Core Viewpoint - The engineering machinery industry is experiencing a recovery, driven by growth in sales, internationalization, and electrification trends, supported by favorable policies from the government [1][2][3] Group 1: Industry Performance - The engineering machinery industry in China is showing a growth trend, with significant support from recent government policies [1] - In Q1 2025, listed companies in the engineering machinery sector reported revenue of 915.5 billion yuan, a year-on-year increase of 10.3%, and a net profit of 88.8 billion yuan, up 33% [1] - The overall gross margin for the engineering machinery sector was 25.1%, a decrease of 0.4 percentage points year-on-year [1] Group 2: International Trade and Market Expansion - From January to April 2025, China's engineering machinery import and export trade amounted to 18.947 billion USD, an increase of 8.51% year-on-year, with exports reaching 18.07 billion USD, up 9.01% [2] - XCMG Group aims to double its scale by 2030, with international revenue expected to account for over 60% [2] - The demand for Chinese engineering machinery is increasing in overseas markets, particularly in Southeast Asia, Africa, and the Middle East [3] Group 3: Electrification Trends - The sales of electric loaders in China reached 8,139 units from January to April 2025, representing a year-on-year increase of 254.8%, with an electrification rate of 19.3% [2] - The electrification of engineering machinery is seen as a key development direction, with domestic manufacturers leveraging this trend to enhance revenue and profits [3]

Domestic News - Beijing encourages foreign enterprises to participate in high-level autonomous driving demonstration zones and key application scenarios, providing support for technology testing and demonstration applications [3] - Changan plans to launch over 7 high-end automotive products in the next 5 years, aiming for total revenue of 300 billion yuan and sales of 3 million vehicles, including 1 million new energy vehicles [4] - Geely is set to launch multiple satellites, including the "Qianli Haohan," to establish a global real-time satellite communication service [5] - BYD's blade battery and fast-charging blade battery have passed the new national standard testing ahead of schedule, with the new standards set to take effect in July 2026 [6] - Wuling's Shenlian battery has passed the latest national standard certification, showcasing its leading position in battery technology [7] - GAC Group has published a patent for an AI computing device for smart cockpits, enhancing AI capabilities without modifying existing hardware [9] - Chery has announced a patent for an automatic follow robot system that utilizes facial and voice recognition for improved user convenience [10] - Pony.ai has reached a strategic cooperation with Dubai's Roads and Transport Authority to launch a Robotaxi fleet, with plans for testing in 2025 and full commercial operation in 2026 [11] International News - The European Council has approved the relaxation of carbon dioxide reduction targets for 2025-2027, allowing manufacturers to be evaluated based on average performance over three years [13] - Italy's new car sales in April increased by 2.71% year-on-year, totaling 139,084 vehicles, marking the second consecutive month of growth [14] - BMW announced a major overhaul of its product line, planning to implement a new design language across all models within three and a half years [15][16] - General Motors will invest $888 million in its Tonawanda plant in New York to produce the next generation of V8 engines, reflecting a strategic adjustment in response to electric vehicle market demands [17] Commercial Vehicles - Foton Motor is expanding its new energy heavy truck business by establishing a joint venture with EVE Energy to provide diverse battery leasing solutions [19] - XCMG has launched its new generation of "Han Jie" light trucks, focusing on high safety, reliability, long endurance, and low energy consumption [20] - JAC Motors has unveiled 25 strategic new products across various powertrain categories, emphasizing innovation in new energy commercial vehicles [21] - Chery's new pickup has been officially registered, marking a significant step towards its domestic launch [22][23]

Core Viewpoint - The launch of the new generation "Han Jie" electric light truck by XCMG represents a significant advancement in the logistics industry, focusing on high safety, reliability, long endurance, low energy consumption, and extreme lightweight design, thereby enhancing product quality and lifecycle value [3][5][18]. Group 1: Product Launch and Features - The "Han Jie" light truck is designed to break through the loading efficiency bottleneck in the logistics industry, achieving a comprehensive leap in product quality and lifecycle value [3]. - The new light truck features a 4.4-meter cargo box with a volume of 21.3 cubic meters, improving loading efficiency by 20% compared to traditional models [16]. - It is equipped with a self-developed XES energy management system and a high-efficiency flat wire motor with an efficiency of 97.41%, providing strong power and long endurance [16]. Group 2: Innovation and Development Strategy - XCMG's development strategy emphasizes innovation-driven approaches, focusing on customer needs and pain points to enhance product value [12][14]. - The company employs a "positive development + scenario adaptation" research and development system, ensuring a closed-loop process from user pain points to technical solutions and scenario validation [14]. - The light truck incorporates advanced safety features, including a dual-layer 700MPa high-strength steel frame and multiple sensor systems for active safety protection [16]. Group 3: Market Positioning and Future Goals - XCMG aims to support high-quality development in the automotive sector by collaborating with partners across the supply chain to create new lifecycle value for products [7][20]. - The company is committed to establishing a new green transportation ecosystem and enhancing cooperation with partners to promote zero-carbon transportation solutions [20]. - The launch of the "Han Jie" light truck is seen as a strategic move to position XCMG as a leader in the electric logistics vehicle market, responding to the growing demand for electric urban logistics solutions [18].

Core Viewpoint - The company plans to repurchase shares for cancellation and to reduce registered capital, aiming to enhance investor confidence and improve its market image [1][2]. Group 1: Share Repurchase and Cancellation - The company has approved a plan to repurchase shares using its own funds through the secondary market, which will be used for cancellation and reduction of registered capital [1][2]. - The repurchased shares will be canceled within ten days after the completion of the buyback [1]. - The company will notify creditors regarding the share repurchase and cancellation, allowing them to claim debts within specified timeframes [3][4]. Group 2: Performance Commitment Compensation - The company has agreed to repurchase 743,331 shares from Xuzhou Engineering Machinery Group Co., Ltd. at a total price of RMB 1.00 due to unmet performance commitments [2]. - This repurchase is part of the company's broader strategy to manage performance-related obligations and ensure compliance with commitments made during the merger [2].

证券代码：000425 证券简称：徐工机械 公告编号：2025-42 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报告书 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。 重要内容提示： 1.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"）拟使用自有资金通过深圳证券交易所交易系统以集 中竞价交易方式回购部分已在境内发行的人民币普通股（A 股） 股票，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。本次 回购的股份拟用于减少注册资本，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十二个月。 2.本次回购方案已经公司于 2025 年 4 月 26 日、2025 年 5 月 27 日召开的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。 3.公司已在中国证券登记结算有限责任公司深圳分公司开 立了股份回购专用证券账户。 特别风险提示： 1.本次回购存在回购期限内公司股票价格持续超出回购价 格上限，导致回购方案无法实施或只能 ...

北京大成（南京）律师事务所 南京市鼓楼区集慧路 18 号 联创科技大厦 A 座 7-11 层 邮编：210036 18 Jihui Road, 7-11/F of Building A, Lianchuang Mansion, Gulou District, Nanjing, China,210036 dacheng.com dentons.cn 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 2024 年年度股东大会 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 2024 年年度股东大会（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。 本次股东大会采取现场投票和网络投票相结合的方式：现场会议 于2025年5月27日下午2:30在公司总部大楼706会议室召开；通过深圳 证券交易所交易系统进行网络投票的具体时 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-41 徐工集团工程机械股份有限公司 2024 年年度股东大会决议公告 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。 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 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 5 月 27 日（星期二）下午 2:30 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.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）1,327 人，代表股份 6,812,132,817 股，占公司有表决权股份 - 1 - 总数的 57.93%%。 2.现场出席会议情况 出席本次现场会议的股东共 20 人，代表股份 3,039,808,739 股，占公司 ...

证券代码：000425 证券简称：徐工机械 公告编号：2025-43 徐工集团工程机械股份有限公司 关于回购股份用于注销、回购注销业绩承诺补偿股份 并减少注册资本暨通知债权人的公告 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。 徐工集团工程机械股份有限公司（以下简称"公司"）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，公司分别于 2025 年 4 月 26 日、2025 年 5 月 27 日召开的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》。公司拟以自有资金通过二级市场回购股份， 本次回购的股份将用于注销并减少公司注册资本，并自回购完成 之日起十日内注销。具体内容详见刊登在《中国证券报》《上海 证券报》和巨潮资讯网（www.cninfo.com.cn）的《第九届董事会 第三十二次会议决议公告》（公告编号：2025-14）、《关于回购公 司股份并用于注销的公告》（公告编号：2025-25）、《2024 年年度 股东大会决议公告》（公告编号：2 ...

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Machinery Manufacturing Index reported at 5816.79 points [1] - The CSI 300 Machinery Manufacturing Index has decreased by 0.21% in the past month, 5.59% in the past three months, and increased by 1.11% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weighted stocks in the CSI 300 Machinery Manufacturing Index are: Huichuan Technology (18.05%), Sany Heavy Industry (13.92%), CRRC Corporation (11.06%), Weichai Power (10.23%), China Shipbuilding (8.73%), XCMG (8.66%), China Heavy Industry (6.25%), Hengli Hydraulic (4.67%), Zoomlion (4.48%), and Yutong Bus (4.1%) [1] - The market share of the CSI 300 Machinery Manufacturing Index is 54.88% from the Shanghai Stock Exchange and 45.12% from the Shenzhen Stock Exchange [1] Group 3 - The industry composition of the CSI 300 Machinery Manufacturing Index includes: Engineering Machinery (27.07%), Electric Motors and Industrial Control Automation (18.05%), Shipbuilding and Other Marine Equipment (18.04%), Commercial Vehicles (15.21%), Urban Rail and Railways (14.16%), Fluid Machinery (4.67%), and Other Specialized Machinery (2.80%) [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]

[Table_StockNameRptType] 徐工机械(000425) 多品类稳中有升，全球化发展迅速 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-05-26 | | 570 收盘价（元） | 8.31 | | 近 12 个月最高/最低（元） | 9.65/5.95 | | 总股本（百万股） | 11759.65 | | 流通股本（百万股） | 8063.58 | | 流通股比例（%） | 68.57 | | 总市值（亿元） | 977.23 | | 流通市值（亿元） | 670.08 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 徐工机械 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 公司点评 相关报告 1.《国企改革焕新能，新兴业务+出海 双成长》2024-10-06 2.《国际化+高端化持续推进，盈利能 力增强》2024-11-07 主要观点： ...