12月23日，徐工机械盘中下跌2.01%，截至10:04，报10.70元/股，成交1.60亿元，换手率0.16%，总市值 1257.57亿元。 资金流向方面，主力资金净流出50.06万元，特大单买入0.00元，占比0.00%，卖出696.75万元，占比 4.35%；大单买入2548.71万元，占比15.92%，卖出1902.02万元，占比11.88%。 徐工机械今年以来股价涨37.98%，近5个交易日跌2.64%，近20日涨3.88%，近60日涨3.68%。 资料显示，徐工集团工程机械股份有限公司位于江苏省徐州经济技术开发区驮蓝山路26号，成立日期 1993年12月15日，上市日期1996年8月28日，公司主营业务涉及从事起重机械、铲运机械、压实机械、 路面机械、桩工机械、消防机械、高空作业机械和其他工程机械及备件的研发、制造、销售和服务工 作。主营业务收入构成为：土方机械31.05%，其他工程机械、备件及其他28.09%，起重机械19.11%， 矿业机械8.64%，高空作业机械8.34%，桩工机械4.77%。 徐工机械所属申万行业为：机械设备-工程机械-工程机械整机。所属概念板块包括：工程机械、盾构 机、军 ...

12月4日，徐工机械盘中上涨2.10%，截至10:49，报10.72元/股，成交2.48亿元，换手率0.25%，总市值 1259.92亿元。 资料显示，徐工集团工程机械股份有限公司位于江苏省徐州经济技术开发区驮蓝山路26号，成立日期 1993年12月15日，上市日期1996年8月28日，公司主营业务涉及从事起重机械、铲运机械、压实机械、 路面机械、桩工机械、消防机械、高空作业机械和其他工程机械及备件的研发、制造、销售和服务工 作。主营业务收入构成为：土方机械31.05%，其他工程机械、备件及其他28.09%，起重机械19.11%， 矿业机械8.64%，高空作业机械8.34%，桩工机械4.77%。 徐工机械所属申万行业为：机械设备-工程机械-工程机械整机。所属概念板块包括：雅下电站概念、工 程机械、工业4.0、工业互联网、水电概念等。 截至9月30日，徐工机械股东户数10.61万，较上期减少20.10%；人均流通股87559股，较上期增加 43.58%。2025年1月-9月，徐工机械实现营业收入781.57亿元，同比增长13.72%；归母净利润59.77亿 元，同比增长12.59%。 分红方面，徐工机械A股上市 ...

Core Viewpoint - XCMG Machinery's stock has shown a significant increase of 33.59% year-to-date, with a recent trading price of 10.36 CNY per share, reflecting strong market interest and performance in the engineering machinery sector [1][2]. Financial Performance - For the period from January to September 2025, XCMG Machinery achieved a revenue of 78.157 billion CNY, representing a year-on-year growth of 13.72%. The net profit attributable to shareholders was 5.977 billion CNY, up by 12.59% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 12.445 billion CNY, with 5.955 billion CNY distributed over the last three years [3]. Stock Market Activity - As of November 20, XCMG Machinery's stock price increased by 2.07% during the trading session, with a total market capitalization of 121.761 billion CNY. The trading volume reached 229 million CNY, with a turnover rate of 0.24% [1]. - The stock has experienced a 0.39% increase over the last five trading days, a 7.50% decrease over the last 20 days, and a 19.49% increase over the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 20.10% to 106,100, while the average number of circulating shares per person increased by 43.58% to 87,559 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 471 million shares, and China Securities Finance Corporation, holding 167 million shares, with some reductions in holdings noted [3].

Core Viewpoint - XCMG Machinery's stock has shown significant performance with a year-to-date increase of 39.91%, reflecting strong market interest and financial growth [1][2]. Financial Performance - For the period from January to September 2025, XCMG Machinery achieved a revenue of 78.157 billion yuan, representing a year-on-year growth of 13.72%. The net profit attributable to shareholders was 5.977 billion yuan, up by 12.59% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 12.445 billion yuan, with 5.955 billion yuan distributed over the last three years [3]. Stock Market Activity - As of November 4, XCMG Machinery's stock price rose by 2.07% to 10.85 yuan per share, with a trading volume of 153 million yuan and a turnover rate of 0.15%. The total market capitalization reached 127.52 billion yuan [1]. - The stock has seen a net inflow of main funds amounting to 17.6065 million yuan, with significant buying activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 20.10% to 106,100, while the average circulating shares per person increased by 43.58% to 87,559 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 471 million shares, which decreased by 62.656 million shares from the previous period [3].

Core Viewpoint - XCMG Machinery is a leading global player in the engineering machinery sector, with a comprehensive product range and strong technological capabilities [1] Group 1: Business Performance - In Q3 2025, XCMG Machinery achieved a revenue of 78.157 billion yuan, ranking first among 23 companies in the industry, surpassing SANY Heavy Industry's 65.741 billion yuan and the industry average of 12.511 billion yuan [2] - The net profit for the same period was 6.083 billion yuan, placing it second in the industry, just behind SANY Heavy Industry's 7.239 billion yuan, and above the industry average of 1.171 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, XCMG Machinery's debt-to-asset ratio was 65.86%, higher than the previous year's 63.84% and the industry average of 44.93% [3] - The gross profit margin for the same period was 22.33%, down from 23.63% year-on-year and below the industry average of 25.31% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 20.10% to 106,100, while the average number of circulating A-shares held per shareholder increased by 43.58% to 87,600 [5] - Major shareholders include Hong Kong Central Clearing Limited, holding 471 million shares, and China Securities Finance Corporation, holding 167 million shares, with some reductions in holdings noted [5] Group 4: Strategic Insights - XCMG Machinery is recognized as a global leader in engineering machinery, with a comprehensive business layout [5] - The company has completed a mixed-ownership reform and announced a three-year return plan, with net profit margins improving steadily over the past two years [5] - The company is expected to benefit from the recovery of the engineering machinery industry and the potential of its mining machinery segment, with projected net profits for 2025-2027 at 7.9 billion, 9.5 billion, and 12.3 billion yuan respectively [5] Group 5: Future Outlook - Zheshang Securities highlights a positive development trend for XCMG Machinery, including a significant export deal with Australia's Fortescue River Group and plans for a major incentive program [6] - Revenue projections for 2025-2027 are set at 104 billion, 126.9 billion, and 152.7 billion yuan, with expected growth rates of 13%, 22%, and 20% respectively [6]

Core Insights - XuGong Machinery reported a revenue of 78.157 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.72% [1] - The net profit attributable to shareholders was 5.977 billion yuan, up 12.59% year-on-year, while the net profit excluding non-recurring items was 6.002 billion yuan, reflecting a 22.76% increase [1] - The basic earnings per share stood at 0.51 yuan, with a weighted average return on equity of 9.92% [1] Financial Performance - The gross profit margin for the first three quarters was 22.33%, a decrease of 1.30 percentage points year-on-year, while the net profit margin was 7.78%, an increase of 0.04 percentage points compared to the same period last year [1] - In Q3 2025, the gross profit margin was 23.02%, down 0.63 percentage points year-on-year but up 1.03 percentage points quarter-on-quarter; the net profit margin was 7.14%, down 1.29 percentage points year-on-year and down 1.38 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the company were 9.257 billion yuan, a decrease of 1.386 billion yuan year-on-year, with an expense ratio of 11.84%, down 3.64 percentage points from the previous year [2] - Sales expenses decreased by 17.99% year-on-year, while management expenses increased by 17.20%, and R&D expenses rose by 14.43%; financial expenses saw a significant reduction of 83.74% [2] Shareholder Dynamics - As of the end of Q3 2025, the total number of shareholders was 106,100, a decrease of 26,700 from the end of the previous half-year, representing a decline of 20.10% [2] - The average market value of shares held per shareholder increased from 687,800 yuan at the end of the previous half-year to 1,274,000 yuan, an increase of 85.22% [2] Company Overview - XuGong Machinery, established on December 15, 1993, and listed on August 28, 1996, is located in Xuzhou Economic and Technological Development Zone, Jiangsu Province [2] - The company's main business includes the research, manufacturing, sales, and service of various types of construction machinery and parts, with revenue composition as follows: earthmoving machinery 31.05%, other construction machinery and parts 28.09%, lifting machinery 19.11%, mining machinery 8.64%, aerial work machinery 8.34%, and piling machinery 4.77% [2] Industry Classification - XuGong Machinery belongs to the machinery equipment sector, specifically in the engineering machinery category, and is associated with concepts such as hydropower station, engineering machinery, waste classification, carbon neutrality, and hydropower [3]

Group 1 - XuGong Machinery experienced a decline of 5.19%, with a current stock price of 10.78 CNY per share and a trading volume of 1.736 billion CNY, resulting in a total market capitalization of 126.697 billion CNY [1] - The company, established on December 15, 1993, and listed on August 28, 1996, specializes in the research, manufacturing, sales, and service of various types of construction machinery, including cranes, earthmoving machinery, and high-altitude operation machinery [1] - The main revenue composition of XuGong Machinery includes earthmoving machinery (31.05%), other construction machinery and parts (28.09%), cranes (19.11%), mining machinery (8.64%), high-altitude operation machinery (8.34%), and pile machinery (4.77%) [1] Group 2 - Nord Fund has a significant holding in XuGong Machinery, with the Nord Advantage Industry Fund (010878) holding 220,500 shares, representing 4.74% of the fund's net value, making it the ninth-largest holding [2] - The Nord Advantage Industry Fund was established on March 30, 2021, with a current size of 36.1583 million CNY, and has achieved a year-to-date return of 19.69% [2] - The fund manager, Zhu Hong, has a tenure of 11 years and 213 days, with the fund's best return during this period being 152.71% and the worst return being -21.53% [3]

Core Viewpoint - XCMG Machinery experienced a decline of 5.19% on October 27, with a stock price of 10.78 CNY per share and a total market capitalization of 126.697 billion CNY [1] Company Overview - XCMG Group Engineering Machinery Co., Ltd. was established on December 15, 1993, and listed on August 28, 1996. The company is located in Xuzhou Economic and Technological Development Zone, Jiangsu Province [1] - The main business activities include research, manufacturing, sales, and service of various types of construction machinery and spare parts, including: - Earthmoving machinery: 31.05% - Other construction machinery, spare parts, and others: 28.09% - Lifting machinery: 19.11% - Mining machinery: 8.64% - Aerial work machinery: 8.34% - Piling machinery: 4.77% [1] Fund Holdings - Xinhua Fund has a significant holding in XCMG Machinery through its fund, Xinhua Anxiang Duoyu Flexible Allocation Mixed Fund (004982), which increased its holdings by 52,800 shares in the second quarter, totaling 791,400 shares, representing 5.96% of the fund's net value [2] - The fund has incurred an estimated floating loss of approximately 466,900 CNY as of the report date [2] - The fund was established on September 13, 2018, with a current size of 103 million CNY, achieving a year-to-date return of 17.39% and a one-year return of 31.25% [2] Fund Manager Information - The fund is managed by Zhao Qiang, Yao Haiming, and Hou Chun, with the following tenure and performance records: - Zhao Qiang: 11 years and 240 days, total fund size of 1.618 billion CNY, best return of 180.9%, worst return of -41.92% [3] - Yao Haiming: 4 years and 336 days, total fund size of 9.664 billion CNY, best return of 42.8%, worst return of 0% [3] - Hou Chun: 264 days, total fund size of 103 million CNY, best and worst return of 17.33% [3]

Group 1 - XCMG Machinery experienced a decline of 5.19% on October 27, with a stock price of 10.78 CNY per share and a trading volume of 1.736 billion CNY, resulting in a total market capitalization of 126.697 billion CNY [1] - The company, established on December 15, 1993, and listed on August 28, 1996, specializes in the research, manufacturing, sales, and service of various types of construction machinery, including cranes, earthmoving machinery, and high-altitude operation machinery [1] - The main revenue composition of XCMG includes earthmoving machinery (31.05%), other construction machinery and parts (28.09%), cranes (19.11%), mining machinery (8.64%), high-altitude operation machinery (8.34%), and pile machinery (4.77%) [1] Group 2 - The Western Benefit Fund has a significant holding in XCMG Machinery, with the Hongli ETF (159708) maintaining 951,600 shares in the second quarter, unchanged from the previous period, representing 3.27% of the fund's net value [2] - The Hongli ETF, established on June 18, 2021, has a current size of 197 million CNY, with a year-to-date return of 9.57% and a one-year return of 8.2% [2] - The fund has incurred an estimated floating loss of approximately 561,400 CNY as of the latest report [2] Group 3 - The fund managers of Hongli ETF include Tong Guolin, Zhou Ping, and Qi Wei, with Tong Guolin having a tenure of 21 years and 175 days, managing assets totaling 1.431 billion CNY, achieving a best return of 123.85% during his tenure [3] - Zhou Ping has 11 years and 217 days of experience, managing 1.462 billion CNY, with a best return of 81.64% [3] - Qi Wei has been in the role for 186 days, managing 1.214 billion CNY, with a best return of 78.16% [3]

Group 1 - XuGong Machinery experienced a decline of 5.02% on October 17, with a stock price of 11.16 CNY per share and a trading volume of 934 million CNY, resulting in a total market capitalization of 131.163 billion CNY [1] - The company, established on December 15, 1993, and listed on August 28, 1996, specializes in the research, manufacturing, sales, and service of various types of construction machinery, including lifting machinery, earth-moving machinery, and other engineering equipment [1] - The main revenue composition of XuGong Machinery includes: earth-moving machinery (31.05%), other engineering machinery and parts (28.09%), lifting machinery (19.11%), mining machinery (8.64%), aerial work machinery (8.34%), and pile machinery (4.77%) [1] Group 2 - According to data from the top ten holdings of funds, one fund under Guotai Haitong Asset Management has a significant position in XuGong Machinery, with Guotai Junan High-end Equipment Mixed Fund A (017933) increasing its holdings by 10,300 shares in the second quarter, totaling 103,700 shares, which represents 6.42% of the fund's net value [2] - The Guotai Junan High-end Equipment Mixed Fund A was established on March 1, 2023, with a latest scale of 8.0771 million CNY, and has achieved a year-to-date return of 13.35%, ranking 5372 out of 8160 in its category [2] - The fund manager, Li Yu, has been in position for 2 years and 232 days, with the fund's total asset size at 12.5552 million CNY, and the best and worst fund returns during his tenure being -5.36% and -6.35%, respectively [3]