香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 中 國，鄭 州，2026年3月30日 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 ...

Investment Rating - The investment rating for Tianma Intelligent Control is upgraded to "Add" from "Buy" [3] Core Insights - The company's performance is under short-term pressure due to cyclical adjustments in the coal industry and intensified market competition, with a revenue decline of 13.03% year-on-year in 2025 [3] - Despite the challenges, the company maintains a leading market share in its core products, with significant contract amounts in its SAC, SAM, and SAP systems [3] - The government continues to promote coal mine automation, indicating substantial growth potential in the industry, with over 65% of coal production capacity being automated by the end of 2025 [3] - The company's intelligent manufacturing business is showing initial success, with a revenue increase of 15.66% year-on-year in 2025, and it has secured key projects, laying a foundation for future growth [3] - The company emphasizes shareholder returns, proposing a cash dividend of 1.00 yuan per 10 shares, amounting to 44.26% of its net profit for 2025 [3] Financial Summary - In 2025, the company reported total revenue of 1.618 billion yuan, a decrease of 13.03% year-on-year, and a net profit attributable to shareholders of 98 million yuan, down 71.19% [3][5] - The gross margin for 2025 was 30.3%, reflecting a significant decline from previous years [5] - Forecasts for net profit attributable to shareholders are 103 million yuan in 2026, 119 million yuan in 2027, and 140 million yuan in 2028, indicating a recovery trend [6]

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company's performance is under short-term pressure due to the coal and equipment manufacturing sectors, with a 47.31% year-on-year decline in non-recurring net profit to 1.289 billion yuan in 2025. The coal production segment's revenue decreased by 26.30% due to falling coal prices and production plan adjustments, while the equipment manufacturing segment saw a 5.84% revenue decline due to stricter capital expenditure controls from downstream customers and increased market competition [3] - The acceleration of intelligent coal mine construction provides a core driver for the company's long-term growth. Despite short-term pressure on contract liabilities, the trend towards automation and intelligent technology in the industry is supported by national policies. The company leads over 60% of intelligent working face construction in the country and possesses core technologies and equipment advantages in intelligent mining and tunneling [3] - The company has a high net cash position of approximately 20.2 billion yuan, a high dividend payout ratio of 50.74%, and a low valuation with a price-to-book (PB) ratio of 0.96, indicating significant investment value. The proposed cash dividend of 3.00 yuan per 10 shares translates to a dividend yield of 5.06% based on the closing price on March 26 [3] - Earnings forecasts suggest that the company will maintain stable operating performance, with projected net profits for 2026-2028 being 2.654 billion yuan, 2.784 billion yuan, and 3.003 billion yuan respectively. The company is expected to have substantial valuation recovery potential due to its high net cash levels and dividend policy [3] Financial Summary - In 2025, the company achieved total revenue of 29.242 billion yuan, a decrease of 4.21% year-on-year, and a net profit attributable to shareholders of 2.447 billion yuan, down 6.67% year-on-year. The non-recurring net profit dropped significantly by 47.31% to 1.289 billion yuan [3][5] - The projected total revenue for 2026 is 33.811 billion yuan, with a year-on-year growth of 15.6%. The net profit attributable to shareholders is expected to be 2.654 billion yuan, reflecting an 8.5% increase [5] - The company's gross margin is projected to improve from 25.6% in 2025 to 32.2% in 2026, while the return on equity (ROE) is expected to stabilize around 9.9% for 2026-2027 [5]

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company's performance is under short-term pressure due to the coal and equipment manufacturing sectors, with a 47.31% year-on-year decline in non-recurring net profit to 1.289 billion yuan in 2025. The coal production business faced a 26.30% revenue decline, while the equipment manufacturing sector saw a 5.84% drop in revenue [3] - Long-term growth is supported by the acceleration of intelligent coal mine construction, with the company leading over 60% of intelligent working face constructions nationwide. The trend towards automation and intelligent technology in the industry is expected to provide a core growth driver [3] - The company has a strong cash position with approximately 20.2 billion yuan in net cash, a high dividend payout ratio of 50.74%, and a low price-to-book (PB) ratio of 0.96, indicating significant investment value [3] - Earnings forecasts suggest a stable performance with projected net profits of 2.654 billion yuan, 2.784 billion yuan, and 3.003 billion yuan for 2026, 2027, and 2028 respectively, alongside an expected EPS of 0.64, 0.67, and 0.73 yuan per share [3] Financial Summary - In 2025, the company achieved total revenue of 29.242 billion yuan, a decrease of 4.21% year-on-year, and a net profit attributable to shareholders of 2.447 billion yuan, down 6.67% year-on-year [3][5] - The gross margin for 2025 was 25.6%, with a return on equity (ROE) of 9.6% [5] - The company’s projected total revenue for 2026 is 33.811 billion yuan, with a year-on-year growth of 15.6% [5]

Core Viewpoint - The coal sector in A-shares is experiencing a significant upward trend, driven by strong market demand and positive policy support [1][2]. Group 1: Market Performance - The coal sector saw a notable increase in stock prices, with companies like Shaanxi Black Cat hitting the daily limit, and others such as China Coal Energy and Yanzhou Coal Mining also rising [1]. - There is a strong willingness from major funds to invest in the coal sector, highlighting its status as a key focus within the energy market [1]. Group 2: Positive Influences on Coal Prices - Geopolitical conflicts, particularly in the Middle East, are expected to drive up coal prices and increase domestic coal chemical demand [2]. - The National Energy Administration has outlined plans for coal to remain a cornerstone of energy security, with a focus on supply stability and technological upgrades [2]. - As of March 3, the spot price for 5500 kcal thermal coal in the Bohai Rim region is reported at 750-770 RMB per ton, showing a significant weekly increase [2]. Group 3: Benefiting Industries - The coal mining industry is set to benefit directly from rising prices of thermal and coking coal, enhancing the overall industry outlook [3]. - The coal chemical sector is likely to see increased demand due to geopolitical factors, positively impacting related companies [3]. - The coal transportation industry is experiencing steady revenue growth due to stable coal production and increased transportation demand [3].

Core Viewpoint - The article highlights the transformation of coal mining in Guizhou Province, China, from traditional methods to intelligent mining through the integration of advanced technologies such as 5G and artificial intelligence, enhancing efficiency and safety in coal production [1][7]. Group 1: Intelligent Mining Transformation - Guizhou's Linhua Coal Mine exemplifies the province's push towards intelligent mining, utilizing advanced technologies to shift from traditional to smart coal extraction [1]. - The Linhua Coal Mine has implemented a centralized control system that allows real-time monitoring and operation of mining equipment, showcasing a modernized work environment [2]. - Similar advancements are seen at Qianxi Energy Development's Qinglong Coal Mine, where intelligent systems have improved production efficiency and reduced reliance on manual labor [3]. Group 2: Efficiency and Safety Improvements - The introduction of intelligent mining machines has significantly increased coal production efficiency, with output rising from 1,000 tons to nearly 3,000 tons per shift [5]. - The use of smart equipment has reduced the physical strain on workers, as automated systems now handle tasks that previously required manual labor [5]. - Enhanced safety measures have been implemented through automated monitoring systems, reducing the need for human intervention and improving overall safety levels in coal mining operations [6]. Group 3: Strategic Development and Future Goals - Guizhou's approach to intelligent mining is based on addressing local geological challenges and prioritizing the most hazardous mines for technological upgrades [7]. - The province has established a two-phase plan for intelligent mining development, aiming for full mechanization and automation of production systems by 2020 and further advancements post-2021 [7]. - By 2030, Guizhou aims to establish 100 intelligent coal mines, continuing to expand the scope and quality of intelligent mining practices [8].

Core Viewpoint - The article highlights the transformation of coal mining in Guizhou Province, China, through the adoption of smart technologies such as 5G and artificial intelligence, leading to a shift from traditional to intelligent mining practices, enhancing efficiency and safety in the industry [1][6]. Group 1: Intelligent Mining Transformation - Guizhou's Linhua Coal Mine exemplifies the province's push towards intelligent mining, utilizing advanced technologies to improve coal extraction processes [1][2]. - The transition from "human control" to "data control" is evident in the operations at Linhua Coal Mine, where real-time monitoring and control of equipment are facilitated through digital platforms [2][3]. - The implementation of smart mining technologies has led to significant improvements in production efficiency, with intelligent coal mining machines now capable of extracting nearly 3,000 tons of coal per shift, compared to 1,000 tons initially [5]. Group 2: Safety and Efficiency Enhancements - The introduction of smart technologies has reduced the physical strain on workers, with automated systems handling tasks that previously required manual labor, thus improving overall safety [5]. - The use of intelligent mining lamps for personnel tracking and communication has streamlined operations, making dispatch and command more efficient [4]. - The safety levels in coal mining have improved significantly, as many tasks that relied on human intervention are now monitored and managed by sensors and automated systems [5]. Group 3: Strategic Development and Future Goals - Guizhou's approach to intelligent mining is tailored to local conditions, focusing on addressing specific challenges such as geological complexity and high mining costs [6]. - The province's intelligent mining initiative is structured in two phases, with the first phase aimed at achieving 100% mechanization and automation of production support systems by 2020, and the second phase focusing on the establishment of smart mines from 2021 onwards [6]. - By 2030, Guizhou aims to establish 100 intelligent coal mines, continuing to expand the scope and quality of intelligent mining practices [7].

Core Insights - Shaanxi Province's coal mining industry has achieved a significant milestone with 80% of its production capacity being intelligent mining, with a total capacity of 600 million tons [1] - The province's raw coal output is projected to reach 805 million tons by 2025, marking a year-on-year increase of 2.9%, positioning it as the third-largest coal producer in the country [1] - The transition from "scale growth" to "quality efficiency" and "technology-driven" development is evident in the coal sector, with 24 large modern coal mines established, showcasing advanced technology and innovation capabilities [1] Industry Developments - The average scale of coal mines in Shaanxi has increased significantly, from 2.45 million tons per year in 2024 to 3.2 million tons per year in 2025 [1] - The Shaanxi Coal Group's Yulin Chemical Co., Ltd. is advancing modern coal chemical processes towards high-end, diversified, and low-carbon solutions [1] - The province has produced 86 scientific research achievements recognized by the China Coal Industry Science and Technology Award, indicating a strong focus on technological breakthroughs [1]

Core Viewpoint - The article emphasizes the importance of achieving carbon peak targets through high-level clean and efficient utilization of coal, aligning with the spirit of the 20th National Congress of the Communist Party of China [1][3] Group 1: High-Quality Development of Coal Industry - The coal industry is tasked with constructing a modern coal industry system that ensures supply security, promotes green and intelligent development, and utilizes clean and efficient methods [3][5] - Historical achievements in coal development during the 14th Five-Year Plan period include significant increases in coal production capacity and the establishment of modern coal mines [5][6] - By 2025, the national raw coal output is projected to reach 4.83 billion tons, an increase of over 900 million tons from 2020, ensuring stable energy supply [5] Group 2: Structural Reforms and Technological Advancements - Continuous supply-side structural reforms have optimized the coal industry structure, with major coal production bases established in regions with competitive resources [6][7] - The number of coal mines has decreased to over 4,000, with large-scale mines (over 1.2 million tons) accounting for 85% of total capacity, enhancing production efficiency [6] - The integration of new technologies has led to significant improvements in productivity and safety, with intelligent mining technologies being widely adopted [7][8] Group 3: Clean and Efficient Utilization of Coal - The article outlines initiatives for clean and efficient coal utilization, including the promotion of green mining techniques and the integration of coal with renewable energy sources [7][13] - By 2025, coalbed methane production is expected to reach 15.5 billion cubic meters, 2.3 times that of 2020, contributing to natural gas supply [8] - The implementation of strict environmental management practices is aimed at enhancing the ecological sustainability of coal mining operations [13] Group 4: Future Directions and Strategic Planning - The coal industry is set to focus on high-quality planning and implementation of the 15th Five-Year Plan, with an emphasis on safety and stability in coal supply [10][11] - The establishment of coal supply guarantee bases is crucial for maintaining energy security, with a strategic focus on balancing supply and demand [11] - The integration of technological innovation is essential for the transformation and upgrading of traditional coal industries, enhancing overall efficiency [12]

Core Viewpoint - The article emphasizes the importance of high-quality development in the coal industry, guided by the spirit of the 20th National Congress of the Communist Party of China, aiming to establish a modern coal industry system that ensures energy security and promotes green and intelligent development [2][3]. Group 1: Strategic Direction - The 20th National Congress outlines a strategic deployment for building an energy powerhouse, focusing on peak coal consumption and clean utilization of fossil energy, which provides fundamental guidance for the coal industry's high-quality development [2]. - The coal industry is tasked with constructing a modern industrial system that is secure, stable, green, intelligent, and scientifically governed, to support China's modernization efforts [2]. Group 2: Achievements During the 14th Five-Year Plan - The coal sector has made historic achievements during the 14th Five-Year Plan, with a focus on high-quality development and supply-side structural reforms, leading to significant changes in production and consumption methods [3]. - By 2025, the national output of raw coal is projected to reach 4.83 billion tons, an increase of over 900 million tons from 2020, establishing a solid foundation for energy supply stability [3]. Group 3: Supply-Side Structural Reforms - The coal industry is optimizing its structure by establishing five major coal supply guarantee bases, which will account for approximately 80% of national coal production capacity [4]. - The number of coal mines has decreased to over 4,000, with large mines (over 1.2 million tons) accounting for 85% of total capacity, enhancing the scale and efficiency of coal development [4]. Group 4: Technological Advancements - The industry is advancing in intelligent construction, with over 65% of coal production capacity expected to be automated by the end of 2025, significantly improving safety and efficiency [5]. - New technologies, such as large-scale intelligent mining equipment, have been developed, achieving international leading standards [5]. Group 5: Clean and Efficient Utilization - The coal sector is actively promoting clean and efficient utilization, with policies aimed at reducing pollution and carbon emissions while enhancing energy efficiency [6][10]. - By 2025, coalbed methane production is expected to reach 15.5 billion cubic meters, 2.3 times that of 2020, contributing to natural gas supply [6]. Group 6: Future Development Goals - The coal industry aims to achieve a good start in the 15th Five-Year Plan by focusing on stable supply and industry transformation, while enhancing governance capabilities [7]. - The industry will prioritize the construction of coal supply guarantee bases and optimize the coal production layout to ensure energy security [8]. Group 7: Innovation and Upgrading - The coal sector is committed to leading through technological innovation, integrating digital technologies to revitalize traditional industries [9]. - Major technological projects will focus on key areas such as coal-rock identification and safe deep mining, promoting innovation across the industry [9].