EF001 免責聲明 EF001 | | 非居民企業 | | | | --- | --- | --- | --- | | | （非中國內地登記地址） | 10% | 對境外非居民企業H股股東，本公 | | | | | 司統一按10%的稅率代扣代繳企業 | | | | | 所得稅。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 10% | 對非居民個人H股股東為香港、澳 | | | | | 門地區居民或為其他國家稅收居民 | | | | | 且其所在國與中國簽訂的稅收協定 | | | | | 規定的股息稅率低於或等於10% | | | | | 的，本公司按10%的稅率代扣代繳 | | | | | 個人所得稅；對稅收協定規定的股 息稅率高於10%低於20%稅率的， | | | | | 本公司按協定實際稅率代扣代繳個 | | | | | 人所得稅。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 20% | 對非居民個人H股股東為與中國無 | | | | | 稅收協定的其他國家居民的，本公 | | | | | 司按20%的稅率代扣代繳個人所得 | | | | | 稅 ...

此乃要件 請即處理 閣下對本通函的任何內容或應採取的行動如有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下全部中聯重科股份有限公司的H股，應立即將本通函及所附的投票代理人委任表 格送交買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本通函全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 本通函僅供參考，並不構成收購、購買或認購中聯重科股份有限公司證券的邀請或要約。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） (1)建議派發中期股利 (2)建議採納修訂後的關聯交易決策制度 (3)建議修訂章程 (4)建議採納修訂後的股東會議事規則 (5)建議採納修訂後的董事會議事規則 (6)建議配發根據特別授 ...

Core Insights - The report from Huaxin Securities highlights that Zoomlion has a diversified and synergistic business structure, with breakthroughs in emerging sectors [1] - The traditional construction machinery business maintains a leading position, while new businesses such as aerial work platforms and mining machinery are experiencing high growth [1] - The implementation of intelligent robotics is progressing, creating a combination of traditional and emerging business segments [1]

Core Viewpoint - The report from Huaxin Securities highlights that Zoomlion's diversified business structure and emerging sectors are making significant breakthroughs, while its traditional construction machinery business maintains a leading position [1] Group 1: Business Structure and Performance - Zoomlion's traditional construction machinery sector solidifies its leading position, while emerging businesses such as aerial machinery and mining machinery are experiencing high growth [1] - The company is advancing its embodied intelligent robotics, having developed four full-size bipedal humanoid robots, with dozens already in factory operations across various processes including machining, logistics, and assembly [1] Group 2: Strategic Focus and Market Expansion - The establishment of an embodied intelligent operations center creates a closed-loop process of data collection, model training, and application iteration [1] - Agricultural machinery is experiencing counter-cyclical growth, with a focus on high-end, international, and new energy strategies, leading to an increase in overseas revenue proportion [1] - The hybrid tractor has made its first export to high-end overseas markets, and the company has launched high-power wheeled hybrid tractors, forming an initial high-end and new energy product system [1] Group 3: Revenue and Market Strategy - The shift from "sales network layout" to "localized operations" focuses on capturing the demand dividends in emerging markets, with overseas revenue accounting for over 50%, becoming a core support against domestic cyclical fluctuations [1] - The investment rating is maintained at "Buy" [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* * 僅供識別 （股份代號：1157） 臨時股東會及H股類別股東會議 暫停辦理股份過戶登記手續期間 中聯重科股份有限公司（「本公司」）董事會謹此宣佈，本公司臨時股東會（「臨時股 東會」）將於2025年12月11日（星期四）下午2時30分在中國湖南省長沙市銀盆南路 361號公司辦公大樓多功能會議廳舉行。本公司的H股類別股東會議（「H股類別股 東會議」）將於同日下午3時在同地點舉行。 為確定可出席臨時股東會及H股類別股東會議並可於會上投票之H股股東名單，本 公司將於2025年12月8日（星期一）至2025年12月11日（星期四）（包括首尾兩天） 暫停辦理H股股份過戶登記手續，於該期間不會進行股份過戶。為符合出席臨時 股東會及H股類別股東會議並可於會上投票的資格，H股持有人須於2025年12月5 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 臨時股東會及H股類別股東會議 暫停辦理股份過戶登記手續期間 中聯重科股份有限公司（「本公司」）董事會謹此宣佈，本公司臨時股東會（「臨時股 東會」）將於2025年12月11日（星期四）下午2時30分在中國湖南省長沙市銀盆南路 361號公司辦公大樓多功能會議廳舉行。本公司的H股類別股東會議（「H股類別股 東會議」）將於同日下午3時在同地點舉行。 為確定可出席臨時股東會及H股類別股東會議並可於會上投票之H股股東名單，本 公司將於2025年12月8日（星期一）至2025年12月11日（星期四）（包括首尾兩天） 暫停辦理H股股份過戶登記手續，於該期間不會進行股份過戶。為符合出席臨時 股東會及H股類別股東會議並可 ...

Core Viewpoint - The Hannover International Agricultural Machinery Exhibition showcases the growing presence of Chinese agricultural machinery companies, particularly Zoomlion, which is focusing on high-end, international, and new energy development paths in the agricultural machinery sector [1][9]. Group 1: Product Showcase and Market Positioning - Zoomlion presented four new energy agricultural machines and various tools, attracting significant attention from global farmers and industry professionals [1]. - The company is targeting the high-end market segment of 160 to 350 horsepower with its hybrid power main engines, a segment traditionally dominated by international agricultural machinery giants [2]. - The choice of hybrid technology over pure electric solutions is driven by the operational characteristics of large-scale agriculture, where machines often operate at full capacity for extended hours [4]. Group 2: Technological Advancements and Efficiency - The hybrid technology implemented by Zoomlion achieves an overall fuel savings of approximately 20%, benefiting from the synergy between electric motors and engines, precise energy supply, and improved transmission efficiency [4]. - The integration of electrification and intelligent systems is seen as a foundation for advancing smart agriculture, with the company developing a dual value chain focusing on both agricultural machinery and smart agricultural solutions [5]. Group 3: Internationalization and Strategic Acquisitions - Zoomlion's agricultural machinery business builds on its extensive experience in engineering machinery, allowing for the sharing of key technologies across different sectors [6]. - The acquisition of the German brand RABE is a significant step in Zoomlion's internationalization strategy, enhancing its capabilities in soil working machinery while incorporating smart control technologies [6][7]. - The company aims to establish RABE's factory as its European operational center, enhancing service response and local assembly capabilities [7]. Group 4: Challenges and Market Dynamics - Despite the successful exhibition, Zoomlion acknowledges the challenges in globalizing its agricultural machinery business, including discrepancies in standards and user perceptions of new technologies in Europe [9][10]. - The company is leveraging its established marketing and service networks from its engineering machinery sector to build localized teams for better market penetration [10]. - Looking ahead, Zoomlion envisions a future where agricultural processes become more mechanized, intelligent, and industrialized, presenting both challenges and opportunities in the global agricultural transformation [10].

Core Viewpoint - The company is experiencing rapid growth in performance and improving profit quality, with a positive outlook for long-term growth potential driven by sustained overseas sales, domestic sales resonance, and industry tier expansion [1][2] Group 1: Financial Performance - For the first three quarters of 2025, the company's revenue reached 237.56 billion yuan, a year-on-year increase of 8.06%, while net profit attributable to shareholders was 3.92 billion yuan, up 24.89% [1] - In Q3 2025, the company reported revenue of 12.30 billion yuan, a year-on-year increase of 24.88%, and a net profit of 1.16 billion yuan, up 35.80% [1] - The company's gross margin and net margin for the first three quarters of 2025 were 28.10% and 11.05%, respectively, with a slight decrease in gross margin but an increase in net margin compared to the previous year [1] Group 2: Cost and Expense Management - The company's expense ratios for sales, management, R&D, and finance for the first three quarters of 2025 were 8.32%, 4.00%, 5.51%, and -0.33%, showing mixed changes year-on-year [1] - In Q3 2025, the expense ratios for sales, management, R&D, and finance were 8.08%, 3.76%, 5.15%, and 2.02%, with notable changes in management and finance expenses compared to the previous year [1] Group 3: Strategic Initiatives - The company plans to issue up to 6 billion yuan of H-share convertible bonds, with half of the funds allocated to advancing its globalization strategy, including establishing overseas production bases and logistics systems [2] - The other half of the funds will focus on innovation-driven high-quality development, particularly in robotics, new energy, and intelligent technologies [2] - The overseas business revenue for the first three quarters of 2025 was 21.31 billion yuan, a year-on-year increase of 20.80%, accounting for over 57.4% of total revenue, highlighting its significance as a growth driver [2]

Core Points - The National Market Supervision Administration and the National Standardization Administration have released two national standards led by Zoomlion, filling a gap in the technical parameter testing of concrete pumping equipment and promoting high-quality development in the industry [1][2] Group 1: National Standards Overview - The two national standards are GB/T 25638.2-2025 and GB/T 46760-2025, focusing on testing procedures for concrete pumps and terminology for concrete and mortar machinery, respectively [2][3] - GB/T 25638.2-2025 innovatively modifies and adopts the international standard ISO 21573-2:2020, establishing a comprehensive testing method for concrete pump parameters, pumping systems, cleaning systems, distribution mechanisms, and stability of support legs [2][3] - The introduction of intelligent testing technology and a testing evaluation system aligned with international standards enhances the global competitiveness and brand influence of Chinese concrete pumping equipment [2] Group 2: Industry Impact - GB/T 46760-2025 integrates cutting-edge technologies such as electrification, intelligence, greening, and digitalization, providing updated definitions for 12 new types of machinery terminology [3] - The implementation of this standard facilitates deeper cooperation and communication within the industry, promoting healthy development across the supply chain [3] - Zoomlion is the only company in the industry with a National Engineering Research Center for Concrete Machinery, leading over 90% of the standard formulation and revision work in the concrete machinery sector [3]

Core Insights - The 2025 Agritechnica exhibition in Hannover, Germany, showcased Zhonglian Heavy Industry's advanced agricultural machinery, highlighting its commitment to global agricultural development through innovative solutions [1][2]. Group 1: Product Highlights - Zhonglian Heavy Industry presented four high-end hybrid tractors: DV3504, DQ2604, DL1604, and a 480-horsepower hybrid combine harvester H7-600E, designed to meet diverse agricultural needs [2][4]. - The DV3504 tractor features a self-developed MIDD distributed intelligent electric drive system, providing 119 kN traction and 227 L/min hydraulic output, with over 10% fuel consumption reduction under complex working conditions [2]. - The H7-600E combine harvester boasts a hybrid power system with a peak power exceeding 600 horsepower, achieving a 20% increase in operational efficiency and a 30% reduction in overall energy consumption [4]. Group 2: Market Positioning and Strategy - Zhonglian Heavy Industry aims to penetrate the high-end agricultural machinery market globally, focusing on "high-end, international, and new energy" development strategies [6][8]. - The company has successfully integrated engineering machinery technology and manufacturing advantages into its agricultural machinery sector, promoting a shift towards hybrid and intelligent equipment [8]. - The new RABE subsidiary in Germany introduced innovative agricultural tools, enhancing the company's product offerings and providing tailored, efficient farming solutions [6].