Core Viewpoint - XuGong Group aims to deepen international cooperation in smart manufacturing, green low-carbon initiatives, and mutual benefits, aligning Chinese advanced manufacturing capabilities with the development needs of BRICS countries, particularly Brazil [1][4]. Group 1: Technological Innovation and Digital Transformation - XuGong Group has implemented a "smart transformation and digital networking" strategy, establishing a leading smart manufacturing demonstration factory in Brazil, integrating technologies such as automation, industrial robotics, IoT, and big data to enhance production efficiency and product quality [2]. - The digital transformation has significantly reduced labor intensity and improved equipment delivery efficiency, providing South American clients with smarter and more efficient engineering solutions [2]. Group 2: Green Development Initiatives - Green development is a core direction for global industrial restructuring and a key strategy in Brazil's new industrial policy, aligning with China's green manufacturing goals [2]. - XuGong Group released the industry's first "dual carbon" planning outline in 2021 and accelerated its layout in new energy engineering equipment, including the delivery of the world's first intelligent battery-swapping unmanned mining truck cluster in May [2]. - In the second half of 2025, XuGong Group plans to deliver pure electric wide-body mining trucks and pure electric mining graders for trial use in Brazil's main mining areas [3]. Group 3: Economic Impact and Future Investments - Since its establishment in 2014, XuGong Brazil has directly facilitated bilateral trade worth billions of dollars and created over 1,800 local jobs [4]. - The company plans to increase investment in cutting-edge technologies such as automation, unmanned systems, and electrification, enhancing its smart factory system to meet diverse and high-standard customer demands [4]. - XuGong Group encourages more Chinese manufacturing enterprises to engage with BRICS partners to build collaborative platforms for research and industry, promoting the co-innovation of smart equipment and green technologies [4].

Core Viewpoint - XCMG's new energy heavy trucks are leading the industry towards zero-carbon transportation, showcasing advanced technology and performance in various challenging environments [1][19]. Group 1: Product Performance - The XCMG 400-degree pure electric tractor has been successfully delivered in the E. Dong region, demonstrating its capability to carry 40 tons of sand and stone uphill without issues [3][5]. - The 423-degree pure electric tractor operates efficiently even under extreme heat, with drivers noting significant energy savings and effective air conditioning performance [6][7]. - The 352-degree pure electric tractor has been tested in extreme cold conditions, functioning normally at -30°C, which has increased customer confidence in the product [11][12]. - The 433-degree pure electric dump truck is designed for complex construction conditions, offering robust performance and a 33% reduction in operating costs compared to traditional fuel vehicles [16][17]. Group 2: Technological Advancements - XCMG has developed a multi-dimensional intelligent torque control technology that balances economic and power output, enhancing vehicle efficiency [9]. - The new generation rear axle has improved drag torque by 66% compared to the previous model, increasing energy recovery efficiency and safety during downhill operations [10]. - The unique battery thermal management technology allows XCMG's electric trucks to operate effectively in a temperature range from -35°C to 65°C, ensuring reliable performance in various climates [14]. Group 3: Market Impact - XCMG's new energy heavy trucks are contributing to a growing trend towards zero-carbon transportation across different regions, reinforcing the company's commitment to providing reliable products and services [19].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Investment Rating - The report suggests a positive outlook for the machinery sector, particularly highlighting specific companies for investment opportunities [13]. Core Insights - The engineering machinery sector shows short-term fluctuations in operating rates but maintains a long-term recovery logic driven by domestic demand [7][25]. - The new shipbuilding prices have stabilized and are showing signs of recovery, indicating an upward trend in industry sentiment [7][46]. - The gas turbine sector is experiencing robust growth, with significant increases in orders and production expected [7][55]. Market Review - The SW Machinery Equipment Index increased by 0.26% over the past week, ranking 24th among 31 primary industry categories [3][16]. - Year-to-date, the SW Machinery Equipment Index has risen by 8.29%, ranking 7th among the same categories [3][18]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The operating rate for major engineering machinery products was 56.9% in June, down 7.55% year-on-year [7][25]. - The average working hours for these products were 77.2 hours, reflecting a decline of 9.11% year-on-year [7][25]. Shipbuilding - The global new ship price index reached 187.11 in June, marking a 0.22% increase, the first rise since February [7][46]. Oilfield Equipment - The global rig count has stabilized at over 1,600 units, indicating a bottoming out of demand in the oilfield equipment sector [48]. Gas Turbines - The gas turbine sector is on a steady upward trajectory, with GEV's new orders increasing by 44.9% in Q1 2025 [55][56]. Industry Dynamics - The report emphasizes the importance of monitoring the recovery trends in various segments, including engineering machinery, shipbuilding, and gas turbines, as they present potential investment opportunities [7][55].

Core Viewpoint - The new energy heavy truck market in China has experienced rapid growth since 2025, with significant increases in sales, particularly for new energy tractors, which have outpaced overall market growth [1][2][4]. Sales Performance - In June 2025, 12,000 new energy tractors were added, marking a year-on-year increase of 306% and a month-on-month increase of 21% [4][5]. - The sales figures for June indicate that the new energy tractor market continues to thrive, with a monthly sales increase of over 2,000 units compared to May [5][6]. - A total of 30 provincial-level administrative regions reported new energy tractor sales in June, with Shanghai leading at nearly 3,000 units [5][7]. Cumulative Sales Data - By the end of June 2025, cumulative sales of new energy tractors exceeded 51,800 units, reflecting a year-on-year increase of 276% [15][16]. - Among manufacturers, Jiefang, SANY, and XCMG have each sold over 7,500 units, leading the market [15][16]. Market Share and Competition - The top five companies in the new energy tractor market, including Jiefang, SANY, and XCMG, hold market shares exceeding 10%, with Jiefang at 16.52% [21][19]. - The competitive landscape is intense, with frequent changes in rankings among manufacturers, indicating a dynamic market environment [23]. Monthly Sales Rankings - In June, Jiefang led the sales with 2,127 units, followed by SANY and XCMG with 1,886 and 1,657 units, respectively [10][11]. - Nine out of the top ten manufacturers achieved year-on-year sales growth, with several companies experiencing significant increases [13][19]. Future Outlook - The growth trend in the new energy tractor market is expected to continue, with anticipation for further increases in July [23].

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 ...