1月29日，A+H上市公司中联重科公告，公司于香港联交所成功发行港股可转换债券（下称"本 次可转债"），获得了全球资本市场投资人的踊跃认购。本次发行标志着公司在国际化资本运 作方面取得又一重要里程碑，募集资金将有助于支持公司加强研发投入和海外业务体系建设， 为公司持续推进创新驱动发展战略和全球化发展战略提供坚实的资本协同。 发行要素稳健均衡 最大化各类股东价值 根据公告，本次可转债发行规模达60亿元人民币，投资人以美元交割结算，发行期限5年，附发行人 于第3年至第5年期间赎回权以及投资人于第3年末之日回售权，票面利率为0.70%，转股价为10.02 港币。本次发行获得了全球优质机构投资者的积极认购，订单规模数倍覆盖，反映了全球投资者对 公司长期增长前景以及信用资质的充分信心。 公司本次可转债发行在定价过程中充分结合近期市场环境及投资人反馈，在保障公司融资条款优势 的同时，兼顾转股潜力与现有股东权益的平衡，展现出公司管理层精准把握资本市场窗口、实现股 东价值最大化的能力。 全球投资者踊跃认购 传递长期看好信号 本次可转债发行获得了来自中国大陆、中国香港、美国、英国、德国、法国、瑞士、爱尔兰、新加 坡等地众多知名 ...

本报讯 （记者何文英）1月29日，A+H上市公司中联重科股份有限公司（以下简称"中联重科"）公告，公司于香港联交所 成功发行港股可转换债券（以下简称"本次可转债"），获得了全球资本市场投资人的踊跃认购。本次发行标志着公司在国际化 资本运作方面取得又一重要里程碑，募集资金将有助于支持公司加强研发投入和海外业务体系建设，为公司持续推进创新驱动 发展战略和全球化发展战略提供坚实的资本协同。 发行要素稳健均衡 当前，行业竞争格局正经历深刻变化，全球化发展、绿色化转型、智能化科技革命加速融合。一方面，从公司自身来看， 中联重科不断深化以"端对端、数字化、本土化"的全球化发展战略，在海外市场持续突破；另一方面，伴随着新能源、智能 化、机器人等新技术的快速突破，公司基础研发和终端产品正加速向创新领域变革延伸。 本次发行正是中联重科在这一变革窗口期下的一次战略资本举措，与公司近年来持续推进的"全球化、多元化、绿色化、 智能化、数字化"战略深度契合。 募集资金的50%将用于支持公司全球化发展战略的落地，投向海外生产制造基地、仓储物流体系、研发中心、营销体系、 后市场服务体系等项目，构建覆盖世界市场需求的全方位竞争力；另外50% ...

Core Viewpoint - The company is experiencing rapid growth in performance and improving profit quality, with a positive outlook for long-term growth potential driven by sustained overseas sales, domestic sales resonance, and industry tier expansion [1][2] Group 1: Financial Performance - For the first three quarters of 2025, the company's revenue reached 237.56 billion yuan, a year-on-year increase of 8.06%, while net profit attributable to shareholders was 3.92 billion yuan, up 24.89% [1] - In Q3 2025, the company reported revenue of 12.30 billion yuan, a year-on-year increase of 24.88%, and a net profit of 1.16 billion yuan, up 35.80% [1] - The company's gross margin and net margin for the first three quarters of 2025 were 28.10% and 11.05%, respectively, with a slight decrease in gross margin but an increase in net margin compared to the previous year [1] Group 2: Cost and Expense Management - The company's expense ratios for sales, management, R&D, and finance for the first three quarters of 2025 were 8.32%, 4.00%, 5.51%, and -0.33%, showing mixed changes year-on-year [1] - In Q3 2025, the expense ratios for sales, management, R&D, and finance were 8.08%, 3.76%, 5.15%, and 2.02%, with notable changes in management and finance expenses compared to the previous year [1] Group 3: Strategic Initiatives - The company plans to issue up to 6 billion yuan of H-share convertible bonds, with half of the funds allocated to advancing its globalization strategy, including establishing overseas production bases and logistics systems [2] - The other half of the funds will focus on innovation-driven high-quality development, particularly in robotics, new energy, and intelligent technologies [2] - The overseas business revenue for the first three quarters of 2025 was 21.31 billion yuan, a year-on-year increase of 20.80%, accounting for over 57.4% of total revenue, highlighting its significance as a growth driver [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company achieved rapid growth in Q3 2025, with revenue reaching 123.01 billion yuan, a year-on-year increase of 24.88%, and a net profit of 11.56 billion yuan, up 35.80% year-on-year [4]. - The company is accelerating its globalization strategy, with overseas revenue of 138.15 billion yuan in H1 2025, representing a 14.66% increase and accounting for 55.58% of total revenue [4]. - The company plans to issue H-share convertible bonds to raise up to 6 billion yuan, with 50% of the net proceeds allocated to support its global development strategy [4]. - The company has developed three new humanoid robots and is enhancing its intelligent robotics capabilities, which are expected to drive new growth [4]. Financial Summary - For the first three quarters of 2025, the company reported total revenue of 371.56 billion yuan, a year-on-year increase of 8.06%, and a net profit of 39.20 billion yuan, up 24.89% year-on-year [4]. - The gross margin for Q3 2025 was 28.00%, a decrease of 0.52 percentage points year-on-year, while the net margin was 9.80%, an increase of 0.15 percentage points year-on-year [4]. - The company forecasts EPS of 0.57 yuan, 0.72 yuan, and 0.86 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 14x, 12x, and 10x [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to issue up to RMB 6 billion in H-share convertible bonds, with approximately 50% allocated to support its globalization strategy and the other 50% for intelligent technology research and development [2] - The issuance of convertible bonds at a premium protects existing shareholders' interests and reflects confidence in future performance, with a conversion premium rate of 35% indicating strong future earnings expectations [3] - The engineering machinery industry is expected to experience an upward trend, with domestic demand recovering and international markets showing increasing demand, leading to a positive revenue outlook for the company [4] Financial Projections - The company forecasts total revenue of RMB 45,478 million in 2024, increasing to RMB 72,492 million by 2027, with a compound annual growth rate (CAGR) of 14.36% [1] - The net profit attributable to shareholders is projected to grow from RMB 3,520 million in 2024 to RMB 7,377 million in 2027, reflecting a CAGR of 21.04% [1] - The earnings per share (EPS) is expected to rise from RMB 0.41 in 2024 to RMB 0.85 in 2027, indicating a strong growth trajectory [1]