山东重工拟延期旗下多个板块间同业竞争承诺

Core Viewpoint - The commitment made by Shandong Heavy Industry to resolve the competition issue between Shantui and Leiwo Heavy Industry has been postponed for three years due to Leiwo's poor financial condition, which poses risks to Shantui's financial statements [1][4][6]. Financial Condition of Leiwo Heavy Industry - As of December 31, 2024, Leiwo Heavy Industry has an asset-liability ratio of 112.20%, a net asset of -770 million yuan, and an undistributed profit loss of 1.839 billion yuan [4][6]. - Leiwo's revenue for 2024 was 5.07 billion yuan, but it only achieved a net profit of 22 million yuan, with a negative cash flow from operating activities of -491 million yuan [6][7]. Background of the Commitment - The commitment to avoid competition was initially made on January 26, 2021, when Shandong Heavy Industry acquired Leiwo Heavy Industry as part of a larger acquisition [5][6]. - The original five-year commitment to resolve the competition issue is now extended to January 26, 2029, due to Leiwo's inadequate financial health [8][12]. Proposed Solutions to Competition - To mitigate competition during the three-year extension, Shandong Heavy Industry has proposed a detailed plan involving product tonnage segmentation and sales channel isolation [10][12]. - Shantui will focus on producing and selling large, high-end, and electric loaders of 5 tons and above, while Leiwo will be restricted to producing loaders below 5 tons, targeting agricultural and light-duty applications [10][11]. - Shandong Heavy Industry has established strict guidelines to prevent shared or cross-authorized dealers between Shantui and Leiwo, effectively isolating Leiwo's loader business to a niche market [12].