山推工程机械股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 作为山推工程机械股份有限公司（以下简称"公司"）的独立董事以及战略委员会 成员，根据《公司法》《证券法》《上市公司治理准则》《上市公司独立董事管理办法》 《山推工程机械股份有限公司章程》（以下简称"公司章程"）以及《公司独立董事工 作制度》等有关法律、法规的规定，在 2024 年度工作中，恪尽职守，勤勉尽责，积极 出席相关会议，认真审议董事会各项议案，对公司相关事项发表独立意见，切实维护了 公司和股东尤其是中小股东的利益。现就 2024 年度工作履职情况汇报如下： 一、基本情况 本人吕莹，1983年7月毕业于河南科技大学轴承设计与制造专业，获学士学位。高 级工程师，中国工程机械工业协会副秘书长，北京天施华工国际会展有限公司（协会控 股60.01%）总经理，同时兼任内蒙古北方重型汽车股份有限公司独立董事。2023年6月 至今，担任公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立性要 求，不存在影响独立性的情况。 二、2024年工作情况 3.本年度对董事会各项议案及其他事项没有提出异议的情况。 本着审 ...

山推股份（000680）公告，2024年营业收入为142.19亿元，同比增长25.12%。归属于上市公司股东的净 利润为11.02亿元，同比增长40.72%。公司经本次董事会审议通过的利润分配预案为：以15亿为基数， 向全体股东每10股派发现金红利0.6元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

Financial Performance - The company's operating revenue for 2024 reached ¥14,218,639,331.87, representing a 25.12% increase compared to ¥10,540,862,569.13 in 2023[18]. - Net profit attributable to shareholders for 2024 was ¥1,102,261,096.09, a 40.72% increase from ¥765,419,316.88 in 2023[18]. - The net profit after deducting non-recurring gains and losses was ¥986,689,847.26, up 40.54% from ¥702,063,491.79 in the previous year[18]. - The net cash flow from operating activities for 2024 was ¥515,125,524.49, a 36.70% increase from ¥349,454,225.78 in 2023[18]. - Basic earnings per share for 2024 were ¥0.7346, reflecting a 40.78% increase from ¥0.5099 in 2023[18]. - Total assets at the end of 2024 amounted to ¥18,288,496,908.44, a 17.16% increase from ¥13,426,795,161.00 at the end of 2023[18]. - Net assets attributable to shareholders decreased by 15.59% to ¥5,240,428,819.40 at the end of 2024 from ¥6,208,151,951.81 at the end of 2023[18]. - The company reported a quarterly revenue of ¥3,972,151,580.91 in Q4 2024, with a net profit of ¥377,440,147.65 for the same period[22]. - The company achieved operating revenue of CNY 1,421,863.93 million in 2024, a year-on-year increase of 25.12%[49]. - Net profit attributable to the parent company was CNY 110,226.11 million, marking a 40.72% increase year-on-year[49]. Dividend Distribution - The company plans to distribute a cash dividend of 0.6 RMB per 10 shares to all shareholders, based on a total of 1,500,142,612 shares[3]. - The total cash dividend represents 100% of the total distributable profit of 3,504,335,503.36 yuan[150]. - The company has not proposed any stock dividends or capital reserve transfers in the current profit distribution plan[151]. - The cash dividend policy is strictly in accordance with the company's articles of association and shareholder resolutions, ensuring clarity and compliance in distribution standards[148]. - The company's cash dividend policy is subject to approval by the shareholders' meeting before implementation[151]. Business Operations and Strategy - The company has undergone changes in its business scope over the years, expanding into various machinery and technology sectors[16]. - The company remains a leading player in the domestic bulldozer market, with its products recognized for comfort, intelligence, and stability[29]. - The company is actively pursuing digitalization and smart manufacturing to enhance its competitive edge in the engineering machinery sector[29]. - The company is focused on enhancing sales quality through comprehensive customer credit investigations and contract management[39]. - The company is committed to digital transformation, aiming to shift from traditional management to a more data-driven approach[100]. - The company is focusing on expanding its "parts + service" business model to drive sales growth and improve service quality[100]. - The company is addressing risks related to macroeconomic policies and international instability, which could impact market demand[102]. - The company is implementing measures to mitigate foreign exchange risks as its international business expands[103]. - The company is actively pursuing strategic partnerships for raw material procurement to control costs amid price volatility[105]. Research and Development - The company has made technological breakthroughs in key areas, including new energy product integration and intelligent control technologies[50]. - The company plans to enhance its R&D capabilities, particularly in simulation and experimental validation, to improve product quality and efficiency[100]. - R&D investment decreased by 2.96% to ¥541,862,968.15 in 2024, accounting for 3.81% of operating revenue, down 1.10 percentage points from 2023[61]. - The number of R&D personnel increased by 14.80% to 2,001 in 2024, with the proportion of R&D staff rising to 28.75%, an increase of 2.87 percentage points[60]. Governance and Compliance - The company is focused on enhancing its governance structure, having revised its articles of association and internal management systems to comply with legal requirements[109]. - The company has established a robust internal control system, continuously improving its governance practices to align with regulatory standards[110]. - The company has not reported any significant discrepancies between its governance practices and regulatory requirements, ensuring compliance and transparency[110]. - The company emphasized compliance with legal regulations and the protection of minority shareholders' rights in its operations[138]. - The audit committee confirmed that the audit procedures were sufficient and no significant discrepancies were found in the financial statements[140]. Environmental Responsibility - The company and its subsidiaries strictly comply with various environmental protection laws and standards, including the Air Pollution Prevention and Control Law and the Water Pollution Prevention and Control Law[168]. - The company has obtained pollution discharge permits with validity periods ranging from 2024 to 2029 for different subsidiaries, ensuring compliance with regulatory requirements[169]. - The company employs advanced pollution control technologies, achieving over 95% capture efficiency for welding fumes and utilizing a combination of dry filtration and catalytic combustion for paint booth emissions[172]. - The company invested over 2.9 million yuan in 2024 for upgrading pollution prevention facilities and equipment maintenance to enhance environmental protection capabilities[176]. Market Expansion - The company is focusing on expanding its market presence internationally, particularly along the "Belt and Road" initiative, enhancing its competitiveness in global markets[96]. - The company has successfully acquired 100% equity of Shanzhong Construction Machinery, enhancing its business integrity and reducing related party transactions[94]. - The company is actively expanding its overseas marketing strategies and sales channels, aiming for sustainable growth in international markets[106]. - The company plans to complete the high-power bulldozer project by December 31, 2024, with expected cumulative benefits of RMB 43,969.24 million[88]. Management and Human Resources - The company has seen a significant turnover in its board, with multiple resignations and appointments occurring within a year, indicating a potential shift in strategic direction[119]. - The company has appointed several new executives, including Wang Cuiping as financial director starting November 11, 2024[133]. - The total number of employees at the end of the reporting period is 6,960, with 4,073 in the parent company and 2,887 in major subsidiaries[144]. - A total of 504 training projects were completed in 2024, totaling 3,373.5 hours and involving 21,047 participants[146]. Risk Management - The company has established measures to control risks associated with derivative investments, including stop-loss limits and reverse hedging strategies[82]. - The company is committed to maintaining low audit risks and ensuring accurate financial reporting[140]. - The company has committed to regular audits, including routine, departure, and special audits, to mitigate operational risks[162].

证券代码：000680 证券简称：山推股份 公告编号：2025—029 山推工程机械股份有限公司 关于山推股份回购公司部分股份的公告 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。 重要内容提示： 山推工程机械股份有限公司（以下简称"公司"）拟通过集中竞价交易方式回购公 司已发行的部分人民币普通股（A 股）股份。主要内容如下： 1、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）。 2、回购股份用途：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；若公司未能在股份回购实施结果暨股份变动公告后 3 年内转让完毕，则 将依法履行减少注册资本的程序，未转让股份将被注销（如国家对相关政策作调整，本 回购方案按调整后的政策实行）。 3、回购股份价格：按照上限不高于公司董事会审议通过回购股份方案决议前 30 个 交易日公司股票交易均价的 150%，即不高于人民币 13.88 元/股。 4、回购数量：在本次回购价格不超过人民币 13.88 元/股条件下，按照回购资金总 额不低于 1.5 亿元（含）测算，预计回购股 ...

山推股份：拟1.5亿元—3亿元回购股份 金十数据4月22日讯，山推股份4月22日晚间公告，公司拟以1.5亿元—3亿元回购股份，用于股权激励计 划或实施员工持股计划。回购股份价格不高于13.88元/股。 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the outlook for the engineering machinery industry, specifically focusing on **Shan推股份 (Shan推 Co., Ltd.)**, a leading player in the bulldozer market with a domestic market share exceeding **70%** in 2023, ranking third globally after Caterpillar and Komatsu [12][7][25]. Key Points and Arguments 1. **Trade War Impact**: The perception of the industry remains unchanged post-trade war, with potential domestic demand contraction due to tariffs, but overall demand logic has not shifted [1]. 2. **Market Position**: Shan推 is recognized for its strong competitive position in overseas markets, particularly in the context of the Belt and Road Initiative, which continues to be a key recommendation logic [1][2]. 3. **Performance Expectations**: The company is expected to achieve a revenue growth of **15% to 20%** and an earnings growth of **30% to 40%** for the year, despite challenges in the Russian market [5][11]. 4. **Acquisition Strategy**: In December 2022, Shan推 acquired **三众建基 (Sanzhong Construction)** for **1.8 billion** CNY, expanding its product offerings to include excavators, which is anticipated to enhance future growth [4][10]. 5. **Valuation Metrics**: Shan推's current PE ratio is estimated at **8 to 9 times**, significantly lower than competitors like Sany at **20 times** and Xugong at **13 times**, indicating a potential for substantial upside [11][12]. 6. **Market Dynamics**: The company is focusing on high-value products and domestic substitution due to increased tariffs on U.S. imports, which may accelerate the shift towards domestic machinery [13][14]. 7. **Growth in Emerging Markets**: The company anticipates rapid growth in export revenues from emerging markets in Africa, Southeast Asia, and the Middle East, which could offset declines in the Russian market [14][20]. 8. **Product Development**: Shan推 is diversifying its product line to include mining machinery, with a focus on large excavators and bulldozers, leveraging its existing supply chain advantages [10][30]. 9. **Management Changes**: A new chairman, born in the 1980s, is expected to bring fresh perspectives and drive growth in the coming years [7][19]. 10. **Financial Performance**: The company reported a revenue increase from **6.4 billion** CNY in 2019 to **10.5 billion** CNY in 2023, with a significant improvement in profitability [19][31]. Additional Important Insights - **Stock Buyback Plan**: The company announced a stock buyback plan of **150 to 300 million** CNY to boost employee morale and confidence in future growth [19]. - **Industry Recovery**: The engineering machinery industry is viewed as entering a recovery phase, with expectations of increased demand driven by infrastructure investments and urbanization in emerging markets [20][22]. - **Competitive Landscape**: The domestic market is highly concentrated, with the top six players holding a **95%** market share, indicating a competitive yet stable environment for Shan推 [25]. - **Cost Management**: The company is implementing cost control measures through group purchasing and process improvements, which are expected to enhance profitability [31]. This summary encapsulates the key insights and projections discussed during the conference call, highlighting Shan推股份's strategic positioning and growth potential within the engineering machinery industry.

投资要点 事件：4 月7 日，德国慕尼黑bauma 工程机械展盛大开幕，山推携多款产品亮相。 公司"一带一路"出口有望快速增长，对美敞口微小。2024H1 公司国外收入占比56%，毛利占比73%。 目前公司产品远销160 多个国家和地区，现已发展了160 余家海外代理商、10 个海外子公司、31 家海外 办事处和服务站，公司深耕"一带一路"沿线市场，产品主要销售俄罗斯、非洲、东南亚等区域。据互动 易4月10 日消息，山推在美业务收入占比不足0.1%，美国增加关税对公司的影响有限。考虑到公司积极 布局海外市场、部分区域矿业需求景气、山东重工集团旗下潍柴动力、中国重汽等对公司产品的协同销 售，我们预计公司非洲、中亚、东南亚、中东等新兴市场出口收入有望快速增长。 推土机迈向全球，挖掘机打开空间；董事长提议回购股份用于股权激励等1）回购激励：2025 年4 月9 日晚，董事长提议1.5~3 亿元回购股份，并在未来适宜时机用于股权激励或员工持股计划等。 盈利预测与估值：预计2024-2026 年归母净利润为10.52 亿、14.51 亿、18.95 亿元，同比增长37%、 38%、31%（2024-2026 年CAGR ...

证券代码：000680 证券简称：山推股份 公告编号：2025-016 山推工程机械股份有限公司 关于回购注销部分 2020 年限制性股票的减资公告 公司本次回购注销部分限制性股票将涉及注册资本减少，根据《中华人民共和国公 司法》等相关法律、法规的规定，公司特此通知债权人，债权人自本公告之日起四十五 日内，有权要求公司清偿债务或提供相应的担保。债权人未在规定期限内行使上述权利 的，本次回购注销及减资将按法定程序继续实施。 本公司各债权人如要求本公司清偿债务或提供相应担保的，应根据《中华人民共和 国公司法》等法律、法规的有关规定向公司提出书面要求，并随附有关证明文件。 特此公告。 山推工程机械股份有限公司董事会 二〇二五年四月十五日 1 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"、"本公司"或"山推股份"）于 2025 年 4 月 14 日召开 2025 年第二次临时股东大会，审议通过了《关于回购注销部分 2020 年限制性股票的议案》。根据《上市公司股权激励管理办法》、《公司 2020 年限制性股 票激励计划》的 ...

证券代码：000680 证券简称：山推股份 公告编号：2025-015 一、会议召开和出席情况 (一)会议召开情况 1、召开时间： (1)现场会议时间：2025 年 4 月 14 日（星期一）下午 14:00。 (2)网络投票时间：2025 年 4 月 14 日（星期一），其中： 山推工程机械股份有限公司 2025 年第二次临时股东大会决议公告 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、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 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：22025年4月14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4月14 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； 5、主持人：李士振董事长； ...

法律意见书 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 年第二次临时股东大会的 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年第二次临时股东大会（"本次 股东大会"）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。 2025 年第二次临时股东大会的 法律意见书 GLO2025SH（法）字第 0441 号 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 本所律师仅就本次股东大会所涉及的召集、召开程序、召集人资格和出席 会议人员的资格、表决程序和表决结果等相关问题发表法律意见。 本法律意见书仅供山推股份为本次股东大会之目的使用，不得被其他任何 人用于其他任何目的。本所律师同 ...