中联重科(01157) - 2025 - 中期财报

Company Profile This section provides an overview of the company's fundamental information and key service providers Company Basic Information 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] - The legal representative is Zhan Chunxin, and the company secretary is Yang Duzhi[10] - 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] - The domestic auditor is KPMG Huazhen LLP, and the international auditor is KPMG[11] Summary of Accounting Data and Financial Indicators 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) 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) 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 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 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 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] - 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] Accelerating Industrial Ladder Construction and Promoting Coordinated Development Across Segments 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] - Export sales of earthmoving machinery increased by over 33% year-on-year, leading the industry in growth rate[25] - Aerial work machinery holds the number one global market share in ultra-high straight boom products and high-meter curved boom product ZA32J[26] - 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] - The company has newly developed 3 humanoid robots, with dozens entering factory operation pilots, accelerating industrialization[29] - 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] Globalization Strategy Drives In-depth Breakthroughs in Global Markets 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] - Deepening the 'air hub + ground force + air force' end-to-end model, leveraging AI technology to optimize business process efficiency[31] - 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] - 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] Accelerating Digital Transformation to Reshape Business Ecosystem with Digital Engine 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] - 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] Intelligent Manufacturing Industrial Cluster Gradually Takes Shape, Continuously Leading High-Quality Industry Development 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] - 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] - 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] - Intelligent fault diagnosis based on AI and intelligent control technology improves fault response efficiency by 40% and diagnostic accuracy by 18%[37] Technological Innovation Drives Global Competitiveness, "Three Transformations" Technology Forges New Productive Forces 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] - 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] - 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] - 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] - 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] Continuous Improvement in Operational Management Quality and Efficiency 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] - 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] - 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] - Deepening the development of ultimate service capabilities, accelerating service localization, with a service localization rate reaching 54%[46] - 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] Financial Performance and Condition Analysis 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] - 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] - 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] - 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] 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] - 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] 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] - This proposal is subject to approval by the company's shareholders at an extraordinary general meeting[54] Carry-forward of Proceeds from Equity Securities Issued in Previous Fiscal Years 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] - As of June 30, 2025, a total of RMB 116.09 million of the net proceeds remained unutilized[55] 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 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 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] - 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] - 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] - The company's Audit Committee, in conjunction with management, discussed the accounting standards and practices adopted by the company and reviewed this report[61] Share Changes and Shareholder Information This section details changes in the company's share capital and shareholder structure, including share repurchases and the interests of substantial shareholders Share Changes 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