On the evening of February 5，Zoomlion announced the spin-off of its subsidiary Hunan Zoomlion Intelligent Aerial Work Machinery Co., Ltd.（Hereinafter referred to as“Zoomlion high machine”）Plan for reorganization and listing，The plan is that Luchang Technology will issue shares to 29 shareholders of Zhonglian High Machinery to purchase 100 shares of Zhonglian High Machinery held by them.%Equity，It also raises matching funds for non-public issuance of shares to no more than 35 specific investors.，Realize the reorganization and listing of Zhonglian High Machinery。After the completion of this transaction，Zhonglian Gaoji will become a wholly-owned subsidiary of Luchang Science and Technology，Zoomlion remains the controlling shareholder of Luchang Technology.。

Capital Market Enabling High-Machine Development

Improve the overall profitability of the company

The company said，Through this spin-off，The company's subsidiary, Zhonglian Gaoji, will be listed through an independent company platform.，Develop the research and development of aerial work platform series products、Production、Sales and service business，Enhance capital strength through listing and financing，Strengthen the company's leading position and competitive advantage in the aerial work platform industry with the help of the capital market，To become bigger and stronger，Continuously improve the profitability and comprehensive competitiveness of the company's aerial work platform business。

It is understood that，Zoomlion is mainly engaged in the research and development of aerial work platforms.、Production、Sales and service，The main products during the reporting period include scissor type、Straight arm type、Crank arm and other series of aerial work platform products。In recent years，Zoomlion High Machinery is developing rapidly.，Revenue and net profit repeatedly hit new highs。2020 to 2022，Zoomlion High Machinery achieved operating income of 10.500 million yuan、29.4.7 billion yuan、45.500 million yuan；Realized a net profit of 29.36 million yuan respectively、2.3.2 billion yuan、6.400 million yuan。

The aerial work platform business maintains a high degree of independence from the business areas and operation modes of other business segments of Zoomlion.。

Upon completion of the spin-off and listing,，Zhonglian Gaoji will become a subsidiary of Luchang Technology.，Luchang Technology is a holding subsidiary of Zoomlion.，The financial position and profitability of Zoomlion will continue to be reflected in the consolidated statements of Zoomlion.。Through this spin-off，The company's aerial work platform sector will enhance its capital strength.，Further expand the business layout，And then help to improve the overall profitability of the company in the future.。

Seize the opportunity of strategic development

Boosting the acceleration of Zoomlion's high machine business

Introduced in the plan，Deepen the main business of machinery and equipment，Promoting the development of the aerial work platform sector is one of the purposes of this spin-off, reorganization and listing.。Zoomlion has a leading position in the world in all major business segments.。After the completion of this transaction，Zoomlion and Zoomlion will focus on their respective main business areas、Define the main business structure，It is beneficial for the two companies to better rationalize their business structure.，While promoting the balanced development of different businesses in the Zoomlion system，Strengthen the layout in the emerging field of aerial work platform，Improve the overall asset quality of the company、Enhance the overall profitability of the company。

Secondly，Zhonglian High Machine can use the platform of listed companies to enhance its financial strength.，It is beneficial for Zoomlion to better grasp the critical period of market development at home and abroad.，Improve their own technical level and profitability，Improve the level of transformation of scientific and technological achievements and large-scale production，Consolidate the market position，Achieve leapfrog development。

At the same time，By unleashing the valuation potential of emerging business sectors，Maximize the interests of all shareholders。After the completion of this transaction，It is conducive to optimizing the valuation system of different business sectors of Zoomlion in the capital market.，At the same time, it is conducive to improving the business clarity and financial transparency of Zoomlion.，Zoomlion will rely on its leading position in the industry and strong technical foundation in China.AShares of related industries to obtain a reasonable level of valuation.，The value of Zoomlion's high-quality assets is fully reflected in the capital market.，Maximize the interests of all shareholders。

In addition，Zoomlion is the leading enterprise in China's aerial work platform industry.，It has a strong technical foundation in the R & D and manufacturing of aerial work platforms.，Intelligent products、Electrification of ultra-high meter section、Lithium-ion electric drive related technologies and other aspects lead the development of the industry，It is a benchmark enterprise in the field of intelligent equipment manufacturing in China.。This spin-off, reorganization and listing will help Zoomlion to take the aerial work platform as the starting point to drive the machinery and equipment industry cluster to continue to climb to the middle and high-end of the global value chain.、Build an advanced manufacturing industry cluster with world-class competitiveness。