展会时间：2026-09-01 ~ 09-01 开放时间：09:00:00-18:00:00 举办地址：南美洲-巴西 巴西贝洛奥里藏特会展中心 展会行业：矿业 主办单位：巴西矿业协会 举办周期：2年1届 展会介绍： 巴西贝洛矿业及矿山机械展览会（EXPOSIBRAM）是巴西乃至南美洲最大规模的矿山机械展览会。是巴西非营利性的民间组织，目标是促进巴西矿业开发 及设备更新，致力于为几万家会员提供技术交流和贸易导向服务。 巴西贝洛矿业及矿山机械展览会（EXPOSIBRAM）上届展会总面积32000平方米，参展企业430家均来自中国、美国、德国、加拿大、澳大利亚、意大利、 智利、南非、英国、阿根廷等，参展人数达50000人。 巴西贝洛矿业及矿山机械展览会（EXPOSIBRAM）为致力于开发巴西市场的的矿业行业及技术设备的交流提供了专业的技术和贸易平台。巴西贝洛矿业及 矿山机械展览会（EXPOSIBRAM）参展效果极佳，是突破巴西矿业市场的第一平台。 dern work NI 18.200 ST 2 B 下 Hand Beather States and the United with are ag 9 10 1 21 ...

Core Viewpoint - Lingong Heavy Machinery Co., Ltd. has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, marking its second attempt to enter the capital market after an unsuccessful bid in December 2022. The company reported a revenue of 12.028 billion yuan in 2024, but faces uncertainties due to performance volatility, high debt pressure, and cyclical industry risks [1]. Revenue Stability and Business Performance - Lingong Heavy Machinery has experienced significant revenue fluctuations, with revenues of 10.529 billion yuan in 2022, 9.897 billion yuan in 2023 (a 6% decline year-on-year), and 12.028 billion yuan in 2024 (a 21.5% increase) [2]. - In the first half of 2025, the company reported a 14.23% year-on-year decline in revenue to 5.531 billion yuan, despite a profit increase of 21.6% to 635 million yuan, indicating a "profit without revenue growth" phenomenon [2]. - The mining equipment segment has become the main revenue driver, increasing its share from 54.4% in the first half of 2024 to 63.8%, although its growth rate is only 0.6% [2]. - The aerial work equipment segment saw a dramatic decline in revenue from 3.16 billion yuan to 1.36 billion yuan, a drop of 57%, which was the primary reason for the overall revenue decline in the first half of 2025 [2]. Accounts Receivable and Debt Levels - Lingong Heavy Machinery faces significant cash flow pressure, with trade and bill receivables reaching 6.147 billion yuan as of June 30, 2025, and a provision for bad debts of 542 million yuan [3]. - The company's trade receivables turnover days have been high, reaching 228 days in 2023 and 223 days in the first half of 2025, indicating low collection efficiency [3]. - Interest-bearing bank loans surged from 246 million yuan at the end of 2022 to 926 million yuan by June 2025, nearly tripling over three years [3][4]. Market Demand and Competition - The engineering machinery industry is cyclical, closely tied to global infrastructure investment and mining sector conditions, which is reflected in Lingong Heavy Machinery's revenue volatility [5]. - The significant decline in aerial work equipment revenue in the first half of 2025 was primarily due to weak domestic demand and international tariff impacts, highlighting the company's sensitivity to macroeconomic conditions and industry cycles [5]. - Lingong Heavy Machinery faces intense competition from leading companies like XCMG and SANY, which are expanding aggressively in overseas markets. By 2025, XCMG's overseas revenue accounted for 46.61%, slightly higher than Lingong's 44% [5]. - In the aerial work equipment sector, the company also competes with specialized manufacturers like Zhejiang Dingli, indicating that its fifth position globally is not secure [6]. International Growth Opportunities and Challenges - Lingong Heavy Machinery's international business has expanded rapidly, with overseas revenue share increasing from 26.8% in 2022 to 44% in the first half of 2025, with a sales network covering over 100 countries and regions [7]. - However, international operations present challenges, including varying regulatory requirements, tariffs, and trade policy uncertainties across different jurisdictions [7]. - The company faces additional risks in markets where it has limited experience, including operational complexity and cross-cultural management issues [8]. - The global engineering machinery market is projected to reach 2.1319 trillion yuan by 2030, with the new energy mining equipment market expected to grow at a compound annual growth rate of 29.3%, providing development opportunities for Lingong Heavy Machinery [8].

Core Insights - The report from Zhongyou Securities indicates that Dalian Heavy Industry achieved a net profit attributable to shareholders of 490 million yuan in the first three quarters of 2025, representing a year-on-year increase of 23.97% [1] - In the third quarter alone, the net profit attributable to shareholders reached 178 million yuan, showing a year-on-year growth of 46.83% and a quarter-on-quarter increase of 33.78% [1] - The company places significant emphasis on institutional development and governance optimization, resulting in notable cost reduction and expense control achievements [1] Business Development - Dalian Heavy Industry continues to innovate in the international market for total contracting and after-sales services, with products and services exported to a cumulative total of 96 countries and regions by the end of 2024 [1] - The company has been actively expanding its total contracting business, signing contracts for various projects including the MRL company dock equipment in Australia, mining equipment, and several other significant projects in Kazakhstan and other countries [1] - There is a trend of bulk orders, with over 30 units of unloading machines and shore bridges signed with major clients in India, Indonesia, and Vietnam [1] Future Outlook - The company's future goal is to maintain the overseas business proportion at over 20% [1] - The report maintains a "Buy" rating for the company's stock [1]

Core Viewpoint - The company, Lingong Heavy Machinery, is set to go public on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the mining and aerial work equipment sectors, which are characterized as "dual leading" segments in the industry [1][7]. Company Overview - Lingong Heavy Machinery was established in 2012 and specializes in the research, design, manufacturing, sales, and service of machinery for mining, aerial work, and material handling [1]. - The company ranks third among domestic enterprises in the global mining transportation equipment and excavator market, and first in the domestic market for new energy mining transportation equipment as of 2024 [1][2]. Financial Performance - Revenue figures for Lingong Heavy Machinery from 2022 to 2024 are as follows: 10.529 billion yuan, 9.897 billion yuan, and 12.028 billion yuan, with a slight decline in 2023 followed by a recovery in 2024 [3]. - The company achieved a net profit of 0.954 billion yuan, 0.974 billion yuan, 1 billion yuan, and 0.635 billion yuan from 2022 to the first half of 2025, indicating a steady growth trend [3]. Market Position and Growth - Lingong Heavy Machinery has expanded its sales footprint to over 100 countries, with overseas revenue increasing from 26.8% in 2022 to 44% in the first half of 2025 [2]. - The company has positioned itself as a leader in the electric and intelligent transformation of construction machinery, having sold approximately 1,600 new energy mining transportation devices by mid-2025 [2]. Industry Trends - The global engineering machinery market is projected to grow from 1.5372 trillion yuan in 2024 to 2.1319 trillion yuan by 2030, with a compound annual growth rate (CAGR) of approximately 5.6% [5]. - The aerial work equipment market is expected to grow from 62.6 billion yuan in 2020 to 136.6 billion yuan in 2024, with a CAGR of 21.5% [5]. Competitive Landscape - The engineering machinery industry is characterized by increasing competition, with major players like XCMG and SANY expanding aggressively in overseas markets [7]. - Lingong Heavy Machinery faces challenges in maintaining its market position, particularly in the aerial work equipment sector, where it experienced a 57% revenue decline in 2024 [7].

Core Viewpoint - Lingong Heavy Machinery Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise capital for its growth and expansion in the mining and aerial work equipment sectors [1][3]. Company Overview - Lingong Heavy Machinery is a leading global enterprise in mining and aerial work equipment, focusing on providing intelligent, efficient, and green solutions through innovation and technology [3]. - The company has achieved over RMB 10 billion in annual revenue within ten years of establishment and is recognized for pioneering hybrid non-road dump trucks and electric mining excavators in China [3][4]. Market Position - 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 [5]. - The company holds the first position in the global non-road wide-body dump truck sector and ranks fifth in the global aerial work equipment market among domestic firms [5]. - In the field of new energy mining transportation equipment, it ranks first among domestic companies, and it is fourth in the global market for unmanned mining transportation equipment [6]. Financial Performance - The company reported revenues of RMB 10.53 billion, RMB 9.90 billion, RMB 12.03 billion, and RMB 5.53 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [7]. - Profit figures for the same periods were approximately RMB 0.95 billion, RMB 0.97 billion, RMB 1.00 billion, and RMB 0.63 billion, indicating a profit increase despite a revenue decline in the first half of 2025 [7][11]. Revenue Breakdown - The revenue from mining equipment increased from 54.4% in the first half of 2024 to 63.8% in the first half of 2025, although its growth rate was only 0.6% [9]. - The aerial work equipment segment saw a significant decline of 57%, contributing to the overall revenue drop in the first half of 2025 [9][12]. - Material handling machinery revenue grew by 208%, but its absolute contribution remained limited at RMB 1.58 billion [9]. Revenue Trends - The company experienced a revenue decline of 6% in 2023, followed by a rebound of 21.5% in 2024, but faced another decline of 14.2% in the first half of 2025 [11][12]. - The fluctuations in revenue indicate potential instability in the company's financial performance [12].

Core Viewpoint - Lingong Heavy Machinery Co., Ltd. has officially initiated its IPO journey on the Hong Kong Stock Exchange, attracting significant market attention [1]. Financial Performance - The company's revenue is projected to grow from 10.529 billion yuan in 2022 to 12.028 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 6.9% [3]. - Net profit is expected to increase from 0.954 billion yuan in 2022 to 1 billion yuan in 2024, with a total profit of nearly 3 billion yuan over three years [3]. - In the first half of 2025, revenue reached 5.532 billion yuan, and net profit was 0.635 billion yuan [3]. Business Structure and Market Position - The revenue share from mining equipment increased to 63.8% in the first half of 2025, while the share from aerial work equipment decreased to 24.6% [3]. - Material handling machinery has emerged as a potential growth highlight, generating 0.158 billion yuan in revenue, representing 2.9% of total revenue [3]. - According to a report by Frost & Sullivan, Lingong Heavy Machinery ranks third among domestic companies in the global mining transportation equipment and excavator markets, fifth in the global aerial work equipment market, first in the global new energy mining transportation equipment sector, and fourth in the global autonomous mining transportation equipment market [3]. Previous Listing Attempts - This is not the first attempt by Lingong Heavy Machinery to enter the capital market; the company previously applied for an A-share listing on the Shanghai Stock Exchange in December 2022 but voluntarily withdrew the application in January 2024 due to market conditions and corporate strategy [5]. - In December 2024, the company signed a counseling agreement with China International Capital Corporation for A-share listing and completed the third phase of counseling by October 13, 2025 [5]. IPO Objectives - The IPO aims to expand global business, connect with international capital, and attract diversified overseas investments [5]. - The funds raised from the IPO are expected to be used for capacity enhancement, smart upgrades of existing plants, product and solution R&D, electrification and intelligence, and strengthening global market expansion and service networks [5]. Industry Outlook - The global construction machinery market is projected to reach 1.5372 trillion yuan in 2024 and grow to 2.1319 trillion yuan by 2030, with a CAGR of approximately 5.6% from 2024 to 2030 [7]. - The industry segments in which Lingong Heavy Machinery operates, including mining equipment, aerial work equipment, and material handling machinery, are experiencing rapid growth [7]. - The IPO is viewed as a crucial step for Lingong Heavy Machinery to address industry challenges and broaden financing channels, aligning with its globalization strategy [7].

Core Viewpoint - Company is seeking to list on the Hong Kong Stock Exchange, indicating growth ambitions and market confidence [1] Group 1: Company Overview - Company is a global leader in mining equipment and aerial work platforms, focusing on innovative and technological solutions [1] - The company aims to provide intelligent, efficient, and green solutions to global customers [1] Group 2: Market Position - According to a Frost & Sullivan report, the company ranks first among domestic enterprises in the global new energy mining transportation equipment sector based on projected revenue for 2024 [1]

Core Viewpoint - Taiyuan Heavy Industry has been involved in financial fraud for over seven years, with underlying issues stemming from external auditors' negligence and internal governance failures [1] Group 1: Financial Fraud Details - The company was fined for financial fraud occurring between 2014-2018 and 2020-2021, with a total penalty of 16.95 million yuan, including lifetime market bans for key executives [1][2] - Fraudulent practices included premature revenue recognition and inflated project income, particularly in the 300MW wind power project in Heilongjiang [2][3] - In 2014, the company overstated revenue by 757 million yuan, representing 8.39% of reported revenue, and inflated profit by 155 million yuan, which was 763.89% of the reported profit [3] Group 2: Company Performance and Debt Issues - The company's revenue growth has been struggling since 2011, with significant declines in core business segments starting in 2014 [5][6] - High debt levels have been a persistent issue, with liabilities exceeding 80% of assets since 2014, peaking over 90% [8][10] - The company has relied heavily on external financing, with interest-bearing debt surpassing 10 billion yuan in recent years, leading to financial costs exceeding profits [10][12] Group 3: Governance and Internal Control Failures - External auditors, specifically Deloitte, failed to detect the fraud over seven years, raising questions about their accountability [13][15] - Internal governance issues are evident, with key executives being aware of the fraudulent activities yet failing to act [16] - Corruption among management, particularly involving the former general manager, has led to significant losses of state assets [17][18]

Core Insights - Taiyuan Heavy Industry reported a revenue of 7.028 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 9.98%, and a net profit of 85.0635 million yuan, up 21.8% year-on-year [1] - The company has resolved historical issues related to information disclosure, enhancing its governance structure and reducing uncertainties in its operations [1] - The company is actively pursuing strategic transformation, focusing on upgrading its industrial capabilities and enhancing product value [2][3] Financial Performance - In the first half of the year, Taiyuan Heavy Industry achieved a revenue of 4.759 billion yuan, a year-on-year increase of 30.81%, and a net profit of 43.8483 million yuan, up 5.92% [1] - The net cash flow from operating activities reached 534 million yuan, a significant increase of 34.41% year-on-year [1] - The total profit amounted to 199 million yuan, reflecting a year-on-year growth of 4.83%, indicating a stable financial condition [1] Strategic Initiatives - The company completed a relocation and upgrade project within 19 months, transitioning from a traditional factory to a smart factory, which represents the industry's advanced level [2] - Taiyuan Heavy Industry is focusing on new industrialization and enhancing production capabilities, with significant investments in technological upgrades and key projects [2] - The company aims to create a modern intelligent equipment manufacturing enterprise with international competitiveness, emphasizing high-end, intelligent, green, and localized products [3] Market Outlook - The intelligent manufacturing equipment market in China is projected to grow from 1.27 trillion yuan in 2017 to 3.6 trillion yuan by 2024, with a compound annual growth rate of 11.5% [3] - Taiyuan Heavy Industry's business layout in rail transit, wind power equipment, and mining equipment aligns well with national development strategies [3] - The resolution of past penalties has improved the company's governance structure and operational environment, contributing to its strong profitability [3]

Core Viewpoint - Taiyuan Heavy Industry has received an administrative penalty notice from the Shanxi Securities Regulatory Bureau, leading to a risk warning for its stock, which will be renamed to "ST Tai Heavy" starting November 4, 2023 [1] Group 1: Company Overview - Taiyuan Heavy Industry, established in 1998, is a key state-owned enterprise in China, originally founded as the Taiyuan Heavy Machinery Plant in 1950, and is recognized as the first heavy machinery manufacturing enterprise designed and built independently in New China [2] - The company specializes in various equipment including rail transit, mining, lifting, rolling, coking, engineering machinery, gear transmission, and casting, serving industries such as metallurgy, mining, energy, transportation, aerospace, and environmental protection [2] - Since 2020, the company has undergone significant management changes and has initiated a strategy to divest underperforming assets and transform its operations, aiming for survival, recovery, and rebirth within five years [2] Group 2: Financial Performance - In the third quarter of 2025, Taiyuan Heavy Industry reported a revenue of 7.028 billion yuan, a year-on-year increase of 9.98%, driven by growth in bulk product sales and improved gross margins [3] - Research and development expenses rose by 26.4% to 357 million yuan, indicating ongoing investment in technology upgrades and product optimization [3] - The net profit attributable to shareholders reached 85.0635 million yuan, a year-on-year increase of 21.80%, while total profit grew by 4.83% to 199 million yuan [3] - The net cash flow from operating activities was 534 million yuan, up 34.41%, reflecting improved management of accounts receivable and sales collection efficiency [3] Group 3: Industry Outlook - The heavy machinery sector is recognized as a strategic emerging industry in China, with national policies promoting equipment upgrades and green transformation, leading to an expected steady improvement in industry capacity and market structure [4] - The company is focused on new industrialization, deepening state-owned enterprise reforms, and enhancing competitive advantages, with a development direction centered on precision, internationalization, high-end, and intelligence [4] - The product positioning emphasizes high-end, intelligent, green, and domestically produced equipment, with a commitment to four major transformations: technological innovation, production organization, product form, and business model [4]