广西柳工机械股份有限公司 ESG 管理制度（草案） 第一章 总则 第一条 广西柳工机械股份有限公司（以下简称"公司"）为进一步加强 ESG （环境、社会和公司治理）管理，积极履行 ESG 职责，推动经济、社会、环境 和公司的可持续发展，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司治理准则》《企业内部控制基本规范》《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司自律监 管指引第 17 号——可持续发展报告（试行）》等有关法律法规、规范性文件及 《公司章程》等相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称的ESG职责，是指公司在经营发展过程中应当履行的环 境（Environmental）、社会（Social）和公司治理（Governance）方面的责任和 义务，主要包括对自然环境和资源的保护、社会责任的承担以及公司治理的健 全和透明。 第三条 本制度所称利益相关方，是指其利益可能受到公司决策或经营活动 影响的组织或个人，包括股东（投资者）、债权人、员工、合作伙伴、客户、 供应商、经销商、社区组织和相关政府部门等。 第四条 公司应当 ...

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：2024-91 广西柳工机械股份有限公司 关于修订《公司章程》的公告 | 修订前内容 | 修订后内容 | | --- | --- | | 第一百五十三条：公司董事会可以按照股东大会的有关 | 第一百五十三条：公司董事会可以按照股东大会的有关决 | | 决议，设立审计委员会、战略、提名、薪酬与考核、合 | 议，设立审计、战略与 ESG、提名、薪酬与考核、合规 | | 规管理等专门委员会。专门委员会成员全部由董事组 | 管理等专门委员会。专门委员会成员全部由董事组成，其 | | 成，其中审计委员会、提名委员会、薪酬与考核委员会 | 中审计委员会、提名委员会、薪酬与考核委员会中独立董 | | 中独立董事应占多数并担任召集人，审计委员会成员应 | 事应占多数并担任召集人，审计委员会成员应当为不在上 | | 当为不在上市公司担任高级管理人员的董事，召集人应 | 市公司担任高级管理人员的董事，召集人应当为会计专业 | | 当为会计专业人士。 | 人士。 | | 第一百五十四条：战略委员会的主要职责： | 第一百五十四条：战略与 ...

债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开的第九 届董事会第二十六次（临时）会议审议通过了《关于公司回购股份方案（第二期）的议 案》，同意公司使用自有资金及股票回购专项贷款资金通过集中竞价的方式回购部分公 司已发行的人民币普通股（A 股）股票，用于新一期的股权激励或员工持股计划。本次 回购金额区间为不低于人民币 30,000 万元（含）且不超过人民币 60,000 万元（含）， 回购价格为不超过人民币 18.20 元/股（含），该价格不高于董事会通过回购决议前三十 个交易日公司股票交易均价的 150%。具体回购股份的数量以回购期满时实际回购的股 份数量为准。 本次回购股份的实施期限为自董事会审议通过股份回购方案之日起 12 个月内。具 体内容详见公司同时在巨潮资讯网（www.cninfo.com.cn）披露的相关公告（公告编号： 2024-81、2024-83、2024-85）。 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》等相关规定，现将公司首次回购股份情况公告如下： 一、首次 ...

证券代码：000528 证券简称：柳 工 公告编号：2024-85 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于回购股份（第二期）的回购报告书 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. 公司回购股份基本情况 广西柳工机械股份有限公司（以下简称"公司"）拟使用自有资金及股票回 购专项贷款资金通过集中竞价的方式回购部分公司已发行的人民币普通股（A 股）股票用于股权激励或员工持股计划。本次回购股份的资金总额不低于人民 币 30,000 万元（含）且不超过人民币 60,000 万元（含），回购股份的价格不超 过 18.20 元/股（含），该价格不高于董事会通过回购决议前三十个交易日公司 股票交易均价的 150%。按此次回购资金总额上限及回购价格上限测算，预计可 回购股份数量约为 3,297 万股，约占公司目前总股本的 1.64%；按此次回购资金 总额下限及回购价格上限测算，预计可回购股份数量约为 1,648 万股，约占公司 目前总股本的 0.82%。具体回购股份的数量以回购期满时实际回购的股份数量 为准。本次回 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 16.04 yuan, corresponding to a 15x dynamic P/E for 2025 [5]. Core Insights - The company has shown significant operational vitality post-mixed ownership reform, with a revenue growth of 3.93% and a net profit growth of 44.80% in 2023. For the first three quarters of 2024, revenue further increased to 22.856 billion yuan, up 8.25% year-on-year, and net profit reached 1.321 billion yuan, up 59.82% [3][28]. - The domestic market for construction machinery is stabilizing, with signs of recovery in demand, while the overseas market presents vast opportunities for growth [3][54]. Summary by Sections Section 1: Mixed Ownership Reform and High-Quality Development - The company has been deeply engaged in the industry for over 60 years, being the first listed construction machinery company in China. The mixed ownership reform initiated in 2020 has significantly enhanced operational vitality [3][24]. - The company has expanded its product matrix to over 30 product lines, including construction machinery, agricultural machinery, and industrial vehicles, establishing itself as a global leader in equipment and technology solutions [12][18]. Section 2: Domestic Market Stabilization and Overseas Expansion - The domestic market for excavators has shown signs of recovery, with monthly sales turning positive since March 2023. The monthly growth rates have remained high, indicating a bottoming out of the cycle [43][50]. - The overseas market is approximately three times the size of the Chinese market, with significant growth potential for Chinese manufacturers, especially in regions along the Belt and Road Initiative [54][55]. Section 3: Product Diversification and International Strategy - The company has achieved over 11% market share in the domestic excavator market, with a notable increase in exports of large excavators [3][28]. - The company has also seen a 159% year-on-year increase in electric loader sales in the first half of 2024, maintaining a leading position in the industry [3][28]. Section 4: Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are 30.193 billion yuan, 35.001 billion yuan, and 41.162 billion yuan, respectively, with corresponding net profits of 1.575 billion yuan, 2.150 billion yuan, and 2.745 billion yuan [5][7]. - The company is expected to continue improving its profitability due to product diversification and ongoing internationalization efforts [5][28].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Views - The company's share buyback and equity incentive plans demonstrate confidence in its long-term development [2]. - The company is expected to benefit from a recovery in domestic demand and ongoing international expansion, leading to significant profit release potential [4]. - The company has a high proportion of earthmoving machinery, which has shown resilience compared to other machinery types, indicating a strong market position [3][26]. Summary by Sections Share Buyback and Equity Incentives - The company announced a share buyback plan using self-owned funds and a special loan, totaling between 300 million to 600 million yuan, aimed at equity incentives or employee stock ownership plans. This marks the largest buyback in the company's history, representing 1.3% to 2.6% of its total share capital [2][20]. - The company has secured a loan of up to 420 million yuan at an interest rate of 1.96%, reflecting confidence in future growth [2][20]. Domestic Recovery and International Expansion - The company has a significant focus on earthmoving machinery, which has a lower correlation with the declining infrastructure and real estate sectors. This segment has already shown signs of recovery [3][24]. - The company is actively expanding its product range while maintaining a strong focus on earthmoving machinery, which accounted for 57.8% of its revenue in 2023 [3][26]. Profitability and Financial Forecast - The company is progressing steadily with its internationalization strategy, achieving an overseas gross margin of 29.1%, significantly higher than the domestic margin of 18.2% [4][30]. - The report forecasts the company's net profit for 2024-2026 to be 1.57 billion, 2.03 billion, and 2.81 billion yuan, respectively, with corresponding P/E ratios of 15, 11, and 8 times [4][37].

证券代码：000528 证券简称：柳 工 公告编号：2024-84 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股东 一、公司前十大股东持股情况 第 1 页，共 3 页 | 4 | 全国社保基金一零三组合 | 48,000,000 | 2.38 | | --- | --- | --- | --- | | 5 | 常州嘉佑企业管理合伙企业（有限合伙） | 31,731,224 | 1.57 | | 6 | 嘉实基金管理有限公司－社保基金 16041 组合 | 26,118,390 | 1.29 | | 7 | 中国银行股份有限公司－嘉实价值精选股票型 | 25,377,198 | 1.26 | | | 证券投资基金 | | | | 8 | 招商银行股份有限公司－嘉实价值长青混合型 | 21,394,979 | 1.06 | | | 证券投资基金 | | | | 9 | 建信金融资产投资有限公司 | 20,017,491 | 0.99 | | 10 | #北京源峰私募基金管理合伙企业（有限合 | 19,839,277 | 0.98 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.13 yuan [7] Core Views - The company announced a second share repurchase plan within the year, with a repurchase amount ranging from 300 million to 600 million yuan, at a price not exceeding 18.20 yuan per share, demonstrating confidence in long-term sustainable development [1][2] - The company decided not to exercise the early redemption right for "Liugong Convertible Bond 2" to protect investor interests [3] - The company achieved a 20% YoY growth in revenue in the first half of the year, with overseas gross margin reaching 29.09%, significantly higher than the domestic gross margin of 18.15% [4] - The company is expected to achieve net profits of 1.58 billion, 2.23 billion, and 3.00 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 82.0%, 41.0%, and 34.7% [5] Financial Data and Valuation - Revenue is projected to grow from 27.52 billion yuan in 2023 to 43.81 billion yuan in 2026, with a CAGR of 20.75% [6] - Net profit attributable to the parent company is expected to increase from 867.81 million yuan in 2023 to 3.00 billion yuan in 2026, with a CAGR of 34.74% [6] - The company's PE ratio is forecasted to decrease from 25.78 in 2023 to 7.45 in 2026, indicating potential undervaluation [6] Operational Performance - The company's overseas gross margin reached 29.09% in the first half of the year, up 1.12 percentage points YoY, driven by market strategy optimization and product structure adjustments [4] - The company's EBITDA is expected to grow from 3.51 billion yuan in 2023 to 5.38 billion yuan in 2026, reflecting strong operational efficiency [6] Share Repurchase and Investor Protection - The company plans to repurchase shares worth 300-600 million yuan, with a maximum price of 18.20 yuan per share, to be used for employee stock ownership or equity incentive plans [1] - The company has secured a loan commitment of up to 420 million yuan from ICBC Guangxi Branch to support the repurchase, with a loan interest rate of 1.96% [1] - The company decided not to exercise the early redemption right for "Liugong Convertible Bond 2" to protect investor interests, with a commitment not to redeem within 12 months [3] Internationalization and Market Strategy - The company has been focusing on both domestic and international markets, with a significant increase in overseas profitability [4] - The company's product portfolio and comprehensive solutions have been continuously optimized, leading to a 20% YoY growth in revenue in the first half of the year [4]

证券代码：000528 证券简称：柳 工 公告编号：2024-83 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于回购股份方案（第二期） 暨取得金融机构股份回购专项贷款承诺函的公告 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. 公司回购股份基本情况 （1）回购股份的种类：公司已发行的人民币普通股（A 股）股票。 （2）回购股份的用途：拟用于股权激励或员工持股计划。 （3）回购股份资金总额：不低于人民币 30,000 万元（含），不超过人民币 60,000 万元（含），具体回购资金以实际使用的资金总额为准。 （4）回购股份的价格：不超过 18.20 元/股，该价格不高于董事会通过回购股份决 议前三十个交易日公司股票交易均价的 150%。 （5）回购资金来源：本次回购资金来源为公司自有资金及股票回购专项贷款资金。 截止本公告披露日，公司已经取得了中国工商银行广西分行出具的《贷款承诺函》，承 诺为公司本次回购 A 股股票提供专项贷款支持，贷款金额不超过 42,000 万元人民币（不 超过股票回购金额上限的 70%） ...

| 证券代码：000528 | 证券简称：柳 | 工 | 公告编号：2024-81 | | --- | --- | --- | --- | | 债券代码：127084 | 债券简称：柳工转2 | | | 广西柳工机械股份有限公司 第九届董事会第二十六次（临时）会议决议公告 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。 广西柳工机械股份有限公司（以下简称"公司"）董事会于 2024 年 11 月 22 日以电 子邮件方式发出召开第九届董事会第二十六次（临时）会议的通知，会议于 2024 年 11 月 28 日采取通讯方式召开。会议应到会董事 11 人，实到会董事 11 人。会议由董事长 曾光安先生主持。公司监事会全体监事了解了会议全过程。本次会议通知及召开符合有 关法律、法规、规章及《公司章程》的规定，合法有效。经会议审议，形成如下决议： 一、审议通过了《关于公司回购股份方案（第二期）的议案》（逐项表决） 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股份回 购规则》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指 引第 ...