Financial Performance - The company expects a net profit of approximately CNY 1.18 to 1.28 billion for the first half of 2025, representing a year-on-year growth of 20% to 30% [3] - The domestic earthmoving machinery industry has shown significant recovery, with excavator domestic sales increasing by 22.9% and loader domestic sales increasing by 23.2% in the first half of 2025 [3] Market Outlook - The domestic market for earthmoving machinery is anticipated to continue its growth momentum, with overall industry sales expected to achieve double-digit year-on-year growth [3] - The international market is facing challenges due to global trade protectionism, but is expected to gradually recover in 2026, with emerging markets showing resilience [3] Corporate Governance - The company's board restructuring has not altered its strategic execution, market-oriented operations, or incentive mechanisms, maintaining a focus on enhancing market competitiveness and shareholder returns [4] Incentive Plans - The company has exceeded its performance assessment indicators for 2024, with the first phase of the stock option incentive plan set to unlock on July 14, 2025 [5] - A market-oriented executive compensation system is in place to strengthen management execution and promote long-term growth in operational performance and market value [5] International Strategy - The company has seen growth in revenue and profit in the European market, focusing on enhancing sales and channel networks while promoting ESG initiatives and electric, intelligent products [6] - Future plans include upgrading from an international strategy to a global strategy, ensuring stable and high-quality growth in overseas markets through localized supply chains and R&D centers [7] Competitive Landscape - The domestic electric loader market is experiencing increased price competition, with the company maintaining a higher price level for electric loaders due to its technological advantages [8] - The company advocates for healthy competition in the industry, emphasizing the importance of technological innovation and product quality for sustainable development [8]

Group 1 - The company expects an upward trend in operating performance for the period from January 1, 2025, to June 30, 2025 [1] - The main reasons for the change in net profit attributable to shareholders and net profit after deducting non-recurring gains and losses include a recovery in the domestic market driven by economic stabilization policies, product upgrades, and accelerated growth in the earth-moving machinery industry [1] - The company's main products, including loaders, excavators, and road machinery, have achieved rapid growth due to the favorable market conditions [1] Group 2 - The international market is currently in a demand bottoming phase, presenting challenges for the company [1] - The company is implementing a "three-full" strategy focusing on comprehensive solutions, full automation, and full internationalization to address market competition and environmental challenges [1] - Both domestic and international business revenues and profits have shown stable growth as a result of the company's innovative practices and strategic upgrades [1]

Performance Forecast - The company expects a net profit attributable to shareholders of the listed company to be between 118,023.71 million yuan and 127,859.02 million yuan, representing a growth of 20% to 30% compared to the previous year, which was 98,353.09 million yuan [1] - The net profit after deducting non-recurring gains and losses is projected to be between 109,003.44 million yuan and 118,838.75 million yuan, with a growth of 21% to 32% compared to the previous year's 90,260.84 million yuan [1] - Basic earnings per share are expected to be between 0.5845 yuan/share and 0.6332 yuan/share, compared to 0.5041 yuan/share in the previous year [1] Reasons for Performance Change - The domestic market is experiencing a recovery due to ongoing economic stabilization policies, increased demand for product upgrades, and accelerated transition to new energy, leading to significant growth in the company's main products such as loaders, excavators, and road machinery [1] - The international market is currently in a demand bottoming phase, but the company is addressing challenges through its "Three Full" strategy, which focuses on comprehensive solutions, full automation, and full internationalization, resulting in stable growth in both domestic and international business revenues and profits [1]

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：2025-53 广西柳工机械股份有限公司 2025 年半年度业绩预告 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。 一、本期业绩预计情况 | 项目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司 | 盈利：118,023.71 万元–127,859.02 | 万元 | 盈利：98,353.09 万元 | | 股东的净利润 | 比上年同期增长：20%–30% | | | | 归属于上市公司 | 盈利：109,003.44 万元–118,838.75 | 万元 | | | 股东扣除非经常 | 比上年同期增长：21%–32% | | 盈利：90,260.84 万元 | | 性损益的净利润 | | | | | 基本每股收益 | 盈利： 0.5845 元/股–0.6332 元/股 | | 盈利：0.5041 元/股 | 二、与会计师事务所沟通情况 本次业绩预告未经过会计师事务所审计。 第 1 页，共 2 页 1、业 ...

柳工（000528）公告，预计2025年上半年净利润为11.8亿元–12.79亿元，比上年同期的9.84亿元增长 20%–30%。 ...

Core Viewpoint - The excavator sales in China showed significant growth in the first half of the year, exceeding expectations, with a total of 120,520 units sold, representing a year-on-year increase of 16.8% [1] Sales Performance - In the first half of the year, domestic sales reached 65,637 units, up 22.9%, while exports totaled 54,883 units, marking a 10.2% increase [1] - In June alone, excavator sales reached 18,804 units, a 13.3% year-on-year increase, with domestic sales at 8,136 units (up 6.2%) and exports at 10,668 units (up 19.3%) [3] Market Trends - After a brief decline in May, domestic excavator sales rebounded in June, supported by accelerating second-hand machine exports and policy-driven demand [2] - The construction machinery industry is experiencing a recovery, with the real estate sector's negative impact on excavator sales diminishing and infrastructure investment remaining resilient [3] Export Dynamics - The export value of China's construction machinery in May was 36.168 billion yuan, a 10.1% increase year-on-year, with a total export value of 165.91 billion yuan from January to May, also up 10.2% [4] - Emerging markets in the Middle East, Southeast Asia, and Africa are driving demand, with Chinese equipment's cost-performance advantage facilitating market expansion [4] Industry Outlook - Major construction machinery companies are optimistic about the market recovery, with expectations of stable growth in domestic and overseas markets [5][7] - The industry is anticipated to continue its upward trajectory, driven by infrastructure investments, new urbanization, and the increasing penetration of renewable energy products [9]

Group 1 - The total sales of excavators in China reached 120,500 units in the first half of the year, representing a year-on-year increase of 16.8% [1] - The domestic demand for earthmoving equipment is expected to maintain steady positive growth in the second half of the year, driven by mining, water conservancy projects, and equipment renewal policies, with an annual growth rate likely to remain above double digits [1] - The overall overseas demand is expected to decline, but there are regional differences in demand trends [1] Group 2 - The recovery trend in the industry has begun to transmit from excavators to non-excavator segments, with domestic sales expected to enter a growth track under the macro background of strengthening domestic demand [1] - The mining segment's production capacity has tripled compared to the beginning of the year, and the company is optimistic about the growth potential in emerging industries such as agricultural machinery and mining machinery in overseas markets [1]

Group 1: Engineering Machinery - The engineering machinery industry is experiencing a cyclical recovery, with domestic demand showing signs of improvement and export growth driven by emerging markets such as Southeast Asia, Africa, and the Middle East [4][6] - Domestic engineering machinery demand is expected to continue its upward trend, supported by a peak in equipment replacement and increased investment in infrastructure projects, with local government bond issuance rising by 84% year-on-year in the first four months of 2025 [6] - The export value of engineering machinery reached USD 5.152 billion in April 2025, marking a year-on-year increase of 12.7%, with total exports from January to April amounting to USD 18.07 billion, up 9.01% year-on-year [6][8] Group 2: Semiconductor Equipment - The domestic semiconductor equipment industry is poised for expansion, with significant capital expenditure expected for 300mm wafer fabs in China, projected to exceed USD 100 billion from 2025 to 2027 [10][13] - The trend towards self-sufficiency in semiconductor equipment is accelerating, with low domestic localization rates in critical equipment categories, indicating substantial room for import substitution [11][13] - Investment opportunities are highlighted in companies such as Zhongwei Company, Northern Huachuang, and Quick Intelligent [13][25] Group 3: Industrial Mother Machines - The machine tool industry is on an upward cycle due to ongoing domestic substitution and increasing demand for high-end machine tools, with government policies supporting tax incentives and talent development [14][16] - Short-term performance improvements are anticipated as the industry enters a renewal phase [16] Group 4: Traditional Energy Equipment - The traditional energy equipment sector is benefiting from low oil inventories in the U.S. and the upcoming peak consumption season, which is expected to support rising oil prices [17][19] - Geopolitical factors, including U.S.-Iran negotiations and the Russia-Ukraine conflict, are influencing market dynamics [19] - Companies such as Nuwei Co., Xizhuang Co., and Jerry Co. are recommended for investment [19][25] Group 5: New Energy Equipment - The controlled nuclear fusion sector is witnessing increased capital expenditure and technological advancements, with a growing number of startups and active financing in the past five years [20][24] - Significant progress in nuclear fusion technology has been made, with multiple records achieved in plasma operation [24] - Investment opportunities include companies like Hezhuan Intelligent, Xizhuang Co., and Jingda Co. [24][25]

Group 1 - The engineering machinery industry is experiencing a recovery in domestic demand and steady growth in export markets since 2025, with excavator sales reaching 120,500 units in the first half of 2025, a year-on-year increase of 16.8% [1] - Domestic excavator sales accounted for 65,600 units, up 22.9% year-on-year, while exports reached 54,900 units, increasing by 10.2% [1] - Loader sales also showed a positive trend, with total sales of 64,800 units in the first half of 2025, reflecting a year-on-year growth of 13.6% [1] Group 2 - Domestic demand is being driven by equipment updates and local government debt reduction policies, with a notable recovery in housing starts, which improved from a year-on-year decline of 29.6% to 22.8% [2] - Infrastructure investment (excluding electricity) maintained a robust year-on-year growth of 5.6% from January to May 2025 [2] - In June 2025, excavator sales reached 18,800 units, a year-on-year increase of 13.3%, with domestic sales at 8,136 units, up 6.2% [2] Group 3 - Despite facing trade friction risks, the export of engineering machinery products continues to grow, with excavator export volume showing a significant rebound in June [3] - Major overseas markets, including Japan, Europe, North America, and Indonesia, reported varying demand levels, with some regions experiencing growth in operating hours for excavators [3] - The company anticipates a decline in overall overseas demand but is focusing on enhancing its position in emerging markets while expanding its business in Europe and North America [3] Group 4 - The company expects stable positive growth in domestic earth-moving equipment demand in the second half of 2025, with an annual growth rate projected to exceed double digits [4] - Continued government initiatives in urban renewal and old community renovation, along with increased fiscal and monetary policies, are expected to drive rigid replacement demand [4] - Stable support from non-ferrous mining, major water conservancy projects, and high-standard farmland projects will gradually release demand dividends [4]

Investment Rating - The industry investment rating is "Overweight" for the machinery equipment sector, specifically for construction machinery [5][28]. Core Viewpoints - The report indicates a recovery in excavator sales in June 2025, with total sales reaching 18,800 units, a year-on-year increase of 13.3%. Domestic sales were 8,136 units, down 3% month-on-month but up 6% year-on-year, while exports were 10,700 units, up 19% year-on-year [1][2]. - The growth in second-hand excavator exports is expected to drive domestic replacement demand, with a notable increase in the market share of domestic brands overseas [1][4]. - The report highlights that domestic infrastructure investment has shown slight improvement, with a 5.6% year-on-year increase in completed investment in the first five months of 2025 [2]. Summary by Sections Excavator Sales and Market Trends - In June 2025, excavator sales showed a recovery, with a total of 18,800 units sold, marking a 13.3% increase year-on-year. The domestic market saw sales of 8,136 units, while exports reached 10,700 units, reflecting a 19% increase year-on-year [1][2]. - The report emphasizes the role of second-hand excavator exports in supporting domestic demand, with May exports showing a 52% year-on-year increase [3]. Domestic Demand and Infrastructure Investment - The report notes a slight improvement in domestic demand, with new housing starts down 22.8% year-on-year in the first five months, a slight narrowing from a 23.8% decline in the previous period. Infrastructure investment, excluding electricity, increased by 5.6% year-on-year [2]. - The report anticipates that improved project funding will gradually translate into construction and equipment usage [2]. Recommendations for Key Companies - The report recommends key companies in the industry, including SANY Heavy Industry (600031 CH) with a target price of 23.10, LiuGong (000528 CH) with a target price of 14.55, and Hengli Hydraulic (601100 CH) with a target price of 82.00, all rated as "Buy" [6][10].