Zheng Quan Zhi Xing·2025-09-04 00:09Group 1 - The company Zhonglian Heavy Industry expresses a cautiously optimistic outlook on market demand, supported by a concentrated equipment renewal period and the transition to National IV standards, which will drive industry growth for years to come [1] - The recovery pace is healthy, reflecting genuine construction demand, with national-level major projects driving the demand for larger, smarter, and greener equipment [1] - The gross margin for intelligent and green equipment is higher, contributing to profit enhancement [1] Group 2 - Overseas revenue has increased by approximately 15% year-on-year, with Africa experiencing a doubling in growth, and the Middle East and Southeast Asia showing rapid growth, while the market share in Europe, the US, and Australia accounts for 39% [1] - The company leads in market share for earthmoving, mining machinery, construction machinery, and concrete machinery [1] - The company plans to increase resource investment in Latin America, Africa, and Europe, with an overseas investment return cycle generally taking 2-3 years [1] Group 3 - The company has a mid-term dividend payout exceeding 60%, with cumulative dividends exceeding 30.6 billion yuan over 28 distributions, reflecting a long-term stable return philosophy [1]