Market Overview - The engineering machinery sector experienced a decline of 1.24% on November 3, with Wuxin Suizhuang leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Notable gainers in the engineering machinery sector included: - Nanfang Road Machinery (603280) with a closing price of 43.57, up 2.71% and a trading volume of 97,100 shares [1] - Construction Machinery (600984) closed at 3.98, up 2.31% with a trading volume of 526,100 shares [1] - Wantong Hydraulic (920839) closed at 50.94, up 2.08% with a trading volume of 31,100 shares [1] - Conversely, significant decliners included: - Wuxin Suizhuang (920174) which fell 6.46% to a closing price of 54.01 with a trading volume of 42,900 shares [2] - Hangcha Group (603298) down 4.91% to 27.32 with a trading volume of 113,600 shares [2] - Henglida Hydraulic (601100) decreased by 4.03% to 92.21 with a trading volume of 101,500 shares [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 203 million yuan from main funds, while retail investors contributed a net inflow of 230 million yuan [2] - The detailed capital flow for selected stocks indicated: - Nanfang Road Machinery had a main fund net inflow of 7.33 million yuan, while retail investors had a net outflow of 21.59 million yuan [3] - Construction Machinery experienced a main fund net inflow of 1.88 million yuan, with retail investors showing a net inflow of 15.06 million yuan [3]

Core Viewpoint - Bank of America Securities has raised its earnings forecast for Zoomlion Heavy Industry Science and Technology Co., Ltd. for 2025-2026 by 5% based on increased revenue projections, maintaining a "Buy" rating due to the company's strengthening position in overseas markets and contributions from new products [1] Financial Performance - In Q3, Zoomlion's revenue increased by 25% year-on-year to 12.3 billion RMB, exceeding the bank's expectations by 21% [1] - For the first three quarters of the year, cumulative revenue grew by 8% year-on-year to 37 billion RMB, while net profit rose by 25% to 3.9 billion RMB [1] - Operating cash flow for the period surged by 137% year-on-year to 2.9 billion RMB [1] Price Target Adjustments - The target price for Zoomlion's H-shares has been raised from 7.6 HKD to 8.5 HKD, and the target price for its A-shares has been increased from 10.4 RMB to 10.9 RMB [1] Product Development - Zoomlion is actively developing robotic products, with new production lines expected to be operational by 2026, which may serve as a long-term growth engine for the company [1]

Core Viewpoint - Bank of America Securities has raised its profit forecasts for Zoomlion (000157)(01157) for 2025 to 2026 by 5% based on increased revenue projections, and has upgraded the target price for Zoomlion's H-shares from HKD 7.6 to HKD 8.5, and for A-shares from CNY 10.4 to CNY 10.9, maintaining a "Buy" rating due to the company's strengthening position in overseas markets and contributions from new products [1] Financial Performance - In Q3, Zoomlion's revenue increased by 25% year-on-year to CNY 12.3 billion, exceeding Bank of America's expectations by 21% [1] - For the first three quarters of the year, cumulative revenue grew by 8% year-on-year to CNY 37 billion, while net profit rose by 25% year-on-year to CNY 3.9 billion [1] - Operating cash flow for the period increased significantly, up 137% year-on-year to CNY 2.9 billion [1] Future Growth Prospects - Zoomlion is actively developing robotic products, with new production lines expected to be operational by 2026, which may serve as a new long-term growth engine for the company [1]

Group 1 - The core viewpoint of the report indicates that Zoomlion's Q3 revenue increased by 25% year-on-year to 12.3 billion yuan, exceeding Bank of America's expectations by 21% [1] - Excluding one-time items, core profit slightly rose by 1% year-on-year to 718 million yuan [1] - For the first three quarters of the year, cumulative revenue grew by 8% year-on-year to 37 billion yuan, while net profit increased by 25% year-on-year to 3.9 billion yuan [1] Group 2 - Operating cash flow for the period increased significantly by 137% year-on-year to 2.9 billion yuan [1] - Bank of America noted that Zoomlion is actively developing robotic products, with new production lines expected to be operational by 2026, potentially serving as a long-term growth engine [1] - Based on revised revenue forecasts, Bank of America raised its earnings projections for 2025-2026 by 5% and adjusted the target price for Zoomlion's H-shares from 7.6 HKD to 8.5 HKD, and for A-shares from 10.4 CNY to 10.9 CNY, maintaining a "Buy" rating due to the company's strengthening position in overseas markets and contributions from new products [1]

致：香港交易及結算所有限公司 公司名稱: 中聯重科股份有限公司 呈交日期: 2025年11月3日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01157 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,552,507,548 | RMB | | 1 RMB | | 1,552,507,548 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,552,507,548 | RMB | | 1 RMB | | 1,552,507,548 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Insights - Zhonglian Heavy Industry (000157.SZ) reported strong performance in its Q3 2025 financial results, showcasing robust growth across multiple key indicators, with revenue reaching 37.16 billion yuan, a year-on-year increase of 8.06%, and net profit attributable to shareholders at 3.92 billion yuan, up 24.89% [1][2] Financial Performance - For the first three quarters of 2025, Zhonglian Heavy Industry achieved a revenue of 37.16 billion yuan, reflecting an 8.06% year-on-year growth, while net profit attributable to shareholders was 3.92 billion yuan, marking a 24.89% increase [2][3] - The company's net profit margin improved to 11.05%, up from 10.16% in the same period of 2024, despite a slight decline from 11.67% in the first half of 2025 [2] - Operating cash flow for the first three quarters reached 2.866 billion yuan, a significant increase of 137.31% year-on-year [2] International Market Growth - The overseas market has been a significant driver of growth, with foreign revenue reaching 21.313 billion yuan, accounting for 57.36% of total revenue, an increase of 6.05 percentage points year-on-year [1][3] - In Q3 2025, the proportion of overseas revenue surged to 60.96%, highlighting the effectiveness of the company's globalization strategy [3] Strategic Initiatives - Zhonglian Heavy Industry plans to issue convertible bonds in the Hong Kong market to raise up to 6 billion yuan, with the funds allocated for research and development and overseas expansion [1][4] - The company has a strong commitment to R&D, with expenditures increasing by 10.12% year-on-year to 2.045 billion yuan in the first three quarters of 2025, and a total of 17.972 billion yuan spent on R&D over the past six years [5][6] Technological Advancements - The company has made significant technological advancements, with 1,755 ongoing research projects, focusing on digitalization, intelligence, and sustainability [6] - Notable achievements include the development of high-end equipment such as a 1,600-ton all-terrain crane and an 8,000-ton crawler crane, which have broken foreign technology monopolies and filled domestic gaps [6]

Group 1 - The core point of the article is that Zoomlion Heavy Industry Science and Technology Co., Ltd. plans to issue up to RMB 6 billion in H-share convertible bonds to support its global development strategy and research in advanced technologies [1][3] - On October 31, 2025, Zoomlion's stock closed at 8.17 yuan, with a 1.74% increase and a trading volume of 1.21 million hands, resulting in a total transaction amount of 999.5 million yuan [1] - The main capital flow on October 31 showed a net inflow of 118 million yuan from institutional investors, accounting for 11.9% of the total transaction amount [1][3] Group 2 - The proposed convertible bonds will have a term of 5 years, with an annual yield of 1.8% and an initial conversion price of HKD 9.75 per share, representing a premium of approximately 35.23% over the closing price on the trading day before the board resolution [1] - The net proceeds from the bond issuance will be allocated 50% to global development initiatives, including overseas manufacturing bases and R&D centers, and 50% to research in robotics, new energy, and intelligent technologies [1]

Core Viewpoint - Zhonglian Heavy Industry (000157) reported a revenue of 37.156 billion yuan for the first three quarters of 2025, reflecting an 8.06% year-on-year growth, and a net profit attributable to shareholders of 3.920 billion yuan, which is a 24.89% increase compared to the previous year [1][2]. Financial Performance - The company's operating revenue for the first three quarters reached 37.156 billion yuan, up 8.06% year-on-year [2]. - The net profit attributable to shareholders was 3.920 billion yuan, showing a year-on-year increase of 24.89% [1][2]. - The net profit after deducting non-recurring gains and losses was 2.644 billion yuan, with a year-on-year growth of 20.69% [2]. - The net cash flow from operating activities was 2.866 billion yuan, a significant increase of 137.31% year-on-year [1][11]. - Basic earnings per share were 0.45 yuan, representing an 18.42% increase compared to the previous year [2]. - The weighted average return on equity was 6.74%, up 1.24 percentage points year-on-year [12]. Asset and Liability Changes - As of the end of Q3 2025, total assets amounted to 131.106 billion yuan, a 5.95% increase from the end of the previous year [13]. - Inventory decreased by 5.7% compared to the end of the previous year, while long-term receivables fell by 17.01% [13]. - Accounts receivable increased by 14.2%, and financing receivables surged by 144.56% [13]. - Long-term borrowings rose by 34.95%, while short-term borrowings increased by 110.51% [14]. Industry Context - The engineering machinery sector is showing signs of recovery, with improved performance metrics indicating a potential turnaround [16]. - The company primarily engages in the research, manufacturing, sales, and service of engineering machinery, agricultural machinery, and mining machinery [5].

Market Overview - The engineering machinery sector rose by 0.14% on October 31, with Jindao Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Performers - Jindao Technology (301279) closed at 26.34, up 7.16% with a trading volume of 97,800 shares and a turnover of 253 million yuan [1] - Aidi Precision (603638) closed at 18.71, up 5.89% with a trading volume of 126,900 shares [1] - Southern Road Machinery (603280) closed at 42.42, up 5.50% with a trading volume of 93,600 shares [1] Underperformers - Fushite (301446) closed at 32.84, down 2.70% with a trading volume of 23,700 shares [2] - Yichang Heavy Industry (600031) closed at 22.14, down 1.64% with a trading volume of 712,900 shares [2] - Xiamen XGMA (600815) closed at 3.06, down 1.29% with a trading volume of 964,700 shares [2] Capital Flow - The engineering machinery sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 113 million yuan [2][3] - Major stocks like Zoomlion (000157) had a net inflow of 11.8 million yuan from institutional investors, while it faced a net outflow of 99.87 million yuan from speculative funds [3] Summary of Individual Stocks - Zoomlion (000157) had a closing price of 8.17, with a net inflow of 1.18 million yuan from major investors [3] - Shantui (000680) closed at 11.57, with a net inflow of 64 million yuan from major investors [3] - Southern Road Machinery (603280) had a net inflow of 23.42 million yuan from major investors [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a significant increase in revenue and net profit, with a 24.88% year-on-year revenue growth in Q3, reaching 12.30 billion yuan, and a 35.80% increase in net profit, amounting to 1.16 billion yuan [7] - The overseas revenue has reached 21.31 billion yuan, growing by 20.80% year-on-year, accounting for 57.36% of total revenue, indicating a strong global presence [7] - The company is focusing on enhancing its core product competitiveness and expanding into emerging sectors such as humanoid robotics, which opens up new growth opportunities [7] - The company plans to issue convertible bonds in Hong Kong to raise up to 6 billion yuan, aimed at strengthening R&D and overseas market development [7] - The projected net profits for 2025-2027 are 4.91 billion yuan, 6.30 billion yuan, and 7.56 billion yuan, respectively, with corresponding PE ratios of 14.1, 11.0, and 9.2 [7] Financial Performance Summary - For the fiscal year 2023, the company is expected to achieve a revenue of 47,075 million yuan, with a growth rate of 13.1% [6] - The net profit for 2023 is projected at 3,506 million yuan, reflecting a growth rate of 52.0% [6] - The company’s gross margin is expected to be 28.9% in 2025, with a net profit margin of 10.8% [8] - The return on equity (ROE) is projected to increase from 6.2% in 2023 to 10.9% by 2027 [6][8] Market Position and Strategy - The company maintains its leading position in the engineering machinery sector, particularly in the crawler crane market [7] - The strategy includes diversifying into new industries and enhancing global competitiveness through localized supply chains in Europe and other regions [7] - The company is actively pursuing innovation in electric machinery and humanoid robotics, indicating a commitment to technological advancement [7]