Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Capital Goods Index at 3459.62 points, reflecting a decline of 7.36% over the past month, 4.91% over the past three months, and 8.16% year-to-date [1] - The CSI 300 Capital Goods Index is composed of listed companies in the capital goods sector selected from the CSI 300 Index, aiming to represent the overall performance of these companies [1] - The index's top ten weightings include CATL (22.21%), Huichuan Technology (4.91%), China State Construction (4.08%), Sany Heavy Industry (4.01%), and others, indicating a concentration in a few key players [1] Group 2 - The CSI 300 Capital Goods Index has a market composition of 50.57% from the Shenzhen Stock Exchange and 49.43% from the Shanghai Stock Exchange, showing a balanced representation between the two exchanges [1] - In terms of industry composition, the index is heavily weighted towards power equipment (49.09%), followed by machinery manufacturing (28.23%), construction decoration (15.52%), and aerospace and defense (7.16%) [1] - The index sample is adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, ensuring that the index remains reflective of the current market conditions [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 77.773 billion yuan in 2024, representing a year-on-year growth of 6.22%. The net profit attributable to the parent company was 5.975 billion yuan, up 31.98% year-on-year, with a net profit margin of 7.83%, an increase of 1.54 percentage points from 2023 [4][5] - The company is accelerating its globalization and electrification strategies, with international business revenue reaching 48.513 billion yuan in 2024, a growth of 12.15%, accounting for 63.98% of total revenue [6] - The company has enhanced its product competitiveness, maintaining its market leadership in various segments, including excavators, concrete machinery, and cranes [5][6] Financial Performance Summary - In 2024, the company achieved total revenue of 77.773 billion yuan, with a year-on-year increase of 6.22% [4] - The net profit attributable to the parent company was 5.975 billion yuan, reflecting a year-on-year growth of 31.98% [4] - The operating cash flow reached 14.814 billion yuan, a significant increase of 159.53% year-on-year [4] - The weighted average return on equity (ROE) was 8.54%, up 1.69 percentage points from the previous year [4] Product and Market Performance - The company’s excavator revenue was 30.374 billion yuan, maintaining its position as the sales champion in the domestic market for 14 consecutive years [5] - Concrete machinery revenue reached 14.368 billion yuan, ranking as the global number one brand, with electric mixers holding the top domestic market share [5] - The company’s international business has shown robust growth, with revenue from international markets contributing significantly to overall performance [6] Future Earnings Forecast - The company’s revenue forecasts for 2024-2026 are 89.136 billion yuan, 100.359 billion yuan, and 112.093 billion yuan, respectively [7] - The net profit forecasts for the same period are 8.959 billion yuan, 10.645 billion yuan, and 12.935 billion yuan, respectively [7] - The diluted EPS is projected to be 1.06 yuan, 1.26 yuan, and 1.53 yuan for 2024-2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 77.773 billion yuan in 2024, representing a year-on-year growth of 6.22%, and a net profit attributable to shareholders of 5.975 billion yuan, which is a 31.98% increase year-on-year [4] - The net profit margin reached 7.83%, an increase of 1.54 percentage points compared to 2023, driven by improvements in market and product structure as well as cost reduction measures [5] - The company achieved significant growth in international business, with revenue of 48.513 billion yuan, a 12.15% increase, accounting for 63.98% of total revenue [6] - The company is advancing its electrification strategy, with revenue from new energy products reaching 4.025 billion yuan, a 23% increase year-on-year [6] Financial Performance Summary - In 2024, the company achieved a net profit of 5.975 billion yuan, with a year-on-year growth of 31.98% [4] - The operating cash flow was 14.814 billion yuan, reflecting a significant year-on-year increase of 159.53% [4] - The weighted average return on equity (ROE) was 8.54%, up 1.69 percentage points from the previous year [4] - The company forecasts revenue for 2024-2026 to be 89.136 billion yuan, 100.359 billion yuan, and 112.093 billion yuan respectively, with net profit predictions of 8.959 billion yuan, 10.645 billion yuan, and 12.935 billion yuan [7] Market Position and Competitive Advantage - The company maintained its position as the sales champion in the domestic excavator market for 14 consecutive years, with revenue from excavators reaching 30.374 billion yuan [5] - In concrete machinery, the company ranked first globally, with revenue of 14.368 billion yuan, and maintained the top market share for electric mixers in China [5] - The company’s international business has shown robust growth, with significant revenue contributions from Asia and Europe, and a notable increase in market share in Africa [6]

Core Points - The company held its first meeting of the ninth Supervisory Board on April 22, 2025, and elected Liu Daojun as the chairman of the Supervisory Board [1][2] - The first meeting of the ninth Board of Directors was also held on April 22, 2025, where Xiang Wenbo was elected as the chairman and Yu Hongfu as the vice chairman [4][5] - The Board of Directors approved the adjustment of the composition of certain committees from five members to three members and revised the relevant working rules [6][7] - The Board elected members for various specialized committees, including the Strategy Committee, Audit Committee, Compensation and Assessment Committee, Nomination Committee, and Sustainable Development Committee [8][9] - The company decided to extend the terms of the current senior management team until new appointments are made, ensuring continuity in management [11][12]

Investment Rating - The investment rating for Sany Heavy Industry Co., Ltd. is Overweight, indicating that the stock's total return is expected to exceed the average total return of the industry coverage universe over the next 12-18 months [2]. Core Insights - The report highlights a modest revenue miss in 4Q24, with a year-over-year revenue increase of 8%, primarily due to lower-than-expected sales in concrete machinery and excavators. However, net profit increased by 131% year-over-year, driven by a decline in selling expenses and non-operating income [5][6]. - The company is viewed as a key beneficiary of China's economic recovery and global expansion in 2025, despite facing some challenges from tariffs affecting approximately 5% of its revenue exposure to the U.S. [5]. Financial Summary - For FY24, revenue is projected to increase by 6% to Rmb78 billion, with net profit expected to reach Rmb5.84 billion, reflecting a 30% increase year-over-year [5]. - The report provides detailed financial metrics, including an EPS forecast of Rmb0.69 for FY24, with a projected increase to Rmb1.28 by FY26 [2]. - The gross profit margin for 4Q24 was reported at 22%, a decrease of 7 percentage points year-over-year, but the core business gross profit margin is expected to improve to 28% in 2024 when excluding GAAP effects [5][6]. Price Target and Market Metrics - The price target for Sany Heavy Industry Co., Ltd. is set at Rmb24.00, representing a 25% upside from the closing price of Rmb19.19 on April 18, 2025 [2]. - The company has a market capitalization of Rmb162.84 billion and an average daily trading value of Rmb1.088 billion [2].

三一重工股份有限公司 可持续发展委员会工作细则 第一章 总 则 第一条 为推动三一重工股份有限公司（以下简称"公司"）可 持续、高质量发展，增强公司核心竞争力，提升公司环境保护、社会 责任及公司治理水平，根据《中华人民共和国公司法》、《中华人民共 和国证券法》、《上市公司治理准则》及《三一重工股份有限公司章程》 （以下简称"公司章程"）等相关规范性文件规定，制定本工作细则。 第二条 可持续发展委员会是董事会设立的专门工作机构，主要 负责监督指导公司环境保护、社会责任、规范治理等工作的有效实施， 推动公司的环境保护、社会责任及公司治理的发展。 第二章 人员组成 第三条 可持续发展委员会成员由 3 名董事组成，其中至少包括 1 名独立董事。 第四条 可持续发展委员会委员由董事长、二分之一以上独立董 事或者全体董事的三分之一提名，并由董事会选举产生。 第五条 可持续发展委员会设主任委员 1 名，由公司董事长担 任。 第六条 可持续发展委员会任期与董事会任期一致，委员任期届 满，可连选连任。期间如有委员不再担任公司董事职务，自动失去委 - 1 - 员资格，并由委员会根据上述第三条至第五条的规定补足委员人数。 第七条 ...

三一重工股份有限公司 董事会战略委员会工作细则 第一章 总 则 第一条 为适应三一重工股份有限公司（以下简称"公司"）战 略发展需要，强化战略决策的科学性和规范性，使董事会战略委员会 有效地履行职责，根据《中华人民共和国公司法》、《上市公司治理准 则》、《上海证券交易所股票上市规则》、《公司章程》及其它有关法律、 法规和规范性文件，制定本工作细则。 第二条 董事会战略委员会是董事会按照董事会决议设立的专 门工作机构，主要负责对公司长期发展战略和重大投资决策进行研究 并提出建议。 第二章 人员组成 第三条 战略委员会成员由 3 名董事组成，其中至少包括 1 名独 立董事。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者 全体董事的三分之一提名，并由董事会选举产生。 第五条 战略委员会设主任委员 1 名，由公司董事长担任。 第六条 战略委员会任期与董事会任期一致，委员任期届满，可 连选连任。期间如有委员不再担任公司董事职务，自动失去委员资格， 并由委员会根据上述第三条至第五条的规定补足委员人数。 - 1 - 第七条 战略委员会可以根据工作需要指定相关部门和人员配 合其工作。 第三章 职责权限 第八条 战 ...

三一重工股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总 则 第一条 为进一步建立健全公司董事（非独立董事）及高级管理 人员的考核和薪酬管理制度，完善公司治理结构，根据《中华人民共 和国公司法》、《上市公司治理准则》、《上海证券交易所股票上市规 则》、《公司章程》及其它有关法律、法规和规范性文件，制定本工作 细则。 第二条 薪酬与考核委员会是董事会按照董事会决议设立的专 门工作机构，主要负责制定公司董事及高级管理人员的考核标准并进 行考核；负责制定、审查公司董事及高级管理人员的薪酬政策与方案。 第三条 本工作细则所称董事是指在本公司支取薪酬的董事长、 董事，高级管理人员是指董事会聘任的总裁、副总裁、董事会秘书及 由总裁提请董事会认定的其他高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由 3 名董事组成，其中半数以上 为独立董事。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董 事或者全体董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员 1 名，由独立董事委员担 任，负责召集和主持委员会工作；主任委员在委员内选举，并报请董 事会批准产生。 - 1 - ...

特此公告。 三一重工股份有限公司 关于高级管理人员延期换届的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 三一重工股份有限公司董事会 证券代码：600031 证券简称：三一重工 公告编号：2025-044 2025 年 4 月 24 日 - 1 - 2025 年 4 月 22 日，三一重工股份有限公司（以下简称"公司"）召开第九届 董事会第一次会议，审议通过《关于高级管理人员延期换届的议案》，鉴于公司第 八届董事会聘任的高级管理人员任期已届满，公司第九届董事会刚刚成立，新一 届高级管理人员的提名和选聘尚需时间完成，为保持公司经营管理的延续性，在 新一届高级管理人员聘任工作完成之前，公司第八届董事会聘任的总裁、执行总 裁、高级副总裁、副总裁、财务总监、董事会秘书等高级管理人员将按照相关法 律、法规和《公司章程》的规定继续履行高级管理人员相应的义务和职责。本次 公司高级管理人员的延期换届不会影响公司正常运营。 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 三一重工股份有限公司（以下简称"公司"）第九届监事会第一次会议于 2025 年 4 月 22 日以通讯表决方式召开。会议应参加表决的监事 3 人，实际参加表决 的监事 3 人。会议符合《公司法》和《公司章程》的有关规定，审议通过了以下 议案： 一、审议通过《关于选举第九届监事会主席的议案》 证券代码：600031 证券简称：三一重工 公告编号：2025-043 三一重工股份有限公司 第九届监事会第一次会议决议公告 三一重工股份有限公司监事会 根据《公司法》等有关法律法规以及《公司章程》的规定，选举刘道君先生 为公司第九届监事会主席，任期自本次监事会选举通过之日起至本届监事会届 满。 2025 年 4 月 24 日 - 1 - 表决结果： 3 票同意， 0 票反对， 0 票弃权。 特此公告。 ...