证券代码：000680 证券简称：山推股份 公告编号：2025-087 山推工程机械股份有限公司 关于召开 2025 年第五次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第五次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 28 日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 28 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2025 年 11 月 28 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：本次股东会采用现场表决和网络投票相结合的方式召开。 （1） 现场 ...

证券代码：000680 证券简称：山推股份 公告编号：2025—080 山推工程机械股份有限公司 第十一届监事会第十七次会议决议公告 表决结果为：同意 3 票，反对 0 票，弃权 0 票。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2025 年 10 月 30 日下午，在公司总部大楼 205 会议室召开了公司第十一届监事会第 十七次会议，会议采取现场与通讯相结合的方式召开。会议通知已于 2025 年 10 月 27 日以书面和电子邮件两种方式发出。会议应到监事 3 人，实到监事 3 人。公司监事王卫 平、崔保运现场出席了会议，监事会主席唐国庆以通讯方式进行了表决。本次监事会参 会监事人数超过公司监事会成员半数，符合《公司法》和《公司章程》的有关规定，本 次会议的召集、召开及表决程序合法有效。会议由监事会主席唐国庆主持。会议审议并 通过了以下议案： 一 、 审 议 通 过 了 《 公 司 2025 年 第 三 季 度 报 告 》（ 详 见 巨 潮 资 讯 网 http://www.cninfo.com.cn） 经审核，监事会认为董事会编制和审议公司《公司 ...

山推工程机械股份有限公司监事会 二、监事会关于公司 2025 年前三季度计提资产减值准备的报告 按照《公司计提资产减值准备和损失处理内部控制制度》及会计准则的规定，《公 司 2025 年前三季度计提资产减值准备的报告》反映了公司本期计提坏账准备、存货跌 价准备、合同资产减值准备、固定资产减值准备的情况： 公司 2025 年三季度各项资产 累计计提资产减值准备合计 15,260.35 万元，其中：计提应收账款坏账准备 6,204.23 万元，转回其他应收款坏账准备 373.50 万元，计提长期应收账款坏账准备 468.06 万元， 计提应收票据坏账准备 53.18 万元，计提存货跌价准备 8,682.71 万元，计提合同资产 减值准备 31.65 万元，计提固定资产减值准备 194.01 万元。该报告并对计提坏账准备、 计提存货跌价准备、计提合同资产减值准备、计提固定资产减值准备对公司财务状况和 经营成果的影响进行了分析。 监事会审核认为，本期计提资产减值准备符合《公司法》、《公司计提资产减值准备 和损失处理的内部控制制度》及会计准则的规定。 山推工程机械股份有限公司监事会 二〇二五年十月三十一日 关于第十一届 ...

证券代码：000680 证券简称：山推股份 公告编号：2025—079 山推工程机械股份有限公司 2025 年 10 月 30 日下午，在公司总部大楼 205 会议室召开了公司第十一届董事会第 十九次会议，会议采取现场与通讯相结合的方式召开。会议通知已于 2025 年 10 月 27 日以书面和电子邮件两种方式发出。会议应到董事 9 人，实到董事 9 人。公司董事李士 振、张民、马景波、曲洪坤现场出席了会议，董事王翠萍、肖奇胜、吕莹、陈爱华、潘 林以通讯方式进行了表决。本次董事会参会董事人数超过公司董事会成员半数，符合《公 司法》和《公司章程》的有关规定，本次会议的召集、召开及表决程序合法有效。会议 由李士振董事长主持。公司监事、高级管理人员列席了会议。会议审议并通过了以下议 案： 一 、 审 议 通 过 了 《 公 司 2025 年 第 三 季 度 报 告 》（ 详 见 巨 潮 资 讯 网 http://www.cninfo.com.cn） 表决结果为：同意 9 票，反对 0 票，弃权 0 票。 《公司 2025 年第三季度报告》中的财务信息在提交董事会审议前，已经公司董事 会审计委员会审议通过。 二、审议 ...

Core Insights - The company reported a revenue of 3.484 billion yuan in Q3, representing a year-on-year growth of 1.04% [1] - The net profit attributable to shareholders for Q3 was 270 million yuan, showing a significant year-on-year increase of 33.44% [1] - For the first three quarters, the company achieved a total revenue of 10.488 billion yuan, which is a 2.36% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters reached 838 million yuan, reflecting a year-on-year growth of 15.67% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥3,484,301,743.59, a 1.04% increase compared to ¥3,448,309,558.02 in the same period last year[6] - Net profit attributable to shareholders was ¥270,089,864.22, representing a 33.44% increase from ¥202,399,946.49 year-over-year[6] - The basic earnings per share increased by 33.95% to ¥0.1807 from ¥0.1349 in the previous year[6] - The company reported total operating revenue of CNY 10,487,875,015.92 for the first nine months of 2025, an increase from CNY 10,246,487,750.96 in the same period last year, representing a growth of approximately 2.35%[29] - The company's operating profit for the current period is approximately ¥938.13 million, an increase from ¥843.26 million in the previous period, representing an increase of about 11.25%[30] - Net profit for the current period is approximately ¥840.55 million, compared to ¥728.14 million in the previous period, reflecting a growth of approximately 15.39%[30] - The total comprehensive income for the current period is approximately ¥828.11 million, compared to ¥722.54 million in the previous period, marking an increase of about 14.63%[31] - Basic and diluted earnings per share for the current period are both ¥0.5595, up from ¥0.4830 in the previous period, reflecting an increase of approximately 15.83%[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,793,908,823.84, reflecting a 2.76% increase from the previous year[8] - The company's total liabilities as of September 30, 2025, were CNY 12,660,603,901.81, slightly down from CNY 12,753,048,584.13 at the beginning of the year[28] - The company's cash and cash equivalents decreased to CNY 3,567,422,212.63 from CNY 4,572,610,420.38, a decline of approximately 22%[26] - Accounts receivable rose to CNY 5,758,797,895.27 from CNY 4,710,741,522.11, marking an increase of about 22.2%[26] - Long-term equity investments increased to CNY 798,056,700.99 from CNY 549,684,567.16, showing a growth of approximately 45.2%[26] Cash Flow - The company reported a net cash flow from operating activities of ¥393,934,322.65, down 31.59% from ¥575,817,217.56 in the same period last year[16] - The net cash flow from operating activities is approximately ¥393.93 million, down from ¥575.82 million in the previous period, showing a decrease of about 31.56%[33] - The company reported a net cash outflow from financing activities of approximately ¥210.24 million, an improvement from a net outflow of ¥437.41 million in the previous period[34] - The company received approximately ¥469.27 million in tax refunds during the current period, compared to ¥661.05 million in the previous period, reflecting a decrease of about 29.05%[33] Shareholder Information - The total number of common shareholders at the end of the reporting period is 70,822[17] - Shandong Heavy Industry Group Co., Ltd. holds 24.29% of shares, totaling 364,399,684 shares[17] - Weichai Power Co., Ltd. holds 15.78% of shares, totaling 236,705,601 shares[17] - The company has repurchased 10,762,650 shares, accounting for 0.72% of the total share capital, with a total transaction amount of 99,985,476.50 RMB[19] Government Support and Financial Activities - The company received government subsidies totaling ¥3,292,841.84 during the reporting period, contributing to its financial performance[9] - The company is planning to issue H shares and list on the Hong Kong Stock Exchange to enhance its global strategy[23] - The company has submitted its application for the issuance of H shares to the Hong Kong Stock Exchange on August 28, 2025, and is currently preparing responses to inquiries from the exchange[24] - The company received a request for supplementary materials from the China Securities Regulatory Commission regarding its H share issuance on September 30, 2025[24] Expenses and Impairments - The company’s long-term receivables decreased by 40.17% to ¥167,150,564.78 due to increased installment sales collections[12] - The company’s financial expenses rose by 49.54% to ¥21,261,236.01, primarily due to increased interest expenses[13] - The company recorded a significant increase in inventory impairment losses, amounting to -¥89,083,802.41, up 111.96% from the previous year[15] - The company's research and development expenses for the current period are approximately ¥338.42 million, down from ¥385.92 million in the previous period, indicating a decrease of about 12.26%[30]

Core Insights - The engineering machinery sector experienced a slight decline of 0.11% on October 30, with Zhongli Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance Summary - Zhongji United (605305) saw a significant increase of 9.99% in its closing price at 44.25, with a trading volume of 138,100 shares and a transaction value of 608 million yuan [1] - Other notable gainers included Jindao Technology (301279) with a 4.95% increase, closing at 24.58, and San重工 (600031) with a 1.76% increase, closing at 22.51 [1] - Conversely, Zhongli Co., Ltd. (603194) led the declines with a drop of 5.86%, closing at 40.13, followed by Tietuo Machinery (920706) down 5.17% [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 41.72 million yuan from institutional investors, while retail investors contributed a net inflow of 196 million yuan [2] - The capital flow data indicates that major stocks like Yichong Heavy Industry (600031) had a net inflow of 22.6 million yuan from institutional investors, while Zhongji United (605305) experienced a net outflow of 58.06 million yuan from retail investors [3]

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]

Core Points - The engineering machinery sector experienced a decline of 1.49% on October 23, with Tietuo Machinery leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Sector Performance - The following companies showed notable performance: - Weiman Sealing (Code: 301161) increased by 4.93% with a closing price of 39.77 and a trading volume of 153,800 shares [1] - Southern Road Machinery (Code: 603280) rose by 1.88% to 42.25 with a trading volume of 149,900 shares [1] - Huadong Heavy Machinery (Code: 002685) saw a slight increase of 0.79% to 7.62 with a trading volume of 177,200 shares [1] - Conversely, Tietuo Machinery (Code: 920706) fell by 13.57% to 24.71 with a trading volume of 136,700 shares [2] - Other significant declines included: - Hengli Drill Tools (Code: 920942) down 10.57% to 41.69 [2] - Construction Machinery (Code: 600984) down 8.70% to 4.20 [2] Capital Flow - The engineering machinery sector saw a net outflow of 882 million yuan from institutional investors, while retail investors contributed a net inflow of 849 million yuan [2][3] - The following companies had notable capital flows: - Huadong Heavy Machinery had a net inflow of 8.05 million yuan from institutional investors [3] - Anhui Heli (Code: 600761) experienced a net outflow of 1.91 million yuan from institutional investors [3] - Tietuo Machinery had a significant net outflow of 13.67 million yuan from institutional investors [3]