Summary of the Conference Call for Liugong Company Overview - **Company**: Liugong - **Industry**: Construction Machinery Key Points Leadership Transition - Liugong successfully transitioned its management, with Luo Guobin appointed as the new president, while Zeng Guang'an became a senior advisor to guide strategic planning and ensure a smooth leadership transition [2][4][5] Strategic Goals - The company's 14th Five-Year Plan (2023-2027) aims for a revenue target of 50 billion RMB, with a more challenging 15th Five-Year Plan targeting 10 billion USD by 2032 and maintaining a net profit margin of 8%-9% [2][7] Incentive Mechanisms - Liugong is implementing long-term incentive mechanisms such as stock options and cash stock to break the "big pot" phenomenon, ensuring strict KPI assessments for executives to promote continuous innovation [2][9] Industry Growth Projections - The domestic construction machinery industry is expected to experience moderate growth by 2027-2028, with earthmoving machinery sales projected at 270,000 to 280,000 units, benefiting Liugong due to its high market share in this segment [2][11] International Business Performance - Liugong's international business showed double-digit growth from January to May 2025, with an average monthly increase of several percentage points, aligning with expectations [2][12] Aftermarket Business Focus - The company emphasizes its aftermarket business, drawing lessons from Caterpillar, and plans to enhance customer satisfaction by requiring dealers to use Liugong parts [2][16][17] Cost Control and Profitability Goals - Liugong aims to improve its net profit margin by 1% to 5% by 2025 and targets 8%-9% by 2030 through cost control measures including product development and supply chain management [3][25] Market Expansion Plans - Future international market expansion will focus on Europe and North America, with an emphasis on second-hand machinery exports [2][13] Regional Market Performance - In 2025, the overseas market performance varied, with developed regions like North America and Europe experiencing declines, while developing countries showed growth [14] Collaboration with Group Company - The group company plans to enhance collaboration with the listed company through market value management and capital operations, aiming for resource sharing and improved operational efficiency [10][18] Shareholder Returns - Liugong anticipates a stable development trend with a compound annual profit growth rate of 35%-50%, while also focusing on enhancing shareholder returns [30] Future Product Development - The company plans to accelerate the launch of large and ultra-large mining equipment, with a target of 2 billion RMB in mining business revenue for 2025 and aims to exceed 10 billion RMB in the future [28][29] Demand for Small Excavators - There is a significant increase in demand for small excavators, particularly in agriculture and water conservancy projects, driven by government investments [26] Age Policy for Leadership - Liugong's flexible age policy for leadership does not enforce mandatory retirement, allowing experienced leaders to remain in their roles based on capability and health [27] Electric Loader Demand - The demand for electric loaders is rising, with over 40% penetration, while excavators lag in electrification, affecting their demand dynamics [23][24] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Liugong's focus on leadership, growth strategies, and market dynamics in the construction machinery industry.

Group 1 - The core viewpoint is that the deep-sea technology sector is becoming increasingly important as part of China's marine power strategy, with listed companies playing a crucial role in driving research and development towards large-scale applications [1][3]. - Listed companies are actively seizing opportunities in the deep-sea technology field, with Shanghai Qifan Cable Co., Ltd. stating its capability to produce long-length submarine cables and its involvement in offshore wind power projects [2]. - China Shipbuilding Group is enhancing its deep-sea equipment development capabilities and aims to create a closed-loop system for deep-sea technology that integrates research, validation, and application [2][3]. Group 2 - The deep-sea technology industry is expected to significantly contribute to China's marine economy, with projections indicating that by 2025, the marine production value will exceed 13 trillion yuan, with deep-sea technology-related industries accounting for over 25% [4]. - The development of deep-sea technology is supported by advancements in core technologies and equipment autonomy, establishing a solid foundation for industrial growth [4]. - A complete industrial chain covering exploration, development, manufacturing, and protection has been formed in China, facilitating rapid commercialization of technological achievements [4].

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：2025-45 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 ...

中新社柳州5月29日电 (林馨)在广西柳工机械股份有限公司(下称"柳工")智能化的工厂中，机械臂精准舞 动，自动导向车AGV小车自如穿梭，"海—陆—空"立体物流系统高效运转。日前，来自全球各地嘉宾 走进柳工装载机智能工厂和柳工挖掘机智慧工厂，近距离感受中国智造魅力。 近年来，柳工围绕"智慧""绿色"两大主线，加速电动化、智能化、数字化、无人化技术研发。2024年， 柳工营业收入突破300亿元人民币，海外收入同比大幅增长。今年一季度，公司海外营业收入占比突破 50%。 5月28日至29日，第五届柳工5·28全球客户节在柳州举行。来自全球近百个国家和地区的近千名嘉宾， 感受中国工程机械智能化、绿色化魅力。 本次客户节设8个展区，共110台创新产品(含45款电智产品)亮相，以动态、静态等不同形态展示港口物 流、金属冶炼、起重吊装、道路施工以及矿山开采等五大行业的技术和产品解决方案。 来自南非大型矿业公司的客户代表表示："柳工电动装载机在矿山场景中的作业效率、续航能力，以及 整机响应速度，都证明这是一款成熟且可靠的产品。"在客户节上，柳工展示的换电和混动解决方案， 也让客户对在南非复杂施工环境中的落地应用更有信心。 ...

Core Viewpoint - LiuGong is committed to high-quality development through innovation and strategic transformation, focusing on comprehensive solutions, intelligentization, and internationalization to enhance its global competitiveness [10][12][14]. Group 1: Event Overview - The fifth LiuGong Global Customer Festival was held on May 28, 2025, in Liuzhou, Guangxi, attracting nearly a thousand guests from around the world [3][8]. - The event showcased a blend of technology and culture, emphasizing LiuGong's commitment to innovation and customer engagement [3][19]. Group 2: Strategic Goals - LiuGong's new board of directors aims to leverage three key "keys of inheritance": market-oriented genes from mixed reform, top-level design of the "three comprehensive" strategy, and a culture of customer-centricity and innovation [12][14]. - The company plans to enhance its global operational capabilities, with overseas revenue exceeding 45% in 2024 and continuing to grow in 2025 [10][12]. Group 3: Product Innovation - LiuGong launched the new generation T-series electric loader, marking a significant step in its "comprehensive intelligentization" initiative [37][39]. - The T-series electric loader boasts a 70% reduction in annual operating costs, an 8%-12% increase in work efficiency, and a 15% decrease in energy consumption compared to previous models [42]. Group 4: Market Position and Future Outlook - LiuGong has achieved a historical high in revenue, surpassing 30 billion yuan in 2024, with a strong focus on sustainable development and global brand recognition [10][50]. - The company is positioned as a leader in the engineering machinery industry, actively participating in the transition towards high-end, intelligent, and green solutions [16][50].

Core Viewpoint - The company is focused on maintaining stability in its board and management while pursuing growth through a comprehensive internationalization and intelligent solutions strategy, alongside a new "15-5" strategic plan aimed at enhancing its market position and operational efficiency [2][3]. Group 1: Company Strategy and Governance - The new board and management will continue to implement the company's budget goals and strategic initiatives, emphasizing internationalization and intelligent solutions [2]. - The company plans to deepen its market-oriented mechanisms and internal governance, supported by the actual controller and major shareholder, to enhance operational flexibility and innovation [2]. Group 2: Industry Trends and Demand - The excavator market is transitioning to a rational growth phase, with domestic demand expected to remain stable despite a slowdown in the real estate sector, driven by government initiatives in urban renewal and infrastructure projects [3]. - The loader industry has seen a sudden increase in domestic sales due to accelerated investments in agriculture and infrastructure, with demand expected to remain steady [4]. Group 3: Competitive Landscape - The company is facing intense price competition in the electric loader segment but is committed to sustainable practices and enhancing customer experience through value-added services [5]. - The company is focusing on building a competitive advantage through smart manufacturing and high self-manufacturing rates of components [5]. Group 4: International Business Performance - The company's overseas business has shown steady growth despite a global market slowdown, with a focus on emerging markets and ongoing expansion in developed regions [6]. - The long-term goal is to establish the company as a trusted global brand with high-value products and services [6]. Group 5: Financial Performance - In Q1 2025, the company reported a revenue of 9.149 billion yuan, a year-on-year increase of 15.24%, and a net profit of 657 million yuan, up 32.0% year-on-year [7]. - The company's gross margin stands at 22.01%, indicating improved profitability [7]. Group 6: Market Outlook - The company anticipates a stable positive growth in domestic earthmoving equipment demand for the second half of the year, with expectations of maintaining a double-digit growth rate for the full year [3].

Governance and Management - The new board structure is stable, maintaining the company's governance mechanisms without changes, emphasizing standardized management and market-oriented decision-making [2][3] - The annual performance targets remain unchanged, with strategic goals for 2027 being progressively advanced [2][3] - The new management team is a blend of experienced and energetic members, fostering a collaborative and cohesive environment [3] Strategic Development - The company is committed to a strategy of "comprehensive internationalization, comprehensive intelligence, and comprehensive solutions," aiming for business growth and quality improvement [4] - The "15-5" strategic plan is being developed to enhance growth across various sectors, including engineering machinery and emerging markets [4] - The company plans to leverage measures such as performance growth, share buybacks, and high cash dividends to enhance investor returns [3] Market Performance and Trends - The domestic excavator sales have outpaced industry growth, with an expected double-digit growth rate for the year [7] - The demand for loaders has surged due to increased investment in agricultural water conservancy projects and major infrastructure [8] - Despite a slowdown in the real estate market, demand is anticipated to stabilize due to government initiatives in urban renewal and infrastructure projects [7] International Business Outlook - The overseas business has shown steady growth, particularly in emerging markets, despite a general decline in global demand [10] - The company aims to enhance its position in emerging regions while expanding its operations in Europe and North America [10] Mining Equipment Development - The company offers a comprehensive range of mining products and plans to focus on large and super-large tonnage equipment, as well as smart and green mining solutions [12] - Future strategies include global development and targeted customer engagement in both domestic and international markets [12]

Core Viewpoint - LiuGong has experienced a decline for five consecutive trading days, with a cumulative drop of -1.98% during this period [1]. Fund Holdings - Four funds managed by Harvest Fund have entered LiuGong's top ten shareholders, including: - Harvest Value Select Stock A, which reduced its holdings in Q1 2023 - Harvest Value Evergreen Mixed A, which also reduced its holdings in Q1 2023 - Harvest Hong Kong Stock Advantage Mixed A, which entered the top ten shareholders in Q1 2023 - Harvest Value Driven One-Year Holding Period Mixed A, which maintained its position in Q1 2023 [1]. Fund Performance - The year-to-date performance and rankings of the funds are as follows: - Harvest Value Select Stock A: 0.78% return, ranked 591 out of 999 - Harvest Value Evergreen Mixed A: 3.66% return, ranked 1893 out of 4574 - Harvest Hong Kong Stock Advantage Mixed A: 6.16% return, ranked 1288 out of 4574 - Harvest Value Driven One-Year Holding Period Mixed A: 2.51% return, ranked 2249 out of 4574 [1]. Fund Managers - The fund managers for the mentioned funds are: - Tan Li, who has been with Harvest Fund since September 2007 and has held various positions including research analyst and investment manager [6][8]. - Zhang Jintao, who joined Harvest Fund in October 2012 and has experience in energy and raw materials research [9].

广西柳工机械股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0233 号 广西柳工机械股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 26 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1]. Core Insights - The mechanical equipment industry is experiencing an upward trend, particularly in construction machinery, with a notable recovery in excavator sales and a shift in demand towards non-excavator machinery [2][3]. - The humanoid robot sector is advancing, with Tesla's Optimus showcasing enhanced learning capabilities, which could accelerate commercialization [2]. - The forklift market is seeing mixed performance, with domestic sales declining slightly while exports are growing, driven by increased lithium battery penetration [3]. Summary by Sections Recommended Stocks - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and others across various segments including humanoid robots, engineering machinery, and forklifts [1][12]. Engineering Machinery - Excavator sales have shown a recovery, with April 2025 figures indicating a year-on-year increase of 18% [2]. - The demand for road machinery is on the rise, with significant growth in sales of rollers and pavers [2]. - The report highlights the importance of overseas markets, particularly in Southeast Asia and Africa, for future growth in engineering machinery exports [15][17]. Forklift Market - In April 2025, forklift sales reached 130,000 units, with exports increasing by 18% while domestic sales fell by 1% [3]. - The report notes that domestic manufacturing sentiment is weak, impacting local sales, but the export market remains robust due to improved overseas distribution channels [3]. Humanoid Robots - The report emphasizes the importance of generalization capabilities in humanoid robots, with Tesla's Optimus demonstrating significant advancements in skill acquisition [2]. - The application of humanoid robots in logistics and other sectors is becoming increasingly essential, indicating a growing market demand [2]. General Automation - The industrial automation sector is showing signs of recovery, with specific recommendations for companies like Estun and others in the FA automation space [28]. - The report notes that the injection molding machine market is maturing domestically, with significant potential for overseas expansion [29]. Detection Services - The detection services sector is expected to benefit from government stimulus and a recovery in domestic demand, with leading companies like Huace Detection showing resilience [34][36].