智通财经APP讯，山推股份(000680.SZ)发布公告，公司根据相关规定已向中国证券监督管理委员会(以 下简称"中国证监会")报送了本次发行并上市的备案申请材料，并于近日获中国证监会接收。 ...

山推工程机械股份有限公司 关于发行境外上市股份（H 股）备案申请材料 获中国证监会接收的公告 公司本次发行并上市尚需取得中国证监会、香港证券及期货事务监察委员会和香 港联交所等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍存 在不确定性。公司将根据本次发行并上市的进展情况依法及时履行信息披露义务，敬 请广大投资者注意投资风险。 证券代码：000680 证券简称：山推股份 公告编号：2025-076 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。 山推工程机械股份有限公司（以下简称"公司"）已于2025年8月28日向香港联合 交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H 股）并在 香港联交所主板挂牌上市（以下简称"本次发行并上市"）的申请，并于同日在香港 联交所网站刊登了本次发行上市的申请资料。具体内容详见公司于2025年8月29日在巨 潮资讯网（www.cninfo.com.cn）及指定媒体披露的《关于向香港联交所递交H股发行 上市申请并刊发申请资料的公告》（公告编号：2025-072）。 公司根据相关规定已向中国证券监督 ...

（文章来源：每日经济新闻） 每经AI快讯，9月15日，山推股份公告，公司已于2025年8月28日向香港联交所递交了发行境外上市股 份（H股）并在香港联交所主板挂牌上市的申请，并于近日获中国证监会接收。公司本次发行并上市尚 需取得中国证监会、香港证券及期货事务监察委员会和香港联交所等相关政府机关、监管机构、证券交 易所的批准、核准或备案，该事项仍存在不确定性。公司将根据本次发行并上市的进展情况依法及时履 行信息披露义务。 ...

Company Overview - Shantui Construction Machinery Co., Ltd. is located in Jining, Shandong Province, and was established on December 14, 1993, with its listing date on January 22, 1997. The company specializes in the research, development, manufacturing, sales, leasing, maintenance, and technical consulting services of construction machinery, mining machinery, agricultural machinery, harvesting machinery, and their components [1]. Financial Performance - As of June 30, 2025, Shantui achieved an operating revenue of 7.004 billion yuan, representing a year-on-year growth of 7.61%. The net profit attributable to shareholders was 568 million yuan, reflecting a significant increase of 35.80% year-on-year [2]. - The company has distributed a total of 1.292 billion yuan in dividends since its A-share listing, with 474 million yuan distributed over the past three years [3]. Stock Performance - On September 15, Shantui's stock price decreased by 2.06%, trading at 9.49 yuan per share, with a total market capitalization of 14.236 billion yuan. The stock has seen a decline of 1.25% year-to-date, a drop of 0.84% over the last five trading days, and a decrease of 4.33% over the past 20 days, while it has increased by 10.35% over the last 60 days [1]. - The number of shareholders as of June 30, 2025, was 59,100, a decrease of 6.89% from the previous period, while the average number of circulating shares per person increased by 7.96% to 22,238 shares [2]. Shareholder Composition - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 53.515 million shares, an increase of 7.8414 million shares from the previous period. Meanwhile, Huaxia Classic Mixed Fund (288001) was the eighth-largest circulating shareholder, holding 11.644 million shares, a decrease of 106,180 shares from the previous period [3]. Industry Classification - Shantui is classified under the Shenwan industry category of machinery equipment, specifically in the engineering machinery sector, and is associated with concepts such as new urbanization, engineering machinery, Xiong'an New Area, waste classification, and machinery [1].

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]