广西柳工机械股份有限公司(以下简称"公司")于 2025 年 10 月 23 日召开的第十届 董事会第四次会议、第十届监事会第四次会议分别审议通过了《关于公司 2025 年第三季 度计提资产减值准备的议案》。现将相关情况公告如下： 一、计提资产减值准备概述 根据《企业会计准则》及公司会计政策的相关规定，本着谨慎性原则，公司及下属子 公司对截至 2025 年 9 月 30 日应收款项、存货、固定资产、在建工程、投资性房地产、无 形资产等进行了减值测试，判断其是否存在可能发生减值的迹象。经测试，公司对发生资 产减值的应收款项、存货等资产进行了减值计提。 公司 2025 年三季度末各项资产累计计提减值准备净额共计 68,900.94 万元。其中： 应收账款坏账准备计提净额 38,759.52 万元，其他应收款坏账准备计提净额 3,658.75 万 元，长期应收款坏账准备计提净额 3,405.64 万元，应收票据坏账准备冲回 357.84 万元， 第三方融资担保风险准备金计提净额 15,670.33 万元，投资性房地产减值准备计提净额 840.58 万元，合同资产减值准备计提净额 26.90 万元，存货跌价准备计提净 ...

对外担保办法 对外担保办法 第一节 总 则 第一条 为依法规范广西柳工机械股份有限公司（以下简称"公司"）及控股 子公司的对外担保行为，防范财务风险，确保公司经营稳健，根据《中华人民共 和国民法典》（以下简称"《民法典》"）、《中华人民共和国公司法》、《中华人 民共和国证券法》、《深圳证券交易所股票上市规则》（以下简称"《股票上市规 则》"）、《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》、《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要 求》等有关法律、法规、规章、规范性文件和《广西柳工机械股份有限公司章程》 （以下简称"《公司章程》"）的规定，结合本公司实际情况，制定本办法。 第二条 本办法所称"对外担保"，是指公司为他人提供的担保，包括公司对 控股子公司的担保。担保的债务种类包括但不限于银行授信额度、银行贷款、开 立信用证、银行承兑汇票、银行保函、销售融资等。"公司及控股子公司的对外 提供的担保总额"，是指包括公司对控股子公司担保在内的公司对外担保总额与 公司控股子公司对外担保总额之和。 第三条 本办法适用于公司及控股子公司的对外担保行为。控股子公司是指 纳 ...

广西柳工机械股份有限公司 关于取消监事会暨修订《公司章程》及修订、制定部分治 理制度的公告 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 2025 年 10 月 23 日召开了第 十届董事会第四次会议和第十届监事会第四次会议，会议审议通过了《关于公司取消监 事会及修订〈公司章程〉的议案》和《关于公司修订部分治理制度的议案》，现将具体 情况公告如下： 证券代码：000528 证券简称：柳 工 公告编号：2025-79 债券代码：127084 债券简称：柳工转2 一、公司取消监事会并修订《公司章程》 为全面贯彻落实最新法律法规要求，进一步提升公司管理水平，完善公司治理结构， 根据《公司法》《关于新〈公司法〉配套制度规则实施相关过渡期安排》《上市公司章 程指引》《上市公司治理准则》《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 1 号——主板上市公司规范运作》等相关法律法规和规范性文 件的规定，结合实际情况，公司拟不再设置监事会，监事会的职权由董事会审计委员会 行使，相应废止《公司监事会议事规 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-76 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 第十届监事会第四次会议决议公告 本公司及监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"）监事会于 2025 年 10 月 13 日以 电子邮件方式发出召开第十届监事会第四次会议的通知，会议于 2025 年 10 月 23 日在 公司总部会议室如期召开。会议应到监事三名，实到监事三名，符合《公司法》和《公 司章程》关于召开监事会的有关规定。会议经审议、表决，形成如下决议： 该项议案获 3 票赞成，0 票反对，0 票弃权。 该议案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 2025 年三季度报告》 （公告编号：2025-77）。 二、审议通过《关于公司 2025 年第三季度计提资产减值准备的议案》 监事会认为：公司按照《企业会计准则》和监管有关规定，根据公司各项资产的实 际情况，对 2025 年三季度末各项资产累计计提减值准备净额共计 ...

Core Viewpoint - The domestic sales of construction machinery in September 2025 continued to grow, with significant recovery in non-excavator categories, and strong export performance, indicating a positive outlook for the industry driven by equipment upgrades and internationalization [1][2][4]. Group 1: Domestic Sales Performance - In September 2025, excavator sales (including exports) reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units, up 21.5% [1]. - From January to September 2025, excavator sales (including exports) totaled 174,039 units, reflecting an 18.1% year-on-year growth, with domestic sales at 89,877 units, also up 21.5% [1]. - Non-excavator categories showed notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [1]. Group 2: Market Drivers - The ongoing replacement cycle in the construction machinery sector is expected to support future excavator sales, with a projected compound growth rate of around 30% in replacement demand over the next few years [2]. - The export of used construction machinery to developing countries has reduced domestic ownership levels, further supporting new machine sales [2]. Group 3: Government Support and Infrastructure Investment - The government plans to issue 1.3 trillion yuan in long-term special bonds, increasing infrastructure investment, which is expected to boost demand for construction machinery [3]. - The government aims to enhance urban infrastructure, including underground engineering and municipal construction, which will sustain demand for construction machinery [3]. Group 4: Export Performance - In September 2025, excavator exports reached 10,609 units, a year-on-year increase of 29.0%, with total exports from January to September at 84,162 units, up 14.6% [4]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with total export value from January to September at $43.86 billion, up 13.3% [4]. Group 5: Electrification Trends - In September 2025, electric loader sales surged to 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [5]. - From January to September 2025, electric loader sales totaled 21,407 units, up 157.2%, with an electrification rate of 22.8%, an increase of 13.6 percentage points [5][6]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery, with equipment demand projected to reach 120 to 180 billion yuan [7]. - The project will require various types of construction machinery, including large excavators and concrete machinery, further driving industry growth [7]. Group 7: Recommended Companies - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, along with component manufacturers like Hengli Hydraulic [8]. - Companies related to the Yarlung Tsangpo project, such as China Railway Engineering Corporation and others, are also suggested for attention [8].

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - Domestic excavator sales continued to grow in September 2025, with a total of 19,858 units sold, representing a year-on-year increase of 25.4%. Domestic sales reached 9,249 units, up 21.5% year-on-year [3][4] - The report highlights a significant recovery in non-excavator machinery categories, with loader sales increasing by 30.5% year-on-year in September 2025 [3][4] - The government is expected to support infrastructure investment through the issuance of long-term special bonds and local government bonds, which will drive demand for construction machinery [5] - The report notes that the electric loader sales surged by 176.0% year-on-year in September 2025, indicating a strong trend towards electrification in the machinery sector [7][8] - The commencement of the Yarlung Tsangpo River hydropower project is anticipated to further boost demand for construction machinery, with potential equipment needs estimated between 120 billion to 180 billion RMB [9][10] Summary by Sections Sales Performance - In September 2025, excavator sales reached 19,858 units, with domestic sales at 9,249 units, both showing significant year-on-year growth [3][14] - Non-excavator machinery categories also showed strong performance, with loaders up 30.5% and truck cranes up 40.7% in domestic sales [3][14] Market Trends - The report emphasizes the ongoing recovery in domestic demand for construction machinery, driven by equipment replacement cycles and government infrastructure initiatives [4][5] - The electric machinery segment is gaining traction, with electric loader sales increasing significantly, reflecting a shift towards greener technologies [7][8] Export Opportunities - Excavator exports in September 2025 totaled 10,609 units, marking a 29.0% increase year-on-year, with total export value reaching 5.27 billion USD [6][14] - The report identifies opportunities in Southeast Asia, Africa, and the Middle East for machinery exports, despite challenges such as U.S.-China tariff uncertainties [6] Investment Recommendations - The report recommends several leading machinery manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a positive outlook for these companies [10][11]

Group 1: Machinery Industry - In September 2025, the total sales of excavators in China increased by 25.4% year-on-year, with domestic sales and exports growing by 21.5% and 29.0% respectively. For the first nine months, total excavator sales rose by 18.1% year-on-year, with domestic sales and exports increasing by 21.5% and 14.6% respectively [2] - In September 2025, the total sales of loaders in China increased by 30.5% year-on-year, with domestic sales and exports growing by 25.6% and 35.3% respectively. For the first nine months, total loader sales rose by 14.6% year-on-year, with domestic sales and exports increasing by 20.7% and 8.3% respectively [2] - The growth in sales for earth-moving machinery is attributed to increased sales efforts by manufacturers, accelerated exports of second-hand equipment, and a low base from the previous year. Future growth in domestic sales is expected to continue due to ongoing demand for equipment updates and contributions from new projects [2] - The overseas market is anticipated to maintain growth driven by demand from emerging markets in Africa and mineral-rich countries like Indonesia and Australia, alongside domestic manufacturers accelerating their international expansion [2] Group 2: Lithium Battery Equipment - In September 2025, the production of power batteries in China increased by 35.4% year-on-year, with a total installed capacity of 76.0 GWh, reflecting a 39.5% year-on-year growth. For the first nine months, the cumulative installed capacity reached 493.9 GWh, up 42.5% year-on-year, while total production grew by 51.4% to 1121.9 GWh [3] - The growth in power battery production is driven by the rapid increase in new energy vehicle sales, which reached approximately 1.604 million units in September 2025, a year-on-year increase of 24.6% [3] - Future growth in the new energy vehicle market is expected to continue, supported by policy incentives and technological advancements, which will also drive demand for lithium battery equipment [3] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.4 percentage points to 49.8% in September 2025, indicating improvements in production, new orders, and new export orders, suggesting a recovery in both supply and demand in the manufacturing sector [4] - The report maintains a "buy" rating for the machinery industry, particularly recommending the engineering machinery sector, which is expected to see sustained growth in performance due to the resonance of domestic and international demand [5] - The lithium battery equipment sector is also highlighted for its potential growth driven by rapid end-user demand and technological advancements leading to equipment upgrades [5]

Core Viewpoint - The article highlights the successful international expansion of LiuGong Group, which has achieved significant overseas revenue growth, accounting for 46.88% of its total revenue, amounting to 13 billion [3]. Group 1: LiuGong's International Strategy - LiuGong Group began its overseas expansion in 2002 and has developed a comprehensive "LiuGong Model" for others to reference [3]. - The company’s overseas business grew from 200 million to 4.2 billion, showcasing a remarkable growth trajectory [4]. - The importance of building a robust internal support system to sustain rapid international growth is emphasized, including logistics, financing, and service systems [8]. Group 2: Challenges and Lessons Learned - A critical lesson learned was the importance of not introducing untested products to overseas markets, which resulted in significant financial losses [9]. - The article discusses the challenges faced during economic downturns, particularly in the mining sector, which severely impacted operations [13][14]. - Cost-cutting measures were necessary during tough times, but the rigid cost structure in Europe made layoffs difficult, leading to a focus on finding new business opportunities [15][16]. Group 3: Characteristics of Successful Leaders - Successful leaders in international markets should possess a winner's mindset, resilience, and inclusivity to manage diverse teams effectively [18][19]. - The article stresses the need for clear guidelines and control from headquarters while allowing local teams to operate within defined boundaries [20][21]. Group 4: Strategic Directions for Companies - Companies looking to expand internationally should first assess market demand, identify typical customers, and ensure product-market fit [23]. - The article suggests a dual approach of external market analysis and internal capability assessment to ensure alignment [24]. Group 5: Evolution of Chinese Manufacturing - The narrative emphasizes that the evolution of Chinese manufacturing from mere production to innovation and quality is driven by capable individuals willing to take risks and learn from mistakes [24][25]. - The transformation from "Made in China" to "Created in China" reflects a collective effort by Chinese entrepreneurs to enhance global competitiveness [26].

Core Viewpoint - The Chinese construction machinery industry is experiencing a strong recovery, driven by both domestic and international market demands, with significant growth in import and export trade figures [2][3]. Group 1: Industry Performance - In September 2025, China's construction machinery import and export trade reached $5.505 billion, a year-on-year increase of 29.1%, with exports accounting for $5.271 billion, up 29.6% [2]. - For the first three quarters of the year, the cumulative trade amount was $45.873 billion, reflecting a 12.8% year-on-year growth, with exports at $43.855 billion, up 13.3% [2]. - Excavator sales in September reached 19,858 units, a 25.4% increase year-on-year, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [2]. Group 2: Market Drivers - The recovery in the construction machinery sector is attributed to the synchronization of domestic and international market demands, with equipment renewal cycles and large project initiations driving domestic demand [3]. - The "Belt and Road" initiative continues to boost infrastructure construction needs in partner countries, enhancing China's machinery exports [3]. - The demand for small excavators is growing due to urbanization and industrialization in "Belt and Road" countries, alongside domestic needs driven by agriculture and municipal projects [3]. Group 3: Stock Market Performance - On October 21, the A-share construction machinery sector saw a 2% increase in the industry index, with a net inflow of 1.394 billion yuan into the sector [3]. - Notable stock performances included Xugong Machinery and Tieshan Heavy Industry, with the latter rising by 7.14% [3]. Group 4: Company Valuations - Among 35 listed companies in the construction machinery sector, the median rolling price-to-earnings (P/E) ratio is 41.2 times, with 12 companies having P/E ratios below 20 times [4]. - Tongli Co. has the lowest rolling P/E ratio at 11.22 times, focusing on non-road dump trucks and mining vehicles [5]. Group 5: International Business Growth - In the first half of the year, 24 listed companies reported overseas business revenues totaling 84.685 billion yuan, a year-on-year increase of over 10% [5]. - Companies like Tuoshan Heavy Industry and Weibow Hydraulic reported significant growth in overseas revenues, with increases of 54.61% and 53.23%, respectively [5].

广西柳工机械股份有限公司 关于举办 2025 年三季度网上业绩说明会的公告 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"）将于 2025 年 10 月 25 日披露《柳 工 2025 年三季度报告》，为方便广大投资者更加全面深入地了解公司的经营情况和发 展战略，公司定于 2025 年 10 月 27 日通过网络方式举办 2025 年三季度业绩说明会。具 体情况如下： 一、业绩说明会召开时间和方式 证券代码：000528 证券简称：柳 工 公告编号：2025-74 债券代码：127084 债券简称：柳工转2 柳工董事会公告 （二）问题征集方式 召开时间：2025 年 10 月 27 日（星期一）15:10-16:30 召开方式：网络及电话会议 二、公司主要出席人员 三、投资者参与方式 （一）报名方式 投资者可于 2025 年 10 月 27 日 15:00 前通过路演网址或扫描二维码进行报名： 第 1页，共 2页 1. 副董事长、总裁：罗国兵先生 2. 独立董事：陈雪萍女士 3. 副总裁：李东春先生 4. 董事会秘书 ...