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 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is advancing towards becoming a global leader in the engineering machinery sector, highlighted by the delivery of 100 units of fully electric unmanned mining trucks to Huaneng Yimin Open-pit Coal Mine [2] - The company has established a global framework agreement with mining giant BHP for the supply of mining equipment, indicating a significant expansion in its mining machinery footprint [2] - The mixed reform benefits are becoming evident, with a notable reduction in financing leasing obligations by 9.8% year-on-year [3] - The company aims to rank among the top three globally in the mining machinery sector, having been listed among the top five manufacturers of open-pit mining equipment for six consecutive years [3] - A commitment to shareholder returns is demonstrated through a planned dividend of 2.08 billion yuan for 2024 and a share buyback program totaling 3-6 billion yuan [3] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 1050 billion yuan, 1282 billion yuan, and 1542 billion yuan, reflecting year-on-year growth rates of 15%, 22%, and 20% respectively [4] - The net profit attributable to shareholders is forecasted to be 7.8 billion yuan, 9.8 billion yuan, and 11.9 billion yuan for the same period, with growth rates of 30%, 25%, and 21% respectively [4] - The company is expected to maintain a price-to-earnings (P/E) ratio of 12, 9, and 8 for 2025-2027 [4]

Core Insights - Exports to North America have shown a significant decline in May, particularly in electric tools and lawn mowers, with year-on-year changes of -3% and -1% respectively, while the engineering machinery category maintains a high growth rate [2] - The engineering machinery sector's exports from January to May have seen double-digit growth, with excavators, tractors, and mining machinery growing by 22%, 30%, and 23% respectively, indicating a positive trend [2] - The domestic sales of excavators are under short-term pressure, but the ongoing replacement demand is expected to drive long-term growth in sales, supported by favorable policies from the Two Sessions [3] - The company Akole (603722.SH) has announced a restricted stock incentive plan, which is expected to enhance the motivation of core members and lead to mass production of COC/COP products by 2025 [4] - Yuanli Co., Ltd. (300174.SZ) has adjusted its 2025 net profit forecast down by 25% to 290 million yuan due to slowing terminal demand, but remains optimistic about its long-term investment value due to progress in new energy carbon materials [5] - Chip manufacturer Chipsea Technology (688595.SH) is experiencing a recovery in downstream demand, with stable shipments of single-cell BMS and significant growth in multi-cell BMS among major clients [6] Industry Summary - The engineering machinery industry is expected to benefit from ongoing internationalization and electrification trends, with leading companies likely to see both volume and profit growth [3] - The overall demand for engineering machinery is projected to continue recovering in the medium term, supported by government policies [3] - The high-end manufacturing sector is facing challenges in domestic sales but remains optimistic about future growth driven by product upgrades and international expansion [3]

Core Insights - The introduction of the world's first AI bulldozer by Shantui has garnered significant attention in the engineering machinery industry, marking a shift towards intelligent construction through the integration of AI technology [1][2] - The rapid development of AI large models has accelerated the strategic deployment of AI in the engineering machinery sector, leading to a trend of product innovation and application in various construction scenarios [1][4] Group 1: AI Bulldozer Launch - Shantui launched China's first AI bulldozer, featuring an intelligent whole machine and an AI assistant, designed around customer needs with nine intelligent systems for core scenarios like power optimization and construction safety [1][2] - The AI bulldozer has undergone over 25,000 field tests, transitioning from "smart equipment" to "AI entity" through the development of a proprietary AI decision model [2] Group 2: AI Levels and Capabilities - Shantui has established a classification for AI levels, ranging from L1 (basic automation) to L5 (fully autonomous operations), with current products achieving L3 and preparing for L4 capabilities [2][3] - The transition to L4 will allow operators to act as "commanders," overseeing multiple machines remotely and enabling autonomous construction in specific scenarios [3] Group 3: Industry Trends and Developments - The engineering machinery industry is entering a new phase of "digital intelligence integration," leveraging AI to address complex construction challenges and enhance efficiency across the supply chain [4][6] - Major players like SANY and XCMG are actively integrating AI into their products, with advancements in autonomous machinery and smart manufacturing processes [5][6] Group 4: Global Market Expansion - Chinese engineering machinery companies are increasingly focusing on international markets, with AI advancements expected to enhance their competitive edge abroad [7][9] - For instance, Zoomlion reported a 30.58% year-on-year increase in overseas revenue, highlighting the importance of AI in driving global market growth [7] Group 5: Future Outlook - The industry anticipates a significant transformation driven by AI, with expectations for improved safety, efficiency, and cost control in construction operations [6][9] - The integration of AI with renewable energy technologies is expected to enhance the environmental and energy efficiency of Chinese engineering machinery products, further strengthening their international market position [9]

Group 1 - The issuer of the bonds is XCMG Construction Machinery Co., Ltd., located in Xuzhou, Jiangsu Province, China [1] - The bonds are managed by China Merchants Securities Co., Ltd., which is responsible for monitoring the issuer's credit status and ensuring the protection of investors' rights [5][6] - The bond "21 Xugong 02" was issued on October 20, 2021, with a total amount of 2.7 billion RMB, and the funds were used to repay the company's maturing debts [15] Group 2 - The company has not experienced any significant changes in its business model or operations during the reporting period, maintaining its position as a leading provider of comprehensive engineering equipment solutions [8][9] - The company's main products include earthmoving machinery, lifting machinery, concrete machinery, and other engineering equipment, with a focus on optimizing supply chain management [8][9] - The sales model includes full payment, mortgage loans, financing leases, and installment payments, with significant revenue contributions from these financing methods [9][10] Group 3 - The financial performance of the company shows a decrease in net profit attributable to shareholders, with a notable increase in cash flow from operating activities due to effective capital management [14][18] - The company has implemented measures to ensure timely repayment of bond principal and interest, including the establishment of a dedicated repayment task force and strict adherence to financial management plans [16][18] - The issuer has fulfilled its information disclosure obligations and has not encountered any major litigation or credit risk events that could adversely affect bond repayment [6][17]

股票简称：徐工机械 股票代码：000425.SZ 债券简称：21 徐工 02 债券代码：149668.SZ 徐工集团工程机械股份有限公司 公司债券受托管理事务报告 （2024 年度） 发行人 徐工集团工程机械股份有限公司 （江苏省徐州市经济技术开发区驮蓝山路 26 号） 债券受托管理人：招商证券股份有限公司 依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、《公司 债券受托管理人执业行为准则》（以下简称《执业行为准则》）、《募集说明书》、 《受托管理协议》等相关规定，招商证券股份有限公司（以下简称"招商证券" 或"受托管理人"）作为相关债券的受托管理人编制本报告。招商证券编制本报告 的内容及信息均来源于公开信息、徐工集团工程机械股份有限公司（以下简称"公 司"、"发行人"）对外发布的《徐工集团工程机械股份有限公司 2024 年度报告》 （以下简称《2024 年年度报告》）等公开信息披露文件、发行人提供的相关资 料或出具的相关说明以及第三方中介机构出具的专业意见。招商证券对本报告中 所包含的从上述文件中引述内容和信息未进行独立验证,也不就该等引述内容和 信息的真实性、准确性和完整性作出任何保证或承担任 ...