Group 1 - The stock of LiuGong increased by 2.49%, closing at 11.95 yuan on November 4 [1] - A block trade occurred with a total volume of 300,000 shares and a transaction amount of 3.585 million yuan, with a premium rate of 0.00% [1] - The buyer was an institutional special account, while the seller was from China International Capital Corporation's Fuzhou Wusi Road Securities Office [1] Group 2 - Over the past three months, LiuGong has recorded three block trades with a total transaction amount of 12.2747 million yuan [1] - In the last five trading days, the stock has risen by 3.91%, with a net inflow of main funds totaling 87.4969 million yuan [1]

Core Viewpoint - The engineering machinery sector experienced a decline of 0.76% on November 4, with Weiman Sealing leading the losses [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1]. - The engineering machinery sector saw a mixed performance among individual stocks, with notable gainers including: - XG Group (厦工股份) up 10.13% at 3.37 [1]. - Tietuo Machinery (铁拓机械) up 7.93% at 26.96 [1]. - Liugong (柳工) up 2.49% at 11.95 [1]. - Conversely, Weiman Sealing (唯万密封) led the decline, down 6.36% at 36.53 [2]. Group 2: Trading Volume and Capital Flow - The engineering machinery sector had a net inflow of 114 million yuan from institutional investors, while retail investors saw a net outflow of 192 million yuan [2][3]. - The trading volume for key stocks included: - XG Group with a trading volume of 621,300 shares and a turnover of 206 million yuan [1]. - Tietuo Machinery with a trading volume of 107,000 shares and a turnover of 281 million yuan [1]. - The capital flow for individual stocks showed significant net inflows for: - XG Group with a net inflow of 116 million yuan from institutional investors [3]. - Yichuan Heavy Industry (一重工) with a net inflow of 110 million yuan [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company experienced stable revenue growth in Q3 2025, with a revenue of 75.79 billion yuan, representing a year-on-year increase of 11.52%, but a quarter-on-quarter decline of 16.09%. The net profit attributable to shareholders was 2.28 billion yuan, down 32.47% year-on-year and down 60.25% quarter-on-quarter [5]. - The company's credit impairment losses increased to 6.11 billion yuan in the first three quarters of 2025, reflecting a significant impact from weak real estate demand, particularly affecting the tower crane business [5]. - The company is advancing its internationalization strategy, with overseas revenue reaching 85.23 billion yuan in H1 2025, a year-on-year increase of 10.52%, accounting for 46.88% of total revenue. Emerging markets showed strong growth, with some regions exceeding 80% growth [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 257.60 billion yuan, up 12.71% year-on-year, and a net profit of 14.58 billion yuan, up 10.37% year-on-year. The gross margin was 22.25%, down 1.23 percentage points, and the net margin was 4.93%, down 1.01 percentage points [5]. - In Q3 2025, the gross margin was 22.08%, down 1.59 percentage points year-on-year and down 0.56 percentage points quarter-on-quarter [5]. Cost and Expenses - The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio showed year-on-year changes of -1.32 percentage points, -0.10 percentage points, +0.29 percentage points, and -0.24 percentage points, respectively [5]. Future Projections - The company forecasts EPS of 0.82 yuan, 1.10 yuan, and 1.41 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 14x, 11x, and 8x [5][7].

Core Viewpoint - LiuGong's Q3 2025 report indicates a positive growth trajectory with revenue and net profit increasing year-on-year, suggesting a recovery in the engineering machinery industry [1]. Financial Performance - LiuGong achieved operating revenue of 25.76 billion yuan in the first three quarters, representing a year-on-year growth of 12.71% [1]. - The net profit attributable to shareholders reached 1.458 billion yuan, up 10.37% year-on-year [1]. - The net profit excluding non-recurring items was 1.318 billion yuan, reflecting an 8.97% increase compared to the previous year [1]. - The company announced a dividend plan of no distribution and no capital increase for Q3, consistent with the same period last year [1]. Industry Trends - The engineering machinery industry is showing signs of recovery, with expectations of improved performance in the coming months [5]. - The transition to "National IV" emissions standards is set to begin on December 1, which may impact the market dynamics [5]. - Domestic sales have been declining for 13 consecutive months, while exports have surged over 70% this year, indicating a shift in market focus [5]. - The industry anticipates a "warm" outlook due to improved operating rates in February [5].

Market Overview - The engineering machinery sector rose by 0.14% on October 31, with Jindao Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Performers - Jindao Technology (301279) closed at 26.34, up 7.16% with a trading volume of 97,800 shares and a turnover of 253 million yuan [1] - Aidi Precision (603638) closed at 18.71, up 5.89% with a trading volume of 126,900 shares [1] - Southern Road Machinery (603280) closed at 42.42, up 5.50% with a trading volume of 93,600 shares [1] Underperformers - Fushite (301446) closed at 32.84, down 2.70% with a trading volume of 23,700 shares [2] - Yichang Heavy Industry (600031) closed at 22.14, down 1.64% with a trading volume of 712,900 shares [2] - Xiamen XGMA (600815) closed at 3.06, down 1.29% with a trading volume of 964,700 shares [2] Capital Flow - The engineering machinery sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 113 million yuan [2][3] - Major stocks like Zoomlion (000157) had a net inflow of 11.8 million yuan from institutional investors, while it faced a net outflow of 99.87 million yuan from speculative funds [3] Summary of Individual Stocks - Zoomlion (000157) had a closing price of 8.17, with a net inflow of 1.18 million yuan from major investors [3] - Shantui (000680) closed at 11.57, with a net inflow of 64 million yuan from major investors [3] - Southern Road Machinery (603280) had a net inflow of 23.42 million yuan from major investors [3]

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 2025 年 10 月 27 日以 电子邮件方式发出召开第十届董事会第五次（临时）会议的通知，会议于 2025 年 10 月 31 日以通讯表决的方式召开，本次会议应到会董事 11 人，实到会董事 11 人。会议由公 司董事长郑津先生召集和主持。公司监事会全体监事了解会议全过程。本次会议的召集、 召开和表决程序符合《中华人民共和国公司法》及《公司章程》的有关规定。经会议审 议，形成如下决议： 一、审议通过《关于公司不提前赎回"柳工转 2"的议案》 证券代码：000528 证券简称：柳 工 公告编号：2025-83 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 第十届董事会第五次（临时）会议决议公告 柳工董事会公告 议案的具体内容详见公司同时在《中国证券报》及巨潮资讯网（www.cninfo.com.cn） 披露的《柳工关于不提前赎回"柳工转 2"的公告》 （公告编号：2025-84）。 特此公告。 二、备查文件 自 2025 年 10 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-84 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 关于不提前赎回"柳工转 2"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。 广西柳工机械股份有限公司（以下简称"公司"）股票收盘价自 2025 年 10 月 13 日至 2025 年 10 月 31 日已有 15 个交易日不低于"柳工转 2"当期转股价格（7.30 元/ 股）的 130%（9.49 元/股），已触发《柳工向不特定对象发行可转换公司债券募集说 明书》（以下简称"《募资说明书》"）的有条件赎回条款。公司于 2025 年 10 月 31 日召开第十届董事会第五次（临时）会议，决定暂不行使"柳工转 2"的提前赎回权 利，同时决定在未来六个月内（2025 年 11 月 1 日至 2026 年 4 月 30 日）"柳工转 2" 触发有条件赎回条款时，公司均不行使提前赎回权利，不提前赎回"柳工转 2"。以 2026 年 4 月 30 日后的首个交易日重新计算，若"柳工转 2"再次触发有条件赎回条款， 届时公司将再召 ...

Core Viewpoint - LiuGong's stock has shown fluctuations with a recent increase of 2.11%, while the company has experienced a year-to-date decline of 1.48% in stock price, indicating mixed market sentiment [1][2]. Financial Performance - For the period from January to September 2025, LiuGong achieved a revenue of 25.76 billion yuan, representing a year-on-year growth of 12.71%, and a net profit attributable to shareholders of 1.46 billion yuan, up 10.37% year-on-year [2]. - Cumulatively, LiuGong has distributed a total of 5.10 billion yuan in dividends since its A-share listing, with 1.12 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, LiuGong had 100,800 shareholders, an increase of 26.20% from the previous period, with an average of 20,140 circulating shares per shareholder, down 20.29% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 80.29 million shares, an increase of 14.24 million shares from the previous period [3]. Market Activity - LiuGong's stock has seen a trading volume of 230 million yuan with a turnover rate of 0.99%, and the total market capitalization stands at 23.615 billion yuan [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 22, where it recorded a net buy of -608.31 million yuan [1].

Core Viewpoint - The investment in major engineering projects across the country remains high in 2025, leading to an expected increase in demand for construction machinery. The commencement of the Yarlung Tsangpo River downstream hydropower project, with a total investment of 1.2 trillion yuan, is projected to drive machinery procurement between 120 billion to 180 billion yuan [1]. Industry Overview - The construction machinery sector is a crucial pillar of national economic development, with a wide range of applications including urban and rural roads, urban infrastructure, national defense, and water conservancy. The industry is capital, labor, and technology-intensive. According to data from the China Business Industry Research Institute, the market size of China's construction machinery is expected to reach 23.4 billion USD in 2024, accounting for approximately 11.0% of the global market, and is projected to grow to 57 billion USD by 2030, with a CAGR of about 16%. Excavators, cranes, and loaders dominate the market, with excavator sales in the first nine months of 2025 reaching 174,039 units, a year-on-year increase of 18.1%. The industry exhibits a high market concentration with a tiered competitive landscape, and Chinese companies are transitioning from followers to leaders in the global market [1][2]. Development Trends - Recent years have seen the introduction of significant policies that support and guide the construction machinery industry, focusing on the goals of becoming a manufacturing powerhouse. Key policy directions include equipment upgrades in the industrial sector, green development in manufacturing, enhancing the effectiveness of quality infrastructure, and deepening the application of intelligent manufacturing. The 15th Five-Year Plan emphasizes optimizing the position and competitiveness of the machinery industry in global industrial division. The industry is experiencing a wave of technological innovation centered on "intelligent, high-end, and green" advancements, with leading manufacturers driving industry upgrades through breakthrough product development. Additionally, the industry is diversifying its market layout and actively expanding overseas, achieving notable success through a strategy that combines "deep localization" with "global networking" [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 25.76 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 12.71%. The net profit attributable to shareholders was 1.458 billion yuan, up 10.37% year-on-year. In Q3 2025, revenue reached 7.579 billion yuan, with a year-on-year growth of 11.52%. However, the net profit attributable to shareholders decreased by 32.47% year-on-year to 228 million yuan [2][5]. - The domestic earthmoving machinery market continues to grow, with the company expected to maintain a steady increase in market share. The international business is also performing well, with emerging markets being a major driver. The outlook for both domestic and international earthmoving machinery industries is positive, with expectations of continued rapid growth [2][12]. - The company's profitability is expected to improve due to better gross margins in domestic electric products, ongoing structural optimization, and cost control measures. The company is anticipated to return to a high growth trajectory following impairment provisions [12][12]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 25.76 billion yuan, a year-on-year increase of 12.71%, and a net profit of 1.458 billion yuan, up 10.37%. In Q3 2025, revenue was 7.579 billion yuan, with a year-on-year growth of 11.52%, while net profit decreased by 32.47% to 228 million yuan [5][12]. - The company’s gross margin slightly declined in Q3 2025, primarily due to intense competition in the domestic electric product market. However, recent price increases for domestic electric products are expected to improve gross margins moving forward [12]. Market Outlook - The domestic earthmoving machinery market is on an upward cycle, with the company benefiting as a leading manufacturer. The domestic excavator and loader sales increased by 18% and 17% year-on-year, respectively, indicating a robust market environment [12]. - The international business is also showing positive trends, with a 21.2% year-on-year increase in China's engineering machinery exports in Q3 2025. Emerging markets such as Africa and Central Asia are expected to drive growth [12]. Future Projections - The company is projected to achieve net profits of 1.653 billion yuan and 2.224 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 15 times and 11 times [12].