证券代码：000680 证券简称：山推股份 公告编号：2026-008 山推工程机械股份有限公司 关于召开 2026 年第一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"）分别于 2026 年 1 月 5 日和 2026 年 1 月 13 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 2026 年第一次临时股东会的通知》（公 告编号：2026-003）和《山推工程机械股份有限公司关于 2026 年第一次临时股东会增 加临时提案暨股东会补充通知的公告》（公告编号：2026-007）。本次股东会将采取网 络投票与现场投票相结合的方式，为切实保护广大投资者的合法权益，方便公司股东 行使表决权，现将本次股东会的有关事项提示如下： 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 1 （http://wltp.cninfo.com.cn）向全体股东提供网络形式的投票平台，公司股东可以 在上述网络投票时 ...

Core Viewpoint - The commitment made by Shandong Heavy Industry to resolve the competition issue between Shantui and Leiwo Heavy Industry has been postponed for three years due to Leiwo's poor financial condition, which poses risks to Shantui's financial statements [1][4][6]. Financial Condition of Leiwo Heavy Industry - As of December 31, 2024, Leiwo Heavy Industry has an asset-liability ratio of 112.20%, a net asset of -770 million yuan, and an undistributed profit loss of 1.839 billion yuan [4][6]. - Leiwo's revenue for 2024 was 5.07 billion yuan, but it only achieved a net profit of 22 million yuan, with a negative cash flow from operating activities of -491 million yuan [6][7]. Background of the Commitment - The commitment to avoid competition was initially made on January 26, 2021, when Shandong Heavy Industry acquired Leiwo Heavy Industry as part of a larger acquisition [5][6]. - The original five-year commitment to resolve the competition issue is now extended to January 26, 2029, due to Leiwo's inadequate financial health [8][12]. Proposed Solutions to Competition - To mitigate competition during the three-year extension, Shandong Heavy Industry has proposed a detailed plan involving product tonnage segmentation and sales channel isolation [10][12]. - Shantui will focus on producing and selling large, high-end, and electric loaders of 5 tons and above, while Leiwo will be restricted to producing loaders below 5 tons, targeting agricultural and light-duty applications [10][11]. - Shandong Heavy Industry has established strict guidelines to prevent shared or cross-authorized dealers between Shantui and Leiwo, effectively isolating Leiwo's loader business to a niche market [12].

Core Viewpoint - Shantui Engineering Machinery Co., Ltd. has announced the extension of its controlling shareholder's commitment to avoid competition in the same industry for an additional three years, in response to ongoing competition issues with its subsidiary, Leiwo Heavy Industry [5][10][12]. Group 1: Board Meeting and Resolutions - The 21st meeting of the 11th Board of Directors was held on January 12, 2026, with all 9 directors present, and the resolution regarding the extension of the commitment was passed unanimously [1][2]. - The resolution will be submitted for review at the first extraordinary shareholders' meeting of 2026 [3]. Group 2: Commitment to Avoid Competition - The controlling shareholder, Shandong Heavy Industry Group, has proposed to extend the commitment made on January 26, 2021, to avoid competition for an additional three years, addressing the overlap in loader business with Leiwo Heavy Industry [5][12]. - The commitment extension is aimed at resolving the competitive issues that arose from the acquisition of Leiwo Heavy Industry by Shandong Heavy Industry Group [6][10]. Group 3: Background and Reasons for Extension - Leiwo Heavy Industry has reported a high debt-to-asset ratio of 112.20% and negative net assets of -770 million yuan as of December 31, 2024, indicating financial instability [10][11]. - The current market conditions and Leiwo's financial performance suggest that it is not the optimal time for business integration, necessitating a longer period to resolve competition issues [11][12]. Group 4: Measures During the Extension Period - Specific measures to avoid competition include product differentiation, where Shantui will focus on high-end loaders while Leiwo will target smaller, agricultural-oriented products [13][14]. - A clear division of customer bases and distribution channels will be established to prevent overlap and ensure that both companies can operate without direct competition [15]. Group 5: Impact of the Commitment Extension - The extension of the commitment is deemed beneficial for protecting the interests of the listed company and will not significantly impact its daily operations [16]. - Continuous communication with Shandong Heavy Industry Group will be maintained to monitor the fulfillment of the commitment [16][17].

每经AI快讯，山推股份1月12日晚间发布公告称，公司第十一届第二十一次董事会会议于2026年1月12 日在公司总部大楼203会议室召开。会议审议了《关于公司控股股东延期履行避免同业竞争承诺的议 案》等文件。 每经头条（nbdtoutiao）——年产量是传统大田120倍以上，1个人管理1栋楼！实探中国"植物工厂"：水 稻生产期从120天减到60天，没有虫害不用打农药 （记者 王晓波） ...

证券代码：000680 证券简称：山推股份 公告编号：2026-006 山推工程机械股份有限公司 关于公司控股股东延期履行避免同业竞争承诺的公告 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"或"本公司"或"山推股份"）于 近日收到控股股东山东重工集团有限公司（以下简称"山东重工集团"）出具的《关于 延期履行避免同业竞争承诺的函》以及《关于延期履行承诺期间内避免同业竞争的措 施及说明》，根据《上市公司监管指引第 4 号——上市公司及其相关方承诺》，结合实 际情况，山东重工集团拟将 2021 年 1 月 26 日向山推股份出具的《避免同业竞争承诺 函》中相关承诺的履行期限延长 3 年，并在上述延长后的履行期限内妥善解决其下属 子公司雷沃重工集团有限公司（曾用名为雷沃工程机械集团有限公司，以下简称"雷 沃重工"）与山推股份在装载机业务板块同业竞争问题。现将具体情况公告如下： 一、原同业竞争及承诺情况 山东重工集团下属子公司潍柴控股集团有限公司（以下简称"潍柴控股集团"） 2020 年 12 月以布局农业机械业务为核心目的 ...

证券代码：000680 证券简称：山推股份 公告编号：2026-007 山推工程机械股份有限公司 关于 2026 年第一次临时股东会 增加临时提案暨股东大会补充通知的公告 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"）第十一届董事会第二十次会议决定 于 2026 年 1 月 23 日在山东省济宁市高新区 327 国道 58 号公司总部大楼 205 会议室召开 公司 2026 年第一次临时股东会，有关会议内容详见公司刊登在 2026 年 1 月 5 日《中国证 券报》、《证券时报》及巨潮资讯网上的《山推工程机械股份有限公司关于召开 2026 年第 一次临时股东会的通知》。 公司董事会于 2026 年 1 月 12 日收到持有公司控股股东山东重工集团有限公司（以下 简称"山东重工集团"）以书面形式提交的《关于提请增加山推工程机械股份有限公司 2026 年第一次临时股东会临时提案的函》，山东重工集团要求将《关于公司控股股东延期 履行避免同业竞争承诺的议案》作为临时提案，提交公司 2026 年第一次临时股东会审议。 经公司 ...

证券代码：000680 证券简称：山推股份 公告编号：2026—005 二〇二六年一月十三日 １ 2026 年 1 月 12 日上午，在公司总部大楼 203 会议室召开了公司第十一届董事会第 二十一次会议，会议采取现场与通讯相结合的方式召开。会议通知已于 2026 年 1 月 9 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。公司高级管理人员列席了会议。 会议审议并通过了《关于公司控股股东延期履行避免同业竞争承诺的议案》（议案 具体内容详见公告编号为 2026-006 的"关于公司控股股东延期履行避免同业竞争承诺 的公告"） 表决结果为：同意 9 票，反对 0 票，弃权 0 票。 该议案提交董事会审议前，已经公司独立董事专门会议及董事会审计委员会审议通 过并同意将该议案提交董事会审议。 本议案需提交公司 2026 年第 ...

Core Viewpoint - Shandong Shantui Construction Machinery Co., Ltd. announced the extension of the commitment to avoid competition with its controlling shareholder, Shandong Heavy Industry Group, until 2029 to address competition issues in the loader business with Leiwo Heavy Industry [1] Group 1: Company Financials - As of the end of 2024, Leiwo Heavy Industry has a debt-to-asset ratio of 112.20% and a net asset value of -770 million yuan [1] - Leiwo Heavy Industry is projected to have a revenue of 5.07 billion yuan and a net profit of 22 million yuan in 2024 [1] Group 2: Strategic Measures - During the extension period, Shandong Heavy Industry Group will implement measures such as product differentiation, customer segmentation, and channel division to mitigate competition [1] - The proposal has been approved by the board of directors and will be submitted for review at the first extraordinary shareholders' meeting in 2026 [1]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on AI equipment and consumables, as well as engineering machinery [1]. Core Insights - The mechanical industry is expected to benefit from the acceleration of AI applications, particularly in high-performance servers and GPU demand, driven by the rapid iteration of AI models and smart hardware [7]. - The excavator market is projected to exceed expectations in both domestic and international sales, with a forecasted 17% year-on-year growth in 2025, supported by government policies and infrastructure projects [7]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policy support, and suggests focusing on key companies across various segments [7]. Summary by Sections Key Company Earnings Forecast, Valuation, and Investment Ratings - Companies such as 汇川技术 (Inovance Technology), 法兰泰克 (Falan Tech), and 信捷电气 (Xinjie Electric) are rated as "Strong Buy" with projected EPS growth and favorable PE ratios [2][8]. - For example, 汇川技术 is expected to have an EPS of 2.11元 in 2025, with a PE ratio of 37.13, indicating strong growth potential [2]. Industry and Company Investment Views - The report highlights the AI equipment and consumables sector as a key area for investment, with significant growth expected in the PCB market driven by AI infrastructure needs [9]. - The engineering machinery sector is also highlighted, with companies like 三一重工 (Sany Heavy Industry) and 徐工机械 (XCMG) expected to benefit from increased domestic demand and international market recovery [7][9]. Key Data Tracking - The report provides macroeconomic data indicating a total market capitalization of 70,956.73 billion yuan for the mechanical industry, with 636 listed companies [4]. - The mechanical sector has shown strong performance, with a 5.7% increase in the sector index over the past week, outperforming major indices [11][14].

浙商证券研报指出，山推股份为工程机械低估值标的，背靠山东重工集团，中国推土机龙头迈向全球， 海外矿山领域打开空间；拟发行港股推进全球化，雷沃重工同业竞争问题有望逐步解决。公司为推土机 位列全球第三、中国第一，全球市占率仅次于卡特彼勒、小松，2010年-2024年公司推土机国内市占率 始终稳居60%以上。2024年公司收购山东重工集团挖掘机资产山重建机，据中国工程机械工业协会数 据，2024年1-9月山重建机挖掘机市占率为4%。公司挖掘机业务有望打开空间。挖掘机有望打开空间， 依托推土机渠道及山东重工集团平台和供应链优势，有望快速崛起。此外，拟发行H股深入推进全球 化，雷沃工程机械与山推同业竞争有望逐步解决。维持"买入"评级。 ...