证券代码：000680 证券简称：山推股份 公告编号：2025-035 山推工程机械股份有限公司 第十一届董事会第十六次会议决议公告 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。 山推工程机械股份有限公司（以下简称"公司"）第十一届董事会第十六次会议于 2025 年 4 月 29 日在公司总部大楼 205 会议室以现场与通讯相结合的方式召开。会议通 知已于 2025 年 4 月 25 日以书面和电子邮件两种方式发出。会议应到董事 9 人，实到董 事 9 人。公司董事李士振、张民、马景波、曲洪坤现场出席了会议，董事王翠萍、肖奇 胜、吕莹、陈爱华、潘林以通讯方式进行了表决。本次董事会参会董事人数超过公司董 事会成员半数，符合《公司法》和《公司章程》的有关规定，本次会议的召集、召开及 表决程序合法有效。会议由李士振董事长主持。公司监事、高级管理人员列席了会议。 会议审议并通过了以下议案： 一、审议通过了《公司 2025 年第一季度报告》；（详见公告编号为 2025-037 的"公 司 2025 年第一季度报告"） 表决结果为：同意 9 票，反对 0 票，弃权 0 ...

山推工程机械股份有限公司 与山东重工集团财务有限公司发生存款业务风险应急处置预案 为有效防范、及时控制和化解公司及其控股子公司在山东重工集团有限公司 (以下简称"山东重工集团")控制的山东重工集团财务有限公司(以下简称"财 务公司")存款的资金风险，维护资金安全，根据《深圳证券交易所股票上市规 则》及《上市公司自律监管指引第7号——交易与关联交易》等文件的要求，特 制定本风险处置预案。 第一章 组织机构及职责 第一条 公司成立存款风险处置领导小组（以下简称"领导小组"），由公司 董事长任组长，为领导小组风险处置第一责任人，由公司总经理任副组长，领导 小组成员包括董事会秘书、财务总监、财务部门及证券部门等相关部门负责人。 领导小组负责组织开展存款风险的防范和处置工作，对存款风险，任何单位、个 人不得隐瞒、缓报、谎报或者授意他人隐瞒、缓报、谎报。 第二条 领导小组下设办公室，办公室设在公司财务部门，由公司财务总监 担任办公室主任，具体负责日常的监督与管理工作。 第三条 对存款风险的应急处置应遵循以下原则办理： 1、统一领导，分级负责。存款风险的应急处置工作由领导小组统一领导， 对董事会负责，全面负责存款风险的防范 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,300,766,451.06, representing a 2.86% increase compared to CNY 3,209,053,581.96 in the same period last year[4]. - Net profit attributable to shareholders was CNY 272,649,939.27, up 13.63% from CNY 239,947,751.61 year-on-year[4]. - The company recorded a 28.93% increase in net profit after deducting non-recurring gains and losses, amounting to CNY 268,839,161.59 compared to CNY 208,515,266.69 in the previous year[4]. - Total revenue for Q1 2025 reached ¥3,300,766,451.06, an increase of 2.8% compared to ¥3,209,053,581.96 in the same period last year[24]. - Net profit for Q1 2025 was ¥273,183,365.68, compared to ¥240,808,580.21 in the previous year, representing an increase of 13.4%[25]. - The total comprehensive income for the period was CNY 271,373,573.24, compared to CNY 241,238,570.19 in the previous period, reflecting an increase of approximately 12.5%[26]. - Basic and diluted earnings per share increased to CNY 0.1817 from CNY 0.1599, representing a growth of about 13.9%[26]. Cash Flow - The net cash flow from operating activities was negative at CNY -268,454,158.87, a decline of 116.02% compared to CNY -124,270,139.98 in the previous year[12]. - Cash inflows from operating activities totaled CNY 2,676,888,253.01, up from CNY 2,359,395,962.36, indicating an increase of approximately 13.4%[28]. - Cash outflows from operating activities amounted to CNY 2,945,342,411.88, compared to CNY 2,483,666,102.34, which is an increase of about 18.6%[28]. - Cash flow from financing activities showed a significant increase, reaching CNY 304,112,727.54, up 1,741.68% from CNY 16,512,768.58 in the same period last year[12]. - Cash flow from investing activities resulted in a net outflow of CNY -277,660,468.88, compared to a net inflow of CNY 84,570,964.84 in the previous period[28]. - The ending balance of cash and cash equivalents was CNY 1,015,611,003.39, down from CNY 1,696,052,784.69[29]. - The company’s cash and cash equivalents decreased by CNY 231,125,511.28 during the period, compared to a decrease of CNY 19,808,187.70 in the previous period[28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,479,954,322.06, reflecting a 1.05% increase from CNY 18,288,496,908.44 at the end of the previous year[5]. - Total liabilities decreased slightly to ¥12,672,539,739.82 from ¥12,753,048,584.13, a decrease of 0.6%[23]. - The company's equity attributable to shareholders rose to ¥5,511,670,762.72 from ¥5,240,428,819.40, an increase of 5.2%[23]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 63,494, with the largest shareholder, Shandong Heavy Industry Group Co., Ltd., holding 24.29% of the shares[13]. - The company has a total of 180.61 million shares held by Shandong Heavy Industry Group, which is a controlling shareholder[15]. - The company has a total of 236.71 million shares held by Weichai Power Co., Ltd., which is also a significant shareholder[15]. - The company has a total of 42.93 million shares held by the National Social Security Fund 107 Portfolio[15]. - The company has a total of 20.47 million shares held by Huatai-PB Fund Management Co., Ltd.[15]. Investments and Financing - The company reported a significant increase in short-term borrowings, which rose by 43.45% to CNY 1,153,810,636.10 from CNY 804,320,550.45[10]. - The company reported a 47.33% increase in long-term equity investments, totaling CNY 809,824,968.76, compared to CNY 549,684,567.16 in the previous year[10]. - The company has a total of 72.38 million yuan in financing leasing from Shandong Heavy Industry Leasing Co., Ltd.[18]. - The company has a total of 26.99 million yuan in mortgage loan balance, with overdue amounts of 16.38 million yuan[17]. - The company has issued a total of 4.26 million yuan in surplus raised funds to supplement working capital permanently[19]. - The company has a total of 7.26 million yuan in outstanding bank acceptance bills as of March 31, 2025[16]. - As of March 31, 2025, the balance of financing leasing business is 593.67 million yuan, with overdue amounts totaling 13.88 million yuan[18]. - The balance of financial credit granting business is 31.07 million yuan as of March 31, 2025, with no overdue conditions met[18]. Research and Development - Research and development expenses for Q1 2025 were ¥103,915,818.26, down from ¥138,212,635.86, a decrease of 24.8%[25]. Inventory and Receivables - Accounts receivable increased to ¥5,311,040,029.54 from ¥4,710,741,522.11, marking a rise of 12.8%[21]. - Inventory decreased to ¥3,014,547,683.47 from ¥3,200,095,156.30, a reduction of 5.8%[21]. - The company's cash and cash equivalents decreased to ¥3,877,259,521.95 from ¥4,572,610,420.38, a decline of 15.2%[21].

Core Viewpoint - In 2024, the company achieved significant revenue and profit growth, driven by overseas market expansion and new product development Financial Performance - The company reported a revenue of 14.219 billion yuan in 2024, a year-on-year increase of 25.1% (adjusted) [1] - The net profit attributable to shareholders reached 1.102 billion yuan, up 40.7% year-on-year (adjusted) [1] - The net profit excluding non-recurring gains and losses was 987 million yuan, reflecting a 40.5% year-on-year increase [1] - The gross profit margin for 2024 was 20.1%, an increase of 1.6 percentage points year-on-year [1] Quarterly Performance - In Q4 2024, the company achieved a revenue of 4.382 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 31.7% [1] - The net profit attributable to shareholders in Q4 was 428 million yuan, up 52.5% year-on-year and 67.4% quarter-on-quarter [1] - The net profit excluding non-recurring gains and losses for Q4 was 325 million yuan, reflecting a year-on-year increase of 36.7% and a quarter-on-quarter increase of 28.9% [1] Market and Product Insights - The engineering machinery industry showed steady progress, with domestic markets stabilizing and export levels remaining high [2] - The company's overseas revenue reached 7.411 billion yuan, a year-on-year increase of 26.1%, driven by expansion in regions such as Africa, Europe, the Americas, and Southeast Asia [2] - New product development cycles were significantly shortened, leading to a rapid increase in new product offerings, including high-end products like the DH80 bulldozer and SE series mining excavators [2] - The company completed the acquisition of 100% of Shanzhong Construction Machinery, which exceeded performance commitments with a net profit of 197 million yuan [2] Product and Regional Breakdown - Revenue from main engine products was 9.763 billion yuan, a year-on-year increase of 26.6%, with a gross margin of 23.1% [3] - Revenue from parts and other products was 3.145 billion yuan, reflecting a year-on-year increase of 30.2% with a gross margin of 11.5% [3] - International revenue accounted for 57.4% of total revenue, with a gross margin of 27.4%, while domestic revenue was 5.497 billion yuan, up 29.4% with a gross margin of 10.8% [3] Future Outlook - The company is expected to maintain strong profit growth, with projected net profits of 1.22 billion yuan, 1.46 billion yuan, and 1.75 billion yuan for 2025, 2026, and 2027 respectively [3] - The company is positioned as a leader in the high-power bulldozer market, with significant growth potential in its main engine business [3]

证券代码：000680 证券简称：山推股份 公告编号：2025—033 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。 重要内容提示： 1、山推工程机械股份有限公司（以下简称"公司"）拟使用公司自有资金或自筹资 金（含股票回购专项贷款资金）通过深圳证券交易所交易系统以集中竞价交易方式回购部 分公司已在境内发行的人民币普通股（A 股）股票，回购的资金总额不低于人民币 1.5 亿 元（含本数），不超过人民币 3 亿元（含本数），回购价格不超过人民币 13.88 元/股。 本次回购的股份拟在未来适宜时机全部用于股权激励计划或实施员工持股计划，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。 2、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》，表决情况为 9 票同意，0 票反对，0 票弃权。根据 《公司章程》的规定，本事项经董事会审议通过后，无需提交公司股东大会审议。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立了股份回购专用证券账 户。 相关风险提示： 山推工 ...

证券代码：000680 证券简称：山推股份 公告编号：2025—034 山推工程机械股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股信息的公告 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"）于 2025 年 4 月 22 日召开了第十 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》，具 体内容详见公司 2025 年 4 月 23 日于巨潮资讯网（www.cninfo.com.cn）披露的《关于 山推股份回购公司部分股份的公告》。 二〇二五年四月二十九日 | 序号 | 股东名称 | 持股数量（股） | 占总股本比例 | | --- | --- | --- | --- | | 1 | 山东重工集团有限公司 | 364,399,684 | 24.29% | | 2 | 潍柴动力股份有限公司 | 236,705,601 | 15.78% | | 3 | 香港中央结算有限公司 | 47,237,169 | 3.15% | | 4 | 全国社保基金一零七组合 | 42,926,31 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 14.22 billion yuan, a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 1.10 billion yuan, up 40.7% year-on-year [1][2]. - The company's overseas market expansion has been successful, with overseas revenue of 7.41 billion yuan, representing a 26.1% increase [2]. - The gross profit margin improved to 20.1%, an increase of 1.6 percentage points, driven by the introduction of high-end products and the successful development of new products [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 14.22 billion yuan, with a net profit of 1.10 billion yuan and a non-recurring net profit of 0.99 billion yuan [1]. - The fourth quarter of 2024 saw a revenue of 4.38 billion yuan, a year-on-year increase of 14.3% and a quarter-on-quarter increase of 31.7% [1]. - The gross profit margin for 2024 was 20.1%, reflecting a year-on-year increase of 1.6 percentage points [1]. Product Performance - Revenue from main engine products reached 9.76 billion yuan, a year-on-year increase of 26.6%, with a gross margin of 23.1% [3]. - Revenue from parts and other products was 3.15 billion yuan, up 30.2% year-on-year, with a gross margin of 11.5% [3]. Regional Performance - International revenue accounted for 57.4% of total revenue, with 7.41 billion yuan from overseas markets, a 26.1% increase year-on-year [3]. - Domestic revenue was 5.50 billion yuan, reflecting a year-on-year growth of 29.4% [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 1.22 billion yuan, 1.46 billion yuan, and 1.75 billion yuan, respectively [2][5]. - The company is positioned as a leader in the large horsepower bulldozer market, with significant growth potential in its main business [2].

Core Insights - The company reported a revenue of 14.219 billion yuan for 2024, representing a year-on-year growth of 25.12%, and a net profit attributable to shareholders of 1.102 billion yuan, up 40.72% [1] - A cash dividend of 0.6 yuan per 10 shares (including tax) is proposed for all shareholders [1] Revenue Growth and Product Optimization - The company achieved significant revenue growth with overseas revenue reaching 7.411 billion yuan, accounting for 57.41% of total revenue, a year-on-year increase of 26.08%, driven by contributions from the Middle East, Southeast Asia, and Africa [1] - The company restructured its global marketing network, adding 23 new overseas distributors, and improved service response efficiency to industry-leading levels [1] - High-end product breakthroughs include the mass production of DH80 bulldozers, SE1500/2000 mining excavators, and the LE series electric loaders, enhancing competitive differentiation [1] - The company completed the acquisition of 100% equity in Shanzhong Construction Machinery, which generated a revenue of 3.351 billion yuan and a net profit of 197 million yuan in 2024 [1] Profitability and Financial Metrics - The gross profit margin for 2024 was 20.55%, an increase of 1.61 percentage points, primarily due to product structure optimization [2] - The sales expense ratio increased by 0.69 percentage points due to investments in overseas market expansion, while the management expense ratio decreased by 0.59 percentage points, reflecting scale effects [2] - Research and development expenses amounted to 542 million yuan, focusing on new energy, intelligence, and core components, with key technologies like electric control gearboxes achieving mass production [2] - Accounts receivable at the end of 2024 stood at 4.711 billion yuan, a year-on-year increase of 32.3%, indicating a need for improved collection [2] Future Projections - Revenue forecasts for 2025 to 2027 are 15.721 billion yuan, 17.522 billion yuan, and 19.425 billion yuan, respectively, with net profits projected at 1.320 billion yuan, 1.604 billion yuan, and 1.896 billion yuan [2] - Corresponding earnings per share (EPS) are expected to be 0.88 yuan, 1.07 yuan, and 1.26 yuan for the same years [2] - The company is rated as a "buy" with a target price of 11.44 yuan, equivalent to a 13 times dynamic price-to-earnings ratio for 2025 [2]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 11.16 CNY, compared to the current stock price of 9.16 CNY as of April 24, 2025 [3][6]. Core Views - The company has demonstrated excellent performance with a total revenue of 14.219 billion CNY in 2024, reflecting a year-on-year increase of 25.12%, and a net profit of 1.102 billion CNY, up 40.72% year-on-year, indicating strong profit elasticity [1][2]. - The recovery in the earthmoving machinery sector is supported by both domestic and international demand, with the company benefiting from its leading position in the bulldozer industry and expanding its product range to include excavators and loaders [1][2]. - The company has successfully integrated its subsidiary, Shandong Heavy Industry Group, which has significantly contributed to profit growth, with net profit from this subsidiary reaching 197 million CNY, a remarkable increase of 355.6% year-on-year [2][6]. Financial Performance - The company's gross margin and net margin improved to 20.05% and 7.77%, respectively, with gross margin driven by the integration of excavator manufacturing [2]. - Revenue from main engine products reached 9.763 billion CNY, up 26.61% year-on-year, while revenue from parts and other products was 3.145 billion CNY, up 30.21% year-on-year [1]. - Domestic market revenue was 5.497 billion CNY, up 29.39% year-on-year, and overseas market revenue was 7.411 billion CNY, up 26.08% year-on-year, with export revenue reaching a record high, accounting for 52.13% of total revenue [1]. Future Outlook - The company aims for a revenue target of 15.7 billion CNY in 2025, with expectations of continued growth in both domestic and international markets [6]. - Projected revenues for 2025-2027 are 16.17 billion CNY, 18.25 billion CNY, and 20.77 billion CNY, with corresponding net profits of 1.39 billion CNY, 1.64 billion CNY, and 2.02 billion CNY, indicating robust growth rates [6][8]. - The company is expected to benefit from further internal asset integration and has a low valuation level, presenting significant investment value [6].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][17]. Core Views - The company has demonstrated excellent performance in its 2024 annual report, achieving a revenue of 14.22 billion yuan, a year-on-year increase of 25.12%, with domestic and international revenues growing by 29.39% and 26.08% respectively [1][2]. - The company’s net profit attributable to shareholders reached 1.10 billion yuan, reflecting a year-on-year growth of 40.72%, indicating a significant improvement in profitability [1]. - The company is focusing on high-tech, high-quality, and high-value-added products, with a notable increase in the number of new products launched [2]. - The acquisition of Shanzhong Construction Machinery has been successful, with the actual net profit exceeding the performance commitment, which is expected to continue enhancing the company's earnings [2][3]. - The chairman's proposal to repurchase shares demonstrates confidence in the company's long-term development and aims to stabilize and enhance company value [4]. Financial Performance - In 2024, the company achieved a gross profit margin of 20.05% and a net profit margin of 7.77%, both showing improvements compared to the previous year [1]. - The company’s operating expenses ratio decreased to 10.8%, indicating better cost control [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 1.37 billion, 1.57 billion, and 1.83 billion yuan respectively, reflecting a positive outlook for future earnings [4][9]. Business Structure and Strategy - The company is diversifying its product offerings, with new high-end products such as large bulldozers and mining excavators being developed [2]. - The integration of resources within the Shandong Heavy Industry Group has provided the company with significant competitive advantages through capital, technology, and talent support [3]. Market Position - The company has strengthened its international market presence, with overseas revenue accounting for 57.41% of its main business income, enhancing its resilience against risks [1][2].