Group 1: Strategic Planning and Governance - The new board and management will continue the established "14th Five-Year" strategy, focusing on stable governance and long-term development [3][4] - The company aims to deepen internal incentive systems and organizational changes to promote sustainable high-quality growth [3] Group 2: Incentive and Compensation Plans - The 2023 stock option incentive plan will proceed as originally planned, with preparations for future incentives already in place [4] - A new executive compensation scheme has been approved, designed to enhance market competitiveness and align management interests with long-term company value [4] Group 3: Internationalization Strategy - The "15th Five-Year" internationalization strategy emphasizes transitioning from comprehensive internationalization to globalization, focusing on localizing operations overseas [5] - The goal is to elevate the company from a high-end Chinese brand to a globally recognized high-value brand [5] Group 4: Research and Development Focus - The company maintains a leading position in R&D intensity and efficiency within the industry, with a focus on smart and electric products [6] - Future R&D will prioritize agricultural machinery, mining machinery, and key components, leveraging an advanced innovation design system [6] Group 5: Cost Reduction and Efficiency Improvement - The company employs a comprehensive approach to cost reduction, optimizing the entire value chain from R&D to manufacturing [6] - Future strategies include enhancing asset quality and reducing expense ratios, aiming for improved gross margins and net profit rates [6] Group 6: Electric Product Internationalization - The company is a pioneer in electric loader and excavator manufacturing, with higher profit margins for electric products overseas [7] - A dual model of "subsidiary + local agents" will be used to enhance global market coverage and customer support [7] Group 7: Competitive Response to Domestic Market Cycles - The company has made significant progress in R&D, manufacturing, and operational management since the mixed-ownership reform [8] - With a strong domestic market foundation, the company is well-positioned to capitalize on the upcoming market cycle [8]

2024年，柳工营收净利双增。数据显示，柳工当期实现营收300.63亿元，同比增长9.24%；归母净利润为 13.27亿元，同比增长52.92%。 2024年，柳工海内外营收均实现不同程度增长，其中 海外业绩表现尤为突出 。 数据显示，2024年，柳工境内营收约为163.02亿元，同比增长1.53%；海外营收137.60亿元，同比增长 20.05%。柳工表示，当期公司国内销量增速整体跑赢行业，土方机械产品销量增速优于行业水平13个百分 点；海外销量增速跑赢行业22个百分点。 国内房地产市场持续调整背景下， 广西柳工机械股份有限公司（000528.SZ，以下简称"柳工"）正加速出 海 。 日前，柳工发布2024年年报。年报显示， 2024年度，柳工营收净利双增，海外营收增超20%。同时，该 公司应收账款规模已连续8年增长，2024年年末已超百亿 。 " 根据目前规划，公司到2027年国内外营收会各占50%左右。 "柳工方面近日接受《中国经营报》记者采 访时表示，公司自2002年前后就开始注重全球市场开拓，近年来海外业绩持续增长，对海外不同地区市场，公 司已制定和执行针对性的策略，以保障未来海外收入的稳健增长。 ...

Group 1: Industry Outlook and Performance Expectations - The domestic engineering machinery market is expected to enter a new upward cycle in 2025, driven by natural equipment updates and favorable policies, with a projected revenue of CNY 34.6 billion and an increase in net profit margin by over 1 percentage point [3] - Overseas demand is anticipated to continue declining but at a slower rate, with emerging markets maintaining moderate to high growth [3] Group 2: Financial Performance and Margins - The company's gross margin decreased in Q4 2024 due to new accounting standards, but it is expected to improve under previous accounting policies [3] - The company achieved a 20% increase in overseas revenue in 2024, outperforming the industry by 22 percentage points [3] Group 3: Strategic Development and Market Position - The company has a comprehensive mining equipment matrix and plans to launch a 200-ton mining excavator in H1 2025, with a focus on internationalization and intelligent solutions [6] - The company maintains a leading market share in electric loaders, with a projected 500% increase in overseas sales in 2024 [4] Group 4: Cost Management and Profitability - A strategic cost control system will be established to enhance profitability, focusing on R&D, procurement, and manufacturing [7] - The company aims to maintain a dividend payout ratio of over 40%, with a 2023 dividend rate of 45% [8] Group 5: Risk Management and Asset Quality - In 2024, credit and asset impairment losses were CNY 579 million, accounting for 2% of revenue, showing significant improvement from 2023 [9] - The company plans to enhance risk management and optimize asset quality as key operational goals for 2025 [9]