Core Viewpoint - Zoomlion announced a cash dividend distribution plan for the year 2025, indicating a commitment to returning value to shareholders through direct cash payouts rather than stock bonuses or capital increases [1] Group 1: Dividend Distribution Details - The company will distribute a cash dividend of RMB 2.00 per 10 shares (including tax) to all shareholders [1] - The record date for the A-share dividend distribution is set for January 8, 2026, with the ex-dividend date on January 9, 2026 [1] - The dividends will be directly credited to shareholders' accounts through their securities companies on the ex-dividend date [1]

证券代码：000157 证券简称：中联重科 公告编号：2025－061 号 中联重科股份有限公司 2025 年中期 A 股权益分派实施公告 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。 特别提示： 本次实施的权益分派方案面向持有公司 A 股的全体股东，持有公司 H 股的 股东的权益分派将依据香港联交所相关规定实施。 中联重科股份有限公司 2025 年中期权益分派方案已获 2025 年 12 月 11 日召开的公司 2025 年度第一次临时股东大会审议通过，现 将此次权益分派事宜公告如下： 公司 2025 年中期利润分配预案为：以实施 2025 年中期利润分配 时股权登记日的总股本为基数，向全体股东每 10 股派发现金红利人 民币 2.00 元（含税），不送红股，不以公积金转增股本。 一、股东大会审议通过利润分配方案情况 1、中联重科股份有限公司（以下简称"公司"、"本公司"） 于 2025 年 12 月 11 日召开的 2025 年度第一次临时股东大会审议通过 的《公司 2025 年中期利润分配预案》具体如下： 公司以实施2025年中期利润分配时股权登记日的 ...

Group 1 - Zhonglian Heavy Industry Co., Ltd. reported a stock price increase of 1.06%, reaching 8.57 CNY per share, with a trading volume of 205 million CNY and a turnover rate of 0.34%, resulting in a total market capitalization of 74.118 billion CNY [1] - The company, established on August 31, 1999, and listed on October 12, 2000, specializes in the research, manufacturing, sales, and service of construction and agricultural machinery [1] - The main business revenue composition includes: 33.69% from lifting machinery, 19.59% from concrete machinery, 17.27% from earth-moving machinery, 10.43% from aerial work machinery, 10.09% from other machinery and products, 8.00% from agricultural machinery, and 0.93% from financial services [1] Group 2 - Guotai Fund has a significant holding in Zhonglian Heavy Industry, with the Guotai CSI Infrastructure ETF (159619) increasing its stake by 483,800 shares in the third quarter, totaling 1.2148 million shares, which represents 5.06% of the fund's net value, making it the sixth-largest holding [2] - The Guotai CSI Infrastructure ETF (159619) was established on February 9, 2022, with a current size of 192 million CNY, yielding 8.52% this year, ranking 3592 out of 4195 in its category; over the past year, it achieved a return of 7.3%, ranking 3561 out of 4179; since inception, it has returned 5.85% [2]

Core Viewpoint - The report from Shenwan Hongyuan forecasts significant revenue and profit growth for Zoomlion (000157) from 2025 to 2027, indicating a strong investment opportunity due to undervaluation compared to peers [1][2]. Group 1: Financial Projections - Expected revenue for Zoomlion in 2025, 2026, and 2027 is projected to be 53.264 billion, 61.667 billion, and 70.777 billion yuan, representing year-on-year growth of 17.12%, 15.78%, and 14.77% respectively [1]. - Anticipated net profit attributable to shareholders for the same years is forecasted at 4.849 billion, 6.30078 billion, and 7.841 billion yuan, with growth rates of 37.72%, 29.93%, and 24.46% respectively [1]. - The report suggests a target market capitalization of 92.1 billion yuan for 2026 based on a 15x PE ratio, indicating a potential upside of 57% from the current market cap of 58.8 billion yuan [1]. Group 2: Company Overview - Zoomlion, originally established as Changsha Construction Machinery Research Institute, has evolved into a leading brand in the engineering machinery sector, with a diversified business model that includes concrete machinery, lifting machinery, and agricultural machinery [2]. - The company has developed a comprehensive product portfolio that includes 15 major categories and 745 product models, supported by 29 domestic industrial parks and 10 overseas R&D and manufacturing bases [2]. - Zoomlion has pursued globalization through overall listing, overseas factories, and quality asset acquisitions, positioning itself as a pioneer in the internationalization of Chinese engineering machinery [2]. Group 3: Market Dynamics - In the domestic market, there are signs of recovery in the real estate sector, with construction equipment utilization rates improving, indicating a potential stabilization in infrastructure investment growth starting in 2026 [3]. - The overseas market shows positive trends, with North America nearing the end of inventory reduction and improved new orders, while demand in Europe remains stable, driven by electric products [3]. - Strong demand for mining, infrastructure, and real estate in regions like Africa and Latin America is expected to contribute to sales growth, with a potential resonance between domestic and international markets in 2026 [3]. Group 4: Product and Market Strategy - Zoomlion is diversifying its revenue sources, with the share of income from cranes and concrete machinery decreasing from over 75% to around 50%, while other products like earth-moving machinery and agricultural equipment are contributing to growth [4]. - The company is implementing a comprehensive overseas strategy that includes establishing over 30 primary business hubs and more than 430 secondary and tertiary outlets, employing around 5,000 local staff [4]. - Embracing the trend of general artificial intelligence, Zoomlion is advancing the application of embodied intelligence in engineering machinery, agricultural machinery, and special equipment, aiming to create a third growth curve [4].

Core Viewpoint - The report from Shenwan Hongyuan indicates that Zoomlion (01157) is expected to see significant revenue and profit growth from 2025 to 2027, with a projected revenue of 53.26 billion, 61.67 billion, and 70.78 billion yuan, and net profit of 4.85 billion, 6.30 billion, and 7.84 billion yuan respectively, reflecting year-on-year growth rates of 17.12%, 15.78%, and 14.77% for revenue, and 37.72%, 29.93%, and 24.46% for net profit [1] Group 1: Company Overview - Zoomlion is a leading brand in the engineering machinery sector and serves as a successful example of a mixed-ownership enterprise, having evolved from the Changsha Construction Machinery Research Institute, officially established in 1992 and listed on A-shares in 2000 [2] - The company has a core business in concrete and lifting machinery, with expansions into earth-moving machinery, agricultural machinery, aerial work machinery, mining machinery, and robotics, forming a diversified business system [2] - Zoomlion's main products cover 15 categories, 75 product series, and 745 models, with 29 domestic industrial parks and 10 overseas R&D and manufacturing bases, positioning itself as a pioneer in the internationalization of Chinese engineering machinery [2] Group 2: Market Dynamics - In the domestic market, the new construction area in real estate has declined for six consecutive years, but signs of a bottoming out may be emerging, with significant improvements in the utilization rate of construction equipment expected in the second half of 2025 [3] - The "14th Five-Year Plan" starting in 2026 is anticipated to stabilize and rebound infrastructure investment growth due to policy support and the concentration of "dual-heavy" projects [3] - In the overseas market, North America's engineering machinery inventory is nearing depletion, with new orders showing significant year-on-year improvement, while Europe maintains stable overall demand with growth driven by electrification products [3] Group 3: Product and Market Strategy - The revenue contribution from cranes and concrete machinery is expected to decrease from over 75% to around 50%, with earth-moving machinery, agricultural machinery, high-altitude machinery, and mining machinery continuing to contribute incremental growth [4] - The company is implementing an "end-to-end, digital, localized" overseas strategy, having established over 30 primary business hubs and more than 430 secondary and tertiary outlets globally, employing approximately 5,000 local staff [4] - Future industry growth will leverage the trend of general artificial intelligence and the company's industrial technology accumulation, promoting the application of embodied intelligence in engineering machinery, agricultural machinery, and special equipment [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company is a leader in the engineering machinery sector, with a diversified business model that includes concrete machinery, lifting machinery, and agricultural machinery, among others. It has established a strong global presence through overseas manufacturing and strategic acquisitions [3][4] - The domestic engineering machinery market is showing signs of recovery, while international markets present significant growth opportunities. The company is well-positioned to benefit from both domestic and international demand [8][9] - The report forecasts revenue growth for the company, projecting revenues of 53.26 billion, 61.67 billion, and 70.77 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 4.85 billion, 6.30 billion, and 7.84 billion RMB [4][9] Summary by Sections Company Overview - The company has evolved from the Changsha Construction Machinery Research Institute, officially established in 1992, and has become a successful mixed-ownership enterprise. It has a comprehensive product line covering 15 categories and 745 models, with 29 domestic industrial parks and 10 overseas R&D and manufacturing bases [3][18] - The company has successfully integrated various business segments, including engineering machinery, agricultural machinery, and financial services, creating a multi-faceted business ecosystem [3][24] Market Dynamics - The domestic engineering machinery market is recovering, with signs of stabilization in real estate and infrastructure investments. The report notes that new construction areas in real estate have been declining for six years but are nearing a bottom [8][54] - Infrastructure investment has shown consistent growth, with significant government projects underway, which are expected to drive demand for engineering machinery [59][60] Financial Projections - The company is expected to see revenue growth rates of 17.12%, 15.78%, and 14.77% for the years 2025 to 2027, with net profit growth rates of 37.72%, 29.93%, and 24.46% for the same period [4][9] - The report highlights that the company's valuation is significantly undervalued compared to peers, with projected P/E ratios of 12, 9, and 7 for 2025 to 2027, indicating a potential upside of 57% based on a target market capitalization of 921 billion RMB [9] Competitive Landscape - The company is compared with peers such as Sany Heavy Industry, XCMG, and LiuGong, which have higher average P/E ratios, indicating that the company is undervalued in the current market [9] - The report emphasizes the company's strong international presence, with overseas revenue accounting for over 51% of total revenue by 2024, showcasing its successful global expansion strategy [36][70]

Overview - The mechanical equipment sector has shown strong performance, with a 30.48% increase from January to November 2025, ranking sixth among 31 primary industry indices [20][21][22] - Multiple sub-sectors have outperformed the Shanghai Composite Index and CSI 300, with significant gains in electric motors, general equipment, and specialized equipment [20][22] General Sector - The PMI and new orders PMI for the general sector showed a trend of rising and then falling, indicating stable manufacturing demand, with inventory levels remaining reasonable [2][32] - The peak growth rate for finished product inventory PMI was 2.56%, suggesting a stable inventory situation [2][32] - Companies to watch include Inovance Technology, Okuma, Huari Precision, New Sharp, Naipu Mining Machinery, and Jereh [2][39] Engineering Machinery Sector - The engineering machinery industry is experiencing a recovery in domestic demand and high overseas demand, with a focus on electrification and technological transformation [3] - Key players like SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are noted for their advantages in technology research and global channels [3] Rail Transit Equipment Sector - The growth rates for passenger and freight transport have exceeded the annual expectations set by the China National Railway Group, with significant investment in the railway sector [4] - From January to October 2025, passenger volume reached 3.95 billion, up 6.4% year-on-year, and freight volume was 4.37 billion tons, up 2.6% [4] - Companies to focus on include CRRC Corporation, China Railway Signal & Communication, and Siwei Control [4][39] Quantum Technology Sector - The national strategy increasingly emphasizes quantum technology, with expectations for continued investment and policy support [8] - The development of quantum technology is anticipated to drive demand for related hardware and software, benefiting core equipment manufacturers [8][39] Low-altitude Economy Sector - The low-altitude economy has been highlighted in government work reports, with local governments actively promoting development plans [9] - By 2025, local low-altitude economic industry funds are expected to exceed 100 billion, providing financial support for development [9][39] Export Chain Sector - The export chain is advised to focus on the U.S. market and emerging markets, with potential recovery in consumer spending if the U.S. continues to lower interest rates [10] - Companies to monitor include Jack Technology, Honghua Digital, Yindu Co., and Yizhiming [10][39]

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - Domestic demand for excavators continues to grow, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%. Domestic sales accounted for 9,842 units, up 9.1% year-on-year. For the first 11 months of 2025, total excavator sales were 212,162 units, reflecting a 16.7% increase, with domestic sales at 108,187 units, up 18.6% [3][4]. - The report highlights a significant recovery in non-excavator machinery categories, with loader sales in November 2025 increasing by 29.4%, motor grader sales up 24.7%, and truck crane sales rising by 25.8% [3][4]. - The ongoing replacement cycle in the machinery sector is expected to drive sales growth, with an estimated compound annual growth rate of around 30% for replacement demand in the coming years [4]. - Positive fiscal policies are anticipated to stimulate infrastructure investment, ensuring sustained mid-term demand for machinery [5]. - Export performance remains strong, with excavator exports in November 2025 reaching 10,185 units, a year-on-year increase of 18.8%, and total export value for the first 11 months of 2025 at $53.76 billion, up 12.4% [6]. - The electric loader segment shows remarkable growth, with sales in November 2025 reaching 2,935 units, a 192.0% increase year-on-year, and an electricization rate of 25.7% [7]. - The commencement of the Yarlung Tsangpo River hydropower project is expected to further boost machinery demand, with projected equipment needs estimated between 120 billion to 180 billion RMB [9]. Summary by Sections Domestic Sales Performance - November 2025 excavator sales reached 20,027 units, with domestic sales at 9,842 units, marking a 9.1% increase year-on-year [3][14]. - Loader sales in November increased by 32.1%, with domestic sales up 29.4% [14]. Export Performance - Excavator exports in November 2025 totaled 10,185 units, reflecting an 18.8% year-on-year increase [6][14]. - The total export value for machinery in November was $5.23 billion, a 16.6% increase [6]. Future Growth Drivers - The report emphasizes the importance of ongoing fiscal policies to support infrastructure investment, which is expected to drive machinery demand [5]. - The electricization trend in machinery is highlighted, with significant growth in electric loader sales and an increasing electricization rate [7]. Key Companies Recommended - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, as well as component manufacturers like Hengli Hydraulic [10].

Group 1: Market Performance - The engineering machinery sector increased by 1.82% on December 26, with XCMG leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Group 2: Individual Stock Performance - XCMG (000425) closed at 11.24, up 5.14% with a trading volume of 895,800 shares [1] - Shaoyang Hydraulic (301079) closed at 31.87, up 4.59% with a trading volume of 299,500 shares [1] - Shantui (000680) closed at 11.53, up 3.87% with a trading volume of 446,300 shares [1] - Changling Hydraulic (605389) closed at 76.10, up 2.84% with a trading volume of 19,200 shares [1] - Yizhong Heavy Industry (600031) closed at 21.17, up 2.42% with a trading volume of 715,800 shares [1] - Hailun Zhe (300201) closed at 6.58, up 2.02% with a trading volume of 863,400 shares [1] - Fushite (301446) closed at 32.21, up 1.90% with a trading volume of 16,100 shares [1] - Liugong (000528) closed at 12.61, up 1.69% with a trading volume of 227,100 shares [1] - Zoomlion (000157) closed at 8.57, up 1.66% with a trading volume of 479,800 shares [1] - Hengli Hydraulic (601100) closed at 108.61, up 1.30% with a trading volume of 89,000 shares [1] Group 3: Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 96.43 million yuan from institutional investors, while retail investors saw a net inflow of 81.26 million yuan [2] - Major stocks like Hengli Hydraulic and Yizhong Heavy Industry had varying net inflows and outflows from different investor types [3] - Hengli Hydraulic had a net inflow of 1.30 million yuan from institutional investors, while Yizhong Heavy Industry saw a net inflow of 67.84 million yuan [3]

Core Viewpoint - The engineering machinery industry is undergoing a profound transformation towards intelligent and digital manufacturing, with Zoomlion actively embracing technological changes to integrate advanced technologies such as RFID, IoT, big data, and artificial intelligence into the entire production process of excavators, establishing an efficient, precise, and flexible smart factory. On November 27, Zoomlion's excavator factory was successfully included in the first batch of 15 pilot smart factories by the national government at the 2025 World Intelligent Manufacturing Conference [1][5]. Group 1: Technology Integration - The comprehensive application of RFID technology is a core highlight of Zoomlion's smart excavator factory, addressing issues such as component traceability, production transparency, and material delivery delays that have historically hindered production efficiency [2][6]. - Each core component is equipped with a dedicated RFID tag, allowing for real-time tracking of component information from the moment of storage, thus ensuring precise traceability throughout the component's lifecycle [2][6]. - In the assembly phase, workers can quickly read component information using handheld devices or fixed readers, effectively avoiding assembly errors and ensuring accurate matching with work orders [2][6]. Group 2: Advanced Production Systems - Zoomlion has integrated various cutting-edge technologies to create a comprehensive intelligent production system, including industrial robots for precise welding and intelligent painting robots that enhance consistency while reducing waste and environmental pollution [3][7]. - IoT technology enables real-time data collection and analysis of equipment operation parameters and fault information, allowing for automatic alerts and maintenance suggestions, significantly reducing equipment failure rates and improving utilization [3][8]. - A big data analysis platform optimizes production processes and predicts market demand changes, providing scientific support for production planning and product development [3][8]. Group 3: Efficiency and Quality Improvements - The establishment of the smart factory has led to significant efficiency gains, with per capita output increasing by over 30% and product delivery cycles shortened by 20%, effectively meeting market demands for rapid excavator delivery [4][8]. - The quality of products has improved substantially, with a significant increase in the first-pass qualification rate of excavators and a continuous rise in customer satisfaction due to precise detection and traceability systems [4][8]. - Cost control has been enhanced through intelligent scheduling that reduces material waste, smart maintenance that lowers repair costs, and big data optimization that minimizes redundant production processes, achieving the goal of cost reduction and efficiency improvement [4][8]. Group 4: Industry Implications - Zoomlion's use of RFID and other technologies to build a smart excavator factory represents a crucial step in the company's transformation and serves as a model for the intelligent development of the engineering machinery industry [4][9]. - The engineering machinery industry is currently facing trends towards green, low-carbon, and high-end intelligent development, and Zoomlion's practices demonstrate that technological innovation and industrial integration can effectively address industry challenges and promote sustainable growth [4][9].