Core Points - The People's Bank of China and the State Administration of Foreign Exchange have expanded the pilot program for multinational companies' integrated currency pool business to include Hunan and 15 other provinces [1][2] - The pilot program allows multinational companies to determine the concentration ratio of foreign debt and overseas loans based on macro-prudential principles, while maintaining some financial arrangement flexibility for individual member enterprises [1] - The program facilitates the management of global member enterprise funds by allowing domestic main accounts to handle cross-border currency collection and payment for overseas member enterprises [1] - The pilot program aims to improve fund management efficiency, reduce financial costs, and enhance risk management capabilities for enterprises [1] Company and Industry Summary - Two companies, Zoomlion Heavy Industry Science and Technology Co., Ltd. and Hunan Zhongwei New Energy Technology Co., Ltd., have been selected as pilot enterprises and have successfully completed the business filing [2] - The pilot companies have established a global fund pool covering 25 countries and regions, including 72 domestic and foreign member enterprises [2] - Feedback from the pilot enterprises indicates that the policy has provided more convenience for Hunan enterprises in their global operations and expansion [2]

文 /高歌 2020年 春 ，詹纯新召集公司7个海外大区的负责人召开海外业务专题会。 当时，距离中联重科全资收购全球排名第三的混凝土机械制造商意大利CIFA公司已经过去了12年。 这项收购是中国工程机械行业从被并购对象转为并购发起者的转折点，一度被称为"改变世界竞争格 局的手笔"，中联重科也通过CIFA迅速扩张了欧洲及全球业务。 但令 他 没想到 的是 ， 召集会议时， 7个海外大区负责人竟然全都在长沙待着， 没有一人前往一 线市场。 这让詹纯新感受到公司的海外业务亟需一场变革。 在这个会 议 上，詹纯新将2020年定为中联重科的出海元年，并第一次提出了中联重科发展海外业 务的" 航 空港模式"。 会议召开4年后，在国内经历基建投资和房地产漫长周期的大背景下，海外业务支撑起了中联重科收 入的半壁江山，成为这家公司穿越周期的关键动力。 2025年3月底，中联重科发布的财报显示， 2024年 公司实现 营收454.78亿元 ， 净利润 40.09 亿元，同比增长6.31% ；剔除股份支付费用的影响后，全年净利润同比增长18.39%。 数据背后，另一个正在发生的变化是： 中联重科的产品 除了 起重机、混凝土机械等传 ...

Financial Performance - In 2024, the company's operating revenue was approximately RMB 45.48 billion, a decrease of 3.39% compared to RMB 47.07 billion in 2023[17]. - The net profit attributable to shareholders was approximately RMB 3.52 billion, reflecting a slight increase of 0.41% from RMB 3.51 billion in the previous year[17]. - The net profit after deducting non-recurring gains and losses was approximately RMB 2.55 billion, down by 5.70% from RMB 2.71 billion in 2023[17]. - The net cash flow from operating activities decreased by 21.03% to approximately RMB 2.14 billion, compared to RMB 2.71 billion in 2023[17]. - The total assets at the end of 2024 were approximately RMB 123.75 billion, a decrease of 5.44% from RMB 130.86 billion at the end of 2023[17]. - The net assets attributable to shareholders increased by 1.29% to approximately RMB 57.14 billion, compared to RMB 56.41 billion at the end of 2023[17]. - The company achieved a revenue of RMB 45.478 billion in 2024, a decrease of 3.39% compared to 2023's RMB 47.075 billion[24]. - The net profit attributable to the parent company was RMB 3.521 billion, down 0.82% from RMB 3.550 billion in the previous year[24]. - The company's leverage ratio improved to 51.66% in 2024 from 54.80% in 2023[18]. - Non-current assets decreased to RMB 49.234 billion in 2024 from RMB 52.819 billion in 2023[19]. - Current assets also declined to RMB 74.478 billion in 2024 from RMB 78.006 billion in 2023[19]. Strategic Focus and Development - The company is focusing on accelerating the transformation and upgrading of its strategic industries, particularly in new energy and new materials[12]. - The company aims to enhance its global development strategy, emphasizing "end-to-end, digitalization, and localization" in overseas markets[12]. - The company plans to continue its digital transformation to improve core competitiveness in R&D, manufacturing, management, sales, and service[14]. - The company is committed to building a world-class advanced manufacturing hub to create greater value for customers and returns for shareholders[14]. - The company maintained a strong market position in traditional product lines such as concrete machinery and construction cranes, with a focus on risk management and resource optimization[26]. - The company expanded its product range in earthmoving machinery, achieving significant growth in the domestic market, particularly in the 100-ton and above excavator segment[27]. - The company led the domestic market in aerial work machinery, with a 90% penetration rate of electric products and a comprehensive product lineup[28]. - The agricultural machinery segment saw significant growth, with new products like corn and rice machines entering the market after successful upgrades[30]. - The company ranks first in the industry for patent applications related to big data and cloud computing, establishing a leading position in the industrial internet and embodied intelligence sectors[32]. International Expansion and Manufacturing - In 2024, overseas revenue grew by over 30% year-on-year, achieving a historic milestone where overseas income accounted for more than half of total revenue[33]. - The company has established 11 overseas production bases across 8 countries, enhancing its global manufacturing network and supporting continuous innovation[36]. - The company has launched 4 major intelligent factories and over 360 intelligent production lines, contributing to the development of a significant advanced manufacturing base[38]. - The company has completed over 200 key technologies for intelligent production lines, showcasing its strong capabilities in intelligent manufacturing technology[38]. - The company aims to achieve end-to-end digital transformation in manufacturing and supply chains, integrating AI, cloud computing, and digital twin technologies[40]. - The company has built a comprehensive overseas business system focused on end-to-end, digital, and localized operations, enhancing its competitive edge[33]. - The company has over 4,400 local employees and more than 210 service parts warehouses globally, covering over 170 countries and regions[36]. Innovation and Product Development - The company successfully developed 548 new products and overcame 355 key technologies during the reporting period, including 9 global bests and 15 industry-first products[41]. - The company launched the world's largest rated lifting torque crane with a capacity of 23,800 ton-meters, and a maximum lifting weight of 730 tons, which is currently in use for the construction of the Guangzhou Wanlong Bridge[42]. - The company introduced 40 new energy products, including the world's largest 150-ton distributed electric drive crawler crane and the industry's first modular electric direct drive concrete mixer truck[46]. - The company achieved a comprehensive energy saving of 15% with the development of a 300-ton hybrid electric drive dump truck, enhancing the green development of mining transportation equipment[42]. - The company applied for 2,054 patents during the reporting period, ranking first in the industry for patent strength among Chinese enterprises[48]. - The company has developed a hybrid power distributed electric drive tractor with a low fuel consumption of 1.55L per mu, providing a comfortable driving experience with a noise level of 79dB[44]. - The company has completed over 20 key component and equipment R&D projects in the new energy sector, achieving industry-leading technology levels[46]. - The company has established a total of 210 new energy products for sale by the end of 2024, covering various leading product categories[46]. - The company led the release of 2 international standards and 4 national standards in 2024, becoming a dominant force in industry standard-setting[48]. Employee Engagement and Welfare - The company employs approximately 31,783 employees as of December 31, 2024[71]. - The company has a distributable reserve of RMB 26.442 billion as of December 31, 2024[74]. - The company aims to enhance employee cohesion and core combat capabilities through talent introduction, training, and incentives[194]. - The company maintains a 100% labor contract signing rate and provides comprehensive social insurance coverage for all employees[195]. - In 2024, the company provided assistance to 88 employees, distributing over 3.317 million yuan in aid, including support for 18 children of deceased employees[197]. - The company hired approximately 7,297 new employees during the reporting period, increasing total employment to over 31,783[200]. - Employees under 35 years old account for 55.63% of the workforce, indicating a sustainable employment structure[200]. - The company has implemented a satisfaction evaluation platform for employee dining, maintaining a satisfaction rate above 90%[197]. - The company actively engages in employee welfare programs, including marriage and childbirth benefits, and various forms of assistance[196]. Environmental and Social Responsibility - The ESG special team is responsible for identifying significant ESG issues impacting operations and stakeholders, reporting to the board regularly[158]. - The company has identified 23 key ESG issues for this year's importance analysis, based on guidelines from the Hong Kong Stock Exchange and the SASB[164]. - The board participates in the evaluation and prioritization of important ESG matters, ensuring comprehensive reflection of the company's sustainable development progress[163]. - In 2024, the company achieved a total greenhouse gas emission of approximately 187,949.80 tons, a decrease from 206,881.91 tons in 2023, resulting in a 6% reduction in emissions per million revenue[178]. - The company successfully launched 40 new products, including the world's largest distributed electric drive crawler crane, and now has 210 new energy products on sale[172]. - The company reduced diesel consumption in 2024 compared to the previous year, leading to a significant decrease in air pollutant emissions[178]. - The total amount of hazardous waste generated in 2024 was 3,876.30 tons, down from 4,172.38 tons in 2023, with a hazardous waste density of 0.85 tons per 10 million revenue[178]. - The company established two new A-level environmental performance parks and three B-level parks in 2024, becoming the first in the Shaanxi and Hunan engineering machinery industry to achieve A-level status[170]. - The company reported a sulfur dioxide emission of 0.14 tons in 2024, down from 0.17 tons in 2023, and nitrous oxide emissions of 19.31 tons, reduced from 24.19 tons[176]. - The company implemented advanced environmental management systems and technologies, including real-time air quality monitoring and dust reduction measures[171]. - The greenhouse gas emission density was recorded at 4.13 tons per million revenue in 2024, a decrease from 4.39 tons per million revenue in 2023[178]. - The company is committed to using water-based paints and energy-efficient, low-pollution dry spraying processes in its manufacturing operations[170]. - The company has strengthened its internal controls and cost reduction measures while accelerating its green transformation[178]. - The company aims to achieve carbon peak by 2030 and carbon neutrality by 2060, aligning with national strategic goals[190]. - The company has not identified any violations of significant environmental laws and regulations during the year[191].

今日，国务院关税税则委员会公布公告称， 4月10日，美国政府宣布对中国输美商品征收"对等关税"的 税率进一步提高至125% ，美方对华肆意加征畸高关税，严重违反国际经贸规则。国务院关税税则委员 会调整对原产于美国的进口商品加征关税措施，由84%提高至125%。在此背景下，农机产业需求释放 的预期增强。 东吴证券分析师周尔双介绍， 2024年我国从美国进口的主要商品中，农副产品金额占比达到16.3%， 仅次于机械电子类产品 。周尔双判断，关税提升之后我国从美国进口农产品总量预计有所下降，有望 对国内粮食价格形成上涨支撑，利好农机行业需求。 事实上，自2024年下半年以来，我国粮食进口已经逐渐放缓，小麦、玉米等进口大幅下降，且在2025 年一季度粮食进口有望延续下降趋势。 对于粮价向农机需求的传导，中联重科(000157)近期接待调研时表示，2025年粮食价格有望回升，随 着粮食价格上涨，预计后续用户购机意愿会有所提升，但受制于农户2024年收益大幅降低或亏损，今 年的采购不会出现增长或下滑，随着粮食价格的增长和2025年的用户收益增加，有望看到2026年农业 机械市场景气度转好。 进口替代则是农机行业另一大趋势 ...

今日，国务院关税税则委员会公布公告称， 4月10日，美国政府宣布对中国输美商品征收"对等关税"的 税率进一步提高至125% ，美方对华肆意加征畸高关税，严重违反国际经贸规则。国务院关税税则委员 会调整对原产于美国的进口商品加征关税措施，由84%提高至125%。在此背景下，农机产业需求释放 的预期增强。 东吴证券分析师周尔双介绍， 2024年我国从美国进口的主要商品中，农副产品金额占比达到16.3%， 仅次于机械电子类产品 。周尔双判断，关税提升之后我国从美国进口农产品总量预计有所下降，有望 对国内粮食价格形成上涨支撑，利好农机行业需求。 事实上，自2024年下半年以来，我国粮食进口已经逐渐放缓，小麦、玉米等进口大幅下降，且在2025 年一季度粮食进口有望延续下降趋势。 对于粮价向农机需求的传导，中联重科(000157)近期接待调研时表示，2025年粮食价格有望回升，随 着粮食价格上涨，预计后续用户购机意愿会有所提升，但受制于农户2024年收益大幅降低或亏损，今 年的采购不会出现增长或下滑，随着粮食价格的增长和2025年的用户收益增加，有望看到2026年农业 机械市场景气度转好。 进口替代则是农机行业另一大趋势 ...

证券代码：000157 证券简称：中联重科 公告编号：2025-026 号 中联重科股份有限公司 关于持股 5%以上股东股份解除质押及质押的公告 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。 中联重科股份有限公司（以下简称"公司"、"本公司"）于近 日收到股东佳卓集团有限公司（GOOD EXCEL GROUP LIMITED） （以下简称"佳卓集团"）的通知，获悉其所持本公司的股份办理了 解除质押及质押相关手续，具体情况如下： 一、股东股份解除质押及质押的基本情况 （一）本次股东股份解除质押及质押的基本情况 | 股东 名称 | 是否为控 股股东或 第一大股 | 本次解除质 押数量 | 占其所持 股份比例 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 | （股） | | 比例 | | | | | | 致行动人 | | | | | | | | 佳卓 集团 | 否 | 29,816,201 | 100.00% | 0.34% | 2 ...

马克小松等国际一些品牌展开差异化竞争对反制造残杀全团相达两处生产基地全面升级具备了200亿级别的产能的智能制造条件单是高控器械国内出租率差70%未来渗透率还有导弹提升空间电动化产品的渗透率达90%海外本地化资源整合高效推进墨西哥希拉里工厂顺利建设 发达市场迅速拓展一带一路市场高速增长这是个农业机械国内市场排名深至行业第五烘干机市占率第一小麦机稳屈行业前二拖拉机同比增长超200%200马力段中高端拖拉机进入行业前三海外一带一路市场开拓足有成效国际市场开拓能力在国产农机品牌中属于领先 第四部分是全球化战略基础继续深化第一是市场扩展全球销售网络持续扩展已在全球四十多个重点国家吃了超过四百个碗饼产品覆盖了一百七十多个国家第二是本土化布局海外本土员工四千四百人占海外总员工数超百分之七十拥有超过两百一十个服务备件仓库海外制造产能合计也已经超百亿 专事管理升级搭建基于大数据和数字软身技术的品质型管理架构实现前后台高效协同及总部对全球员工业务的有效管理强化分控第五部分是财务情况第一 营业能力全年毛利率28.17%净利率8.81%同比分别提升1.04个百分点和0.8个百分点 第二是风险控制回款持续优化全年销售回款率80.3%同 ...

投资要点 2025 年一季度：周期成长，百花齐放；重视工程机械、人形机器人等 1、主线一：周期反转 【工程机械】反转逻辑加强，海外国内共振；【船舶】景气上行，盈利改善；【工业气体】气价历史低 位，拐点即将来临；【检测检验】需求逐步改善，有望拐点向上；【轨交装备】铁路固定资产投资稳步 推进，景气持续；【机床刀具】周期复苏、国产替代、出海、新领域。 2、主线二：成长崛起 【人形机器人】日新月异，内外并进；【半导体设备】先进扩产、国产提速；【低空经济】低空翱翔， 拉开序幕。 3、主线三：供应全球 【出口链】库存扰动解除，降息接力复苏；【油服装备】景气持续，聚焦海上、出海。 2024 年机械子行业业绩前瞻/回顾：工程机械行业盈利能力改善明显，五大主机厂实现利润正增；船舶 行业盈利能力逐步修复，景气上行。 2025 年第一季度机械子行业业绩前瞻：工程机械有望开门红，出口链业绩释放，船舶景气持续，工业 气体、光伏设备筑底。 工程机械：反转逻辑持续验证中，海外市占率提升，国内更新周期有望逐步开启1、3 月挖掘机国内销 量同比增长28.5%；重视工程机械一季度旺季行情2025 年3 月挖掘机总销量29590 台，同比增长18 ...

1 促使农业向规模化、机械化、高端化、智能化、 无人化的方向发展。同时，中国农业机械制造商 在走向海外时面对的是空间更大、利润率更高的 市场。公司正借助中国全球化战略，把我们产品 推向全球万亿的大市场。 近几年公司正在加速研发和投入农业机械 板块，以工程机械的技术制造水平、市场优势、 管理优势来助力农业机械向高端化、绿色化、智 能化方向发展。同时，公司的农业机械的核心零 部件方面也在持续取得突破。 2024 年，公司农业机械收入 46.5 亿元，同 比增长 122.29%，相信以中联重科工程机械的研 发实力，加上公司持续的研发投入，未来在农业 机械海内外市场取得亮眼表现值得期待。 证券代码：000157/1157 证券简称：中联重科 中联重科投资者关系记录表 编号：2025-04 投资者关系活动 类别 □特定对象调研 √分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 活动参与人员 境内、境外投资者及分析师等。 时间 2025年4月09日 地点 长沙 形式 线上 上市公司接待人 员姓名 董事会秘书陶兆波先生、农机营销总公司常务副 总经理张翅先生、投资 ...