Core Insights - The company reported a revenue of 5.057 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 2.08% [1] - The net profit attributable to shareholders reached 96.6472 million yuan, showing a significant year-on-year increase of 177.57% [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 105 million yuan [1] Financial Performance - Revenue for the first three quarters: 5.057 billion yuan, down 2.08% year-on-year [1] - Net profit attributable to shareholders: 96.6472 million yuan, up 177.57% year-on-year [1] - Net loss after deducting non-recurring items: 105 million yuan [1]

Core Viewpoint - The company reported a mixed financial performance for the third quarter and the first three quarters of the year, with revenue growth in Q3 but a decline in year-to-date revenue [1] Financial Performance Summary - Q3 revenue reached 1.646 billion yuan, representing a year-on-year increase of 8.07% [1] - Q3 net profit attributable to shareholders was 46.7663 million yuan, showing a significant year-on-year increase of 6750.18% [1] - Year-to-date revenue for the first three quarters was 5.057 billion yuan, reflecting a year-on-year decline of 2.08% [1] - Year-to-date net profit attributable to shareholders was 96.6472 million yuan, which is a year-on-year increase of 177.57% [1] - The company's non-recurring net profit decreased by 241.59% in Q3, and year-to-date non-recurring net profit fell by 115.54% [1]

山河智能装备股份有限公司 第九届董事会第二次会议决议公告 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"）第九届董事会第二次会议通 知于 2025 年 10 月 17 日以通讯送达的方式发出，于 2025 年 10 月 23 日以通讯会议 方式召开。会议应到董事 11 人，实到董事 11 人。公司董事长付向东先生主持会议。 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。 证券代码：002097 证券简称：山河智能 公告编号：2025-063 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《2025 年 第三季度报告》； 本报告已经公司第九届董事会审计委员会第二次会议审议通过。 本报告已经公司第九届董事会审计委员会第二次会议审议通过。 【具体内容详见公司指定信息披露网站巨潮资讯网 http://www.cninfo.com.cn】 三、会议以同意 8 票、反对 0 票、弃权 0 票的表决结果审议通过了《关于 ...

转自：智通财经 【山河智能：第三季度净利润同比增长6750.18%】智通财经10月24日电，山河智能(002097.SZ)公告 称，公司2025年前三季度实现营业收入50.57亿元，同比下降2.08%；实现归属于上市公司股东的净利润 9664.72万元，同比增长177.57%。第三季度营收为16.46亿元，同比增长8.07%；净利润为4676.63万元， 同比增长6,750.18%。 ...

格隆汇10月24日｜山河智能(002097.SZ)公告称，公司2025年前三季度实现营业收入50.57亿元，同比下 降2.08%；实现归属于上市公司股东的净利润9664.72万元，同比增长177.57%。第三季度营收为16.46亿 元，同比增长8.07%；净利润为4676.63万元，同比增长6,750.18%。 ...

证券代码：002097 证券简称：山河智能 公告编号：2025-066 山河智能装备股份有限公司 关于 2025 年新增日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 山河智能装备股份有限公司（以下简称"公司"）分别于2025年4月24日召开第八 届董事会第二十一次会议、 2025年5月20日召开2024年年度股东大会，审议通过了 《关于2025年度日常关联交易预计的议案》。公司根据生产经营需要，预计2025年 公司及下属子公司将与关联方发生关联交易总金额为92,675万元。 根据《深圳证券交易所股票上市规则》等相关法律法规的规定，本次新增日常 关联交易预计事项无需提交公司股东会审议。本次新增日常关联交易预计事项不构 成《上市公司重大资产重组管理办法》规定的重大资产重组，不需要经过有关部门 1 批准。 (二)预计 2025 年度新增日常关联交易的类别和金额 单位：万元 | 关联交易 | 关联方名称 | 关联交易 | 2025 年预 | 本次新增 | 新增后 2025 | 2025 年已发 ...

证券代码：002097 证券简称：山河智能 公告编号：2025-065 山河智能装备股份有限公司 关于 2025 年前三季度计提减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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10月23日召开第九 届董事会第二次会议，审议通过了《关于2025年前三季度计提减值准备的议案》， 为真实反映公司的财务状况、资产价值及经营情况，根据《企业会计准则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定 的要求，公司针对截至2025年9月30日合并报表范围内的各项资产进行减值测试，对 可能发生减值的相关资产计提减值准备。公司2025年前三季度累计需计提减值准备 及预计负债金额合计为23,172.63万元，其中：信用减值准备21,987.08万元，资产减 值准备3,621.55万元，预计负债-2,436.00万元。现将有关情况公告如下： 一、本次计提信用减值准备、资产减值准备及预计负债的情况概述 公司本次计提信用减值准备、资产减值准备及预计负债情况如下： 单位：人民币万元 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,646,437,352, representing an increase of 8.07% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2025 reached CNY 46,766,289.97, a significant increase of 6,750.18% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -94,402,212.07, reflecting a decrease of 241.59% compared to the previous year[4] - The basic earnings per share for Q3 2025 was CNY 0.0435, up 7,150.00% year-on-year[4] - Net profit for the current period is CNY 65,660,613.46, compared to CNY 10,606,098.73 in the previous period, showing a significant increase[22] - The company reported a profit attributable to shareholders of CNY 96,647,242.97, up from CNY 34,818,745.23 in the previous period[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 22,076,435,386.21, an increase of 5.33% from the end of the previous year[4] - Total assets increased to CNY 22,076,435,386.21 from CNY 20,958,958,595.35, reflecting a growth of 5.35%[21] - Total liabilities rose to CNY 16,897,357,710.93, an increase from CNY 15,856,469,624.74, indicating a growth of 6.57%[21] - The company’s long-term borrowings increased to CNY 5,287,092,781.98 from CNY 4,331,790,655.31, marking a rise of 22.14%[21] - The company’s total liabilities decreased by 44.28% in other current liabilities, amounting to CNY 52,472,123.17, primarily due to a reduction in endorsed but unconfirmed bills[8] Cash Flow - The company reported a net cash flow from operating activities of CNY 121,208,542.72, an increase of 32.33% year-to-date[4] - Operating cash flow for the current period was ¥121,208,542.72, an increase of 32.3% compared to ¥91,593,604.81 in the previous period[25] - Cash inflow from operating activities was ¥5,046,953,767.86, compared to ¥4,883,087,164.24 in the previous period, reflecting a growth of 3.4%[25] - Cash inflow from financing activities reached ¥5,836,078,884.86, up 39.7% from ¥4,176,122,025.05 in the previous period[27] - Net cash flow from financing activities was ¥344,484,195.51, compared to ¥71,967,201.62 in the previous period, indicating a significant improvement[27] - Cash and cash equivalents at the end of the period totaled ¥2,028,534,269.33, an increase from ¥1,633,909,927.22 in the previous period[27] Investments and Income - The company’s investment income increased by 1,397.65%, reaching CNY 2,813,449.85, attributed to higher returns from long-term equity investments accounted for using the equity method[8] - The company recorded a significant increase in non-operating income, totaling CNY 166,615,106.39, a rise of 5,552.80% year-on-year, mainly due to insurance compensation received for an aircraft[10] - The company received an insurance compensation of $22.96 million, impacting net profit by ¥126.23 million, which is 172.92% of the previous year's audited net profit[15] - Cash outflow for investment activities was ¥487,454,724.77, compared to ¥415,734,402.23 in the previous period, showing an increase of 17.2%[25] - Net cash flow from investment activities was -¥117,843,840.58, an improvement from -¥331,912,194.15 in the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 180,570[12] - Guangzhou Wanli Investment Holding Co., Ltd. holds 14.11% of shares, totaling 151,593,848 shares[12] - The total number of shareholders with voting rights restored is 0[12] - The company has not disclosed any related party relationships among the top shareholders[14] - The company has not participated in any securities lending activities[14]

Core Viewpoint - The domestic sales of construction machinery in September 2025 continued to grow, with significant recovery in non-excavator categories, and strong export performance, indicating a positive outlook for the industry driven by equipment upgrades and internationalization [1][2][4]. Group 1: Domestic Sales Performance - In September 2025, excavator sales (including exports) reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units, up 21.5% [1]. - From January to September 2025, excavator sales (including exports) totaled 174,039 units, reflecting an 18.1% year-on-year growth, with domestic sales at 89,877 units, also up 21.5% [1]. - Non-excavator categories showed notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [1]. Group 2: Market Drivers - The ongoing replacement cycle in the construction machinery sector is expected to support future excavator sales, with a projected compound growth rate of around 30% in replacement demand over the next few years [2]. - The export of used construction machinery to developing countries has reduced domestic ownership levels, further supporting new machine sales [2]. Group 3: Government Support and Infrastructure Investment - The government plans to issue 1.3 trillion yuan in long-term special bonds, increasing infrastructure investment, which is expected to boost demand for construction machinery [3]. - The government aims to enhance urban infrastructure, including underground engineering and municipal construction, which will sustain demand for construction machinery [3]. Group 4: Export Performance - In September 2025, excavator exports reached 10,609 units, a year-on-year increase of 29.0%, with total exports from January to September at 84,162 units, up 14.6% [4]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with total export value from January to September at $43.86 billion, up 13.3% [4]. Group 5: Electrification Trends - In September 2025, electric loader sales surged to 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [5]. - From January to September 2025, electric loader sales totaled 21,407 units, up 157.2%, with an electrification rate of 22.8%, an increase of 13.6 percentage points [5][6]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery, with equipment demand projected to reach 120 to 180 billion yuan [7]. - The project will require various types of construction machinery, including large excavators and concrete machinery, further driving industry growth [7]. Group 7: Recommended Companies - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, along with component manufacturers like Hengli Hydraulic [8]. - Companies related to the Yarlung Tsangpo project, such as China Railway Engineering Corporation and others, are also suggested for attention [8].

Core Points - The engineering machinery sector experienced a decline of 1.49% on October 23, with Tietuo Machinery leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Sector Performance - The following companies showed notable performance: - Weiman Sealing (Code: 301161) increased by 4.93% with a closing price of 39.77 and a trading volume of 153,800 shares [1] - Southern Road Machinery (Code: 603280) rose by 1.88% to 42.25 with a trading volume of 149,900 shares [1] - Huadong Heavy Machinery (Code: 002685) saw a slight increase of 0.79% to 7.62 with a trading volume of 177,200 shares [1] - Conversely, Tietuo Machinery (Code: 920706) fell by 13.57% to 24.71 with a trading volume of 136,700 shares [2] - Other significant declines included: - Hengli Drill Tools (Code: 920942) down 10.57% to 41.69 [2] - Construction Machinery (Code: 600984) down 8.70% to 4.20 [2] Capital Flow - The engineering machinery sector saw a net outflow of 882 million yuan from institutional investors, while retail investors contributed a net inflow of 849 million yuan [2][3] - The following companies had notable capital flows: - Huadong Heavy Machinery had a net inflow of 8.05 million yuan from institutional investors [3] - Anhui Heli (Code: 600761) experienced a net outflow of 1.91 million yuan from institutional investors [3] - Tietuo Machinery had a significant net outflow of 13.67 million yuan from institutional investors [3]