证券代码：002097 证券简称：山河智能 公告编号：2025-056 山河智能装备股份有限公司 第九届董事会第一次会议决议公告 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。 山河智能装备股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日召开 2025 年第二次临时股东会，顺利完成董事会换届并选举产生了公司第九届董事会。为保 证公司新一届董事会工作的衔接性和连贯性，会议通知与会议资料于 2025 年 9 月 18 日以现场及通讯方式向全体董事送达，经全体董事一致同意豁免本次会议通知期 限，公司于同日下午在公司总部大楼 405 会议室以现场结合通讯会议方式召开第九 届董事会第一次会议。会议应到董事 11 人，实到董事 11 人。经新一届全体董事过 半数选举董事付向东先生作为主持人主持会议。会议的召开符合《中华人民共和国 公司法》《公司章程》《董事会议事规则》等相关规定，会议合法有效。 本次会议经投票表决，通过如下决议： 一、会议以同意 11 票、反对 0 票、弃权 0 票的表决结果审议通过了《关于选 举第九届董事会董事长的议案》； 鉴于公司第九 ...

Company Overview - Shanhe Intelligent Equipment Co., Ltd. is located in Changsha Economic and Technological Development Zone, Hunan Province, and was established on July 29, 1999. The company was listed on December 22, 2006. [1] - The main business involves three categories of construction machinery products with independent intellectual property rights: pile machinery, small engineering machinery, and rock drilling machinery. [1] Revenue Composition - The revenue composition of the company is as follows: excavators account for 38.28%, special equipment and other machinery 19.39%, underground engineering machinery 16.46%, aviation business 14.88%, parts and maintenance services 7.21%, and engineering construction and others 3.79%. [1] Stock Performance - On September 18, Shanhe Intelligent's stock rose by 5.04%, reaching a price of 15.00 yuan per share, with a trading volume of 1.235 billion yuan and a turnover rate of 7.82%. The total market capitalization is 16.119 billion yuan. [1] Major Shareholders - Among the top ten circulating shareholders of Shanhe Intelligent, a fund under Southern Fund holds a significant position. The Southern CSI 1000 ETF (512100) increased its holdings by 1.3273 million shares in the second quarter, bringing its total to 6.9503 million shares, which represents 0.65% of the circulating shares. [2] - The estimated floating profit from this investment is approximately 5.0042 million yuan. [2] Fund Performance - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, and has a current scale of 64.953 billion yuan. Year-to-date, it has achieved a return of 28.17%, ranking 1822 out of 4222 in its category. Over the past year, the return is 72.87%, ranking 1263 out of 3804. Since inception, the return is 13.43%. [2]

Core Insights - The "new model for commercial secret protection" in Changsha Economic Development Zone has been selected as one of the "best practice cases" by the Ministry of Commerce, focusing on "preemptive protection" to assist enterprises in innovation and cost reduction [1][2] Group 1: Background and Challenges - In regions with intensive innovation, the protection of commercial secrets is becoming a new focus of the business environment [2] - Many enterprises in Changsha Economic Development Zone have faced issues such as rapid copying of new technologies by competitors and difficulties in proving ownership of key formulas and data due to frequent personnel turnover [3] - Traditional protection methods often lead to high costs and challenges in post-factum evidence collection, leaving companies in a passive position [3] Group 2: New Protection Model - The new model emphasizes "preemptive protection," integrating protection actions into the entire innovation process, moving from "post-factum evidence" to "daily documentation" [4] - A public service platform for "preemptive protection" has been established, allowing companies to create tamper-proof evidence chains without disclosing source files [4] - The platform operates at a low cost and is designed to reduce the risk of "secret leakage" during employee transitions [4] Group 3: Legal Integration and Effectiveness - The platform has been integrated with the blockchain system of the Changsha Intermediate People's Court, facilitating data sharing and verification of evidence, thus shortening the litigation cycle and reducing judicial costs [5] - As of now, the model has served 653 enterprises, generating over 7 million verifiable "innovation records" [5] - Leading companies in equipment manufacturing have successfully embedded this protection model into their R&D and operational processes, enhancing their intellectual property strategies [5] Group 4: Expanding the Value of Commercial Secrets - The Changsha Economic Development Zone is promoting the transition of commercial secrets from "defensive assets" to "productive elements" [6] - Three application scenarios are being developed: facilitating result transformation, serving financial risk control, and supporting international cooperation [6][7] - The model aims to create a credible, usable, and traceable mechanism system for innovation, indicating that optimizing the business environment requires both supportive services and robust legal frameworks [7]

Core Insights - Guangzhou Industrial Investment Holding Group held its first collective investor meeting for the first half of 2025, attracting over 221,700 participants both online and offline [2] - The total market capitalization of the seven listed companies under Guangzhou Industrial Investment Group has surpassed 70 billion yuan, outperforming the market and industry averages [2] - The group has made significant technological breakthroughs in various sectors, including offshore wind power, elevator manufacturing, and battery technology, while maintaining a leading position in ESG (Environmental, Social, and Governance) initiatives [2][4] Group Performance - The seven listed companies reported improved asset ratios and development quality, effectively integrating industrial operations with capital management [4] - R&D investments included 114 million yuan by Guangri Co., with 95 new patents, and significant advancements in electric and intelligent technologies by other subsidiaries [4] - The group aims to build a world-class state-owned capital investment group, focusing on technological innovation and capital operations to enhance core competitiveness [4] Government Support - The Guangzhou Municipal Government emphasized the importance of the group in stabilizing industrial growth and promoting investment amid complex external conditions [3] - The government encourages the concentration of state capital in key industries and expects the group to leverage its market value management tools to enhance returns [3] Investor Relations - The group has been recognized for its effective investor relations management and commitment to sustainable development, aligning with the principles advocated by the China Association of Listed Companies [2] - The management's focus on respecting and rewarding investors is seen as a model for the capital market [2]

Core Viewpoint - Guangzhou Industrial Control Group held its first collective investor meeting for its seven listed companies, showcasing strategic progress and investment value, attracting over 221,700 participants both online and offline [1] Group 1: Company Performance and Strategy - The seven listed companies under Guangzhou Industrial Control Group achieved significant technological breakthroughs in various sectors, with a total market capitalization exceeding 70 billion yuan [2] - Companies focused on technological innovation and smart manufacturing, with notable R&D investments such as 114 million yuan by Guangri Co., which added 95 new patents [2] - The companies reported strong financial performance, with Guangri Co. seeing a profit increase of 7.26% and cash flow improvements of 208.89% for Runbang Co. [3] Group 2: Market Trends and Future Plans - The companies are actively pursuing business transformation and sustainable growth, with Runbang Co. reporting significant growth in high-end equipment business by 14.39% and 26.51% in marine engineering equipment [2] - Future plans include expanding into high-end intelligent equipment and enhancing international market presence, with companies like Mountain River Intelligent Equipment focusing on smart and electric products [6][8] - The emphasis on artificial intelligence and international expansion is evident, with companies like Mountain River Intelligent Equipment achieving over 60% of their market share from overseas [8] Group 3: Government and Policy Support - The Guangdong provincial government has introduced policies aimed at enhancing the quality of listed companies and improving performance management [5] - The Guangzhou State-owned Assets Supervision and Administration Commission is focused on value realization for listed companies through mergers, acquisitions, and enhancing investor communication [5]

山河智能分析师会议 调研日期：2025年09月15日 调研行业：工程机械 参与调研的机构：现场及线上参与山河智能(002097)-广州工业 投资控股集团有限公司上市公司2025年半年度集体投资者会议的 全体投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | ...

证券代码：002097 证券简称：山河智能 山河智能装备股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动类别 ☐ | 特定对象调研 分析师会议 | ☐ | | | --- | --- | --- | --- | | ☐ | 媒体采访 | ☐ | 业绩说明会 | | ☐ | 新闻发布会 | ☐ | 路演活动 | | ☐ | 现场参观 | | | | | 其他（集体投资者会议） | | | | | 现场及线上参与山河智能（002097）-广州工业投资控股集团有限公司上市公司 | | | | 参与单位名称及人员姓名 | 2025年半年度集体投资者会议的全体投资者 | | | | 时间 | 2025年09月15日 9:00-11:30 | | | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | | | | 董事长：付向东 | | | | | 独立董事：石水平 | | | | 上市公司接待人员姓名 | 副总经理、财务总监：黄仲波 | | | | | 董事会秘书：王剑 | | | | | 一、董事长对公司经营情况做简要介绍。 | | | | | 二、 ...

Core Viewpoint - Guangzhou Industrial Control Group successfully held its first collective investor meeting for the first half of 2025, showcasing its strategic progress and investment value of its seven listed companies, which collectively have a market capitalization exceeding 70 billion yuan [1][2]. Group 1: Meeting Highlights - The meeting attracted over 221,700 participants both online and offline, with key management from the seven listed companies presenting their performance and engaging in discussions with investors [2]. - The Group's total market capitalization surpassed 70 billion yuan, outperforming the market and industry averages, with significant technological breakthroughs in various sectors including offshore wind power and battery technology [2][4]. Group 2: Strategic Focus and Achievements - The Group is focused on advanced manufacturing, industrial finance, and industrial parks, aiming to build a robust advanced manufacturing cluster [2][3]. - The Group's subsidiaries reported strong performance in the first half of 2025, with notable increases in revenue and profitability, driven by technological innovation and operational efficiency [4][5]. Group 3: Financial Performance - Guangri Co. reported a profit increase of 7.26% year-on-year, while cash flow for several companies, including Runbang Co. and Gwang Steel Gas, saw significant improvements, with increases of 208.89% and 84.34% respectively [5]. - The Group's subsidiaries are actively pursuing international expansion and green manufacturing initiatives, contributing to sustainable growth [5][6]. Group 4: Future Outlook - The Group plans to leverage technological innovation and capital operations to integrate global resources, aiming to establish a world-class state-owned capital investment group [6].

Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry [6]. Core Insights - The mechanical equipment industry experienced a year-on-year revenue growth of 7.64% in Q2 2025, with a narrowing growth rate compared to the previous quarter. Key segments with accelerated revenue growth include wind power equipment, PCB(A), shipbuilding, lithium battery equipment, and instruments [13][18]. - The industry saw a year-on-year increase in net profit excluding non-recurring items of 16.22% in Q2 2025, with wind power and lithium battery equipment showing accelerated growth. The shipbuilding sector led with a 106% year-on-year increase, although this was affected by a low base [18][31]. - The overall profitability of the mechanical equipment industry strengthened in Q2 2025, with notable performance in the shipbuilding, railway equipment, and oil and gas equipment sectors [31]. Summary by Sections Overall Mechanical Equipment Overview - The mechanical equipment industry reported a year-on-year revenue growth of 7.64% in Q2 2025, with revenue growth accelerating in specific segments [13]. - The net profit excluding non-recurring items grew by 16.22% year-on-year, with wind power and lithium battery equipment leading the growth [18]. - The industry’s net profit margin increased by 0.38 percentage points year-on-year in Q2 2025, indicating improved profitability across various segments [25]. Subsector Performance - The engineering machinery sector saw a revenue increase of 8.7% in H1 2025, driven by strong overseas sales and diversified business contributions [44]. - Major companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG, reported significant revenue growth, with SANY achieving a 15% increase year-on-year in H1 2025 [41][44]. - The overall net profit for the engineering machinery sector reached 161 billion yuan in H1 2025, reflecting a 25.1% year-on-year increase, with profit growth outpacing revenue growth [45].

Core Viewpoint - The stock of Shanhe Intelligent has shown significant volatility, with a year-to-date increase of 93.05%, but a recent decline in the last 20 days by 25.22% [1][2]. Group 1: Stock Performance - As of September 12, Shanhe Intelligent's stock price reached 14.44 CNY per share, with a market capitalization of 15.517 billion CNY [1]. - The stock experienced a net inflow of 9.517 million CNY from main funds, with large orders accounting for 17.56% of total buying and 18.18% of total selling [1]. - The stock has appeared on the "龙虎榜" (a stock trading list) nine times this year, with the latest appearance on August 8, where it recorded a net buy of 330 million CNY [1]. Group 2: Company Overview - Shanhe Intelligent Equipment Co., Ltd. was established on July 29, 1999, and listed on December 22, 2006, specializing in pile machinery, small engineering machinery, and rock drilling machinery [2]. - The company's revenue composition includes excavators (38.28%), special equipment (19.39%), underground engineering machinery (16.46%), aviation business (14.88%), parts and maintenance services (7.21%), and engineering construction (3.79%) [2]. - As of August 20, the number of shareholders decreased by 11.97% to 215,700, with an average of 4,973 circulating shares per person, an increase of 13.60% [2]. Group 3: Financial Performance - For the first half of 2025, Shanhe Intelligent reported a revenue of 3.411 billion CNY, a year-on-year decrease of 6.32%, while net profit attributable to shareholders increased by 46.12% to 49.881 million CNY [2]. - The company has distributed a total of 631 million CNY in dividends since its A-share listing, with 75.223 million CNY distributed over the past three years [2]. Group 4: Institutional Holdings - As of June 30, 2025, the sixth-largest circulating shareholder is the Southern CSI 1000 ETF, holding 6.9503 million shares, an increase of 1.3273 million shares from the previous period [3]. - The Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 6.7884 million shares, a decrease of 430.77 thousand shares from the previous period [3].