天桥起重是国内专业从事高端起重装备制造的上市公司，秉承"先进制造、专业典范"的企业愿景，在有 色冶金、港口码头等专用物料搬运装备领域具备显著竞争优势。目前，公司业务涵盖起重运输机械、物 料搬运装备、有色冶炼智能装备、选煤机械、港口码头装卸船机等，产品不仅覆盖全国，更远销欧洲、 非洲、美洲、东南亚等地区。 本报讯(记者肖伟)1月27日晚间，株洲天桥起重（002523）机股份有限公司(以下简称"天桥起重")发布 2025年度业绩预告，预计公司2025年扣除非经营性损益后的净利润为9600万元至1.27亿元，同比增长 223.25%至327.63%。2025年，天桥起重多维度提升经营质量，积极挖掘并拓展相关领域业务机遇。通 过主动开拓国内外市场，推动主营业务收入稳步增长；同时强化项目管理，提升产品交付效率与回款质 量，进一步增厚公司利润。 海外市场也传来喜讯。2025年11月29日，河南国际几内亚港口有限公司顺利完成几内亚港口项目首船铝 土矿装船作业。该项目一期一阶段建成2个12000吨级泊位，配备现代化封闭式输送与智能装船系统，年 设计吞吐量达1000万吨。天桥起重为该项目提供核心设备支持，包括铝土矿配套装船机、 ...

Core Viewpoint - The company has successfully implemented lean management practices to enhance operational efficiency and reduce costs, resulting in significant financial benefits and improved equipment maintenance [5]. Group 1: Operational Efficiency - The company repaired over 180 pieces of equipment in October, generating nearly 400,000 yuan in cumulative benefits, showcasing its proactive approach to operational challenges [1]. - A comprehensive hidden danger investigation mechanism has been established, allowing for proactive identification and resolution of equipment issues, thus ensuring stable operation and reducing maintenance costs [2]. Group 2: Cost Control - The company emphasizes a "tight budget" philosophy, implementing a lifelong tracking system for material usage to minimize waste and ensure accountability at every stage of material handling [3]. - A "clearing and inventory" initiative has been launched to assess and optimize the use of idle equipment and materials, enhancing resource allocation and reducing procurement costs [3]. Group 3: Resource Recycling - The company has developed a management approach for the recovery and utilization of waste materials, establishing standards and processes for effective resource recycling [4]. - In October, the repair shop successfully restored 113 pieces of equipment and revitalized 67 vehicles, generating approximately 332,400 yuan in benefits from waste material recovery alone [4].

Core Insights - The company has successfully implemented a self-repair initiative for mining equipment, saving significant external maintenance costs and enhancing technical skills among employees [1][2][5]. Group 1: Cost Savings and Efficiency - In October, the company repaired one coal mining machine independently, saving 150,000 yuan in external maintenance costs [1]. - By September 2025, the company had completed over 30 self-repairs on various equipment, saving more than 800,000 yuan in external maintenance fees and 317,000 yuan through in-house processing of non-standard parts [5]. - From January to August 2025, the equipment maintenance costs decreased by over 4 million yuan compared to the same period last year, representing a 77% reduction [9]. Group 2: Management and Accountability - The company has established a management approach that includes a differentiated maintenance cost assessment based on the 2024 data and 2025 plans, tailored for various operational units [6]. - A dual incentive mechanism has been introduced, where excess maintenance costs are deducted from monthly wages, while savings are rewarded proportionally, promoting a culture of cost awareness among employees [8]. - The company has implemented strict controls on idle equipment and materials, achieving over 90% utilization of underground idle equipment and a 100% completion rate for surface equipment organization [10]. Group 3: Continuous Improvement and Cultural Shift - The company emphasizes the importance of developing habits of frugality and resourcefulness among employees, with significant reductions in the issuance of equipment parts and office supplies [12]. - The management aims to integrate lean principles into every operational aspect, fostering a culture where cost savings are perceived as profit, thereby driving sustainable growth [12].

Core Viewpoint - Shandong Mining Machinery (002526.SZ) indicated that it will disclose any new development plans in accordance with regulations, and its reducers are used in coal machinery products such as scraper conveyors and belt conveyors [1] Company Summary - Shandong Mining Machinery is committed to timely information disclosure regarding new development plans [1] - The company’s reducers are utilized in key coal machinery products, including scraper conveyors and belt conveyors [1] Industry Summary - The coal machinery sector is supported by the use of reducers in essential equipment like scraper and belt conveyors, indicating ongoing demand in the industry [1]

Core Viewpoint - Shandong Mining Machinery Group Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, providing detailed explanations about its performance and financial status [1] Performance Decline Reasons and Industry Comparison - During the reporting period, Shandong Mining's operating revenue was 2,285.64 million, 2,404.99 million, 2,697.57 million, and 1,708.46 million, with a non-recurring net profit of 33.44 million, 96.55 million, 137.29 million, and 93.52 million, showing a year-on-year decline of 52.80% in the most recent period. The decline is attributed to decreased demand in the coal mining equipment industry and intensified competition, leading to a significant drop in revenue from coal machinery [2] - Compared to industry peers, Shandong Mining's revenue and profit trends differ due to variations in business scale, shareholder background, and product structure. The company's performance decline is primarily due to reduced bidding prices in response to competition, resulting in lower revenue, alongside increased sales expenses. However, stable growth in downstream coal production and demand for coal machinery, along with equipment renewal policies, are expected to drive demand, with a forecasted recovery in growth by 2025 [3] Accounts Receivable and Credit Policy Analysis - At the end of each reporting period, the company's accounts receivable balances were 988.34 million, 1,219.39 million, 1,523.42 million, and 1,458.18 million, with over one-year accounts receivable accounting for 31.39%, 29.40%, 29.62%, and 33.41% respectively. The accounts receivable turnover rates were 3.35, 2.80, 2.43, and 1.38. The company explained that this was due to adjustments in credit policies, such as extending payment terms and relaxing payment conditions, which are commercially reasonable [4] Operating Cash Flow and Inventory Situation - The company's net cash flow from operating activities fluctuated significantly, not aligning with net profit trends, mainly due to market competition affecting payment collection and settlement methods, as well as large contract inventory occupying funds. The company has implemented measures to ensure cash collection, and the net cash flow from operating activities turned positive in 2024. The inventory book value at the end of each reporting period was 606.04 million, 718.20 million, 746.37 million, and 866.18 million, with a rapid increase in dispatched goods. The growth in inventory is attributed to the expansion of the belt conveyor business, and the provision for inventory impairment is higher than the industry average, indicating sufficient provisioning [5] Game Business Contraction and Future Planning - During the reporting period, the company's online game business revenue was 239.41 million, 18.37 million, 7.27 million, and 1.76 million, with gross margins of 33.20%, 36.51%, 64.10%, and -179.04%. The business has been continuously contracting due to the departure of the original management team, product lifecycle decline, and industry policies affecting the new game launch cycle. Moving forward, the management plans to focus on the core business of coal machinery and belt conveyors, discontinuing the expansion of the gaming business [6]