Core Viewpoint - The sales of excavators and loaders in January 2026 show significant growth, indicating a strong recovery in the domestic and international construction machinery market driven by major infrastructure projects and increasing demand for equipment upgrades [2][3][4]. Excavator Sales - In January 2026, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%, with domestic sales reaching 8,723 units (up 61.4%) and exports totaling 9,985 units (up 40.5%) [2][3]. - The strong growth in domestic sales is attributed to a low base from the previous year due to the early Spring Festival, and upcoming projects in various sectors are expected to further boost demand [3]. - The export value of excavators in December 2025 was $1.277 billion, a month-on-month increase of 39.28%, and a year-on-year increase of 75.17% compared to December 2024 [3]. Loader Sales - In January 2026, a total of 11,759 loaders were sold, marking a year-on-year increase of 48.5%, with domestic sales of 5,293 units (up 42.8%) and exports of 6,466 units (up 53.4%) [2][4]. - The growth in domestic loader sales is driven by the commencement of major projects, such as the Yaxia Hydropower Station and the New Tibet Railway, which have increased demand for earth-moving equipment [4]. - The sales of electric loaders reached 2,990 units, with an electric penetration rate of 25.43%, indicating a growing acceptance of electric machinery in the market [4]. Company Performance - Liugong (000528) is projected to achieve a net profit of 1.526 billion to 1.659 billion yuan for 2025, reflecting a year-on-year growth of 15-25%, driven by stable demand in the domestic construction machinery sector [4]. - The company's growth strategy focuses on comprehensive solutions, digitalization, and globalization, aiming to optimize business combinations and reduce costs across the value chain [4]. Investment Recommendations - The report suggests focusing on companies with strong brand recognition, comprehensive product matrices, efficient cost management, and robust R&D capabilities, such as SANY Heavy Industry (600031), Zoomlion (000157), Liugong, Shantui (000680), and Hengli Hydraulic (601100) [5].

南财智讯2月9日电，山推股份在投资者关系活动中表示，公司零部件产品主要包括履带底盘件及传动部 件：履带底盘件包括履带总成、"四轮"（即托轮、链轮、支重轮和引导轮）及张紧装置总成、整体底盘 总成等3大类别产品；传动部件包括变矩器和变速箱，变矩器产品涵盖20余个型号、100多种规格，变速 箱产品包括定轴式和行星式两大类产品。 ...

南财智讯2月9日电，山推股份在投资者关系活动中表示，公司作为整车整机企业，与集团动力总成企 业"一体化协同"研发，积极挖掘并互相提出研发协同需求，共同研究市场、技术和产品，共同做好产品 的策划、研发和应用，共同打造出具有差异化竞争优势的产品组合。 ...

投资者关系活动记录表 山推工程机械股份有限公司 | | 【请在您选择的方式的"（ ）"中打"√"，下同】 | | --- | --- | | （ | √）特定对象调研 （ ）分析师会议 | | 投资者关系活动 （ | ）媒体采访 （ ）业绩说明会 | | 类别 （ | ）新闻发布会 （ ）路演活动 | | （ | √）现场参观 | | （ | ）其他 （请文字说明其他活动内容） | | | 财通证券:郭亚新 | | 参与单位名称及 | 泓德基金:李昕阳 | | 人员姓名 | 景领投资:王胜 | | | 爱建证券资管:李致远 | | 时间 2026 年 | 2 月 9 日 | | 地点 | 山推股份办公楼 201 会议室 | | 上市公司接待 肖尧、董建军 | | | 人员姓名 | | | | 一、互动交流 | | | 1、公司零部件业务情况： | | | 公司零部件产品主要包括履带底盘件及传动部件：履带底盘件 | | 投资者关系活动 | 包括履带总成、"四轮"（即托轮、链轮、支重轮和引导轮）及张 | | 主要内容介绍 | 紧装置总成、整体底盘总成等 3 大类别产品；传动部件包括变矩器 | | | 和变速箱，变 ...

南财智讯2月5日电，山推股份在投资者关系活动中表示，2025年公司共实施两次权益分派：2024年度权 益分派派发现金分红89,676,093.72元；2025年中期权益分派派发现金分红52,128,298.67元，合计约1.42 亿元。未来公司将严格按照《公司章程》执行利润分配政策。 ...

南财智讯2月5日电，山推股份在投资者关系活动中表示，公司下设工程机械研究总院、智慧施工研究院 等多个研发机构，拥有国家级企业技术中心、工业设计中心和博士后科研工作站，以及山东省土方机械 智慧施工技术重点实验室等省级平台，并建设有智能控制、新能源、智慧网联、工业设计、传动液压等 实验平台。 ...

| | 【请在您选择的方式的"（ ）"中打"√"，下同】 | | | --- | --- | --- | | | （ √）特定对象调研 （ ）分析师会议 | | | 投资者关系活动 | （ ）媒体采访 （ | ）业绩说明会 | | 类别 | （ ）新闻发布会 （ ）路演活动 | | | | （ √）现场参观 | | | | （ ）其他 （请文字说明其他活动内容） | | | | 申万宏源证券：刘建伟 煜德投资：管俊玮、冯超 | | | 参与单位名称及 | | | | 人员姓名 | 中加基金：苗超 | | | | 南京证券：李承书 | | | | 长城财富：药晓东 | | | 时间 | 2026 年 2 月 5 日 | | | 地点 | 山推股份办公楼 202 会议室 | | | 上市公司接待 | 肖尧、董建军 | | | 人员姓名 | 一、互动交流 | | | | 1、2026 年国内市场布局方向： | | | | 2026 年公司将聚焦国内市场核心发展方向，多措并举推动经 | | | | 营提质增效： | | | 投资者关系活动 | （1）公司将紧扣重大工程建设、行业电动化升级趋势，丰富 | | | 主要内 ...

每经AI快讯，2月4日，山推股份在投资者关系活动中表示，2025年公司稳步构建全球化运营体系，印 尼区域海外仓、秘鲁培训中心等相继落成启用；印尼、澳大利亚等多家海外子公司顺利揭牌，公司海外 子公司总数已达13家。 ...

南财智讯2月4日电，山推股份在投资者关系活动中表示，2025年以来，公司研发向大吨位、小型化双头 发力，包括SD60-C6、L98K等多款矿山产品顺利下线，滑移装载机市场推广良好，开始实现销售。 ...

Group 1: Product Development and Innovation - The company has successfully launched several new products since 2025, including large-tonnage and compact dual-power models such as SD60-C6 and L98K, with positive market promotion for skid steer loaders [2] - The transition to renewable energy is accelerating, with the introduction of hybrid models like DEH1000 bulldozer and LEH120 loader [2] Group 2: International Business Expansion - The company is focusing on brand building, technology upgrades, management optimization, and talent cultivation as core directions for its international strategy in 2025 [2] - The establishment of overseas subsidiaries has reached a total of 13, with new facilities in Indonesia and Peru [3] - The company is enhancing its market presence by increasing overseas resource investment and developing products tailored to local markets, thereby strengthening its competitive edge [3] Group 3: Stock Buyback Progress - As of January 31, 2026, 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 yuan [3] - The highest and lowest repurchase prices were 10.20 yuan and 8.64 yuan per share, respectively [3] - The company plans to continue the buyback program based on market conditions and will comply with relevant disclosure obligations [3] Group 4: On-site Visit - The on-site visit included a tour of the company showroom and main assembly workshop to understand product applications and scenarios [3]