Summary of the Conference Call for Liugong Company Overview - Liugong has completed its leadership transition while maintaining stability in core management and strategic direction. The new leadership structure follows the CSRC's "Five Separations" principle to ensure operational independence [2][3][4]. Strategic Goals - The company continues to pursue its 2027 revenue target of 50 billion and the "Three Full Strategies," while also formulating the 2030 14th Five-Year Plan [2][3]. International Market Performance - Liugong's performance in international markets shows resilience, with a decline in the Northern Special Zone and North America being less severe than the industry average. The European market, however, has seen over 20% growth, contributing to overall overseas sales and revenue growth of over 10% [2][5][13]. Domestic Market Insights - The domestic market is benefiting from the issuance of special bonds and a wave of equipment upgrades in the construction machinery sector. Liugong anticipates continued government support for fixed asset investment, aiming to outperform the industry by over 10 percentage points. From January to May, domestic revenue growth approached 20% [2][5][7]. Excavator Market Dynamics - The demand structure for excavators is diverging, with medium-sized excavators declining due to real estate impacts, while small and large excavators benefit from water conservancy, agriculture, and mining activities. Liugong's sales of small and large excavators have achieved double-digit profit growth [2][8]. Loader Market and Electric Equipment - The loader market, particularly electric loaders, is experiencing rapid growth, exceeding 40%. However, the current gross margin for electric equipment is low. Liugong plans to increase prices and introduce a new generation of electric loaders and hydraulic systems to enhance profitability. The goal is to double overseas electric equipment sales to 1,200 units, with expected gross margins exceeding 50% [2][9][10]. Aftermarket Business Strategy - Liugong is accelerating its aftermarket business development, drawing lessons from Caterpillar, where aftermarket profitability surpasses that of new equipment sales. The company is enhancing after-sales services and utilizing smart management systems to reduce customer costs and improve efficiency, thereby increasing sales opportunities [2][11]. Overseas Sales Structure - Liugong's overseas sales structure is balanced, with no single region exceeding 20% of total sales. The Northern Special Zone accounts for approximately 15-16%, while regions like Africa and Europe show significant growth, each around 11% [2][12]. Management's View on Demand Trends - Despite a decline in demand in Europe and North America, Liugong's European revenue grew over 20% in the first five months of 2025. The company has made significant adjustments to its European subsidiary, improving profitability from a previous loss to an expected net profit exceeding 200 million this year [2][13]. Impact of Used Equipment Exports - The export of used equipment does not negatively impact new equipment sales, as the customer bases differ. New machines are sold to first-tier customers, while used machines cater to second and third-tier customers. The export of used equipment has accelerated, with 110,000 units exported over the past three years [2][15][16]. Conclusion on Market Demand - The Chinese engineering machinery market is expected to maintain stable and moderate growth, with government policies supporting fixed asset investment. Liugong aims to outperform the industry by over 10 percentage points, with domestic revenue growth of nearly 20% and international growth close to 15% in early 2025 [2][6][7].

Core Insights - Exports to North America have shown a significant decline in May, particularly in electric tools and lawn mowers, with year-on-year changes of -3% and -1% respectively, while the engineering machinery category maintains a high growth rate [2] - The engineering machinery sector's exports from January to May have seen double-digit growth, with excavators, tractors, and mining machinery growing by 22%, 30%, and 23% respectively, indicating a positive trend [2] - The domestic sales of excavators are under short-term pressure, but the ongoing replacement demand is expected to drive long-term growth in sales, supported by favorable policies from the Two Sessions [3] - The company Akole (603722.SH) has announced a restricted stock incentive plan, which is expected to enhance the motivation of core members and lead to mass production of COC/COP products by 2025 [4] - Yuanli Co., Ltd. (300174.SZ) has adjusted its 2025 net profit forecast down by 25% to 290 million yuan due to slowing terminal demand, but remains optimistic about its long-term investment value due to progress in new energy carbon materials [5] - Chip manufacturer Chipsea Technology (688595.SH) is experiencing a recovery in downstream demand, with stable shipments of single-cell BMS and significant growth in multi-cell BMS among major clients [6] Industry Summary - The engineering machinery industry is expected to benefit from ongoing internationalization and electrification trends, with leading companies likely to see both volume and profit growth [3] - The overall demand for engineering machinery is projected to continue recovering in the medium term, supported by government policies [3] - The high-end manufacturing sector is facing challenges in domestic sales but remains optimistic about future growth driven by product upgrades and international expansion [3]

债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于 2024 年度权益分派实施后 调整股份回购价格上限的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：000528 证券简称：柳 工 公告编号：2025-49 三、2024年度权益分派方案实施情况 公司于2025年5月20日召开2024年年度股东大会，审议通过了《公司2024年度利润 分配预案》，以2025年3月27日的公司总股本2,019,239,264股扣除公司回购专用证券账 户上的股份55,230,950股后的股本总额1,964,008,314股为基数，向全体股东每10股派发 现金红利2.73元（含税），现金分红总额为536,174,269.72元（含税），占公司2024年 度经审计归属于上市公司股东净利润1,327,039,490.08元的40.40%。本次不送红股，不 进行资本公积转增股本。 重要内容提示： 元/股（四舍五入，保留小数点后两位）； 一、回购基本情况 广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开第九届董 事会 ...

广西柳工机械股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开第九届董 事会第二十六次（临时）会议，审议通过了《关于公司回购股份方案（第二期）的议 案》，同意公司使用自有资金及股票回购专项贷款资金通过集中竞价的方式回购部分公 司已发行的人民币普通股（A股）股票，用于新一期的股权激励或员工持股计划。本次 回购金额区间为不低于人民币 30,000 万元（含）且不超过人民币 60,000 万元（含）， 回购价格为不超过人民币 18.20 元/股（含），该价格不高于董事会通过回购决议前三 十个交易日公司股票交易均价的 150%。具体回购股份的数量以回购期满时实际回购的 股份数量为准。上述具体内容详见公司于 2024 年 12 月 3 日在巨潮资讯网 （www.cninfo.com.cn）披露的《公司第九届董事会第二十六次（临时）会议决议公告》 （公告编号：2024-81）、《公司关于回购股份方案（第二期）暨取得金融机构股份回 购专项贷款承诺函的公告》（公告编号：2024-83）以及 2024 年 12 月 20 日披露的《公 第 1 页，共 3 页 证券代码：000528 证券简称：柳 工 公告 ...

证券代码：000528 证券简称：柳 工 公告编号：2025-50 债券代码：127084 债券简称：柳工转2 广西柳工机械股份有限公司 关于"柳工转 2"恢复转股的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2025 年 6 月 24 日 第 2 页，共 2 页 广西柳工机械股份有限公司董事会 第 1 页，共 2 页 1. 债券简称：柳工转 2 2. 债券代码：127084 3. 转股起止日期：2023 年 10 月 9 日至 2029 年 3 月 26 日 4. 暂停转股期间：2025 年 6 月 12 日至 2025 年 6 月 25 日 5. 恢复转股时间：2025 年 6 月 26 日 重要内容提示： 广西柳工机械股份有限公司（以下简称"公司"）因实施 2024 年年度权益分派方案， 根据《广西柳工机械股份有限公司公开发行可转换公司债券募集说明书》及《深圳证券交 易所上市公司自律监管指南第 1 号——业务办理：向不特定对象发行可转换公司债券》 等相关规定：因公司拟实施利润分配总额不变的权益分派方法，实施权益分派期间可 转债暂停转股。 ...

Core Insights - Cummins celebrates its 50th anniversary in China, highlighting its journey and contributions to various industries, including transportation, construction, mining, and energy [2][3][5] - The company has evolved from an engine manufacturer to a diversified power solutions provider, focusing on clean and efficient technologies tailored for the Chinese market [5][10] Historical Development - Cummins began its journey in China in 1975 with the introduction of high-power diesel engines for mining trucks, marking the start of its long-term commitment [3] - The company established joint ventures and wholly-owned subsidiaries in the 1990s, including a technology research center in Wuhan in 2006, enhancing local R&D capabilities [3][5] Strategic Initiatives - Cummins has launched several new initiatives aimed at supporting China's energy transition, including multi-fuel powertrains and advanced emission technologies [10][12] - The company emphasizes collaboration with local partners and continuous investment to adapt to the rapidly changing market demands in China [5][6] Product Innovations - The newly introduced multi-fuel powertrain 3.0 can operate on various low-carbon fuels, achieving fuel savings of 1.3% to 6% for diesel systems and 1% to 2% for natural gas systems [12] - Cummins is set to unveil its second-generation 800V electric drive products in the first quarter of next year, expanding its electric drive capabilities [12] Customer Engagement - The company aims to enhance its after-sales service through a comprehensive service network and digital solutions, ensuring quick response times and professional support [13] - Cummins has engaged with diverse user groups, sharing success stories that reflect its impact on various sectors over the past 50 years [9][10] Future Outlook - Cummins plans to deepen its partnerships and leverage its R&D centers in China to strengthen its global market presence and support local enterprises in expanding internationally [5][6][15] - The company is committed to advancing its zero-carbon goals while continuing to innovate in traditional and electric power solutions [10][15]

Core Viewpoint - The 2025 New Energy Engineering Machinery Conference highlighted the significant transformation and innovation within the engineering machinery industry, focusing on the integration of new energy technologies and the importance of collaboration among industry stakeholders to drive advancements in electrification and sustainability [1][2][4][8]. Group 1: Conference Overview - The conference was held from June 17 to 19, 2025, in Yantai, Shandong, organized by the Tianjin Engineering Machinery Research Institute and attended by over 300 representatives from various sectors of the engineering machinery industry [1]. - Key leaders and experts delivered speeches emphasizing the industry's shift towards high-end, intelligent, green, and international development, while also recognizing the need for continued research and innovation in new energy applications [2][4][6]. Group 2: Industry Trends and Innovations - The engineering machinery sector is undergoing unprecedented changes, with new energy becoming a core focus, showcasing resilience and vitality in response to market demands [4][8]. - Companies like Aidi Precision are investing heavily in digitalization and intelligent manufacturing, aiming to enhance their production capabilities and develop new energy products, such as advanced battery systems [8][12]. - The market for new energy engineering machinery is expected to see significant growth, driven by decreasing battery costs and the adoption of energy-saving technologies, with projections indicating that user demand may be met by 2028 [14][44]. Group 3: Technological Developments - Innovations in electric hydraulic systems, battery technologies, and intelligent control systems are critical for the advancement of new energy engineering machinery [14][18][24]. - The development of high-efficiency transmission systems and distributed pump control technologies is essential for improving the energy efficiency of electric machinery [18][26]. - Companies are focusing on creating customized solutions for converting traditional machinery to electric, which can lead to substantial cost savings and improved operational efficiency [26][50]. Group 4: Future Outlook - The conference underscored the importance of establishing a comprehensive service capability that integrates research, standards, testing, and industry practices to foster high-quality development in the engineering machinery sector [6][58]. - The transition towards electrification and intelligent systems in engineering machinery is expected to accelerate, with significant implications for market dynamics and competitive strategies [44][46].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment sector [1] Core Insights - The solid-state battery industry is accelerating towards commercialization, with equipment manufacturers being the primary beneficiaries. The Ministry of Industry and Information Technology plans to establish a standard system for solid-state batteries by 2025, with significant investments already made in R&D [2] - The forklift industry shows strong growth, with May sales reaching 123,000 units, a year-on-year increase of 12%. The demand for large forklifts is particularly strong, indicating a robust outlook for leading companies in Q2 [3] - The engineering machinery sector is witnessing a recovery in non-excavator sales and exports, with May excavator sales at 18,202 units, a 2.12% increase year-on-year. The sector is currently undervalued, presenting investment opportunities [4] Summary by Sections Lithium Battery Equipment - Solid-state battery commercialization is accelerating, benefiting equipment suppliers. Key players include: - **Xian Dao Intelligent**: Offers a complete solution for solid-state battery manufacturing [2] - **Yinghe Technology**: Recently delivered core solid-state battery equipment to a leading domestic battery company [2] - **Huaya Intelligent**: Signed an agreement for a 200MWh solid-state battery production line project [2] - Investment recommendations focus on solid-state battery equipment suppliers like Xian Dao Intelligent and laser welding equipment manufacturers [2] Forklift Industry - May forklift sales reached 123,000 units, with domestic sales at 79,000 units (up 9%) and exports at 44,000 units (up 17%). The demand for large forklifts is particularly strong, indicating a positive outlook for leading companies in Q2 [3] - Key players include Anhui Heli, Hangcha Group, and Zhongli Group, which are actively pursuing smart logistics solutions [3] Engineering Machinery - May excavator sales were 18,202 units, with a slight year-on-year increase. The sector is seeing a recovery in non-excavator sales and exports, with a 9% increase in export value for engineering machinery in the first five months of 2025 [4] - Recommended stocks include Sany Heavy Industry, XCMG, and LiuGong, as the sector is currently undervalued [4] General Recommendations - The report suggests a focus on companies with strong growth potential in the solid-state battery and engineering machinery sectors, highlighting the importance of technological advancements and market demand [2][4]

债券代码：127084 债券简称：柳工转 2 证券代码：000528 证券简称：柳工 （2024 年度） 债券受托管理人 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 华泰联合证券有限责任公司 关于广西柳工机械股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》《广西柳工机械股份有限公司与华 泰联合证券有限责任公司关于广西柳工机械股份有限公司公开发行可转换公司 债券之债券受托管理协议》（以下简称"《受托管理协议》"）《广西柳工机械股份 有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）《广西柳工机械股份有限公司二〇二四年度报告》等相关规定、公开信息 披露文件等，由债券受托管理人华泰联合证券有限责任公司（以下简称"华泰联 合证券"）编制。华泰联合证券对本报告中所包含的从上述文件中引述内容和信 息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而 ...

证券代码：000528 证券简称：柳工 债券代码：127084 债券简称：柳工转 2 华泰联合证券有限责任公司 关于广西柳工机械股份有限公司 可转债转股价格调整的 临时受托管理事务报告 债券受托管理人 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》《广西柳工机械股份有限公司与华 泰联合证券有限责任公司关于广西柳工机械股份有限公司公开发行可转换公司 债券之债券受托管理协议》（以下简称"《受托管理协议》"）、《广西柳工机械股份 有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）等相关规定，由债券受托管理人华泰联合证券有限责任公司（以下简称"华 泰联合证券"）编制。华泰联合证券对本报告中所包含的从上述文件中引述内容 和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性 做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华泰联合证券所作的 承诺或声明。在任何情况下，投资者依据本 ...