Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 4.274 billion yuan in Q1 2025, representing a year-on-year increase of 2.05%. The net profit attributable to shareholders was 322 million yuan, down 20.05% year-on-year, while the net profit excluding non-recurring items was 279 million yuan, down 14.42% year-on-year [6][11] - The gross margin slightly increased year-on-year, while the expense ratio rose due to increased overseas investments and R&D expenditures. The domestic manufacturing demand is expected to stabilize, and the company’s domestic business is likely to recover. Despite short-term uncertainties from tariffs, the company’s advantages in new energy products and ongoing overseas expansion are expected to drive steady growth in overseas revenue [2][11] - The company is focusing on R&D innovation, with significant breakthroughs in key technologies and the launch of new high-value-added products. This innovation is expected to enhance revenue performance [11] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.274 billion yuan, a 2.05% increase year-on-year. The gross margin was 22.31%, with a slight year-on-year increase of 0.06 percentage points. The net profit margin was 8.49%, down 1.81 percentage points year-on-year due to increased expenses and reduced investment income [6][11] Market Outlook - The domestic manufacturing sector is expected to stabilize, supported by trends in automation and contributions from smart logistics and aftermarket services. The company’s domestic business is anticipated to recover, while overseas revenue is projected to grow steadily despite tariff uncertainties [2][11] R&D and Product Development - The company has a strong R&D capability, with recent achievements including the launch of the world's largest lithium battery forklift and a series of new products. This focus on innovation is expected to facilitate a transition towards higher value-added products [11]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][15]. Core Views - The company reported a total revenue of 4.27 billion yuan in Q1 2025, a year-on-year increase of 2.05%, while the net profit attributable to shareholders decreased by 20.05% to 320 million yuan [2][6]. - The report highlights the company's internationalization and diversification strategies as key growth drivers, despite facing pressure from high costs impacting net profit [2][6]. - The domestic forklift industry showed a total sales volume of 348,183 units in Q1 2025, reflecting a year-on-year growth of 10.2%, with exports also increasing by 12.8% [6][7]. Financial Summary - The projected total revenue for the company is expected to grow from 19.29 billion yuan in 2025 to 24.27 billion yuan in 2027, with year-on-year growth rates of 11.3%, 12.3%, and 12.0% respectively [2][7]. - The net profit attributable to shareholders is forecasted to increase from 1.45 billion yuan in 2025 to 1.86 billion yuan in 2027, with corresponding growth rates of 9.9%, 12.9%, and 13.6% [2][7]. - The earnings per share (EPS) is projected to rise from 1.63 yuan in 2025 to 2.09 yuan in 2027 [2][7]. Market Position and Strategy - The company is recognized as a leading player in the domestic forklift market, benefiting from its complete industrial chain and improved domestic and international channels [6][7]. - The report emphasizes the company's ongoing efforts in international market expansion and the establishment of a diversified business model, including investments in smart logistics [6][7]. - The collaboration with Huawei to establish a joint innovation lab is expected to enhance the company's capabilities in key technological areas [6][7].

Core Viewpoint - Anhui Heli (600761) reported a slight increase in revenue for Q1 2025, but experienced a significant decline in net profit and cash flow, indicating potential challenges in profitability and operational efficiency [2][3]. Financial Performance - The company achieved total revenue of 4.27 billion yuan, a year-on-year increase of 2.05% [2][3]. - Net profit attributable to shareholders was 322 million yuan, down 20.05% year-on-year [2][3]. - The net profit excluding non-recurring gains and losses was 279 million yuan, a decrease of 14.42% compared to the previous year [2][3]. - The net cash flow from operating activities was 162 million yuan, reflecting a significant decline of 51.34% year-on-year [2][3][22]. - Basic earnings per share were 0.36 yuan, down from 0.51 yuan in the same period last year [2][3]. Profitability Metrics - The weighted average return on equity for Q1 2025 was 3.03%, a decrease of 1.55 percentage points from the previous year [19]. - The return on invested capital was 2.6%, down 0.54 percentage points year-on-year [19]. Asset and Liability Changes - Total assets as of the end of Q1 2025 were approximately 20.11 billion yuan, an increase from 19.10 billion yuan at the end of the previous year [3][31]. - The company’s cash and cash equivalents increased by 49.83%, while trade receivables rose by 17.23% [31]. - Total liabilities included a 15.84% increase in accounts payable, indicating a rise in short-term obligations [34]. Shareholder Composition - The top ten shareholders included new entrants such as Da Cheng Zhong Zheng Financial Asset Management Plan and Yi Fang Da Zhong Zheng Financial Asset Management Plan, replacing previous shareholders [41][42].

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 ...