Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 9.39 billion yuan for the first half of 2025, representing a year-on-year growth of 6.18%. The net profit attributable to the parent company was 796 million yuan, a decrease of 4.60% year-on-year. Overseas revenue reached 4.016 billion yuan, growing by 15.20% year-on-year [6][4] - The company's sales growth rate outpaced the industry, with a total of 204,200 units sold in the first half of 2025, reflecting a year-on-year increase of 17.23%, capturing 27.62% of the market share. The proportion of electric products increased, with electric vehicle sales rising by 28% year-on-year, accounting for 68% of total sales [6][4] - The company is expanding its international presence by establishing its first overseas manufacturing plant and optimizing its international operations. Overseas revenue accounted for 43% of total revenue, with 73,600 units exported, marking a year-on-year increase of 23.08% [6][4] - The company is focusing on new growth areas, particularly in smart logistics, with strategic partnerships with Huawei and other firms to enhance its capabilities in intelligent logistics solutions [6][4] Summary by Sections Financial Performance - Total revenue for 2024A is projected at 17.33 billion yuan, with a year-on-year growth rate of 0.99%. For 2025E, revenue is expected to reach 18.39 billion yuan, reflecting a growth rate of 6.17% [6][7] - The net profit attributable to the parent company is forecasted to be 1.32 billion yuan for 2024A and 1.44 billion yuan for 2025E, with respective growth rates of 0.18% and 8.97% [6][7] Market Position - The company is recognized as a leading player in the forklift industry, with a comprehensive business model covering the entire supply chain from vehicle assembly to core systems and components [6][4] Strategic Initiatives - The company aims to achieve a sales revenue target of approximately 18 billion yuan for 2025, driven by its focus on electric and smart logistics products [6][4]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 9.39 billion yuan for the first half of 2025, a year-on-year increase of 6.18%, while the net profit attributable to shareholders was 796 million yuan, a decrease of 4.60% [5][8] - In Q2 2025, the company achieved a revenue of 5.12 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 19.69%, with a net profit of 474 million yuan, up 9.80% year-on-year and 47.40% quarter-on-quarter [5][8] - The company is expanding its global footprint, with a significant increase in overseas sales, which reached 4.016 billion yuan, a year-on-year increase of 15.20%, accounting for 43% of total revenue [8] Financial Data and Profit Forecast - The company expects total revenue to grow from 18.61 billion yuan in 2025 to 22.16 billion yuan in 2027, with a compound annual growth rate (CAGR) of 9.8% [7][10] - The net profit attributable to shareholders is projected to increase from 1.447 billion yuan in 2025 to 1.782 billion yuan in 2027, reflecting a CAGR of 11.3% [7][10] - The gross margin is expected to remain stable around 23.3% to 23.7% from 2025 to 2027, with a return on equity (ROE) projected to improve from 12.6% in 2025 to 13.2% in 2027 [7][10] Company Performance and Strategic Initiatives - The company sold 204,200 forklifts in the first half of 2025, a year-on-year increase of 17.23%, with electric forklifts accounting for 68% of total sales [8] - The company is investing in R&D and has established strategic partnerships with major firms like Huawei to enhance its smart logistics capabilities [8] - The establishment of the first overseas manufacturing plant in Thailand marks a significant step in the company's global production strategy [8]

Group 1 - The core viewpoint of the report is that Goer Group plans to acquire Shanghai Aolai through its subsidiary Goer Optics, which will enhance its optical waveguide capacity and technical strength, accelerating the integration of optical products into global leading XR clients [1][2] - The report maintains a "Buy" rating for Goer Group, raising the target price to 43.05 yuan, considering the impact of product life cycles and client new product release schedules, while also increasing R&D investment [1][2] - The expected EPS for Goer Group is adjusted to 0.96/1.23 yuan for 2025-2026, with a forecast of 1.50 yuan for 2027, reflecting the company's high growth rate and leading position in AI glasses and AR products [1][2] Group 2 - Goer Group has established a vertical integration layout in the XR field, benefiting from future industry demand surges, and has close cooperation with global leading XR clients [3] - The company has made strategic investments and acquisitions to strengthen its customer resources and technical capabilities, including acquiring a stake in Silan Microelectronics and investing in Plessey to enhance its AR display capabilities [3] - The merger with Shanghai Aolai is expected to accelerate the expansion of mature optical waveguide production capacity and consolidate Goer Group's competitive advantage in wafer-level micro-nano optical devices [2][3]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 1.4 billion, 1.6 billion, and 1.7 billion RMB for 2025-2027, corresponding to PE valuations of 12, 11, and 10 times respectively [2] Core Insights - The company reported a revenue of 9.39 billion RMB for the first half of 2025, a year-on-year increase of 6.18%, with a notable improvement in Q2, achieving a revenue of 5.12 billion RMB, up 9.89% year-on-year [1] - The overseas market continues to drive strong growth, with overseas revenue reaching 4.02 billion RMB in the first half of 2025, a 15.20% increase year-on-year, accounting for 43% of total revenue, a historical high [1] - The company's gross margin improved to 23.58% in the first half of 2025, up 0.36 percentage points year-on-year, with Q2 gross margin at 24.64%, reflecting product structure optimization and increased high-margin overseas business [1] - The intelligent logistics business has become a significant growth driver, with revenue growth of 59.1% year-on-year in the first half of 2025, indicating a strategic expansion into the robotics sector [1] Summary by Sections Performance Review - The company achieved a net profit of 796 million RMB in the first half of 2025, down 4.60% year-on-year, but Q2 net profit improved to 474 million RMB, up 9.8% year-on-year [1] Operational Analysis - The company sold 204,200 units in the first half of 2025, a 17.23% increase year-on-year, with domestic sales at 126,200 units (up 11.28%) and overseas sales at 73,600 units (up 23.08%) [1] - The company is developing a manufacturing base in Thailand to enhance its global manufacturing footprint [1] Profitability and Cash Flow - The net profit margin for the first half of 2025 was 9.6%, with a Q2 margin of 10.5%, reflecting improved operational efficiency [1] - Operating cash flow for the first half of 2025 was 589 million RMB, an increase of 81.81% year-on-year, indicating enhanced cash collection capabilities [1] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 18.68 billion RMB in 2025, reflecting a growth rate of 7.84% [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 9.39 billion yuan in the first half of 2025, representing a year-on-year growth of 6.18%. The net profit attributable to shareholders was 796 million yuan, a decrease of 4.6% year-on-year. The company plans to distribute a cash dividend of 1 yuan per 10 shares (including tax) [7] - In the second quarter, the company saw a revenue of 5.116 billion yuan, a year-on-year increase of 9.89%, and a net profit of 474 million yuan, up 9.8% year-on-year. The gross margin improved to 24.64%, an increase of 2.19 percentage points year-on-year [7] - The company is actively expanding its smart logistics business, which has become a new growth engine for performance. Strategic business segments such as "components, aftermarket, and smart logistics" saw year-on-year growth of 16.4%, 15.3%, and 59.1%, respectively [7] Financial Performance Summary - Revenue forecast (in million yuan): - 2023A: 17,156 - 2024A: 17,325 - 2025E: 18,785 - 2026E: 20,484 - 2027E: 22,493 - Net profit forecast (in million yuan): - 2023A: 1,317 - 2024A: 1,320 - 2025E: 1,455 - 2026E: 1,682 - 2027E: 1,952 - The company’s earnings per share (EPS) for 2025 is projected to be 1.63 yuan, with a price-to-earnings (PE) ratio of 11.6 [6][8] Market Position and Growth - The company’s forklift sales reached 204,200 units in the first half of 2025, a year-on-year increase of 17.23%. Domestic sales were 126,200 units, up 11.28%, while overseas sales were 73,600 units, up 23.08% [7] - The overseas revenue accounted for over 40% of total revenue, with a significant increase in the proportion of electric forklifts, which now represent 68% of total sales, an increase of 2.5 percentage points from the end of the previous year [7]

8月25日晚间，安徽合力发布半年度业绩报告称，2025年上半年营业收入约93.9亿元，同比增加6.18%；归属于 上市公司股东的净利润约7.96亿元，同比减少4.6%。实现海外营业收入40.16亿元，同比增长15.20%，海外收 入占比提升至43%。 安徽合力在报告中提到，2025年上半年，中国工业车辆行业总销量达73.93万台，同比增长11.66%。其中，国 内市场销量达47.64万台，同比增长9.79%；海外市场销量达26.29万台，同比增长15.21%。 1.小松作业小时数 2025年 【1月】、 【2月】 2024年 【1月】 、 【2月】 、 【3月】 、 【4月】 、 【5月】 、 【6月】 、 【7月】 、 【8月】 、 【9月】 、 【10 月】 、 【11月】 、 【12月】 2023年 从车型结构方面来看，行业上半年末电动车销量占比提升至75%，较上年末提高近2个百分点。"高端化、智能 化、绿色化"已经成为行业发展的新趋势。 部分内容节选自"国金证券研报" ·往期回顾· 【行业热点】 1 业绩改观，工程机械行业复苏或已在路上？ 2. 如期切换， 工程机械12月1日起开启"国四"时代 3. ...

Core Viewpoint - Anhui Heli's Q2 net profit attributable to shareholders increased by 10% year-on-year, with successful expansion in overseas markets and strategic emerging sectors [1] Group 1: Financial Performance - The company reported a year-on-year increase of 10% in net profit attributable to shareholders for Q2 [1] - The performance in the second half of the year is expected to improve due to a low base effect and a recovery in overseas forklift demand [1] Group 2: Strategic Initiatives - On August 25, the company announced plans to establish a "Joint Innovation · Tian Shu Laboratory" in collaboration with Jianghuai Frontier Technology Innovation Center, focusing on the R&D and industrialization of intelligent logistics embodied robots and special robots [1] - The company plans to invest 10 million yuan in R&D, with Jianghuai Center committing not to engage in similar research collaborations with other third parties [1] Group 3: Market Outlook - The logistics and warehousing industry is undergoing a comprehensive transformation towards intelligence, positioning the company to benefit significantly from this trend [1] - The forecast for net profit attributable to shareholders for 2025-2027 is set at 1.4 billion, 1.5 billion, and 1.6 billion yuan, respectively, with current market capitalization corresponding to PE ratios of 12, 11, and 10 times [1]

Core Viewpoint - Anhui Heli achieved a net profit attributable to shareholders of 800 million yuan in the first half of the year, a year-on-year decrease of 4.6%, but the second quarter saw a net profit of 470 million yuan, an increase of 9.8% year-on-year and 47.4% quarter-on-quarter [1] Financial Performance - In the first half of 2025, the overseas market revenue reached 4.02 billion yuan, a year-on-year increase of 15.2%, with the revenue share rising to 43% [1] - The company maintained its market share as the number one in over 30 countries and regions [1] Business Segments - The company's three business segments: components, aftermarket, and smart logistics, experienced significant growth in the first half of 2025, with year-on-year increases of 16.4%, 15.3%, and 59.1% respectively [1] Strategic Initiatives - The company established a joint laboratory with Jianghuai Center to deepen its layout in robotics [1] - The rating for the company is maintained as "Buy" [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - In Q2, the company achieved a revenue growth of 10% year-on-year, with a net profit attributable to shareholders increasing by 9.8% [2] - The company's overseas revenue grew by 15% year-on-year, accounting for 43% of total revenue, indicating successful global expansion [2][4] - The gross profit margin improved significantly, reaching 24.6% in Q2, up 2.2 percentage points year-on-year [3] Financial Performance Summary - For the first half of 2025, total revenue was 9.4 billion yuan, a 6% increase year-on-year, while net profit was 800 million yuan, a decrease of 4.6% [2] - The company’s gross profit margin for the first half of 2025 was 23.6%, an increase of 2.0 percentage points year-on-year [3] - The company’s operating expenses ratio was 13.1%, up 0.5 percentage points year-on-year, with sales, management, and R&D expenses increasing [3] Strategic Developments - The company is accelerating its layout in the smart logistics sector, including partnerships with major firms like Huawei and logistics companies [4] - The overseas forklift market is showing signs of recovery, with major competitors reporting order increases, which bodes well for the company's future performance [4]

Core Viewpoint - Anhui Heli Co., Ltd. proposes a mid-year profit distribution plan for 2025, reflecting confidence in stable business performance and commitment to enhancing investor returns [1][3]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 939,032.28 million CNY, representing a year-on-year increase of 6.18% - The net profit attributable to shareholders was 79,623.77 million CNY, showing a decline of 4.60% compared to the previous year - In the second quarter (April to June), revenue reached 511,589.94 million CNY, with a growth of 9.89%, while net profit was 47,439.25 million CNY, increasing by 9.80% [1]. Profit Distribution Proposal - The company suggests a cash dividend of 1 CNY (including tax) for every 10 shares, totaling a distribution of 89,069,276.10 CNY based on a total share capital of 890,692,761 shares [1]. Corporate Governance Changes - The company plans to abolish the supervisory board and amend relevant articles in its articles of association to establish an audit committee within the board of directors, in compliance with regulatory requirements [3][4]. - The audit committee will assume the supervisory functions previously held by the supervisory board, including financial oversight and internal audit guidance [4][5]. - Amendments to the articles of association will include provisions for the rights and responsibilities of independent directors and the audit committee, ensuring compliance with the latest corporate governance standards [6][7].