Group 1 - The core point of the news is that Shantui Construction Machinery Co., Ltd. experienced a 5.1% drop in stock price, closing at 10.98 CNY per share, with a trading volume of 297 million CNY and a turnover rate of 2.01%, resulting in a total market capitalization of 16.472 billion CNY [1] - Shantui's main business includes research, development, manufacturing, sales, leasing, maintenance, and technical consulting services for construction machinery, mining machinery, agricultural machinery, harvesting machinery, and parts [1] - The revenue composition of Shantui's main business is as follows: 73.25% from construction machinery main products, 19.45% from construction machinery parts and others, and 7.31% from other supplementary sources [1] Group 2 - According to data from the top ten heavy positions of funds, one fund under Huaxia Fund holds a significant position in Shantui shares, specifically the Huaxia Classic Mixed Fund (288001), which reduced its holdings by 4.1869 million shares in the third quarter, now holding 7.4572 million shares, accounting for 4.31% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 4.3997 million CNY [2] - The Huaxia Classic Mixed Fund (288001) was established on March 15, 2004, with a latest scale of 1.791 billion CNY, and has achieved a year-to-date return of 17.61%, ranking 4813 out of 8223 in its category [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company's net profit growth rate outpaced revenue growth, with the excavator business becoming a new growth engine [1][5] - The company achieved a revenue of 10.488 billion yuan in the first three quarters of 2025, a year-on-year increase of 2.36%, and a net profit of 838 million yuan, up 15.67% year-on-year [5] - The gross margin and net margin for the first three quarters of 2025 were 20.53% and 8.01%, respectively, an increase of 3.83 percentage points and 1.12 percentage points compared to the same period last year [5] - The excavator business is expected to benefit from the recovery in the industry, with a total of 174,000 excavators sold in China from January to September 2025, representing an 18.1% year-on-year increase [5] - The company is expanding its mining truck business, with revenue from this segment reaching 275 million yuan in 2024, a year-on-year increase of 79.35% [5] Summary by Relevant Sections Financial Forecast and Valuation - Total revenue is projected to reach 14.22 billion yuan in 2024, with a year-on-year growth rate of 25.12%, and expected to grow to 19.76 billion yuan by 2027 [2][6] - The net profit attributable to the parent company is forecasted to be 1.10 billion yuan in 2024, increasing to 1.92 billion yuan by 2027, with a compound annual growth rate of 19.14% [2][6] - The diluted EPS is expected to rise from 0.73 yuan in 2024 to 1.28 yuan in 2027, with corresponding P/E ratios decreasing from 15.75 to 9.02 [2][6] Company Overview - The company is a global leader in bulldozers and is backed by Shandong Heavy Industry Group, which enhances its competitive advantages in R&D, scale, brand effect, and operational costs [5] - The company has made strategic acquisitions to strengthen its excavator business and is leveraging synergies with its existing product lines [5] - The company is actively pursuing globalization, electrification, and intelligent manufacturing strategies to drive future growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - In Q3 2025, the company experienced a slight weakness in revenue growth, with a year-on-year increase of 2.36% to 10.488 billion yuan, while net profit attributable to shareholders rose significantly by 33.4% to 838 million yuan [2][3] - The company's gross profit margin improved to 21.3%, up 2.6 percentage points year-on-year, attributed to product structure optimization and cost reduction efforts [3] - The acquisition of Shanzhong Construction Machinery is expected to enhance the company's core competitiveness, with performance commitments of 86 million yuan, 126 million yuan, and 167 million yuan for 2024 to 2026 [4] Financial Performance Summary - For 2023, total revenue is projected at 11.364 billion yuan, with a year-on-year growth of 13.67%, and net profit attributable to shareholders is expected to reach 783.3 million yuan, reflecting a growth of 23.99% [10] - The company forecasts a net profit of 1.386 billion yuan in 2025, representing a 25.76% increase compared to the previous year [10] - The latest diluted EPS is estimated at 0.52 yuan for 2023, increasing to 0.92 yuan by 2025 [10]

Core Viewpoint - The article highlights the financial performance of Shantui Construction Machinery Co., Ltd. (山推股份) in the third quarter, indicating a modest growth in revenue and a significant increase in net profit, suggesting a potential recovery in the construction machinery industry [1]. Financial Performance - Shantui reported a revenue of 10.488 billion yuan for the first three quarters, representing a year-on-year increase of 2.36% [1]. - The net profit attributable to shareholders reached 838 million yuan, showing a year-on-year growth of 15.67% [1]. - The net profit after deducting non-recurring gains and losses was 823 million yuan, reflecting a year-on-year increase of 24.40% [1]. Industry Trends - The article discusses the recovery signs in the construction machinery industry, suggesting that the sector may be on the path to recovery [2]. - It notes the upcoming transition to "National IV" emissions standards for construction machinery starting December 1, which may impact industry dynamics [2]. - The article mentions a significant increase in exports, with a rise of over 70%, despite a continuous decline in domestic sales for 13 months [2]. - There is an expectation of improved operating rates in February, indicating a warming outlook for the construction machinery sector [2].

Market Overview - The engineering machinery sector rose by 0.14% on October 31, with Jindao Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Performers - Jindao Technology (301279) closed at 26.34, up 7.16% with a trading volume of 97,800 shares and a turnover of 253 million yuan [1] - Aidi Precision (603638) closed at 18.71, up 5.89% with a trading volume of 126,900 shares [1] - Southern Road Machinery (603280) closed at 42.42, up 5.50% with a trading volume of 93,600 shares [1] Underperformers - Fushite (301446) closed at 32.84, down 2.70% with a trading volume of 23,700 shares [2] - Yichang Heavy Industry (600031) closed at 22.14, down 1.64% with a trading volume of 712,900 shares [2] - Xiamen XGMA (600815) closed at 3.06, down 1.29% with a trading volume of 964,700 shares [2] Capital Flow - The engineering machinery sector experienced a net outflow of 102 million yuan from institutional investors, while retail investors saw a net inflow of 113 million yuan [2][3] - Major stocks like Zoomlion (000157) had a net inflow of 11.8 million yuan from institutional investors, while it faced a net outflow of 99.87 million yuan from speculative funds [3] Summary of Individual Stocks - Zoomlion (000157) had a closing price of 8.17, with a net inflow of 1.18 million yuan from major investors [3] - Shantui (000680) closed at 11.57, with a net inflow of 64 million yuan from major investors [3] - Southern Road Machinery (603280) had a net inflow of 23.42 million yuan from major investors [3]

Core Viewpoint - Shantui Co., Ltd. is a leading manufacturer in the construction machinery sector, with a strong market position and a focus on innovation and efficiency in its product offerings [1][2]. Group 1: Company Overview - Shantui was established on December 14, 1993, and listed on the Shenzhen Stock Exchange on January 22, 1997, with its headquarters in Jining, Shandong Province [1]. - The company is ranked among the top 50 global construction machinery manufacturers and the top 500 Chinese manufacturing enterprises, specializing in bulldozers and other construction equipment [1]. Group 2: Financial Performance - For Q3 2025, Shantui reported revenue of 10.488 billion yuan, ranking 7th in the industry, below the top competitors XCMG and SANY, but above the industry median [2]. - The net profit for the same period was 841 million yuan, placing the company 9th in the industry, again below the top two competitors but above the industry median [2]. Group 3: Financial Ratios - As of Q3 2025, Shantui's debt-to-asset ratio was 67.37%, higher than the industry average of 44.93% [3]. - The gross profit margin was reported at 20.53%, which, while improved from the previous year, remains below the industry average of 25.31% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 19.80% to 70,800, while the average number of shares held per shareholder decreased by 16.52% [5]. - The top three shareholders include Hong Kong Central Clearing Limited, which holds 41.4627 million shares, having decreased its holdings by 12.0523 million shares [5]. Group 5: Business Highlights and Future Outlook - Shantui is positioned as a global leader in bulldozer manufacturing, with expectations for significant export growth starting in 2025 [5]. - The company aims for a revenue target of 15.7 billion yuan in 2025, with a projected 10% year-on-year growth, and anticipates a 21% increase in overseas revenue [6]. - The company plans to implement cost reduction measures totaling 520 million yuan in 2025 and is considering issuing H-shares to enhance its global strategy [6].

Core Insights - The company reported a revenue of 10.488 billion yuan for the first three quarters, representing a year-on-year increase of 2.36% [1] - The net profit attributable to shareholders reached 838 million yuan, showing a year-on-year growth of 15.67% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 823 million yuan, reflecting a year-on-year increase of 24.40% [1]

山推工程机械股份有限公司 股东会议事规则（草案） （H股发行并上市后适用） 第一章 总则 第一条 为规范山推工程机械股份有限公司（以下简称"公司"）行为，保证股东 会依法行使职权，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）和《上市公司股东会规则》《境内企业境外 发行证券和上市管理试行办法》《深圳证券交易所股票上市规则》《香港联合交易所有 限公司证券上市规则》等法律法规的规定以及《山推工程机械股份有限公司章程》（以 下简称"公司章程"）的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、公司股票上市地证券监管规则、公司 章程及本规则的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉尽 责，确保股东会正常召开和依法行使职权。 第三条 股东会是公司的权力机构，依照《公司法》和公司章程规定行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应当于 上一会计年度结束后的6个月内举行。临时股东会不定期召开，出现下列情况之一的， 公司应当在事实发生之日起2个月内 ...

山推工程机械股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善山推工程机械股份有限公司（以下称"本公司"或"公 司"）法人治理结构，规范独立董事行为，充分发挥独立董事在公司治理中的作用，促 进提高公司质量，维护公司整体利益，保障全体股东特别是中小股东的合法权益不受损 害，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管 理办法》等有关法律法规、规范性文件，以及《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》（以下简称"《规范运作》"）《山推工程机械股份有限公司章程》 （以下简称"《公司章程》"）等规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公司主要 股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判 断关系的董事。独立董事应当独立履行职责，不受上市公司及其主要股东、实际控制人 等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、行政 法规、中国证券监督管理委员会（以下简称"中国证监会" ...

山推工程机械股份有限公司 外部信息使用人管理制度 第一条 为加强公司信息披露工作的管理，规范外部信息使用人管理事务，依据 《公司法》、《证券法》等有关法律法规、规范性文件及《公司章程》,结合公司实际情 况，制定本制度。 第二条 本制度所指"信息"是指所有对公司股票交易价格可能产生影响的信息， 包括但不限于定期报告、临时报告、财务数据及正在筹划或需要报批的重大事项等。 第三条 本制度的适用范围包括公司及各部门、事业部、分公司、全资子公司、 控股子公司以及公司的董事、高级管理人员和其他相关人员、公司对外报送信息涉及 的外部单位或个人。 第九条 外部单位或个人不得泄漏依据法律法规报送的本公司未公开的重大信息， 不得利用所获取的未公开重大信息买卖本公司证券或建议他人买卖本公司证券。 1 第十条 外部单位或个人应该严守上述条款，如违反本制度及相关规定使用本公 司报送信息致使公司遭受经济损失的，本公司将依法要求其承担赔偿责任；如利用所 获取的未公开重大信息买卖公司证券或建议他人买卖公司证券的，本公司将依法收回 其所得的收益；如涉嫌犯罪的，应当将案件移送司法机关处理。 第四条 公司外部信息使用人管理工作由公司董事会秘书负责 ...