（来源：深圳商报） 近日，港交所显示，临工重机股份有限公司（下称"临工重机"）正式向香港联交所递交招股书，拟于香 港主板上市，中金公司和兴证国际担任联席保荐人。 目前，王志中并非临工重机的最高领导，仅担任非执行董事。2025年3月，王志中的女婿张善睿加入临 工重机，5月，张善睿被任命为执行董事兼CEO，负责集团重大业务规划与营运策略。据悉，张善睿加 入仅3个月，获得89.8万元的薪酬。 据了解，2021年12月及2022年6月，临工重机完成A轮及B轮融资，募集资金1.59亿元及15.2亿元。2024 年12月，济南仁信为临工重机增资，作价2.36亿元。 值得关注的是，此次并非临工重机首次尝试登陆资本市场。在此之前，临工重机曾两次冲击A股未果。 2022年12月，临工重机计划于上交所主板上市，后于2024年1月撤回申请。2024年12月，公司又为A股 上市与中金公司签订辅导协议，并向证监会作出上市辅导备案，但未构成上市申请。 据悉，此次赴港IPO，临工重机旨在进一步拓展全球业务，对接国际资本，吸引多元化海外投资。本次 IPO募集资金预计将用于产能提升及现有厂区智能化升级；用于研发各种产品及解决方案，以及电动化 ...

72岁的王志中，目前还担任着山东临工工程机械有限公司（山东临工）董事长及CEO，以及临工集团的 董事长。山东临工为临工集团子公司。 而临工重机目前的非执行董事支开印，副总经理时彦余、王仁宾、喻德涛都曾在山东临工任职。副总经 理李连刚则任职于临工集团的另一家子公司山东临工工程机械股份有限公司。 王志中还担任过山东临沂工程机械股份有限公司的董事长、总经理、党委书记，以及山东工程机械集团 有限公司的董事长兼党委书记。临工重机的执行董事及董事长于孟生、财务负责人孙静曾分别于这两家 公司任职。 不过，王志中现在并非是临工重机的最高领导，他仅担任非执行董事。今年3月，王志中的女婿张善睿 加入临工重机，担任CEO兼董事。 张善睿拥有复旦大学电子资讯系统学士学位，密苏里科技大学电脑工程硕士学位。他曾创立北谷电子， 并担任董事长兼总经理。 北谷电子是一家智能电控系统和物联网终端及服务提供商，2009年创立于科技中心美国硅谷，后将总部 设于中国济南。截至2025年，公司累计获得224项专利授权，涵盖电子控制系统、故障诊断方法等技术 领域。 北谷电子的产品包括控制器、电机驱动器、充电器、显示器、仪表、Tbox等。在高空作业平台剪叉 ...

2021年12月及2022 年6月，临工重机完成A轮及B轮融资，募集资金1.59亿元及15.2亿元。2024 年 12 月，济南仁信为临工重机增 资，作价2.36亿元。 临工重机引入投资者包括前海投资、华宸创投、中金公司（3908.HK）、建设银行(0939.HK)、兴业证券(601377.SH)、吉富创投、 鲁信创投(600783.SH）、远东宏信(3360.HK)等。 其中，中金公司为临工重机的联席保荐人之一。 前海投资为临工重机的主要投资人，在B轮融资中的投资额将近4亿元。而在2022年5月，前海投资还向临工集团收购了临工重机 4.85%的股权，作价2.1亿元。最终，前海投资控制临工重机10.24%的股权。 瑞财经 严明会 近日，港交所文件显示，临工重机股份有限公司（以下简称"临工重机"）向港交所提交上市申请书，联席保荐人为 中金公司、兴证国际。 招股书显示，临工重机是全球领先的矿山设备和高空作业设备企业，致力于以创新和科技持续为全球客户提供智能化、高效、绿色 的解决方案。 临工重机成立于2012年2月，注册资金5000万元，实际由临工集团100%持有。2013年11月至2020年8月，临工重机注册资本 ...

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 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 - The company, a global leader in mining equipment, is experiencing a significant imbalance in its revenue structure, particularly with a sharp decline in high-margin aerial work equipment sales, which raises concerns about future profitability and growth sustainability [1][5][6]. Business Operations and Model - The company is positioned as a global supplier of mining and aerial work equipment, with a business model that combines direct sales and distribution. Its overseas revenue share has increased from 26.8% in 2022 to 44% in the first half of 2025, indicating successful global expansion [1]. Revenue and Changes - In the first half of 2025, the company's revenue dropped by 14.2% year-on-year to 5.53 billion yuan, down from 6.45 billion yuan in the same period of 2024, primarily due to poor performance in the aerial work equipment segment [2]. Net Profit and Changes - Despite the revenue decline, net profit for the first half of 2025 increased by 21.3% to 635 million yuan, attributed to improved gross margins. However, the net profit margin rose from 8.3% in 2024 to 11.5%, indicating reliance on cost control rather than revenue growth [3]. Gross Margin and Changes - The overall gross margin improved to 22.4% in the first half of 2025, up from 20.1% in 2024, mainly due to a higher proportion of new energy products. However, the high-margin aerial work equipment segment saw a 57% revenue decline, which could pressure overall profitability [4]. Revenue Composition and Changes - The revenue composition in the first half of 2025 showed a significant decline in aerial work equipment revenue, which fell by 57% to 1.36 billion yuan, while mining equipment revenue remained stable at 3.53 billion yuan, highlighting an imbalance in revenue sources [5][6]. Customer and Supplier Concentration - The top five customers contributed 28.4% of total revenue, with the largest customer accounting for 12.5%. High customer concentration poses risks to revenue stability. Additionally, the top five suppliers accounted for 27.0% of procurement, indicating reliance on external suppliers for critical components [7]. Related Transactions - The company engaged in transactions worth 320 million yuan with its controlling shareholder in 2024, raising concerns about the fairness of pricing. The sales to related parties increased by 42% in the first half of 2025, suggesting potential risks related to related-party transactions [8]. Financial Challenges - The company faces financial pressures with a high debt ratio of 57.4% and a significant decline in operating cash flow by 84.8% in the first half of 2025, raising liquidity concerns. The increase in accounts receivable and inventory turnover days further exacerbates cash flow issues [9]. Industry Comparison - The company has a competitive gross margin but lags in R&D investment, which may affect its long-term competitiveness. The gross margin in 2024 was 20.1%, higher than industry averages, but the R&D expense ratio was only 3.4%, lower than leading competitors [10]. Management and Control - The company is controlled by the Wang family, holding 55.5% of shares, which may influence governance. The lack of equity incentives for the management team could impact stability and motivation [11][12].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本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。 LINGONG HEAVY MACHINERY CO., LTD. 臨工重機股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作向香港公眾人士提供資料。 本 申 請 版 本 為 草 擬 本，其 所 載 資 料 並 不 完 整，亦 可 能 會 作 出 重 大 變 動。 閣 下 閱 覽 本 文 件，即 表 示 閣下知悉、接納並向本公司、其各相關保薦人、獨家整體協調人、顧問或包銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長登記 的本公司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本 文件所載 ...