权暨关联交易的 公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、关联交易概述 2025年5月20日，中联重科股份有限公司（以下简称"公司"或 "中联重科"）召开第七届董事会2025年度第二次临时会议，以"6 票同意、0票反对、0票弃权、1票回避"审议通过了《关于以公开摘 牌方式购买北京租赁股权暨关联交易的议案》，公司拟通过公开竞价 摘牌方式分别参与湖南兴湘投资控股集团有限公司（以下简称"兴湘 集团"）、湖南迪策投资有限公司（以下简称"迪策投资"）挂牌转 让的中联重科融资租赁（北京）有限公司（以下简称"北京租赁"） 45%、36%股权，挂牌转让底价分别为90,405.01万元、72,324.01万 元。 本次交易完成后，公司持有北京租赁股权比例由19%上升至 100%，北京租赁成为公司全资子公司，纳入公司合并报表范围。 因交易对方兴湘集团持有公司5%以上股份，根据《深圳证券交易 所股票上市规则》《中联重科股份有限公司章程》等 ...

证券代码：000157 证券简称：中联重科 公告编号：2025－031 号 中联重科股份有限公司 第七届监事会 2025 年度第二次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 二、监事会会议审议情况 审议通过了《关于以公开摘牌方式购买北京租赁股权暨关联交易 的议案》。 监事会同意公司通过公开竞价摘牌方式分别参与收购湖南兴湘 投资控股集团有限公司、湖南迪策投资有限公司挂牌转让的中联重科 融资租赁（北京）有限公司（以下简称"北京租赁"）45%、36%股权。 1 本次交易完成后，公司持有北京租赁股权比例由19%上升至100%，北 京租赁成为公司全资子公司，纳入公司合并报表范围。 一、监事会会议召开情况 1、中联重科股份有限公司（以下简称"公司"、"上市公司"或"中 联重科"）第七届监事会 2025 年度第二次临时会议（以下简称"本次 会议"）通知已于 2025 年 5 月 13 日以电子邮件方式向全体监事发出。 2、本次会议于 2025 年 5 月 20 日以通讯表决的方式召开。 3、本次会议应参加表决的监事三名，实际参加表决的监事两名。 公司 ...

证券代码：000157 证券简称：中联重科 公告编号：2025－030 号 中联重科股份有限公司 第七届董事会 2025 年度第二次临时会议决议公告 2、本次会议于 2025 年 5 月 20 日以通讯表决的方式召开。 3、本次会议应参加表决的董事七名，实际参加表决的董事六名， 公司董事詹纯新先生、王贤平先生、张成虎先生、黄国滨先生、吴宝 海先生、黄珺女士以通讯方式对本次会议议案进行了表决，关联董事 贺柳先生回避表决。 4、本次会议的召开符合《中华人民共和国公司法》（以下简称 "《公司法》"）及《中联重科股份有限公司章程》（以下简称"《公 司章程》"）的有关规定。 二、董事会会议审议情况 审议通过了《关于以公开摘牌方式购买北京租赁股权暨关联交易 的议案》。 1 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、中联重科股份有限公司（以下简称"公司"、"上市公司" 或"中联重科"）第七届董事会 2025 年度第二次临时会议（以下简 称"本次会议"）通知已于 2025 年 5 月 13 日以电子邮件方式向全 体董事发出。 公司独立董事专门 ...

中联重科（000157）公告，公司拟通过公开竞价摘牌方式参与湖南兴湘投资控股集团有限公司、湖南迪 策投资有限公司挂牌转让的中联重科融资租赁(北京)有限公司45%、36%股权，挂牌转让底价分别为 9.04亿元、7.23亿元。本次交易完成后，公司持有北京租赁股权比例由19%上升至100%，北京租赁成为 公司全资子公司。 ...

Company Overview - Zoomlion Heavy Industry Science and Technology Co., Ltd. was founded in 1992 and primarily engages in the research, development, and manufacturing of high-tech equipment such as construction machinery and agricultural machinery, as well as new building materials [1] - The company has a diverse product range that includes 18 major categories, 105 product series, and 636 models, making it the first A+H share listed company in the industry [1] Financial Performance - As of May 20, Zoomlion has experienced a decline in stock price for six consecutive trading days, with a cumulative drop of -4.42% [1] - The Huatai-PineBridge CSI 300 ETF, managed by Huatai-PineBridge Fund, is among the top ten shareholders of Zoomlion and has reduced its holdings in the first quarter of this year [1] - The year-to-date return for the ETF is -1.11%, ranking 2375 out of 3435 in its category [1][2] Market Comparison - In terms of performance, the ETF's returns over various periods are as follows: - Last week: -0.30% - Last month: +2.92% - Last three months: -1.41% - Last six months: -2.05% - Year-to-date: -1.11% [2] - The average return for similar funds and the CSI 300 index during the same periods shows a mixed performance, with the CSI 300 index returning -0.93% year-to-date [2]

Core Viewpoint - The Chinese tractor industry is undergoing unprecedented technological transformation driven by agricultural modernization and "dual carbon" goals, characterized by "high-end leadership, intelligent drive, and green transformation" [1][16][18]. Group 1: Industry Overview - The new energy tractor refers to agricultural machinery powered by non-traditional fuels (such as electricity, hydrogen, or solar energy), aiming to reduce carbon emissions and enhance energy efficiency while meeting modern agricultural demands for intelligence and sustainability [2][4]. - New energy tractors have three core advantages over traditional tractors: environmental friendliness (zero emissions, low noise), economic efficiency (operating costs reduced by 30%-50%), and intelligence (seamless integration with precision agriculture systems) [4][5]. Group 2: Industry Development Background - The acceleration of land transfer and the rise of large-scale farming operations (over 60% of farming entities) have increased the demand for intelligent and green agricultural machinery [9][12]. - Recent policies, such as the "2024-2026 Agricultural Machinery Purchase and Application Subsidy Implementation Opinions," provide comprehensive support for the development of the new energy tractor industry [9][10]. Group 3: Market Dynamics - The new energy tractor industry is expected to experience explosive growth, with a market size projected to exceed 100 billion yuan and a compound annual growth rate (CAGR) of over 30% by 2030 [18][29]. - The industry is characterized by a competitive landscape where leading companies dominate the market, while smaller firms seek differentiation through niche segments [21][23]. Group 4: Technological Trends - The industry is witnessing a multi-energy landscape with mixed power, pure electric, and hydrogen fuel cell technologies coexisting, with mixed power being the most mature and holding the largest market share (65%) [23][25]. - Intelligent and unmanned technologies are rapidly advancing, with L4-level autonomous driving models expected to achieve full autonomy by 2030, significantly reducing labor costs [28][29]. Group 5: Future Outlook - The new energy tractor industry is positioned for rapid growth driven by policy support and technological advancements, with a shift from equipment sales to a "data + service + carbon trading" ecosystem [25][29]. - The focus will be on enhancing energy management and transmission efficiency, with pure electric technology penetrating the market for small to medium-sized agricultural scenarios [26][27].

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]

Group 1 - The fourth Changsha International Construction Machinery Exhibition concluded, attracting 35 of the world's top 50 construction machinery companies and showcasing over 20,000 machinery products [1] - The exhibition covered an area of 300,000 square meters with 1,806 participating companies, a 20% increase from the previous event, and attracted over 350,000 professional visitors from more than 110 countries and regions [1] - The event highlighted a significant shift towards high-end, intelligent, and green construction machinery, with over 60% of exhibits featuring advanced technologies such as AI models and remote control, and 75% of products being environmentally friendly [1] Group 2 - Guangxi Liugong Group showcased over 20 new energy products, emphasizing the company's innovations in green and intelligent engineering equipment [2] - Sany Heavy Industry delivered three of the world's largest 4,000-ton all-terrain cranes on the first day, while XCMG signed contracts for over 1,000 units with a total order value exceeding 100 million yuan [2] - Non-traditional construction machinery suppliers, such as Jiangxi Luchong IoT Technology Co., presented smart charging stations for heavy trucks, indicating strong growth potential in the new energy truck market [2] Group 3 - The exhibition facilitated regional cooperation among five provinces in China, signing a strategic agreement focused on joint research, complementary industrial chains, and market sharing [3] - A regional emergency rescue cooperation agreement was signed to enhance cross-regional emergency capabilities [3] - Changsha aims to establish the exhibition as a key platform for global machinery companies to showcase products and technologies, contributing to infrastructure development and sustainable growth [3]