Summary of Shantui's Conference Call Company Overview - **Company**: Shantui Construction Machinery Co., Ltd. - **Industry**: Construction Machinery Key Points and Arguments Business Growth and Market Position - Shantui benefits from globalization and large-scale trends, with a robust growth in bulldozer business, achieving a domestic market share of 70% [2][3] - The company is actively expanding into excavator and mining truck businesses, expecting mining truck revenue to reach 500 million yuan in 2026, representing a 100% growth [2][3] - The company’s revenue is projected to reach 14.2 billion yuan in 2024, with a net profit of 1.102 billion yuan, a year-on-year increase of 15.67% [2][4] Financial Performance - Gross margin is steadily improving, expected to reach 25.3%, with a return on equity of 21% in 2024 [2][5] - The company anticipates net profits of 1.343 billion, 1.614 billion, and 1.923 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14x, 11x, and 9x [4][9] Excavator Business Development - Following the acquisition of Shandong Heavy Machinery in 2024, Shantui has achieved full coverage of excavator products, addressing technical gaps and creating synergies with bulldozer operations [6][11] - The excavator market is expected to grow by approximately 15% in 2026, driven by domestic fixed asset investment and demand from emerging countries [6] Support from Shandong Heavy Industry Group - Shandong Heavy Industry Group provides significant support, planning to consolidate the entire excavator business under Shantui to reduce competition [7] - The group’s brands, including Weichai Power and Linde Hydraulics, enhance Shantui's product competitiveness [7] Bulldozer Market Performance - Bulldozers are a core product for Shantui, holding a 65% market share domestically, with continuous growth in exports [8] - The company has introduced the world's first AI fully electric unmanned bulldozer, setting industry standards, with expected revenues of 3.5 to 4 billion yuan in 2026 [8] Mining Truck Business Outlook - The global mining truck market is expected to grow steadily, with the market for trucks over 100 tons projected to increase from 30 billion yuan in 2025 to 35 billion yuan by 2031 [13][14] - Shantui is expanding its mining product portfolio, with expectations of achieving around 500 million yuan in revenue from this segment in 2026 [14] Competitive Landscape and Valuation - Compared to industry peers like SANY and XCMG, Shantui's valuation is relatively low, with P/E ratios of 14.08x, 11.72x, and 9.84x [15] - The company is recommended for a buy rating due to its strong growth potential and synergies from its parent group [15] Risks - Shantui faces macroeconomic policy risks, exchange rate risks, and fluctuations in raw material costs, which could impact operational performance [16] Additional Important Information - The company is leveraging its extensive dealer network established in over 160 countries to enhance its global presence [5] - The excavator market is currently valued at approximately 500 billion yuan globally, with domestic market size around 150 billion yuan [10]

智慧、智能、智聚三条"智链"拉动制造业提档升级 济宁"智造"托举"大国重器" 飞驰的高铁动车组如何稳稳刹停？核电站海水管道怎样实现数十年抗腐？推土机如何会思考能决 策？这些"大国重器"平稳运行的密码，藏在济宁制造业的"智造"基因里。当地以智慧、智能、智聚三 条"智链"为牵引，用一个个硬核配套案例，挺起了先进制造业的脊梁。 智能制造的"数字引擎"，让济宁"智造"托举起"大国重器"。前不久，宁德核电鼓网主轴防腐作业现 场来了一台"磁吸式爬行机器人"装置，实现了"遥控打磨+自动喷涂"一键搞定，无需脚手架即可精准修 复涂层破损。 这台爬行自如的机器人来自山东尚核电力科技有限公司。作为一家专业为核电站"护肤"的企业，尚 核电力不断将数字化、智能化引入生产和施工场景，实现了质量、效率双提升。目前，公司在海洋防腐 工程、各类管道制造和安装等领域均已达到国内领先水平，服务范围覆盖全国100多台核电机组。 数字化转型的深度，决定着制造业的高度。尚核电力的质效优势，背后是济宁数字产业化"十大工 程"和产业数字化"八大行动"的强力支撑：当地构建"项目—企业—产业"数字经济发展体系，规上企业 数字化转型率达92.7%。12家国家级5 ...

智能制造的"数字引擎"，让济宁"智造"托举起"大国重器"。前不久，宁德核电鼓网主轴防腐作业现 场来了一台"磁吸式爬行机器人"装置，实现了"遥控打磨+自动喷涂"一键搞定，无需脚手架即可精准修 复涂层破损。 智慧、智能、智聚三条"智链"拉动制造业提档升级 济宁"智造"托举"大国重器" 飞驰的高铁动车组如何稳稳刹停？核电站海水管道怎样实现数十年抗腐？推土机如何会思考能决 策？这些"大国重器"平稳运行的密码，藏在济宁制造业的"智造"基因里。当地以智慧、智能、智聚三 条"智链"为牵引，用一个个硬核配套案例，挺起了先进制造业的脊梁。 科技创新的"智慧内核"，是济宁"智造"叩开"大国重器"大门的密钥。汶上海纬机车配件有限公司的 智能化车间里，生产热潮驱散了冬日的寒冷，超1600℃高温淬炼的特殊材料历经20多道工序，蜕变为一 片片锃亮的高铁制动盘。 "高铁运行不是光看能不能跑起来，还要看能不能停得住、停得稳、停得准。"公司副总李社星介 绍，我国新一代高速列车复兴号CR450动车组列车运行时速将提升到400公里，而制动距离却要求与 CR400时速350公里时的6500米标准持平。公司研发团队历时半年攻关，通过创新铸造配方与热处 ...

Key Points Summary Industry Overview - The mining machinery industry is expected to enter a new cycle of prosperity due to supply shortages and rising prices of metal commodities, influenced by anticipated interest rate cuts from the Federal Reserve [1][2] Company Recommendations XCMG Machinery - Leading in complete open-pit mining machinery, comparable to Caterpillar and Komatsu - Projected mining machinery revenue for 2025 is 13 billion (including spare parts), a year-on-year increase of 50% - Target for 2030 mining machinery revenue is 40 billion, with a CAGR of 25-30% [1] SANY International - Mining machinery accounts for 40% of total revenue - Overseas mining trucks are expected to contribute significantly to growth in 2026, with overseas mining machinery expected to exceed 50% of mining machinery business (6 billion) - Channel model adjustments are anticipated to enhance profitability; target for overseas mining machinery business in 2028 is 13 billion, aiming for over 100% growth in three years [1] Shantui - Leading in mining bulldozers, aiming to create a complete open-pit excavation solution - Expected sales of mining equipment to account for over 10% in 2025 [2] NPE Mining Machinery - Leading in wear-resistant parts for mineral processing, comparable to Meiyit Electric Steel - Projected mining machinery revenue for 2025 is 1 billion, with over 50% from overseas - Anticipated new product launches and overseas capacity expansion could lead to a new performance upturn, with a mid-term revenue target of 2 billion and profit target of 400 million by 2028 [2] New Sharp Co., Ltd. - Main business in hard alloys and rock drilling tools, comparable to Sandvik - Projected mining machinery revenue for 2025 is 1.8 billion, with 40% from overseas; recognized as a leading comprehensive solution provider for mining consumables [2] Nanmin Group - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 800 million, with 20% from overseas - Strategic changes include signing a ten-year operation contract for a large iron ore project and investing in a Zimbabwean gold mine, transitioning to an "equipment + operation" overseas model [2] Zhejiang Mining Co. - Main business in crushing and screening machinery, comparable to Metso/Sandvik - Projected mining machinery revenue for 2025 is 700 million, with 20% from overseas - Strategic changes include acquiring a lead-silver mine in Kazakhstan, initiating a dual-driven development phase of "mining machinery overseas + mining operation" [2]

Group 1: Sales Management - The company has established an innovative sales management model called "Two Horizontals and Nine Verticals," which consists of two major regions (domestic and international) and nine product lines (e.g., bulldozers, excavators) for efficient matrix management of the sales team, ensuring effective market feedback and resource matching [2][3]. Group 2: Manufacturing Capability Enhancement - The company is focusing on intelligent, green, and intensive development, aiming to build an intelligent manufacturing system. It was selected as one of the first excellent-level smart factories by the Ministry of Industry and Information Technology in 2025 [2]. - By 2025, the company plans to establish a new product trial center that integrates AGV flexible assembly lines and digital twin technologies to support integrated manufacturing and testing of mining equipment [3]. Group 3: Global Sales Network Expansion - The company aims to enhance its global sales network layout to secure overseas sales resources, utilizing a combination of offline exhibitions and online multi-platform promotions to increase brand visibility and market influence [3].

证券代码：000680 证券简称：山推股份 公告编号：2026-009 山推工程机械股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示 1、本次股东会未出现否决议案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 (一)会议召开情况 1、召开时间： (1)现场会议时间：2026 年 1 月 23 日（星期五）下午 14:00。 (2)网络投票时间：2026 年 1 月 23 日（星期五），其中： 1 出席本次股东会现场会议和网络投票表决的股东及股东代理人共 435 人，代表股 份 241,602,933 股，占公司有表决权股份总数的 16.2342%。 ①通过深圳证券交易所交易系统进行网络投票的具体时间为：2026年1月23日上午 9:15-9:25，9:30-11:30，下午13:00-15:00； ②通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2026年1月23 日上午9:15至下午15:00的任意时间。 2、召开地点：山东省济宁市高新区 327 国道 ...

北京市环球律师事务所上海分所 关于 山推工程机械股份有限公司 2026 年第一次临时股东会的 法律意见书 北京市环球律师事务所上海分所 关于山推工程机械股份有限公司 2026 年第一次临时股东会的 法律意见书 GLO2026SH（法）字第 0113 号 致：山推工程机械股份有限公司 根据山推工程机械股份有限公司（"山推股份"或"公司"）的委托，北京市 环球律师事务所上海分所（"本所"）就公司2026年第一次临时股东会（"本次股 东会"）所涉及的召集、召开程序、召集人资格和出席会议人员的资格、表决程 序及表决结果等相关问题发表法律意见。本法律意见书系依据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司股东会规则》（"《股东会规 则》"）、《上市公司独立董事管理办法》等相关法律、法规、规章及规范性文 件及《山推工程机械股份有限公司章程》（"《公司章程》"）的相关规定出具。 为出具本法律意见书之目的，本所经办律师（"本所律师"）依照现行有效 的中国法律、法规以及中国证券监督管理委员会（"中国证监会"）相关规章、 规范性文件的要求和规定，对山推股份提供的与题述事宜有关的法律文件及其 他文件、资料进行了审查 ...

Investment Rating - The report suggests a positive outlook for the mining machinery industry, indicating a potential upward trend in demand due to expectations of a global mining machinery demand turning point in 2026 [1][23]. Core Insights - The global mining machinery market is projected to be valued between 100 to 150 billion USD, with a balanced structure across various segments including drilling, crushing, mineral processing, open-pit, and underground equipment [5][8]. - The report highlights a shift in the business model of equipment companies from "manufacturing" to "operational services and resource development," driven by increased competition in the domestic market [20][23]. - The anticipated decline in interest rates by the Federal Reserve is expected to boost capital expenditures in the mining sector, leading to increased sales of mining machinery [18][20]. Market Overview - The mining machinery industry consists of 477 listed companies with a total market capitalization of 552.5 billion CNY, representing 4.9% of the market [2]. - The report notes that the mining machinery sector is a significant high-end segment within the broader engineering machinery market, with a steady growth trajectory expected as the industry enters a new replacement cycle [8][20]. Demand Outlook - Global capital expenditures by leading mining companies are projected to stabilize, with a potential recovery in demand for mining machinery as commodity prices strengthen [5][20]. - The report cites that in the first half of 2025, global leading mining companies' capital expenditures are expected to be 13.8 billion USD, reflecting a year-on-year decrease of 5.48% [20]. Industry Trends - The report identifies a trend where mining machinery companies are increasingly extending their business models to include operational and investment services, as evidenced by recent partnerships and equity acquisitions in mining projects [20][23]. - The report emphasizes the importance of high-end, automated products in the competitive landscape of the mining machinery sector, as companies adapt to changing market demands [20]. Investment Recommendations - The report recommends focusing on companies leading in open-pit mining machinery and those making significant progress in international markets, such as XCMG, SANY International, and others [23]. - It also suggests monitoring companies that are evolving their business models towards operational services and resource development, including Nape Mining Machinery and Zhejiang Mining [23].

Group 1: Machinery Manufacturing Industry - The domestic demand for construction machinery has fully recovered, and overseas growth has accelerated, indicating a positive long-term outlook for the industry [2] - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion (A/H), Liugong, Shantui, and China Longgong (H), along with component manufacturers like Hengli Hydraulic [2] - The smart logistics sector is expected to open up growth opportunities in the forklift industry, with recommendations for Anhui Heli and Hangcha Group, and a suggestion to pay attention to Zhongli and Nuoli [2] Group 2: Dairy Industry - Junlebao, starting from yogurt, launched its first infant formula in 2014, and has since developed strong single product capabilities, with "Jianchun" becoming the top low-temperature yogurt brand in China since 2022 [3] - The high-end fresh milk brand "Yuexianhuo" is projected to achieve revenue of 1.88 billion yuan in 2024, establishing itself as a leading brand in the high-end fresh milk segment [3] - For the first three quarters of 2025, "Yuexianhuo" has generated revenue of 1.84 billion yuan, reflecting a year-on-year growth of 37.6% [3] Group 3: AI in Healthcare - Domestic and international healthcare companies are increasingly investing in AI products and services across various segments, including health management, precision medicine, and AI-driven clinical trials [4] - The report emphasizes the transition of AI in healthcare from technical validation to commercial realization, driven by the dual forces of cost control in healthcare and technological advancements [4] - The core competitive advantage in the future will depend on possessing exclusive, high-quality private data and the ability to continuously iterate data through business scenarios [4]

Core Viewpoint - The engineering machinery industry is expected to experience sustained growth in domestic sales and a significant recovery in non-excavator categories, driven by positive fiscal policies and ongoing internationalization and electrification trends [1][2][3]. Group 1: Domestic Sales Growth - In December 2025, domestic excavator sales continued to grow, with total excavator sales (including exports) reaching 23,095 units, a year-on-year increase of 19.2%, and domestic sales at 10,331 units, up 10.9% [1]. - For the entire year of 2025, total excavator sales (including exports) amounted to 235,257 units, reflecting a 17.0% year-on-year growth, while domestic sales reached 118,518 units, increasing by 17.9% [1]. - Non-excavator machinery categories showed a clear recovery trend, with loader sales up 17.6%, grader sales up 70.5%, truck crane sales up 39.1%, crawler crane sales up 95.5%, and truck-mounted crane sales up 36.7% in December 2025 [1]. Group 2: Infrastructure Investment and Policy Support - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, which is expected to stimulate infrastructure investment and support downstream equipment demand [3]. - The meeting highlighted the need to optimize fiscal expenditure structures and enhance the management of local government special bond usage, which will further boost investment [3]. Group 3: Export Performance - In December 2025, excavator export sales reached 12,764 units, marking a 26.9% year-on-year increase, with total annual excavator exports at 116,739 units, up 16.1% [4]. - The export value of engineering machinery in December 2025 was $6.42 billion, a 27.2% increase year-on-year, while the total export value for the year was $60.17 billion, reflecting a 13.8% growth [4]. - The engineering machinery export market is expected to benefit from increased demand in Southeast Asia, Africa, and the Middle East, despite facing challenges such as U.S.-China tariff uncertainties [4]. Group 4: Electrification Trends - Electric loader sales in December 2025 reached 2,722 units, a significant year-on-year increase of 218.7%, with an electrification rate of 22.2%, up 13.2 percentage points [5]. - For the entire year of 2025, electric loader sales totaled 29,771 units, reflecting a 165.3% year-on-year growth, with an electrification rate of 23.2%, an increase of 12.9 percentage points [5]. - The industry is expected to accelerate its electrification process, which will enhance revenue and profit for major manufacturers [5]. Group 5: Major Projects Impact - The Yaxia Hydropower Project, with a total investment of approximately 1.2 trillion yuan, is anticipated to significantly boost demand for engineering machinery, with equipment demand potentially reaching 120 to 180 billion yuan [8]. - The project is expected to create a strong demand for large excavators, rock tunnel boring machines, cranes, and concrete machinery, further driving the engineering machinery industry [8]. Group 6: Investment Recommendations - Companies such as SANY Heavy Industry, XCMG, Zoomlion, Liugong, Shantui, and China Longgong are recommended for investment, along with component manufacturers like Hengli Hydraulic [9]. - The electrification and internationalization trends are expected to benefit traditional forklift manufacturers that have strong manufacturing and sales capabilities, with recommendations for Anhui Heli and Hangcha Group [9].