Group 1 - Baowang Co., Ltd. and Qishi Technology have signed a comprehensive strategic cooperation agreement focused on "Industrial Internet and Data Intelligence" [1] - Qishi Technology, a subsidiary of Liugong Group, provides digital transformation services for industrial enterprises and aims to leverage its industrial resources and Baowang's data intelligence technology to create benchmark products for smart upgrades in the industrial sector [1][2] - The collaboration aims to explore the data value within the industrial chain and support the digital transformation of China's industry [1] Group 2 - The partnership will involve efficient, pragmatic, and innovative cooperation, including joint research and market promotion to expand market influence and coverage [2] - Qishi Technology's mission is to drive the digital transformation of the manufacturing industry, and the collaboration with Baowang is seen as a key step in deepening the industrial internet [2] - Qishi Technology has established platforms like Manas and Xinghuo Chain, which are recognized as quality choices for intelligent upgrades in industrial enterprises [2] Group 3 - Baowang's CMO emphasized the importance of AI technology in addressing the actual needs of enterprises for cost reduction and efficiency improvement [3] - The collaboration is expected to enhance the capabilities of data collection, collaboration, and decision-making for users, making data intelligence a driving force for industrial innovation [3] - The partnership aims to continuously explore paths for the digital transformation of Chinese industrial enterprises and establish a digital ecosystem for efficient collaborative development [3]

Core Viewpoint - LiuGong is expected to achieve a significant increase in net profit for the first half of 2025, driven by a recovery in domestic construction machinery demand and growth in both domestic and international sales [1][2][3] Financial Performance - The company forecasts a net profit attributable to shareholders of 1.18-1.279 billion yuan for H1 2025, representing a year-on-year growth of 20%-30%, with a median estimate of 1.229 billion yuan, up 25% [1] - For Q2 2025, the expected net profit is between 523-621 million yuan, with a median of 572 million yuan, reflecting an 18% year-on-year increase [1] - The forecasted net profit excluding non-recurring items for H1 2025 is 1.09-1.188 billion yuan, a growth of 21%-32%, with a median of 1.139 billion yuan, up 26% [1] Market Trends - The domestic excavator market is projected to see a sales volume of 65,637 units in H1 2025, a year-on-year increase of 23%, benefiting from a low base after a significant decline in the previous period [2] - LiuGong, as a leading domestic excavator manufacturer, is expected to outperform the industry and steadily increase its market share [2] - The loader market is also anticipated to grow, with expected sales of 35,622 units in H1 2025, a 23% increase year-on-year, driven by rising demand and the penetration of electric machinery [2] International Expansion - LiuGong's overseas revenue is expected to continue growing, with emerging markets being a significant driver [2][3] - From January to May 2025, China's overall engineering machinery exports reached 23.057 billion USD, a year-on-year increase of 8.9% [2] - Key regions such as Africa, Central Asia, the Middle East, and Indonesia have shown substantial growth in exports, with increases of 49%, 32%, 28%, and 22% respectively [3] Future Outlook - The domestic market is expected to benefit from an upward trend in the industry cycle, driven by equipment updates and electrification [3] - LiuGong is projected to achieve net profits of 1.86 billion yuan and 2.523 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 11 times and 8 times [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.18-1.28 billion yuan in the first half of 2025, representing a year-on-year growth of 20%-30%. The median estimate is 1.23 billion yuan, reflecting a 25% increase [2][6]. - The company is benefiting from the recovery of the domestic earth-moving machinery industry, with domestic sales expected to grow rapidly. Overseas revenue is also anticipated to continue increasing, driven mainly by emerging markets, with improvements expected in the European market [2][12]. - The company is continuously optimizing internal management and reducing costs, which, combined with product and regional structure optimization, is expected to enhance profitability [12]. Summary by Sections Performance Forecast - The company forecasts a net profit attributable to shareholders of 1.18-1.28 billion yuan for H1 2025, with a year-on-year growth of 20%-30%. The median estimate for Q2 2025 is 523-621 million yuan, with a year-on-year growth of 8%-28% [2][6]. - The expected net profit excluding non-recurring items for H1 2025 is 1.09-1.19 billion yuan, with a year-on-year growth of 21%-32% [6]. Market Dynamics - The domestic excavator market is expected to see a sales volume of 65,637 units in H1 2025, a year-on-year increase of 23%. The company, as a leading domestic excavator manufacturer, is likely to outperform the industry and steadily increase its market share [12]. - The company’s overseas revenue is projected to grow, particularly in emerging markets, with significant increases in exports to regions such as Africa and Central Asia [12]. Future Outlook - The company anticipates continued growth in domestic revenue due to the upward trend in the industry’s replacement cycle and the increasing penetration of electric machinery. The projected net profits for 2025 and 2026 are 1.86 billion and 2.52 billion yuan, respectively, with corresponding P/E ratios of 11x and 8x [12].

Macro Strategy - The "Great Beautiful Act" has been quickly implemented, but its distribution effects and the tightening fiscal impact from excluding extended and expanded tax cuts limit its growth stimulus for the US economy [1][24] - The act's characteristic of "increasing deficits first, reducing deficits later" implies a risk of a "fiscal cliff" around 2028 [1][24] - In the short term, concerns about the impact of US Treasury issuance on market liquidity and yield premiums are not excessive; however, the long-term path dependency of unsustainable US government debt makes it difficult for Treasury yield premiums to decrease [1][24] Fixed Income - The "stock-bond seesaw" effect is evident as the stock market stabilizes, influencing bond yields; the 10-year government bond yield rose from 1.641% to 1.666% during the week [3][5] - The bond market's reaction to Trump's threats of additional tariffs on BRICS countries was muted, indicating a limited impact on bond yields [3][5] - The bond yield's upward trend is expected to continue, influenced by stock market performance, but the extent of the increase is likely to be limited [5] Industry Insights - Wanda Film's diversified layout in esports and concert live streaming is expected to create new growth points, with net profit forecasts for 2025-2027 at 1.0 billion, 1.24 billion, and 1.44 billion yuan, respectively [8] - Lianlian Digital is projected to achieve a reasonable P/S valuation of 8.0x and 7.0x for 2025 and 2026, respectively, as it continues to expand its business [10] - Youyou Foods has revised its profit forecast upwards, expecting net profits of 232 million, 285 million, and 329 million yuan for 2025-2027, reflecting a growth rate of 47.2%, 23.2%, and 15.3% [11] - Siyi Electric's net profit for the first half of 2025 is expected to be 1.293 billion yuan, a year-on-year increase of 46%, driven by strong overseas orders [14][15] - The energy sector, represented by Furan Energy, anticipates stable growth in natural gas supply and a steady increase in new energy business, with net profit forecasts of 872 million, 922 million, and 976 million yuan for 2025-2027 [12] - The lithium battery sector, represented by Weilan Lithium Core, has revised its profit expectations upwards, forecasting net profits of 750 million, 1 billion, and 1.31 billion yuan for 2025-2027, reflecting significant growth [13] - The pharmaceutical sector, represented by Lianbang Pharmaceutical, is expected to see revenue growth driven by innovative drug development, with net profits projected at 3.11 billion, 3.10 billion, and 3.38 billion yuan for 2025-2027 [21]

Core Viewpoint - The company has announced the achievement of the exercise conditions for the first tranche of its 2023 stock option incentive plan, allowing 915 eligible participants to exercise a total of 19.820252 million stock options, representing 0.98% of the company's total share capital, at an exercise price of 6.63 yuan per share [1][12][16]. Summary by Sections Stock Option Incentive Plan - The company held meetings to approve the 2023 stock option incentive plan and its management methods, with independent directors providing opinions on the related proposals [2]. - The plan has undergone necessary approvals, including verification by the supervisory board and approval from the Guangxi State-owned Assets Supervision and Administration Commission [3][4]. Adjustments and Conditions - The initial number of eligible participants was adjusted from 987 to 974 due to departures and voluntary withdrawals, with the total stock options granted reduced from 53.39 million to 53.14 million [6][8]. - The exercise price for the stock options was adjusted from 7.20 yuan to 7.10 yuan, and subsequently to 6.63 yuan due to dividend distributions [7][9]. Performance Assessment - The first exercise period's conditions have been met, with the waiting period ending on July 12, 2025, and the company confirming that no disqualifying events occurred [9][12]. - The performance assessment for the eligible participants was conducted, with 915 individuals meeting the necessary criteria to exercise their options [10][16]. Financial Impact - If all options are exercised, the company's total share capital will increase by 19,820,252 shares, with no significant impact on the overall equity structure or the controlling shareholder [14][15]. - The exercise of these options is expected to have a minimal effect on the company's earnings per share and return on equity [15]. Legal and Compliance - The company has complied with all legal requirements for the stock option plan, and the supervisory board has confirmed the legitimacy of the exercise conditions [16][17].

Core Viewpoint - The legal opinion letter from Shanghai Lihui Law Firm confirms that Guangxi Liugong Machinery Co., Ltd. has fulfilled the necessary approvals and authorizations for the adjustment, exercise, and cancellation of stock options under its 2023 stock option incentive plan [3][23]. Group 1: Approval and Authorization - The company has obtained necessary approvals for the adjustment, exercise, and cancellation of stock options from the board of directors, supervisory board, and shareholders' meeting [8][10][12]. - Independent directors have expressed agreement with the relevant proposals regarding the stock option incentive plan [9][10]. - The company has publicly disclosed the list of incentive objects and their positions for the stock option incentive plan [9][12]. Group 2: Adjustment Details - The exercise price for the first grant of stock options has been adjusted from 7.10 yuan/share to 6.90 yuan/share, and the reserved stock options' exercise price has been adjusted from 10.46 yuan/share to 10.26 yuan/share [14][15]. - The adjustments comply with the relevant regulations and will not materially affect the company's financial status or operating results [15][16]. Group 3: Exercise Conditions - The first exercise period for the stock options is set from July 13, 2023, to July 12, 2025, with 40% of the granted stock options eligible for exercise [17]. - The company has met the performance assessment requirements for the first exercise period, including a return on equity of no less than 6.0% and a profit growth of no less than 20% compared to 2022 [19][21]. Group 4: Cancellation of Stock Options - A total of 291.5993 million stock options have been canceled due to the disqualification of certain incentive objects, including those who have left the company or failed to meet performance criteria [21][22]. - The cancellation is within the authorization scope granted by the shareholders' meeting and does not require further approval [22]. Group 5: Information Disclosure - The company will continue to fulfill its information disclosure obligations in accordance with relevant laws and regulations regarding the stock option incentive plan [22][23].

Core Viewpoint - The company has announced an adjustment to the exercise price of its 2023 stock option incentive plan, which is in compliance with relevant regulations and will not materially affect its financial status or operational results [4][5][6]. Group 1: Decision Process and Approval - The company’s 2023 stock option incentive plan and its management methods have been reviewed and approved by the board and the supervisory committee, with independent opinions provided by independent directors [1][2]. - The supervisory committee has verified the list of initial grant recipients and issued a verification opinion [2][3]. Group 2: Adjustment Details - The exercise price for the stock options has been adjusted due to dividend distributions, with the new prices set at approximately 6.63 CNY per share for initial grants and 9.99 CNY per share for reserved grants [4][5]. - The adjustment follows the formula P = P0 - V, where P0 is the pre-adjustment price and V is the dividend per share [4]. Group 3: Impact of Adjustment - The adjustment of the exercise price is in accordance with the regulations and will not have a substantial impact on the company's financial condition or operational results, nor will it harm the interests of the company and its shareholders [5][6]. - The supervisory committee supports the adjustment, affirming that it aligns with legal and regulatory requirements [5]. Group 4: Legal Opinions - Legal opinions from Shanghai Lihui Law Firm confirm that the necessary approvals for the adjustment have been obtained and that the company has fulfilled its disclosure obligations [5][6].

三、关于注销公司 2023 年股票期权激励计划部分股票期权的核查意见 广西柳工机械股份有限公司监事会 监事会认为：公司本次注销 291.5993 万份股票期权，符合《上市公司股权 激励管理办法》等法律、法规和规范性文件及公司《2023 年股票期权激励计划》 中关于考核办法和行权数量调整的相关规定，不会对公司的财务状况和经营成果 产生实质性影响，不会损害公司及全体股东的利益，监事会同意公司本次注销 2023 年股票期权激励计划部分期权的事项。 关于公司 2023 年股票期权激励计划相关事项的核查意见 广西柳工机械股份有限公司（以下简称"公司"）第十届监事会第二次会议 审议通过了《关于公司调整2023年股票期权激励计划行权价格的议案》、《关 于公司2023年股票期权激励计划首次授予部分第一个行权期行权条件成就的议 案》、 《关于注销公司2023年股票期权激励计划部分股票期权的议案》。监事 会对公司股权激励计划相关事项进行了核查，并发表如下意见： 一、关于公司调整2023年股票期权激励计划行权价格的核查意见 监事会认为：公司本次根据 2024 年度权益分派实施结果调整 2023 年股票 期权激励计划行权价格，符合《 ...

该项议案获 3 票赞成，0 票反对，0 票弃权。 证券代码：000528 证券简称：柳 工 公告编号：2025-55 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 第十届监事会第二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、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"）第十届监事会第二次会议通知于 2025 年 7 月 10 日以电子邮件方式发出，会议于 2025 年 7 月 14 日采取通讯表决的方 式召开。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： 一、审议通过《关于公司调整 2023 年股票期权激励计划行权价格的议案》 监事会认为：公司本次根据 2024 年度权益分派实施结果调整 2023 年股票期权激 励计划行权价格，符合《上市公司股权激励管理办法》等法律、法规和规范性文件及公 司《2023 年股票期权激励计划》中关于股票期权行权价格调整的相关规定，不会对公 司的财务状况和经营成果产生实质性影响，不会损害公司及全体股东的利益，监事会同 意 ...

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：2025-54 广西柳工机械股份有限公司 第十届董事会第二次（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 2025 年 7 月 10 日以 电子邮件方式发出召开第十届董事会第二次（临时）会议的通知，会议于 2025 年 7 月 14 日采取通讯表决的方式召开。会议应到会董事 11 人，实到会董事 11 人。会议由董 事长郑津先生主持。公司监事会全体监事了解会议全过程。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《关于公司调整 2023 年股票期权激励计划行权价格的议案》 作为激励对象的关联董事罗国兵先生、黄海波先生、文武先生、黄旭先生回避表决， 其他非关联董事郑津先生、苏子孟先生、吕仁志先生、李嘉明先生、陈雪萍女士、邓腾 江先生、黄志敏女士参与表决。 鉴于公司 2024 年度权益分派方案已于 2025 年 6 月 26 ...