Core Viewpoint - On September 2, Shantui Construction Machinery Co., Ltd. announced that it will not implement a share buyback by August 2025 [2] Summary by Category - **Company Announcement** - Shantui announced the decision regarding the share buyback, indicating a strategic choice not to proceed with this financial maneuver [2]

Core Viewpoint - Shandong Shantui (Dezhou) Engineering Machinery Co., Ltd. is experiencing significant growth driven by intelligent and green technologies, with a nearly 30% year-on-year increase in product sales in the first half of the year [1][3]. Group 1: Product Innovation - The company has developed a remote-controlled loader, capable of operating in three modes: manual, near-range, and remote, showcasing adaptability in various working conditions [1][2]. - A new unmanned loader has been introduced, which autonomously plans optimal paths and performs tasks without human intervention, highlighting advancements in automation [2][3]. - The first nationwide new energy loader was launched, with over 500 units sold in the first half of the year, indicating strong market demand [3]. Group 2: Technological Focus - The company is focusing on three core technologies: pure electric power, hybrid power, and intelligent control systems, aiming to overcome industry challenges [3][4]. - A comprehensive digital platform is being developed to enhance the entire production process, emphasizing the importance of digital transformation in manufacturing [3][4]. Group 3: Environmental Initiatives - An investment of over 300 million yuan has been made in digital transformation, integrating multiple intelligent application platforms to improve production efficiency and management processes [4]. - The company has adopted water-based paints in its production, reducing VOC emissions by 70%-90% compared to traditional paints, and saving approximately 5,000 cubic meters of natural gas annually [4].

Core Viewpoint - The global first AI pure electric unmanned bulldozer has been officially delivered and is now in operation, marking a significant milestone in the construction machinery industry [1] Group 1 - The delivery ceremony for the AI pure electric unmanned bulldozer took place on September 2, organized by Shantui Construction Machinery Co., Ltd. [1] - Yun Sul Mining and Shantui completed the "golden key" delivery, indicating the operational status of the bulldozer [1] - A strategic cooperation agreement was signed between Yun Sul Mining and Shantui, establishing a partnership for future projects [1] Group 2 - The unveiling of the "Yun Sul - Shantui Industry-Academia-Research Cooperation Base" was part of the ceremony, emphasizing collaboration in research and development [1]

Core Viewpoint - The company, Shantui Construction Machinery Co., Ltd. (山推股份), has conducted a share buyback program, repurchasing a total of 5,541,050 shares, which represents 0.37% of its total share capital as of August 31, 2025 [1] Summary by Relevant Categories Share Buyback Details - The company has not implemented any share buyback as of August 2025 [1] - The shares were repurchased through a dedicated securities account via centralized bidding [1] - The highest transaction price was 9.24 CNY per share, while the lowest was 8.64 CNY per share [1] - The total amount spent on the buyback was 49.9891 million CNY, excluding transaction fees [1]

证券代码：000680 证券简称：山推股份 公告编号：2025-073 山推工程机械股份有限公司 关于回购股份方案实施进展的公告 本公司及董事会全体成员保证信息披露内容的真实、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 4 月 22 日，召开第十 一届董事会第十五次会议，审议通过了《关于山推股份回购公司部分股份的议案》。公 司拟使用自有资金或自筹资金（含股票回购专项贷款资金），以集中竞价交易方式回购 公司发行的人民币普通股（A 股）股份。本次回购的股份，在未来适宜时机将全部用于股 权激励计划或实施员工持股计划。本次回购股份金额不低于人民币 1.5 亿元（含本数）， 不超过人民币 3 亿元（含本数），回购价格不高于人民币 13.88 元/股。本次回购股份的 实施期限为自董事会审议通过回购股份方案之日起 12 个月内。具体情况详见公司于 2025 年 4 月 29 日披露于巨潮资讯网的《关于山推股份回购公司部分股份的报告书》（2025-033 号公告）。 根据公司《关于山推股份回购公司部分股份的报告书》的约定，在回购期内，如公 司实施派息、送股 ...

Core Insights - Artificial intelligence (AI) is a strategic technology leading a new wave of industrial transformation, particularly in the construction machinery sector, with Shantui as a key player in this evolution [1][2] Group 1: AI Integration in Construction Machinery - Shantui, the leading bulldozer brand in China, holds over 60% of the market share and is currently developing the world's first AI bulldozer, which is being utilized in significant projects like the Taiping Reservoir [1] - The AI bulldozer can achieve precise leveling with an error margin of within 3 cm, significantly improving efficiency by doubling operational hours and allowing for night work [1][2] Group 2: Industry Collaboration and Innovation - The development of the AI bulldozer involved collaboration with over 100 member units in the "Shandong Engineering Machinery Intelligent Equipment Innovation and Entrepreneurship Community," which facilitated rapid design and resource allocation [2] - Shantui's innovation includes advancements in electronic components and circuit board requirements, necessitating multiple iterations for successful hardware integration [2][3] Group 3: Market Impact and Future Vision - The AI bulldozer was launched on June 19, 2023, overcoming 32 key technological challenges, and is already operational in major projects such as the Rizhao-Weifang High-Speed Railway and Guangdong Yun Sulfide Mining [3] - The future vision includes a fully automated fleet of construction machinery that can operate collaboratively, reducing the need for human intervention and enhancing operational efficiency [3]

Core Viewpoint - The latest holdings of the social security fund have been revealed, showing significant changes in stock positions as of June 30, 2025, following the completion of the semi-annual reports of listed companies [2]. Group 1: Top Holdings - The top ten stocks held by the social security fund, along with their holding ratios and changes, include: - Andar Intelligent: 11.90% (-1.53%) in specialized equipment manufacturing [3] - Changshu Bank: 8.38% (-0.05%) in monetary financial services [3] - Biyinlefen: 7.37% (-0.98%) in textile, clothing, and accessories [3] - Bai'ao Intelligent: 7.23% (new entry) in specialized equipment manufacturing [4] - Weixing Co.: 7.08% (+0.45%) in textile, clothing, and accessories [4] - Hehe Information: 7.00% (-0.27%) in software and information technology services [4] - Shantui Co.: 6.87% (+0.90%) in specialized equipment manufacturing [4] - Yongxing Co.: 6.53% (+4.30%) in ecological protection and environmental governance [4] - Xice Testing: 6.36% (-1.53%) in professional technical services [4] - Keri International: 6.30% (+0.60%) in business services [4] Group 2: New Holdings - New stock positions taken by the social security fund include: - Bai'ao Intelligent: 456.86 million shares (7.23%) in specialized equipment manufacturing [5] - Nossger: 217.08 million shares (3.80%) in research and experimental development [5] - Zhongchumei: 320.00 million shares (3.45%) in chemical raw materials and chemical products manufacturing [5] - Beiding Co.: 1,000.00 million shares (3.16%) in electrical machinery and equipment manufacturing [5] - Ugreen Technology: 100.00 million shares (3.01%) in computer, communication, and other electronic equipment manufacturing [5] - Sutest: 1,486.20 million shares (2.94%) in professional technical services [5] Group 3: Increased Holdings - The stocks with increased holdings by the social security fund include: - Yongxing Co.: 6.53% (+4.30%) in ecological protection and environmental governance [8] - Jiangshan Co.: 5.53% (+3.44%) in chemical raw materials and chemical products manufacturing [8] - Three squirrels: 3.78% (+2.79%) in retail [8] - Juhe Materials: 5.87% (+2.42%) in computer, communication, and other electronic equipment manufacturing [8] - Sanwei Chemical: 4.77% (+2.38%) in chemical raw materials and chemical products manufacturing [8] - Rujing Technology: 5.27% (+2.32%) in electrical machinery and equipment manufacturing [8] - Ziyou Intelligent-U: 4.12% (+2.12%) in pharmaceutical manufacturing [8] - Guoyao Co.: 4.03% (+1.95%) in wholesale [10] - Jinchengxin: 5.06% (+1.54%) in mining auxiliary activities [10] - Dingdian Software: 2.54% (+1.54%) in software and information technology services [10]

Core Viewpoint - Shantui Construction Machinery Co., Ltd. is applying for a listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and competitiveness, with a significant portion of its revenue coming from overseas markets [1][4][10]. Company Overview - Shantui has a 73-year history, originally established in 1952, and has evolved into a leading bulldozer manufacturer [4][6]. - The company has undergone several mergers and acquisitions, including the acquisition of Shandong DeGong and the sale of part of its stake in Komatsu Shantui [5][6]. - Shantui is backed by Shandong Heavy Industry Group, which holds approximately 40.07% of the company's shares [7]. Financial Performance - Shantui's revenue for the years 2022 to 2025 shows a compound annual growth rate (CAGR) of 11.8%, with 2024 revenue expected to grow by 25.1% year-on-year [9][10]. - The net profit for the same period has a remarkable CAGR of 111.94%, indicating strong profitability growth [9][11]. Market Position - Shantui is the third-largest bulldozer manufacturer globally and the largest in China, maintaining over 60% market share in the domestic market since 2010 [7][9]. - The company has established a significant presence in overseas markets, with international sales contributing over 52.1% of total revenue by 2024 [10]. Product and Service Expansion - Shantui has diversified its product offerings to include a full range of construction machinery, such as excavators, loaders, and concrete equipment [6][12]. - The company has established 10 overseas subsidiaries and a sales network covering over 160 countries, participating in major infrastructure projects both domestically and internationally [12]. Market Trends - The global construction machinery market is projected to grow from $213.5 billion in 2024 to $296.1 billion by 2030, with a CAGR of 5.6% [9]. - Factors driving this growth include infrastructure recovery, ongoing mining investments, and the acceleration of electrification and automation in the industry [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has established itself as a leading player in the bulldozer market, holding a domestic market share of 67.2% in 2023 and ranking among the top five global manufacturers [6][11] - The company is transitioning from a domestic leader to a global competitor, with overseas revenue expected to exceed 50% for the first time in 2024 [6][11] - The financial outlook is positive, with projected revenue growth and profitability driven by strong overseas demand and cost control measures [4][37] Summary by Sections Company Overview - The company, originally founded as Yantai Machinery Factory in 1952, has evolved into a leading bulldozer manufacturer, achieving continuous domestic sales leadership for 19 years [11] - The company is now part of Shandong Heavy Industry Group, enhancing its competitive position [11] Financial Analysis - The company is expected to achieve revenues of 14,219 million yuan in 2024, a 35% increase year-over-year, and a net profit of 1,102 million yuan, reflecting a 44% increase [4][37] - The overseas revenue reached 74.11 billion yuan in 2024, accounting for 52.12% of total revenue, indicating a significant shift towards international markets [37] Industry Overview - The global bulldozer market is highly concentrated, with the top five manufacturers holding over 80% of the market share [6][50] - The demand for large horsepower bulldozers is primarily driven by mining and infrastructure projects, with a projected market growth rate of 2.7% from 2025 to 2031 [50][54] Product and Market Strategy - The company has diversified its product offerings, including electric and large-capacity machinery, to meet evolving market demands [19][52] - The integration of excavators and loaders into the product line is expected to enhance market presence and revenue streams [19][56] Profitability and Cost Management - The company's gross margin improved to 20.05% in 2024, driven by higher contributions from overseas markets and premium products [40] - Cost control measures are projected to save 5.2 billion yuan in 2025, further enhancing profitability [39][40] Global Expansion - The company plans to issue H shares and establish subsidiaries in key international markets, aiming for 9 billion yuan in overseas revenue by 2025 [35][37]

证券代码：000680 证券简称：山推股份 公告编号：2025—072 山推工程机械股份有限公司 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 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"）递交了首次公开发行 H 股股票并在香港 联交所主板上市（以下简称"本次发行"）的申请，并于同日在香港联交所网站刊登了 本次发行的申请材料。该申请材料为公司按照香港证券及期货事务监察委员会（以下简 称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会 适时作出更新及修订，投资者不应根据其中的资料作出任何投资决定。 https://www1.hkexnews.hk/app/sehk/2025/107659/documents/sehk25082800363 _c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107659/documents/sehk25082 ...