Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The company is an active practitioner in developing "new - quality productivity," focusing on digitalization, intelligence, and greening, and will increase investment to maintain its technological leadership [23]. - In the African market, the company achieved a 75% year - on - year sales growth in the first half of 2025. It plans to upgrade its African business system, including establishing 2 - 3 subsidiaries, customizing products, and enhancing service capabilities [24]. - The company's intelligent manufacturing project meets the cost - reduction target, and the investment cost will be gradually recovered [25]. - The company's electric products have received good feedback, especially in special application scenarios, and customers focus on performance such as battery life, safety, and maintenance convenience [27]. - The company mainly uses transaction contract settlement designs to deal with exchange rate fluctuations and has little revenue reduction due to exchange rate changes [27]. - The company's pile drivers and drills' gross profit increased year - on - year in the first half of 2025, and the impact of steel prices on gross profit is relatively small [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Shanhe Intelligent [16] - Industry: Engineering machinery [16] - Reception time: September 15, 2025 [16] - Company reception staff: Chairman Fu Xiangdong, Independent Director Shi Shuiping, Deputy General Manager and Financial Controller Huang Zhongbo, and Board Secretary Wang Jian [16] 3.2. Detailed Research Institutions - The research institutions are all investors participating in the 2025 semi - annual collective investor meeting of Shanhe Intelligent (002097) - Guangzhou Industrial Investment Holding Group Co., Ltd. both on - site and online [17] 3.3. Research Institution Proportion There is no information provided regarding the research institution proportion. 3.4. Main Content Data - **Investor Q&A**: - **Digital and Green Transformation**: The company will elevate digital transformation and green development to the core of its corporate strategy, increasing R & D investment and introducing high - end talents to maintain technological leadership [23]. - **African Market Expansion**: With a 75% year - on - year sales growth in the African market in the first half of 2025, the company plans to establish 2 - 3 subsidiaries, customize products suitable for the African environment, and enhance service capabilities [24]. - **Battery Negative Material Application**: Currently, solid - state batteries have multiple technical routes and use different negative materials. Bobang Shanhe has technical reserves in the silicon - carbon negative electrode field [24]. - **Intelligent Manufacturing Project**: The intelligent manufacturing project is in line with the cost - reduction goal, and the investment cost will be gradually recovered [25]. - **Market Feedback on Electric Products**: The electric products developed by the company have received good feedback, especially in special application scenarios. Customers are more concerned about battery life, safety, and maintenance convenience [27]. - **Exchange Rate Impact**: The company has little revenue reduction due to exchange rate fluctuations and mainly uses transaction contract settlement designs to deal with exchange rate changes [27]. - **Gross Profit of Core Products**: In the first half of 2025, the gross profit of the company's pile drivers and drills increased year - on - year, and the impact of steel prices on gross profit is relatively small [27]. - **Product Strategy for European and American Markets**: The company's excavator segment is increasing the introduction of electric equipment products and has launched the pro - series rotary drilling rig products in Europe [28]. - **Supply Chain Management**: The company implements an AB - matching plan in supply chain management, locks in raw material prices in advance, and establishes strategic inventories to deal with raw material price fluctuations [29]

Group 1: Company Performance and Strategy - In the first half of 2025, the company achieved significant results in green, intelligent, and digital transformation, focusing on integrating 5G, big data, and AI technologies to enhance manufacturing capabilities [2][3] - The company plans to elevate digital transformation and green development to a core strategic level, increasing investment in R&D and attracting high-end talent to maintain technological leadership [2][3] Group 2: Market Expansion and Sales Growth - The company reported a 75% year-on-year sales growth in the African market, leading all global regions, attributed to proactive market positioning and localized operations [3] - Plans to establish 2-3 subsidiaries in key African regions and enhance product customization and service networks to improve brand influence and ensure sustainable growth in Africa [3] Group 3: Product Development and Feedback - The company is developing electric products with positive feedback, particularly in specialized applications, with customers focusing on performance aspects like endurance, safety, and maintenance convenience [4][5] - The company has technology reserves in silicon-carbon anode materials for solid-state batteries, indicating potential future applications [3] Group 4: Financial Performance and Cost Management - The company's gross profit margin for pile drivers and drilling machines increased year-on-year, with minimal impact from steel price fluctuations due to effective cost management strategies [4][5] - The company is implementing an AB matching scheme in supply chain management to enhance resilience and mitigate raw material price volatility [5]

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].

Market Performance - The engineering machinery sector rose by 0.9% on September 11, with Hengli Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Hengli Hydraulic (601100) closed at 89.75, up 2.34% with a trading volume of 70,500 shares and a transaction value of 624 million [1] - Huadong Heavy Machine (002685) closed at 8.36, up 2.33% with a trading volume of 572,200 shares and a transaction value of 473 million [1] - Changling Hydraulic (605389) closed at 44.93, up 2.28% with a trading volume of 16,500 shares and a transaction value of 7.32 million [1] - Other notable performers include Shaoyang Hydraulic (301079) up 2.12% and Jinzhi Technology (301279) up 1.88% [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 341 million from institutional investors, while retail investors saw a net inflow of 313 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling and retail buying [2] Detailed Capital Flow for Selected Stocks - Huadong Heavy Machine saw a net inflow of 26.1 million from institutional investors but a net outflow of 16.9 million from retail investors [3] - Hengli Hydraulic had a net inflow of 6.1 million from institutional investors, with retail investors showing a net outflow of 7.3 million [3] - Zhejiang Dingli (603338) had a net inflow of 3.1 million from institutional investors, while retail investors contributed a net inflow of 789.86 thousand [3]

Core Insights - The 2025 Global Top 50 Construction Machinery Manufacturers list was released, with a total sales revenue of $222.53 billion, reflecting an 8.02% year-on-year decline [1][2] - Chinese companies dominate the list with 13 entries, including Sany Heavy Industry and Zoomlion Heavy Industry, ranked 5th and 10th respectively [1][3] - The average overseas sales ratio for the 13 Chinese companies is approximately 41.94%, with some companies exceeding 70% in overseas sales [2] Group 1: Rankings and Performance - Caterpillar Inc. leads the list with sales of $378.44 million, followed by Komatsu Ltd. at $241.32 million and Deere & Company at $129.56 million [3] - XCMG ranks 4th with $125.57 million, while Sany Heavy Industry and Zoomlion Heavy Industry rank 5th and 10th with $106.55 million and $62.30 million respectively [3][4] - The total operating profit for the top 50 companies is $30.30 billion, down 10.86% from the previous year, with an average operating profit margin of 13.62% [1][2] Group 2: Chinese Companies' Global Presence - Among the 13 Chinese companies, XCMG, Sany Heavy Industry, and Zoomlion Heavy Industry are in the top 10, while others like CRCHI Group and Hunan Sunward Intelligent Machinery rank 33rd and 42nd respectively [1][5] - The trend of "quality improvement" is noted as Chinese companies expand overseas, transitioning from quantity growth to quality enhancement [2]

Core Viewpoint - The engineering machinery industry continues its recovery in the first half of 2025, driven by domestic demand from long-term government bond issuance, deepening equipment renewal policies, and accelerated energy transition. Core products such as excavators, concrete machinery, and cranes have seen comprehensive growth in domestic sales, while overseas markets remain robust, particularly in mineral development and energy infrastructure [1]. Company Performance Summary XCMG Machinery - Achieved operating revenue of 54.808 billion yuan, a year-on-year increase of 8.04%, and a net profit of 4.358 billion yuan, up 16.63%. The company shows a favorable development trend with growth in revenue, net profit, and cash flow, driven by internationalization, new energy, and aftermarket services [2][3]. - The earthmoving segment saw a revenue increase of 22.37%, making it the largest revenue segment, accounting for 31.05% of total revenue. Domestic sales share increased, with export revenue growing by 20% and aftermarket revenue up by 29% [3]. SANY Heavy Industry - Reported revenue of 44.534 billion yuan, a 14.96% increase, and a net profit of 5.216 billion yuan, up 46%. The excavator segment generated 17.497 billion yuan in sales, a 15% increase, maintaining the top position in the domestic market [5]. - Concrete machinery sales decreased by 6.49% to 7.441 billion yuan, while crane machinery sales increased by 17.89% to 7.804 billion yuan, with significant market share gains in various crane categories [6][7]. Zoomlion Heavy Industry - Recorded revenue of 24.855 billion yuan, a 1.3% increase, and a net profit of 2.765 billion yuan, up 20.84%. The crane segment accounted for 33.69% of total revenue, with earthmoving machinery exports growing over 33% [8]. LiuGong Machinery - Achieved revenue of 18.181 billion yuan, a 13.21% increase, and a net profit of 1.230 billion yuan, up 25.05%. The earthmoving machinery segment contributed 64.09% of total revenue, with both domestic and overseas markets showing strong growth [9]. Shantui - Reported revenue of 7.004 billion yuan, an 8.78% increase, with overseas revenue growing by 7.66% compared to the previous year [10]. Zhejiang Dingli - Achieved operating revenue of 4.336 billion yuan, a 12.35% increase, and a net profit of 1.052 billion yuan, up 27.63%. The company has shown resilience in a complex external environment [10]. Anhui Heli - Reported revenue of 9.390 billion yuan, a 6.18% increase, but net profit decreased by 4.60% to 0.796 billion yuan. Overseas revenue reached 4.016 billion yuan, up 15.20%, accounting for 43% of total revenue [11]. Market Dynamics - The engineering machinery industry is gradually improving, with domestic markets recovering and exports maintaining stable growth. Companies are actively seizing opportunities to enhance quality and efficiency while expanding their market presence [9][10].

9月9日，山河智能盘中下跌2.04%，截至13:48，报13.91元/股，成交5.46亿元，换手率3.60%，总市值 149.48亿元。 资金流向方面，主力资金净流出540.18万元，特大单买入4005.52万元，占比7.34%，卖出4996.87万元， 占比9.15%；大单买入9106.34万元，占比16.68%，卖出8655.17万元，占比15.86%。 责任编辑：小浪快报 资料显示，山河智能装备股份有限公司位于湖南省长沙经济技术开发区凉塘东路1335号，成立日期1999 年7月29日，上市日期2006年12月22日，公司主营业务涉及桩工机械、小型工程机械、凿岩机械等三大 类具有自主知识产权的工程机械产品。主营业务收入构成为：挖掘机机械38.28%，特种装备及其他机 械19.39%，地下工程机械16.46%，航空业务14.88%，配件及维修服务7.21%，工程施工及其他3.79%。 山河智能所属申万行业为：机械设备-工程机械-工程机械整机。所属概念板块包括：通用航空、军民融 合、PPP概念、工程机械、航天军工等。 截至8月20日，山河智能股东户数21.57万，较上期减少11.97%；人均流通股4973股， ...

Group 1 - The company, Shanhe Intelligent Equipment Co., Ltd., will participate in the "2025 Hunan Listed Companies Investor Online Collective Reception Day and Semi-Annual Performance Briefing" event [1] - The event will be held online on September 19, 2025, from 14:00 to 17:00, allowing investors to engage with the company's management [1] - Topics of discussion will include the company's performance from 2024 to 2025, corporate governance, development strategy, operational status, financing plans, and sustainable development [1] Group 2 - The company emphasizes the importance of accurate and complete information disclosure, ensuring no false records or misleading statements [1] - Investors can participate through the "Panjing Roadshow" website, WeChat public account, or by downloading the Panjing Roadshow APP [1] - The event aims to enhance interaction and communication between the company and investors [1]