编辑 段文平 校对 赵琳 半年报显示，同力股份是集产品研发、设计、生产、销售及售后保障服务、总包服务为一体的工程机械 制造商，主要产品为各类矿山开采及大型工程物料运输所需的非公路宽体自卸车、非公路矿用自卸车以 及井巷开采所需的坑道车等。 新京报贝壳财经讯（记者黄鑫宇）2025年12月26日晚，北交所上市公司陕西同力重工股份有限公司 （即"同力股份"，920599.BJ）在最新一期投资者关系活动记录表披露，公司新能源产品、无人驾驶产 品今年销量增长非常快，尤其是新能源产品。明后年新能源产品将是主要替代需求驱动力；无人驾驶产 品目前已完全具备大规模商业化落地条件，下游客户关注度高且已有部分开始采购，明后年也将成为需 求驱动力。 ...

智通财经APP获悉，12月26日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月22日— 2025年12月26日)》。中国证监会国际司公示19家企业补充材料要求，其中，要求临工重机补充说明最 近12个月内新增股东入股价格的定价依据及公允性等事项。据悉，临工重机已于2025年11月6日递表港 交所，中金公司、兴证国际为联席保荐人。 中国证监会请临工重机补充说明以下事项，请律师核查并出具明确的法律意见： 一、请说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确 结论性意见。 二、请说明最近12个月内新增股东入股价格的定价依据及公允性，该等入股价格之间存在差异的原因， 是否存在入股对价异常，并就是否存在利益输送出具明确结论性意见。 三、请对照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求，(1)完善 说明发行上市方案；(2)说明募集资金的境内外具体用途及相应比例，是否涉及具体的募投项目，是否 已履行必要的审批、核准或备案程序。 四、请说明公司及下属公司业务涉及无人驾驶矿山设备的具体情况，是否涉及获取和使用地理信息数 据，并就经营范围及实际业 ...

Group 1: Company Overview - Tongli Co., Ltd. is a national-level manufacturing champion in the engineering machinery sector, integrating product research and development, design, production, sales, and after-sales service [2] - The main products include non-road wide-body dump trucks, non-road mining dump trucks, and underground mining vehicles, with a focus on both traditional fuel models and new energy models such as pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles [2] - The company has expanded its market reach beyond domestic provinces to countries including Pakistan, Indonesia, Malaysia, Mongolia, Russia, Tajikistan, India, and the Democratic Republic of the Congo [2] Group 2: Market Position and Performance - Tongli Co., Ltd. holds an estimated market share of over 30% in the new energy and unmanned mining truck market, with an expected increase of 1-2 percentage points compared to last year [2] - The company’s products are priced slightly higher than competitors due to brand advantages, first-mover advantages, and recognized after-sales service capabilities, which customers accept despite the higher cost [2] - Customers prioritize long-term costs, including vehicle quality, failure rates, and after-sales service response times, rather than just purchase price [2] Group 3: Future Development and Strategy - The overseas promotion of unmanned and new energy mining trucks will be a gradual process, requiring a certain level of domestic implementation and operational data accumulation before entering foreign markets, which may be delayed by 1-3 years [3] - The company aims to enhance its brand image and reduce after-sales pressure by ensuring product maturity before international promotion [3] Group 4: Industry Insights and Investor Engagement - The "Investor Zero Distance" event aims to enhance communication between investors and companies listed on the Beijing Stock Exchange, improving investor understanding of company fundamentals and fostering a rational investment culture [4] - Participants expressed a deeper understanding of the innovative development achievements of companies listed on the Beijing Stock Exchange and the market investment value and opportunities available [3][4]

Core Insights - The mining transportation equipment market is experiencing significant growth, with the market size expected to increase from 172.9 billion yuan in 2020 to 226.3 billion yuan in 2024, representing a growth in market share from 29.49% to 30.72% of the overall mining equipment sector [1][3][4]. Industry Definition and Classification - Mining equipment is specialized machinery used for mineral extraction, processing, and exploration, categorized into excavation equipment and transportation equipment, with the latter being crucial for transporting ore, waste, and personnel within mining sites [2][3]. Current Development Status - The demand for mining transportation equipment is rising due to the need for more efficient and reliable material transfer systems between mines and processing plants, with projections indicating a market size of 241.6 billion yuan by 2025 [3][4]. Industry Chain - The upstream of the mining transportation equipment industry includes raw materials like steel and non-ferrous metals, as well as core components such as hydraulic systems and electrical control systems. The midstream involves manufacturing and integration of transportation equipment, while the downstream applications span coal mining, metal mining, and large-scale construction [5][6]. Competitive Landscape - The global mining transportation equipment market features prominent international manufacturers such as Hitachi Construction Machinery, Komatsu, and Liebherr, while domestic players include SANY Heavy Industry, Shandong Mining Machinery, and XCMG [7][8]. Development Trends - The industry is moving towards automation, electric drive systems, and environmentally friendly solutions, with a focus on sustainable development and reduced environmental impact through the use of green conveyor belts and equipment [10].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5][12]. Core Insights - The company is a global leader in wide-body trucks, with steady growth expected in its performance due to the ongoing penetration of new energy and autonomous driving models [1]. - The revenue CAGR from 2018 to 2024 is projected to be 21%, while the net profit CAGR for the same period is expected to be 31% [1][29]. Summary by Sections Company Overview - The company, established in 2005, is a pioneer in non-road wide-body trucks and aims to be a leading supplier of engineering transportation solutions [19]. - The company has diversified its product offerings, including fuel, electric, and hybrid models, with a market share of approximately 30% in the non-road wide-body truck segment [19][26]. Market Analysis - The domestic market for fuel wide-body trucks is stabilizing, while overseas markets present new growth opportunities [2]. - The market for new energy wide-body trucks is expected to grow significantly, with a projected market size of 25 billion yuan in 2024, increasing to 149 billion yuan by 2029, reflecting a CAGR of 43% [3][66]. - The autonomous driving market for wide-body trucks is also expanding, with a forecasted market size of 20 billion yuan in 2024, expected to reach 301 billion yuan by 2030, representing a CAGR of 57.4% [4][66]. Financial Forecasts - Revenue forecasts for 2025-2027 are 67.8 billion yuan, 76.4 billion yuan, and 86.2 billion yuan, with a CAGR of 12.8% [5][12]. - Net profit forecasts for the same period are 8.9 billion yuan, 9.9 billion yuan, and 11.4 billion yuan, with a CAGR of 13.1% [5][12]. Competitive Landscape - The competitive landscape for new energy wide-body trucks is concentrated, with the top three companies holding a combined market share of 68% [3]. - The company is positioned as the second-largest player in the autonomous driving segment, benefiting from partnerships with leading technology firms [4][66].

Core Viewpoint - The Chinese construction machinery industry is experiencing a strong recovery, driven by both domestic and international market demands, with significant growth in import and export trade figures [2][3]. Group 1: Industry Performance - In September 2025, China's construction machinery import and export trade reached $5.505 billion, a year-on-year increase of 29.1%, with exports accounting for $5.271 billion, up 29.6% [2]. - For the first three quarters of the year, the cumulative trade amount was $45.873 billion, reflecting a 12.8% year-on-year growth, with exports at $43.855 billion, up 13.3% [2]. - Excavator sales in September reached 19,858 units, a 25.4% increase year-on-year, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [2]. Group 2: Market Drivers - The recovery in the construction machinery sector is attributed to the synchronization of domestic and international market demands, with equipment renewal cycles and large project initiations driving domestic demand [3]. - The "Belt and Road" initiative continues to boost infrastructure construction needs in partner countries, enhancing China's machinery exports [3]. - The demand for small excavators is growing due to urbanization and industrialization in "Belt and Road" countries, alongside domestic needs driven by agriculture and municipal projects [3]. Group 3: Stock Market Performance - On October 21, the A-share construction machinery sector saw a 2% increase in the industry index, with a net inflow of 1.394 billion yuan into the sector [3]. - Notable stock performances included Xugong Machinery and Tieshan Heavy Industry, with the latter rising by 7.14% [3]. Group 4: Company Valuations - Among 35 listed companies in the construction machinery sector, the median rolling price-to-earnings (P/E) ratio is 41.2 times, with 12 companies having P/E ratios below 20 times [4]. - Tongli Co. has the lowest rolling P/E ratio at 11.22 times, focusing on non-road dump trucks and mining vehicles [5]. Group 5: International Business Growth - In the first half of the year, 24 listed companies reported overseas business revenues totaling 84.685 billion yuan, a year-on-year increase of over 10% [5]. - Companies like Tuoshan Heavy Industry and Weibow Hydraulic reported significant growth in overseas revenues, with increases of 54.61% and 53.23%, respectively [5].

Core Viewpoint - The demand for off-road wide-body dump trucks in China is driven by ongoing urbanization, infrastructure investments, and increased mineral resource development, with the market size reaching 13.617 billion yuan in 2023, a year-on-year growth of 10.40%. However, the market is expected to decline to 13.158 billion yuan in 2024, a decrease of 3.37% due to insufficient demand and falling coal prices [1][7]. Overview - Off-road vehicles are specifically designed for non-public road conditions, commonly used in mining, water conservancy projects, construction sites, and farms. Off-road wide-body dump trucks are characterized by their heavy-duty design, stability in harsh conditions, and high load capacity [2][3]. Industry Barriers to Entry - Manufacturing off-road wide-body dump trucks requires significant long-term investment in technology, production, and service capabilities to enhance brand recognition and loyalty among users [3]. Market Policies - The Chinese government has implemented various policies to promote the development of the off-road wide-body dump truck industry, emphasizing energy-efficient and environmentally friendly products while encouraging innovation and international expansion [4]. Industry Chain - The industry chain includes upstream suppliers of raw materials and components, midstream manufacturers of off-road wide-body dump trucks, and downstream markets primarily in mining and large-scale infrastructure projects [4][5]. Current Market Demand - Mining remains the largest demand sector for off-road wide-body dump trucks, accounting for over 70% of the market. However, the mining industry's revenue has seen a decline, impacting the demand for these vehicles [5]. Competitive Landscape - The market for off-road wide-body dump trucks in China is highly concentrated, with the top three companies holding a market share of 73.2% in 2023. Leading companies include Lingong Heavy Machinery, Shaanxi Tongli Heavy Industry, and Xuzhou Xugong Heavy Machinery [6][8]. Company Analysis - Lingong Heavy Machinery focuses on mining equipment and has a significant market presence in various regions. Shaanxi Tongli Heavy Industry is a pioneer in the industry, with a substantial portion of its revenue coming from wide-body dump trucks [8][9]. Future Development Trends - The industry is expected to accelerate the electrification of off-road wide-body dump trucks in response to stricter environmental regulations and advancements in new energy technologies. Companies will also enhance after-sales services to improve customer satisfaction and brand loyalty [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company is experiencing accelerated development in autonomous driving and new energy vehicles, with significant growth in revenue and profit [2][5]. - The company has successfully delivered autonomous vehicles and is expanding its presence in the new energy vehicle market, which now accounts for approximately 20% of its sales [5]. - The company is actively pursuing international market expansion, with exports of non-road dump trucks increasing [5]. - The company is focusing on large-scale mining trucks, with new models in development to capture high-end market segments [5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 3.169 billion yuan, a year-on-year increase of 12.69%, and a net profit attributable to shareholders of 321 million yuan, up 8.25% [5]. - The gross margin and net margin for the first half of 2025 were 19.78% and 10.14%, respectively [5]. - The company’s operating expenses have increased due to the expansion of overseas operations and rising R&D costs [5]. Product Development - The development of autonomous vehicles is progressing rapidly, with over 700 units delivered by 2024 [5]. - The company has introduced various new energy products, including pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles, which have higher profit margins compared to traditional fuel vehicles [5]. Market Expansion - The company is expanding its global footprint, with exports of non-road dump trucks reaching 8,508 units by July 2025, a growth of 2.62% [5]. - The company is implementing a global strategy to enhance sales and service networks in multiple countries [5]. Future Outlook - The company is expected to see net profits of 869 million yuan, 974 million yuan, and 1.083 billion yuan for 2025, 2026, and 2027, respectively [5]. - The projected EPS for the next three years is 1.88 yuan, 2.11 yuan, and 2.35 yuan, with corresponding P/E ratios of 12.20, 10.89, and 9.80 [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved steady growth in H1 2025, with total revenue reaching 3.169 billion yuan, a year-on-year increase of 12.69% [7] - The growth in revenue is primarily driven by accelerated product updates and the scaling production of new energy and autonomous driving vehicles [7] - The company is focusing on promoting products in the new energy and autonomous driving sectors, with significant advancements in the non-road wide-body dump truck segment [7] - The company has a leading position in key segments of the supply chain, which supports long-term growth potential in new energy vehicles [7] Financial Performance Summary - Total revenue projections for 2023A to 2027E are as follows: 5,860 million yuan (2023A), 6,145 million yuan (2024A), 6,905 million yuan (2025E), 7,845 million yuan (2026E), and 8,544 million yuan (2027E) [1] - The projected net profit attributable to the parent company for the same period is: 614.67 million yuan (2023A), 793.08 million yuan (2024A), 954.71 million yuan (2025E), 1,097.72 million yuan (2026E), and 1,226.81 million yuan (2027E) [1] - The earnings per share (EPS) forecast is: 1.33 yuan (2023A), 1.72 yuan (2024A), 2.07 yuan (2025E), 2.38 yuan (2026E), and 2.66 yuan (2027E) [1] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17.25 in 2023A to 8.65 in 2027E, indicating improving valuation [1]

Group 1: Tencent Holdings (00700) Analysis - Tencent achieved a revenue of 184.5 billion yuan in Q2 2025, a year-on-year increase of 15%, exceeding Bloomberg consensus by 3% [2][14] - Adjusted net profit attributable to shareholders was 63.1 billion yuan, up 10% year-on-year, also surpassing Bloomberg consensus by 2% [2][14] - The gaming segment showed strong performance, with international and domestic game revenues growing by 35% and 17% respectively in Q2 2025 [2][14] - Advertising revenue increased by 20% to 35.8 billion yuan, driven by AI enhancements that improved click-through rates [2][14] - Financial technology and enterprise services revenue grew by 10% to 55.5 billion yuan, marking a return to double-digit growth [3][14] - The company maintains a "buy" rating with an adjusted net profit forecast for 2025-2027 of 255.6 billion, 298 billion, and 336.8 billion yuan respectively [3][14] Group 2: Industry Trends and Insights - The wind power sector is experiencing a high growth period, with significant improvements in profitability reported by various companies [25] - The domestic wind power market is expected to see new installations reach 110 GW in 2025, with Q2 2025 showing a year-on-year increase of 255.61% in new installations [25] - The market for non-road wide-body dump trucks is projected to grow significantly, driven by trends towards larger, electric, and unmanned vehicles [15][18] - The liquid cooling technology for data centers is gaining traction, with a projected market space of approximately 10 billion yuan due to increasing power density and cooling needs [28][26] - The semiconductor industry is seeing a shift towards special integrated circuits, with demand driven by national defense and commercial satellite applications [21][29]