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].

公司公布 2025H1 业绩：收入 51.71 亿元，同比增长 7.00%；归母净利润 14.29 亿元，同比增长 10.97%。2025Q2 公司实现收入 27.49 亿元，同比 增长 11.24%；归母净利润 8.12 亿元，同比增长 18.31%，创历史新高。公 司上半年业绩快速增长，主要受益于工程机械行业整体回暖带动挖机产品放 量。我们认为全球化布局将给公司带来新机遇且线性驱动器项目有望开拓新 的市场空间，维持买入评级。 证券研究报告 恒立液压 (601100 CH) 25Q2 归母净利润创历史新高 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 26 日│中国内地 | 通用机械 | 目标价(人民币): | 96.60 | 挖机油缸销量同比增长超 15%，中大挖泵阀产品份额持续提升 2025H1，公司共销售挖掘机用油缸 30.83 万只，同比增长超 15%；挖掘机 用液压泵阀，在中大型挖掘机上取得持续突破，产品份额持续提升。此外， 非挖行业用液压泵阀产品谱系持续扩充， ...

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].

8月26日，恒立液压盘中上涨2.06%，截至09:56，报85.53元/股，成交2.21亿元，换手率0.19%，总市值 1146.80亿元。 资金流向方面，主力资金净流入299.73万元，特大单买入1707.11万元，占比7.72%，卖出923.48万元， 占比4.18%；大单买入3964.56万元，占比17.93%，卖出4448.46万元，占比20.12%。 截至6月30日，恒立液压股东户数4.38万，较上期增加4.26%；人均流通股30647股，较上期减少4.09%。 2025年1月-6月，恒立液压实现营业收入51.71亿元，同比增长7.00%；归母净利润14.29亿元，同比增长 10.97%。 分红方面，恒立液压A股上市后累计派现57.75亿元。近三年，累计派现27.08亿元。 机构持仓方面，截止2025年6月30日，恒立液压十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.03亿股，相比上期减少18.50万股。华泰柏瑞沪深300ETF（510300）位居第五大流通股 东，持股953.05万股，相比上期增加76.93万股。易方达沪深300ETF（510310）位居第六大流通股东， 持股6 ...

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601100 证券简称：恒立液压 公告编号：临2025-022 江苏恒立液压股份有限公司 关于使用部分闲置自有资金 投资低风险理财产品的公告 一、投资情况概述 （一）投资目的 为提高资金使用效率，合理利用自有资金，在不影响公司正常经营的情况下，利用自有资金进行适度的 委托理财，增加公司收益，合理进行现金管理，为公司和股东争取更大的利益。 （二）投资金额 公司（含各控股子公司）拟合计使用额度不超过人民币300,000万元的自有资金进行委托理财投资。在 上述额度内，资金可以滚动使用，但任一时点持有未到期的理财产品总额不超过人民币300,000万元。 重要内容提示： ● 投资种类：银行及其他金融机构的低风险、流动性好的短期理财产品。 ● 投资金额：合计使用额度不超过人民币300,000万元，在上述额度内，资金可以滚动使用，但任一时 点持有未到期的理财产品总额不超过人民币300,000万元。 ● 已履行及拟履行的审议程序：江苏恒立液压股份有限公司（以下简称"公司"）于2025年8月23日召开 的第五届董事会第十五次会议和第五届监事会第十四次会议分别审议通过了 ...

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: ...

证券代码：601100 证券简称：恒立液压 公告编号：临 2025-018 江苏恒立液压股份有限公司 （一）利润分配方案的具体内容 根据容诚会计师事务所（特殊普通合伙）出具的《审计报告》，母公司2024 年度实现净利润1,714,631,944.38元，分配2023年度股利938,574,694.40元，报 告期末可供股东分配的利润为4,594,378,433.10元。 经董事会决议，公司半年度拟以实施权益分派股权登记日登记的总股本为基 数分配利润。本次利润分配、公积金转增股本方案如下： 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： ? 每股分配比例 每 10 股派发现金红利 3.00 元（含税）。公司本期不派送红股，不进行转增。 ? 本次利润分配预案尚需提交公司 2025 年第一次临时股东大会审议，审议通 过之后方可实施。 一、利润分配方案内容 本次利润分配预案不会对公司经营现金流产生重大影响，不会影响公司正常 经营和长期发展。 本次利润分配预案尚须提交公司2025年第一次临时股东会审议通过后方可 实施，提 ...