香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中信重工机械股份有限公司2025 年年度报告摘要 公司代码：601608 公司简称：中信重工 中信重工机械股份有限公司 2025 年年度报告摘要 中信重工机械股份有限公司2025 年年度报告摘要 第一节 重要提示 海外監管公告 此乃中信重工機械股份有限公司在二零二六年三月十三日登載於 中華人民共和國上海證券交易所網站（www.sse.com.cn）關於 2025 年年度報告摘要。中信重工機械股份有限公司為中國中信股份有 限公司的附屬公司。 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到 www.sse.com.cn 网站仔细阅读年度报告全文。 2、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、信永中和会计师事务所（ ...

Group 1: Overseas Business Strategy - The company initiated its overseas expansion in 2016, establishing its first overseas subsidiary in Johannesburg, South Africa, and has since set up 8 subsidiaries [2] - The overseas business operates on a light asset model, focusing on marketing networks and local service teams, which allows for higher gross margins compared to domestic operations [2] - The core advantage of the overseas business includes a higher gross margin due to value-based competition and effective customer order maintenance, enhanced by export tax rebate policies [2] Group 2: Contracting with State-Owned Enterprises - Contracts with state-owned enterprises are primarily secured through a bidding process, with the company entering the qualified supplier list for various projects [3] - Some projects allow for direct contracts without entering the supplier list if the company has independent signing authority [2] Group 3: Aggregate Business Structure - The company aims to increase the proportion of engineering aggregates while reducing the share of commodity aggregates to improve profitability and cash flow [4] - Despite a decline in commodity aggregate demand due to the real estate sector, infrastructure projects like hydropower and nuclear power stations continue to support aggregate demand [4] Group 4: Capacity and Expansion Plans - The company currently operates three manufacturing bases and has sufficient capacity to meet existing orders, with plans for future capacity enhancement linked to performance growth [5] - Future capacity upgrades may involve core technology team development, mergers, and new company establishment [5] Group 5: Long-term Overseas Operations - The long-term strategy for overseas operations focuses on a light asset model, avoiding large-scale factory setups due to high capital expenditure and local supply chain challenges [6] - Key challenges include talent development and local resource accumulation, with strategies to address these challenges including recruitment, leveraging the Belt and Road Initiative, and engaging with local business associations [6] Group 6: Production Cycle and Revenue Recognition - The production cycle for core products typically ranges from 1 to 2 months, with variations based on product type [7] - Revenue recognition follows strict accounting standards, with a payment structure of 30% upfront, 30% upon delivery, 30% after testing, and 10% as a warranty [7]

Core Insights - SANY Group successfully secured orders worth several hundred million yuan during the 2026 Heavy Equipment Connect Forum & Expo held in Dammam, Saudi Arabia from February 2 to 4 [1] - The company showcased a full range of equipment and intelligent manufacturing achievements, aligning with local infrastructure and resource development needs [1] Group 1 - The exhibition theme "Create Future Together" highlighted SANY's solutions in mining, commercial concrete construction, road construction, and lifting operations, demonstrating China's technological strength to Saudi clients [1] - The Middle East market shows distinct demand characteristics, driven by Saudi Arabia's Vision 2030, leading to a strong need for large-scale and integrated heavy machinery [1] - The extreme working conditions in the Middle East, such as high temperatures and sandstorms, along with global green transition trends, have raised the bar for equipment durability, high-temperature performance, and low-carbon environmental standards [1] Group 2 - SANY's equipment features advanced core protection and efficient cooling systems, enabling stable operation in high-temperature environments up to 60°C, while incorporating intelligent scheduling and energy-saving technologies [2] - The exhibition served as an effective communication platform, allowing SANY to establish deep connections with local and regional companies, resulting in significant orders and cooperation intentions [2] - The global strategy of SANY Group focuses on "globalization, digitalization, and low-carbon development," supported by digital production capabilities and local service systems, which enhances brand recognition and market adaptability [2] Group 3 - The export of complete sets of equipment has significant economic and strategic implications, including higher added value, promoting the export of related industries, and driving domestic manufacturing upgrades [2] - SANY's approach represents a shift from merely selling products abroad to exporting Chinese manufacturing standards and brand influence, deepening cooperation with Middle Eastern countries [2] - This strategy enhances China's voice in the global equipment manufacturing industry and optimizes foreign trade structure by increasing high-value foreign exchange income [2]

Group 1 - The Hillhead Mining Exhibition will take place from June 23 to 25, 2026, at the Hillhead Quarry in Buxton, UK, and is organized by QMJ Publishing Ltd, focusing on live demonstrations as its main attraction [1] - The exhibition provides a unique opportunity for attendees to witness and evaluate the performance of the latest crushing machines, screening equipment, loading machinery, and mining trucks in a real operational environment, which is invaluable for decision-makers in the quarrying, mining, and construction aggregate industries [2] Group 2 - Beijing Shengruida International Exhibition Co., Ltd., represented by Pan Ming, is responsible for organizing the exhibition in the Chinese market [2] - Other upcoming exhibitions in 2026 include the MBAM ONEBUILD in Malaysia focusing on zero tariffs and smart drilling equipment, Philconstruct in the Philippines featuring small and medium-sized equipment and post-disaster reconstruction materials, and CONSTRUCTO in Mexico highlighting USMCA tax exemptions and green electric equipment exports [6]

Summary of Metso's Capital Markets Day 2025 Company Overview - **Company**: Metso (OTCPK:OUKP.Y) - **Event**: Capital Markets Day 2025 - **Date**: October 02, 2025 - **Location**: Helsinki, Finland Key Points Industry and Market Context - The **Aggregates** and **Minerals** segments are the primary focus areas for Metso, with expectations of **4% market growth** in both segments [32][34]. - The company has experienced stagnation and some decline in sales over the last six quarters, attributed to external factors like COVID-19 and exiting the Russian market, which represented about **10%** of its business [34]. Strategic Objectives - Metso's new strategy is titled **"We Go Beyond,"** focusing on growth, excellence, and becoming the number one in the market [11][12]. - The strategy emphasizes **customer experience**, **aftermarket intensity**, and **sustainability** as core components [12][25]. - Four strategic objectives for the period include: 1. Best in customer experience 2. Front runner in safety and sustainability 3. Higher aftermarket share 4. Financial performance excellence [12]. Financial Targets - Metso has set a **7% annual sales growth target** by 2028, with **5-6%** expected from organic growth and **1-2%** from bolt-on M&A [33]. - The adjusted EBITDA margin target has been revised from **17%** to **18%** by 2028 [34]. - The company aims to maintain a **net debt to EBITDA ratio** below **1.5** and continue paying dividends of at least **50%** of earnings per share [39][41]. Operational Insights - Metso has a strong focus on **aftermarket services**, which are expected to drive growth and profitability [18][20]. - The company has invested in expanding its service network and enhancing customer proximity, which is critical for maintaining competitive advantage [18][42]. - There is a commitment to sustainability, with a target to reduce CO2 emissions by **72%** from the 2019 baseline and a focus on energy-efficient solutions [26][27]. Challenges and Opportunities - The company acknowledges a **global shortage of skilled workforce** in the mining and aggregates sectors, which increases demand for OEMs like Metso [18]. - Metso is looking to optimize its **working capital**, particularly inventory management, which currently stands at **$1.8 billion**, representing **38%** of revenues [65][66]. - The company is exploring **M&A opportunities** in areas where it does not currently hold a leading position but sees potential for growth [43]. Cultural and Organizational Changes - Metso emphasizes the importance of a **customer-centric culture** and has involved over **150 employees** in developing the new strategy [10][21]. - The company aims to foster a **fast and fearless** mindset to adapt to rapidly changing market conditions [23]. Conclusion - Metso is positioned to leverage its strengths in the aggregates and minerals sectors while addressing challenges through strategic growth initiatives, operational excellence, and a commitment to sustainability. The focus on aftermarket services and customer experience is expected to drive future profitability and shareholder value [30][45].

Group 1: Event Overview - The 2025 Algeria International Mining Exhibition (MICA2025) will take place on October 22-23, 2025, at the Sheraton Club in Algiers, organized by the Algerian Mining and Metallurgy Association [3] - MICA2025 is recognized as the most professional mining exhibition in Algeria, showcasing innovative technologies, products, equipment, and services [3] - The exhibition serves as a significant platform for Chinese companies to enter the African market, facilitating discussions on challenges, innovations, and opportunities in the mining and quarrying sectors [3] Group 2: Market Potential - Algeria has substantial market potential, particularly in construction and mining, with an annual growth rate of 6% [3] - The country is the largest in Africa by land area, with a population of approximately 45.08 million, and ranks fourth in economic scale on the continent [9][10] - Algeria's GDP is projected to grow by 3.4% by 2021, with increasing infrastructure projects and a rising demand for mining equipment and components [10][11] Group 3: Trade Relations - China is Algeria's third-largest import source, following France and Italy, with a strong historical friendship and strategic partnership established since 2004 [11] - The main products imported from China include stainless steel, engineering machinery, and automotive parts, with exports to Algeria increasing by over 30% annually for the past six years [11] - The exhibition will attract buyers and business professionals from over 20 countries, including Algeria, France, Germany, Morocco, and South Africa, providing opportunities for industry networking and market trend discussions [3]

Core Viewpoint - The company responded to the regulatory inquiry regarding its 2024 annual report, addressing questions about customer and supplier relationships, sales contracts, and the impact of its actual controller's agreements on business stability [1][2][3]. Customer and Supplier Relationships - The top five customers contributed sales of 226.87 million yuan, accounting for 41.53% of total annual sales, with significant sales to related parties [1][2]. - The company reported a total procurement of 68.22 million yuan from its top five suppliers, representing 18.73% of total annual procurement, with two suppliers changing during the year [1][2]. Sales Contracts and Performance - The company detailed the performance of new major customers, including the completion of product deliveries and revenue recognition for various projects, with a total of 29.11 million yuan recognized from major projects [2][3]. - The company highlighted that the revenue from the new major customer, Dadi Engineering Development Group, was primarily due to the Wanfu TDS project, which faced delays due to operational issues at the end-user site [2][3]. Impact of Agreements on Control and Stability - The company’s actual controller signed a concerted action agreement with Dadi Company, which is set to expire on December 9, 2025, with no immediate plans for renewal [4][5]. - The agreement has historically increased the controller's voting power from 51.30% to 70.47%, but is expected to stabilize at 38.47% post-expiration, which does not significantly affect control [5][6]. Business Cooperation and Market Position - The business model with Dadi Company is based on a contractor-supplier relationship, with the company maintaining an independent sales system and the ability to secure orders without reliance on Dadi [6][8]. - The company has established a strong cooperative relationship with Dadi, which has resulted in a stable revenue stream, with a decreasing proportion of sales to related parties over the years [10][11]. Revenue Recognition and Sales Policies - The company maintains consistent revenue recognition policies for both related and non-related parties, ensuring that sales are recognized upon delivery and acceptance by the end customer [15][19]. - The pricing for sales to related parties is based on market conditions and cost-plus models, with no significant anomalies detected in pricing practices [12][14]. Financial Performance and Projections - As of April 30, 2025, the company reported cumulative sales to related parties amounting to 84.45 million yuan, with a collection rate of 53.10% [19]. - The company anticipates continued stability in its revenue streams and customer relationships, regardless of the expiration of the concerted action agreement [9][10].

Core Insights - The exhibition "UGOL ROSSII & MINING 2025" will take place from June 3-6, 2025, in New Kuznetsk, organized by Kuzbass Fair and supported by Beijing Shengruida International Exhibition Co., Ltd [1] - The event, established in 1993, has grown significantly, with the 2024 edition featuring 100,000 square meters of exhibition space, 841 companies, and 60,000 attendees, showcasing its industry influence [3] - The upcoming exhibition is expected to attract over 1,200 companies from more than 30 countries, covering a 100,000 square meter area, highlighting advancements in mining technology and equipment [5] Exhibition Highlights - The exhibition will present a comprehensive range of mining technologies and equipment, focusing on: 1. Core mining equipment, including intelligent coal mining machines and hydraulic supports, emphasizing efficiency and safety in coal mining [5] 2. Innovations in mineral processing technology, showcasing complete solutions from raw ore processing to concentrate production [5] 3. Green development solutions, featuring coal washing and processing technologies, as well as ecological restoration techniques [5] 4. Intelligent safety systems, including explosion-proof electrical equipment and 5G remote monitoring systems, to enhance mining safety [5] 5. Cutting-edge technological breakthroughs, such as the global launch of a digital management platform for mines and a 5G+AI real-time monitoring system [5] Market Opportunities - The ongoing geopolitical situation has altered procurement patterns, presenting opportunities for Chinese companies to enter the Russian-speaking market with high-cost performance equipment [7] - The exhibition serves as a platform for companies to connect with Russian buyers and explore a trillion-level market [7] - "UGOL ROSSII & MINING 2025" is positioned as both a technological showcase and an ecological collaboration opportunity for industry peers [7]