南昌矿机集团股份有限公司投资者关系活动记录表 证券代码：001360 证券简称：南矿集团 编号：2026-008 答：公司优化砂石骨料业务结构的核心思路是提升工程骨料业务占比，逐步 降低商品骨料业务占比，以此改善骨料业务的盈利质量和回款情况。当前骨料市 场虽受房地产行业影响，商品骨料需求下降，但基建领域仍为骨料业务提供一定 的需求支撑，例如水电站、核电站等大型基建项目，均会带来一定的骨料新增需 求，为公司工程骨料业务发展创造了条件。 4.公司 2026 年是否计划推出股权激励计划，相关规划及考量是什么？ 答：公司高度重视核心人才的吸引和留存，认可股权激励在人才激励方面的 重要作用，如实施股权激励将采用"重点人员、重点项目"的模式，核心针对海 外业务、服务、资源领域的核心人才，通过股权激励绑定核心人才利益，激发团 队积极性，契合公司海外、后市场、资源投资等战略落地的人才需求。 5.公司当前产能规模如何，是否具备产能扩张的能力，未来产能提升的方式 是什么？ 答：公司目前拥有湾里、罗亭、海安三大制造基地，设备产品以标准化为主， 根据矿石的磨蚀性指数等参数进行定制化腔型设计，砂石骨料和矿山设备产线通 用。当前公司的订 ...

Core Viewpoint - The heavy machinery sector in Hong Kong is experiencing a significant rise, with SANY International hitting a new high and recording an 8-day consecutive increase, indicating strong market sentiment and expectations for a sales peak post-Spring Festival [1] Industry Summary - The engineering machinery industry is maintaining stable order levels ahead of the Spring Festival, with clear expectations for a sales surge after the holiday [1] - The demand for global mining machinery may be at a turning point due to strengthened expectations for U.S. Federal Reserve interest rate cuts and rising prices of mineral commodities, suggesting a long-term upward trend in the industry [1] Company Summary - SANY International has received a substantial number of mining equipment orders, with an expected growth in order scale from approximately 5 billion RMB last year to three times that by 2028, supported by growth in after-sales service revenue [1] - The order delivery ratio for SANY's port equipment business has reached a historical high, with order visibility extended to 2027 [1]

Group 1 - Heavy machinery stocks in Hong Kong continue to rise, with SANY International increasing over 6% to reach a new high and recording an 8-day consecutive increase [1] - China National Heavy Duty Truck Group rose by 2.2%, while First Tractor Company and Zoomlion both saw increases of nearly 2% [1] - The engineering machinery industry is expected to maintain stable orders until mid-January 2026, with clear expectations for a sales peak after the Spring Festival [1] Group 2 - According to China Merchants Securities, the expectation of a Federal Reserve interest rate cut and the strengthening of commodity prices may signal a turning point for global mining machinery demand, suggesting a long-term upward trend in the industry [1] - SANY International is receiving a significant number of mining equipment orders, with an expected growth from approximately 5 billion RMB last year to three times that by 2028, supported by growth in after-sales service revenue [1] - The order delivery ratio for SANY's port equipment business has reached a historical high, with order visibility extended to 2027 [1]

矿山设备是指用于矿产资源开采、加工和运输的各种机械设备和辅助设备。 我国矿山设备行业相关政策 为促进矿山设备行业高质量发展，我国陆续发布了多项政策，如2025年11月国务院办公厅发布《关于加 快场景培育和开放推动新场景大规模应用的实施意见》集成云计算、工业互联网、无人驾驶等技术，实 现智能感知、智能决策、自动执行、综合管控，提升矿山安全生产全流程自动化水平，构建生产条件实 时感知、过程可视可控、风险可测可防、要素可调可配的高水平矿山安全生产智能化应用场景。 | 发布时间 | 发布部门 | 政策名称 | 主要内容 | | --- | --- | --- | --- | | | | | 集成云计算、工业互联网、无人驾驶等技术,实现智能感 | | | | 关于加快场导培育和开 | 知、智能决策、自动执行、综合管控,提升矿山安全生产全 | | 2025年11月 | 国务院办公厅 | 放推动新场导大规模应 | 流程自动化水平,构建生产条件实时感知,过程可视可控。 | | | | 用的实施意见 | 风险可测可防、要素可调可配的高水平矿山安全生产智能化 | | | | | 应用场景。 | | 2025年9月 | 国家能源局 ...

Core Viewpoint - SANY International (00631) has seen a significant stock price increase, rising over 5% and currently trading at HKD 10.97, with a trading volume of HKD 146 million. The company has successfully delivered its first hybrid mining water truck, SET150S, to Vale, a global iron ore giant, marking a key milestone in their collaboration and SANY's sustainable mining solutions in the Brazilian market [1][1][1] Group 1: Company Developments - The partnership between SANY and Vale has progressed since its inception in 2021, with SANY providing over 30 pieces of equipment, including excavators and mining trucks [1][1] - SANY International is receiving a substantial number of mining equipment orders, with an expected growth in order scale from approximately RMB 5 billion last year to three times that by 2028 [1][1][1] - The company's port equipment business has achieved a record high in order delivery rates, with order visibility extending to 2027 [1][1] Group 2: Financial Projections - According to a report from Credit Lyonnais, SANY International's adjusted net profit is projected to quadruple between 2024 and 2027, with over 50% of this growth anticipated to come from international markets [1][1][1]

Core Viewpoint - SANY International is expected to see a significant increase in mining equipment orders, projected to triple from approximately 5 billion yuan in 2022 to 15 billion yuan by 2028, supported by growth in after-sales service revenue [1] Group 1: Order Growth - SANY International has received a large number of mining equipment orders, with expectations of substantial growth in order size by 2028 [1] - The order visibility for port equipment has reached a historical high, extending delivery timelines to 2027 [1] Group 2: Profit Forecast - According to the report, SANY International's adjusted net profit is forecasted to grow fourfold from 2024 to 2027, with over 50% of this growth expected to come from overseas markets [1] Group 3: Target Price Adjustment - The target price for SANY International has been raised from 11 HKD to 13 HKD, with a reaffirmation of the "outperform" rating [1]

Summary of Zhejiang Mining Co., Ltd. Conference Call Company Overview - Zhejiang Mining Co., Ltd. is planning to fully acquire a mining company in Central Asia, aiming to create a model case for metal mining and facilitate equipment sales while addressing technical shortcomings. The transition from equipment sales to mining operations is a key strategic shift for the company [2][4][10]. Key Points and Arguments Acquisition Details - The target for acquisition is a lead-zinc mine under a national mining company in Kazakhstan, with complete documentation and established infrastructure [4]. - The acquisition is subject to approval from the National Development and Reform Commission, Ministry of Commerce, and State Administration of Foreign Exchange, with ongoing auditing and evaluation [2][5]. - Initial assessments indicate the transaction is economically viable, but specific financial data will be disclosed after the completion of the audit report [7]. Operational and Financial Expectations - The company anticipates that technical improvements will significantly enhance existing extraction volumes, with production expected to reach operational status within six to seven months post-acquisition, potentially generating revenue by late 2026 or early 2027 [6][8]. - The exact annual production capacity post-acquisition will be determined after the feasibility study is completed [9]. Strategic Shift and Market Focus - The company is shifting its sales focus towards domestic iron ore, non-ferrous metals, and overseas markets, with an increased emphasis on vanadium-titanium iron sectors [3][21]. - Future investments will primarily target small to medium-sized metal mines, as larger projects pose higher risks and are often managed by larger enterprises [19][20]. Challenges and Advantages - The transition to mining operations presents challenges, including the difficulty of finding financially compliant target companies and competition from state-owned enterprises [12][13]. - Advantages include the use of proprietary equipment, which reduces operational costs and enhances production efficiency [12]. Financial Reporting and Profitability - In a full acquisition, all profits from mining, processing, and sales will be included in the company's financial statements, whereas profits from equity stakes will be reported based on ownership percentage [14]. - Current operational projects, such as those in Guyana and Northeast China, are expected to contribute stable revenues, with the iron ore project generating approximately 50 million yuan annually [15]. Future Directions and Goals - The company aims to balance its revenue structure, targeting equal contributions from domestic and international markets, as well as from equipment sales and mining operations [24]. - Plans for future convertible bond projects are under discussion, with the potential for funding acquisitions through various financial instruments [25][26]. Project Management and Team Structure - The company intends to build its own operational team for the Kazakhstan project, establishing a framework for metal mining operations and developing specialized talent [34]. - The initial investment in the Guyana iron ore project was approximately 10 million USD, with actual expenditures being lower than planned [35]. Additional Important Information - The company is currently in the process of evaluating other mining projects while focusing on equipment sales [32]. - The acquisition will involve a debt repayment of over 400 million yuan, with the entire asset package expected to be secured by April 30, 2026 [33]. This summary encapsulates the key aspects of the conference call, highlighting the strategic direction, operational expectations, and financial implications of Zhejiang Mining Co., Ltd.'s planned acquisition and business transformation.

Group 1 - The company held a specific object research meeting on December 30, 2025, attracting eight institutions including Guangfa Securities and Zhongou Fund, with company executives participating in discussions [1] - The company signed a significant order worth 3 billion yuan for equipment needed for an iron ore project, with an expected operational period of 10 years and corresponding operational costs of approximately 3 billion yuan [2] - The company is focusing on a "light asset operation" strategy for overseas business, emphasizing technology output and after-market services rather than heavy asset factory construction [3] Group 2 - The Brownhill gold mine project in Zimbabwe serves as a benchmark for the company's overseas light asset cooperation, with expected revenue sharing of approximately 27.3 million USD from gold sales [4] - Future growth is anticipated through the implementation of the "Three Transformations and One Optimization" strategy and the "One Body and Two Wings" strategic layout, focusing on after-market business and overseas light asset expansion [5]

Group 1: Overseas Development Strategy - The company focuses on a light asset operation model for overseas business, emphasizing technology output and market framework establishment while avoiding heavy asset factory construction to control investment risks [2][3] - The company has established a global logistics and marketing network to effectively serve local customers and ensure equipment delivery and operational response [2] Group 2: Aftermarket Intelligent Operation and Maintenance Services - The company prioritizes aftermarket services as a key growth driver, utilizing intelligent software and solutions to reduce costs and enhance efficiency for clients [2][3] - The strategy includes retrofitting existing equipment with sensors and technology to achieve data connectivity and smart operations at a lower cost [2] Group 3: Mining Investment Plans - The company aims to secure long-term orders for equipment sales and maintenance services through strategic investments in precious metal mines, particularly gold and copper [3] - The business model involves a "F+EPC+O" approach, generating multiple revenue streams from equipment sales, operational sharing, and investment returns [3] Group 4: Major Orders and Financial Impact - A significant order worth approximately RMB 3 billion involves equipment for processing over 4.6 million tons of iron ore annually, with an expected operational cost of RMB 3 billion over 10 years [4] - The contract's execution is anticipated to positively impact the company's future revenue and profit, with income recognition based on auditing principles [4] Group 5: Brownhill Gold Mine Project - The Brownhill project in Zimbabwe involves a revenue-sharing model, with estimated sales income of USD 36.4 million, where the company retains 75% of the revenue [5] - This project serves as a key example of the company's strategy to drive equipment and parts sales while expanding its overseas market presence [5] Group 6: Aftermarket as a Market Entry Strategy - The aftermarket business, including parts sales and maintenance services, is seen as a lower-risk entry point for new overseas clients, facilitating easier supplier acceptance [6] - The strategy builds trust and demonstrates value through high-quality parts and efficient services, enhancing customer loyalty and paving the way for future equipment sales [6] Group 7: Future Performance Outlook - The company aims for sustainable growth through a focus on aftermarket services, overseas markets, and metal mining, optimizing revenue structure and improving profitability [7] - The "investment + EPC + O" model is expected to create multiple profit growth points in the precious metal resource development sector [7] Group 8: Competitive Advantages in Overseas Markets - The strategy of "parts driving main engine sales" effectively addresses localization challenges and builds competitive barriers in overseas markets [8] - By establishing a responsive local service network, the company enhances customer trust and loyalty, providing a unique advantage in bidding processes [8]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, including specific requests for LINGONG Heavy Machinery [1] - LINGONG Heavy Machinery is required to clarify the pricing basis and fairness of the share prices for new shareholders in the last 12 months, as well as the reasons for any discrepancies [1][2] - The company is also asked to provide a detailed explanation of its business involving unmanned mining equipment and whether it involves the acquisition and use of geographic information data [2] Group 2 - LINGONG Heavy Machinery is recognized as a leading global company in mining and aerial work equipment, focusing on innovative and sustainable solutions [3] - As of November 1, 2025, the company's sales network has reached over 100 countries and regions, holding significant market positions in Asia, Europe, Africa, and the Americas [3] - According to Frost & Sullivan, LINGONG Heavy Machinery ranks third among domestic companies in the global mining transportation equipment and excavator market based on 2024 revenue, and it ranks first in the global non-road wide-body dump truck sector for the same period [3]