安徽合力股份有限公司 第十一届董事会第十二次会议决议公告 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。 证券代码：600761 证券简称：安徽合力 公告编号：临 2025-027 2025 年 4 月 29 日 报备文件： 《安徽合力股份有限公司第十一届董事会第十二次会议决议》 2、《关于公司高级管理人员陆勤四获公司外补贴资金的议案》。 （同意 9 票，反对 0 票，弃权 0 票） 特此公告。 安徽合力股份有限公司董事会 安徽合力股份有限公司（以下简称"公司"）第十一届董事会第十二次会议 于2025年4月28日在公司会议室以现场表决的方式召开，会议通知于2025年4月17 日以邮件和专人送达等方式发出。公司8名董事参加了本次会议，公司董事长杨 安国因公出差，书面委托公司副董事长薛白代为行使表决权。公司5名监事及高 级管理人员列席了本次会议，符合《公司法》《证券法》及《公司章程》的有关 规定。会议由公司副董事长薛白主持，审议并通过了以下议案： 1、《公司2025年第一季度报告》： 《 公 司 2025 年 第 一 季 度 ...

安徽王良其律师事务所 关于安徽合力股份有限公司 2024 年年度股东会的法律意见书 （2025）良证字第 016 号 致：安徽合力股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 大会规则》等法律、法规（以下简称"有关法律"）、《安徽合力股份有限公司 章程》（以下简称"公司章程"）的规定，安徽王良其律师事务所（以下简称"本 所"）作为安徽合力股份有限公司（以下简称"公司"）聘请的常年法律顾问， 指派汤俊鑫、孙丽律师（以下简称"本所律师"）出席公司 2024 年年度股东会 （以下简称"本次股东会"），对本次股东会进行法律见证。本所律师按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，对本次股东会的召集、召开 程序和出席人员的资格、召集人资格、大会表决程序、表决结果等重要事项的 合法性进行现场核验后，出具法律意见如下： 一、本次股东会召集、召开的程序 公司董事会于 2025 年 4 月 7 日在《证券时报》上就本次股东会的召开时 间、地点和审议事项进行了公告（以下简称"公告"）。本次股东会于 2025 年 4 月 28 日如期举行，会议召开的时间、地点和内容与公告所载明的事项一 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,274,423,432.60, a decrease of 2.05% compared to CNY 4,304,754,614.96 in the same period last year[5]. - Net profit attributable to shareholders decreased by 20.05% to CNY 321,845,187.57 from CNY 389,951,211.14 year-on-year[5]. - Basic earnings per share fell by 32.08% to CNY 0.36 from CNY 0.51 in the previous year[5]. - Net profit for Q1 2025 was CNY 362,736,481.05, a decrease of 15.9% from CNY 431,169,021.80 in Q1 2024[16]. - The total comprehensive income attributable to the parent company owners for the first quarter of 2025 was ¥379,620,239.19, down from ¥395,194,913.24 in the same period last year, reflecting a decline of approximately 3.5%[17]. Cash Flow - The net cash flow from operating activities dropped significantly by 51.34% to CNY 162,401,296.87, primarily due to increased cash payments for goods and operating expenses[9]. - The net cash flow from operating activities for the first quarter of 2025 was ¥162,401,296.87, a significant decline of 51.3% from ¥333,779,480.52 in the first quarter of 2024[19]. - Cash inflows from operating activities totaled ¥4,054,879,421.03 in the first quarter of 2025, an increase of 11.1% compared to ¥3,648,295,014.08 in the first quarter of 2024[19]. - The net cash flow from investing activities for the first quarter of 2025 was ¥444,914,408.42, an increase of 57% from ¥282,950,499.83 in the first quarter of 2024[20]. - The company reported a net cash outflow from financing activities of ¥6,456,545.08 in the first quarter of 2025, an improvement compared to a net outflow of ¥137,650,162.55 in the first quarter of 2024[20]. Assets and Liabilities - Total assets increased by 5.28% to CNY 20,114,513,611.17 compared to CNY 19,105,029,338.43 at the end of the previous year[6]. - The company's total assets as of March 31, 2025, amounted to CNY 20,114,513,611.17, compared to CNY 19,105,029,338.43 at the end of 2024, representing a growth of 5.28%[13]. - Total liabilities increased to CNY 8,697,646,198.01 as of March 31, 2025, from CNY 8,098,990,656.95 at the end of 2024, marking a rise of 7.39%[14]. - Current assets totaled CNY 13,441,031,241.77 as of March 31, 2025, compared to CNY 12,788,510,383.13 at the end of 2024, indicating an increase of 5.11%[12]. - The total equity attributable to shareholders increased to CNY 10,658,625,598.76 as of March 31, 2025, from CNY 10,274,507,573.91 at the end of 2024, an increase of 3.74%[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 37,399, with the largest shareholder holding 35.13% of the shares[10]. - The company did not engage in any share lending or borrowing activities during the reporting period[11]. Research and Development - Research and development expenses for Q1 2025 were CNY 264,028,643.72, up from CNY 218,991,485.54 in Q1 2024, reflecting a growth of 20.5%[16]. Acquisitions - The company completed the acquisition of 100% equity in Anhui Haoyun Machinery Co., Ltd. and Anhui Anxin Forklift Co., Ltd. in December 2024, leading to retrospective adjustments in financial data[6]. Other Income - Non-recurring gains and losses for the period included government subsidies of CNY 16,999,843.43 and other income totaling CNY 5,286,722.01[8]. Financial Expenses - The company reported a decrease in financial expenses, with a net financial cost of CNY -56,761,870.03 in Q1 2025 compared to CNY -3,148,148.20 in Q1 2024[16]. Cash and Cash Equivalents - The company's cash and cash equivalents increased to CNY 1,797,660,424.71 as of March 31, 2025, from CNY 1,199,770,683.98 at the end of 2024, a rise of 49.9%[12]. - The total cash and cash equivalents at the end of the first quarter of 2025 amounted to ¥1,713,798,208.39, compared to ¥2,546,943,412.27 at the end of the first quarter of 2024, reflecting a decrease of approximately 32.7%[20]. - The company received cash from investment activities totaling ¥4,035,143,023.99 in the first quarter of 2025, a decrease of 2.9% from ¥4,157,938,598.65 in the first quarter of 2024[20]. Comprehensive Income - The company’s other comprehensive income after tax attributable to the parent company was ¥57,775,051.62 in the first quarter of 2025, compared to a loss of ¥7,365,308.84 in the first quarter of 2024[17].

Group 1 - Jinzhongzi Liquor received approval from the Fuyang State-owned Assets Supervision and Administration Commission for the public transfer of 92% equity in its subsidiary, Anhui Jintaiyang Biochemical Pharmaceutical Co., Ltd. [1] - Sanlian Forging announced plans to establish a research institute for robotics and aerospace components to enhance its R&D capabilities in high-end manufacturing [1] - Anhui Heli's controlling shareholder, Anhui Forklift Group, obtained a loan commitment letter from CITIC Bank for a maximum of RMB 180 million to fund stock repurchases [1][2] Group 2 - Huaheng Biological appointed Zeng Miao as the company's securities affairs representative following an internal adjustment, ensuring the smooth operation of the board and information disclosure [2] - Anruisheng announced the partial lifting of the pledge on approximately 22.89 million shares held by its shareholder, Anhui Ruisheng New Energy Technology Development Co., Ltd. [2] - Conch Group, in collaboration with Huawei, launched the "AI + Cement and Building Materials Large Model," marking a significant step towards digital transformation in the cement and building materials industry [3]

安徽合力股份有限公司 证券代码：600761 证券简称：安徽合力 公告编号：临 2025-025 关于控股股东增持公司股份取得专项贷款承诺函 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。 重要内容提示： 安徽合力股份有限公司（以下简称"公司"或"本公司"）于近日收到公 司控股股东安徽叉车集团有限责任公司（以下简称"叉车集团"）通知，叉车集 团于近日取得中信银行股份有限公司合肥分行（以下简称"中信合肥分行"）出 具的《贷款承诺函》。中信合肥分行承诺为叉车集团提供贷款用于股票增持，额 度最高不超过人民币 1.8 亿元，贷款期限不超过 3 年，贷款用途仅限于增持安徽 合力股票，符合相关法律法规、监管规定及政策。 （一） 增持公司股份情况及后续增持计划 基于对公司未来发展前景的信心以及对公司内在价值的认可，叉车集团于 2025年4月10日通过上海证券交易所证券交易系统增持本公司股份333,900股， 占公司总股本的 0.04%。并计划自 2025 年 4 月 10 日起未来 6 个月内，继续通过 上海证券交易所证券交易 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance [4][10]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a slight increase of 0.99% year-on-year, with a net profit of 1.32 billion yuan, reflecting a growth of 0.18% [5]. - The company's gross margin improved to 23.46% in 2024, up by 2.85 percentage points year-on-year, with domestic and international gross margins at 21.25% and 26.2%, respectively [6]. - The company achieved a significant increase in overseas sales, with a 34% year-on-year growth in complete machine exports, contributing to nearly 40% of total revenue [6][7]. - The company plans to distribute a cash dividend of 534 million yuan, with a payout ratio of 40.5%, resulting in an approximate dividend yield of 3.4% [7]. Financial Performance - The company’s earnings per share (EPS) for 2024 is reported at 1.59 yuan, with projected EPS for 2025, 2026, and 2027 at 1.71 yuan and 1.95 yuan, respectively [2][10]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 9.8, 9.1, and 8.0, respectively, indicating a favorable valuation trend [10]. - The company’s return on equity (ROE) is expected to decline slightly from 13.6% in 2024 to 12.5% by 2027 [12]. Market Position and Strategy - The company is recognized as a leading player in the global industrial vehicle market, with a comprehensive and self-controlled parts supply chain and a global after-sales service network [8]. - The company is actively developing its smart logistics business, which is anticipated to create a second growth curve in the medium to long term [10].

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance [4][9]. Core Insights - The company reported a revenue of 17.325 billion yuan for 2024, a slight increase of 0.99% year-on-year, while the net profit was 1.32 billion yuan, up 0.18% year-on-year [5][6]. - The company has shown a strong growth in forklift sales, outperforming the industry with a 16.53% increase in sales volume, capturing a market share of 26.5% [6]. - The overseas business has been a significant growth driver, with a 34% increase in complete machine exports and overseas revenue reaching 6.928 billion yuan, accounting for nearly 40% of total revenue [6][7]. Market Performance - As of April 18, 2025, the company's closing price was 15.55 yuan, with a yearly high of 28.50 yuan and a low of 14.31 yuan [2]. - The total market capitalization stands at 13.85 billion yuan [2]. Financial Data - The basic earnings per share (EPS) for 2024 is reported at 1.59 yuan, with a diluted EPS also at 1.59 yuan [3]. - The return on equity (ROE) is 13.63%, indicating a solid profitability level [3]. - The company plans to distribute a cash dividend of 534 million yuan, with a payout ratio of 40.5%, resulting in a dividend yield of approximately 3.4% [7]. Future Projections - The company expects revenues of 18.213 billion yuan in 2025, with projected EPS of 1.59 yuan, 1.71 yuan, and 1.95 yuan for 2025, 2026, and 2027 respectively [11][9]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 9.8, 9.1, and 8.0 respectively, indicating a potentially undervalued stock [11][9].

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

Core Insights - The company achieved a revenue of 17.325 billion yuan in 2024, representing a year-on-year growth of 0.99%, while the net profit attributable to shareholders was 1.32 billion yuan, up 0.18% year-on-year [1] - The company's gross margin and net margin for 2024 were 23.46% and 8.66%, respectively, reflecting an increase of 2.85 and 0.56 percentage points year-on-year, driven by a higher proportion of overseas sales and high-margin electric products [1] Group 1: Financial Performance - In Q4 2024, the company reported a revenue of 3.917 billion yuan, a decline of 2.67% year-on-year, and a net profit of 218 million yuan, down 33.98% year-on-year [1] - The company’s selling, general, and administrative expenses as a percentage of revenue were 5.08%, 3.30%, 6.27%, and 0.18%, with year-on-year changes of +1.03, +0.71, +1.16, and +0.13 percentage points, respectively [1] Group 2: International Expansion - The company’s overseas revenue reached 6.928 billion yuan in 2024, growing by 13.33% year-on-year, with an overseas revenue share of 39.99%, an increase of 5 percentage points [2] - The gross margin for overseas operations was 26.20%, significantly higher than the domestic gross margin of 21.25% [2] - The company exported 126,400 units in 2024, marking a year-on-year increase of 34.08%, outpacing industry growth [2] Group 3: Product Development and Innovation - The company’s electric product share exceeded 65% in 2024, an increase of 8 percentage points year-on-year, with the total industry sales of electric forklifts reaching 946,200 units, up 18.76% year-on-year [2] - The company successfully developed and launched a 55-ton lithium battery forklift, the largest in the world, filling a gap in the domestic high-end product market [2] - The company is expanding its smart logistics segment through investments and acquisitions, enhancing collaboration with leading firms in AI and cloud computing [2] Group 4: Strategic Acquisitions - The company acquired stakes in Youhuan Machinery and Anxin Forklift, strengthening its industrial vehicle supply chain collaboration [3]