Group 1 - The core viewpoint of the article highlights Zhejiang Dingli's financial performance in the first half of 2025, showcasing significant growth in revenue and net profit compared to the same period last year [1][3] - The company's total operating revenue reached 4.336 billion yuan, marking an increase of 477 million yuan, which represents a year-on-year growth of 12.35% [1] - The net profit attributable to shareholders was 1.052 billion yuan, reflecting a year-on-year increase of 27.63% [1] Group 2 - The latest asset-liability ratio stands at 36.25%, a decrease of 2.24 percentage points from the same period last year [3] - The gross profit margin is reported at 35.75%, ranking 6th among peers, with a year-on-year increase of 0.44 percentage points [3] - The return on equity (ROE) is 9.95%, which is an increase of 1.01 percentage points compared to the previous year, ranking 5th among peers [3] Group 3 - The diluted earnings per share (EPS) is 2.08 yuan, an increase of 0.45 yuan year-on-year, ranking 1st among peers with a growth of 27.61% [3] - The total asset turnover ratio is 0.27 times, reflecting a year-on-year increase of 2.73% and achieving two consecutive years of growth [3] - The inventory turnover ratio is reported at 1.07 times [3] Group 4 - The number of shareholders is 38,800, with the top ten shareholders holding 336 million shares, accounting for 66.42% of the total share capital [3] - The largest shareholder, Xu Shugen, holds 45.53% of the shares, followed by Deqing Zhongding Equity Investment Management Co., Ltd. with 10.78% [3]

Group 1 - Zhejiang Dingli (603338.SH) reported its semi-annual results for 2025, with 35 institutional investors holding a total of 118 million shares, representing 23.36% of the total share capital [1] - The top ten institutional investors collectively hold 21.23% of the shares, with a 2.50 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 0.22% increase, while one fund saw a slight decrease [2] - Five new public funds were disclosed this period, while 64 funds were not disclosed compared to the previous quarter [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.55% [2]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a strong performance in the first half of 2025, with revenue reaching approximately 4.34 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 1.05 billion yuan, up 27.6% year-on-year [1] - Overseas revenue continues to grow rapidly, with a 21.3% increase year-on-year, accounting for 77.8% of total revenue, while domestic revenue faced short-term pressure, declining by 31.2% [2][4] - The company's gross margin improved to 35.7%, up 0.4 percentage points year-on-year, driven by higher contributions from overseas and other business segments [3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved an operating income of approximately 4.34 billion yuan, with a net profit of 1.05 billion yuan, and a basic earnings per share of 2.08 yuan [1] - The second quarter of 2025 saw revenues of about 2.44 billion yuan, a 1.3% increase year-on-year, and a net profit of 620 million yuan, up 19.4% [1] Business Segmentation - The high-altitude platform business generated 3.98 billion yuan in revenue, an 8.7% increase year-on-year, while other business revenues surged by 77.3% to 360 million yuan [2] - Despite a 47.2% decline in the domestic high-altitude platform industry, the company mitigated the impact through enhanced customer loyalty and new service offerings [2] Profitability Metrics - The company's gross margin increased to 35.7%, with a decrease in total expense ratio to 4.1% due to a significant rise in exchange gains [3] - The net profit margin rose to 24.3%, reflecting improved profitability [3] Future Outlook - The company expects continued growth in revenue and net profit for 2025-2027, with projected revenues of 8.57 billion yuan, 9.67 billion yuan, and 10.94 billion yuan, representing year-on-year growth rates of 9.9%, 12.8%, and 13.2% respectively [4][29] - The net profit forecast for the same period is 2.07 billion yuan, 2.43 billion yuan, and 2.86 billion yuan, with growth rates of 27.0%, 17.7%, and 17.5% respectively [4][29]

Core Viewpoint - Zhejiang Dingli has demonstrated strong operational resilience and growth in revenue and profit despite global macroeconomic uncertainties, showcasing effective management and competitive advantages [1][2]. Financial Performance - In the first half of 2025, Zhejiang Dingli achieved revenue of 4.336 billion yuan, a year-on-year increase of 12.35% - The net profit attributable to shareholders reached 1.052 billion yuan, up 27.63%, with a net profit margin of 24.27% [1]. Global Market Expansion - The company's overseas market revenue reached 3.374 billion yuan, growing by 21.25% and accounting for over 70% of total revenue - Notable performance in Europe and countries along the Belt and Road has effectively mitigated uncertainties in the North American market [2]. - The impact of previous U.S. tariffs has been largely absorbed, and the marginal improvement in the global macro environment is expected to further alleviate uncertainties [2]. Technological Innovation - Zhejiang Dingli has focused on product electrification, intelligence, and differentiation, with R&D expenses reaching 144 million yuan, a 21.82% increase year-on-year - The company has achieved full electrification of its product line and introduced the industry's first batch of oil-free electric scissor lifts, enhancing product performance and supporting industrial upgrades [3][4]. Product Diversification - In addition to over 200 conventional products, Zhejiang Dingli has launched differentiated products such as ship spray rust removal robots and tunnel drilling robots, expanding into new application scenarios [4]. ESG and Long-term Value - The company emphasizes sustainable development and long-term value creation, actively implementing carbon emission calculations and reduction measures - Zhejiang Dingli has maintained a cash dividend policy for 10 consecutive years, with a total dividend of over 500 million yuan for the 2024 fiscal year and a payout ratio of 31.09% [5]. Recognition and Future Outlook - The company received nominations for "Technological Innovation" and "Proactive Progress" at the Sedex Supply Chain Awards, highlighting its responsibility and innovation in the global supply chain - With a dual-driven strategy of "new energy transformation + overseas expansion," Zhejiang Dingli is expected to maintain its industry leadership in the high-altitude work platform sector and explore new growth opportunities [6].

Summary of Zhejiang Dingli Co Ltd. (603338.SS) 2Q25 Results Company Overview - **Company**: Zhejiang Dingli Co Ltd. - **Industry**: Aerial Working Platforms (AWP) - **Ticker**: 603338.SS Key Financial Results - **Net Profit (NP)**: Rmb 623 million, up 19% year-over-year (yoy) [1] - **Topline Revenue**: Rmb 2.44 billion, up 1% yoy, marking the highest quarter in history [1][4] - **Gross Profit Margin (GPM)**: 32.0%, down 0.8 percentage points yoy, below expectations [1][4] - **Operating Expenses (Opex)**: Rmb 249 million, up 41% yoy, primarily due to high selling expenses [4] - **EBIT**: Rmb 531 million, down 13% yoy, below expectations [4] - **Net Profit Margin (NPM)**: 25.6%, up 3.9 percentage points yoy, inline with expectations [4] Sales Performance - **Overseas Sales Growth**: +21% in 1H25, despite US-China trade tensions and tough comparisons in Europe [1][4] - **Domestic Sales**: Implied decline of -30% yoy, but better than the industry average decline of -42% yoy [4] Cash Flow and Balance Sheet - **Operating Cash Inflow**: Rmb 338 million, a recovery from -Rmb 472 million in 1Q25 [4] - **Capital Expenditures (Capex)**: Down 19% yoy to Rmb 43 million [4] - **Free Cash Flow (FCF)**: Positive at Rmb 295 million [4] - **Net Cash Position**: Increased slightly to Rmb 3.69 billion from Rmb 3.61 billion [5] Investment Thesis - **Long-term Adoption Potential**: The AWP market in China is under-penetrated, with rising labor costs and increasing safety awareness driving demand [8] - **Product Mix Upgrade**: Transition towards higher-ASP boom lifts, where Dingli has a technology advantage [8] - **Competitive Positioning**: Strong resilience under high-tariff environments, optimizing competitive landscape against peers [9] Price Target and Valuation - **12-month Price Target**: Rmb 64.00, implying a 19.4% upside from the current price of Rmb 53.60 [13] - **Valuation Metrics**: Target EV/DACF multiple of 10.0X, reflecting uncertainties around global trade [11] Risks - **Global Construction Activity**: Weaker-than-expected construction activities could impact sales [12] - **Competition**: Intensifying competition in the global AWP market [12] - **Trade Tensions**: Escalating US-China trade tensions could lead to unfavorable tariffs [12] Conclusion - **Recommendation**: Maintain Buy rating as Dingli is well-positioned to leverage the machinery cycle inflection in developed markets [1][8]

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, with a focus on expanding overseas operations and enhancing product competitiveness through increased R&D investment [1][2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 4.336 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.052 billion yuan, up 27.63% year-on-year [1]. - In Q2 2025, the company reported revenue of 2.438 billion yuan, a 1.27% increase year-on-year, and a net profit of 623 million yuan, reflecting a 19.4% year-on-year growth [1]. - The company's gross margin was 32%, an increase of 0.19 percentage points year-on-year, while the net profit margin reached 25.57%, up 3.86 percentage points year-on-year [1]. Group 2: Overseas Expansion - The company's overseas revenue reached 3.374 billion yuan in the first half of 2025, marking a 21.25% year-on-year increase, with overseas revenue accounting for 77.83% of total revenue [2]. - The company has successfully expanded its products to over 100 countries and regions, enhancing its overseas channel construction through equity cooperation and establishing local teams [2]. - Efforts are being made to strengthen partnerships with large overseas leasing companies and to explore new markets and customers [2]. Group 3: R&D Investment and Product Competitiveness - The company increased its R&D investment to 144 million yuan in the first half of 2025, a year-on-year growth of 21.82% [2]. - The company has completed the electrification of its entire product line and offers a three-year warranty, with innovative designs that reduce transportation costs and improve shipping efficiency [2]. - It is noted as the only manufacturer globally to achieve mass production of oil-free, all-electric environmentally friendly scissor lifts [2]. Group 4: Investment Outlook - The company is expected to continue optimizing its product structure and enhancing market competitiveness, with projected net profits for 2025-2027 of 2.131 billion, 2.442 billion, and 2.764 billion yuan, respectively [3]. - Corresponding price-to-earnings ratios are forecasted to be 12.7, 11.1, and 9.8 times for the same period [3].

格隆汇8月27日丨浙江鼎力(603338.SH)披露半年报，公司上半年实现营业收入43.36亿元，同比增长 12.35%；归属于上市公司股东的净利润10.52亿元，同比增长27.63%；基本每股收益2.08元。 ...

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-030 浙江鼎力机械股份有限公司 第五届董事会第十八次会议决议公告 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法律责任。 一、董事会会议召开情况 浙江鼎力机械股份有限公司（以下简称"公司"）第五届董事会第十八次会议的通 知于 2025 年 8 月 15 日以书面、邮件和电话方式发出，于 2025 年 8 月 26 日在公司会议 室以现场结合通讯形式召开。会议应到董事 9 人，实到董事 9 人，公司高管列席了会议， 会议由董事长许树根先生主持，符合《公司法》和《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 （一）审议通过了《公司 2025 年半年度报告及摘要》 特此公告。 浙江鼎力机械股份有限公司董事会 2025 年 8 月 28 日 具体内容详见公司同日披露的《浙江鼎力机械股份有限公司 2025 年半年度报告》 及摘要。 表决结果：同意：9 票；反对：0 票；弃权：0 票。 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 （二）审议通过了《关 ...

浙江鼎力机械股份有限公司2025 年半年度报告 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人许树根、主管会计工作负责人王美华及会计机构负责人（会计主管人员）秦佳 声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：603338 公司简称：浙江鼎力 浙江鼎力机械股份有限公司 2025 年半年度报告 1 / 158 浙江鼎力机械股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质性承诺，敬请投资者注意投资风 险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 否 十、 重大风险提示 公司已在本 ...

通过天眼查大数据分析，浙江鼎力机械股份有限公司共对外投资了9家企业，参与招投标项目68次，知 识产权方面有商标信息76条，专利信息468条，此外企业还拥有行政许可36个。 来源：金融界 浙江鼎力最新一期业绩显示，截至2025一季报，公司营业总收入18.98亿元、同比增长30.72%，归属净 利润4.29亿元，同比增长41.83%，扣非净利润4.31亿元，同比增长14.21%，流动比率2.538、速动比率 1.953、资产负债率33.91%。 天眼查商业履历信息显示，浙江鼎力机械股份有限公司，成立于2005年，位于湖州市，是一家以从事专 用设备制造业为主的企业。企业注册资本50634.7879万人民币，实缴资本50634.7879万人民币。公司法 定代表人为许树根。 金融界消息 截至2025年8月25日收盘，浙江鼎力（603338）报收于55.17元，上涨2.19%，换手率 1.71%，成交量8.67万手，成交金额4.79亿元。 资金流向方面，今日主力资金净流出3021.35万元，占比成交额6.31%。其中，超大单净流出1519.65万 元、占成交额3.17%，大单净流出1501.70万元、占成交额3.13%， ...