南方财经记者伍素文广州报道 9月15日，广州工控集团举办2025年半年度集体投资者会议，旗下七家上市公司广日股份、润邦股份、 广钢气体、山河智能、孚能科技、鼎汉技术和金明精机集体亮相，与投资者开展面对面交流，吸引线上 线下超22.17万人次参与。 紧跟行业大势，企业持续推动业务转型与可持续增长。广日股份深化"两网一战略"，拓展智慧楼宇与数 字化解决方案；润邦股份高端装备业务增长显著，海洋工程装备和物料起重搬运装备分别增长14.39% 和26.51%；广钢气体聚焦电子大宗气体，推动多个现场制气项目落地；金明精机开发绿色包装解决方 案，部署光伏发电。 注重经营质量与效率提升，多家企业表现出强劲韧性。其中，广日股份利润总额同比增长7.26%，销售 与管理费用下降超10%；润邦股份扣非净利润增长12.20%，现金流大幅提升208.89%；孚能科技经营性 现金流净额增长122.79%；广钢气体现金流同比增长84.34%。通过绩效管理、成本管控和精益运营，企 业盈利能力与资金状况进一步改善。 而从大盘来看，中上协数据显示，2025年上半年，上市公司19个门类行业中，17个行业实现盈利，7个 行业营收实现正增长，10个行业 ...

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、 ...

9月15日，广州工控集团（以下简称集团）以"聚势谋远 工控新程"为主题，成功举办2025年半年度集体 投资者会议。集团携旗下七家上市公司——广日股份（600894）、润邦股份（002483）、广钢气体、山 河智能（002097）、孚能科技、鼎汉技术（300011）和金明精机（300281）共同出席，与投资者开展面 对面交流，解读公司业绩，回应市场关切，听取投资建议，全面呈现集团战略进展、产业协同效应及上 市公司投资价值，有力提振市场信心，强化价值共识，吸引长期资本集聚，携手共赢高质量发展新局。 凝聚共识获高度评价，战略引领显担当成效 本次会议是广州工控集团首次举办跨交易所、跨板块上市公司半年度集体投资者会议，吸引线上、线下 超过22.17万人次参与。七家上市公司董事长、总经理等核心管理层分别介绍了上半年业绩，并就投资 者重点关注的问题进行了深入交流。 广州工控集团党委副书记、副董事长、总经理王福铸在致辞中强调，集团紧扣广州市"12218"现代化产 业体系，深耕先进制造、产业金融和产业园区三大领域，全力构建"1+3+N"先进制造业集群。目前七家 上市公司总市值突破700亿元，表现优于大盘和行业平均水平，在海上风 ...

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， ...