Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry [6]. Core Insights - The mechanical equipment industry experienced a year-on-year revenue growth of 7.64% in Q2 2025, with a narrowing growth rate compared to the previous quarter. Key segments with accelerated revenue growth include wind power equipment, PCB(A), shipbuilding, lithium battery equipment, and instruments [13][18]. - The industry saw a year-on-year increase in net profit excluding non-recurring items of 16.22% in Q2 2025, with wind power and lithium battery equipment showing accelerated growth. The shipbuilding sector led with a 106% year-on-year increase, although this was affected by a low base [18][31]. - The overall profitability of the mechanical equipment industry strengthened in Q2 2025, with notable performance in the shipbuilding, railway equipment, and oil and gas equipment sectors [31]. Summary by Sections Overall Mechanical Equipment Overview - The mechanical equipment industry reported a year-on-year revenue growth of 7.64% in Q2 2025, with revenue growth accelerating in specific segments [13]. - The net profit excluding non-recurring items grew by 16.22% year-on-year, with wind power and lithium battery equipment leading the growth [18]. - The industry’s net profit margin increased by 0.38 percentage points year-on-year in Q2 2025, indicating improved profitability across various segments [25]. Subsector Performance - The engineering machinery sector saw a revenue increase of 8.7% in H1 2025, driven by strong overseas sales and diversified business contributions [44]. - Major companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG, reported significant revenue growth, with SANY achieving a 15% increase year-on-year in H1 2025 [41][44]. - The overall net profit for the engineering machinery sector reached 161 billion yuan in H1 2025, reflecting a 25.1% year-on-year increase, with profit growth outpacing revenue growth [45].

人民财讯9月11日电，据港交所披露，山推工程机械股份有限公司(简称"山推股份（000680）")向港交 所递交上市申请书，独家保荐人为中金公司（601995）。 ...

格隆汇9月11日｜据港交所文件，山推工程机械股份有限公司向港交所提交上市申请书。 ...

山推股份于2025年9月11日在山推股份办公楼201会议室，接受了景顺长城基金、国投瑞银基金、宝盈基 金等3家机构的特定对象调研及现场参观。山推股份接待人员包括袁青、肖尧、董建军。 投资者关系活动类别 特定对象调研、现场参观。 景顺长城基金：曹雅倩；国投瑞银基金：朴虹睿；宝盈基金：侯嘉敏。 上市公司接待人员姓名 袁青、肖尧、董建军。 投资者关系活动主要内容介绍2025年行业展望：2025年，工程机械行业需求增长受国内专项债发行提 速、雅江项目开工、新藏铁路建设、大规模设备更新政策以及二手挖机出口加速等多重因素推动，中国 工程机械行业发展环境稳步向好。工程机械出口需求也在稳步增加，新兴市场受益于"一带一路"市场拓 展，需求景气有望持续；欧美市场虽因关税政策需求降幅或收窄，但我国工程机械出口欧美市场占比较 低，影响有限，主机厂出海仍有较大潜在提升空间。总体预计2025年全年工程机械行业将保持平稳运 行、稳中有进的发展态势。销售政策与服务创新：山推股份采取区域化、个性化、阶段性的销售政策， 并根据市场变化适时推出灵活销售政策以提升产品竞争力。在代理经销制基础上，公司与银行和融资租 赁公司开展保兑仓、按揭、融资租赁及 ...

Investment Rating - The report maintains a strong buy recommendation for leading companies in the engineering machinery sector, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui [10]. Core Insights - The engineering machinery sector is experiencing a significant recovery driven by both domestic and international demand, with a notable increase in performance elasticity [8]. - The sector's revenue for the first half of 2025 reached 187.92 billion yuan, reflecting a year-on-year growth of 8.02%, while net profit increased by 22.94% to 18.661 billion yuan [19][22]. - The report highlights a shift from an "export-only" growth model to a "dual-core" model, with both domestic and international sales contributing to revenue growth [19]. Summary by Sections 1. Operating Conditions: Accelerated Revenue Growth and Strong Profit Elasticity - The engineering machinery sector has shown significant excess returns, with the sector's stock price increasing by 27.56% from the beginning of 2025 to September 9, compared to a 16.16% increase in the CSI 300 index [8][14]. - Domestic excavator sales from January to August 2025 increased by 21.55% year-on-year, driven by structural infrastructure projects [2]. - The average expense ratio for the sector decreased by 0.3 percentage points, primarily due to increased foreign exchange gains [8]. 2. Engineering Machinery: Steady Recovery and Upward Trend - Domestic excavator sales are expected to continue growing, with major projects like the Yaxia Hydropower Station accelerating demand [2][3]. - The overseas market saw excavator exports increase by 12.79% year-on-year, reversing a two-year decline, with total engineering machinery exports reaching 33.486 billion USD, up 10.8% [3][8]. - The report emphasizes the strong performance of leading manufacturers in both domestic and international markets, with SANY Heavy Industry and LiuGong showing particularly strong revenue growth [19][24]. 3. Investment Recommendations - The report suggests focusing on leading manufacturers of complete machines, component manufacturers, and high-altitude work platform/forklift manufacturers due to the expected recovery in demand [9][10]. - Specific companies recommended for investment include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui for complete machines, and Hengli Hydraulic and Aidi Precision for components [9][10].

Group 1: Industry Outlook - The engineering machinery industry in China is expected to see steady growth in 2025, driven by factors such as accelerated issuance of special bonds, project initiations, and policies for large-scale equipment updates [2] - Export demand for engineering machinery is increasing, particularly in emerging markets benefiting from the "Belt and Road" initiative, while the impact of tariff policies on the EU and US markets is limited due to China's low export share [2] Group 2: Company Sales Model - The company employs a "distribution + direct sales" model, focusing on market-based, customer-centric, and flexible sales policies to enhance competitiveness [3] - Continuous innovation in sales and leasing models has been implemented, with operational leasing achieving significant results in the first half of 2025 [3] Group 3: Technological Advancements - The trends of electrification and intelligence are becoming prominent in the engineering machinery sector, with the global smart construction market projected to grow from $12 billion in 2024 to $57.6 billion by 2030, at a CAGR of 29.9% [3] - The penetration rate of new energy engineering machinery is expected to rise from 1.5% to 9.1% between 2024 and 2030, with the market size increasing from $3.1 billion to $26.8 billion [3] - The company has developed and delivered several pioneering products, including the world's first pure electric bulldozer and AI-driven machinery [3]

Core Insights - Shantui's revenue and profit both increased in the first half of 2025, with revenue reaching 7.00 billion yuan, a year-on-year growth of 3.02%, and net profit attributable to shareholders at 568 million yuan, up 8.78% from the previous year [1] - The company reported a significant increase in net profit excluding non-recurring items, which rose by 36.48% to 559 million yuan [1] - The basic earnings per share for the period was 0.38 yuan, reflecting an increase of 8.82% compared to the previous year [1] Financial Performance - The gross margin for Shantui in the first half of 2025 was 20.16%, an increase of 3.32 percentage points year-on-year, while the net profit margin improved to 8.13%, up 1.67 percentage points [2] - Operating cash flow showed a decline of 16.70%, amounting to 230 million yuan [1] - Total assets at the end of the reporting period were 18.08 billion yuan, a decrease of 1.15% from the previous year, while net assets attributable to shareholders increased by 8.32% to 5.68 billion yuan [1] Expense Analysis - Total operating expenses for the first half of 2025 were 696 million yuan, an increase of 140 million yuan year-on-year, with an expense ratio of 9.93%, up 1.40 percentage points [2] - Sales expenses surged by 40.40%, management expenses rose by 19.29%, R&D expenses increased by 10.13%, and financial expenses saw a significant jump of 60.34% [2] IPO Announcement - On August 28, 2025, Shantui submitted an application for an initial public offering of H-shares on the Hong Kong Stock Exchange, proposing to issue up to 264.73 million shares, representing 15% of the total share capital post-issue [7] - The company reported a revenue of 14.22 billion yuan for 2024, marking a year-on-year growth of 34.89%, and a net profit of 1.10 billion yuan, up 44.01% [7] Company Overview - Shantui Engineering Machinery Co., Ltd. was established on December 14, 1993, and is primarily engaged in the research, development, manufacturing, sales, leasing, maintenance, and technical consulting of construction machinery, mining machinery, and agricultural machinery [8]

Core Viewpoint - The engineering machinery industry continues its recovery in the first half of 2025, driven by domestic demand from long-term government bond issuance, deepening equipment renewal policies, and accelerated energy transition. Core products such as excavators, concrete machinery, and cranes have seen comprehensive growth in domestic sales, while overseas markets remain robust, particularly in mineral development and energy infrastructure [1]. Company Performance Summary XCMG Machinery - Achieved operating revenue of 54.808 billion yuan, a year-on-year increase of 8.04%, and a net profit of 4.358 billion yuan, up 16.63%. The company shows a favorable development trend with growth in revenue, net profit, and cash flow, driven by internationalization, new energy, and aftermarket services [2][3]. - The earthmoving segment saw a revenue increase of 22.37%, making it the largest revenue segment, accounting for 31.05% of total revenue. Domestic sales share increased, with export revenue growing by 20% and aftermarket revenue up by 29% [3]. SANY Heavy Industry - Reported revenue of 44.534 billion yuan, a 14.96% increase, and a net profit of 5.216 billion yuan, up 46%. The excavator segment generated 17.497 billion yuan in sales, a 15% increase, maintaining the top position in the domestic market [5]. - Concrete machinery sales decreased by 6.49% to 7.441 billion yuan, while crane machinery sales increased by 17.89% to 7.804 billion yuan, with significant market share gains in various crane categories [6][7]. Zoomlion Heavy Industry - Recorded revenue of 24.855 billion yuan, a 1.3% increase, and a net profit of 2.765 billion yuan, up 20.84%. The crane segment accounted for 33.69% of total revenue, with earthmoving machinery exports growing over 33% [8]. LiuGong Machinery - Achieved revenue of 18.181 billion yuan, a 13.21% increase, and a net profit of 1.230 billion yuan, up 25.05%. The earthmoving machinery segment contributed 64.09% of total revenue, with both domestic and overseas markets showing strong growth [9]. Shantui - Reported revenue of 7.004 billion yuan, an 8.78% increase, with overseas revenue growing by 7.66% compared to the previous year [10]. Zhejiang Dingli - Achieved operating revenue of 4.336 billion yuan, a 12.35% increase, and a net profit of 1.052 billion yuan, up 27.63%. The company has shown resilience in a complex external environment [10]. Anhui Heli - Reported revenue of 9.390 billion yuan, a 6.18% increase, but net profit decreased by 4.60% to 0.796 billion yuan. Overseas revenue reached 4.016 billion yuan, up 15.20%, accounting for 43% of total revenue [11]. Market Dynamics - The engineering machinery industry is gradually improving, with domestic markets recovering and exports maintaining stable growth. Companies are actively seizing opportunities to enhance quality and efficiency while expanding their market presence [9][10].

（文章来源：证券日报） 证券日报网讯 9月9日晚间，山推股份发布公告称，公司2025年第四次临时股东会于2025年9月9日召 开，审议通过了《公司2025年上半年计提资产减值准备及资产核销的报告》等。 ...

北京市环球律师事务所上海分所 关于 山推工程机械股份有限公司 2025 年第四次临时股东会的 北京市环球律师事务所上海分所 关于山推工程机械股份有限公司 2025 年第四次临时股东会的 法律意见书 致：山推工程机械股份有限公司 根据山推工程机械股份有限公司（"山推股份"或"公司"）的委托，北京市 环球律师事务所上海分所（"本所"）就公司2025年第四次临时股东会（"本次股 东会"）所涉及的召集、召开程序、召集人资格和出席会议人员的资格、表决程 序及表决结果等相关问题发表法律意见。本法律意见书系依据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司股东会规则》（"《股东会规 则》"）、《上市公司独立董事管理办法》等相关法律、法规、规章及规范性文 件及《山推工程机械股份有限公司章程》（"《公司章程》"）的相关规定出具。 为出具本法律意见书之目的，本所经办律师（"本所律师"）依照现行有效 的中国法律、法规以及中国证券监督管理委员会（"中国证监会"）相关规章、 规范性文件的要求和规定，对山推股份提供的与题述事宜有关的法律文件及其 他文件、资料进行了审查、验证。同时，本所律师还审查、验证了本所律师认 为出具本 ...