建设机械（600984）1月23日公告，预计2025年实现归属于上市公司股东的净利润亏损20.72亿元左右。上 年同期净利润为亏损9.88亿元。 回溯原委，建设机械2023年12月公告，公司拟向控股股东及实控人陕煤集团发行股票募集资金总额为不超 过12.65亿元，在扣除相关发行费用后，全部用于补充流动资金及偿还债务。 建设机械表示，公司终止本次向特定对象发行股票事项系根据外部市场环境、公司实际经营、现金流保障 情况、发展规划等诸多因素作出的决定。目前公司生产经营正常，本次终止向特定对象发行股票事项不会 影响公司现有业务的正常发展，不会损害公司及股东、特别是中小股东的利益。 截至1月23日收盘，建设机械报3.81元/股，总市值48亿元。 就业绩亏损原因，建设机械表示，2025年，国内塔机租赁市场延续下游需求不足态势，因工程建设项目新 开工面积减少、项目开工率不足等因素，使得塔机租赁设备利用率和设备租赁价格仍处于低位水平徘徊。 此外，经公司资产减值测试包含商誉的建筑机械租赁业务资产组、工抵房等发生较大减值。以上因素导致 公司2025年度利润出现大额亏损。 据了解，建设机械主营业务包括工程机械租赁和工程机械制造两大 ...

建设机械(600984)1月23日公告，预计2025年实现归属于上市公司股东的净利润亏损20.72亿元左右。上年同 期净利润为亏损9.88亿元。 建设机械去年12月23日发布关于终止向特定对象发行股票事项的公告。公司第八届董事会第二十二次会议 审议通过了《关于终止向特定对象发行股票事项的议案》。 建设机械表示，自公司向特定对象发行股票预案披露后，公司与中介机构积极推进各项相关工作。综合考 虑目前宏观经济环境、公司实际情况、发展规划，结合资本市场环境变化等诸多因素，经公司董事会、管 理层的审慎研究，公司决定终止本次发行股票事项。 回溯原委，建设机械2023年12月公告，公司拟向控股股东及实控人陕煤集团发行股票募集资金总额为不超 过12.65亿元，在扣除相关发行费用后，全部用于补充流动资金及偿还债务。 建设机械表示，公司终止本次向特定对象发行股票事项系根据外部市场环境、公司实际经营、现金流保障 情况、发展规划等诸多因素作出的决定。目前公司生产经营正常，本次终止向特定对象发行股票事项不会 影响公司现有业务的正常发展，不会损害公司及股东、特别是中小股东的利益。 就业绩亏损原因，建设机械表示，2025年，国内塔机租赁市 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 建设机械（600984）1月23日公告，预计2025年实现归属于上市公司股东的净利润亏损20.72亿元左右。 上年同期净利润为亏损9.88亿元。 就业绩亏损原因，建设机械表示，2025年，国内塔机租赁市场延续下游需求不足态势，因工程建设项目 新开工面积减少、项目开工率不足等因素，使得塔机租赁设备利用率和设备租赁价格仍处于低位水平徘 徊。此外，经公司资产减值测试包含商誉的建筑机械租赁业务资产组、工抵房等发生较大减值。以上因 素导致公司2025年度利润出现大额亏损。 据了解，建设机械主营业务包括工程机械租赁和工程机械制造两大板块。公司主要产品有适用于路面工 程的沥青混凝土摊铺机、压路机、铣刨机、稳定土拌合机、沥青搅拌站等，适用于煤矿运输的无轨胶轮 车，适用于市政建设、桥梁建造、高层建筑等所涉及基础工程的旋挖钻机，适用于房屋建筑工程的塔式 起重机及各种非标钢结构产品。 值得注意的是，去年底建设机械向控股股东定增募资的计划终止。 建设机械去年12月23日发布关于终止向特定对象发行股票事项的公告。公司第八届董事会第二十二次会 议审议通过了《关于终 ...

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components such as tracked chassis and transmission parts [2] - The primary production model is based on market forecasts and reasonable inventory, with dynamic production task arrangements [2] - The sales strategy includes a combination of agency distribution for main products and supporting sales for parts, along with diversified business models such as operational leasing [2] Group 2: Global Presence - The sales network spans over 160 countries and regions, with more than 150 overseas distributors and over 520 overseas sales outlets [3] - The company has established 13 overseas subsidiaries, including new ones in Indonesia, Australia, and Nigeria [3] Group 3: Stock Buyback Progress - As of November 30, 2025, the company has repurchased 11,910,472 shares, accounting for 0.79% of the total share capital, with a total transaction amount of ¥111,591,612.24 [4] - The highest and lowest transaction prices during the buyback were ¥10.20 and ¥8.64 per share, respectively [4] - The company plans to continue the buyback based on market conditions and will comply with relevant disclosure obligations [4] Group 4: On-site Visit - The on-site visit included a tour of the new product trial center and the excavator assembly workshop to understand the company's products and application scenarios [5]

Group 1: Growth Strategy - The company aims to leverage its core industry chain advantages to enrich its product matrix and increase market share [2] - The AI strategy will guide the deepening of smart construction business layout, advancing into a new era of intelligence [2] - The company plans to strengthen its global presence while maintaining a leading position in international trends [2] - Continuous upgrades to the business model will focus on creating a closed-loop around the entire lifecycle of construction machinery [2] Group 2: New Product Development - The company adheres to a market-oriented approach, driven by quality and centered on intelligent technology [2] - On June 18, 2025, the company launched the world's first AI intelligent bulldozer [2] - On September 2, 2025, the company delivered the world's first AI pure electric unmanned bulldozer [2] - At the Shandong Heavy Industry Group exhibition, two hybrid mining equipment models were showcased: DEH100 hybrid bulldozer and LEH120 hybrid wheeled loader [3] Group 3: Major Projects Participation - In the first half of 2025, the company participated in various projects including open-pit coal mining in Xinjiang and Inner Mongolia, and smart transformation projects [3] - The company utilized its strong group synergy, product advantages, brand strength, and cultural advantages in these projects [3] - Notable projects included photovoltaic sand control in Inner Mongolia, water conservancy construction in Burkina Faso, and road integration projects in Kyrgyzstan [3]

Group 1: Company Overview - The main business revenue comes from the production and sales of bulldozers, excavators, loaders, road rollers, graders, pavers, milling machines, concrete machinery, and core components like track chassis and transmission parts [2]. - The sales model includes a combination of agency distribution for main products and a mix of supply and agency sales for parts, along with expanding into operational leasing services [2]. Group 2: Excavator Business Development - The excavator market has seen significant growth in the first half of the year due to a combination of policy stimulation, infrastructure resilience, and inventory clearance [3]. - The company completed a strategic merger with Shandong Heavy Industry in December 2024, enhancing resource integration in R&D, manufacturing, sales, and service for excavators [3]. - The product range for excavators spans from 1.5 tons to 200 tons, achieving a market coverage rate of over 98%, with industry-leading technology in electronic control systems, noise reduction, and energy efficiency [3]. Group 3: H-Share Issuance - In July 2025, the company’s board approved the issuance of H shares and listing on the Hong Kong Stock Exchange [4]. - The company received approval from its controlling shareholder for the H share issuance and submitted the application to the Hong Kong Stock Exchange on August 28, 2025 [4]. - The proposed issuance will not exceed 15% of the total share capital post-issuance, amounting to a maximum of 264,731,100 shares, with pricing determined through market-based methods [4].

Financial Performance - The company's operating revenue for the reporting period is approximately 7.00 billion yuan, an increase from 6.51 billion yuan in the same period last year, reflecting a growth rate of about 7.57% [1] - The net profit attributable to shareholders is approximately 568.29 million yuan, up from 418.47 million yuan year-on-year, indicating a growth of about 35.8% [1] - The net profit after deducting non-recurring gains and losses is approximately 558.80 million yuan, compared to 409.45 million yuan in the previous year, showing an increase of about 36.4% [1] - The basic and diluted earnings per share are both 0.3788 yuan, up from 0.2788 yuan in the previous year [1] - The weighted average return on equity is 10.28%, an increase of 2.21 percentage points year-on-year [19] Cash Flow and Investment - The net cash flow from operating activities is approximately 229.72 million yuan, a slight decrease of 0.26% from the previous year [22] - The net cash flow from financing activities is approximately 57.22 million yuan, an increase of 306% year-on-year [22] - The net cash flow from investing activities is approximately -287 million yuan, compared to 129 million yuan in the same period last year [22] Asset and Liability Changes - Total assets at the end of the reporting period are approximately 18.08 billion yuan, down from 18.29 billion yuan at the end of the previous year [1] - The net assets attributable to shareholders increased to approximately 5.68 billion yuan from 5.24 billion yuan year-on-year [1] - Accounts receivable and notes receivable increased by 16.23%, while cash and cash equivalents decreased by 18.6% [34] - The company's debt-to-asset ratio is 60.6%, indicating a stable financial structure compared to industry averages [45] Shareholder Structure - The top ten shareholders include new entrants such as China Pacific Life Insurance Co., Ltd. and social security funds, while existing shareholders like Weichai Power Co., Ltd. and Shandong Heavy Industry Group Co., Ltd. have increased their holdings [49][50] - The shareholding structure reflects a diversification of institutional investors, which may enhance the company's stability and growth potential [49]

Core Viewpoint - Shantui Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and connect with overseas capital markets [1] Group 1: Company Overview - Shantui is a leading player in the construction machinery industry, with a strong brand presence both domestically and internationally [1] - The company’s main products include bulldozers, excavators, road rollers, graders, pavers, milling machines, concrete machinery, and loaders, with bulldozers being its flagship product [1] - Shantui is one of the few manufacturers with a comprehensive product line and widespread market distribution, ranking third after Caterpillar and Komatsu in the bulldozer market [1] Group 2: Financial Performance - In 2024, Shantui achieved a revenue of 14.219 billion yuan, a year-on-year increase of 25.12%, and a net profit of 1.102 billion yuan, up 40.72% [2] - The overseas market has shown significant growth, accounting for over 50% of total revenue, with overseas business income reaching 7.411 billion yuan, a 26.08% increase [2] - The revenue from main products in overseas markets was 6.67 billion yuan, with growth rates of 30% for bulldozers, 30% for excavators, and 11% for both loaders and road machinery [2] Group 3: Market Strategy and Future Goals - Shantui plans to deepen its market presence in Africa, Indonesia, the Middle East, and Southeast Asia, expecting a 30% revenue growth in these regions [3] - The company aims to achieve a revenue target of 15.7 billion yuan in 2025, with overseas income projected at 9 billion yuan [3] - Shantui completed the acquisition of 100% of Shandong Heavy Industry's excavator business for 1.841 billion yuan to enhance profitability and asset scale [3] - The long-term plan includes increasing the revenue share of excavators to 50% by 2027-2028, surpassing that of bulldozers [3]

当地时间4月7日上午，有着全球工程机械行业"奥运会"之称的德国宝马展在慕尼黑盛大启幕。在全球60多个国 家的3200多家参展商中，徐工集团携7大门类的60余款产品惊艳亮相，为全球客户带来"场景+产品"的一体化解 决方案。 此次参展的徐工产品突出"智造+低碳"，其中四成是新能源产品，这也与徐工" Solid Innovation for Green Tomorrow 绿色创新 驱动未来"的参展主题紧密呼应。徐工专为欧洲市场研发的全球首款混合动 力全地面起重 机XCA60EV，可完全实现"零排放"作业。摊铺机、铣刨机、轻型压路机等多款明星产品，提供具有全球竞争 力的"智慧全场景"。XZ450E-R水平定向钻可提升导向速度200%、泥浆消耗降低60%。 徐工集团、徐工机械董事长、党委书记杨东升表示，徐工始终秉承"工程科技引领，装备美好未来"的企业使 命，致力于实现可持续发展，为全球客户提供更加高效、智能、环保的全生命周期解决方案。目前，徐工已实 现全系列产品绿色化电动化，"青山绿"新能源产品渗透率达19%。 为精准定位客户需求，赋能当地化服务能力提升，徐工欧洲培训中心正式建立，将从品牌推广、市场销售、服 务保障等方 ...