| | 【请在您选择的方式的"（ ）"中打"√"，下同】 | | | --- | --- | --- | | | （ √）特定对象调研 （ ）分析师会议 | | | 投资者关系活动 | （ ）媒体采访 （ | ）业绩说明会 | | 类别 | （ ）新闻发布会 （ ）路演活动 | | | | （ √）现场参观 | | | | （ ）其他 （请文字说明其他活动内容） | | | | 申万宏源证券：刘建伟 煜德投资：管俊玮、冯超 | | | 参与单位名称及 | | | | 人员姓名 | 中加基金：苗超 | | | | 南京证券：李承书 | | | | 长城财富：药晓东 | | | 时间 | 2026 年 2 月 5 日 | | | 地点 | 山推股份办公楼 202 会议室 | | | 上市公司接待 | 肖尧、董建军 | | | 人员姓名 | 一、互动交流 | | | | 1、2026 年国内市场布局方向： | | | | 2026 年公司将聚焦国内市场核心发展方向，多措并举推动经 | | | | 营提质增效： | | | 投资者关系活动 | （1）公司将紧扣重大工程建设、行业电动化升级趋势，丰富 | | | 主要内 ...

Group 1: Investor Relations Activities - The investor relations activities included specific object research, analyst meetings, media interviews, performance briefings, press conferences, roadshows, site visits, and others, with 60 participants from various investment institutions and securities analysts [2] - The event took place from November 25 to November 26, 2025, at the Liugong International Industrial Park, showcasing the company's commitment to transparency and engagement with stakeholders [2] Group 2: Global Customer Festival Highlights - The "11·26 Global Customer Festival" in 2025 was the largest and most successful in Liugong's history, featuring a comprehensive exhibition of products across eight major scenarios, including mining, agriculture, and energy [3] - Approximately 2,000 attendees participated, including 1,200 overseas dealers, marking a record high for the event [3] - The introduction of the 9200F, a 200-ton super-large mining excavator, signifies a new development stage for Liugong's excavator and mining business [3] Group 3: Market Outlook for 2026 - The domestic earthmoving machinery market is expected to continue its growth cycle, with core products like loaders and excavators projected to achieve double-digit growth [4] - Internationally, a cautious optimism prevails, with global demand anticipated to recover in single digits, particularly in Africa, Asia, and the Middle East, while growth in Europe and North America is expected to be modest [4] Group 4: Strategic Planning and Financial Goals - Liugong aims to achieve a revenue of no less than 60 billion yuan by 2030, with international revenue accounting for at least 60% and a sales profit margin of no less than 8% [7] - The company projects a compound annual growth rate of 12% for revenue and 25% for profit, with a focus on becoming one of the top ten global construction machinery companies [7] Group 5: Capital Expenditure and Market Strategy - The company is considering a potential listing in Hong Kong to broaden financing channels and enhance its international brand image, aligning with its global strategy [8] - Future capital operations will focus on upgrading manufacturing capabilities and exploring high-quality capital projects to support long-term strategic goals [8] Group 6: Mining Machinery Development - Liugong has established deep business collaborations with major domestic mining groups, leading to record-high order amounts from overseas mining clients [9] - The mining machinery business will focus on five core innovations: green energy, service capability, comprehensive product offerings, new marketing models, and strong international market development [9] Group 7: Pricing Competition and Marketing Strategy - The domestic pricing competition for electric loaders has improved since August, with some brands exiting the market, leading to more stable pricing [10] - Liugong emphasizes high-quality development and sustainable operations, avoiding irrational competition and focusing on product quality and profitability [11] Group 8: Accounts Receivable Management - The increase in sales and revenue has led to a rise in accounts receivable, primarily due to stable overseas revenue and longer payment terms from major domestic clients [13] - The company maintains a good turnover rate and asset quality, with a comprehensive system for managing overdue accounts and risks [13]