徐工集团工程机械股份有限公司 2025 年股票期权与限制性股票激励计划 证券简称：徐工机械 证券代码：000425 上海荣正企业咨询服务（集团）股份有限公司 关 于 调整及首次授予相关事项 之 独立财务顾问报告 二零二五年十二月 | | | 上海荣正企业咨询服务（集团）股份有限公司 独立财务顾问报告 | 《考核管理办法》 | 指 《2025 | 年股票期权与限制性股票激励计划实施考核管理办法》 | | --- | --- | --- | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 证券交易所 | 指 | 深圳证券交易所 | | 登记结算公司 | 指 | 中国证券登记结算有限责任公司深圳分公司 | | 元 | 指 | 人民币元 | 注：①本独立财务顾问报告所引用的财务数据和财务指标，如无特殊说明均指合并报表口径的财务数 据和根据该类财务数据计算的财务指标。 ②本独立财务顾问报告中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所 造成。 3 一、释 义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 徐工机械、本公司、 | 指 | 徐工集团工程机械股份有限公司 | ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-92 徐工集团工程机械股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间：2025 年 12 月 25 日（星期四）下午 3:30 2.召开地点：公司 706 会议室 3.召开方式：现场投票和网络投票相结合 - 1 - 2.现场出席会议情况 出席本次现场会议的股东共 14 人，代表股份 3,204,319,947 股，占公司有表决权股份总数的 28.10%。 4.召集人：公司董事会 5.主持人：董事长杨东升先生 6.会议的召开符合《公司法》《上市公司股东会规则》《深 圳证券交易所股票上市规则》等法律法规和公司《章程》的有 关规定。 （二）会议出席情况 1.会议总体出席情况 出席本次股东大会的股东及股东授权委托代表（以下统称 股东）1,204 人，代表股份 6,587,543,622 股， ...

北京大成（南京）律师事务所 邮编：210036 南京市鼓楼区集慧路 18 号 联创科技大厦 A 座 7-11 层 18 Jihui Road, 7-11/F of Building A, Lianchuang Mansion, Gulou District, Nanjing, China,210036 北京大成（南京）律师事务所 关于徐工集团工程机械股份有限公司 2025 年第二次临时股东大会 的法律意见书 致：徐工集团工程机械股份有限公司 北京大成（南京）律师事务所接受徐工集团工程机械股份有限公 司（下称"公司"）的委托，就公司召开 2025 年第二次临时股东大 会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和 国公司法》（以下简称《公司法》）、《上市公司股东会规则》等法 律、法规和其他规范性文件以及《徐工集团工程机械股份有限公司章 程》（以下简称《公司章程》）的有关规定，出具本法律意见书。 为了出具本法律意见书，本所及本所律师根据《律师事务所从事 证券业务管理办法》和《律师事务所证券业务执业规则》等规定，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大 会涉及的相关事项进行了必 ...

徐工集团工程机械股份有限公司 第九届董事会第四十二次会议（临时）决议公告 证券代码：000425 证券简称：徐工机械 公告编号：2025-93 本公司及董事会全体成员保证信息披露的内容真实、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 徐工集团工程机械股份有限公司（以下简称"公司"）第九 届董事会第四十二次会议（临时）通知于 2025 年 12 月 23 日（星 期二）以书面方式发出，会议于 2025 年 12 月 25 日（星期四） 以非现场的方式召开。公司董事会成员 9 人，出席会议的董事 9 人，实际行使表决权的董事 9 人：杨东升先生、孙雷先生、 陆川先生、邵丹蕾女士、夏泳泳先生、田宇先生、耿成轩女士、 况世道先生、杨林先生。公司高级管理人员列席了会议。本次 会议的召集、召开和表决程序符合有关法律、法规和公司《章 程》的规定，会议形成的决议合法有效。 二、董事会会议审议情况 本次会议以记名方式投票表决，审议通过以下事项： （一）关于调整公司 2025 年股票期权与限制性股票激励计 划首次授予激励对象名单和授予权益数量的议案 根据公司《2025 年股票期权与限制性股票激励计 ...

徐工集团工程机械股份有限公司董事会薪酬与考核委员会 关于 2025 年股票期权与限制性股票激励计划 激励对象名单（首次授予日）的核查意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股权激励管理办法》（以下简称"《管理办法》"）、《国 有控股上市公司（境内）实施股权激励试行办法》《关于规范国 有控股上市公司实施股权激励制度有关问题的通知》《中央企业 控股上市公司实施股权激励工作指引》（以下简称"《工作指引》"） 等法律、法规和规范性文件及《公司章程》的有关规定，徐工集 团工程机械股份有限公司（以下简称"公司"）董事会薪酬与考 核委员会对公司《2025 年股票期权与限制性股票激励计划（草案）》 (以下简称"《激励计划（草案）》""本次激励计划")及相关事 项进行了核查，并发表核查意见如下： 一、董事会薪酬与考核委员会对《公司 2025 年股票期权与限 制性股票激励计划首次授予激励对象名单（首次授予日）》进行 了核实，列入本次激励计划的拟授予激励对象均与公司或公司的 分/子公司具有劳动或聘用关系，激励对象不包括独立董事、单独 或合计持股 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：000425 证券简称：徐工机械 公告编号：2025-96 徐工集团工程机械股份有限公司 关于公司 2023 年限制性股票激励计划预留授予部分 第一个解除限售期解除限售股票上市流通的公告 特别提示： 1、徐工集团工程机械股份有限公司（以下简称"公司"） 2023 年限制性股票激励计划（以下简称"本激励计划"）预留授 予部分第一个解除限售期解除限售条件已经成就，本次符合解除 限售条件的激励对象共计 196 人，可解除限售的限制性股票数量 为 246.5051 万股，占公司当前总股本的 0.02%。 2、公司 2023 年限制性股票激励计划预留授予部分第一个限 售期解除限售股份上市流通日为 2025 年 12 月 31 日。 公司于 2025 年 12 月 22 日召开第九届董事会第四十一次会 议（临时），审议通过了《关于 2023 年限制性股票激励计划预 留授予部分第一个解除限售期解除限售条件成就的议案》。同意 公司按照公司《2023 年限制性股票激励计划（草案）》（以下简 称"《激励计划》"）的相关规定 ...

Core Viewpoint - In 2025, "globalization" has become a high-frequency term in the development strategies of enterprises in the Yangtze River Delta, as companies accelerate their global layout through diversified collaborative paths amid the dual waves of global industrial restructuring and regional economic integration [2] Group 1: Capital and Market Trends - The Yangtze River Delta region has seen a surge in A-share companies planning to list H-shares in Hong Kong, with 47 out of approximately 122 companies (38.5%) coming from this region [2] - Companies like Estun and Huayi Group are preparing for H-share listings to optimize financial structures and expand overseas production capacity [3][4] - Suzhou Naxin Microelectronics successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 2.096 billion, with 25% allocated for expanding overseas sales networks [4] Group 2: Collaborative Ecosystem Development - The Yangtze River Delta has established various outbound bases and service platforms to support collective development among enterprises, highlighting a "cluster outbound" ecosystem [6] - The G60 Science and Technology Corridor has formed an outbound service alliance to integrate services such as market access and compliance, benefiting over 20,000 enterprises [7] Group 3: Transition from Product to Brand Globalization - Enterprises in the Yangtze River Delta are transitioning from "product export" to "brand export" and "value chain export," focusing on building international brand influence [9] - Companies like Zhongyuan Home and Gujia Home are investing in overseas production bases in Vietnam and Indonesia to enhance supply chain resilience and respond to international trade uncertainties [9] Group 4: Case Studies of Globalization - XCMG Group has evolved from merely exporting machinery to establishing local operations and acquiring global resources, showcasing a deepening commitment to localization [10] - The company has introduced customized products that meet European standards and has established training centers and subsidiaries in Europe to strengthen its local operational capabilities [10]

Core Viewpoint - The new energy heavy truck market experienced significant growth in November 2025, with sales reaching a record high of 28,000 units, marking a year-on-year increase of 178% [1][3]. Market Performance - In November 2025, the domestic new energy heavy truck market sold a total of 28,000 units, representing a month-on-month increase of 39% and a year-on-year increase of 178% [3]. - Pure electric heavy trucks accounted for 97.46% of total sales, with 27,200 units sold, slightly down from 98.14% in the previous month [3]. - The sales of battery-swapping heavy trucks reached 7,354 units, showing a month-on-month growth of 29% and a year-on-year growth of 147% [4][12]. Battery-Swapping Heavy Truck Analysis - The market share of battery-swapping heavy trucks in pure electric heavy truck sales was 26.99% in November, down from 28.86% the previous month [5]. - The cumulative sales of battery-swapping heavy trucks from January to November 2025 reached 56,100 units, a year-on-year increase of 143% [17][19]. - The top three brands in battery-swapping heavy truck sales for November were Foton, Jiefang, and Xugong, with sales of 1,441, 1,314, and 1,251 units respectively [12][15]. Competitive Landscape - Foton has maintained its lead in the battery-swapping heavy truck market for eight consecutive months, with a market share of 19.61% [19][21]. - The competition among battery-swapping heavy truck manufacturers is intense, with six companies achieving cumulative sales exceeding 5,000 units [25]. - The market share of Foton, Jiefang, and Xugong has increased significantly compared to the previous year, with Foton's share rising by 14.18 percentage points [21]. Segment Performance - Battery-swapping tractor trucks accounted for 88.08% of total battery-swapping heavy truck sales, while battery-swapping dump trucks made up 9.75% [23]. - The sales of battery-swapping dump trucks were lower than the overall growth rate of battery-swapping heavy trucks, with a year-on-year increase of only 20% [27]. - The market for battery-swapping dump trucks had 21 companies participating, with Xugong leading in sales and holding a market share of 36.77% [29]. Future Outlook - The battery-swapping heavy truck market has seen continuous growth for ten months, but its year-on-year growth rate remains below that of the overall new energy heavy truck market [31]. - The final month of 2025 will be crucial to see if battery-swapping heavy trucks can outperform the market and if any new players will enter the field [31].

Core Viewpoint - The A-share market has seen a significant wave of stock buybacks in 2025, with nearly 1,500 companies participating, reflecting a robust response to economic recovery and external fluctuations [2][3]. Group 1: Market Overview - As of December 23, the Shanghai Composite Index closed at 3,919.98 points, with a year-to-date increase of 16.95%, peaking above 4,000 points [1]. - The overall market has shown a "shock bottoming and gradual recovery" trend, supported by favorable policies and improved corporate earnings [3]. - The three major indices have all risen this year, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 16.95%, 28.37%, and 49.66%, respectively [3]. Group 2: Buyback Activity - Nearly 1,500 companies have initiated stock buybacks this year, with a total repurchase amount exceeding 1,400 billion yuan and over 13 billion shares repurchased [2][3]. - The buyback trend spans various sectors, including consumer, manufacturing, technology, and finance, indicating a comprehensive market support structure [2]. - Companies are increasingly using buybacks to enhance shareholder value and stabilize market expectations [2][3]. Group 3: Leading Companies in Buybacks - The top ten companies by buyback amount include Midea Group (11.55 billion yuan), Kweichow Moutai (5.99 billion yuan), and CATL (4.39 billion yuan) [1][6]. - Notably, Midea Group is the only company with a buyback amount exceeding 10 billion yuan this year [6]. - Companies like JD Display and XCMG Machinery have also made significant contributions to both buyback quantity and amount, showcasing their commitment to shareholder interests [6][7]. Group 4: Industry Participation - The manufacturing, consumer, and information technology sectors have the highest participation rates in buybacks, with leading firms like BOE Technology Group and XCMG Machinery actively repurchasing shares [4][5]. - These companies, backed by stable operating performance and ample cash flow, play a crucial role in stabilizing their stock prices and driving industry valuation recovery [4]. Group 5: Regulatory Support - The ongoing buyback trend is supported by regulatory policies, including the establishment of stock buyback and repurchase loans, which provide low-cost funding for companies [7]. - As of December 23, over 780 companies have disclosed receiving buyback loan support, with total loan amounts reaching over 100 billion yuan [7]. - The combination of these policies encourages companies to shift from passive stabilization to proactive value management [7][8].

证券日报网讯 12月22日晚间，徐工机械发布公告称，公司第九届董事会第四十一次会议（临时）审议 通过《关于公司2023年限制性股票激励计划预留授予部分第一个解除限售期解除限售条件成就的议 案》。 （编辑 丛可心） ...