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 ...

证券代码：000680 证券简称：山推股份 公告编号：2025-075 山推工程机械股份有限公司 2025 年第四次临时股东会决议公告 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。 特别提示 1、本次股东会未出现否决议案的情形； (1)现场会议时间：2025 年 9 月 9 日（星期二）下午 14:00。 (2)网络投票时间：2025 年 9 月 9 日（星期二），其中： ①通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年9月9日上午 9:15-9:25，9:30-11:30，下午13:00-15:00； ②通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025年9月9 日上午9:15至下午15:00的任意时间。 2、召开地点：山东省济宁市高新区 327 国道 58 号公司总部大楼 205 会议室； 3、召开方式：现场表决和网络投票相结合的方式； 4、召集人：公司第十一届董事会； 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 (一)会议召开情况 1、召开时间： 5、主持人：李士振董事长； 6、会议的召开符 ...

证券之星消息，9月9日工程机械板块较上一交易日上涨0.08%，山推股份领涨。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000680 | 山推股份 | 9.92 | 3.66% | 48.59万 | 4.78亿 | | 600031 | =一重工 | 21.28 | 1.72% | 85.23万 | 18.13亿 | | 000425 | 徐工机械 | 10.08 | 1.41% | 110.08万 | 11.14亿 | | 603338 | 浙江鼎力 | 52.66 | 0.40% | 4.51万 | 2.37亿 | | 600984 | 建设机械 | 3.61 | 0.28% | 19.17万 | 6941.16万 | | 000157 | 中联重科 | 7.39 | 0.27% | 93.83万 | 6.95亿 | | 603194 | 中力股份 | 40.1 ...

证券代码：000680 证券简称：山推股份 1 | | 2、公司海外渠道布局： | | --- | --- | | | 截至 2025 年 6 月 30 日，公司销售网络遍布全球 160 多个国 | | | 家和地区，包括 154 家海外经销商与超过 520 家海外营业网点，并 | | | 设立了 10 家海外子公司。同时公司也已启动并正常推进印尼、泰 | | | 国、澳大利亚及尼日利亚四家海外子公司的建立工作，且正在规划 | | | 在其他大洲进一步建立海外子公司的工作。 | | | 3、公司 8 月份股份回购进展及回购计划： | | | 鉴于公司于 8 月 23 日、29 日分别披露了《2025 年半年度报 | | | 告》、《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》，根据相关监管规则，为确保回购事项的合法合规性，公 | | | 司未在窗口期回购股份。后续公司将按照监管规则，根据市场情况 | | | 和资金安排有序落实回购计划，并及时履行信息披露义务，具体 9 | | | 月份的回购进展请以公告披露信息为准。 | | | 二、现场参观 | | | 参观公司展厅、主机装配 ...

Summary of Shantui Co., Ltd. Conference Call Company Overview - Shantui Co., Ltd. is a leading player in the engineering machinery industry, primarily engaged in the production of bulldozers and excavators. The company is part of Shandong Heavy Industry Group, which includes other well-known enterprises such as Weichai Power and China National Heavy Duty Truck Group [2][3][10]. Key Points and Arguments - **Revenue Composition**: Over 70% of Shantui's revenue comes from overseas markets, with expectations for overseas revenue to reach 9 billion yuan in 2025, representing a 21% year-on-year growth. However, the company needs to monitor the impact of the weakening Russian market on performance [2][3]. - **Profit Contribution**: Mining machinery contributes over 40% of Shantui's net profit, with high-power bulldozers being a significant source of profit. The company is expected to benefit from domestic substitution trends and demand from emerging markets, enhancing profitability [2][3]. - **Share Buyback and Market Confidence**: Shantui plans to repurchase shares worth 150 to 300 million yuan for employee stock ownership plans and has initiated an application for a listing on the Hong Kong Stock Exchange, indicating confidence in future growth. However, the potential dilution effect from the Hong Kong listing should be considered [2][3]. - **Market Position**: Shantui ranks third globally in bulldozer sales, with over 70% market share in the Chinese export market, indicating a monopolistic position. The company must remain vigilant regarding market strategies from competitors like Caterpillar and Komatsu [2][3]. - **Financial Performance**: In the first half of 2025, Shantui's total revenue was 7 billion yuan, a 3% increase year-on-year. The gross margin for main engine business was 24%, with overseas market revenue accounting for 56%, up 8% year-on-year, while domestic market growth was relatively slow [2][9]. - **Future Profit Projections**: Shantui expects net profits for 2025-2027 to be 1.35 billion, 1.75 billion, and 2.55 billion yuan, respectively, with a compound annual growth rate (CAGR) of 23%. The price-to-earnings (PE) ratios are projected to be 11, 8, and 7, indicating a low valuation compared to peers [4][20]. - **Market Layout**: Shantui's market is primarily focused on Africa, Indonesia, the Middle East, and other Belt and Road Initiative countries, with Africa holding the highest share at 30%-40%. The demand for engineering machinery in these regions is expected to grow steadily [5][13]. - **Management Changes**: Recent management changes include the appointment of Li Shizheng as chairman and Zhang Ming as general manager, both of whom have extensive experience in the industry, which is expected to positively influence the company's future development [10][11]. Additional Important Information - **Cost Reduction Measures**: Shantui has implemented cost reduction measures totaling 520 million yuan, aimed at significantly lowering operational costs and improving overall profitability [19]. - **Risks to Consider**: Investors should be aware of potential risks, including lower-than-expected infrastructure and real estate investments and overseas trade friction, which could adversely affect future performance [21]. This summary encapsulates the key insights from the conference call regarding Shantui Co., Ltd.'s business operations, market position, financial performance, and future outlook.

Group 1 - The company, Shantui Construction Machinery Co., Ltd., announced that it will hold its fourth extraordinary general meeting of shareholders on September 9, 2025 [2] - The agenda for the meeting includes the review of the report on the provision for asset impairment and asset write-offs for the first half of 2025 [2]

证券代码：000680 证券简称：山推股份 公告编号：2025-074 山推工程机械股份有限公司 关于召开 2025 年第四次临时股东会的提示性公告 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"）于 2025 年 8 月 23 日在《中国证 券报》、《证券时报》和巨潮资讯网（www.cninfo.com.cn）上刊登了《山推工程机械股 份有限公司关于召开 2025 年第四次临时股东会的通知》。由于本次股东会将采取网络 投票与现场投票相结合的方式，根据中国证监会《关于加强社会公众股股东权益保护 的若干规定》的要求，现将本次股东会相关事项提示如下： 一、召开会议的基本情况 (一)股东会届次：本次股东会是公司 2025 年第四次临时股东会。 (二)股东会的召集人：公司第十一届董事会。 (三)会议召开的合法、合规性：本届董事会认为本次股东会的召开程序符合有关 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。 (四)会议召开日期和时间： 现场会议时间：2025 年 9 月 9 日（星期二）下午 14:00。 网 ...