Group 1: Core Achievements in Science and Technology - The 2024 Guangxi Science and Technology Awards recognized 160 achievements across various fields, showcasing Guangxi's robust development in scientific innovation [1] - Notable breakthroughs include the establishment of the world's first gene-edited primary liver cancer monkey model and the development of the first intravenous super-sensitive oncolytic virus, marking significant advancements in cancer treatment [2] - Enterprises played a crucial role, completing 106 of the awarded projects, which accounted for 66.3% of the total, indicating a shift from being "technology followers" to "innovation sources" [4] Group 2: Economic Impact and Contributions - The achievements from enterprises led to a substantial economic impact, generating an additional sales revenue of 420.3 billion, profits of 69.82 billion, foreign exchange earnings of 1.16 billion, and total cost savings of 16.34 billion over the past three years [4] - The innovation efforts of young scientists, such as those from Guangxi Liugong Machinery Co., Ltd. and Liuzhou Oweim Machinery Co., Ltd., have contributed significantly to the local economy, with new product sales reaching 200 million [3] Group 3: Policy and Strategic Initiatives - Guangxi has implemented several policies to enhance scientific innovation, including the "Several Measures for Deepening Scientific and Technological System Reform" and the "14th Five-Year Plan for Scientific and Technological Innovation," aimed at fostering high-quality development [5] - The establishment of the Fangchenggang International Medical Open Experimental Zone exemplifies Guangxi's strategy to create an international scientific cooperation platform, attracting numerous domestic and foreign research institutions and enterprises [5] Group 4: Future Outlook - The 2025 Guangxi Science and Technology Awards Conference serves as a starting point for future innovations, emphasizing the importance of collaboration between top scientists, emerging young talents, research institutions, and enterprises [6] - Guangxi aims to deepen open cooperation with ASEAN, positioning itself as a technological innovation hub that contributes to both regional and global development [6]

点击上图▲立即报名 6月19日至6月20日，"生而全球·共融共建"第二届出海全球峰会在新加坡举行。与 会的1300名企业家与20多位来自学界、企业界、海外的嘉宾一起，探讨中国企业出 海的新方向和新路径。 黄兆华老师在论坛上进行了《全球化发展与本地化融合》专题演讲，本文整理了黄兆 华老师演讲的精华部分，分享给大家。 演讲 / 黄兆华 整理 / 巴九灵（微信公众号： 吴晓波频道） 我曾在柳工担任了10年的海外业务负责人，从海外事业部的副总到总经理到上市公司的高管，一直负责海外业务，在一线干了接近10年，而后创 办了北京出海领航。 回看柳工出海的20年历程，从宏观层面，有三点启示：首先，海外市场的机会比我们想象中要大得多。 2006年，我作为一名咨询顾问，带领一个团队，为柳工提供海外业务咨询服务，当时柳工的海外业务收入只有2亿人民币，2024年，这一数字达到 了137亿，接近柳工全部收入的50%，这个数字超远远超出了20年前所有人的想象。 其次，海外之路并不平坦。回望20年的出海之路，没有哪一天是风平浪静的。当你成为一家像柳工一样的全球性经营企业，在100多个国家开展业 务的时候，地球上发生的每个风险事件好像和你都 ...

根据《上市公司股份回购规则》《深圳证券交易所自律监管指引第 9 号—回购股份》 等相关规定，上市公司应在每个月的前三个交易日内披露截至上月末的回购进展情况， 现将公司截至 2025 年六月末的回购进展情况公告如下： 一、回购股份的进展情况 证券代码：000528 证券简称：柳 工 公告编号：2025-51 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 关于股份回购（第二期）进展情况的公告 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"）于 2024 年 11 月 28 日召开第九届 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 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-52 广西柳工机械股份有限公司 关于 2025 年第二季度可转债转股情况的公告 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。 债券代码：127084 债券简称：柳工转2 （二）可转债上市情况 重要内容提示： 根据《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 15 号——可转换公司债券》《深圳证券交易所可转换公司债券业务实施细则》的有关规 定，广西柳工机械股份有限公司（以下简称"公司"）现将 2025 年第二季度可转换公司 债券（以下简称"可转债"）转股及公司股份变动情况公告如下： 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准广西柳工机械股份有限公司公开发行可转换 公司债券的批复》（证监许可〔2023〕128 号）核准，广西柳工机械股份有限公司（以下 第 1 页，共 3 页 1. 债券简称：柳工转2 2. 债券代码：127084 3. 转股期限：2023年10月9日至2029年3月26日 4. 当前转股价格：人民币7.30元/股 简称" ...

Summary of Conference Call on Engineering Machinery Industry Industry Overview - The engineering machinery industry is experiencing fluctuations in domestic market performance, particularly in excavator sales, which saw a decline in growth rate since April 2025. The expected growth rate for June is projected to be within ±5% [1][2] - Despite short-term volatility, the long-term outlook for the domestic excavator market remains positive, with strong production schedules for medium and large excavators [1][2] Company Performance Expectations - Annual net profit forecasts for key companies in the engineering machinery sector are optimistic: - SANY Heavy Industry: ¥8.5 billion - XCMG: ¥7.5 billion - Zoomlion: ¥4.8-5 billion - LiuGong: ¥1.8-1.9 billion - The second quarter is expected to show significant year-on-year growth for these companies [1][3] Market Dynamics - The domestic market has a high proportion of small excavators (70-80%), which have lower profitability. However, the export market has shown a year-on-year growth of 8-9% from January to May 2025, supporting overall performance [1][5] - Non-excavator products, such as truck cranes, have shown a notable recovery, alleviating some domestic performance pressures [1][5] Valuation and Investment Opportunities - The engineering machinery sector has seen a valuation correction, with P/E ratios for major companies at relatively low levels: - SANY: 17x - XCMG: 12x - Zoomlion: 12-13x - LiuGong: 10-13x - This presents a favorable investment opportunity [1][6] Future Market Outlook - The domestic market is not expected to experience significant declines in the coming months, with strong production data from Hengli Hydraulic and positive feedback from dealers regarding downstream demand [1][7] - If local government funding issues are resolved, the market is anticipated to gradually recover and grow in the second half of the year [1][8] Funding Sources and Government Impact - Funding for the engineering machinery industry primarily comes from two sources: small investors and central government allocations for water conservancy projects, which provide stable cash flow and support excavator demand [1][9] - The issuance of ¥1 trillion in government bonds, with 70-80% directed towards water conservancy projects, is expected to stabilize cash flow and support demand for excavators [1][10] Debt Replacement Effects - Local government debt replacement has led to a temporary decline in operating rates, but new projects are expected to increase in the second half of 2025 and into 2026, boosting excavator sales [1][11][12] Long-term Market Trends - The domestic excavator market is projected to experience an upward trend over the next few years, driven by replacement demand and the export of used equipment [1][13] - Non-excavator equipment markets are also showing signs of recovery, with significant improvements in profitability for companies like SANY [1][14] Export Market Performance - The export market for engineering machinery has remained stable, with excavator exports growing by 8% from January to May 2025, despite some fluctuations due to tariff adjustments [1][15] - Chinese brands have a significant presence in emerging markets, with potential for substantial growth in regions like Southeast Asia, Africa, and South America [1][19][20] Recommendations for Investment - Key companies recommended for investment include: - SANY Heavy Industry: Strong performance and potential for profit release - XCMG: Notable scale advantages, though facing short-term caution due to stock unlock issues - Zoomlion: Focus on tower crane and aerial work platform recovery - LiuGong: Attractive valuation with significant upside potential - Hengli Hydraulic: Strong short-term growth potential and global expansion opportunities [1][25][26]

Core Viewpoint - The article highlights the innovative efforts and achievements of Guangxi Liugong Machinery Co., Ltd. under the leadership of Chief Engineer Lin Mingzhi, emphasizing the importance of customer needs and technological advancements in the engineering machinery industry [1][2]. Group 1: Innovation and Development - Lin Mingzhi has dedicated over 30 years to the development of engineering machinery products and technologies, leading his team to overcome multiple technical challenges [1]. - The development of a new side-discharging loader was initiated by Lin Mingzhi in 1989, addressing operational difficulties in tunnel construction and enhancing efficiency [1]. - The company has made significant strides in innovation, including the development of a high-altitude electric loader suitable for environments above 4000 meters, completed in just seven months [2]. Group 2: Customer-Centric Approach - Lin Mingzhi emphasizes the importance of understanding customer needs as a driving force for innovation, leading to improvements such as adding air conditioning to loaders for enhanced driver comfort [2]. - The company has focused on optimizing design and processes to improve dust-proof features, ensuring the health of operators [2]. Group 3: Commitment to Continuous Improvement - Lin Mingzhi advocates for a path of independent innovation, aiming to enhance the company's global competitiveness through product strength [2]. - The research and development team has achieved breakthroughs in various technological fields, including materials, electronic control, remote control, and unmanned driving [2].

Summary of the Conference Call for Liugong Company Overview - Liugong has completed its leadership transition while maintaining stability in core management and strategic direction. The new leadership structure follows the CSRC's "Five Separations" principle to ensure operational independence [2][3][4]. Strategic Goals - The company continues to pursue its 2027 revenue target of 50 billion and the "Three Full Strategies," while also formulating the 2030 14th Five-Year Plan [2][3]. International Market Performance - Liugong's performance in international markets shows resilience, with a decline in the Northern Special Zone and North America being less severe than the industry average. The European market, however, has seen over 20% growth, contributing to overall overseas sales and revenue growth of over 10% [2][5][13]. Domestic Market Insights - The domestic market is benefiting from the issuance of special bonds and a wave of equipment upgrades in the construction machinery sector. Liugong anticipates continued government support for fixed asset investment, aiming to outperform the industry by over 10 percentage points. From January to May, domestic revenue growth approached 20% [2][5][7]. Excavator Market Dynamics - The demand structure for excavators is diverging, with medium-sized excavators declining due to real estate impacts, while small and large excavators benefit from water conservancy, agriculture, and mining activities. Liugong's sales of small and large excavators have achieved double-digit profit growth [2][8]. Loader Market and Electric Equipment - The loader market, particularly electric loaders, is experiencing rapid growth, exceeding 40%. However, the current gross margin for electric equipment is low. Liugong plans to increase prices and introduce a new generation of electric loaders and hydraulic systems to enhance profitability. The goal is to double overseas electric equipment sales to 1,200 units, with expected gross margins exceeding 50% [2][9][10]. Aftermarket Business Strategy - Liugong is accelerating its aftermarket business development, drawing lessons from Caterpillar, where aftermarket profitability surpasses that of new equipment sales. The company is enhancing after-sales services and utilizing smart management systems to reduce customer costs and improve efficiency, thereby increasing sales opportunities [2][11]. Overseas Sales Structure - Liugong's overseas sales structure is balanced, with no single region exceeding 20% of total sales. The Northern Special Zone accounts for approximately 15-16%, while regions like Africa and Europe show significant growth, each around 11% [2][12]. Management's View on Demand Trends - Despite a decline in demand in Europe and North America, Liugong's European revenue grew over 20% in the first five months of 2025. The company has made significant adjustments to its European subsidiary, improving profitability from a previous loss to an expected net profit exceeding 200 million this year [2][13]. Impact of Used Equipment Exports - The export of used equipment does not negatively impact new equipment sales, as the customer bases differ. New machines are sold to first-tier customers, while used machines cater to second and third-tier customers. The export of used equipment has accelerated, with 110,000 units exported over the past three years [2][15][16]. Conclusion on Market Demand - The Chinese engineering machinery market is expected to maintain stable and moderate growth, with government policies supporting fixed asset investment. Liugong aims to outperform the industry by over 10 percentage points, with domestic revenue growth of nearly 20% and international growth close to 15% in early 2025 [2][6][7].

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 2024 年度权益分派实施后 调整股份回购价格上限的公告 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。 证券代码：000528 证券简称：柳 工 公告编号：2025-49 三、2024年度权益分派方案实施情况 公司于2025年5月20日召开2024年年度股东大会，审议通过了《公司2024年度利润 分配预案》，以2025年3月27日的公司总股本2,019,239,264股扣除公司回购专用证券账 户上的股份55,230,950股后的股本总额1,964,008,314股为基数，向全体股东每10股派发 现金红利2.73元（含税），现金分红总额为536,174,269.72元（含税），占公司2024年 度经审计归属于上市公司股东净利润1,327,039,490.08元的40.40%。本次不送红股，不 进行资本公积转增股本。 重要内容提示： 元/股（四舍五入，保留小数点后两位）； 一、回购基本情况 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开第九届董 事会 ...

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。上述具体内容详见公司于 2024 年 12 月 3 日在巨潮资讯网 （www.cninfo.com.cn）披露的《公司第九届董事会第二十六次（临时）会议决议公告》 （公告编号：2024-81）、《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》（公告编号：2024-83）以及 2024 年 12 月 20 日披露的《公 第 1 页，共 3 页 证券代码：000528 证券简称：柳 工 公告 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-50 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"柳工转 2"恢复转股的提示性公告 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。 2025 年 6 月 24 日 第 2 页，共 2 页 广西柳工机械股份有限公司董事会 第 1 页，共 2 页 1. 债券简称：柳工转 2 2. 债券代码：127084 3. 转股起止日期：2023 年 10 月 9 日至 2029 年 3 月 26 日 4. 暂停转股期间：2025 年 6 月 12 日至 2025 年 6 月 25 日 5. 恢复转股时间：2025 年 6 月 26 日 重要内容提示： 广西柳工机械股份有限公司（以下简称"公司"）因实施 2024 年年度权益分派方案， 根据《广西柳工机械股份有限公司公开发行可转换公司债券募集说明书》及《深圳证券交 易所上市公司自律监管指南第 1 号——业务办理：向不特定对象发行可转换公司债券》 等相关规定：因公司拟实施利润分配总额不变的权益分派方法，实施权益分派期间可 转债暂停转股。 ...