中联重科(000157.SZ)发布2025年半年度报告，报告期内，公司实现营业收入248.55亿元，同比增长 1.30%。实现归属于上市公司股东的净利润27.65亿元，同比增长20.84%。实现归属于上市公司股东的扣 除非经常性损益的净利润19.25亿元，同比增长30.08%。基本每股收益0.32元。 ...

中联重科股份有限公司 2025 年半年度财务报告全文 中联重科股份有限公司 2025 年半年度财务报告 二〇二五年八月 1 中联重科股份有限公司 2025 年半年度财务报告全文 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：中联重科股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 12,923,727,760.03 | 13,720,002,463.26 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 1,570,555,653.97 | 1,622,334,384.17 | | 衍生金融资产 | | | | 应收票据 | 50,727,240.30 | 93,559,650.28 | | 应收账款 | 29,436,234,017.17 | 24,507,683,828.46 | | 应收款项融资 | 873,376,233.94 | 1 ...

证券代码：000157 证券简称：中联重科 公告编号：2025－046 号 中联重科股份有限公司 2025 年半年度募集资金存放与实际使用情况的 专项报告 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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《深圳证券交易所股票上市规则》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》及《中联 重科股份有限公司募集资金使用管理办法》等有关规定，中联重科股 份有限公司（以下简称"公司"）董事会编制《2025 年半年度募集 资金存放与实际使用情况的专项报告》，具体情况说明如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于核准中联重科股份有限 公司非公开发行股票的批复》（证监许可[2020] 3418 号）核准，公 司非公开发行股票不超过 106,000 万股新股。本次公司实际发行人民 币普通股（A 股）511,209,439 股，每股面值人民币 1 元，发行价格 1 为人民币 10.17 元，募集资金总额为人民币 5,198,999,994.63 元， ...

| 非经营性资金占用 | 资金占用方名称 | 占用方 与上市 | 上市公司核 | 年期初 2025 | 年 月 2025 1-6 占用累计发 | 年 月占 2025 1-6 | 年 2025 1-6 | 年半年 2025 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 公司的 | 算的会计科 目 | 占用资金余 额 | 生金额（不含 | 用资金的利息 （如有） | 月偿还累计 发生金额 | 度期末占用 资金余额 | 原因 | | | | | 关联关 系 | | | 利息） | | | | | | | 控股股东、实际控 制人及其附属企业 | 无 | 不适用 | 不适用 | - | - | - | - | - | 不适用 | 不适用 | | | 无 | 不适用 | 不适用 | - | - | - | - | - | 不适用 | 不适用 | | 小计 | - | - | - | - | - | - | - | - | - | - | | 前控股股东、实际 控制人及其附属企 | 无 | ...

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） （股份代號：1157） 第七届董事会第六次会议决议公告 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。 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2025年8月30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「第七屆董事會第六次會議決議公告」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，2025年8月29日 於本公告刊發日期，本公司執行董事為 ...

证券代码：000157 证券简称：中联重科 公告编号：2025-043 号 中联重科股份有限公司 第七届监事会第六次会议决议公告 本公司及监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、监事会会议召开情况 1、中联重科股份有限公司第七届监事会第六次会议（以下简称 "本次会议"）通知已于 2025 年 8 月 18 日以电子邮件方式向全体监 事发出。 2、本次会议于 2025 年 8 月 29 日在西安市以现场会议的方式 召开。 3、公司监事会主席颜梦玉女士、监事熊焰明先生、职工监事刘 小平先生均以现场会议方式出席本次会议。监事会主席颜梦玉女士主 持本次会议。 4、本次会议的召开符合《公司法》及《公司章程》的有关规定。 二、监事会会议审议情况 1 1、审议通过了《A股2025年半年度报告及摘要》 监事会意见：经审核，监事会认为公司董事会编制和审议中联重 科股份有限公司2025年半年度报告的程序符合法律、行政法规及中国 证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际 情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 审议结果：表决票 3 票，赞成票 3 ...

证券代码：000157 证券简称：中联重科 公告编号：2025－042 号 中联重科股份有限公司 第七届董事会第六次会议决议公告 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。 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"）第七届董事会 第六次会议（以下简称"本次会议"）通知已于 2025 年 8 月 18 日以 电子邮件方式向全体董事发出。 2、本次会议于 2025 年 8 月 29 日在西安市以现场会议的方式 召开。 2、审议通过了《公司H股2025年中期业绩公告及中期报告》 审议结果：表决票 7 票，赞成票 7 票，反对票 0 票，弃权票 0 票 3、审议通过了《2025 年中期利润分配预案》 公司拟以实施 2025 年中期利润分配时股权登记日的总股本为基 数，向全体股东实施如下分配预案：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。 3、公司董事詹纯新先生、贺柳先生、王贤平先生、张成虎先生、 黄国滨先生、吴宝海先生、黄珺女士以现场会议方式出席了本次会议。 4、本次会议由董事长兼首席执行官詹纯新 ...

证券代码：000157 证券简称：中联重科 公告编号：2025-045 号 中联重科股份有限公司 关于 2025 年中期利润分配预案的公告 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。 重要内容提示： 1、中联重科股份有限公司（简称"公司"）2025年中期利润分 配预案为：以分红派息股权登记日股本总数为基数，向全体股东每10 股派发2.00元人民币现金（含税）。公司2025年中期利润分配预案公 布至实施前，如股本总数发生变动，以2025年中期利润分配预案实施 所确定的分红派息股权登记日股本总数为基数，分配比例不变，按重 新调整后的股本总数进行分配。 2、公司披露现金分红不触及《深圳证券交易所股票上市规则》 第 9.8.1 条规定的可能被实施其他风险警示情形。 一、审议程序 2、2025年8月29日，公司召开第七届监事会第六次会议，审议 通过了《2025年中期利润分配预案》。 3、本次利润分配预案尚需提交股东大会审议。 二、利润分配预案的基本情况 中联重科股份有限公司2025年半年度（母公司）共实现净利润为 1,708,872,054.34元，期末可供股东分配 ...

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。 茲載列中聯重科股份有限公司於2025年8月30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「第七屆監事會第六次會議決議公告」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，2025年8月29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.* 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。 * 僅供識別 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported growth in total assets, revenue, and profit attributable to shareholders, alongside an increase in earnings per share and a proposed interim dividend Financial Summary | Metric | Six Months Ended June 30, 2025 / As of June 30, 2025 | Six Months Ended June 30, 2024 / As of December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | RMB 129.262 billion | RMB 123.712 billion | Increase RMB 5.550 billion | 4.49% | | Revenue | RMB 24.855 billion | RMB 24.535 billion | Increase RMB 0.320 billion | 1.30% | | Profit attributable to equity holders of the Company | RMB 2.753 billion | RMB 2.281 billion | Increase RMB 0.472 billion | 20.69% | | Earnings per share | RMB 0.32 yuan | RMB 0.27 yuan | Increase RMB 0.05 yuan | - | | Proposed interim dividend | RMB 0.2 yuan per share | - | - | - | [Financial Performance](index=2&type=section&id=Financial%20Performance) The company's financial performance for the period shows overall growth in revenue and profit, with a notable increase in comprehensive income and a stable financial position - This interim financial report was prepared in accordance with International Accounting Standard 34 and the Hong Kong Stock Exchange Listing Rules, unaudited but reviewed by KPMG[3](index=3&type=chunk)[4](index=4&type=chunk)[11](index=11&type=chunk) [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) During the reporting period, the company achieved growth in both revenue and profit, with a significant increase in profit attributable to equity holders of the Company and a corresponding rise in basic and diluted earnings per share Consolidated Comprehensive Income | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 24,855 | 24,535 | 320 | 1.30% | | Gross Profit | 6,996 | 6,946 | 50 | 0.72% | | Operating Profit | 2,833 | 2,951 | (118) | -4.00% | | Profit before tax | 3,284 | 2,857 | 427 | 14.95% | | Profit for the period | 2,888 | 2,535 | 353 | 13.92% | | Profit attributable to equity holders of the Company | 2,753 | 2,281 | 472 | 20.69% | | Basic earnings per share (RMB yuan) | 0.32 | 0.28 | 0.04 | 14.29% | | Diluted earnings per share (RMB yuan) | 0.32 | 0.27 | 0.05 | 18.52% | - Total comprehensive income for the period was **RMB 2,913 million**, a significant increase from **RMB 2,020 million** in the prior year period[8](index=8&type=chunk) [Consolidated Statement of Financial Position](index=6&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets increased from the end of 2024, primarily due to an increase in current assets, while current liabilities also rose, but net assets slightly decreased Consolidated Financial Position | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total non-current assets | 48,693 | 49,234 | (541) | -1.10% | | Total current assets | 80,503 | 74,478 | 6,025 | 8.09% | | Total assets | 129,196 | 123,712 | 5,484 | 4.43% | | Total current liabilities | 45,012 | 42,987 | 2,025 | 4.71% | | Total non-current liabilities | 24,844 | 20,923 | 3,921 | 18.74% | | Net assets | 59,340 | 59,802 | (462) | -0.77% | | Total equity attributable to equity holders of the Company | 57,107 | 57,101 | 6 | 0.01% | - Net current assets increased from **RMB 31,491 million** as of December 31, 2024, to **RMB 35,491 million** as of June 30, 2025[10](index=10&type=chunk) [Notes to Financial Information](index=8&type=section&id=Notes%20to%20Financial%20Information) This section provides detailed notes on the financial statements, covering accounting policies, revenue segmentation, profit and tax components, asset and liability breakdowns, and equity movements - This interim financial report, though unaudited, has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[11](index=11&type=chunk) [1 Basis of Preparation](index=8&type=section&id=1%20Basis%20of%20Preparation) This interim financial report was prepared in accordance with the Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34, approved by the audit committee, and did not adopt new standards not yet effective for the current period - The report was approved by the company's audit committee and authorized for publication on **August 29, 2025**[11](index=11&type=chunk) - The Group has not adopted any new standards or interpretations that are not yet effective for the current accounting period[12](index=12&type=chunk) [2 Revenue and Segment Reporting](index=9&type=section&id=2%20Revenue%20and%20Segment%20Reporting) The company's revenue primarily derives from construction machinery and agricultural machinery, with construction machinery being the largest contributor; during the reporting period, revenue from outside Mainland China significantly increased, surpassing that from Mainland China Revenue by Source | Revenue Source | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Construction Machinery | 22,582 | 20,039 | 2,543 | 12.69% | | Agricultural Machinery | 1,987 | 2,341 | (354) | -15.12% | | Financial Services | 231 | 207 | 24 | 11.59% | | Lease Income | 75 | 48 | 27 | 56.25% | | **Total Revenue** | **24,855** | **24,535** | **320** | **1.30%** | Revenue by Geographical Location | Revenue by Geographical Location | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 11,039 | 12,488 | (1,449) | -11.60% | | Outside Mainland China | 13,816 | 12,047 | 1,769 | 14.68% | - During the reporting period, revenue from aerial work platforms decreased by **34.46%** year-on-year, while revenue from earthmoving machinery increased by **21.96%** year-on-year[14](index=14&type=chunk) [3 Profit Before Tax](index=11&type=section&id=3%20Profit%20Before%20Tax) During the reporting period, the company's profit before tax significantly increased, primarily driven by an improvement in net finance income (from net costs to net income) and an increase in share of profits from associates, despite higher selling and R&D expenses Profit Before Tax Components | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net finance income/(costs) | 392 | (119) | 511 | | Selling and distribution expenses | (2,098) | (1,902) | (196) | | Research and development expenses | (1,412) | (1,306) | (106) | | Expected credit losses | (273) | (377) | 104 | | Share of profits less losses of associates | 59 | 25 | 34 | - Total staff costs slightly decreased, mainly due to a significant reduction in share incentive plan expenses[19](index=19&type=chunk) [4 Income Tax](index=12&type=section&id=4%20Income%20Tax) During the reporting period, the company's income tax expense increased, primarily due to deferred tax turning from a negative to a positive value, while PRC income tax expense decreased Income Tax Expense | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Current tax - PRC income tax | 290 | 486 | (196) | | Deferred tax | 98 | (221) | 319 | | Income tax expense | 396 | 322 | 74 | [5 Earnings Per Share](index=13&type=section&id=5%20Earnings%20Per%20Share) During the reporting period, both the company's basic and diluted earnings per share increased, with diluted earnings per share being equal to basic earnings per share due to the anti-dilutive effect of restricted A shares Earnings Per Share | Metric | Six Months Ended June 30, 2025 (RMB yuan) | Six Months Ended June 30, 2024 (RMB yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Basic earnings per share | 0.32 | 0.28 | 0.04 | | Diluted earnings per share | 0.32 | 0.27 | 0.05 | - The calculation of diluted earnings per share for 2025 excludes restricted A shares as they have an anti-dilutive effect, thus being equal to basic earnings per share[23](index=23&type=chunk) [6 Goodwill](index=13&type=section&id=6%20Goodwill) As of June 30, 2025, the company's goodwill balance increased due to the impact of exchange rate differences Goodwill Balance | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Balance | 2,739 | 2,580 | 159 | - The increase in goodwill is primarily due to exchange rate differences, adding **RMB 159 million**[24](index=24&type=chunk) [7 Interests in Associates](index=14&type=section&id=7%20Interests%20in%20Associates) As of June 30, 2025, the company's total interests in associates slightly decreased, with the carrying amount of interest in Infore Environment Technology Group Co., Ltd. also slightly reduced Interests in Associates | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Total interests in associates | 4,451 | 4,484 | (33) | | Infore Environment Technology Group Co., Ltd. | 3,182 | 3,209 | (27) | [8 Other Financial Assets](index=14&type=section&id=8%20Other%20Financial%20Assets) As of June 30, 2025, the company's total other financial assets decreased, mainly due to a reduction in equity securities at fair value through other comprehensive income and private equity funds Other Financial Assets | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Equity securities (FVTOCI) | 1,619 | 1,760 | (141) | | Private equity funds (FVTPL) | 158 | 224 | (66) | | Total | 1,809 | 2,017 | (208) | - During the reporting period, the company received **RMB 10 million** in dividends from equity securities investments and incurred a cumulative fair value change loss of **RMB 2 million** from the disposal of equity securities[26](index=26&type=chunk) [9 Trade and Other Receivables](index=15&type=section&id=9%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the company's total trade and other receivables significantly increased, primarily driven by growth in trade receivables, with the largest portion maturing within one year Trade and Other Receivables | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables, net of allowance for doubtful debts | 35,320 | 31,108 | 4,212 | 13.54% | | Prepayment for equity investment | 1,628 | 0 | 1,628 | - | | Recoverable VAT | 2,446 | 2,329 | 117 | 5.02% | | Total (Current portion) | 38,879 | 32,400 | 6,479 | 20.00% | - During the reporting period, the company's non-recourse factored trade receivables significantly decreased to **RMB 3.136 billion** from **RMB 5.940 billion** in the prior year period[27](index=27&type=chunk) - As of the end of the reporting period, receivables due within 1 year accounted for **67%** of the total (**23,654/35,320**)[28](index=28&type=chunk) [10 Finance Lease Receivables](index=16&type=section&id=10%20Finance%20Lease%20Receivables) As of June 30, 2025, the company's total finance lease receivables decreased, mainly due to a reduction in gross investment and unearned finance income, while the proportion of overdue receivables also declined Finance Lease Receivables | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gross investment | 7,003 | 8,217 | (1,214) | -14.77% | | Unearned finance income | (295) | (443) | 148 | -33.41% | | Total, net of allowance for doubtful debts | 6,205 | 7,163 | (958) | -13.37% | | Total overdue | 959 | 1,418 | (459) | -32.37% | - During the reporting period, the company's non-recourse factored finance lease receivables decreased to **RMB 1.029 billion** from **RMB 1.788 billion** in the prior year period[31](index=31&type=chunk) [11 Inventories](index=18&type=section&id=11%20Inventories) As of June 30, 2025, the company's total inventories slightly increased, with growth in finished goods and work in progress, while raw materials remained stable Inventories Breakdown | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Raw materials | 5,486 | 5,413 | 73 | 1.35% | | Work in progress | 2,275 | 1,898 | 377 | 19.86% | | Finished goods | 13,192 | 12,818 | 374 | 2.92% | | Total inventories | 23,391 | 22,564 | 827 | 3.67% | [12 Financial Assets at Fair Value Through Profit or Loss](index=18&type=section&id=12%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the company's total financial assets at fair value through profit or loss slightly decreased, mainly due to a reduction in investment funds, but wealth management products and structured deposits significantly increased Financial Assets at Fair Value Through Profit or Loss | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Wealth management products and structured deposits | 207 | 45 | 162 | 360.00% | | Investment funds | 1,363 | 1,577 | (214) | -13.57% | | Total | 1,571 | 1,622 | (51) | -3.14% | - The company invests its surplus funds in bank wealth management products, structured deposits, and investment funds[34](index=34&type=chunk) [13 Trade and Other Payables](index=19&type=section&id=13%20Trade%20and%20Other%20Payables) As of June 30, 2025, the company's total trade and other payables significantly increased, primarily driven by growth in trade payables and prepayments for equity investments Trade and Other Payables | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 11,247 | 8,830 | 2,417 | 27.37% | | Electronic bills payable | 3,947 | 5,192 | (1,245) | -23.98% | | Bills payable | 8,174 | 7,883 | 291 | 3.69% | | Dividends payable | 2,529 | 0 | 2,529 | - | | Other accruals and other payables | 3,498 | 2,879 | 619 | 21.50% | | Total | 33,807 | 29,763 | 4,044 | 13.59% | - As of the end of the reporting period, trade payables and bills payable due within 1 month or on demand accounted for the highest proportion at **28.44%**[36](index=36&type=chunk) [14 Share Capital, Reserves and Dividends](index=19&type=section&id=14%20Share%20Capital,%20Reserves%20and%20Dividends) During the reporting period, the company declared a cash dividend for 2024, continued its employee share ownership plan, and repurchased and cancelled H shares, resulting in slight changes to share capital - The Board of Directors proposes to declare an interim dividend of **RMB 0.2 yuan per share** for the six months ended June 30, 2025[2](index=2&type=chunk)[75](index=75&type=chunk) - On **June 26, 2025**, a cash dividend of **RMB 0.3 yuan per share** for 2024, totaling **RMB 2.595 billion**, was approved for declaration, with a portion remaining unpaid as of June 30, 2025[37](index=37&type=chunk) - The second phase of the employee share ownership plan granted **423,956,766 restricted shares** on **September 28, 2023**, with no shares unlocked during the reporting period[38](index=38&type=chunk)[39](index=39&type=chunk) - During the reporting period, the company repurchased **18,746,800 H shares** on the Hong Kong Stock Exchange for a total consideration of **HKD 104 million (RMB 96 million)**, and cancelled **29,457,000 H shares** in June 2025[40](index=40&type=chunk)[76](index=76&type=chunk) [Business Review and Outlook](index=21&type=section&id=Business%20Review%20and%20Outlook) This section reviews the company's strategic initiatives, operational achievements, and future outlook, highlighting advancements in industrial development, global market expansion, digital transformation, and technological innovation - The company adheres to the core philosophy of "doing business with internet thinking and making products with ultimate thinking," focusing on high-quality development through "related diversification, globalization, and digitalization" as its three strategic transformations[41](index=41&type=chunk)[68](index=68&type=chunk) [Company Strategy and Performance Overview](index=21&type=section&id=Company%20Strategy%20and%20Performance%20Overview) Zoomlion upholds the core philosophy of "doing business with internet thinking and making products with ultimate thinking," focusing on "related diversification, globalization, and digitalization" as its three strategic transformations, driving high-quality development through technological innovation, with both operating revenue and net profit attributable to the parent company increasing during the reporting period - The company's strategy focuses on three major transformations: "related diversification, globalization, and digitalization," driving high-quality development through technological innovation[41](index=41&type=chunk)[68](index=68&type=chunk) Performance Overview | Metric | Six Months Ended June 30, 2025 | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | RMB 24.855 billion | 1.30% | | Net profit attributable to the parent company | RMB 2.753 billion | 20.69% | [1. Accelerating Industrial Tiered Development](index=21&type=section&id=1.%20Accelerating%20Industrial%20Tiered%20Development) The company accelerates the diversification of its industrial segments, with traditional advantageous industries solidifying market positions and enhancing competitiveness, while emerging industries rapidly expand to form new growth poles and achieve synergistic development - The company is building a synergistic and competitive development pattern between traditional advantageous industries and emerging industries, strengthening strategic execution[42](index=42&type=chunk) [(1) Leading Products Maintain Stable Market Position](index=21&type=section&id=(1)%20Leading%20Products%20Maintain%20Stable%20Market%20Position) - The domestic market positions of the three major product lines (concrete machinery, engineering hoisting machinery, and building hoisting machinery) are stable, with new energy mixer trucks and crawler crane products achieving double-digit growth[43](index=43&type=chunk) - Overseas business scale and market position continue to improve, with overall export sales of the three major product lines increasing by over **13%** year-on-year[43](index=43&type=chunk) [(2) Earthmoving Machinery Builds Advantages with Full-Scenario Product Matrix](index=22&type=section&id=(2)%20Earthmoving%20Machinery%20Builds%20Advantages%20with%20Full-Scenario%20Product%20Matrix) - Earthmoving machinery has built a full-scenario product matrix, with its market share in medium and large excavators ranking among the top in the domestic market[44](index=44&type=chunk) - The overseas market deepens its global layout, with export sales increasing by over **33%** year-on-year, leading the industry in growth rate[44](index=44&type=chunk) [(3) Aerial Work Platforms Lead Global High-End Market Development](index=22&type=section&id=(3)%20Aerial%20Work%20Platforms%20Lead%20Global%20High-End%20Market%20Development) - Ultra-high straight boom products hold the **number one global market share**, with the **82-meter** ultra-high straight boom product passing EU CE certification[45](index=45&type=chunk) - High-reach articulated boom product ZA32J holds the **number one global market share**, achieving large-scale exports to Europe, America, and the Asia-Pacific region[45](index=45&type=chunk) - Construction of the Hungarian factory is progressing efficiently, deepening local manufacturing competitiveness[45](index=45&type=chunk) [(4) Agricultural Machinery Promotes Strategic Restructuring and Lean Development Transformation](index=22&type=section&id=(4)%20Agricultural%20Machinery%20Promotes%20Strategic%20Restructuring%20and%20Lean%20Development%20Transformation) - The company is driving a systematic upgrade across the entire chain of products, R&D, market, production, and human resources, centered on the core development strategy of "high-end, international, and new energy"[46](index=46&type=chunk) - Wheat harvesters maintain a top two market share domestically, while tractor and rice harvester product lines achieve counter-trend growth during the industry adjustment period[46](index=46&type=chunk) [(5) Mining Machinery Focuses on 'Green, Large-scale, and Intelligent'](index=23&type=section&id=(5)%20Mining%20Machinery%20Focuses%20on%20'Green,%20Large-scale,%20and%20Intelligent') - Focusing on "green, large-scale, and intelligent" directions, the company builds high-end mining equipment for all processes, with production capacity increasing **3 times** from the beginning of the year[47](index=47&type=chunk) - Overseas business has fully entered the global high-end mining market, with export sales increasing by over **29%** year-on-year[47](index=47&type=chunk) [(6) Embodied Intelligent Robot R&D Accelerates](index=23&type=section&id=(6)%20Embodied%20Intelligent%20Robot%20R%26D%20Accelerates) - Three new humanoid robots (one wheeled, two bipedal) have been developed, with dozens already deployed in factories, accelerating industrialization[48](index=48&type=chunk) - An embodied intelligent training ground with **120 workstations** has been built, and an embodied intelligent operation center established, forming a closed-loop mechanism of "data collection – model training – application iteration"[48](index=48&type=chunk) [(7) Emerging Businesses Flourish](index=23&type=section&id=(7)%20Emerging%20Businesses%20Flourish) - Sales scale and profit of emergency equipment both reached historical highs, with a year-on-year increase of over **54%**[49](index=49&type=chunk) - Basic construction continues to break through in both domestic and international markets, with export sales increasing by over **85%** year-on-year[49](index=49&type=chunk) [2. Globalization Strategy Drives In-depth Breakthroughs in Global Markets](index=23&type=section&id=2.%20Globalization%20Strategy%20Drives%20In-depth%20Breakthroughs%20in%20Global%20Markets) The company firmly implements its globalization development strategy, deepening its "end-to-end, digital, and localized" overseas direct sales system, accelerating the localized operation layout of overseas R&D, production, supply, sales, and service, and promoting steady and rapid development of overseas business - The company firmly implements its unique globalization development strategy, continuously deepening its "end-to-end, digital, and localized" overseas direct sales system[50](index=50&type=chunk) - It accelerates the comprehensive localized operation layout of all business elements, including overseas R&D, manufacturing, supply chain, and sales service networks[50](index=50&type=chunk) [(1) Diversified Market Layout Provides Strong Support for Steady Overseas Business Growth](index=24&type=section&id=(1)%20Diversified%20Market%20Layout%20Provides%20Strong%20Support%20for%20Steady%20Overseas%20Business%20Growth) - Overseas revenue continued to grow in the first half of the year, with a year-on-year increase of over **14%**[52](index=52&type=chunk) - The African region saw a year-on-year increase of over **179%**, while the Middle East, Southeast Asia, and Australia/New Zealand maintained high growth, with emerging regional markets accounting for **39%** of sales[52](index=52&type=chunk) [(2) Deepening the 'Air Hub + Ground Force + Flying Force' End-to-End Model](index=24&type=section&id=(2)%20Deepening%20the%20'Air%20Hub%20%2B%20Ground%20Force%20%2B%20Flying%20Force'%20End-to-End%20Model) - An integrated management system has been built and improved, achieving flattened, process-oriented, standardized, and systematic management of overseas business[52](index=52&type=chunk) - Three lines of defense—marketing, risk control, and legal—have been established to ensure steady development of overseas business through differentiated risk control models and diversified collateral measures[52](index=52&type=chunk) - AI technology is utilized to optimize end-to-end business process efficiency, and a digital remote collaboration platform has been built and deepened in application[52](index=52&type=chunk) [(3) Deepening Network Layout and Market Penetration](index=25&type=section&id=(3)%20Deepening%20Network%20Layout%20and%20Market%20Penetration) - The core functions of first-tier air hubs are consolidated, and the expansion and construction of **55 second-tier outlets** are fully promoted[51](index=51&type=chunk) - For traditional key markets, the air hub sinking strategy is accelerated, with **47 second-tier outlets** deployed and surrounding city nodes developed, strengthening the "1 central warehouse + N satellite warehouses" star-shaped service structure[51](index=51&type=chunk) - Over **30 first-tier business air hubs** and more than **430 second- and third-tier outlets** have been established, with products covering over **170 countries and regions**[53](index=53&type=chunk) [(4) Continuously Advancing Overseas R&D and Manufacturing Base Expansion and Upgrades](index=25&type=section&id=(4)%20Continuously%20Advancing%20Overseas%20R%26D%20and%20Manufacturing%20Base%20Expansion%20and%20Upgrades) - The German Wilbert factory is being expanded and upgraded, transforming it into a comprehensive production base[53](index=53&type=chunk) - A new aerial work platform factory is being built in Hungary to promote in-depth business development through localized production[53](index=53&type=chunk) [3. Accelerating Digital Transformation](index=25&type=section&id=3.%20Accelerating%20Digital%20Transformation) The company fully accelerates digital transformation, innovating market operation models with internet thinking, reshaping management and business models with digital means, building a new digitally driven development pattern, and empowering efficient overseas operations and refined production, sales, and inventory management - The company is fully accelerating digital transformation, innovating market operation models with internet thinking, and reshaping management and business models[54](index=54&type=chunk) [Digitalization Empowers Efficient Overseas Business Operations](index=25&type=section&id=Digitalization%20Empowers%20Efficient%20Overseas%20Business%20Operations) - Global marketing and service business process diagnostic tools and performance management platforms are fully applied, enabling real-time visualization of frontline team indicators and performance bonus incentives[54](index=54&type=chunk) - The overseas service business platform is optimized, and the spare parts order dispatch management system is deepened, covering **9 product lines** and over **30 countries and regions**, achieving precise control of service costs, tracking of missing parts, and uninterrupted service[54](index=54&type=chunk) [Digitalization Empowers Refined Production, Sales, and Inventory Management](index=25&type=section&id=Digitalization%20Empowers%20Refined%20Production,%20Sales,%20and%20Inventory%20Management) - A digital monitoring system covering the entire chain from "opportunity insight to value realization" is built, integrating AI and other cutting-edge technologies to achieve efficient full-chain collaboration[54](index=54&type=chunk) - The operating model of "production based on demand, lean supply" is reshaped to respond to market demand with the optimal cost structure, reduce inventory scale, and improve capital turnover rate[54](index=54&type=chunk) [4. Intelligent Manufacturing Industrial Cluster Gradually Takes Shape](index=26&type=section&id=4.%20Intelligent%20Manufacturing%20Industrial%20Cluster%20Gradually%20Takes%20Shape) The company firmly adheres to the "digital, intelligent, and green" development direction, accelerating the upgrade of high-end equipment intelligent manufacturing, with intelligent parks, smart factories, and smart production lines successively implemented, forming an industry-leading intelligent manufacturing industrial cluster - The company firmly adheres to the "digital, intelligent, and green" development direction, accelerating the upgrade of high-end equipment intelligent manufacturing[55](index=55&type=chunk) - Intelligent parks, smart factories, and smart production lines have been successively implemented, accelerating the formation of an industry-leading intelligent manufacturing industrial cluster[55](index=55&type=chunk) [(1) Intelligent Manufacturing Industrial Cluster Continues to Grow and Develop](index=26&type=section&id=(1)%20Intelligent%20Manufacturing%20Industrial%20Cluster%20Continues%20to%20Grow%20and%20Develop) - Centered on Zoomlion Smart Industrial City, **4 major mainframe smart factories** and key component centers have been fully completed and put into operation[55](index=55&type=chunk) - Globally, **17 smart factories** and over **370 smart production lines** have been built and put into operation[55](index=55&type=chunk) [(2) Rapid Conversion and Application of Advanced Intelligent Manufacturing Technology Research](index=26&type=section&id=(2)%20Rapid%20Conversion%20and%20Application%20of%20Advanced%20Intelligent%20Manufacturing%20Technology%20Research) - Deep integration of artificial intelligence, industrial internet, intelligent manufacturing technology, and intelligent equipment is used to create digital, intelligent, and green smart production lines[55](index=55&type=chunk) - Nearly **250 key technologies** have been broken through in areas such as quality improvement, cost reduction, and efficiency enhancement, and implemented on smart production lines, with over **160 items** reaching industry-leading levels[55](index=55&type=chunk) [(3) Full-Chain Digital Transformation of Manufacturing and Supply Chain Fully Accelerates](index=26&type=section&id=(3)%20Full-Chain%20Digital%20Transformation%20of%20Manufacturing%20and%20Supply%20Chain%20Fully%20Accelerates) - Deep integration of AI Agent, big data, digital twin, and other technologies is used to promote the deep deployment and global empowerment of the intelligent manufacturing platform[55](index=55&type=chunk) - Plan accuracy increased by **15%**, production efficiency by **15%**, and warehouse physical management efficiency by **20%**[56](index=56&type=chunk) - Intelligent diagnosis of equipment faults is achieved based on AI and intelligent control technology, improving fault response efficiency by **40%** and diagnosis accuracy by **18%**[57](index=57&type=chunk) [5. Technological Innovation Drives Global Competitiveness](index=27&type=section&id=5.%20Technological%20Innovation%20Drives%20Global%20Competitiveness) The company adheres to technological innovation to drive high-quality development, launching **141 new products** in overseas markets and obtaining international certifications for **338 products** in the first half of the year, with the overseas market coverage of engineering machinery and mining machinery main products increasing by nearly **10%**, and the world's largest **4,000-ton** all-terrain crane achieving batch sales - In the first half of the year, **141 new products** were launched in overseas markets, and **338 products** passed international certifications[58](index=58&type=chunk) - The overseas market coverage of engineering machinery and mining machinery main products increased by nearly **10%**, and overseas market share achieved rapid growth[58](index=58&type=chunk) - The world's largest **4,000-ton** all-terrain crane has achieved batch sales, marking global leadership in ultra-large all-terrain crane technology[59](index=59&type=chunk) [(1) 'Three Transformations' New Technologies Continuously Integrated, Product Competitiveness Significantly Enhanced](index=28&type=section&id=(1)%20'Three%20Transformations'%20New%20Technologies%20Continuously%20Integrated,%20Product%20Competitiveness%20Significantly%20Enhanced) - During the reporting period, **1,755 R&D projects** were underway, with nearly **300 projects** focusing on "three transformations" new technologies[59](index=59&type=chunk) - In terms of digitalization, **61 projects** were carried out, with **19 items** achieving batch integration, making significant breakthroughs in product operation and maintenance management and full lifecycle health management[59](index=59&type=chunk) - In terms of intelligence, **100 projects** were carried out, with **22 items** achieving batch integration, successfully creating an overall smart mining solution that reduces mining personnel by approximately **90%** and improves operational efficiency by **10%**[60](index=60&type=chunk) - In terms of greening, **78 projects** were carried out, with **23 prototypes** completing verification and **14 items** achieving small-batch or batch integration, overcoming challenges in energy saving, emission reduction, and safety control[61](index=61&type=chunk) [(2) New Energy Mainframes Fully Expanded, Key Components Industrialization Accelerated](index=29&type=section&id=(2)%20New%20Energy%20Mainframes%20Fully%20Expanded,%20Key%20Components%20Industrialization%20Accelerated) - In the first half of the year, **20 new energy mainframe products** were launched, including the world's first pure electric port tire crane[62](index=62&type=chunk) - The electrification penetration rate of mixer trucks increased from **36.6%** in 2024 to **74%**, and that of wide-body vehicles increased from **2.8%** to **33%**[62](index=62&type=chunk) - The company rolled out a **6kWh** high-rate battery pack for agricultural machinery, a **120kW** compact high-efficiency flat-wire motor for agricultural machinery, and mining truck battery packs, while also rapidly advancing into the hydrogen energy sector by developing a new generation of hydrogen liquid-driven piston compressors and fuel cell power stations[62](index=62&type=chunk) [(3) Accelerating Breakthroughs in Key Core Technologies and Products for Agricultural Machinery](index=30&type=section&id=(3)%20Accelerating%20Breakthroughs%20in%20Key%20Core%20Technologies%20and%20Products%20for%20Agricultural%20Machinery) - In the first half of the year, **4 flagship products** were launched for sale: N-series mechanical shift tractors, TK100MAX grain harvesters, PL80 rice harvesters, and **30-ton** dryers[63](index=63&type=chunk) - The industry's first distributed motor direct drive technology was pioneered, launching the first DV4004 electric drive continuously variable transmission tractor, achieving **8%** fuel savings under heavy load and **25%** fuel savings in tillage and sowing operations[63](index=63&type=chunk) [(4) Global Layout of Intellectual Property and Standards](index=30&type=section&id=(4)%20Global%20Layout%20of%20Intellectual%20Property%20and%20Standards) - **683 new patent applications** were filed, and **555 patents** were granted, including **172 invention patents**[64](index=64&type=chunk) - A cumulative total of **5,974 patents** for "three transformations" new technologies and **2,371 technical patents** for the agricultural machinery sector were applied for; overseas PCT applications and national phase entries totaled **974**[64](index=64&type=chunk) - The company successfully hosted the International Organization for Standardization Crane Technical Committee annual meeting, leading **4 international crane standard projects** to substantial progress, and spearheading the drafting of multiple national, industry, and group standards[65](index=65&type=chunk) [6. Continuous Improvement in Business Management Quality and Efficiency](index=31&type=section&id=6.%20Continuous%20Improvement%20in%20Business%20Management%20Quality%20and%20Efficiency) During the reporting period, the company comprehensively strengthened risk control, enhanced supply chain system construction, promoted digital inventory management, deepened extreme service capabilities, and focused on empowering global human resource system construction to ensure high-quality development - Risk control is strengthened, establishing an end-to-end risk control system that combines prevention and control, enabling real-time monitoring of terminal overdue payments down to each customer, order, and equipment[66](index=66&type=chunk) - Supply chain system construction is strengthened, promoting centralized procurement and integration of bulk general materials, accelerating digital transformation, and improving procurement pricing efficiency[66](index=66&type=chunk) - Full-process inventory management system construction is strengthened, promoting digital inventory control projects to achieve real-time monitoring and abnormal early warning of production, sales, and inventory data, leading to a significant reduction in inventory scale[66](index=66&type=chunk) - Extreme service capability construction is deepened, promoting the air hub service system, achieving a service localization rate of **54%**, and launching digital service tools[66](index=66&type=chunk) - Efforts are focused on empowering global human resource system construction, optimizing organizational structure, targeted talent acquisition, deepening talent development, and exploring global talent incentives[67](index=67&type=chunk) [Financial Position Analysis](index=32&type=section&id=Financial%20Position%20Analysis) This section provides a detailed analysis of the company's operating revenue, profit, cash flow, and capital expenditures, indicating that both operating revenue and net profit attributable to the parent company increased during the reporting period, operating cash flow significantly improved, investment activities were primarily for asset acquisition and equity prepayments, and financing activities mainly involved a net increase in bank borrowings - During the reporting period, the company's operating revenue was **RMB 24.855 billion**, a year-on-year increase of **1.30%**; net profit attributable to the parent company was **RMB 2.753 billion**, a year-on-year increase of **20.69%**[68](index=68&type=chunk) - Net cash generated from operating activities was **RMB 1.603 billion**, an increase of **RMB 0.927 billion** from the prior year period, mainly due to a decrease in the maturity and payment of trade bills[70](index=70&type=chunk) - Net cash used in investing activities was **RMB 3.848 billion**, primarily for the acquisition of property, plant and equipment, right-of-use assets, and intangible assets, as well as prepayments for equity interests in subsidiaries[71](index=71&type=chunk) - Net cash generated from financing activities was **RMB 1.246 billion**, mainly due to a net increase in bank and other borrowings of **RMB 2.703 billion**[72](index=72&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) This section details the company's adherence to corporate governance principles and compliance with securities trading standards for directors and supervisors - The company has adopted and complied with Appendix C1 "Corporate Governance Code" and Appendix C3 "Model Code for Securities Transactions by Directors of Listed Issuers" of the Listing Rules[73](index=73&type=chunk)[74](index=74&type=chunk) [Corporate Governance Code](index=33&type=section&id=Corporate%20Governance%20Code) The company has adopted and complied with Appendix C1 "Corporate Governance Code" of the Listing Rules, with the only deviation being the non-separation of the roles of Chairman and Chief Executive Officer, an arrangement the Board believes is beneficial for the company's strategic formulation and execution - The company has complied with all applicable provisions of the Corporate Governance Code, with the only exception being the non-separation of the roles of Chairman and Chief Executive Officer[73](index=73&type=chunk) - The Board believes that the arrangement of having a Chairman and Chief Executive Officer facilitates the effective formulation and execution of the company's business strategies[73](index=73&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=33&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company has adopted and complied with the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors and supervisors confirmed full compliance with the code during the reporting period - All directors and supervisors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[74](index=74&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) This section provides additional corporate information, including dividend proposals, share repurchase activities, audit committee review, and details regarding the publication of interim results [Dividends](index=34&type=section&id=Dividends) The Board of Directors proposes to declare an interim dividend for the six months ended June 30, 2025, subject to approval at the general meeting - The Board of Directors proposes to declare an interim dividend of **RMB 0.2 yuan per share** for the six months ended June 30, 2025, totaling **RMB 1.73 billion**, subject to approval at the general meeting[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, the company repurchased and cancelled H shares on the Hong Kong Stock Exchange, with no other purchases, sales, or redemptions of its listed securities - During the reporting period, the company repurchased **18,746,800 H shares** on the Hong Kong Stock Exchange for a total consideration of **HKD 104 million**, and completed the cancellation of **29,457,000 H shares** on June 11, 2025[76](index=76&type=chunk) [Review by the Audit Committee](index=34&type=section&id=Review%20by%20the%20Audit%20Committee) The company's Audit Committee has reviewed the Group's interim financial report for the six months ended June 30, 2025 - The company's Audit Committee has reviewed the Group's interim financial report for the six months ended June 30, 2025[77](index=77&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEX website and the company's website, and the interim report will be dispatched to H share holders and published on the company's and HKEX websites in due course - This results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.zoomlion.com)[79](index=79&type=chunk) - The company will dispatch the 2025 interim report, containing all information required by the Listing Rules, to H share holders in due course[79](index=79&type=chunk) [By Order of the Board](index=35&type=section&id=By%20Order%20of%20the%20Board) This announcement is authorized for release by the Board of Directors and lists the company's executive, non-executive, and independent non-executive directors - This announcement is authorized for release by the Board of Directors of Zoomlion Heavy Industry Science and Technology Co., Ltd., with Dr. Zhan Chunxin as Chairman[80](index=80&type=chunk)[81](index=81&type=chunk) - As of the date of this announcement, the company's executive director is Dr. Zhan Chunxin; non-executive directors are Mr. He Liu and Mr. Wang Xianping; independent non-executive directors are Mr. Zhang Chenghu, Mr. Huang Guobin, Mr. Wu Baohai, and Ms. Huang Jun[81](index=81&type=chunk)