证券代码：000425 证券简称：徐工机械 公告编号：2025-90 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条件成就的公告 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、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、本次限制性股票解除限售尚需在相关部门办理解除限售 手续，在手续办理完成后上市流通前，公司将发布相关提示性公 告，敬请投资者注意。 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》。本议 案事项已获得 2023 年第一次临时股东大会授权，无需提交公司 股东大会审议。现将有关情况公 ...

北京大成（南京）律师事务所 南京市鼓楼区集慧路 18 号联创大厦 A 座 7-11 楼 邮编：210036 18 Jihui Road ,7—11/F of Building A, Lian-chuang Technology Mansion, Gulou District,Nanjing China Tel: 86-25-83755000 北京大成（南京）律师事务所 关于 签署日期：二〇二五年十二月 徐工集团工程机械股份有限公司 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事项 之 法律意见书 北京大成（南京）律师事务所 北京大成（南京）律师事务所（以下简称本所）接受徐工集团工程机械股 份有限公司（以下简称公司或徐工机械）委托，以专项法律顾问的身份，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》）等有关法律、法规和中国证券监督管理委员会（以下简称中 国证监会）发布的《上市公司股权激励管理办法》（以下简称《管理办法》）以 及国务院国有资产监督管理委员会（以下简称国务院国资委）、财政部联合发布 的《国有控股上市公司(境内)实施 ...

证券简称：徐工机械 证券代码：000425 徐工集团工程机械股份有限公司 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 之 独立财务顾问报告 二零二五年十二月 | （二）咨询方式 13 | | --- | 上海荣正企业咨询服务（集团）股份有限公司 关 于 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 | | --- | --- | --- | | 公司 | | | | 独立财务顾问 | 指 | 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 | | 《上海荣正企业咨询服务（集团）股份有限公司关于徐工集团工 年限制性股票激励计划（草案）之独立 | | | 指 | 程机械股份有限公司 2023 | | | | 财务顾问报告》 | | 本激励计划、本计划 | 指 | 徐工集团工程机械股份有限公司 2023 年限制性股票激励计划 | | 限制性股票 | 指 | 公司根据本激励计划规定的条件和价格，授予激励对象一定数量 | | | | 的公司股票，该等股票设置一定期限的限售期， ...

以下文章来源于徐工集团XCMG ，作者助您成功的 徐工集团XCMG . 徐工官方新闻发布平台 连日来，习近平总书记在中央经济工作会议上的重要讲话，在中央和国家机关广大党员干部中引 发热烈反响。大家表示，明年经济工作的大政方针已定，任务艰巨，意义重大。要更加紧密团结 在以习近平同志为核心的党中央周围，坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中 向好势头，确保"十五五"开好局、起好步 。 规模以上企业数量显著增长，产业集群优势凸显 ——在300个国家级中小企业特色产业集群中，机械行 业企业占比达四分之一。 " 十四五 " 期间 我国机械工业增加值年均增速超过 7.1% 高于全国工业和制造业平均水平 规模以上企业增至 13.7 万家 进出口连续五年破万亿美元 央视《新闻联播》专题报道"十四五"期间我国机械工业增加值年均增速超7.1%， 多次将 镜头对准徐工。 非凡"十四五" "十四五"时期，我国机械工业实现全方位突破。行业累计发布国家标准及行业标准 4487项 ，国际标准 转化率 超 92% ，关键材料与制造工艺持续突破，推动高端装备能力整体提升。 英国KHL发布的 "2025年度全球工程机械制造商50强排 ...

Group 1 - The report emphasizes the growth potential of the manufacturing sector driven by advancements in AI and a reversal of the anti-competitive cycle [1] - Key companies highlighted for investment include Yokogawa Electric, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] - The report maintains a positive outlook on the machinery equipment industry, with a focus on companies that are positioned to benefit from emerging trends [6] Group 2 - The report details the performance of various sectors, with the best-performing indices including retail trade (+6.66%) and non-bank financials (+2.9%) for the week ending December 19, 2025 [4][19] - Within the manufacturing sector, the top indices were the China Aerospace and Military Industry Theme (+3.83%) and the Shanghai 50 (+0.32%) [20] - The report notes significant bidding activity in the controlled nuclear fusion sector, with over 5.6 billion yuan in bids since the beginning of 2025, indicating accelerated project development [7][8] Group 3 - The report discusses the strategic merger of Trump Media with TAE Technologies, valued at $6 billion, highlighting the increasing capital flow into the fusion energy sector [9] - TAE Technologies is noted for its innovative approach to fusion energy, utilizing hydrogen-boron fusion technology, which is seen as a cleaner alternative to traditional methods [9] - The report suggests focusing on core suppliers and flexible investment targets in the fusion energy supply chain, including companies like Lianchuang Optoelectronics and Xiguang Electronics [8][9] Group 4 - The report provides earnings forecasts for key companies, projecting revenue growth for companies like SANY Heavy Industry and Zhejiang Rongtai, with expected EPS growth from 0.63 to 1.20 for SANY from 2024 to 2026 [17] - The report highlights the competitive landscape in the carrier tape market, where the company has a 74% market share in paper carrier tape and is expanding into the plastic carrier tape segment [10][12] - The report also discusses the potential of composite current collectors in the lithium battery market, projecting significant growth from $1.2 billion in 2023 to $3.4 billion by 2032 [12]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for specific companies within the machinery sector, particularly in tractor exports and gas turbine orders [5][11]. Core Insights - The SW Machinery Equipment Index decreased by 1.56% in the last week, ranking 29th among 31 primary industry categories, while it has increased by 33.82% year-to-date, ranking 6th [13][16]. - The report highlights strong growth in tractor exports, particularly for medium and large tractors, with a year-on-year increase of 22.6% in November 2025, and anticipates continued growth in 2026 [5]. - Siemens Energy is establishing a gas turbine assembly base in Hainan, which is expected to enhance collaboration with domestic companies like Yingliu, particularly in turbine blade orders [5][24]. - The engineering machinery sector is experiencing an upward trend, with significant increases in sales and operating rates, indicating a positive outlook driven by infrastructure projects [5][33]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 1.56% over the last week but has risen by 33.82% since the beginning of 2025, outperforming the Shanghai Composite Index [13][16]. Key Data Tracking - General machinery remains under pressure, with a PMI of 49.2% in November, while engineering machinery shows accelerated growth with excavator sales up by 7.8% year-on-year [25][33]. - The railway equipment sector is stable, with fixed asset investments maintaining a growth rate of around 6% [38]. - The shipbuilding sector is experiencing a slowdown, with new ship price indices showing a decline [40]. Industry Dynamics - The gas turbine market is robust, with GEV reporting a 39% year-on-year increase in new orders for the first three quarters of 2025 [48]. - The oil service equipment sector is stabilizing, supported by high demand in the Middle East [43]. - Industrial gas demand is expected to rise as raw material prices decrease and downstream operating rates improve [46].

Core Viewpoint - The shift from traditional mass production to large-scale customization in manufacturing is essential to meet the growing demand for personalized and customized products, as evidenced by the significant increase in overseas orders for the company’s cranes. Group 1: Market Trends - The proportion of overseas orders has surged from 5% in 2020 to over 50% currently [1] - The traditional production model is unable to satisfy the current market's demand for personalization and customization [1] Group 2: Company Innovations - The company has developed over 400 crane models and 1,200 customized combinations, redefining the manufacturing paradigm to "multi-variety, small batch, high customization" [1] - A thousand-ton-level crane research platform has been established, supported by modular design and cloud collaboration [1] Group 3: Operational Efficiency - The company has achieved a transformation from "mass production" to "mass customization" [1] - Global customers can participate in the design process online, allowing for precise responses to personalized needs [1] - The implementation of six online systems has enabled centralized control and dynamic visibility throughout the entire process from order receipt to product delivery, reducing the overall delivery cycle by 55% [1]

Core Insights - The company is focusing on smart manufacturing and digital transformation, exemplified by its intelligent factory that enhances efficiency and reduces labor requirements [1][2] - The company has upgraded its manufacturing model to a 2.0 version, which covers the entire business chain and emphasizes end-to-end development and agile delivery [2] - The company has achieved a significant increase in overseas orders, rising from 5% in 2020 to over 50% currently, necessitating a shift towards customized manufacturing [2][3] Group 1 - The intelligent factory allows for quick delivery of tools and components, showcasing the efficiency of automation in operations [1] - The company has developed a modular design and cloud collaboration platform, enabling a transition from mass production to mass customization [2] - The overall order delivery cycle has been shortened by 55% through centralized control and dynamic visibility across the production process [2] Group 2 - The company has successfully developed a hybrid-powered crane to meet low-carbon policies, demonstrating its ability to cater to diverse customer needs [3] - The company has achieved 100% localization of core components for cranes under 300 tons, reflecting advancements in technology and self-sufficiency [3] - The production facility features over 150 robots and multiple automated production lines, enhancing operational efficiency and data management [4] Group 3 - The company is actively sharing its successful construction experiences and manufacturing standards with 35 global bases and 120 industry partners [4] - The construction of a new large-tonnage crane factory is underway, indicating ongoing investment in expanding production capabilities [5]

□ 本报记者王岩见习记者李立晨 记者了解到，徐工构建起行业首个千吨级起重机研制平台，以模块化设计和云端协同为支撑，实现 从"大规模生产"向"大规模定制"的转型。全球客户可在线参与设计，精准响应个性化需求。通过六大在 线系统，徐工实现从订单接收、生产调度到产品交付的全流程中央集控、动态可视，订单整体交付周期 缩短55%。 "荷兰一家知名企业为响应当地低碳政策，寻求'零排放'起重机，找到我们定制产品。"徐工重型海外营 销公司技术支持部部长、欧洲运营中心总经理任印美介绍，"我们整合200条客户定制需求，开发出采用 混合动力技术的60吨级移动式全地面起重机，满足纯电、插电、活动等多种场景需求。"据了解，该定 制化起重机已有近20台交付或待发海外市场。 从功能到机型，甚至涂装颜色，徐工都尽可能满足客户的个性需要，比如主打金黄色的徐工，现在就有 了白色、橘红色、粉色等各色起重机。郭奇介绍，通过模块化、标准化设计，他们实现"换产零等待、 质量零缺陷"的柔性制造，既满足了个性化需求，又有效控制了成本。 智能化背后，更有核心技术的突破。"前些年，300吨以下起重机核心零部件国产化率不到70%，如今我 们已经实现100%自主可控 ...

制造业是国家经济命脉所系，是立国之本、强国之基。党的二十届四中全会提出，坚持把发展经济的着 力点放在实体经济上，坚持智能化、绿色化、融合化方向，加快建设制造强国、质量强国、航天强国、 交通强国、网络强国，保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。 中國抑闻網 中国互联网发展基金会 中国互联网友展基金会 中国正能量网络传播专项基金资助支持项 China Internet Development Foundation 探寻新时代 发展足 辽 装备制造业是制造业的脊梁, 要加大投入、加强研发、加快发展, 努力占领世界制高点、 掌控技术话语权, s all all bell 便我国成为现代装备制造业大国。 2017年12月12日 中国互联网发展基金会 中国互联网发展基金会 中国正能量网络传播专项基金资助支持项目 China Internet Development Foundation P 网 狗 网 据 探寻新时代 发展足 发展足 3游 P Lust and I ILES t 目前,徐丁集团产品出口到190多个国家和地区。 覆盖 沿线95%以上的国家和地区。 路。 t 中网 狗 网 用 中国互联网 ...