Core Viewpoint - Zhonglian Heavy Industry's stock price has shown a modest increase this year, with a notable rise in net profit, indicating potential growth in the engineering machinery sector [1][2]. Financial Performance - As of August 8, 2025, Zhonglian Heavy Industry reported a revenue of 24.855 billion yuan for the first half of the year, reflecting a year-on-year growth of 1.30% [2]. - The net profit attributable to shareholders for the same period was 2.765 billion yuan, marking a significant year-on-year increase of 20.84% [2]. - Cumulatively, the company has distributed 28.880 billion yuan in dividends since its A-share listing, with 8.013 billion yuan distributed over the past three years [3]. Stock Market Activity - On September 25, Zhonglian Heavy Industry's stock price decreased by 2.01%, trading at 7.80 yuan per share, with a total market capitalization of 67.459 billion yuan [1]. - The stock has increased by 12.55% year-to-date, with a 2.50% rise over the last five trading days [1]. - The company experienced a net outflow of 31.173 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of August 8, 2025, the number of shareholders increased to 262,200, with an average of 0 circulating shares per person [2]. - The top ten circulating shareholders include notable entities such as China Securities Finance Corporation and Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.32 CNY for A-shares and 7.64 HKD for H-shares, indicating a potential upside of 19.5% and 7.1% respectively from the current prices [5][45]. Core Insights - The company experienced steady growth in H1 2025, with revenue reaching 24.855 billion CNY, a year-on-year increase of 1.30%, and net profit attributable to shareholders at 2.765 billion CNY, up 20.84% year-on-year [1][11]. - The gross margin for H1 2025 was 28.15%, with a net margin of 11.67%, reflecting an improvement in profitability despite a slight decline in gross margin compared to the previous year [2][13]. - The company is benefiting from a diversified product line and a strong overseas market presence, with overseas revenue accounting for 55.58% of total revenue, amounting to 13.82 billion CNY, a 14.66% increase year-on-year [29][33]. Summary by Sections Company Development and Performance - The company reported stable growth in H1 2025, with revenue and profit both showing positive trends. The revenue was 24.855 billion CNY, and the net profit was 2.765 billion CNY, indicating a solid performance [1][11]. - The product lines, including cranes, concrete machinery, and earth-moving machinery, showed signs of recovery, with respective revenues of 8.374 billion CNY, 4.869 billion CNY, and 4.293 billion CNY, reflecting year-on-year growth rates of 1.24%, 15.66%, and 22.11% [18][20]. Embracing Intelligent Technology - The company has begun investing in embodied intelligence technology, developing three humanoid robots and establishing a training facility for these robots, which may create new growth opportunities [34][40]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 50.426 billion CNY in 2025, with net profits projected at 5.040 billion CNY, reflecting a significant growth trajectory [4][43]. - The projected EPS for 2025 is 0.58 CNY, with corresponding P/E ratios of 13.39x for A-shares and 11.20x for H-shares, indicating that the current valuation is below the average of comparable companies [43][44].

Group 1 - The company held an online performance briefing on September 19, 2025, attended by a wide range of domestic and international investors, with key insights shared by Secretary of the Board, Mr. Tao Zhaobo [1] - In the first half of 2025, the company's revenue reached 24.855 billion yuan, a year-on-year increase of 1.30%, while net profit attributable to shareholders was 2.765 billion yuan, up 20.84% [1] - The company's net profit margin improved by 1.80 percentage points to 11.12%, and the non-recurring net profit attributable to shareholders was 1.925 billion yuan, reflecting a 30.08% year-on-year growth [1] Group 2 - The company is advancing its agricultural machinery strategy with a focus on "high-end, international, and new energy," achieving significant market share in wheat machinery and growth in tractors and rice machinery [2] - The company is implementing a global strategy with a direct sales system overseas, achieving a 15% year-on-year increase in overseas revenue, with Africa showing a remarkable growth of over 179% [2] - The company has established over 30 primary business aviation ports and more than 430 secondary and tertiary outlets globally, employing approximately 5,000 local staff and covering over 170 countries and regions [2]

Revenue and Profitability - In the first half of 2025, the company achieved a revenue of 24.855 billion CNY, a year-on-year increase of 1.30% [1] - The net profit attributable to shareholders was 2.765 billion CNY, reflecting a year-on-year growth of 20.84% [1] - The net profit margin improved to 11.12%, an increase of 1.80 percentage points year-on-year [1] - The non-recurring net profit reached 1.925 billion CNY, up 30.08% year-on-year, with a significant second-quarter increase of 50% [1] - Operating cash flow net amount was 1.752 billion CNY, showing a substantial year-on-year growth of 112.46% [1] Global Market Strategy - The company has shifted focus towards global markets, with overseas revenue reaching 13.815 billion CNY, a year-on-year increase of approximately 15%, accounting for 55.58% of total revenue [2] - The overseas market has shown significant growth, particularly in Africa with an increase of over 179% [7] - The company is implementing a "globalization, diversification, and digitalization" strategy to enhance its market presence [1] Agricultural Machinery Development - The company is restructuring its agricultural machinery strategy, focusing on high-end, international, and new energy products [2] - In the first half of 2025, the company maintained a leading market share in domestic wheat machinery and achieved growth in tractor and rice machinery product lines [3] - The company is advancing electric and hybrid technology in agricultural machinery, with a focus on hybrid technology due to its suitability for rural environments [4] Overseas Expansion Plans - The company is committed to a localized global development strategy, enhancing its overseas sales and service networks [5][6] - Plans include expanding the number of secondary service points and optimizing the global sales network to improve service response capabilities [8] - The company has established over 30 primary business airports and more than 430 secondary and tertiary service points globally, covering over 170 countries and regions [8]

[Company Profile](index=4&type=section&id=Company%20Profile) This section provides an overview of the company's fundamental information and key service providers [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) This section provides fundamental information about Zoomlion Heavy Industry Science and Technology Co., Ltd., covering company details, listing information, and key service providers - The company's Chinese name is 中聯重科股份有限公司, and its English name is **Zoomlion Heavy Industry Science and Technology Co., Ltd.**[10](index=10&type=chunk) - The legal representative is Zhan Chunxin, and the company secretary is Yang Duzhi[10](index=10&type=chunk) - The company's A-shares (stock code 000157) are listed on the Shenzhen Stock Exchange, and its H-shares (stock code 1157) are listed on The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - The domestic auditor is KPMG Huazhen LLP, and the international auditor is KPMG[11](index=11&type=chunk) [Summary of Accounting Data and Financial Indicators](index=6&type=section&id=Summary%20of%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key financial data and indicators prepared under both CAS and IFRS, highlighting performance and financial position [Key Financial Data and Indicators Prepared Under China Accounting Standards for Business Enterprises (CAS)](index=6&type=section&id=Key%20Financial%20Data%20and%20Indicators%20Prepared%20Under%20China%20Accounting%20Standards%20for%20Business%20Enterprises%20%28CAS%29) This section presents the company's key financial data and indicators prepared under CAS for the six months ended June 30, 2025, showing year-on-year growth in revenue, net profit, and operating cash flow Key Financial Data and Indicators (CAS, for the Six Months Ended June 30, 2025) | Indicator | Current Period (RMB) | Prior Period (RMB) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 24,854,631,984.97 | 24,535,498,960.57 | 1.30% | | Net Profit Attributable to Shareholders | 2,764,778,602.90 | 2,288,046,921.87 | 20.84% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 1,925,167,888.20 | 1,479,991,356.91 | 30.08% | | Net Cash Flow from Operating Activities | 1,751,780,276.34 | 824,534,396.52 | 112.46% | | Basic Earnings Per Share (RMB/share) | 0.32 | 0.28 | 14.29% | | Diluted Earnings Per Share (RMB/share) | 0.32 | 0.27 | 18.52% | | Weighted Average Return on Net Assets | 4.95% | 3.98% | 0.97% | | **Balance Sheet (Period-end):** | | | | | Total Assets | 129,233,271,831.95 | 123,745,691,290.43 | 4.43% | | Net Assets Attributable to Shareholders | 57,142,847,169.34 | 57,137,084,576.40 | 0.01% | [Key Financial Data and Indicators Prepared Under International Financial Reporting Standards (IFRS)](index=7&type=section&id=Key%20Financial%20Data%20and%20Indicators%20Prepared%20Under%20International%20Financial%20Reporting%20Standards%20%28IFRS%29) This section presents the company's profit distribution, earnings per share, and financial position prepared under IFRS for the six months ended June 30, 2025, indicating increased profit and comprehensive income but a slight rise in gearing ratio Profit Distribution and Earnings Per Share (IFRS, for the Six Months Ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company | 2,753 | 2,281 | | Profit Attributable to Non-controlling Interests | 135 | 254 | | Profit for the Period | 2,888 | 2,535 | | Basic EPS (RMB) | 0.32 | 0.28 | | Diluted EPS (RMB) | 0.32 | 0.27 | Total Comprehensive Income (IFRS, for the Six Months Ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Profit for the Period | 2,888 | 2,535 | | Other Comprehensive Income for the Period | 25 | (515) | | Total Comprehensive Income for the Period | 2,913 | 2,020 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 2,778 | 1,766 | Assets and Liabilities (IFRS, as of June 30, 2025) | Indicator | As of June 30, 2025 (RMB million) | As of Dec 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Assets | 129,196 | 123,712 | | Net Assets | 59,340 | 59,802 | | Gearing Ratio | 54.07% | 51.66% | [Differences Between Unaudited Interim Financial Reports Prepared Under CAS and IFRS](index=10&type=section&id=Differences%20Between%20Unaudited%20Interim%20Financial%20Reports%20Prepared%20Under%20CAS%20and%20IFRS) This section reconciles the differences in net profit and net assets attributable to shareholders between CAS and IFRS, primarily due to M&A costs and safety production reserve provisions Reconciliation of Net Profit and Net Assets Differences Between CAS and IFRS (RMB) | Item | Net Profit Attributable to Shareholders (Current Period) | Net Profit Attributable to Shareholders (Prior Period) | Net Assets Attributable to Shareholders (Period-end) | Net Assets Attributable to Shareholders (Period-start) | | :--- | :--- | :--- | :--- | :--- | | Under CAS | 2,764,778,602.90 | 2,288,046,921.87 | 57,142,847,169.34 | 57,137,084,576.40 | | Adjustments and Amounts Under IFRS: | | | | | | －M&A costs from prior year business combinations | | | -36,528,600.00 | -36,528,600.00 | | －Excess of safety production reserve provision over utilization for the period | -11,267,149.85 | -8,657,200.95 | | | | Under IFRS | 2,753,511,453.05 | 2,279,389,720.92 | 57,106,318,569.34 | 57,100,555,976.40 | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's business operations, financial performance, and strategic initiatives, including global expansion and digital transformation [Business Review](index=11&type=section&id=Business%20Review) This section reviews the company's business development under its 'related diversification, globalization, and digitalization' strategy, covering market performance, global expansion, digital transformation, intelligent manufacturing, and technological innovation, with revenue and net profit growth - The company adheres to the core philosophy of 'operating with internet thinking and developing products with ultimate thinking,' continuously focusing on the three strategic transformations: 'related diversification, globalization, and digitalization'[22](index=22&type=chunk) - During the reporting period, the company achieved revenue of **RMB 24.855 billion**, a year-on-year increase of **1.30%**; net profit attributable to the parent company was **RMB 2.753 billion**, a year-on-year increase of **20.69%**[22](index=22&type=chunk) [Accelerating Industrial Ladder Construction and Promoting Coordinated Development Across Segments](index=11&type=section&id=Accelerating%20Industrial%20Ladder%20Construction%20and%20Promoting%20Coordinated%20Development%20Across%20Segments) The company accelerates industrial diversification, maintaining strong market positions in traditional segments while rapidly growing emerging industries, with significant export increases across product lines - The overall export sales of the three traditional advantageous product lines—concrete machinery, engineering hoisting machinery, and building hoisting machinery—increased by **over 13% year-on-year**[24](index=24&type=chunk) - Export sales of earthmoving machinery increased by **over 33% year-on-year**, leading the industry in growth rate[25](index=25&type=chunk) - Aerial work machinery holds the **number one global market share** in ultra-high straight boom products and high-meter curved boom product ZA32J[26](index=26&type=chunk) - Mining machinery production capacity increased **3 times** compared to the beginning of the year, with overseas sales growing by **over 29% year-on-year**[28](index=28&type=chunk) - The company has newly developed **3 humanoid robots**, with dozens entering factory operation pilots, accelerating industrialization[29](index=29&type=chunk) - Sales of emergency equipment increased by **over 54% year-on-year**, and export sales of foundation construction increased by **over 85% year-on-year**[30](index=30&type=chunk) [Globalization Strategy Drives In-depth Breakthroughs in Global Markets](index=15&type=section&id=Globalization%20Strategy%20Drives%20In-depth%20Breakthroughs%20in%20Global%20Markets) The company's globalization strategy drives significant overseas revenue growth, particularly in Africa, by enhancing its direct sales system and expanding global R&D and manufacturing bases - In the first half of the year, the company's overseas revenue continued to grow, with a year-on-year increase of **over 14%**, and the African region saw an increase of **over 179%**[31](index=31&type=chunk) - Deepening the 'air hub + ground force + air force' end-to-end model, leveraging AI technology to optimize business process efficiency[31](index=31&type=chunk) - Globally, **over 30 primary business air hubs** and **over 430 secondary and tertiary outlets** have been established, with products covering **over 170 countries and regions**[32](index=32&type=chunk) - Continuously advancing the expansion and upgrade of overseas R&D and manufacturing bases, including the expansion of the Wilbert factory in Germany and the construction of a new aerial work platform factory in Hungary[32](index=32&type=chunk) [Accelerating Digital Transformation to Reshape Business Ecosystem with Digital Engine](index=17&type=section&id=Accelerating%20Digital%20Transformation%20to%20Reshape%20Business%20Ecosystem%20with%20Digital%20Engine) The company accelerates digital transformation to empower efficient overseas operations, refine production, sales, and inventory management, and reshape its 'demand-driven, lean supply' operating model - Digitalization empowers efficient overseas business operations, with full application of global marketing and service business process diagnostic tools and performance management platforms, and the deepened spare parts order dispatch management system now covers **9 product lines** in **over 30 countries and regions**[33](index=33&type=chunk) - Digitalization empowers refined production, sales, and inventory control, creating a full-chain digital monitoring system from 'business opportunity insight to value realization,' integrating AI and other cutting-edge technologies to reshape the 'demand-driven, lean supply' operating model[33](index=33&type=chunk) [Intelligent Manufacturing Industrial Cluster Gradually Takes Shape, Continuously Leading High-Quality Industry Development](index=18&type=section&id=Intelligent%20Manufacturing%20Industrial%20Cluster%20Gradually%20Takes%20Shape%2C%20Continuously%20Leading%20High-Quality%20Industry%20Development) The company's intelligent manufacturing industrial cluster is expanding, with 17 smart factories and over 370 smart production lines globally, leveraging AI and big data to enhance efficiency and product quality - The company has cumulatively built and put into operation **17 smart factories** and **over 370 smart production lines** globally, with **4 major host machine smart factories** and key component centers in Zoomlion Smart Industrial City fully operational[34](index=34&type=chunk) - Over **270 industry-leading complete process intelligent manufacturing technologies** independently developed by the company, with nearly **250 key technologies** implemented on smart production lines[34](index=34&type=chunk) - Deep integration of AI Agent, big data, digital twin, and other technologies drives self-perception, self-decision, and self-optimization collaboration across the entire business chain, leading to a **15% increase in production efficiency** and a **20% increase in warehouse physical management efficiency**[36](index=36&type=chunk) - Intelligent fault diagnosis based on AI and intelligent control technology improves fault response efficiency by **40%** and diagnostic accuracy by **18%**[37](index=37&type=chunk) [Technological Innovation Drives Global Competitiveness, "Three Transformations" Technology Forges New Productive Forces](index=20&type=section&id=Technological%20Innovation%20Drives%20Global%20Competitiveness%2C%20%22Three%20Transformations%22%20Technology%20Forges%20New%20Productive%20Forces) The company drives high-quality development through technological innovation, launching new products globally, focusing on 'digitalization, intelligence, and green' technologies, and expanding its intellectual property footprint - In the first half of the year, **141 new products** were launched in overseas markets, with **338 products** obtaining international certifications, and the overseas market coverage of leading construction and mining machinery products increased by nearly **10%**[38](index=38&type=chunk) - There are **1,755 R&D projects** underway, with nearly **300 projects** focusing on new technologies for the 'Three Transformations'; **206 new host products** were launched concurrently, including **20 new energy products**[38](index=38&type=chunk) - New energy host machines are fully expanding, with **20 new energy products** launched in the first half of the year; the electrification penetration rate of mixer trucks increased from **36.6% in 2024 to 74%**, and wide-body trucks from **2.8% to 33%**[40](index=40&type=chunk) - Full-speed entry into the hydrogen energy sector, with the rollout of a new generation of hydrogen liquid-driven piston compressors, and the development of 2-10Nm3 flow-channel PEM electrolyzers and a **300kW fuel cell power station**[41](index=41&type=chunk) - **683 new patent applications** were filed, and **555 patents** were granted; cumulative patents for 'Three Transformations' new technologies reached **5,974**, with **974 PCT applications** and national phase entries overseas[43](index=43&type=chunk) [Continuous Improvement in Operational Management Quality and Efficiency](index=24&type=section&id=Continuous%20Improvement%20in%20Operational%20Management%20Quality%20and%20Efficiency) The company continuously improves operational management quality and efficiency by strengthening risk control, supply chain, inventory management, service localization, and global human resources development - Comprehensively strengthening risk control, establishing an end-to-end risk control system combining prevention and mitigation, achieving terminal overdue monitoring down to each customer, order, and equipment[45](index=45&type=chunk) - Strengthening supply chain system construction, promoting centralized procurement integration for bulk general materials, accelerating digital transformation, with plans for full company coverage in the second half of the year[45](index=45&type=chunk) - Strengthening the full-process inventory management system, completing the first phase of the production, sales, and inventory digital monitoring platform launch, resulting in a **significant reduction in the company's inventory scale**[45](index=45&type=chunk) - Deepening the development of ultimate service capabilities, accelerating service localization, with a service localization rate reaching **54%**[46](index=46&type=chunk) - Tackling the empowerment of a globalized human resource system, optimizing organizational structure, targeted talent acquisition, and building a team with 'high recognition, high standards, and high quality'[46](index=46&type=chunk) [Financial Performance and Condition Analysis](index=26&type=section&id=Financial%20Performance%20and%20Condition%20Analysis) This section analyzes the company's revenue, profit, cash flow, and capital expenditures, reporting growth in revenue and net profit, and a significant increase in operating cash flow - During the reporting period, the company achieved revenue of **RMB 24.855 billion**, a year-on-year increase of **1.30%**; net profit attributable to the parent company was **RMB 2.753 billion**, a year-on-year increase of **20.69%**[47](index=47&type=chunk) - For the six months ended June 30, 2025, net cash generated from operating activities was **RMB 1.603 billion**, an increase of **RMB 927 million** (or **137.13%**) compared to RMB 676 million in the same period last year[49](index=49&type=chunk) - Net cash used in investing activities was **RMB 3.848 billion**, primarily for the acquisition of property, plant and equipment, right-of-use assets, and intangible assets totaling **RMB 2.565 billion**, and prepayments for equity in subsidiaries of **RMB 1.628 billion**[50](index=50&type=chunk) - Net cash generated from financing activities was **RMB 1.246 billion**, mainly due to a net increase in bank and other borrowings of **RMB 2.703 billion**[51](index=51&type=chunk) [Employees](index=27&type=section&id=Employees) As of June 30, 2025, the company had 34,572 employees, with no significant changes in headcount, remuneration, or policies compared to the 2024 annual report - As of June 30, 2025, the company had a total of **34,572 employees**[52](index=52&type=chunk) - During the reporting period, there were no significant changes in the group's employee numbers, remuneration, or remuneration policies compared to those disclosed in the 2024 annual report[53](index=53&type=chunk) [Dividends](index=27&type=section&id=Dividends) The Board proposed an interim dividend of RMB 0.2 per share, totaling RMB 1.73 billion, for the six months ended June 30, 2025, subject to shareholder approval - According to the Board's proposal on August 29, 2025, the company's interim dividend for the six months ended June 30, 2025, is **RMB 0.2 per share**, totaling **RMB 1.73 billion**[54](index=54&type=chunk) - This proposal is subject to approval by the company's shareholders at an extraordinary general meeting[54](index=54&type=chunk) [Carry-forward of Proceeds from Equity Securities Issued in Previous Fiscal Years](index=28&type=section&id=Carry-forward%20of%20Proceeds%20from%20Equity%20Securities%20Issued%20in%20Previous%20Fiscal%20Years) As of June 30, 2025, RMB 116.09 million of the net proceeds from the 2021 non-public A-share offering remained unutilized, primarily for smart manufacturing projects, expected to be fully used by H2 2025 - On February 5, 2021, the company privately issued A-shares, raising a total of **RMB 5.199 billion**, with net proceeds of **RMB 5.146 billion**[55](index=55&type=chunk) - As of June 30, 2025, a total of **RMB 116.09 million** of the net proceeds remained unutilized[55](index=55&type=chunk) Unutilized Proceeds from Equity Securities (as of June 30, 2025) | No. | Purpose | Proposed Allocation of Net Proceeds (RMB million) | Unutilized Amount as of June 30, 2025 (RMB million) | Expected Completion Time | | :--- | :--- | :--- | :--- | :--- | | 1 | Excavating Machinery Intelligent Manufacturing Project | 2,400.00 | 57.67 | 2025年下半年 | | 3 | Key Components Intelligent Manufacturing Project | 1,300.00 | 58.42 | 2025年下半年 | [Corporate Governance](index=29&type=section&id=Corporate%20Governance) This section outlines the company's corporate governance practices, adherence to regulatory requirements, and internal control systems, including compliance with the Corporate Governance Code [Overview of Corporate Governance](index=29&type=section&id=Overview%20of%20Corporate%20Governance) The company adheres to relevant regulations, continuously improves its corporate governance structure and internal controls, and generally complies with the Corporate Governance Code, with the exception of the combined roles of Chairman and Chief Executive Officer - The company strictly adheres to the requirements of China's Company Law, China's Securities Law, and relevant regulations from the China Securities Regulatory Commission and the Hong Kong Stock Exchange, continuously improving its corporate governance structure, standardizing operations, and strengthening internal control systems[58](index=58&type=chunk) - During the reporting period, the company complied with all applicable code provisions in Part 2 of the Corporate Governance Code, with the sole exception that the roles of Chairman and Chief Executive Officer are not separate, as Dr. Zhan Chunxin holds both positions concurrently[59](index=59&type=chunk) - The company made specific inquiries to all directors and supervisors, who confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[60](index=60&type=chunk) - The company's Audit Committee, in conjunction with management, discussed the accounting standards and practices adopted by the company and reviewed this report[61](index=61&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and shareholder structure, including share repurchases and the interests of substantial shareholders [Share Changes](index=30&type=section&id=Share%20Changes) During the reporting period, the company's unrestricted shares decreased by 29,457,000 due to H-share repurchases and cancellations, leading to a corresponding reduction in total shares Share Changes (Unit: Shares) | Item | Quantity Before Change | Change (+, -) | Quantity After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 25,610,325 | – | 25,610,325 | | II. Unrestricted Shares | 8,652,381,911 | -29,457,000 | 8,622,924,911 | | A-shares | 7,070,417,363 | – | 7,070,417,363 | | H-shares | 1,581,964,548 | -29,457,000 | 1,552,507,548 | | III. Total Shares | 8,677,992,236 | -29,457,000 | 8,648,5

Core Viewpoint - The launch of the world's largest wheeled tractor with a maximum output power of 1200 horsepower marks a significant milestone for Zoomlion Heavy Industry Science & Technology Co., Ltd. (hereinafter referred to as "Zoomlion") in the agricultural machinery sector, showcasing China's advancements in high-end agricultural machinery [1][3]. Group 1: Product Features and Innovations - The newly launched DX7004 tractor integrates leading-edge new energy and IoT control technologies, featuring a digital platform and core components developed independently by Zoomlion [3]. - The tractor is designed for large-scale farms, offering enhanced traction, lower fuel consumption, and improved environmental performance, thus supporting global green agriculture [3]. - It utilizes a hybrid power structure with dual motors rated at 700 horsepower, peak power of 1200 horsepower, and a peak torque of 4500 Nm, capable of working continuously for 12 hours over an area of up to 7200 acres [3][4]. Group 2: Technological Advancements - The DX7004 tractor surpasses existing high-end continuously variable transmission tractors in terms of operational efficiency, energy utilization, and intelligence [4]. - Zoomlion has developed a core technology system that includes electric drive continuously variable transmission and intelligent driving systems, breaking the monopoly of international giants in high-end technology [4]. Group 3: Company Background and Market Position - Zoomlion entered the agricultural machinery sector in 2014 and became the first Chinese company to establish a long-term procurement partnership with the United Nations for agricultural machinery in 2021 [4]. - The company’s products cover all aspects of agriculture, including plowing, planting, management, harvesting, and storage, with a leading market share in various segments such as wheeled harvesters and drying machines [4]. Group 4: Future Strategy - Zoomlion aims to continue its innovation in the agricultural machinery sector, focusing on high-end, international, and new energy strategies to contribute to national food security and global agricultural modernization [5].

Core Insights - The global largest horsepower wheeled tractor, the DX7004, was officially launched by Zoomlion in Changsha, marking a significant breakthrough in high-end agricultural machinery in China [1][2] Group 1: Product Features - The DX7004 features a hybrid power system with a rated power of 700 horsepower and a peak power of 1200 horsepower, along with a peak torque of 4500 Nm, capable of continuous operation for 12 hours over 7200 mu [5] - It incorporates a self-developed digital chassis and intelligent control system, supporting stepless speed regulation and direct drive hydraulic and power output, suitable for precise operations with large complex machinery [5] - The tractor utilizes BeiDou high-precision positioning for intelligent driving and AOS operation systems, maintaining centimeter-level accuracy during high-speed operations, significantly enhancing operational efficiency and economic viability for large farms [5] Group 2: Company Strategy and Market Position - Zoomlion's Chairman and CEO, Zhan Chunxin, emphasized the company's commitment to transforming and upgrading the agricultural machinery sector, leveraging its technology and industrial chain advantages from the engineering machinery field [2] - The company has achieved comprehensive product coverage in the agricultural process since entering the sector in 2014, leading the domestic market in products like wheeled harvesters and dryers, and ranking first in the export volume of high-horsepower tractors [7] - Looking ahead, Zoomlion aims to continue its strategy of "high-end, international, and new energy," promoting the advancement of Chinese agricultural machinery towards high-end, green, and international standards, contributing to national food security and global agricultural modernization [7]

每经AI快讯，9月19日，中联重科(01157.HK)涨超3%，截至发稿，涨3.55%，报7.01港元，成交额 9636.21万港元。 ...

消息面上，汇丰研究发表研究报告指，中联重科国内销售于7月至8月出现起色，在低基数的基础上分别 增长10%及20%，预期下半年国内及海外销售将分别增长2%及15%，并预测中联重科下半年净利润可增 长65%，主要受惠于利润率较高的海外业务持续增长及股份酬金成本减少。汇丰研究认为，中联重科当 前估值水平的风险回报具吸引力，可受到国内市场复苏、海外业务扩张、吸引股息回报及人形机械人主 题等利好因素的支持。 据中联重科公众号披露，9月14日至16日，以"AI领航畅想湘江"为主题的2025互联网岳麓大会在长沙举 行。中联重科中科云谷技术团队通过自主研发，在现场正式发布云谷具身智能大模型和工具链。据悉， 本次大会会场还设置了机器人体验中心，中联重科共展示五款人形机器人，在迎宾、行走表演、物流分 拣、装配、生活五大模拟场景应用展示研发成果实景。 中联重科（000157）(01157)涨超3%，截至发稿，涨3.55%，报7.01港元，成交额9636.21万港元。 ...

据中联重科公众号披露，9月14日至16日，以"AI领航 畅想湘江"为主题的2025互联网岳麓大会在长沙举 行。中联重科中科云谷技术团队通过自主研发，在现场正式发布云谷具身智能大模型和工具链。据悉， 本次大会会场还设置了机器人体验中心，中联重科共展示五款人形机器人，在迎宾、行走表演、物流分 拣、装配、生活五大模拟场景应用展示研发成果实景。 智通财经APP获悉，中联重科(01157)涨超3%，截至发稿，涨3.55%，报7.01港元，成交额9636.21万港 元。 消息面上，汇丰研究发表研究报告指，中联重科国内销售于7月至8月出现起色，在低基数的基础上分别 增长10%及20%，预期下半年国内及海外销售将分别增长2%及15%，并预测中联重科下半年净利润可增 长65%，主要受惠于利润率较高的海外业务持续增长及股份酬金成本减少。汇丰研究认为，中联重科当 前估值水平的风险回报具吸引力，可受到国内市场复苏、海外业务扩张、吸引股息回报及人形机械人主 题等利好因素的支持。 ...