: Maintains a "buy" rating on LiuGong, overall operational quality continues to improve.

Huaxin Securities research report pointed out that in the first half of 2025, LiuGong continued its good development trend, with an expected net profit attributable to the mother of 1.18 billion to 1.279 billion yuan, an increase of 20% to 30% year-on-year, demonstrating strong profitability. In the domestic market, benefiting from the equipment renewal policy dividend and the industry demand recovery, the company's earthmoving machinery business has led the industry in growth, fully seizing market opportunities. At the same time, facing the complex environment of overseas markets, the company actively optimizes its global layout, deepening the implementation of the "comprehensive internationalization" strategy, achieving high-quality growth in Europe and emerging markets, effectively hedging market fluctuations in some regions. Through the synergistic development of domestic and international businesses, the company's overall operating quality continues to improve, laying a solid foundation for full-year performance growth. The "buy" investment rating is maintained.