Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 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。 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9月16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「關於參加2025年湖南轄區上市公司投資者網上 集體接待日暨半年度業績說明會活動的公告」文件，僅供參閱。 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。 * 僅供識別 证券代码：000157 证券简称：中联重科 公告编号：2025－047 号 （於中華人民共和國註冊 ...

为进一步加强与投资者的互动交流，中联重科股份有限公司（以 下简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市 全景网络有限公司联合举办的"资本聚三湘 楚光耀新程——2025 年 湖南辖区上市公司投资者网上集体接待日暨半年度业绩说明会"活动， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全 景路演 APP，参与本次互动交流，活动时间为 2025 年 9 月 19 日（星 期五）14:00-17:00。届时公司高管将在线就 2024 年至 2025 年半年度 业绩、公司治理、发展战略和经营状况等投资者关心的问题，与投资 者进行沟通与交流，欢迎广大投资者踊跃参与！ 证券代码：000157 证券简称：中联重科 公告编号：2025－047 号 中联重科股份有限公司 关于参加 2025 年湖南辖区上市公司投资者网上集体 接待日暨半年度业绩说明会活动的公告 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。 2 特此公告。 中联重科股份有限公司 1 ...

Core Viewpoint - The company demonstrates steady revenue growth and continuous improvement in profitability, with significant increases in net profit and operating cash flow in the first half of 2025. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 24.85 billion, a year-on-year increase of 1.3%; net profit attributable to shareholders was 2.76 billion, up 20.8%; operating cash flow net amount was 1.75 billion, an increase of 112.5% [4] - The gross margin was 28.1%, a decrease of 0.2 percentage points year-on-year; the net profit margin was 11.7%, an increase of 1.3 percentage points year-on-year [4] - The company proposed a dividend of 0.20 per share, with a payout ratio of 62.6% [4] Group 2: Business Segments Performance - In H1 2025, revenue from concrete machinery and lifting machinery was 4.87 billion and 8.37 billion respectively, with year-on-year growth of 15.7% and 1.2% [5] - The company’s traditional business maintains a strong domestic market position, with significant growth in new energy mixer trucks and crawler cranes; overseas business scale and market position continue to improve, with overall export sales growth exceeding 13% [5] - Revenue from earthmoving machinery, aerial work machinery, and agricultural machinery was 4.29 billion, 2.59 billion, and 1.99 billion respectively, with year-on-year changes of +22.1%, -34.5%, and -15.2% [5] - The company leads the market share in large excavators domestically, with export sales growth exceeding 33%; aerial work machinery products have achieved large-scale exports in Europe, America, and Asia-Pacific [5] Group 3: International Expansion - In H1 2025, overseas revenue reached 13.81 billion, a year-on-year increase of 14.7%, accounting for 55.6% of total revenue, an increase of 6.5 percentage points year-on-year [6] - The African region saw a year-on-year growth exceeding 179%, while the Middle East, Southeast Asia, and Australia/New Zealand maintained rapid growth; emerging market sales accounted for 39% [6] - The company continues to advance overseas capacity construction, upgrading the German Wilbert factory and establishing a new high-tech factory in Hungary, enhancing its long-term competitive advantage in overseas markets [6]

Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry [6]. Core Insights - The mechanical equipment industry experienced a year-on-year revenue growth of 7.64% in Q2 2025, with a narrowing growth rate compared to the previous quarter. Key segments with accelerated revenue growth include wind power equipment, PCB(A), shipbuilding, lithium battery equipment, and instruments [13][18]. - The industry saw a year-on-year increase in net profit excluding non-recurring items of 16.22% in Q2 2025, with wind power and lithium battery equipment showing accelerated growth. The shipbuilding sector led with a 106% year-on-year increase, although this was affected by a low base [18][31]. - The overall profitability of the mechanical equipment industry strengthened in Q2 2025, with notable performance in the shipbuilding, railway equipment, and oil and gas equipment sectors [31]. Summary by Sections Overall Mechanical Equipment Overview - The mechanical equipment industry reported a year-on-year revenue growth of 7.64% in Q2 2025, with revenue growth accelerating in specific segments [13]. - The net profit excluding non-recurring items grew by 16.22% year-on-year, with wind power and lithium battery equipment leading the growth [18]. - The industry’s net profit margin increased by 0.38 percentage points year-on-year in Q2 2025, indicating improved profitability across various segments [25]. Subsector Performance - The engineering machinery sector saw a revenue increase of 8.7% in H1 2025, driven by strong overseas sales and diversified business contributions [44]. - Major companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG, reported significant revenue growth, with SANY achieving a 15% increase year-on-year in H1 2025 [41][44]. - The overall net profit for the engineering machinery sector reached 161 billion yuan in H1 2025, reflecting a 25.1% year-on-year increase, with profit growth outpacing revenue growth [45].

Core Viewpoint - Zhonglian Heavy Industry has made significant progress in its localization strategy in Europe, highlighted by the successful delivery of the first articulated truck-mounted crane to a customer in Slovakia, marking a key milestone in its European operations [1][2]. Group 1: Localization Strategy - The delivery of the ZLK7600V803 articulated truck-mounted crane represents the integration of "Chinese technology + European manufacturing," meeting CE certification and European road transport regulations while offering high lifting performance and cost-effectiveness [1]. - Zhonglian Heavy Industry has expanded its European manufacturing network, including the establishment of new factories in Hungary and the second phase of its German facility, enhancing local supply efficiency and market responsiveness [2]. - The company has built 13 R&D and manufacturing bases overseas and operates over 30 primary business aviation ports, with products and services covering more than 170 countries and regions [2]. Group 2: Market Position and Future Plans - The localization of production has improved product delivery efficiency and adaptability, receiving positive feedback from European customers [2]. - Zhonglian Heavy Industry aims to leverage its localization advantages to diversify its product offerings in overseas markets, strengthen market coverage, and accelerate its globalization process [2].

Investment Rating - The industry investment rating is "Market Weight" [37] Core Viewpoints - The industry is experiencing a recovery trend, with both domestic and export sales of excavators and loaders showing positive year-on-year growth in August 2025 [3][4] - The domestic sales of excavators in August 2025 reached 7,685 units, a year-on-year increase of 14.80%, while the total excavator sales for January to August 2025 amounted to 154,181 units, reflecting a year-on-year growth of 17.20% [3] - Loader sales in August 2025 were 9,440 units, with a year-on-year increase of 13.34%, and cumulative sales for the first eight months of 2025 reached 83,209 units, up 12.86% year-on-year [4] - The demand for construction machinery is supported by stable infrastructure investment, ongoing replacement policies, and the issuance of special bonds, which totaled approximately 38,872 billion yuan from January to August 2025, marking a year-on-year increase of 20.94% [5] - The trend of exporting construction machinery is positive, with strong demand from Africa and improving sales in Southeast Asia and South America [5] Summary by Sections Excavator Sales - In August 2025, excavator sales were 16,523 units, with a year-on-year growth of 12.81% and a month-on-month decline of 3.59% [3] - Cumulative excavator sales from January to August 2025 were 154,181 units, reflecting a year-on-year increase of 17.20% [3] Loader Sales - Loader sales in August 2025 reached 9,440 units, showing a year-on-year increase of 13.34% and a month-on-month increase of 4.89% [4] - Cumulative loader sales for the first eight months of 2025 were 83,209 units, up 12.86% year-on-year [4] Industry Performance - The first half of 2025 saw revenue and net profit growth for major domestic construction machinery manufacturers, with revenue growth of 8.70% and net profit growth of 22.85% [6] - Major manufacturers such as Sany Heavy Industry and XCMG reported significant year-on-year increases in both revenue and net profit for the first half of 2025 [6] Investment Recommendations - The report suggests continued attention to industry leaders, specifically recommending Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic [6]

Core Viewpoint - The construction machinery industry is experiencing a recovery, with significant growth in both domestic and export sales of excavators, driven by structural infrastructure projects and an overall improvement in market conditions [1][4][5]. Group 1: Domestic Market Performance - In the domestic market, excavator sales from January to August 2025 increased by 21.55% year-on-year, with both small and large excavators showing growth [1][4]. - The sales of cranes in the domestic market from January to July 2025 saw a decline of only 4.95%, indicating a significant narrowing of the drop, with recovery driven by demand in the wind power sector [4]. - The revenue growth ranking for major manufacturers in the first half of 2025 was led by SANY Heavy Industry, followed by LiuGong, Shantui, XCMG, and Zoomlion, reflecting differences in business structure [4]. Group 2: Export Market Performance - Excavator export sales from January to August 2025 increased by 12.79% year-on-year, reversing a two-year decline, with significant growth in large excavators and a reduction in the decline of small excavators [1][5]. - The total export value of construction machinery reached $33.486 billion, up 10.8% year-on-year, with specific product categories like earthmoving machinery and concrete machinery seeing exports rise by 17% and 14% respectively [5]. - Emerging markets such as Southeast Asia, the Middle East, and Africa remain the primary drivers of growth, while structural recovery in Western Europe is also notable [5]. Group 3: Financial Performance - The construction machinery sector reported a revenue of 187.92 billion yuan in the first half of 2024, reflecting an 8.02% year-on-year increase, with domestic and international revenues growing by 5.96% and 12.5% respectively [3]. - The net profit attributable to shareholders for the first half of 2025 was 18.661 billion yuan, a year-on-year increase of 22.94%, driven by improved cost control and operational efficiency [3]. - Operating cash flow for the sector reached 18.147 billion yuan, up 22.49% year-on-year, indicating a strong cash generation capability [3]. Group 4: Investment Recommendations - The sector is expected to reach an income inflection point in 2025, with performance elasticity likely to increase, suggesting a focus on leading manufacturers, component manufacturers, and high-tech forklift manufacturers [6][7]. - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui for comprehensive machinery manufacturing [7]. - For component manufacturers, companies like Hengli Hydraulic, Aidi Precision, and Changling Hydraulic are highlighted for their potential improvements in fundamentals [7].

Market Overview - The current bull market is primarily driven by liquidity, with TMT (Technology, Media, and Telecommunications) expected to be the main focus in the mid-term [2] - If the market transitions to a fundamental-driven phase, advanced manufacturing will be a key area to watch, followed by real estate in the later stages [2] Industry Research Electronics - In Q2 2025, the electronics industry saw a total net profit of 136.82 billion yuan, a year-on-year increase of 35% and a quarter-on-quarter increase of 34% [3] - The top three sub-industries in terms of net profit growth were AI supply chain (174.7 billion yuan, +87%), PCB (70.0 billion yuan, +68%), and NVIDIA supply chain (128.6 billion yuan, +67%) [3] Semiconductor Materials - The rapid growth in AI demand is driving the semiconductor materials market, with significant growth in sectors like photoresists and wet electronic chemicals [4] - In H1 2025, listed companies in this sector reported revenue and profit growth, indicating a positive outlook for the semiconductor materials industry [4] Company Research China National Materials Technology - In H1 2025, the company experienced rapid growth across its three main businesses: wind turbine blades, fiberglass, and lithium membranes, benefiting from high demand in the wind power sector [5] - The company is well-positioned in the specialty fabric market, with significant sales contributions expected from new projects [5] Antong Oilfield Services - In H1 2025, the company reported revenue of 2.63 billion yuan, a year-on-year increase of 20.9%, and a net profit of 170 million yuan, up 55.9% [7] - The oil service market is recovering, and the company's new business model is anticipated to create additional growth opportunities [7] XCMG Machinery - In H1 2025, the company achieved an 8.0% year-on-year revenue growth and a 16.6% increase in net profit [8] - Despite challenges in the mining machinery sector, the company’s profitability is improving, and there is significant growth potential in overseas markets [8] Zoomlion Heavy Industry - In H1 2025, the company reported revenue of 24.85 billion yuan, a 1.3% year-on-year increase, and a net profit of 2.76 billion yuan, up 20.8% [9] - The company has substantial potential in emerging businesses and overseas exports, maintaining a positive growth outlook [9] Copper Peak Electronics - In H1 2025, the company achieved a net profit of 31 million yuan, reflecting a year-on-year increase of 39.6% [10] - The company is a leading producer of film capacitors and polypropylene film materials, with strong growth prospects driven by demand in the renewable energy sector [10] Apple Inc. - Following the recent product launch, the market sentiment around Apple has improved, with a focus on new product shipments and AI strategy as key growth drivers [11] - The projected net profits for Apple from FY2025 to FY2027 are 110.5 billion, 115.5 billion, and 119.4 billion USD respectively [11]

Core Viewpoint - The report highlights the steady growth in performance and the continuous breakthrough in overseas markets for Zoomlion Heavy Industry Science and Technology Co., Ltd. (000157.SZ, 1157.HK) in the first half of 2025, showcasing strong financial results and international expansion efforts [1]. Financial Performance - In H1 2025, the company achieved revenue of 24.85 billion CNY, a year-on-year increase of 1.3%; net profit attributable to shareholders was 2.76 billion CNY, up 20.8% year-on-year; and operating cash flow net amount reached 1.75 billion CNY, a significant increase of 112.5% [2]. - The gross profit margin stood at 28.1%, a slight decrease of 0.2 percentage points, while the net profit margin increased by 1.3 percentage points to 11.7% [2]. Business Segments - The traditional advantage businesses showed an unexpected recovery, with concrete machinery and lifting machinery generating revenues of 4.87 billion CNY and 8.37 billion CNY, respectively, reflecting year-on-year growth of 15.7% and 1.2% [3]. - The company’s earth-moving machinery, aerial work machinery, and agricultural machinery reported revenues of 4.29 billion CNY, 2.59 billion CNY, and 1.99 billion CNY, with growth rates of 22.1%, -34.5%, and -15.2%, respectively [3]. - The domestic market position for earth-moving machinery remains strong, with a market share in large excavators leading the industry, and export sales growing over 33% year-on-year [3]. International Expansion - In H1 2025, overseas revenue reached 13.81 billion CNY, a year-on-year increase of 14.7%, accounting for 55.6% of total revenue, up 6.5 percentage points [4]. - The African region saw a remarkable growth of over 179% year-on-year, while the Middle East, Southeast Asia, and Australia/New Zealand maintained rapid growth, with emerging markets accounting for 39% of sales [4]. - The company is enhancing its overseas production capacity by upgrading its factory in Germany and establishing a new high-tech factory in Hungary, which is expected to strengthen its long-term competitive advantage in international markets [4]. Profit Forecast and Valuation - The company maintains a positive outlook on its emerging businesses and overseas export potential, forecasting net profits attributable to shareholders of 5.0 billion CNY, 6.22 billion CNY, and 7.35 billion CNY for 2025, 2026, and 2027, respectively [5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.58 CNY, 0.72 CNY, and 0.85 CNY [5]. Financial Metrics - The company’s revenue is expected to grow from 47.075 billion CNY in 2023 to 67.759 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 12.05% [6]. - The return on equity (ROE) is projected to increase from 6.22% in 2023 to 11.18% in 2027, indicating improved profitability and efficiency [9].

Investment Rating - The report maintains a strong buy recommendation for leading companies in the engineering machinery sector, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [10]. Core Insights - The engineering machinery sector is experiencing a significant recovery driven by both domestic and international demand, with a notable increase in performance elasticity [8]. - The sector's revenue for the first half of 2025 reached 187.92 billion yuan, reflecting a year-on-year growth of 8.02%, while net profit increased by 22.94% to 18.661 billion yuan [19][22]. - The report highlights a shift from an "export-only" growth model to a "dual-core" model, with both domestic and international sales contributing to revenue growth [19]. Summary by Sections 1. Operating Conditions: Accelerated Revenue Growth and Strong Profit Elasticity - The engineering machinery sector has shown significant excess returns, with the sector's stock price increasing by 27.56% from the beginning of 2025 to September 9, compared to a 16.16% increase in the CSI 300 index [8][14]. - Domestic excavator sales from January to August 2025 increased by 21.55% year-on-year, driven by structural infrastructure projects [2]. - The average expense ratio for the sector decreased by 0.3 percentage points, primarily due to increased foreign exchange gains [8]. 2. Engineering Machinery: Steady Recovery and Upward Trend - Domestic excavator sales are expected to continue growing, with major projects like the Yaxia Hydropower Station accelerating demand [2][3]. - The overseas market saw excavator exports increase by 12.79% year-on-year, reversing a two-year decline, with total engineering machinery exports reaching 33.486 billion USD, up 10.8% [3][8]. - The report emphasizes the strong performance of leading manufacturers in both domestic and international markets, with SANY Heavy Industry and LiuGong showing particularly strong revenue growth [19][24]. 3. Investment Recommendations - The report suggests focusing on leading manufacturers of complete machines, component manufacturers, and high-altitude work platform/forklift manufacturers due to the expected recovery in demand [9][10]. - Specific companies recommended for investment include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui for complete machines, and Hengli Hydraulic and Aidi Precision for components [9][10].