浙江鼎力 20251224 Q&A 如何看待高空作业平台行业的景气度变化及双反关税对公司盈利性和成长性的 影响？ 国内高空作业平台市场 2025 年 1-11 月销量同比下滑 43%，主因前期 扩张过快，预计 2026 年市场或将持平或小幅下降，租赁商现金流紧张 和租金下降是主要挑战。 美国市场高空作业平台保有量增长停滞，但非住宅建筑投资活跃度提升 预示 2025 年末至 2026 年上半年需求复苏，部分企业计划涨价应对成 本压力。 欧洲市场受前期抢发货和经济影响表现不佳，但租赁企业收入和租金率 稳定增长，鼎力因双反税率较低，有望受益于市场复苏。 新兴市场高空作业平台保持 20%-30%增速，长期来看，国内人均保有 量与海外差距意味着行业仍具增长潜力。 鼎力是目前唯一能向美国出口高空作业平台的中国企业，虽面临高额关 税（最高或达 89%），但测算显示仍能保持 25%以上毛利率。 鼎力通过积极复审降低双反税率，2024 年 11 月成功将反倾销税率降至 12.4%，但受美国政府加征关税影响，总关税水平再次回升。 鼎力在欧美市场份额持续增长，尤其在美国 B 市领域潜力巨大，即使面 对高关税，仍有望通过销量增长实现 ...

Core Viewpoint - Zhejiang Dingli Machinery Co., Ltd. has provided guarantees for its subsidiary Shanghai Dingce Financing Leasing Co., Ltd. to support its operational financing needs, with a total guarantee amount not exceeding RMB 500 million [1][7]. Group 1: Guarantee Details - The company signed a maximum guarantee contract with Ningbo Bank for up to RMB 200 million and an irrevocable guarantee letter with China Merchants Bank for up to RMB 300 million [1][6]. - The total estimated guarantee amount for the company's subsidiaries is projected to be no more than RMB 2.26 billion, effective until the next annual shareholders' meeting [2][9]. Group 2: Internal Decision-Making Process - The guarantees were approved in the fifth board meeting on April 16, 2025, and at the annual shareholders' meeting on May 20, 2025 [2][9]. - The board unanimously agreed to provide the guarantees, indicating a strong consensus on the decision [9]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary for the sustainable development of Shanghai Dingce, aligning with the company's strategic goals [7]. - Shanghai Dingce is currently in good operational condition with no defaults or significant legal issues, indicating manageable risk levels for the guarantees [7]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 2.58 billion, representing 25.71% of the latest audited net assets [9]. - The balance of guarantees, excluding the current ones, is RMB 647.51 million, which is 6.45% of the latest audited net assets [9].

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-038 浙江鼎力机械股份有限公司关于对公司 合并报表范围内的下属企业提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | | 实际为其提供的 担保余额（不含本 | | 是否在前期 | 本次担保 是否有反 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 预计额度内 | | | | | | 次担保金额） | | | 担保 | | 上海鼎策融资 | 50,000 | 万元 | 64,377.02 | 万元 | 是 | 否 | | 租赁有限公司 | | | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 258,000 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 25. ...

Core Viewpoint - Zhejiang Dingli's stock has experienced a decline of 13.19% this year, with a recent drop of 2.01% on December 24, 2023, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Financial Performance - For the period from January to September 2025, Zhejiang Dingli reported a revenue of 6.675 billion yuan, reflecting a year-on-year growth of 8.82%. The net profit attributable to shareholders was 1.595 billion yuan, marking a year-on-year increase of 9.18% [2]. - Cumulatively, since its A-share listing, Zhejiang Dingli has distributed a total of 1.886 billion yuan in dividends, with 1.266 billion yuan distributed over the past three years [3]. Shareholder and Market Activity - As of December 19, 2023, the number of shareholders for Zhejiang Dingli decreased by 3.85% to 25,000, while the average number of circulating shares per person increased by 4.00% to 20,253 shares [2]. - On December 24, 2023, the stock's trading volume was 129 million yuan, with a turnover rate of 0.46% and a total market capitalization of 27.92 billion yuan [1]. Ownership Structure - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 23.3594 million shares, a decrease of 10.9433 million shares from the previous period. Other notable shareholders also saw reductions in their holdings [3].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli [5] Core Views - The overseas market is expected to recover, particularly in North America, with stable growth in Europe and emerging markets, leading to sustained performance growth for the company [1][2][10] - The domestic market is projected to see a gradual narrowing of the decline in aerial platform sales in the short term, with long-term growth potential remaining [3][4][10] - The company focuses on the aerial platform sector, enhancing its core competitiveness through tax advantages and a strategic shift towards "smart platforms + robots" [8][9][10] Summary by Sections Overseas Market - North America is experiencing a recovery in demand driven by interest rate cuts and AI infrastructure investments, with a significant increase in construction spending expected [1][22] - The European market is stable, with potential demand growth if the Russia-Ukraine conflict resolves, leading to increased economic confidence and reconstruction efforts [2][42] - Emerging markets, particularly in Southeast Asia, Latin America, the Middle East, and Africa, are expected to see rapid growth in aerial platform market size due to ongoing economic development and urbanization [2][51] Domestic Market - The short-term decline in aerial platform sales is expected to gradually narrow, with rental rates and prices stabilizing, indicating a potential bottoming out of the industry [3][61] - Compared to mature markets, China's aerial platform market still has significant growth potential, with low per capita ownership and building industry value coverage [4][66] - The rental market concentration is increasing, and the global market size is projected to exceed 200 billion by 2030 [4] Company Competitiveness - The company has a notable tax rate advantage in overseas markets, particularly in the U.S., which enhances its profitability and market share potential [8] - During the domestic market downturn, the company has performed well, with a significant revenue increase in its aerial platform business compared to competitors [9] - The company is transitioning to a "smart platform + robot" strategy, launching differentiated products that open new growth avenues [9][10]

Core Insights - Zhejiang Dingli has recently engaged with multiple investment institutions, indicating stable production and a positive outlook for the aerial work platform market, both domestically and internationally [1][4]. Market Demand - The global aerial work platform market shows stable demand, with mature markets experiencing replacement needs and emerging markets demonstrating strong growth [4]. - The domestic market is expected to maintain ongoing demand for new and replacement equipment [4]. Product Strategy - The company offers a comprehensive product range and has a strong reserve of new products to meet diverse customer needs [4]. - In response to market demands, the company has introduced differentiated products, including the "oil-to-electric" technology service, allowing for easy conversion of diesel equipment to electric [6]. Competitive Advantage - Manufacturers with high product quality, brand recognition, large production scale, and effective electrification strategies are more competitive in the green and low-carbon era [5]. - The company focuses on providing high-quality, differentiated products and excellent after-sales service to help customers reduce lifecycle costs [6]. Innovation and R&D - The company leverages its strong R&D capabilities to develop differentiated products that integrate aerial work platforms with robotics, targeting specific application scenarios [7]. - New products such as ship spraying and rust removal robots have been introduced, which significantly enhance efficiency, safety, and environmental protection compared to traditional manual operations [8]. Operational Strategy - The company is actively expanding its global market presence and enhancing the sales proportion of high-value, differentiated products [8]. - Internal controls focus on cost management, process optimization, quality control, and smart manufacturing to improve operational quality and efficiency [8].

浙江鼎力机械股份有限公司 2025 年第二次临时股东会会议资料 一、与会人员签到（14:30—15:00）； 二〇二五年十二月二十六日 浙江鼎力机械股份有限公司 2025 年第二次临时股东会议程 现场会议时间：2025 年 12 月 26 日 (星期五) 15:00。 网络投票时间：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 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15- 15:00。 现场会议地点：浙江省湖州市德清县启航路188号。 会议主持人：董事长许树根先生。 会议议程: 二、股东会开始，主持人介绍本次股东会现场会议的出席情况； 三、宣读浙江鼎力 2025 年第二次临时股东会会议须知； 四、推选计票人和监票人，宣读议案审议及表决办法； 五、宣读议案： 1.《关于变更经营范围暨修订<公司章程>的议案》 2.《关于制定<董事、高级管理人员薪酬管理制度>的议案》 六、股东讨论并审议议案； 七、现场以记名投票表决议案； 八、与会代表休息（工作人员统计网络及现场投票结果）； 九、宣 ...

Core Insights - The mechanical industry is showing signs of recovery after three years of stagnation, with nominal GDP growth beginning to rise since Q4 2024, positively impacting the mechanical sector [17] - Domestic demand is weak while external demand is strong, particularly in the engineering machinery sector, where exports are gradually increasing due to improvements in the European and American markets [17][19] - The investment landscape is shifting towards overseas expansion and new industries, with a focus on automation and sectors supported by government subsidies [17][19] Industry Overview - The mechanical industry is experiencing a dual trend of weak domestic demand and strong external demand, with engineering machinery showing signs of recovery but still facing a fragile foundation [17] - Domestic investment in real estate continues to decline, with a 14.7% year-on-year drop in real estate development investment from January to October 2025, while infrastructure investment growth has also slowed significantly [19][23] - The overall investment environment is expected to stabilize as the gap between domestic and foreign demand narrows, with structural opportunities in infrastructure projects like water conservancy and high-standard farmland construction [23] 2026 Domestic Outlook - The investment gap is expected to narrow, with infrastructure investment declining from high levels and real estate investment under pressure, leading to a focus on structural opportunities [19][23] - Manufacturing investment is crucial, with the core focus on PPI and inventory levels, as domestic manufacturing orders remain sluggish [26][28] - The expectation is that PPI will improve in 2026, driven by factors such as reduced internal competition and improved domestic demand [28] 2026 Overseas Outlook - The downward trend in interest rates is a significant macro narrative, with the U.S. and Europe entering a phase of fiscal expansion, which is expected to benefit Chinese manufacturing [29][38] - The global inventory levels are at historical lows, which could lead to a new investment cycle as demand recovers [35] - The second wave of globalization for Chinese manufacturing is anticipated, driven by fiscal expansion in the U.S. and Europe, and a recovery in industrial product demand [38][40] Stock Selection Strategy - The stock selection strategy for 2026 focuses on two main themes: benefiting from overseas expansion and new industries, particularly in sectors like engineering machinery and specialized equipment [44] - Key sectors include engineering machinery, shipbuilding, and high-tech equipment, with a focus on companies that are expected to maintain stable performance and low valuations [44] - Emerging industries such as AI equipment, lithium battery production, and semiconductor manufacturing are highlighted as areas of significant opportunity [44][45] Investment Recommendations - Recommended stocks include SANY Heavy Industry, XCMG, and China Shipbuilding, which are expected to perform well in the current market environment [7] - Companies in the AI and semiconductor sectors, such as Longchuan Technology and Zhongwei Company, are also recommended due to their growth potential [7] - Future-oriented assets like humanoid robots and controllable nuclear fusion are noted as areas to watch for significant industry changes [7][45]

Group 1 - The company Zhejiang Dingli stated that as of December 10, 2025, the total number of shareholders is approximately 26,000 [2]

Group 1 - Zhejiang Dingli announced the convening of its 20th meeting of the 5th board of directors on December 9, 2025, to discuss organizational structure adjustments [1] - For the year 2024, Zhejiang Dingli's revenue composition is 91.96% from industrial operations and 8.04% from other businesses [1] - As of the report, Zhejiang Dingli's market capitalization stands at 30.7 billion yuan [1]