证券代码：000425 证券简称：徐工机械 公告编号：2025-03 徐工集团工程机械股份有限公司 关于回购公司股份注销的进展公告 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"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 22 日召开第九届董事会第十七 次会议、2023 年年度股东大会，审议通过了《关于回购公司股份 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 8.5 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回购股 份方案之日起不超过十二个月。具体内容详见公司刊登在巨 ...

Market Outlook - The domestic market is expected to gradually enter an upward cycle, with signs of recovery in the internal sales of the industry, particularly in earthmoving machinery [2][3]. - The company maintains an optimistic outlook on the engineering machinery industry, driven by factors such as uneven urban-rural development and the rapid growth of green energy [2]. Export Market Expectations - The company anticipates continued good performance in the overseas market, with export revenue expected to maintain strong growth [3]. - The international revenue for the first three quarters of 2024 accounted for 46.7% of the company's total revenue [3]. Product and Revenue Breakdown - In the first half of 2024, the export product breakdown is as follows: earthmoving machinery 38%, lifting machinery 26%, mining machinery 8%, and road machinery 7% [4]. - Revenue from North America accounted for approximately 1% of the company's total revenue in 2024 [4]. Profit Margin and Cost Management - The company believes there is further room for improvement in product gross margins, with strategies focused on stabilizing prices, reducing costs, and adjusting product and market structures [3]. International Aid Projects - The company has maintained a leading position in public bidding for engineering machinery procurement in international aid projects [4]. Artificial Intelligence Initiatives - The company has established an AI department to explore applications of AI in engineering machinery, achieving breakthroughs in intelligent perception, decision-making, and planning [5]. - A strategic partnership was formed with the China Industrial AI Research Institute to enhance the integration of AI technology in engineering machinery [5]. Robotics Development - Currently, the company does not produce humanoid robots but has established a subsidiary focused on developing various types of specialized robots for industrial automation and emergency response [5].

Core Viewpoint - The company expects continued strong performance in overseas markets this year, with export revenue projected to maintain good growth [1] Group 1: Market Growth Potential - The overseas market presents growth characteristics for domestic brands, with sustained demand being released [1] - The improvement in the quality of domestic products and the enhancement of overseas channel layouts contribute to the increasing competitiveness of domestic brands [1] - There remains significant room for growth in market share across major regional markets for most products [1] Group 2: Strategic Adjustments - Domestic key enterprises are adjusting global capacity planning and implementing localization strategies to accelerate globalization [1] - Overall, the sales volume of domestic brands in the overseas market is expected to continue its upward trend, representing an important growth point for the construction machinery industry [1]

Group 1: Domestic Market Outlook - The company anticipates positive signs in the domestic market, particularly in earthmoving machinery, which has shown growth for several consecutive months [2] - The "two-step" strategy proposed by the government is still in its initial phase, but the company maintains an optimistic outlook on the economy and the engineering machinery industry [2] - Key drivers for growth include urbanization, significant investment growth, the development of the new energy sector, equipment renewal needs, and growth potential in niche markets [2] Group 2: Profitability and Dividends - The company believes there is further room for improvement in product gross margins, with strategies focused on stabilizing prices, reducing costs, and adjusting product and market structures [3] - The company plans to maintain a cumulative cash dividend of no less than 40% of the distributable profits for the years 2025-2027 [3] Group 3: Export Market Expectations - The company expects continued growth in export revenues, driven by the increasing demand in overseas markets and the enhancement of domestic product quality [3] - The company has a global marketing network covering over 190 countries and regions, with international revenue accounting for 46.7% in the first three quarters of 2024 [4] Group 4: Export Product Breakdown - In the first half of 2024, the main export products and their respective shares are: earthmoving machinery (38%), lifting machinery (26%), mining machinery (8%), and road machinery (7%) [4]

Summary of Conference Call Company and Industry Involved - The conference call primarily discusses the performance and outlook of the engineering machinery industry, with a focus on companies such as XCMG (徐工机械) and SANY (三一重工) [2][6]. Core Points and Arguments 1. **Profit Growth Expectations**: Many companies, including XCMG, are expected to achieve profit growth rates exceeding 20% in 2023, compared to last year's growth of around 4-5% [1][3]. 2. **Engineering Machinery as a Key Sector**: The engineering machinery sector is highlighted as a key investment area, with XCMG and SANY identified as top picks for the year [2][3]. 3. **Revenue Growth Projections**: Overall revenue growth for the engineering machinery sector is projected to be in the range of 10-20%, driven by both domestic and international demand [3][19]. 4. **Export Growth**: A significant portion of revenue growth is attributed to overseas exports, particularly in regions such as Africa, the Middle East, and Southeast Asia, where market share is increasing [4][19]. 5. **Domestic Demand**: Domestic demand is also expected to grow, with estimates ranging from 5% to over 10% [3][19]. 6. **Market Conditions**: The overall market conditions are optimistic, with a strong start to Q1 2023, and expectations of continued growth throughout the year [5][19]. 7. **Technological Advancements**: XCMG is focusing on technological improvements and smart manufacturing, which are anticipated to enhance profit margins and operational efficiency [17][19]. 8. **Mining Machinery Segment**: The mining machinery segment is highlighted as a rapidly growing area, with XCMG achieving significant market share improvements, ranking fourth globally in surface mining equipment [15][16]. 9. **Valuation and Investment Potential**: Current valuations for XCMG are considered low, with a price-to-earnings (PE) ratio around 12, suggesting potential for upward adjustment [6][13]. 10. **Impact of Policy Changes**: Recent policy changes and government support for infrastructure projects are expected to positively impact the engineering machinery sector [11][19]. Other Important but Possibly Overlooked Content 1. **Seasonal Factors**: The timing of the Chinese New Year in 2023 (January 29) compared to 2022 (February 10) has positively influenced January and February sales data [5][10]. 2. **Foreign Exchange Considerations**: XCMG's operations in Brazil are significant, with currency fluctuations impacting financial performance; the Brazilian real has shown signs of recovery [12]. 3. **Long-term Market Trends**: The long-term outlook for the engineering machinery market remains positive, with expectations of sustained growth driven by infrastructure development and equipment upgrades [11][19]. 4. **Competitive Landscape**: The competitive landscape is evolving, with XCMG increasing its visibility and competitiveness in the global mining machinery market [15][19]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the engineering machinery industry.

Group 1: Domestic Market Outlook - The company observes positive signs in the domestic market, particularly in earthmoving machinery, which has seen continuous recovery [2] - The "two-step" strategy proposed by the government is still in its initial phase, but the company maintains an optimistic outlook on the economy and the engineering machinery industry [2] - Key factors supporting this optimism include uneven urbanization development, significant internal investment growth, the development of the new energy industry, natural equipment replacement demand, and growth potential in niche markets [2] Group 2: Export Market Expectations - The company expects the overseas market to maintain a good trend, with export revenue continuing to grow [3] - The overseas market is characterized by growth potential, with sustained demand for domestic brands and improved product quality enhancing competitiveness [3] - The company’s international revenue accounted for 46.7% in the first three quarters of 2024, indicating strong global market penetration [3] Group 3: Global Market Strategy - The company has a comprehensive global layout, with a marketing network covering over 190 countries and regions [3] - Major export regions include Southeast Asia, Central Asia, Africa, South America, Europe, North America, and the Middle East and North Africa [3] - The company emphasizes long-term cooperation with distributors for overseas sales, adapting strategies to local conditions [3] Group 4: Mining and Agricultural Machinery - The company ranks first in the domestic market and among the top five globally in mining machinery, with mining excavators accounting for over 35% of revenue and mining trucks nearly 50% [3] - The agricultural machinery division, established in June 2020, focuses on tractors and harvesting machinery, with significant advancements in product reputation and market expansion expected in 2024 [3]

证券代码：000425 证券简称：徐工机械 公告编号：2025-02 徐工集团工程机械股份有限公司 关于回购公司股份注销的进展公告 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"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 22 日召开第九届董事会第十七 次会议、2023 年年度股东大会，审议通过了《关于回购公司股份 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 8.5 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回购股 份方案之日起不超过十二个月。具体内容详见公司刊登在巨 ...

Group 1: Export Market Outlook - The company expects continued growth in overseas markets, driven by increasing demand and improved product quality [2] - Key regions still have significant potential for growth in market share [2] - The "14th Five-Year Plan" period is anticipated to be a crucial growth phase for domestic brands in the overseas market [2] Group 2: Export Product Structure - In the first half of 2024, the export product composition is projected as follows: Earth-moving machinery 38%, Heavy machinery 26%, Mining machinery 8%, Road machinery 7%, and other engineering machinery products [3] Group 3: Profitability Expectations - The company anticipates an increase in export gross margins due to stable overseas markets and potential price increases in recognized regions [3] - Plans to optimize the product structure and enhance service capabilities to improve profitability [3] Group 4: Domestic Market Situation - Positive signs are emerging in the domestic market, particularly in earth-moving machinery, which has shown consistent recovery [3] - The company maintains an optimistic outlook on the engineering machinery industry, supported by urbanization, investment growth, and the demand for equipment renewal [3] Group 5: Mining Machinery Insights - The company ranks first domestically and among the top five globally in mining machinery, with significant revenue contributions from mining excavators (over 35%) and mining trucks (nearly 50%) [3]

Group 1: Company Overview and Product Breakdown - The company primarily engages in the research, manufacturing, sales, and service of various types of machinery, including earthmoving machinery (28% revenue, ¥139 billion), lifting machinery (20.34% revenue, ¥101 billion), concrete machinery (10.39% revenue, ¥52 billion), and aerial work machinery (9.12% revenue, ¥45 billion) [2][3]. Group 2: Domestic Market Outlook - The company observes positive signs in the domestic market, particularly in earthmoving machinery, which has shown consistent growth. The long-term outlook remains optimistic due to the government's "two-step" strategy [2][3]. Group 3: Export Market Expectations - The company anticipates continued growth in the overseas market, driven by the increasing demand for domestic brands and improvements in product quality. The international revenue for the first three quarters of 2024 accounted for 46.7% of total revenue [3][4]. Group 4: Export Product Structure - In the first half of 2024, the export product structure was as follows: earthmoving machinery (38%), lifting machinery (26%), mining machinery (8%), and road machinery (7%) [4]. Group 5: Mining Machinery Status - The company's mining machinery segment is a burgeoning industry, ranking first domestically and among the top five globally. The revenue breakdown includes mining excavators (over 35% revenue) and mining trucks (nearly 50% revenue) [4].

投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 活动参与人员 招商信诺 刘延波、易方达基金 郑涛岳、东方红 李疆、东吴证券 黄瑞 时间 2025 年 1 月 22 日 14:30-17:00 地点 一、公司 612 会议室；二、徐工矿机。 上市公司接待人 员姓名 李栋、刘敏芳 交流内容及具体 问答记录 一、互动交流 （一）外销市场预计？ 答：公司预计海外市场继续保持良好态势，海外收入依然能保持较好的增 长。首先，对国产品牌来说海外市场具有成长性特征，海外市场需求持续释放； 其次，随着国产产品品质的不断提升，国内企业在海外的渠道布局的日趋完善， 服务后市场建设的提速，国产品牌综合竞争力在提升，海外市场渗透率在提高； 再次，从在主要区域市场占比情况看，大部分产品仍有很大的提升空间；最后， 国内重点企业纷纷调整全球产能规划，落地本地化战略，加速全球化布局。总 体来说，十四五期间，国产品牌行业海外市场销量有望保持增长趋势，是工程 机械行业的重要增长点。 （二）出口产品结构？ 答：2024 年上半年，公司出口产品及占 ...