Core Viewpoint - The China Securities Equipment Industry Index has shown a mixed performance, with a recent increase but a decline year-to-date, indicating potential volatility in the equipment sector [2]. Group 1: Index Performance - The China Securities Equipment Industry Index rose by 0.73% to 2148.41 points, with a trading volume of 74.781 billion yuan [1]. - Over the past month, the index has increased by 4.12%, while it has decreased by 1.13% over the last three months and by 2.76% year-to-date [2]. Group 2: Index Composition - The top ten weighted stocks in the index include CATL (10.27%), Huichuan Technology (3.77%), Sany Heavy Industry (3.32%), Sungrow Power Supply (3.12%), Longi Green Energy (2.91%), Guodian NARI (2.73%), CRRC (2.66%), Weichai Power (2.57%), China Shipbuilding (2.29%), and XCMG (2.04%) [2]. - The index is composed of 99.11% from the industrial sector and 0.89% from the energy sector [3]. Group 3: Market Distribution - The Shenzhen Stock Exchange accounts for 52.00% of the index's holdings, while the Shanghai Stock Exchange accounts for 48.00% [2]. Group 4: Fund Tracking - Public funds tracking the equipment industry include E Fund China Securities Equipment Industry Link A, E Fund China Securities Equipment Industry Link C, Huaxia China Securities Equipment Industry Link A, Huaxia China Securities Equipment Industry Link C, Huaxia China Securities Equipment Industry ETF, and E Fund China Securities Equipment Industry ETF [3].

Summary of Conference Call on Engineering Machinery Industry Industry Overview - The engineering machinery industry is experiencing fluctuations in domestic market performance, particularly in excavator sales, which saw a decline in growth rate since April 2025. The expected growth rate for June is projected to be within ±5% [1][2] - Despite short-term volatility, the long-term outlook for the domestic excavator market remains positive, with strong production schedules for medium and large excavators [1][2] Company Performance Expectations - Annual net profit forecasts for key companies in the engineering machinery sector are optimistic: - SANY Heavy Industry: ¥8.5 billion - XCMG: ¥7.5 billion - Zoomlion: ¥4.8-5 billion - LiuGong: ¥1.8-1.9 billion - The second quarter is expected to show significant year-on-year growth for these companies [1][3] Market Dynamics - The domestic market has a high proportion of small excavators (70-80%), which have lower profitability. However, the export market has shown a year-on-year growth of 8-9% from January to May 2025, supporting overall performance [1][5] - Non-excavator products, such as truck cranes, have shown a notable recovery, alleviating some domestic performance pressures [1][5] Valuation and Investment Opportunities - The engineering machinery sector has seen a valuation correction, with P/E ratios for major companies at relatively low levels: - SANY: 17x - XCMG: 12x - Zoomlion: 12-13x - LiuGong: 10-13x - This presents a favorable investment opportunity [1][6] Future Market Outlook - The domestic market is not expected to experience significant declines in the coming months, with strong production data from Hengli Hydraulic and positive feedback from dealers regarding downstream demand [1][7] - If local government funding issues are resolved, the market is anticipated to gradually recover and grow in the second half of the year [1][8] Funding Sources and Government Impact - Funding for the engineering machinery industry primarily comes from two sources: small investors and central government allocations for water conservancy projects, which provide stable cash flow and support excavator demand [1][9] - The issuance of ¥1 trillion in government bonds, with 70-80% directed towards water conservancy projects, is expected to stabilize cash flow and support demand for excavators [1][10] Debt Replacement Effects - Local government debt replacement has led to a temporary decline in operating rates, but new projects are expected to increase in the second half of 2025 and into 2026, boosting excavator sales [1][11][12] Long-term Market Trends - The domestic excavator market is projected to experience an upward trend over the next few years, driven by replacement demand and the export of used equipment [1][13] - Non-excavator equipment markets are also showing signs of recovery, with significant improvements in profitability for companies like SANY [1][14] Export Market Performance - The export market for engineering machinery has remained stable, with excavator exports growing by 8% from January to May 2025, despite some fluctuations due to tariff adjustments [1][15] - Chinese brands have a significant presence in emerging markets, with potential for substantial growth in regions like Southeast Asia, Africa, and South America [1][19][20] Recommendations for Investment - Key companies recommended for investment include: - SANY Heavy Industry: Strong performance and potential for profit release - XCMG: Notable scale advantages, though facing short-term caution due to stock unlock issues - Zoomlion: Focus on tower crane and aerial work platform recovery - LiuGong: Attractive valuation with significant upside potential - Hengli Hydraulic: Strong short-term growth potential and global expansion opportunities [1][25][26]

Core Viewpoint - The company has announced a cash dividend distribution plan for the fiscal year 2024, with a distribution of 1.80 yuan per 10 shares (including tax) to shareholders, excluding shares held in the repurchase account [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan approved at the 2024 annual shareholders' meeting involves a cash dividend of 1.80 yuan per 10 shares, based on a total share count of 11,425,503,151 shares after deducting 328,212,662 shares held in the repurchase account [2][3]. - The total cash dividend amount to be distributed is 2,056,590,567.18 yuan [2][3]. Implementation Details - The implementation of the profit distribution plan aligns with the approved plan and will occur within two months of the shareholders' meeting [3]. - The cash dividend will be adjusted if there are changes in the total share count due to share repurchases or other corporate actions before the distribution [2][3]. Key Dates - The record date for the profit distribution is set for July 8, 2025, and the ex-dividend date is July 9, 2025 [4]. Distribution Method - Cash dividends will be credited to the accounts of shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [4][5]. - The actual cash dividend per share after accounting for the repurchased shares will be 0.1749736 yuan per share [4][5].

二、其他说明 证券代码：000425 证券简称：徐工机械 公告编号：2025-49 徐工集团工程机械股份有限公司 关于回购公司股份的进展公告 根据《上市公司股份回购规则》《深圳证券交易所上市公司自 律监管指引第 9 号——回购股份》（以下简称"《回购指引》"）等 相关规定，公司应当在每个月的前三个交易日内披露截至上月末 的回购进展情况，现将公司回购股份的进展情况公告如下： - 1 - 一、回购进展情况 截至 2025 年 6 月 30 日，公司通过股份回购专用证券账户以 集中竞价方式累计回购公司股份 308,910,816 股，占公司目前总 股本的 2.63%，最高成交价为 9.17 元/股，最低成交价为 8.00 元/ 股，成交总额为 2,699,797,210.22 元（不含交易费用）。本次回购 符合相关法律法规及公司既定回购股份方案的要求。 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。 徐工集团工程机械股份有限公司（以下简称"徐工机械"或 "公司"）于 2025 年 4 月 8 日召开第九届董事会第三十次会议（临 时），审议通过了《关于回购公司股份的议 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-50 徐工集团工程机械股份有限公司 关于回购公司股份并用于注销的进展公告 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。 徐工集团工程机械股份有限公司（以下简称"徐工机械"或 "公司"）分别于 2025 年 4 月 26 日、2025 年 5 月 27 日召开第九 届董事会第三十二次会议、2024 年年度股东大会审议通过了《关 于回购公司股份并用于注销的议案》，基于对未来发展的信心和 对公司价值的认可，为维护广大投资者利益，增强投资者信心， 提升公司资本市场形象，在考虑经营情况、财务状况及未来发展 战略的基础上，同意公司拟以自有资金通过二级市场回购公司股 份，本次回购的股份将用于减少公司注册资本，并自回购完成之 日起十日内注销。本次回购资金总额不超过人民币 60,000 万元 （含），不低于人民币 30,000 万元（含），回购价格不超过人民币 13 元/股（含）。具体回购股份的数量以回购期限届满时实际回购 的股份数量为准。 本次回购股份的实施期限自公司股东大会审议通过本回购 股份方案之日起不超过 ...

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"）通 过回购专用证券账户持有的公司 328,212,662 股股份，不享有参 与 利 润 分 配 的 权 利 ， 本 次 利 润 分 配 以 公 司 现 有 总 股 本 11,753,715,813股扣减公司回购专用证券账户328,212,662股后的 11,425,503,151 股为分配基数。 2、公司 2024 年度利润分配方案为：以 11,425,503,151 股为 基数，每 10 股派发现金 1.8 元（含税），不送红股，不以资本公 积转增股本。 3、鉴于公司回购专用证券账户的股份不参与 2024 年度利润 分配，公司本次实际现金分红总额=实际参与分配的总股本*分配 比例，即 2,056,590,567.18 元=11,425,503,151 股*0.18 元/股，每 股现金红利=实际现金分红总额/总股本（含回购股份），即 0.1749736 元/股=2,056,590,567.18 元/11,753,715,813 股。在本次 利润分配方 ...

Core Viewpoint - The "Emergency Mission 2025" exercise aims to enhance emergency rescue capabilities in extreme disaster scenarios, showcasing advanced rescue equipment from XCMG across multiple locations in China [1][3]. Group 1: Emergency Rescue Exercises - The exercise took place simultaneously in Heilongjiang, Daxing'anling, Henan, and Guangdong, with XCMG participating for the fifth consecutive year [1][3]. - XCMG presented over ten sets of advanced emergency rescue equipment, demonstrating its leadership in the Chinese engineering machinery industry [3]. Group 2: Equipment Performance - In the emergency rescue action for road clearing, XCMG's GZ500J loader and ET100D modular walking excavator achieved a perfect score of 100, ranking first among similar products in the industry [4]. - The spider crane, known for its lightweight and intelligent remote control capabilities, was highlighted as an effective auxiliary tool in emergency rescue operations [6]. Group 3: Specific Scenarios - During the forest fire rescue exercise in Daxing'anling, XCMG's ET121 walking excavator participated in water extinguishing drills, while isolation belt robots assisted in creating firebreaks [8]. - In a simulated large storage tank fire scenario, XCMG's JP63/G1 high-reaching fire-fighting vehicle and other equipment formed a "remote firepower network" to ensure effective cooling and protection [11]. - The urban high-rise building fire rescue exercise showcased XCMG's DG101 aerial platform fire truck and JP76/G1 high-reaching fire-fighting vehicle, which effectively controlled the fire and rescued trapped individuals [12][14].

Core Viewpoint - The report from Zheshang Securities highlights the promising prospects of unmanned vehicles (Robo-X) across various applications, particularly in closed and specialized scenarios such as warehousing, mining, and military use, driven by technological advancements and supportive policies [1][3]. Group 1: Unmanned Vehicle Applications - Unmanned vehicles (Robo-X) have significant potential in multiple scenarios, including passenger transport (Robotaxi), material handling (unmanned forklifts), sanitation (Robosweeper), mining (unmanned mining trucks), military (unmanned combat platforms), and agriculture (unmanned tractors) [2][3]. - The commercial viability of unmanned logistics vehicles (Robovan) is paving the way for broader applications of unmanned vehicles in various sectors [2]. Group 2: Industry Outlook - The essence of unmanned vehicles (Robo-X) lies in the application of autonomous driving technology in specific scenarios, with advancements in algorithms, LiDAR, and domain control chips facilitating faster commercialization [3]. - Three key conditions for the rapid deployment of unmanned vehicles are identified: successful technology implementation, policy support, and sound commercial logic [3]. Group 3: Unmanned Forklift Market Potential - The global market for automated warehousing solutions is projected to exceed 2 trillion RMB, with unmanned forklifts playing a crucial role in enhancing warehouse efficiency and reducing costs [4]. - Traditional warehousing faces challenges such as low space utilization (with rental and operational costs accounting for 8%-12% of total costs) and inefficient labor practices, which unmanned forklifts can address by creating intelligent warehousing systems [4]. - The global market for automated warehousing solutions is expected to grow from approximately 471.1 billion RMB in 2024 to 804 billion RMB by 2029, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 and 11.3% from 2024 to 2029 [4]. Group 4: AMR Solutions Growth - The global market for Autonomous Mobile Robot (AMR) solutions is anticipated to reach approximately 38.7 billion RMB in 2024, with a CAGR of 30.6% from 2020 to 2024, and is projected to grow to 162.1 billion RMB by 2029, with a CAGR of 33.1% from 2024 to 2029 [5]. - The penetration rate of AMR solutions in the overall automated warehousing sector is expected to increase from 4.4% in 2020 to 20.2% by 2029 [5]. Group 5: Investment Recommendations - Recommended companies include Hangcha Group (leading domestic forklift manufacturer), Zhongli Group (global electric forklift leader), Anhui Heli (state-owned forklift leader), SANY Heavy Industry (leading Chinese construction machinery company), XCMG (emerging global construction machinery leader), Shantui (bulldozer manufacturer), Taotao Vehicle (North American leisure vehicle leader), YTO Group (large tractor leader), Beifang Group (Chinese mining vehicle leader), and Inner Mongolia First Machinery Group (military equipment leader) [6]. - Companies to watch include Zhongyou Technology and Noli Shares [7].

债券简称:23 徐工 01 债券代码:148422.SZ 徐工集团工程机械股份有限公司 江苏省徐州市鼓楼区经济技术开发区驮蓝山路26号) (住所: 公司债券2024年度 受托管理事务报告 债券受托管理人 (住所:深圳市前海深港合作区南山街道桂湾五路 128号前海深港基金小镇B7栋401 ) 2025年6月 重要声明 华泰联合证券有限责任公司（以下简称"华泰联合证券"）编制本报告的内容 及信息均来源于徐工集团工程机械股份有限公司（以下简称"发行人"或"徐工机 械"）对外公布的《徐工集团工程机械股份有限公司2024年度报告》等相关公开 信息披露文件、发行人提供的证明文件以及第三方中介机构出具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为华泰联合证券所作的 承诺或声明。 1 | 重要声明 . | | --- | | 第一章、受托管理债券概况 | | 一、发行主体名称 | | 二、受托债券主要条款 | | 第二章、债券受托管理人履职情况 | | 一、持续督促发行人履行信息披露义务 | | 二、履行受托管理职责情况 … | | 三、 ...

徐工集团工程机械股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 1352 号 徐工集团工程机械股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 26 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依 ...