证券代码：000680 证券简称：山推股份 山推工程机械股份有限公司 投资者关系活动记录表 投资者关系活动 类别 【请在您选择的方式的"（ ）"中打"√"，下同】 （ √）特定对象调研 （ ）分析师会议 （ ）媒体采访 （ ）业绩说明会 （ ）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） 参与单位名称及 人员姓名 光大证券：陈佳宁、夏天宇 时间 2025 年 12 月 10 日 地点 山推股份办公楼 201 会议室 上市公司接待 人员姓名 肖尧 投资者关系活动 主要内容介绍 一、互动交流 1、公司目前主要的产品及经营模式 公司主营业务收入以生产销售推土机、挖掘机、装载机、压 路机、平地机、摊铺机、铣刨机、混凝土机械等主机产品及履带底 盘总成、传动部件等核心零部件产品为主。主要生产模式为，根据 市场预测及合理库存，动态安排生产任务，由相关生产部门组织生 产。产品销售方面，采取主机产品以代理经销制为主、零部件销售 以向工程机械主机厂商配套和代理销售相结合的销售模式，同时拓 展多元化业务模式，开展经营性租赁业务，针对不同客户需求增加 驻矿服务、分级服务套餐（基础保养、延保增值 ...

Core Viewpoint - The collaboration between German technology and the Chinese market exemplified by Liuzhou ZF has accelerated the globalization of the partnership, showcasing the integration of management wisdom and skills from both countries [2][4]. Group 1: Company Overview - Liuzhou ZF Machinery Co., Ltd. celebrated its 30th anniversary, having been established in 1995 through a partnership between Guangxi Liugong Machinery Co., Ltd. and ZF Group [4]. - ZF Group, with over a century of history, is a significant global supplier of automotive components, contributing advanced technology to enhance China's traditional component sector [4]. Group 2: Market Presence and Achievements - Liugong has become a model for Chinese equipment manufacturing going global, exporting products to over 180 countries and regions, with ZF transmission components being key products in markets like Indonesia, India, and Russia [5]. - Over the past 30 years, Liuzhou ZF has integrated ZF's century-old technological foundation into Liuzhou's manufacturing, achieving recognition for high-quality transmission components in the industry, with cumulative sales of 150,000 units [5]. Group 3: Future Prospects - The demand for electrification in the construction machinery industry is increasing, and both companies are looking forward to participating in this transition [5]. - A new cooperation agreement was signed to extend and deepen the partnership for another 20 years, indicating a commitment to future collaboration [5]. - The combination of Germany's advanced manufacturing experience with China's strengths in new energy and intelligence is expected to create better cooperation advantages [5].

Group 1 - A new company, Weihai Runfu Machinery Manufacturing Co., Ltd., has been established with a registered capital of 3 million RMB [1] - The legal representative of the company is Wang Chunming [1] - The company's business scope includes manufacturing and sales of metal processing machinery, automotive parts, general components, and various mechanical parts [1] Group 2 - The company is also involved in the manufacturing and sales of bearings, gears, and transmission components [1] - Additionally, it engages in mold manufacturing and sales, as well as import and export activities [1] - The company operates under the principle of conducting business activities independently based on its business license, except for projects that require approval [1]

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components like track chassis and transmission parts [2]. - The sales model includes a combination of agency distribution for main products and a mix of supply and agency sales for parts, along with expanding into operational leasing services [2]. Group 2: Excavator Business Development - The excavator market has seen significant growth in the first half of the year due to a combination of policy stimulation, infrastructure resilience, and inventory clearance [3]. - The company completed a strategic merger with Shandong Heavy Industry in December 2024, enhancing resource integration in R&D, manufacturing, sales, and service for excavators [3]. - The product range for excavators spans from 1.5 tons to 200 tons, achieving a market coverage rate of over 98%, with industry-leading technology in electronic control systems, noise reduction, and energy efficiency [3]. Group 3: H-Share Issuance - In July 2025, the company’s board approved the issuance of H shares and listing on the Hong Kong Stock Exchange [4]. - The company received approval from its controlling shareholder for the H share issuance and submitted the application to the Hong Kong Stock Exchange on August 28, 2025 [4]. - The proposed issuance will not exceed 15% of the total share capital post-issuance, amounting to a maximum of 264,731,100 shares, with pricing determined through market-based methods [4].

Group 1 - The company has provided a guarantee of RMB 20 million for its wholly-owned subsidiary, Qijing Industry (Thailand) Co., Ltd, to secure a credit facility from China Merchants Bank Ningbo Branch [1][2] - The guarantee is part of a credit agreement that allows Qijing Industry to access a total credit limit of RMB 100 million, which was approved in previous board meetings [2][6] - The total amount of guarantees provided by the company, including this new guarantee, is RMB 20 million, which represents 1.73% of the company's latest audited net assets, with no overdue guarantees reported [6] Group 2 - Qijing Industry (Thailand) Co., Ltd was established on December 23, 2020, and is a wholly-owned subsidiary of the company, holding 98% of its shares [3][4] - The subsidiary's registered capital is 630 million Thai Baht, and its business scope includes manufacturing and processing automotive engine and transmission components, among other activities [3][4] - As of the first quarter of 2025, Qijing Industry reported total assets of RMB 172.93 million and a net loss of RMB 2.14 million, compared to a net profit of RMB 1.84 million for the entire year of 2024 [3][4]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [7]. Core Insights - The industry is entering a commercialization phase, particularly in the unmanned logistics sector, driven by the upcoming launch of Tesla's Robotaxi service and supportive policies from the postal authority [5][4]. - The Shanghai Pudong New Area has introduced a comprehensive set of 16 policies to support the development of the embodied intelligence industry, including financial support of up to 20 million yuan for key technology breakthroughs [3]. - The report highlights significant investment opportunities in companies involved in embodied intelligence, particularly those focusing on training models, chips, and robotics [6]. Summary by Sections Industry Events - Tesla plans to launch its Robotaxi service on June 12, marking a significant milestone in the autonomous vehicle and AI space [1]. - Honor has confirmed its entry into the robotics business during its product launch event [2]. - The National Postal Administration has announced initiatives to accelerate technological development in the postal industry, emphasizing AI applications [4]. Market Performance - The industry has shown strong performance, with a 15% absolute return over the past month and a 20.9% return over the past year [9]. - The total market capitalization of the industry stands at 3,839.5 billion yuan, with 475 listed companies [7]. Investment Opportunities - Key investment targets include: - Nvidia (NVDA) for embodied intelligence training and chip solutions [6]. - Tesla (TSLA) and other robotics manufacturers like UBTECH and Yujian for embodied intelligence products [6]. - Companies providing core components such as motor control chips and sensors [11]. Financing Events - Various financing events have been recorded, with companies like Shanjing Harmonic raising significant funds to expand production capacity and enhance automation [13]. - Notable investments include 3 billion yuan for Shanjing Harmonic and undisclosed amounts for other startups focusing on embodied intelligence [14].

Core Viewpoint - Shantui Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and connect with overseas capital markets [1] Group 1: Company Overview - Shantui is a leading player in the construction machinery industry, with a strong brand presence both domestically and internationally [1] - The company’s main products include bulldozers, excavators, road rollers, graders, pavers, milling machines, concrete machinery, and loaders, with bulldozers being its flagship product [1] - Shantui is one of the few manufacturers with a comprehensive product line and widespread market distribution, ranking third after Caterpillar and Komatsu in the bulldozer market [1] Group 2: Financial Performance - In 2024, Shantui achieved a revenue of 14.219 billion yuan, a year-on-year increase of 25.12%, and a net profit of 1.102 billion yuan, up 40.72% [2] - The overseas market has shown significant growth, accounting for over 50% of total revenue, with overseas business income reaching 7.411 billion yuan, a 26.08% increase [2] - The revenue from main products in overseas markets was 6.67 billion yuan, with growth rates of 30% for bulldozers, 30% for excavators, and 11% for both loaders and road machinery [2] Group 3: Market Strategy and Future Goals - Shantui plans to deepen its market presence in Africa, Indonesia, the Middle East, and Southeast Asia, expecting a 30% revenue growth in these regions [3] - The company aims to achieve a revenue target of 15.7 billion yuan in 2025, with overseas income projected at 9 billion yuan [3] - Shantui completed the acquisition of 100% of Shandong Heavy Industry's excavator business for 1.841 billion yuan to enhance profitability and asset scale [3] - The long-term plan includes increasing the revenue share of excavators to 50% by 2027-2028, surpassing that of bulldozers [3]

采埃孚拥有超过百年历史，是世界500强企业，致力于为乘用车、商用车和工业领域提供移动出行产品和解决方案， 是全球重要的汽车零部件供应商，在中国各主要城市布局5家研发中心以及近50家制造工厂。柳工作为中国工程机械 行业的代表性企业，经过66年的踔厉奋发，如今已成为全球知名的装备与技术解决方案提供商。 1995年，柳工与采埃孚合资成立了传动部件公司—— 柳州采埃孚机械有限公司 ，这也是 采埃孚在中国投资开设的首 个制造基地 。30年来，柳州采埃孚发展成为行业高配置装载机和平地机传动部件的首选制造商， 累计销售12万台高 品质传动部件 ，为中国主流厂商整机配套的传动系统提供了稳定的供应链支持，并且以非凡的韧性与活力长期保持 稳健盈利能力，打造了行业中外合资企业的成功典范。 2023年，柳工与采埃孚在德国签署产品技术许可协议，为双方坚实合作创造更大发展空间注入了新动能。 扬帆再起航 互利共赢之路越走越宽广 11月25日，柳工与德国采埃孚集团（下称采埃孚）延续和深化合资合作签约仪式在上海举行。 双方将在30年精诚 合作的基础上，进一步强强联合，续写工程机械行业中外合作发展新篇章。 中国工程机械工业协会会长苏子孟；广西国 ...