Market Overview - The U.S. stock market benefited significantly from positive news, with the market capitalization of the "Tech Giants" increasing by $837.5 billion (approximately 6 trillion RMB), marking the largest increase since April 9 [1] - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing down 1.87% [1] - Goldman Sachs has postponed its interest rate cut expectations to December, while Citigroup has pushed its forecast from June to July [1] Shipping Industry Insights - The shipping market is expected to see freight rates rise by 20% in the short term, driven by increased demand for inventory replenishment ahead of potential uncertainties in trade negotiations [3] - The European shipping index futures surged over 10%, indicating strong market sentiment and potential for increased shipping activity [2][3] Investment Opportunities - Gold prices rebounded, with spot gold reaching $3,250, reflecting market sentiment amid ongoing trade tensions [2] - Companies in the shipping sector, such as Orient Overseas International and Yang Ming Marine Transport, have seen stock price increases of over 5% due to favorable market conditions [3] Industry Developments - The solar silicon industry is experiencing a supply-demand imbalance, with major manufacturers discussing production cuts to stabilize prices [7] - The price of polysilicon futures has risen significantly, increasing over 13% from recent lows, indicating a potential recovery in the solar sector [7] Company Performance - Goldwind Technology reported a 35.72% year-on-year increase in revenue for Q1 2025, with net profit rising by 70.84% [8] - The company has a robust order backlog of 51,091 MW, with a growing share of overseas orders, indicating strong market demand [9]

Group 1 - Heavy machinery stocks have seen a general increase, with notable gains in companies such as Sany International (up 0.17% to HKD 5.77) and China National Heavy Duty Truck Group (up 1.38% to HKD 19.1) [1] - In Q1 2025, the domestic sales of excavators reached 36,562 units, marking a year-on-year increase of 38.3%, while total excavator sales from major manufacturers amounted to 61,372 units, up 22.8% year-on-year [1] - The average operating rate of construction machinery nationwide was reported at 44.67%, reflecting a year-on-year increase of 1.62%, with 12 provinces exceeding an average operating rate of 50% [1] Group 2 - The acceleration of major engineering projects across various regions is expected to enhance infrastructure investment in Q2, contributing positively to economic stability and growth [2] - Analysts from Huachuang Securities express optimism regarding domestic policy efforts to boost internal demand, suggesting that the engineering machinery sector is likely to benefit significantly [2]

Group 1 - The core point of the article highlights the strong performance of mechanical stocks in the Hong Kong market, particularly the significant rise of Boleton, which increased by 50% [1] - Boleton's stock surge is attributed to its public offering phase, which received a subscription rate of 198.72 times [1] - Other companies in the mechanical sector also experienced gains, with Sensong International rising by 3.48% and Sany International increasing by 2.10% [1]

Financial Performance - Revenue for 2024 reached RMB 21,909,641, an increase of 8.0% compared to RMB 20,277,944 in 2023[15] - Gross profit decreased by 9.8% to RMB 4,913,363, resulting in a gross margin of 22.4%, down from 26.9% in 2023[15] - Net profit fell by 41.9% to RMB 1,067,986, with a profit margin of 5.0%, down from 9.5% in the previous year[15] - The net profit attributable to the parent company was RMB 1,101.6 million, a decrease of 42.9% compared to the previous year[26] - International sales revenue reached RMB 8,169.7 million, marking a 28.4% year-on-year growth, with logistics equipment international revenue increasing by 25.8% and mining equipment international revenue by 27.5%[27] - Basic earnings per share decreased by 44.8% to RMB 0.32, while diluted earnings per share fell by 42.3% to RMB 0.30[15] - The gross profit margin for 2024 was approximately 22.4%, down 4.5 percentage points from 26.9% in 2023[37] - Other income and gains increased by approximately 14.0% to RMB 815.5 million in 2024, primarily due to increased government subsidies and the sale of SANY Robotics[35] - The sales cost for 2024 was approximately RMB 16,996.3 million, reflecting a 14.6% increase from RMB 14,830.9 million in 2023[36] - The group's profit margin before tax for the year ended December 31, 2024, was approximately 6.5%, a decrease of about 4.6 percentage points from approximately 11.1% for the year ended December 31, 2023, mainly due to goodwill impairment losses of approximately RMB 470.4 million in the oil and gas equipment business[48] Assets and Equity - Total assets increased by 17.1% to RMB 40,927,728, while total equity rose by 5.5% to RMB 12,175,260[15] - As of December 31, 2024, the group's total current assets were approximately RMB 26,227.1 million, up from RMB 20,778.3 million as of December 31, 2023[51] - The group's accounts receivable and notes receivable amounted to approximately RMB 12,823.7 million as of December 31, 2024, an increase of about 15.7% from approximately RMB 11,082.6 million as of December 31, 2023, primarily due to increased sales revenue[52] - The group's cash and cash equivalents, along with term deposits maturing in three months or more, totaled approximately RMB 5,339.5 million as of December 31, 2024[54] - The group has cash and bank balances in foreign currencies equivalent to approximately RMB 2,904.8 million as of December 31, 2024, and will monitor and hedge significant currency risks as necessary[62] Operational Highlights - The first overseas self-operated factory in Indonesia commenced production, with an expected annual capacity of 2,000 units[17] - A new 175-ton grab machine was successfully delivered, offering double the efficiency and half the energy consumption compared to traditional models[18] - High-end fracturing equipment was delivered to Kazakhstan, marking entry into unconventional oil and gas exploration in Central Asia[19] - The company launched its first 300-ton hybrid mining truck, SET320S, showcasing advancements in green mining equipment technology[21] - The company completed its first LNG project, achieving a processing capacity of 2.4 million cubic meters of natural gas per day, demonstrating industry-leading capabilities in LNG solutions[22] - The company’s unmanned mining trucks operated a total of nearly 5 million kilometers, producing approximately 15 million cubic meters with an efficiency rate exceeding 95%[23] - The company delivered the world's largest wind-solar coupled green hydrogen ammonia synthesis project, expected to reduce CO2 emissions by 650,000 tons annually[24] - The company’s new energy segment, including SANY Silicon Energy and SANY Hydrogen Energy, saw significant growth, with SANY Hydrogen Energy's new orders increasing by 200% year-on-year[28] Strategic Initiatives - The company is focusing on digitalization, low-carbon initiatives, and global expansion to enhance product offerings and service quality[7] - The company plans to continue investing in core business areas and aims to achieve leading positions in both mining and logistics equipment sectors while expanding its presence in the photovoltaic energy storage industry[28] - The company anticipates a compound annual growth rate of 20% for overseas mining equipment in the coming years[33] - The company aims to achieve a revenue target of RMB 50 billion and a gross profit margin of 24% by 2027, although these targets may not be guaranteed[33] - The company is actively promoting green, intelligent, and sustainable products and services globally, aligning with its low-carbon development strategy[63] Governance and Management - The company has a strong governance structure with multiple independent non-executive directors serving on various committees, including audit, remuneration, and ESG committees[76][78][84] - The company has a diverse board with members holding advanced degrees in management, economics, and accounting, contributing to its strategic decision-making[78][85] - The company has established a comprehensive management system to enhance corporate governance and operational efficiency[63] - The company has a strong management team with extensive experience in engineering and technology management, contributing to its strategic initiatives[69] - The appointment of the first female director, Ms. Zhou Lan, in December 2024 marks a significant step towards enhancing gender diversity on the board[63] Employee and Community Engagement - The company emphasizes employee development and satisfaction, conducting multiple employee satisfaction surveys annually in mainland China to gather feedback for improving work efficiency and atmosphere[158] - The company has implemented stock option plans in 2019 and 2023 to reward employees for their contributions to growth and development[158] - The company has a commitment to ESG initiatives, with several board members actively participating in the ESG committee since February 20, 2023[76][78] Shareholder Information - The company reported a final dividend of HKD 0.29 per share, totaling approximately HKD 932 million based on 3,213,890,505 shares as of February 28, 2025[97] - The company aims to balance shareholder expectations with prudent capital management through a sustainable dividend policy[96] - The company has not issued any shareholder waivers or consents for dividends[100] - Major shareholders include SANY Hong Kong with 2,568,818,722 shares, representing 79.93% of the voting shares[177] - Liang Wengen holds 2,579,688,722 shares, accounting for 80.27% of the voting shares[177] Risks and Challenges - The company faces risks related to reliance on the Chinese economy, fluctuations in raw material prices, and dependency on third-party suppliers[11] - The company has several subsidiaries in China that benefit from government incentives for product development, but future access to these incentives is uncertain, which may adversely affect its business and financial performance[156]

Market Overview - The Hong Kong stock market experienced a mixed performance, with the Hang Seng Technology Index initially rising by 1.8% but ultimately closing up only 0.35% [1][3] - The Hang Seng Index and the China Enterprises Index ended the day nearly flat after a brief rebound [1] Company Performance - Major technology stocks saw most of them increase, with Kuaishou rising over 2% and Baidu up more than 1% [3] - JD.com, NetEase, and Alibaba also recorded slight gains [3] - Xiaomi's stock fell over 4% due to the ongoing fallout from the SU7 incident, while Meituan's stock was in the red [3] - Heavy machinery stocks performed well, with SANY International rising by 6.5% and Zoomlion (000157) increasing by 5.5% [3] - Apple-related stocks generally rose following the expansion of AI features to more languages, including Chinese [3] - Domestic insurance stocks collectively rose, supported by a report from Dongwu Securities (601555) indicating strong performance driven by asset-liability resonance [3] Sector Performance - The semiconductor sector, Chinese brokerage stocks, home appliance stocks, shipping stocks, and paper industry stocks mostly saw gains [3] - Conversely, gold stocks were sluggish amid increasing risks of a significant price drop for gold, while copper and aluminum stocks declined [3] - Biopharmaceutical stocks, which had surged the previous day, experienced a full retreat [3] - Robotics and photovoltaic stocks also faced widespread declines [3]

Group 1 - Heavy machinery stocks in Hong Kong experienced a general rise, with Zoomlion (000157) increasing over 5%, SANY International rising over 4%, and China Longgong up 1.5% [1][2] - CME forecasts that excavator sales will reach 28,500 units by March 2025, representing a year-on-year increase of 14%, with domestic sales expected to be 18,500 units (+22% YoY) and exports at 10,000 units (+2% YoY) [2] - Dongwu Securities predicts a better-than-expected recovery in excavator sales, supported by high growth in water conservancy investment for small excavators, stabilization in real estate and infrastructure for medium excavators, and stable demand from mining for large excavators [2]

Financial Performance - The company achieved a revenue of approximately RMB 21,909.6 million for the year ended December 31, 2024, representing an increase of about 8.0% compared to RMB 20,277.9 million for the year ended December 31, 2023[3]. - The profit attributable to equity holders of the parent company was approximately RMB 1,101.6 million, a decrease of about 42.9% from RMB 1,929.0 million in the previous year[3]. - Basic earnings per share for the year ended December 31, 2024, were RMB 0.32, down from RMB 0.58 in 2023[4]. - The total comprehensive income for the year, after tax, was RMB 1,093.2 million, compared to RMB 1,870.5 million in the previous year[5]. - The operating profit for the year ended December 31, 2024, was RMB 1,421,397,000, compared to RMB 2,260,450,000 in 2023, indicating a decrease of about 37.2%[20]. - The company reported a net profit of RMB 1,067,986,000 for the year ended December 31, 2024, down from RMB 1,838,754,000 in 2023, reflecting a decline of approximately 42%[20]. - Total revenue for the year ended December 31, 2024, reached RMB 21,909,641,000, an increase from RMB 20,277,944,000 in 2023, representing a growth of approximately 8.06%[22]. - The gross profit margin decreased to approximately 22.4%, down 4.5 percentage points from 26.9% in the previous year[85]. - The company reported a pre-tax profit of RMB 16,188,560 thousand for 2024, compared to RMB 14,312,687 thousand in 2023, reflecting an increase of about 13.14%[34]. Assets and Liabilities - Non-current assets increased to RMB 14,700.6 million in 2024 from RMB 14,184.7 million in 2023[6]. - Current assets rose significantly to RMB 26,227.1 million in 2024, up from RMB 20,778.3 million in 2023[6]. - The total assets as of December 31, 2024, amounted to RMB 40,927,728,000, an increase from RMB 34,963,011,000 in 2023, showing a growth of about 17%[20]. - The total liabilities increased to RMB 28,752,468,000 as of December 31, 2024, compared to RMB 23,424,614,000 in 2023, representing a rise of approximately 22.8%[20]. - The inventory balance as of December 31, 2024, totals RMB 5,047,840,000, an increase from RMB 3,432,210,000 in 2023[58]. - Trade receivables increased to RMB 11,692,009,000 in 2024 from RMB 10,016,434,000 in 2023, with a provision for impairment of RMB 718,022,000[60]. - The total trade payables and notes payable as of December 31, 2024, is RMB 11,213,230,000, compared to RMB 8,098,198,000 in 2023, indicating a rise of about 38.5%[71]. Cash Flow and Financing - The company reported a net cash and cash equivalents balance of RMB 5,339.5 million as of December 31, 2024, compared to RMB 3,241.1 million in 2023[6]. - The net cash inflow from financing activities for the year ended December 31, 2024, was approximately RMB 894.5 million, a significant decrease from RMB 2,960.6 million for the year ended December 31, 2023[100]. - The company’s total liabilities include secured bank loans of RMB 2,686,554,000 and unsecured bank loans of RMB 423,978,000 due in 2025[73]. - The company has guaranteed bank loans totaling RMB 6,657,126,000 as of December 31, 2024, up from RMB 6,111,645,000 in 2023[75]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.29 per share for the year ended December 31, 2024[3]. - The proposed final dividend for ordinary shares is HKD 0.29 per share, totaling RMB 932,028,000, an increase from RMB 606,036,000 in 2023[42]. Segment Performance - The group has expanded its reportable operating segments from two to four, reflecting an enlarged business structure[15]. - The reportable segments include Mining Equipment, Logistics Equipment, Oil and Gas Equipment, and Emerging Industry Equipment[16]. - The Mining Equipment segment focuses on the production and sale of coal machinery, non-coal mining, and related services[16]. - The Logistics Equipment segment is involved in the production and sale of container equipment and general equipment[16]. - The Oil and Gas Equipment segment produces and sells fracturing equipment and provides related services[16]. - The Emerging Industry Equipment segment specializes in lithium battery manufacturing equipment and solar components[16]. Research and Development - Research and development costs for 2024 were RMB 1,524,346 thousand, down from RMB 1,681,623 thousand in 2023, a decrease of approximately 9.35%[34]. - Research and development expenses were approximately RMB 1,524.3 million, a decrease of 9.4% from RMB 1,681.6 million in the previous year, with R&D expenses accounting for 7.0% of revenue[87]. Taxation - The total tax expense for the year is RMB 353,411,000, a decrease from RMB 421,696,000 in the previous year, representing a reduction of approximately 16.2%[39]. - The effective tax rate for 2024 is 24.8%, compared to 18.6% in 2023, indicating an increase in the tax burden[41]. - The company’s subsidiaries in China are subject to a corporate income tax rate of 25%, with certain high-tech enterprises benefiting from a reduced rate of 15%[37]. Strategic Initiatives - The company continues to focus on manufacturing and selling mining equipment, logistics equipment, and new energy manufacturing equipment in China[8]. - The company plans to expand its market presence in regions outside of mainland China, particularly in Asia and Europe, to drive future growth[26][27]. - The company aims to strengthen its core business and enhance its global market share, particularly in coal machinery, mining vehicles, and port machinery[81]. - The company has committed to low-carbon development and has implemented intelligent control technology in coal mining, significantly improving automation and efficiency[110]. - The company is actively promoting green and sustainable products, including electric port machinery, to lead the electrification sector[110]. Governance and Compliance - The audit committee, consisting of four independent non-executive directors, has reviewed the financial performance for the year ending December 31, 2024[122]. - The company has adopted the standard code for securities trading by directors, ensuring compliance throughout the year[121]. - The company aims to enhance board diversity with the appointment of its first female director, Ms. Zhou Lan, in December 2024[110].

Group 1 - The rental index for aerial work platforms in February 2025 is projected to be 350 points, reflecting a month-on-month decrease of 21.4% but a year-on-year increase of 34.1% [1] - Excavator sales in March 2025 are expected to reach 28,500 units, representing a year-on-year increase of 14%, with domestic sales of 18,500 units (up 22% year-on-year) and exports of 10,000 units (up 2% year-on-year) [1] - Cumulative excavator domestic sales from January to March 2025 are projected at 35,545 units (up 34% year-on-year), while cumulative exports are expected to be 24,737 units (up 5% year-on-year), indicating a marginal recovery in both domestic and international demand [1] Group 2 - Dongwu Securities predicts that the improvement in excavator sales is primarily due to the replacement of aging equipment, as the previous upcycle lasted from 2015 to 2023, with an average lifespan of 8-10 years for excavators [1] - The financial environment has improved since Q4 2024, providing support for both existing and new projects, which is expected to further bolster demand for excavators [1] - The report anticipates that high growth in water conservancy investment will support small excavators, while stabilization in real estate and infrastructure development will benefit medium-sized excavators, and stable demand from mining will support large excavators [1] Group 3 - Pacific Securities reports that the export data for excavator products in January and February 2025 continues to show high year-on-year growth, contributing significantly to the profits of major manufacturers [2] - The positive trend in exports is expected to enhance profit margins for manufacturers, with a favorable overseas demand environment anticipated to positively impact their performance [2] - The engineering machinery sector is viewed positively by the market, with expectations of continued growth in exports and overall industry performance [2] Group 4 - Related Hong Kong-listed companies in the engineering machinery sector include Zoomlion Heavy Industry (000157), China Longgong (03339), First Tractor Company (00038), Sany International (00631), Zhengzhou Coal Mining Machinery (601717), China National Heavy Duty Truck Group (000951), Weichai Power (000338), and Sany International (02155) [3]

As filed with the Securities and Exchange Commission on November 7, 2024 Registration No. 333-275240 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Amendment No. 9 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Ten-League International Holdings Limited (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrants name into English) (State or Other Jurisdiction of Incorporation or Organization) Cayman Islands 5080 Not Applicabl ...

Financial Performance - For the nine months ended September 30, 2024, the unaudited consolidated revenue was approximately RMB 15,909,955,184, an increase of about 0.5% compared to RMB 15,836,777,908 in the same period of 2023[1] - The unaudited consolidated gross profit for the nine months ended September 30, 2024, was approximately RMB 3,914,218,906, a decrease of about 9.1% from RMB 4,308,415,189 in the same period of 2023[1] - The unaudited consolidated net profit for the nine months ended September 30, 2024, was approximately RMB 1,342,665,104, down approximately 22.3% from RMB 1,727,001,087 in the same period of 2023[1] - For the three months ended September 30, 2024, the unaudited consolidated revenue was approximately RMB 5,153,899,596, an increase of about 3.1% compared to RMB 4,997,589,897 in the same period of 2023[2] - The unaudited consolidated gross profit for the three months ended September 30, 2024, was approximately RMB 1,288,650,407, a decrease of about 12.7% from RMB 1,476,474,209 in the same period of 2023[2] - The unaudited consolidated net profit for the three months ended September 30, 2024, was approximately RMB 355,709,965, down approximately 34.6% from RMB 543,695,593 in the same period of 2023[2] - The net profit attributable to the parent company for the nine months ended September 30, 2024, was approximately RMB 1,389,870,880, a decrease of about 21.6% from RMB 1,771,789,739 in the same period of 2023[2] Business Segments - The company experienced a decline in profitability primarily due to decreased domestic revenue in the mining equipment segment influenced by the coal industry’s performance[3] - The company reported continuous high growth in revenue from logistics equipment and overseas mining equipment during the period[5] Strategic Focus - The company aims to integrate operational resources and optimize business structure to enhance corporate value and focus on shareholder returns[5]