Core Viewpoint - The credit rating agency maintains the long-term credit rating of Sichuan Zigong Transportation Machinery Group Co., Ltd. at AA- with a stable outlook, indicating strong operational and financial performance despite increasing debt burdens and liquidity risks [1][4][5]. Company Overview - Sichuan Zigong Transportation Machinery Group is a major player in the domestic conveyor machinery equipment industry, known for its strong brand and competitive advantages in technology and research and development [4][6]. - The company has established significant partnerships, including a comprehensive cooperation agreement with Huawei to enhance its digital transformation and smart factory capabilities [6][15]. Financial Performance - The company reported a substantial increase in overseas sales revenue, reaching 1.038 billion yuan in 2024, which accounted for 67.58% of total revenue, a significant rise from 0.37% in 2023 [6][20]. - Total revenue for 2024 was 1.536 billion yuan, reflecting a year-on-year growth of 45.80%, while profit totaled 194 million yuan, marking a 65.55% increase [20][21]. - The company's gross profit margin improved by 6.58 percentage points, driven by higher overseas market contributions [20]. Debt and Liquidity - As of the end of 2024, the company's total debt increased to 1.899 billion yuan, with a debt-to-asset ratio of 53.46% [5][12]. - The company has a significant amount of accounts receivable, totaling 1.487 billion yuan, which poses liquidity risks due to long average collection periods [6][12]. Industry Analysis - The conveyor machinery industry in China is characterized by cyclical demand influenced by macroeconomic conditions, with growth driven by industrialization and urbanization [13][14]. - The industry is undergoing a transformation towards automation and digitalization, with increasing demand for efficient and environmentally friendly machinery [14]. - The total import and export value of the material handling machinery industry reached 35.753 billion USD in 2024, with exports growing by 15.25% [13]. Future Outlook - The company is expected to continue expanding its international market presence and achieve growth in operational performance as ongoing projects come online [5][6]. - Potential factors for rating upgrades include significant revenue and profit increases from new projects and successful capital market performance [5][6].

四川省自贡运输机械集团 股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕3548 号 联合资信评估股份有限公司通过对四川省自贡运输机械集团股 份有限公司主体及其相关债券的信用状况进行跟踪分析和评估，确 定维持四川省自贡运输机械集团股份有限公司主体长期信用等级为 AA-，维持"运机转债"信用等级为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月四日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受四川省自贡运输机械集团股份有限公司（以 下简称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成 评级委托关系外，联合资信、评级 ...

| 户名 | 开户行 | 账户性质 | 账号 | 解除冻结金额 | | --- | --- | --- | --- | --- | | | | | | （元） | | 四川省自贡运输机械 | 中国农业银行股份 | 基本户 | 22-100201040005483 | 19,608,500.00 | | 集团股份有限公司 | 有限公司自贡分行 | | | | 证券代码：001288 证券简称：运机集团 公告编号：2025-052 四川省自贡运输机械集团股份有限公司 关于公司个别银行账户部分资金解除冻结的公告 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。 四川省自贡运输机械集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日在指定信息披露媒体上刊登了《关于公司个别银行账户部分资金被冻结的公告》 （公告编号：2025-034），因买卖合同纠纷，公司起诉山西晋钢智造科技实业有限公 司要求其支付合同剩余价款及利息损失，同时山西晋钢智造科技实业有限公司反诉 公司并申请财产保全，冻结公司资金合计 19,608,500.00 元。 近日，公司收到代理律师转 ...

Group 1 - The core viewpoint of the news is that Hesheng Asset recently conducted research on a listed company, Yunjigroup, indicating a stable outlook for the company with no plans for significant share reductions in the near term [1] - Yunjigroup has a contract delivery period of 442 days for a $400 million contract, expected to be completed by June next year, with a focus on the fourth quarter for the delivery of the Silver Valley International contract [1] - The Silver Valley International project is confirmed to be legitimate and is progressing as planned, unaffected by the Guinean government's restructuring [1] Group 2 - Yunjigroup's downstream customers are primarily in the mining sector, aligning with the national "Belt and Road" strategy, which is expected to enhance revenue through expanded operational services [1] - The company may consider acquisitions or mergers with hard-tech enterprises in the same industry to promote its development in the future [1]

Group 1: Investor Relations Activity Overview - The investor relations activity was held on May 29, 2025, from 10:00 AM to 12:00 PM at Chengdu Gongbei Intelligent Technology Co., Ltd. conference room [2] - Participants included representatives from Guotai Junan, Tianhong Fund, Hesheng Asset, Dongfang Caifu Securities, Shanghai Securities, and Great Wall Securities [2] Group 2: Key Questions and Responses - The controlling shareholder and its concerted parties have no plans for secondary market reduction this year, except for 2.29 million shares held by employees of Huazhi Investment [2] - The contract with Yingu International has a delivery period of 442 days, with completion expected around June 2026, subject to weather conditions in Guinea [2][3] - The recent revocation of mining licenses in Guinea does not affect the Yingu International project, which is legally approved and progressing as planned [3] Group 3: Revenue and Market Strategy - The company’s overseas revenue primarily comes from projects with Chinese background, maintaining long-term cooperative relationships with local owners in countries like Malaysia and Indonesia [3] - The company is aligned with the national "Belt and Road" strategy, focusing on expanding into overseas markets, which presents significant growth opportunities [3] - The company is also expanding its backend operation and maintenance services, which is expected to further enhance revenue [3] Group 4: Future Plans and Acquisitions - Future acquisitions may be considered if there is a significant increase in orders requiring capacity expansion, with a focus on avoiding internal competition within the industry [3] - The company is open to acquiring promising hard-tech enterprises that can facilitate its development [3]

Core Viewpoint - The Sichuan Zigong Transportation Machinery Group Co., Ltd. announced the lifting of restrictions on the first phase of its 2024 restricted stock incentive plan, allowing 1,241,184 shares to be listed for trading on June 3, 2025, which represents 0.5282% of the company's total share capital [1][13]. Summary by Sections Incentive Plan Approval Process - On April 8, 2024, the company's board and supervisory board approved the draft of the 2024 restricted stock incentive plan and related management measures [2]. - The plan was publicly announced from April 8 to April 17, 2024, with no objections raised during the public notice period [2]. - The annual shareholders' meeting on April 22, 2024, authorized the board to handle matters related to the incentive plan [2]. Conditions for Lifting Restrictions - The board confirmed that the conditions for lifting restrictions on the first phase of the incentive plan have been met, with 105 eligible participants [5]. - The total number of shares eligible for lifting restrictions is 1,241,184, which is 0.5282% of the company's total share capital [5][13]. - The first lifting period will commence on June 3, 2025, after the expiration of the initial 12-month lock-up period [6]. Performance Assessment - The performance assessment for the incentive plan is based on the company's net profit, which must increase by at least 50% compared to the previous year [9]. - The net profit for 2023 was approximately 102 million yuan, setting a baseline for the 2024 assessment [9]. - The board noted that 87 participants achieved an "excellent" rating, allowing them to lift restrictions on 100% of their shares [9]. Adjustments to the Incentive Plan - The board made adjustments to the incentive plan on May 8, 2024, including changes to the grant price, which is now set at 11.00 yuan per share [10]. - Due to personal reasons, one participant voluntarily forfeited their allocation, leading to a total of 106 participants receiving 2.285 million shares [12]. - On May 26, 2025, the board approved adjustments to the repurchase price and quantity of shares due to the departure of one participant and performance issues for others [12]. Stock Listing and Capital Structure Changes - The shares that are being released from restrictions will be listed for trading on June 3, 2025 [13]. - The lifting of restrictions will result in a decrease of restricted shares from 84,545,475 to 83,304,291, while the number of unrestricted shares will increase from 150,416,925 to 151,658,109 [15][16].

Group 1 - The company announced that four executives plan to reduce their holdings, but the stock price increased by 1.68% on May 29, indicating market resilience [1] - The total number of shares to be sold by the executives is up to 168,500, potentially cashing out approximately 3.31 million yuan based on the closing price of 19.62 yuan per share [1] - The company specializes in energy-saving and environmentally friendly conveyor machinery, being a leading manufacturer in the design, production, and installation of bulk material conveying machinery in China [1] Group 2 - The company has significantly increased its R&D investment, with expenditures rising from less than 20 million yuan annually from 2017 to 2022, to 34.66 million yuan in 2023 and 55.97 million yuan in 2024 [2] - As of the end of 2024, the company holds 129 valid patents, including 14 invention patents and 115 utility model patents, establishing a proprietary technology system [2] Group 3 - The company went public in November 2021, with revenue growth from 691 million yuan in 2020 to 1.053 billion yuan in 2023, but net profit only slightly increased from 101 million yuan to 102 million yuan during the same period [3] - For 2024, the company expects revenues and net profits to reach 1.536 billion yuan and 157 million yuan, respectively, reflecting year-on-year growth of 45.80% and 53.80% [3] - In Q1 of the current year, the company reported revenues of 407 million yuan and net profits of 38.88 million yuan, showing year-on-year growth of 54.02% and 27.30% [3] - However, the company faced a negative operating cash flow of -467 million yuan, a decline of 50.90% year-on-year, which contrasts with the net profit trend [3]

重要内容提示： 证券代码：001288 证券简称：运机集团 公告编号：2025-051 四川省自贡运输机械集团股份有限公司 关于 2024 年限制性股票激励计划首次授予部分第一期 解除限售股份上市流通的提示性公告 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。 四川省自贡运输机械集团股份有限公司（以下简称"公司"、"运机集团"）于 2025 年 5 月 26 日召开第五届董事会第二十次会议和第五届监事会第十二次会议，审 议通过了《关于 2024 年限制性股票激励计划首次授予部分第一期解除限售条件成就 的议案》等议案，并已根据公司 2023 年年度股东大会的授权及《2024 年限制性股票 激励计划（草案）》（以下简称《激励计划（草案）》、"本激励计划"）的相关规 定办理了解除限售股份上市流通的相关事宜。现就有关事项说明如下： 一、本激励计划已履行的相关审批程序 （一）2024 年 4 月 8 日，公司第四届董事会第二十六次会议审议通过了《关于 公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限 制性股票激励计划实施考核管理办 ...

Group 1 - The company announced that its supervisory board chairwoman, Ms. Fan Mo, plans to reduce her holdings by up to approximately 24,200 shares, representing 0.0103% of the total share capital, within a three-month period starting from June 20, 2025 [2] - Vice General Manager and Board Secretary, Mr. Luo Leping, intends to reduce his holdings by up to approximately 58,100 shares, representing 0.0247% of the total share capital, during the same three-month period [2] - Vice General Manager, Mr. Liu Shunqing, plans to reduce his holdings by up to approximately 43,900 shares, representing 0.0187% of the total share capital, within the specified timeframe [2] - Vice General Manager, Mr. Deng Jihong, also intends to reduce his holdings by up to approximately 42,400 shares, representing 0.018% of the total share capital, during the same three-month period [3] Group 2 - For the year 2024, the company's revenue composition is entirely from conveyor equipment, accounting for 100.0% of its total revenue [4]

四川省自贡运输机械集团股份有限公司 关于部分监事、高级管理人员减持股份计划的预披露公告 本公司监事会主席范茉女士、副总经理兼董事会秘书罗陆平先生、副总经理 刘顺清先生、副总经理邓继红先生保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 证券代码：001288 证券简称：运机集团 公告编号：2025-050 1、持有四川省自贡运输机械集团股份有限公司（以下简称"公司"或"本公司"） 股份 96,600 股（占公司总股本比例 0.0411%）的监事会主席范茉女士计划自本公告披 露之日起 15 个交易日后的 3 个月内（2025 年 6 月 20 日至 2025 年 9 月 19 日）以集中 竞价交易的方式减持其持有的公司股份不超过24,150股（占公司总股本比例0.0103%）。 2、持有公司股份 232,400 股（占公司总股本比例 0.0989%）的副总经理兼董事会 秘书罗陆平先生计划自本公告披露之日起 15 个交易日后的 3 个月内（2025 年 6 月 20 日至 2025 年 9 月 19 日） ...