Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 12.117 billion yuan in Q1 2025, representing a year-on-year increase of 2.92% and a quarter-on-quarter increase of 9.24%. The net profit attributable to shareholders was 1.41 billion yuan, up 53.98% year-on-year and 270.08% quarter-on-quarter [1]. - The company's gross margin for Q1 2025 was 28.67%, with a net margin of 12.51%, reflecting improvements in profitability due to a higher proportion of high-margin overseas business and recovery in domestic sales [1]. - The company is focusing on enhancing its platform-based development potential, with significant growth in traditional product lines and emerging businesses, including a 122% year-on-year revenue increase in agricultural machinery [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a net operating cash flow of 740 million yuan, a year-on-year increase of 141%, indicating substantial improvement [1]. - The forecast for total revenue from 2024 to 2027 shows a growth trajectory, with expected revenues of 52.649 billion yuan in 2025, 63.309 billion yuan in 2026, and 73.651 billion yuan in 2027, reflecting growth rates of 15.8%, 20.2%, and 16.3% respectively [4][9]. Business Development - The company is expanding its overseas market presence, with a diversified regional sales structure and a focus on enhancing its direct sales system, which supports market expansion and risk mitigation [3]. - The company is also investing in new business areas such as mining machinery and emergency equipment, driven by technological innovation and increased R&D investment [2]. Profitability and Valuation - The projected net profit attributable to shareholders for 2025 is 5.062 billion yuan, with a corresponding PE ratio of 12x, indicating a favorable valuation outlook [4][9].

中联重科股份有限公司 二○二五年四月三十日 1 中联重科股份有限公司 《董事会提名委员会工作细则》修正案 为确保中联重科股份有限公司（以下简称"公司"）遵守最新 《香港联合交易所有限公司上市规则》（"《上市规则》"）的规定， 对公司《董事会提名委员会工作细则》进行如下修订： | 序号 | 原条款 | 修订后条款 | | --- | --- | --- | | 1. | 第三条 提名委员会成员由三至五名 | 第三条 提名委员会成员由三至五名 | | | 董事组成，其中独立非执行董事占大 | 董事组成，其中独立非执行董事占大 | | | 多数。 | 多数。公司应委任至少一名其他性别 | | | | 的董事加入提名委员会。 | | 2. | 第七条 | 第七条 | | | （二）至少每年检讨董事会以及高级 | （二）至少每年检讨董事会以及高级 | | | 管理人员的架构、人数及组成（包括 | 管理人员的架构、人数及组成（包括 | | | 技能、知识及经验方面），并就任何为 | 技能、知识及经验方面），协助董事会 | | | 配合公司的公司策略而拟对董事会作 | 编制董事会技能表，并就任何为配合 | | | 出的变动 ...

中联重科股份有限公司 董事会提名委员会工作细则 第一章 总则 第一条 为了适应中联重科股份有限公司 (以下简称"公司") 发展需 要，优化董事会人员组成，完善公司治理，根据《中华人民共和国公司法》、 《中华人民共和国证券法》、《公司章程》、《上市公司治理准则》、《香港 联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"）及其 它适用的法律、法规和规范性文件，公司特设立董事会提名委员会，并制定本 工作细则。 本细则将不时随着相关法律、法规、规范性文件和《公司章程》的修改 而进行修订，若本细则的规定与相关法律、法规、规范性文件和《公司章程》 的规定发生冲突，应优先适用相关法律、法规、规范性文件和《公司章程》的 相关规定。 第二条 董事会提名委员会是董事会设立的专门工作机构，主要负责对 公司董事和高级管理人员的人选﹑选择标准和程序进行选择并提出建议。 第二章 人员组成 第三条 提名委员会成员由三至五名董事组成，其中独立非执行董事占 大多数。公司应委任至少一名其他性别的董事加入提名委员会。 (一) 根据公司经营活动情况﹑资产规模和股权结构对董事会的规模和 构成向董事会提出建议； (二) 至少每年检讨董事会 ...

| 专门委员会 | 调整前成员 | 调整后成员 | | --- | --- | --- | | 提名委员会 | 主任：吴宝海 | 主任：吴宝海 | | | 成员：詹纯新、张成虎 | 成员：詹纯新、黄珺 | 除上述调整以外，公司第七届董事会专门委员会其他人员保持不 变。上述人员调整后，其任期至公司第七届董事会任期届满止。 证券代码：000157 证券简称：中联重科 公告编号：2025-029 号 中联重科股份有限公司 关于调整董事会提名委员会成员的公告 根据最新《香港联合交易所有限公司上市规则》（以下简称"《香 港上市规则》"）的规定，上市公司应委任至少一名其他性别的董事 加入提名委员会。为确保中联重科股份有限公司（以下简称"公司"） 遵守最新《香港上市规则》的规定，公司董事会同意对公司第七届董 事会提名委员会委员进行调整，选举黄珺女士为公司第七届董事会提 名委员会委员，调整后成员如下： 董 事 会 二○二五年四月三十日 1 中联重科股份有限公司 ...

中联重科股份有限公司监事会 关于公司 2025 年第一季度报告的审核意见 监事会对公司 2025 年第一季度报告进行了核实，现发表审核意 见如下： 经审核，监事会认为董事会编制和审议公司2025年第一季度报 告的程序符合法律、行政法规及中国证监会的规定，报告内容真实、 准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 监事： 颜 梦 玉 熊 焰 明 刘 小 平 中联重科股份有限公司 监 事 会 二○二五年四月二十九日 ...

2、本次会议于 2025 年 4 月 29 日以通讯表决方式召开。 3、公司董事詹纯新先生、贺柳先生、王贤平先生、张成虎先生、 黄国滨先生、吴宝海先生、黄珺女士对本次会议全部议案进行了表决。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、中联重科股份有限公司第七届董事会 2025 年度第一次临时 会议（以下简称"本次会议"）通知已于 2025 年 4 月 18 日以电子 邮件方式向全体董事发出。 证券代码：000157 证券简称：中联重科 公告编号：2025-027 号 中联重科股份有限公司 第七届董事会 2025 年度第一次临时会议决议公告 4、审议通过了《关于调整董事会提名委员会成员的议案》 公司董事会同意对公司第七届董事会提名委员会委员进行调整， 选举黄珺女士为公司第七届董事会提名委员会委员。 4、本次会议的召开符合《公司法》及《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过了《公司 2025 年第一季度报告》 审议结果：表决票 7 票，赞成票 7 票，反对票 0 票，弃权票 0 票 《公司 2025 年第一季 ...

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） 二零二五年第一季度報告 摘要 中聯重科股份有限公司董事會現公告2025年第一季度報告。本季度報告內所載 的財務數據根據中國企業會計準則而編製，並均未經審計。 2.1 按照中國企業會計準則編製的主要會計數據及財務指標 單位：（人民幣）元 本報告期 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 中聯重科股份有限公司（「本公司」）董事會（「董事會」）在此公告本公司截止於 2025年3月31日之三個月的未經審計資料（「2025年第一季度報告」、「本報告」）。 本報告內所載的財務數據根據中國企業會計準則而編製。本公告乃根據《香港聯 合交易所有限公司證券上市規則》第13.10B條而作 ...

Core Viewpoint - Zoomlion Heavy Industry Science and Technology Co., Ltd. reported a revenue of 12.117 billion yuan for the first quarter of 2025, reflecting a year-on-year growth of 2.92% and a net profit attributable to shareholders of 1.410 billion yuan, which represents a significant year-on-year increase of 53.98% [1] Financial Performance - The company's revenue for Q1 2025 reached 12.117 billion yuan, marking a 2.92% increase compared to the same period last year [1] - The net profit attributable to shareholders was 1.410 billion yuan, showing a remarkable growth of 53.98% year-on-year [1]

Core Insights - The company Zhonglian Heavy Industry (000157) reported a revenue of 12.117 billion yuan for the first quarter of 2025, reflecting a year-on-year growth of 2.92% [1] - The net profit for the same period reached 1.41 billion yuan, showing a significant year-on-year increase of 53.98% [1] Financial Performance - Revenue for Q1 2025: 12.117 billion yuan, up 2.92% year-on-year [1] - Net profit for Q1 2025: 1.41 billion yuan, up 53.98% year-on-year [1]

Financial Performance - In 2024, the company's operating revenue was approximately RMB 45.48 billion, a decrease of 3.39% compared to RMB 47.07 billion in 2023[17]. - The net profit attributable to shareholders was approximately RMB 3.52 billion, reflecting a slight increase of 0.41% from RMB 3.51 billion in the previous year[17]. - The net profit after deducting non-recurring gains and losses was approximately RMB 2.55 billion, down by 5.70% from RMB 2.71 billion in 2023[17]. - The net cash flow from operating activities decreased by 21.03% to approximately RMB 2.14 billion, compared to RMB 2.71 billion in 2023[17]. - The total assets at the end of 2024 were approximately RMB 123.75 billion, a decrease of 5.44% from RMB 130.86 billion at the end of 2023[17]. - The net assets attributable to shareholders increased by 1.29% to approximately RMB 57.14 billion, compared to RMB 56.41 billion at the end of 2023[17]. - The company achieved a revenue of RMB 45.478 billion in 2024, a decrease of 3.39% compared to 2023's RMB 47.075 billion[24]. - The net profit attributable to the parent company was RMB 3.521 billion, down 0.82% from RMB 3.550 billion in the previous year[24]. - The company's leverage ratio improved to 51.66% in 2024 from 54.80% in 2023[18]. - Non-current assets decreased to RMB 49.234 billion in 2024 from RMB 52.819 billion in 2023[19]. - Current assets also declined to RMB 74.478 billion in 2024 from RMB 78.006 billion in 2023[19]. Strategic Focus and Development - The company is focusing on accelerating the transformation and upgrading of its strategic industries, particularly in new energy and new materials[12]. - The company aims to enhance its global development strategy, emphasizing "end-to-end, digitalization, and localization" in overseas markets[12]. - The company plans to continue its digital transformation to improve core competitiveness in R&D, manufacturing, management, sales, and service[14]. - The company is committed to building a world-class advanced manufacturing hub to create greater value for customers and returns for shareholders[14]. - The company maintained a strong market position in traditional product lines such as concrete machinery and construction cranes, with a focus on risk management and resource optimization[26]. - The company expanded its product range in earthmoving machinery, achieving significant growth in the domestic market, particularly in the 100-ton and above excavator segment[27]. - The company led the domestic market in aerial work machinery, with a 90% penetration rate of electric products and a comprehensive product lineup[28]. - The agricultural machinery segment saw significant growth, with new products like corn and rice machines entering the market after successful upgrades[30]. - The company ranks first in the industry for patent applications related to big data and cloud computing, establishing a leading position in the industrial internet and embodied intelligence sectors[32]. International Expansion and Manufacturing - In 2024, overseas revenue grew by over 30% year-on-year, achieving a historic milestone where overseas income accounted for more than half of total revenue[33]. - The company has established 11 overseas production bases across 8 countries, enhancing its global manufacturing network and supporting continuous innovation[36]. - The company has launched 4 major intelligent factories and over 360 intelligent production lines, contributing to the development of a significant advanced manufacturing base[38]. - The company has completed over 200 key technologies for intelligent production lines, showcasing its strong capabilities in intelligent manufacturing technology[38]. - The company aims to achieve end-to-end digital transformation in manufacturing and supply chains, integrating AI, cloud computing, and digital twin technologies[40]. - The company has built a comprehensive overseas business system focused on end-to-end, digital, and localized operations, enhancing its competitive edge[33]. - The company has over 4,400 local employees and more than 210 service parts warehouses globally, covering over 170 countries and regions[36]. Innovation and Product Development - The company successfully developed 548 new products and overcame 355 key technologies during the reporting period, including 9 global bests and 15 industry-first products[41]. - The company launched the world's largest rated lifting torque crane with a capacity of 23,800 ton-meters, and a maximum lifting weight of 730 tons, which is currently in use for the construction of the Guangzhou Wanlong Bridge[42]. - The company introduced 40 new energy products, including the world's largest 150-ton distributed electric drive crawler crane and the industry's first modular electric direct drive concrete mixer truck[46]. - The company achieved a comprehensive energy saving of 15% with the development of a 300-ton hybrid electric drive dump truck, enhancing the green development of mining transportation equipment[42]. - The company applied for 2,054 patents during the reporting period, ranking first in the industry for patent strength among Chinese enterprises[48]. - The company has developed a hybrid power distributed electric drive tractor with a low fuel consumption of 1.55L per mu, providing a comfortable driving experience with a noise level of 79dB[44]. - The company has completed over 20 key component and equipment R&D projects in the new energy sector, achieving industry-leading technology levels[46]. - The company has established a total of 210 new energy products for sale by the end of 2024, covering various leading product categories[46]. - The company led the release of 2 international standards and 4 national standards in 2024, becoming a dominant force in industry standard-setting[48]. Employee Engagement and Welfare - The company employs approximately 31,783 employees as of December 31, 2024[71]. - The company has a distributable reserve of RMB 26.442 billion as of December 31, 2024[74]. - The company aims to enhance employee cohesion and core combat capabilities through talent introduction, training, and incentives[194]. - The company maintains a 100% labor contract signing rate and provides comprehensive social insurance coverage for all employees[195]. - In 2024, the company provided assistance to 88 employees, distributing over 3.317 million yuan in aid, including support for 18 children of deceased employees[197]. - The company hired approximately 7,297 new employees during the reporting period, increasing total employment to over 31,783[200]. - Employees under 35 years old account for 55.63% of the workforce, indicating a sustainable employment structure[200]. - The company has implemented a satisfaction evaluation platform for employee dining, maintaining a satisfaction rate above 90%[197]. - The company actively engages in employee welfare programs, including marriage and childbirth benefits, and various forms of assistance[196]. Environmental and Social Responsibility - The ESG special team is responsible for identifying significant ESG issues impacting operations and stakeholders, reporting to the board regularly[158]. - The company has identified 23 key ESG issues for this year's importance analysis, based on guidelines from the Hong Kong Stock Exchange and the SASB[164]. - The board participates in the evaluation and prioritization of important ESG matters, ensuring comprehensive reflection of the company's sustainable development progress[163]. - In 2024, the company achieved a total greenhouse gas emission of approximately 187,949.80 tons, a decrease from 206,881.91 tons in 2023, resulting in a 6% reduction in emissions per million revenue[178]. - The company successfully launched 40 new products, including the world's largest distributed electric drive crawler crane, and now has 210 new energy products on sale[172]. - The company reduced diesel consumption in 2024 compared to the previous year, leading to a significant decrease in air pollutant emissions[178]. - The total amount of hazardous waste generated in 2024 was 3,876.30 tons, down from 4,172.38 tons in 2023, with a hazardous waste density of 0.85 tons per 10 million revenue[178]. - The company established two new A-level environmental performance parks and three B-level parks in 2024, becoming the first in the Shaanxi and Hunan engineering machinery industry to achieve A-level status[170]. - The company reported a sulfur dioxide emission of 0.14 tons in 2024, down from 0.17 tons in 2023, and nitrous oxide emissions of 19.31 tons, reduced from 24.19 tons[176]. - The company implemented advanced environmental management systems and technologies, including real-time air quality monitoring and dust reduction measures[171]. - The greenhouse gas emission density was recorded at 4.13 tons per million revenue in 2024, a decrease from 4.39 tons per million revenue in 2023[178]. - The company is committed to using water-based paints and energy-efficient, low-pollution dry spraying processes in its manufacturing operations[170]. - The company has strengthened its internal controls and cost reduction measures while accelerating its green transformation[178]. - The company aims to achieve carbon peak by 2030 and carbon neutrality by 2060, aligning with national strategic goals[190]. - The company has not identified any violations of significant environmental laws and regulations during the year[191].