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]

Core Viewpoint - The three major indices in the Chinese stock market experienced a collective decline during the morning session, indicating a bearish sentiment among investors [1]. Market Performance - The Shanghai Composite Index fell by 0.66%, the Shenzhen Component Index decreased by 0.87%, the ChiNext Index dropped by 1.1%, and the Beijing Stock Exchange 50 Index declined by 1.75% [1]. - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 10,580 billion yuan, a decrease of 290 billion yuan compared to the previous day [2]. - Over 3,800 stocks in the market saw declines, reflecting widespread selling pressure [2]. Sector Performance - The sectors that performed well included Shenzhen state-owned enterprise reform, coal mining and processing, film and television, port shipping, energy metals, and tourism and hotels [2]. - Conversely, sectors that faced significant declines included engineering machinery, cultivated diamonds, CPO, precious metals, and semiconductors [2]. Notable Stocks - Shenzhen local stocks experienced a collective surge, with companies like Jian Ke Yuan hitting the daily limit, and others such as Guangtian Group, Shen Saige, and Shen Property A also reaching the daily limit [2]. - The coal sector continued its upward trend, with stocks like Shanxi Coking Coal, Yunnan Coal Energy, and Shaanxi Black Cat hitting the daily limit during intraday trading [2]. - The port shipping sector saw a rally, with Qin Port Co. reaching the daily limit [2]. Declining Stocks - The engineering machinery, cultivated diamonds, and oil and gas extraction sectors experienced a collective pullback, with stocks like Shanhe Intelligent, Construction Machinery, and Zhun Oil falling significantly [2]. - CPO concept stocks also faced volatility, with companies like Weier Gao and Dongtianwei dropping over 10%, while Tianfu Communication, Changfei Optical Fiber, and Xinyi Sheng also declined [2].

Group 1 - The core viewpoint of the article is that the stock performance of the company is influenced by various factors including macroeconomic conditions, policy environment, market environment, and industry fundamentals [1] - The company stated that its current production and operational situation is normal and there is no undisclosed information that needs to be revealed [1] - The company aims to continuously improve its management practices and enhance operational performance and intrinsic value to reward investors with good results [1]

Core Viewpoint - The company's stock performance is influenced by various factors including macroeconomic conditions, policy environment, market conditions, and industry fundamentals [1] Group 1: Company Strategy - The company aims to improve development quality, steadily enhance operational efficiency, and increase profitability to boost value creation capabilities [1] - The company will strengthen investor communication and information disclosure to actively convey its investment value to the outside world [1]

Core Insights - The company, Shanhe Intelligent (002097), reported that as of October 20, 2025, it has a total of 179,074 shareholders [1] Company Summary - As of the specified date, the number of shareholders indicates a significant level of investor interest and engagement with the company [1]

Core Viewpoint - The engineering machinery sector experienced a rise of 0.76% on October 22, with Tietuo Machinery leading the gains, while the overall market indices showed slight declines [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% [1] - The Shenzhen Component Index closed at 12996.61, down 0.62% [1] Group 2: Individual Stock Performance - Tietuo Machinery (code: 920706) closed at 28.59, up 14.50% with a trading volume of 190,200 shares and a transaction value of 579 million yuan [1] - Fushite (code: 301446) closed at 35.62, up 12.05% with a trading volume of 93,200 shares [1] - Construction Machinery (code: 600984) closed at 4.60, up 10.05% with a trading volume of 1,259,000 shares and a transaction value of 574 million yuan [1] - Southern Road Machinery (code: 603280) closed at 41.47, up 10.00% with a trading volume of 84,700 shares [1] - Weiman Sealing (code: 301161) closed at 37.90, up 8.22% with a trading volume of 134,000 shares [1] - Wuxin Tunnel Equipment (code: 920174) closed at 61.16, up 6.66% with a trading volume of 103,400 shares [1] - Shanhe Intelligent (code: 002097) closed at 14.70, up 6.44% with a trading volume of 2,601,700 shares and a transaction value of 3.827 billion yuan [1] - Zhongli Co., Ltd. (code: 603194) closed at 41.08, up 4.03% with a trading volume of 57,300 shares [1] - Zhongji United (code: 605305) closed at 38.24, up 3.46% with a trading volume of 89,000 shares [1] - Tongli Co., Ltd. (code: 66500ZG6) closed at 20.50, up 3.38% with a trading volume of 133,400 shares [1] Group 3: Capital Flow - The engineering machinery sector saw a net outflow of 248 million yuan from main funds, while retail funds experienced a net inflow of 308 million yuan, and a net outflow of 6.009 million yuan from individual investors [1]

Core Viewpoint - The company clarifies that its tool-type robots are unmanned equipment designed for specific scenarios or task requirements, significantly differing in shape, structure, or function from humanoid robots [1] Company Overview - The company's aviation business focuses on the sales, leasing, and maintenance of regional aircraft, and it does not engage in the manufacturing of drones or aviation vehicles [1]