Core Viewpoint - The hydraulic equipment industry is experiencing a recovery, driven by macroeconomic adjustments and policy effects, with significant growth in both domestic and export sales of excavators [2][4]. Financial Performance - In the first half of 2025, the company reported revenue of 5.171 billion yuan, a year-on-year increase of 7.00%, and a net profit attributable to shareholders of 1.429 billion yuan, up 10.97% year-on-year [1]. - The company's net profit after deducting non-recurring gains and losses was 1.45 billion yuan, reflecting a year-on-year growth of 16.90% [1]. - The basic earnings per share reached 1.07 yuan, an increase of 11.46% year-on-year [1]. - Revenue projections for 2022 to 2024 are 8.197 billion yuan, 8.985 billion yuan, and 9.390 billion yuan, with year-on-year growth rates of -11.95%, 9.61%, and 4.51% respectively [1]. - Net profit for the same period is projected at 2.343 billion yuan, 2.499 billion yuan, and 2.509 billion yuan, with year-on-year growth rates of -13.03%, 6.66%, and 0.40% respectively [1]. - The company's asset-liability ratios for the same years are 21.75%, 19.29%, and 19.40% [1]. Industry Trends - The excavator sales in China reached 120,000 units in the first half of 2025, marking a year-on-year increase of 16.8%, with domestic sales at 65,600 units, up 22.9% [2]. - The company sold 308,300 hydraulic cylinders for excavators, achieving over 15% year-on-year growth [2]. - The company has expanded its product offerings in non-excavator hydraulic pumps and valves, with sales growth exceeding 30% [2]. - The gross margin for the first half of 2025 was 41.85%, an increase of 0.21 percentage points year-on-year, while the net margin was 27.70%, up 1.01 percentage points year-on-year, both reaching the highest levels in three years [2]. - The company has developed over 50 new products in its linear actuator project, with all new products successfully entering the market [2][3]. Future Outlook - With the established turning point in the excavator industry cycle and the increasing share of non-excavator business, the company is expected to achieve a new round of growth [4].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 96.60 [1][5]. Core Views - The company reported a record high net profit attributable to shareholders of RMB 14.29 billion for the first half of 2025, representing a year-on-year growth of 10.97%. The revenue for the same period was RMB 51.71 billion, up 7.00% year-on-year. In Q2 2025, the company achieved revenue of RMB 27.49 billion, a year-on-year increase of 11.24%, and a net profit of RMB 8.12 billion, up 18.31% year-on-year [1]. - The growth in performance is primarily driven by the recovery in the engineering machinery industry, which has led to increased sales of excavator products. The company's global layout is expected to bring new opportunities, and the linear actuator project is anticipated to open new market spaces [1]. Summary by Sections Financial Performance - In H1 2025, the company sold 308,300 excavator cylinders, achieving a year-on-year growth of over 15%. The hydraulic pump and valve products for medium and large excavators have seen continuous market share growth. Additionally, non-excavator hydraulic pump and valve products have expanded their sales by over 30% [2]. - The gross margin for H1 2025 was 41.85%, an increase of 0.21 percentage points year-on-year, while the net margin was 27.70%, up 1.01 percentage points year-on-year. The improvement in margins is attributed to the increased market share of medium and large excavator cylinders and valves [3]. International Expansion and Product Development - The company's largest overseas production base in Mexico has commenced operations, further accelerating its internationalization process. The linear actuator project has achieved significant results in technology development and market expansion, with over 50 new products developed and successfully launched [4]. - The company has significantly expanded its customer base, adding nearly 300 new clients in the first half of 2025, and aims to enhance its position in the electric drive and hydraulic drive sectors through innovation and quality [4]. Earnings Forecast and Valuation - The earnings forecast has been slightly adjusted, with expected net profits for 2025-2027 projected at RMB 28.14 billion, RMB 32.28 billion, and RMB 37.79 billion, respectively. The corresponding EPS is expected to be RMB 2.10, RMB 2.41, and RMB 2.82 [5]. - The company is assigned a PE ratio of 46x for 2025, reflecting the anticipated rapid growth in downstream industry demand and the successful expansion of its linear actuator project [5].

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,830, up 1.94% for the day and 28.76% year-to-date [1] - The A-share market is entering a second bullish phase, with significant increases in client margin sizes at securities firms and a notable rise in ETF investments, reaching $681 billion, surpassing Japan [3][4] Company Analysis Pinduoduo (PDD US) - Pinduoduo reported Q2 2025 revenue growth of 7% year-on-year, reaching 104 billion RMB, in line with expectations, driven by online marketing services [5] - Non-GAAP net profit decreased by 5% to 32.7 billion RMB, but exceeded market expectations by 46%, indicating strong operational performance [5] - The target price has been raised by 9% to $146.30, reflecting a positive outlook despite ongoing investments in platform ecosystem enhancement [5] Jiumaojiu (9922 HK) - Jiumaojiu's revenue for the first half of FY25 decreased by 10% to 2.75 billion RMB, slightly below market expectations [9] - The company anticipates closing 40 to 50 additional stores in the second half of FY25, leading to a total of approximately 100 closures for the year [6] - Despite challenges, there are positive signs of stabilization in same-store sales, with a potential rebound expected from store renovations [6][9] ZhongAn Online (6060 HK) - ZhongAn Online's net profit for the first half of FY25 surged by 11.04 times to 668 million RMB, significantly exceeding market expectations [10] - The property and casualty insurance segment saw a 9.3% increase in total premiums, driven by substantial growth in health and auto insurance [10] - The target price has been raised to 23 HKD, reflecting improved profitability and operational efficiency [10] Greentown Service (2869 HK) - Greentown Service reported a 22.6% increase in net profit for the first half of FY25, with total revenue growing by 6.1% [12] - The company has successfully improved operational efficiency, leading to enhanced profit margins despite industry pressures [12][13] - The target price has been adjusted to 6.61 HKD, based on a revised earnings forecast and valuation adjustments [12][15] Baker Hughes (2149 HK) - Baker Hughes achieved a revenue of 292 million RMB in the first half of FY25, a slight increase from the previous year, maintaining strong profitability with a gross margin of 51.8% [18] - The company continues to expand its product offerings and remains a core recommendation in the semiconductor sector [18][19] - The target price remains at 93 HKD, reflecting confidence in long-term growth prospects [19] Tongda Group (698 HK) - Tongda Group's net profit for the first half of FY25 increased by 394%, driven by reduced financial costs and improved operational efficiency [20] - The company is expected to benefit from upgrades in its main business and expansion in its subsidiary's product lines [20] - The target price has been raised to 0.135 HKD, reflecting improved earnings visibility [20]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 2.9 billion, 3.4 billion, and 4.1 billion RMB respectively, corresponding to PE valuations of 39, 33, and 27 times [4]. Core Insights - The company reported a revenue of 5.7 billion RMB for the first half of 2025, a year-on-year increase of 7%, and a net profit of 1.43 billion RMB, up 11% year-on-year. In Q2 2025 alone, revenue reached 2.75 billion RMB, reflecting an 11% increase year-on-year, with net profit at 810 million RMB, an 18% increase year-on-year [2]. - The excavator market recovery has significantly boosted business revenue in Q2, with a notable increase in both domestic and export sales of excavators. The company sold 308,300 hydraulic cylinders for excavators in the first half of the year, marking a growth of over 15% [3]. - The company's gross margin for the first half of 2025 was 41.85%, a year-on-year increase of 0.21 percentage points, while the net margin reached 27.70%, up 1.01 percentage points, both representing the highest levels in three years [4]. - The company is optimistic about its emerging business lines, particularly the linear actuator project, which has developed over 50 new products in the first half of the year, with nearly 300 new customers added [4]. Summary by Sections Performance Review - The company achieved a revenue of 5.7 billion RMB in the first half of 2025, with a net profit of 1.43 billion RMB, both meeting expectations [2]. Operational Analysis - The recovery in the excavator market has led to rapid revenue growth, with domestic excavator sales increasing by 22.9% and exports by 10.2% in the first half of the year. The company also expanded its product offerings in non-excavator hydraulic pumps and valves, achieving over 30% growth in sales [3]. Profitability Analysis - The company reported a gross margin of 41.85% and a net margin of 27.70% for the first half of 2025, both at three-year highs, attributed to product structure optimization and cost control [4]. Future Outlook - The company is focused on expanding its new business lines, particularly in linear actuators, which are expected to drive growth as the excavator industry stabilizes and non-excavator business increases [4].

Core Viewpoint - Hengli Hydraulic's stock has shown significant growth in 2023, with a year-to-date increase of 64.26%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of August 26, Hengli Hydraulic's stock price reached 85.53 CNY per share, with a market capitalization of 114.68 billion CNY [1]. - The stock experienced a net inflow of 2.9973 million CNY from major funds, with significant buying activity from large orders [1]. - Over the past five trading days, the stock has increased by 4.20%, and over the last 20 and 60 days, it has risen by 12.84% and 29.59%, respectively [1]. Group 2: Financial Performance - For the first half of 2025, Hengli Hydraulic reported a revenue of 5.171 billion CNY, reflecting a year-on-year growth of 7.00%, and a net profit attributable to shareholders of 1.429 billion CNY, up by 10.97% [2]. - The company has distributed a total of 5.775 billion CNY in dividends since its A-share listing, with 2.708 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 43,800, while the average circulating shares per person decreased by 4.09% to 30,647 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some changes in their holdings noted [3].

Group 1 - Hengli Hydraulic (601100.SH) released its semi-annual report for 2025, showing that as of August 25, 2025, 137 institutional investors disclosed holdings in Hengli Hydraulic A-shares, totaling 1.068 billion shares, which accounts for 79.69% of the total share capital [1] - The top ten institutional investors include Changzhou Hengyi Intelligent Equipment Co., Ltd., Shenno Technology (Hong Kong) Co., Ltd., Ningbo Hengyi Investment Co., Ltd., and others, with the top ten holding a combined share of 77.41% [1] - Compared to the previous quarter, the combined holding ratio of the top ten institutions increased by 0.21 percentage points [1] Group 2 - In the public fund sector, two public funds increased their holdings compared to the previous period, namely Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with an increase ratio of 0.11% [2] - One public fund, Nanhua Fengchun Mixed A, reported a slight decrease in holdings compared to the previous quarter [2] - Two new public funds disclosed this period include Huaxia CSI 300 ETF and Shanzheng Asset Management Reform Selected Mixed Fund, while 184 public funds were not disclosed this quarter, including several notable funds [2]

Investment Announcement - The company plans to invest up to RMB 3 billion in low-risk, liquid short-term financial products using idle self-owned funds [2][3][4] - The investment aims to improve fund utilization efficiency and increase company returns without affecting normal operations [3][10] - The investment will be authorized by the board of directors, with the chairman making decisions and signing contracts [5][7] Investment Details - The total investment amount will not exceed RMB 3 billion, and at any given time, the total amount of held financial products will not exceed RMB 3 billion [2][3] - The funds will be sourced from the company's idle self-owned funds [4] - The investment will focus on low-risk products such as fixed-income financial products, treasury reverse repos, money market funds, trust products, and directed asset management plans [5] Risk Management - The company will select financial institutions with good credit and financial conditions as trustees and will sign written contracts to clarify rights and obligations [7] - The finance department will monitor the investment and take necessary measures to mitigate risks [8] - The audit department will conduct quarterly checks on the use and custody of entrusted financial funds [8] Impact on Company - The investment will not significantly impact the company's financial status or operational performance, while aiming to provide additional returns for shareholders [10]

Group 1: Company Overview - Jiangsu Hengli Hydraulic Co., Ltd. has announced the cancellation of its supervisory board and the revision of its articles of association, transferring the supervisory duties to the audit committee of the board of directors [3][4]. Group 2: Financial Data and Profit Distribution - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares, totaling approximately 402.25 million RMB, which represents 16.03% of the net profit attributable to shareholders for the fiscal year 2024 [1]. Group 3: Fundraising and Investment Projects - The company raised approximately 1.99 billion RMB through a private placement of shares, with net proceeds after expenses amounting to about 1.99 billion RMB [6][8]. - The company intends to use bank acceptance bills, letters of credit, and its own funds to pay for part of the fundraising project costs, which will later be replaced with the raised funds [11][12]. Group 4: Governance and Compliance - The company is revising its governance structure to comply with the latest regulations, including the removal of references to the supervisory board in its articles of association and the addition of provisions for employee representative directors [4]. - The company has established a three-party supervision agreement for the management and use of raised funds, ensuring compliance with relevant laws and regulations [7].

证券代码：601100 证券简称：恒立液压 公告编号：临 2025-024 江苏恒立液压股份有限公司 关于召开2025年第一次临时股东会的通知 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法律责任。 重要内容提示： ? 股东会召开日期：2025年9月19日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一)股东会类型和届次 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 19 日 10 点 00 分 召开地点：公司研发中心大楼 104 会议室（武进区龙资路 88 号） (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 19 日 至2025 年 9 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9: ...

Core Viewpoint - Jiangsu Hengli Hydraulic Co., Ltd. plans to distribute a cash dividend of 3.00 yuan per share (including tax) for every 10 shares, with no stock dividends or capital increases proposed for this period [1][2]. Profit Distribution Plan - The profit distribution plan is subject to approval at the company's first extraordinary general meeting of shareholders in 2025 [2]. - The company reported a net profit of 1,714,631,944.38 yuan for the fiscal year 2024, with a proposed dividend distribution of 938,574,694.40 yuan for the fiscal year 2023 [2]. - As of December 31, the total share capital of the company is 1,340,820,992 shares, which will be used as the basis for the cash dividend distribution [2]. - If there are changes in the total share capital before the dividend distribution date, the company will maintain the per-share distribution ratio and adjust the total distribution amount accordingly [2][3]. Decision-Making Process - The profit distribution plan was approved by the company's board of directors on August 23, 2025, in accordance with the company's profit distribution policy and shareholder return plan [2].