二、关于公司 2023 年股票期权激励计划首次授予部分第一个行权期行权条 件成就的核查意见 根据《2023 年股票期权激励计划》规定，结合公司 2024 年度已实现的业 绩情况和各激励对象在 2024 年度的个人层面绩效考核结果，薪酬与考核委员会 认为公司2023年股票期权激励计划首次授予部分第一个行权期的行权条件已成 就，同意公司为 2023 年股票期权激励计划首次授予部分符合第一个行权期行权 条件的 915 名激励对象办理自主行权手续，并将上述事项提交至公司第十届董 事会第二次（临时）会议进行审议。第一个行权期可行权数量为 1,982.0252 万 份，行权价格为 6.63 元/股。本次股票期权首次授予部分第一个行权期为 2025 年 7 月 14 日至 2026 年 7 月 10 日。 三、关于注销公司 2023 年股票期权激励计划部分股票期权的核查意见 根据公司《2023 年股票期权激励计划管理办法》及《2023 年股票期权激 励计划》的规定，公司 2023 年股票期权激励计划首次授予第一个行权期达到可 行权条件，因离职、退休以及考核不达标等原因，公司拟注销 259 名激励对象 的已获授但未行权的 2 ...

债券代码：127084 债券简称：柳工转2 证券代码：000528 证券简称：柳 工 公告编号：2025-58 广西柳工机械股份有限公司 关于注销 2023 年股票期权激励计划部分股票期权的公告 本公司及董事会全体成员保证信息披露内容的真实、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： 广西柳工机械股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开第十 届董事会第二次（临时）会议和第十届监事会第二次会议，审议通过了《关于注销 2023 年股票期权激励计划部分股票期权的议案》，现将相关事项公告如下： 一、本次注销部分股票期权的原因和数量 1. 本次注销部分股票期权的原因 （1）激励对象离职、退休或死亡 由于 56 名首次授予的激励对象因离职、退休或死亡而不再具备激励资格，按激励 计划的相关规定，公司对前述人员已获授但尚未行权的股票期权共计 246.9648 万份予 以注销。 （2）激励对象单位或个人层面绩效考核目标未达成 根据公司《2023 年股票期权激励计划》（以下简称"《激励计划》"）以及《2023 第 1 页，共 3 页 预留授予股票期权的激励对象为 144 人， ...

债券代码：127084 债券简称：柳工转2 证券代码：000528 证券简称：柳 工 公告编号：2025-57 广西柳工机械股份有限公司关于 2023 年股票期权激励计划首次授予部分第一个行权期 行权条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、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. 公司 2023 年股票期权激励计划首次授予部分第一个行权期行权条件已成就， 可行权的激励对象共计 915 人，可行权的股票期权数量为 1,982.0252 万份，占目前公 司总股本比例为 0.98%，首次授予部分股票期权的行权价格为 6.63 元/份。 2. 本次行权采用自主行权模式。 1. 2023年4月25日~26日，公司召开第九届董事会第十次会议，审议通过了《关于 公司2023年股票期权激励计划（草案）及其摘要的议案》《关于公司2023年股票期权 激励计划管理办法的议案》《关于公司2023年股票期权激励计划实施考核办法的议案》 第 1 页，共 10 页 《关于提请公司股东大会授权董事会办理股权激励相关事宜的议案》，公司独立董事就 本次激励计划相关议案发表了独立意见。 同日， ...

债券代码：127084 债券简称：柳工转2 证券代码：000528 证券简称：柳 工 公告编号：2025-56 广西柳工机械股份有限公司 关于调整 2023 年股票期权激励计划行权价格的公告 本公司及董事会全体成员保证信息披露内容的真实、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. 首次授予的股票期权行权价格由 6.90 元/股调整为 6.63 元/股。 2. 预留授予的股票期权行权价格由 10.26 元/股调整为 9.99 元/股。 一、激励计划的决策程序和批准情况 1. 2023年4月25日~26日，公司召开第九届董事会第十次会议，审议通过了《关于 公司2023年股票期权激励计划（草案）及其摘要的议案》《关于公司2023年股票期权 激励计划管理办法的议案》《关于公司2023年股票期权激励计划实施考核办法的议案》 《关于提请公司股东大会授权董事会办理股权激励相关事宜的议案》，公司独立董事就 本次激励计划相关议案发表了独立意见。 同日，公司召开第九届监事会第九次会议，审议通过了《关于公司2023年股票期权 激励计划（草案）及其摘要的议案》《关于公司2023年股票期权激励计划管理办法 ...

上海礼辉律师事务所 关于广西柳工机械股份有限公司 2023 年股票期权激励计划调整行权价格、 首次授予部分第一个行权期行权条件成就 暨部分股票期权注销相关事项的 法律意见书 注：本法律意见书除特别说明外所有数值保留 2 位小数，若出现总数与各分项数值之和尾数 不符的情况，均为四舍五入原因所致。 2 二〇二五年七月 地址：上海市黄浦区淮海中路 918 号久事复兴大厦 10 楼 A 座 邮编：200020 电话：021-64338299 | | | | 二、本次调整的具体内容 | 9 | | --- | --- | | 三、本次行权的具体内容 | 10 | | 四、本次注销的具体内容 | 13 | | 五、本次调整、本次行权及本次注销的信息披露 | 14 | | 六、结论意见 | 14 | 释 义 1 在本法律意见书内，除非上下文文义另有所指，下列词语具有下述含义： 公司、柳工 指 广西柳工机械股份有限公司 本计划、本次激励计划 指 广西柳工机械股份有限公司 2023 年股票期权激励计划 本次调整 指 公司根据本次激励计划的安排，调整行权价格的行为 本次注销 指 公司根据本次激励计划的安排，注销部分股票期权的行 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has released a performance forecast for the first half of 2025, indicating a year-on-year growth in net profit attributable to shareholders of 20% to 30%, exceeding market expectations [2] - The domestic market is benefiting from ongoing economic stabilization policies, product upgrades, and accelerated progress in new energy, leading to a recovery in the earth-moving machinery sector [2] - The company's international strategy focuses on comprehensive solutions and smart technology, resulting in steady growth in revenue and profit [2] - The forecast for the entire year suggests a revenue of 34.6 billion yuan and an increase of 1 percentage point in net profit margin, indicating strong performance certainty [2] Summary by Sections Performance Forecast - For the first half of 2025, the company expects a net profit of 1.18 to 1.28 billion yuan, with a year-on-year increase of 20% to 30% [2] - The second quarter net profit is projected to be between 520 to 620 million yuan, with a median of 570 million yuan, reflecting an 18% year-on-year increase [2] Market Analysis - In June 2025, excavator sales reached 18,804 units, a year-on-year increase of 13%, with domestic sales recovering to a 6% growth [3] - The company is expected to benefit from strong demand in overseas markets, particularly in regions like Europe, Africa, and Indonesia, despite some declines in specific markets [3] Corporate Strategy - The completion of the mixed-ownership reform in 2022 has significantly enhanced the company's competitiveness and internal vitality through equity incentives and capacity expansion [4] - The company has repurchased shares and announced plans for further buybacks, reflecting confidence in long-term development [4]

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Investment Rating - The report suggests a focus on undervalued leaders in the shipbuilding sector, particularly China Shipbuilding, and highlights potential investment opportunities in industrial gases and engineering machinery [3][9]. Core Insights - The global new ship price index showed a slight increase of 0.22% in June 2025, indicating a marginal improvement in industry sentiment [3][22]. - China Shipbuilding's H1 2025 net profit is projected to be between 2.8 billion to 3.1 billion yuan, reflecting a year-on-year growth of 98.25% to 119.49%, showcasing strong performance and capacity for profit release [3][22]. - Industrial gas prices have returned to positive year-on-year growth, driven by structural demand improvements and low inventory levels, with a significant increase in pipeline gas revenue expected for Hangzhou Oxygen [3][22]. - The engineering machinery sector is experiencing a robust upward trend, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3% [3][36]. Summary by Sections General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The engineering machinery sector shows resilience, with domestic excavator sales increasing by 6.2% and exports by 19.3% in June 2025 [3][36]. Shipbuilding - The shipbuilding sector is witnessing a slowdown in decline, with the new ship price index indicating a recovery trend [3][44]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with global rig counts rising to over 1,600 units, reflecting a recovery in demand [3][47]. Industrial Gases - The industrial gases sector is expected to perform well in Q3 2025, benefiting from previous maintenance and low base effects [3][55]. Gas Turbines - The gas turbine industry is on a steady upward trajectory, with significant order growth reported for leading companies [3][57].

Core Viewpoint - The company expects continued growth in domestic earthmoving machinery market demand in the second half of the year, with overall sales of excavators and loaders projected to achieve double-digit year-on-year growth [1] Industry Summary - Economic fiscal policy environment and various structural demands will create opportunities for the industry [1] - The international market faces challenges from a resurgence of global trade protectionism, with overall demand still in a bottoming phase [1] - A gradual recovery is anticipated by 2026, with ongoing regional differentiation [1] - Growth in emerging markets is expected to remain resilient, driven by trends in new energy and technological upgrades, while development opportunities in mature markets are also worth noting [1]

Core Viewpoint - LiuGong (000528) reported growth in both revenue and profit in the European region for the first half of the year, indicating a positive outlook for its overseas market development [1] Group 1: Financial Performance - The company's revenue and profit in the European region increased year-on-year in the first half of the year [1] Group 2: Strategic Initiatives - LiuGong is enhancing its sales and channel network in key markets [1] - The company is transitioning from an international strategy to a global strategy, focusing on localizing its operations through supply chain, global R&D centers, sales networks, financial services, and manufacturing bases [1] - This strategic shift aims to ensure stable and high-quality growth in overseas business [1]