Financial Performance - Revenue for the first half of 2024 reached 24.535 billion yuan, a year-on-year increase of 1.91% [6] - Net profit attributable to the parent company was 2.288 billion yuan, up 12.15% year-on-year [6] - Gross profit margin increased by 0.41 percentage points to 28.31% [6] - Net profit margin rose by 0.85 percentage points to 9.33% [6] - Overseas revenue accounted for 49.10% of total revenue, reaching 12.048 billion yuan, a 43.90% increase [2][3] Overseas Expansion - Overseas revenue grew by 43.90% to 12.048 billion yuan, accounting for 49.10% of total revenue [2][3] - The company established over 30 first-level business hubs and 370 second-level outlets globally [11] - Localized manufacturing capacity reached 10 billion yuan, with new factories in Mexico, Turkey, and India [3][11] - Overseas employee localization rate exceeded 80% [3] Product Development - Nearly 300 products passed international certification, with 197 new products launched overseas [3] - R&D investment accounted for 5.32% of revenue, leading the industry [4][5] - 114 domestic-leading and 22 international-leading products were launched, including the 120-ton fully domestically produced electric mining dump truck [5] - Over 900 global patents were applied for, with more than 50% being invention patents [5] Emerging Business Segments - Emerging business segments (earthmoving, aerial work platforms, agricultural machinery, and mining machinery) accounted for over 48% of total revenue, with a year-on-year growth of over 28% [3][4] - Earthmoving machinery revenue reached 3.52 billion yuan, up 19.9% year-on-year [4] - Aerial work platform revenue grew by 17.8% to 3.955 billion yuan [4] - Agricultural machinery revenue surged by 112.51% to 2.343 billion yuan, with gross margin increasing by 5.09 percentage points [4] Cost Optimization - The company achieved significant cost reductions through technical, digital, and commercial optimization [7] - 45 key components were self-produced, reducing costs [7] - Digital supply chain management platforms improved efficiency across the R&D, production, and sales processes [7] Strategic Initiatives - The company is focusing on digitalization, intelligence, green development, and globalization [9] - 88 green projects and 101 intelligent projects were initiated, with 28 and 38 prototypes validated, respectively [5][6] - The company is accelerating the development of new energy products and key component industrialization [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 2, 2024 [1]. Core Views - The report highlights strong growth in emerging industries and overseas expansion, which significantly enhances profitability [1][2]. - The company achieved a revenue of 24.535 billion yuan in H1 2024, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 2.288 billion yuan, up 12.15% year-on-year [2][3]. - Despite revenue pressure due to industry adjustments, the company maintained rapid profit growth, with a net profit of 1.37 billion yuan in Q2 2024, reflecting an 11.6% year-on-year increase [3]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 24.535 billion yuan, with a net profit of 2.288 billion yuan, and a non-recurring net profit of 1.48 billion yuan, which decreased by 12.35% year-on-year [2][3]. - The Q2 2024 revenue was 12.76 billion yuan, down 6.5% year-on-year, while the net profit for the same period was 1.37 billion yuan, up 11.6% year-on-year [3]. Product Performance - The company’s product segments showed varied performance: concrete machinery and lifting machinery saw declines of 7.58% and 17.67% respectively, while agricultural machinery grew by 112.51% [3]. Overseas Expansion - The company achieved overseas revenue of 12.05 billion yuan in H1 2024, a year-on-year increase of 43.9%, with overseas revenue accounting for 49.1% of total revenue, up 14.3 percentage points year-on-year [3]. Financial Forecast - The company is expected to achieve revenues of 52.2 billion yuan, 62.5 billion yuan, and 75.7 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 20%, and 21% [3][6]. - The net profit forecast for the same years is 4.5 billion yuan, 5.7 billion yuan, and 7.1 billion yuan, with growth rates of 28%, 27%, and 25% respectively [3][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 24.535 billion yuan in the first half of 2024, an increase of 1.91% year-on-year, with a net profit attributable to shareholders of 2.288 billion yuan, up 12.15% [5] - The company is expanding its overseas market presence, achieving a revenue of 12.048 billion yuan from international operations, which represents a growth of 43.90% and accounts for 49.10% of total revenue [5] - Emerging business segments are accelerating growth, with significant increases in sales across various machinery sectors, including over 19% growth in earthmoving machinery and over 112% in agricultural machinery [5] Financial Performance - The company achieved a gross profit margin of 28.31% and a net profit margin of 10.36% in the first half of 2024, with a weighted average return on equity (ROE) of 3.98% [5] - For the full year projections, the company expects revenues of 56.634 billion yuan in 2024, 66.696 billion yuan in 2025, and 77.785 billion yuan in 2026, with net profits of 4.286 billion yuan, 5.379 billion yuan, and 6.891 billion yuan respectively [6][7] - The diluted earnings per share (EPS) are projected to be 0.49 yuan in 2024, 0.62 yuan in 2025, and 0.79 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 8 [6][7] Market Strategy - The company is committed to an international development strategy, enhancing its global competitiveness by diversifying its market presence in regions such as Latin America, Africa, and North America [5] - The establishment of over 30 primary business aviation ports and more than 370 secondary points globally has strengthened the company's international sales structure [5] Emerging Business Growth - The company is focusing on the coordinated development of traditional and emerging business segments, with significant sales growth in high-altitude operation machinery and agricultural machinery [5] - The company has successfully optimized its product offerings in traditional machinery sectors while rapidly expanding its portfolio in emerging sectors [5]

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has achieved revenue and profit growth through the continuous advancement of its overseas business system, with a significant increase in asset disposal gains contributing to net profit growth [2][5] - The overseas revenue reached 12.048 billion yuan in the first half of 2024, representing a year-on-year increase of 43.90%, accounting for 49.10% of total revenue [3][5] - The company is expected to experience rapid development in its overseas business, supported by a well-established global sales network and manufacturing bases [3] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 24.535 billion yuan, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 2.288 billion yuan, up 12.15% [2] - The gross profit margin for H1 2024 was 28.31%, an increase of 0.41 percentage points year-on-year, primarily driven by the high-margin overseas business [5] - The company’s net profit for Q2 2024 was 2.257 billion yuan, reflecting an 83.50% increase year-on-year, largely due to asset disposal gains of 636 million yuan [2][5] Business Development - The company has established approximately 400 overseas sales points and nearly 15 overseas bases and factories, enhancing its global direct sales business model [3] - The overseas gross margin was 32.13%, which is 7.5 percentage points higher than the domestic gross margin, indicating the effectiveness of the overseas direct sales system [3] Profit Forecast - The company is projected to achieve revenues of 55.55 billion yuan, 65 billion yuan, and 74.97 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.54 yuan, 0.63 yuan, and 0.76 yuan [6][8]

证券研究报告 非金融公司|公司点评|中联重科（000157） 2024 年半年报点评： 营收小幅增长，海外收入持续高增 glzqdatemark1 证券研究报告 |报告要点 2024H1 国内工程机械行业仍承压，我们仍看好国内设备更新及海外市场需求，看好公司土方 机械及农用机械等产品放量，我们预计公司 2024-2026 年营收分别为 526.62/598.71/683.26 亿元，归母净利润分别为44.75/52.24/62.87亿元，CAGR为21.49%。EPS分别为0.52/0.60/0.72 元/股,考虑到国内工程机械行业景气度有望逐步回暖；多元化产品有望为公司带来海外业务 增量，维持"买入"评级。 |分析师及联系人 田伊依 SAC：S0590524070001 请务必阅读报告末页的重要声明 1 / 5 中联重科(000157) 2024 年半年报点评： 营收小幅增长，海外收入持续高增 事件 股价相对走势 -20% 3% 27% 50% 2023/8 2023/12 2024/4 2024/8 中联重科 沪深300 相关报告 1、《中联重科（000157）：多元化产品及海外 差异化布局构筑核心竞争力 ...

Investment Rating - The report maintains a "Buy" rating for Zoomlion Heavy Industry Science and Technology Co., Ltd. (stock code: 000157) [1] Core Views - The company achieved a revenue of 24.54 billion yuan in H1 2024, representing a year-on-year increase of 1.9%. The net profit attributable to shareholders was 2.29 billion yuan, up 12.2% year-on-year [2] - The overseas revenue grew by 43.9% year-on-year, contributing significantly to the overall revenue growth. The overseas business accounted for 49.1% of total revenue, an increase of 14.3 percentage points year-on-year [2] - The company's gross profit margin improved to 28.3%, up 0.4 percentage points year-on-year, driven by an optimized product structure and a higher proportion of high-margin overseas business [2] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 245.4 billion yuan, with a net profit of 22.9 billion yuan. The net profit margin was 10.4%, an increase of 1.2 percentage points year-on-year [2] - For Q2 2024, the revenue was 127.6 billion yuan, down 6.5% year-on-year, while the net profit was 13.7 billion yuan, up 11.6% year-on-year [2] Product and Market Development - The engineering machinery segment generated 219.9 billion yuan in revenue, a decrease of 3.3% year-on-year, but with an improved gross margin of 29.2% [2] - New segments such as earthmoving, aerial, and agricultural machinery showed strong growth, with agricultural machinery revenue increasing by 112.5% year-on-year [2] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 44.5 billion, 58.9 billion, and 71.3 billion yuan, respectively. The current stock price corresponds to a PE ratio of 12, 9, and 8 times for the next three years, with a projected compound annual growth rate of 27% for net profit [2][3]

Financial Performance - For the six months ended June 30, 2024, the group's revenue was RMB 24.54 billion, an increase of RMB 460 million (1.91%) compared to the same period in 2023[3]. - The profit attributable to shareholders for the six months ended June 30, 2024, was RMB 2.28 billion, an increase of RMB 225 million (10.94%) compared to the same period in 2023[3]. - The basic earnings per share for the six months ended June 30, 2024, was RMB 0.28, an increase of RMB 0.03 compared to the same period in 2023[3]. - The gross profit for the six months ended June 30, 2024, was RMB 6.95 billion, compared to RMB 6.72 billion in 2023[6]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 2.02 billion, compared to RMB 2.26 billion in 2023[7]. - The profit before tax for the six months ended June 30, 2024, was RMB 2,857 million, up 15% from RMB 2,485 million in 2023[25]. - The company reported a total segment profit of RMB 6,946 million for the first half of 2024, compared to RMB 6,716 million in the same period of 2023, reflecting a 3.4% increase[17]. - In the first half of 2024, the company achieved operating revenue of 24.535 billion yuan, a year-on-year increase of 1.91%, and net profit attributable to shareholders of 2.281 billion yuan, up 10.94% year-on-year[54]. Assets and Liabilities - As of June 30, 2024, the total assets of the group amounted to RMB 130.65 billion, a decrease of RMB 1.71 billion (-0.13%) compared to December 31, 2023[3]. - The total liabilities as of June 30, 2024, were RMB 71.86 billion, compared to RMB 71.69 billion as of December 31, 2023[9]. - The net asset value as of June 30, 2024, was RMB 58.79 billion, a slight decrease from RMB 59.13 billion as of December 31, 2023[9]. - The company reported a loss provision of RMB 817 million for overdue receivables as of June 30, 2024, slightly down from RMB 829 million as of December 31, 2023[43]. - Total receivables as of June 30, 2024, amounted to RMB 34.786 billion, a slight decrease from RMB 35.494 billion as of December 31, 2023, representing a decline of about 2%[36]. - The total investment in finance lease receivables as of June 30, 2024, was RMB 10.599 billion, down from RMB 12.364 billion as of December 31, 2023, reflecting a decrease of approximately 14.3%[39]. - The goodwill balance as of June 30, 2024, was RMB 2.605 billion, down from RMB 2.641 billion as of December 31, 2023, indicating a decrease of approximately 1.4%[31]. Research and Development - Research and development expenses for the six months ended June 30, 2024, were RMB 1.31 billion, a decrease from RMB 1.59 billion in 2023[6]. - Research and development expenses for the first half of 2024 were RMB 1,306 million, a decrease of 17.6% from RMB 1,585 million in 2023[17]. - A total of 1,684 research projects are underway, with 361 new products launched, including 114 products that meet domestic leading and international advanced standards[68]. - The company applied for nearly 900 global patents during the reporting period, a year-on-year increase of 26.1%, with 463 invention patents accounting for 56.3% of the total[73]. Cash Flow - As of June 30, 2024, the company had cash and cash equivalents of RMB 13.572 billion, primarily consisting of cash and bank deposits[79]. - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 676 million, influenced by a pre-tax profit of RMB 2.857 billion[80]. - The net cash used in investing activities during the same period was RMB 1.441 billion, including proceeds from the disposal of financial assets at fair value of RMB 1.061 billion[82]. - The net cash generated from financing activities for the six months ended June 30, 2024, was RMB 758 million, primarily from new bank borrowings of RMB 5.952 billion[83]. Market Performance - The concrete machinery, engineering hoisting machinery, and construction hoisting machinery maintained a solid domestic market position, while overseas business scale and market position continued to improve[56]. - The earthmoving machinery segment saw sales growth exceeding 16% year-on-year, focusing on major clients and mining sectors domestically, while expanding into emerging markets overseas[58]. - The aerial work machinery segment experienced over 17% year-on-year sales growth, with over 90% penetration of electric products and the introduction of innovative technologies[59]. - Agricultural machinery sales grew over 112% year-on-year, with the company launching new products such as corn and rice machines, and maintaining leading positions in drying machines and wheat machines[60]. - Other emerging businesses, including mining machinery and emergency equipment, achieved over 26% year-on-year sales growth, leveraging brand and platform advantages[61]. - Overseas revenue grew by over 39.2% year-on-year, with a more diversified market structure as sales in traditional regions decreased to around 36%[64]. Digital Transformation and Innovation - The company is enhancing its digital transformation, implementing end-to-end management for overseas operations, and optimizing resource sharing across global manufacturing bases[65]. - The company has established 12 smart factories and over 230 intelligent production lines, contributing to the development of a significant advanced manufacturing hub in the country[67]. - The company has completed over 140 key technologies for intelligent production lines, with 70 of them being industry-first innovations, showcasing its strong capabilities in smart manufacturing technology[67]. - The company has launched 22 new energy main engine products, including a 100-ton pure electric telescopic boom crane and a 55-ton electric excavator, enhancing its presence in the new energy machinery market[71]. - The company has developed a complete ecosystem for new energy engineering machinery, focusing on key components such as three electric systems, hydrogen energy, and refueling technologies[71]. - The company has implemented 71 digitalization projects, with 11 prototypes validated, enhancing product competitiveness through digital technology[69]. - The company has launched 88 green projects, with 28 prototypes validated, promoting energy-saving and emission-reduction technologies[70]. Corporate Governance and Reporting - The company's interim financial report for the six months ending June 30, 2024, has been reviewed by the audit committee[88]. - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website[89]. - The company will issue a mid-term report to H-share holders containing all information required by the Listing Rules[89].

证券代码：000157 证券简称：中联重科 公告编号：2024-032 号 中联重科股份有限公司 关于 2024 年半年度资产核销的公告 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。 为进一步加强公司的资产管理，防范财务风险，公允地反映公 司的资产、财务状况及经营成果，使会计信息更加真实可靠，根据 《企业会计准则》及公司财务管理制度的相关规定，结合公司实际 情况，公司对各类资产进行了清查，拟对相关资产进行核销。具体 情况如下： 一、本次资产核销及概况 1、应收账款，177户，金额222,340,271.13元； 1 公司对所有核销明细建立了备查账目并归档作为账销案存资产 管理，保留追索的资料，继续落实责任人随时跟踪，发现对方有偿 债能力将立即追索。 三、会计处理的过程及依据 按照《企业会计准则》和公司会计政策、内部控制制度的有关 规定，公司对应收款项坏账采用备抵法核算，上述拟核销的应收款 项冲减已计提的坏账准备。 四、履行的审议程序 公司于2024年8月29日召开的第七届董事会第四次会议及第七 届监事会第四次会议已审议通过公司《关于2024年半年度资产核销 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 24.535 billion, a 1.91% increase compared to the same period last year[21] - Net profit attributable to shareholders was RMB 2.288 billion, up 12.15% year-on-year[21] - Operating cash flow decreased by 11.45% to RMB 824.53 million compared to the same period last year[21] - Basic earnings per share increased by 12.00% to RMB 0.28[21] - Weighted average return on equity rose by 0.25 percentage points to 3.98%[21] - Total assets slightly decreased by 0.13% to RMB 130.690 billion compared to the end of the previous year[21] - Non-recurring gains and losses amounted to RMB 808.06 million, primarily from non-current asset disposals and government subsidies[27] - The company did not distribute cash dividends, stock dividends, or capital reserve transfers[5] - Revenue for the first half of 2024 reached 24.535 billion yuan, a year-on-year increase of 1.91%[35] - Net profit attributable to the parent company was 2.288 billion yuan, up 12.15% year-on-year[35] - Overseas revenue grew by 43.90% in the first half of 2024[41] - The company's operating income increased by 1.91% year-over-year to 24.54 billion yuan, primarily due to growth in overseas sales[79] - Sales expenses increased by 12.18% year-over-year, mainly due to higher costs associated with overseas market expansion[79] - The company's investment activities resulted in a net cash outflow of 1.59 billion yuan, a 194.42% increase year-over-year, primarily due to increased asset acquisitions[79] - Engineering machinery revenue decreased by 3.34% YoY to RMB 21.99 billion, with a gross margin of 29.23%[82] - Agricultural machinery revenue surged by 112.51% YoY to RMB 2.34 billion, with a gross margin of 13.61%[82] - Overseas revenue increased by 43.90% YoY to RMB 12.05 billion, accounting for 32.13% of total revenue[82] - Domestic revenue declined by 20.48% YoY to RMB 12.49 billion, with a gross margin of 24.63%[82] - Total investment in the reporting period decreased by 47.57% YoY to RMB 2.49 billion[91] - Asset impairment losses amounted to RMB 389.70 million, accounting for 13.61% of total profit[84] - Inventory increased by 1.05% to RMB 23.85 billion, representing 18.25% of total assets[85] - Construction in progress increased by 1.28% to RMB 7.34 billion, representing 5.62% of total assets[85] - Short-term borrowings decreased by 1.45% to RMB 3.76 billion, representing 2.87% of total assets[85] - Financial assets totaled RMB 4.44 billion, with a cumulative fair value change of RMB 34.43 million[89] - The fair value of the initial investment in Bank of Communications (601328) increased by 1,465,912.04, reaching a final book value of 6,329,689.56[94] - The fair value of the initial investment in Construction Machinery (600984) decreased by 7,014,758.94, resulting in a final book value of 12,186,223.56[94] - The fair value of the initial investment in Tunnel Co., Ltd. (600820) increased by 249,255.16, reaching a final book value of 2,113,813.24[94] - The fair value of the initial investment in Broad Homes Industrial Group (HK2163) decreased by 6,450,806.81, resulting in a final book value of 7,413,464.16[94] - The fair value of the initial investment in Chongqing Iron and Steel (601005) decreased by 1,138,353.46, resulting in a final book value of 3,025,623.67[94] - The fair value of the initial investment in Hongxin Construction Development (HK9930) decreased by 280,713.19, resulting in a final book value of 136,189,277.15[94] - The total fair value of all investments decreased by 12,888,752.01, resulting in a final book value of 167,258,091.34[94] - The total amount of funds raised through the non-public issuance of shares was RMB 5,198,999,994.63, with a net amount of RMB 5,145,698,107.84 after deducting issuance costs[101] - As of June 30, 2024, the company has used RMB 4,327,647,025.48 of the raised funds, with RMB 426,588,064.37 invested in the current year[102] - The balance of the raised funds as of June 30, 2024, was RMB 1,055,695,663.42, all of which is stored in the special account for raised funds[102] - The investment progress of the intelligent manufacturing project for excavators reached 75.49%, with a total investment of RMB 181,167,058.81[104] - The intelligent manufacturing project for key components achieved an investment progress of 83.30%, with a total investment of RMB 108,284,823.80[104] - The intelligent manufacturing upgrade project for mixer truck products reached an investment progress of 94.74%, with a total investment of RMB 33,158,881.43[104] - The supplementary working capital project exceeded the planned investment by 0.53%, with a total investment of RMB 110,153,222.00[104] - The company used RMB 334,525,600 of the raised funds to replace the self-raised funds previously invested in the projects[105] - The net interest income from bank deposits after deducting bank fees was RMB 14,492,852.98 for the current year[102] - The company did not have any significant changes in the feasibility of the projects or any major asset or equity sales during the reporting period[107][108][109] Market and Sales Performance - Sales of earthmoving machinery increased by over 19% year-on-year[36] - Sales of aerial work machinery grew by more than 17% year-on-year[38] - Agricultural machinery sales surged by over 112% year-on-year[39] - Sales of other emerging businesses increased by more than 54% year-on-year[40] - Electric product penetration rate in aerial work machinery exceeded 90%[38] - The proportion of sales in the Middle East, Central Asia, and Southeast Asia decreased to around 36%[41] - The company's market share in medium and large excavators ranks among the top in the industry[36] - Engineering machinery market share remains industry-leading, with sales of 200-ton and above all-terrain cranes ranking first in the industry, and 25-ton and above truck cranes also ranking first in the industry[115] - Construction machinery sales scale ranks first globally, leading industry development as an international standard setter[115] - Concrete machinery market share for long-boom pump trucks, truck-mounted pumps, and mixing stations continues to rank first in the industry, with mixer truck market share maintaining second place[115] - Overseas revenue continues to grow rapidly, with overseas team building, network expansion, factory construction, and product certification making new breakthroughs[117] - As of June, approximately 400 overseas network points have been established, with nearly 15 overseas bases and factories[117] - 197 overseas products launched, nearly 300 products passed international certification, significantly increasing overseas sales proportion[121] - Sales through mortgage and financial leasing models in the engineering machinery segment were 911 million yuan and 3.243 billion yuan, accounting for 4.15% and 14.77% of the segment's revenue respectively[62] - The company's guaranteed customer loan balance for mortgage sales was 2.575 billion yuan as of June 30, 2024, with 59 million yuan paid for mortgage guarantee claims due to customer defaults[63] - The company's maximum exposure to third-party financing company guarantees was 1.608 billion yuan, with 35,000 yuan paid for guarantee claims due to customer defaults[63] Innovation and Technology - The company has established over 30 primary business aviation hubs and 370 secondary outlets globally, with localized overseas employees exceeding 3,000, covering more than 140 countries and regions[43] - The company has built and put into operation 12 smart factories and over 230 smart production lines, with 70 of the 140 key technologies applied being industry-first[45] - The company has launched 361 new host products, including 114 with domestic leading or internationally advanced technology levels, and 22 new energy products[48] - The company has completed the development and batch installation of 45 key components, including intelligent control components, hydraulic components, and transmission components[48] - The company has launched 22 new energy host products, covering aerial work machinery, concrete machinery, engineering cranes, and earthmoving machinery[50] - The company has developed and launched a 100-ton pure electric telescopic boom crawler crane and a 55-ton towed electric excavator[50] - The company has achieved breakthroughs in key components such as 120kVA motor drivers with vibration resistance 1.7 times higher than national standards, 10kWh hybrid power battery packs, and 11.5kWh high-power battery packs[50] - The company has completed 77 prototype verifications out of 260 "three modernizations" (digitalization, intelligence, and greenization) new technology research projects[48] - The company has implemented 71 digitalization projects, with 11 achieving prototype verification, and has made significant progress in structural, transmission, and electrical system health management technologies[48] - The company has developed and applied green technologies such as new energy electric control direct drive systems for mixer trucks and energy-saving control technologies for wheat machine hybrid systems[49] - The company launched a 190kW fuel cell stack and a 2Nm3 flow channel PEM electrolyzer, along with a dedicated battery swap station for mixer trucks, a series of DC fast charging piles, and an integrated energy storage cabinet[51] - The new 200-horsepower PG2004 tractor with power shift transmission improved operational efficiency by 15% and fuel economy by 8.6%[51] - The TF180 multi-grain combine harvester achieved a minimum loss rate of 0.1%, outperforming the industry average by over 25%, and reduced daily losses by over 3,000 pounds[51] - The TE100-DH hybrid combine harvester increased harvesting speed by 10%, saved 30% energy, and could harvest an additional 16,000 pounds of grain daily while saving 70 liters of fuel[51] - The company applied for nearly 900 global patents, a 26.1% year-over-year increase, with 463 invention patents accounting for 56.3% of the total[52] - The company led the formulation and revision of 7 international standards in the engineering machinery sector, ranking first in the industry[52] - The company is developing 9 national/industry/group standards, including for IoT gateways in engineering machinery and environmental adaptability testing for rescue robots[53] - The company has established 8 national-level innovation platforms, including a national enterprise technology center and a national key laboratory, leading the industry in technological and product development[70] - The company has applied for nearly 5,000 patents related to intelligent, green, and digital transformation, and launched nearly 900 intelligent new products, achieving full-process intelligent manufacturing for key equipment such as tower cranes and excavators[73] - The company has developed 199 new energy product models, leading the industry in green standards and owning 4 national-level green factories[73] - The company's industrial internet platform connects over 1.7 million sets of engineering machinery, production line equipment, and park equipment[73] - The company's AI-driven agricultural machinery, including hybrid tractors and AI harvesters, has positioned it as a leader in smart farming technology[74] - The company has fully electrified its entire range of construction machinery and developed electric tractors, enriching its new energy product lines[125] - The company's subsidiary, Zhongke Yungu, was selected as a national-level "dual-cross" platform, representing the highest level of domestic industrial internet platforms[124] Risk Management and Compliance - The company faces risks from industry growth uncertainty, raw material price fluctuations, and exchange rate volatility[4] - International accounting standards adjustments resulted in a slight decrease in net profit and equity compared to Chinese standards[23] - The company strengthened risk control by implementing end-to-end management and utilizing an intelligent risk early warning platform[54] - The company optimized its supply chain by integrating procurement of bulk materials and building a digital supply chain management platform[54] - The company enhanced its overseas talent pipeline by increasing recruitment efforts and optimizing the organizational structure[55] - The company uses big data and IoT technologies to enhance end-to-end management, optimize customer evaluation and access mechanisms, and implement differentiated policies to improve product competitiveness and sales flexibility[65] - The company's incremental business quality has significantly improved, with stable utilization rates for various engineering machinery equipment, and overall risks are within a controllable range[64] - The company engaged in derivative investments for hedging purposes during the reporting period[95] - The company's foreign exchange forward and swap contracts resulted in an actual loss of -9.1021 million yuan during the reporting period[96] - The company conducted foreign exchange hedging to mitigate exchange rate risks, locking in future cash flows and managing exchange rate impacts on financial statements[96] - The company's financial derivatives business is aimed at hedging to lock in costs and avoid risks related to interest rates and exchange rates, closely related to its main business[96] - The company's financial derivatives business is managed by Zhonglian Heavy Industry Group Finance Co., Ltd., which monitors international foreign exchange market dynamics and enforces internal control systems to minimize exchange losses[96] - The company has established a comprehensive internal control system for financial derivatives business, including transaction limits, approval processes, and risk management procedures[97] - The company selects reputable domestic and international commercial banks for financial derivatives transactions to mitigate legal risks[97] - The company uses transaction valuation reports provided by financial institutions to determine the fair value changes of derivatives at the end of each month[97] - The company's financial derivatives business is approved by the board of directors and shareholders, with announcements made on March 29, 2024, and June 29, 2024, respectively[97] - The company does not engage in speculative derivative investments during the reporting period[98] - The company's financial derivatives business is deemed feasible and controllable, with the board's decision-making process complying with relevant laws and regulations[97] - The company reported no non-operational fund occupation by controlling shareholders or related parties during the reporting period[195] - The company had no illegal external guarantees during the reporting period[196] - The semi-annual financial report was not audited[197] - The company did not undergo any bankruptcy reorganization during the reporting period[198] - There were no significant litigation or arbitration matters during the reporting period[199] - The company did not face any penalties or rectification requirements during the reporting period[200] Environmental and Social Responsibility - The company's subsidiaries, including Zoomlion Construction Machinery Co., Ltd. and Zoomlion Concrete Machinery Co., Ltd., are listed as key pollutant discharge units by environmental protection departments[142] - The company complies with environmental protection laws and regulations such as the "Air Pollution Prevention and Control Law" and "Environmental Protection Law"[143] - The company adheres to industry standards such as the "National Hazardous Waste List" and "Emission Standards for Air Pollutants"[144] - Hunan Zoomlion Crawler Crane Co., Ltd. has a COD emission concentration of 20.5 mg/L, with a total emission of 38.5 tons[148] - Hunan Zoomlion Crawler Crane Co., Ltd. has an ammonia nitrogen emission concentration of 2.1875 mg/L, with a total emission of 2.5 tons[148] - Hunan Zoomlion Crawler Crane Co., Ltd. has a particulate matter emission concentration of 91.242 mg/m³, with a total emission of 8.3640 tons[148] - Hunan Zoomlion Crawler Crane Co., Ltd. has a particulate matter emission concentration of 1.597 mg/m³, with a total emission of 0.6915 tons[148] - Hunan Zoomlion Crawler Crane Co., Ltd. has a benzene emission concentration of 0.0005 mg/m³, with a total emission of 0.0023 tons[148] - Hunan Zoomlion Crawler Crane Co., Ltd. has a toluene emission concentration of 0.198 mg/m³, with a total emission of 0.0862 tons[148] - Hunan Zoomlion Crawler Crane Co., Ltd. has a xylene emission concentration of 3 mg/m³, with a total emission of 1.2360 tons[148] - Hunan Zoomlion Crawler Crane Co., Ltd. has a benzene series emission concentration of 0.2515 mg/m³, with a total emission of 0.1081 tons[148] - Hunan Zoomlion Crawler Crane Co., Ltd. has a non-methane hydrocarbon emission concentration of 15.52 mg/m³, with a total emission of 6.4553 tons[148] - VOCs emissions from organized sources at DA002 were measured at 23.839 g/m3[149] - Particulate matter emissions from organized sources at DA002 were recorded at 1.3755 g/m3[149] - Benzene emissions from organized sources at DA002 were measured at 0.004 mg/m3[149] - Toluene emissions from organized sources at DA002 were recorded at 0.039 mg/m3[149] - Xylene emissions from organized sources at DA002 were measured at 6.526 mg/m3[149] - Non-methane total hydrocarbon emissions from organized sources at DA002 were recorded at 17.271 g/m3[149] - Particulate matter emissions from organized sources at DA003 were measured at 1.076 mg/m3[149] - Benzene emissions from organized sources at DA003 were recorded at 0.004 mg/m3[149] - Toluene emissions from organized sources at DA003 were measured at 0.039 mg/m3[149] - The company's emissions of xylene (二甲苯) were recorded at 6.526 mg/m³, which is below the regulatory limit of 0.1159 mg/m³ according to DB43/1356-2017 standards[150] - Benzene series (苯系物) emissions were measured at 1.81 mg/m³, significantly lower than the allowed limit of 0.

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《2024 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 为人民币 10.17 元，募集资金总额为人民币 5,198,999,994.63 元， 扣除各项发行费用人民币 53,301,886.79 元，筹集资金净额为 5,145,698,107.84 元。 2021 年 1 月 19 日，本次募集资金划转至公司募集资金专户。募 集资金到位情况已经天职国际会计师事务所（特殊普通合伙）验资， 证券代 ...