Core Viewpoint - Zhejiang Dingli Machinery Co., Ltd. has completed the registration of changes in its business scope and has updated its articles of association as approved in the second extraordinary general meeting of shareholders held on December 26, 2025 [1]. Group 1: Company Information - The company has obtained a new business license from the Zhejiang Provincial Market Supervision Administration following the completion of the registration process [1]. - The registered capital of the company is 506,347,879 yuan [1]. - The company is classified as a listed joint-stock company with the unified social credit code 913300007743880298 [1]. Group 2: Business Scope - The updated business scope includes the manufacturing, processing, and sales of aerial work platforms, multi-functional power repair platforms, lifting machinery, construction machinery, hydraulic machinery, and forklifts [1]. - The company is also involved in the sales of metal materials, building materials, chemical raw materials (excluding hazardous chemicals), and labor protection products [1]. - Additional activities include machinery equipment maintenance services, import and export of goods, research and development of intelligent robots, manufacturing of special operation robots, machinery equipment leasing, and various technical services [1].

Group 1 - The company, Zhejiang Dingli, stated that its operations are running normally [2] - The company is strictly adhering to regulatory requirements for information disclosure [2]

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-040 浙江鼎力机械股份有限公司 关于公司完成工商变更登记的公告 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法律责任。 浙江鼎力机械股份有限公司（以下简称"公司"）于2025年12月26日召开的2025 年第二次临时股东会审议通过了《关于变更经营范围暨修订<公司章程>的议案》。 具体内容详见公司于2025年12月10日及2025年12月27日在指定信息披露媒体上披 露的《浙江鼎力机械股份有限公司关于变更经营范围暨修订<公司章程>的公告》（公 告编号：2025-035）及《浙江鼎力机械股份有限公司2025年第二次临时股东会决议 公告》（公告编号：2025-039）。 公司已于近日完成工商变更登记手续，并取得了浙江省市场监督管理局换发的 《营业执照》，变更后的工商登记信息如下： 名 称：浙江鼎力机械股份有限公司 统一社会信用代码：913300007743880298 特此公告。 浙江鼎力机械股份有限公司董事会 2025年12月30日 类 型：其他股份有限公司（上市） 法定代 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由上海证券交易所股东会网络投票系统予以认证； 北京国枫律师事务所 关于浙江鼎力机械股份有限公司 2025 年第二次临时股东会的 法律意见书 国枫律股字[2025]A0640 号 致：浙江鼎力机械股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第二次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《浙江鼎力机械股份 有限公司章程》（ ...

(四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 会议由董事会召集，由董事长许树根先生主持，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。本次会议的召集、召开符合《公司法》 和《公司章程》等相关法律法规的规定。 (一) 股东会召开的时间：2025 年 12 月 26 日 (二) 股东会召开的地点：浙江省湖州市德清县启航路 188 号 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 二、 议案审议情况 证券代码：603338 证券简称：浙江鼎力 公告编号：2025-039 浙江鼎力机械股份有限公司 2025年第二次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 212 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 321,348,916 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 ...

Summary of Conference Call on Zhejiang Dingli Industry Overview - The domestic aerial work platform market experienced a 43% year-on-year decline in sales from January to November 2025, primarily due to previous rapid expansion, with expectations for the market to stabilize or slightly decline in 2026. [2][3] - The U.S. market for aerial work platforms has seen stagnation in ownership growth, but increased non-residential construction investment suggests a demand recovery from late 2025 to mid-2026, with some companies planning price increases to cope with cost pressures. [2][3] - The European market has underperformed due to prior stockpiling and economic factors, yet rental companies are seeing stable revenue and rental rates. Zhejiang Dingli, benefiting from lower anti-dumping tax rates, is expected to gain from market recovery. [2][3] - Emerging markets continue to grow at a rate of 20%-30%, indicating long-term growth potential due to the disparity in per capita ownership compared to overseas markets. [2][4] Company Insights - Zhejiang Dingli is currently the only Chinese company able to export aerial work platforms to the U.S., facing high tariffs (up to 89%), but still maintaining a gross margin of over 25%. [2][4] - The company successfully reduced its anti-dumping tax rate to 12.4% in November 2024, although total tariff levels have risen again due to U.S. government-imposed tariffs. [2][6] - Dingli's market share in Europe and the U.S. is continuously growing, particularly in the U.S. Boom Lift sector, which presents significant potential despite high tariffs. [2][7] Financial Performance and Projections - The aerial work platform industry is primarily used in industrial and commercial applications, with core markets concentrated in Europe and the U.S. [3] - In the U.S., the annual growth rate of aerial work platform ownership is around 5%-10%, but demand is expected to stabilize in 2024-2025 due to previous over-demand. [3][4] - The company’s core products, including inspection, enclosure, and water closure types, hold about 10% market share in Europe and the U.S. [8] - Increasing sales by 1,000 units annually could generate an additional revenue of 1 billion yuan, corresponding to a net profit growth of approximately 10%. [9] - Despite high tariffs potentially impacting gross margins, mid-term profit growth is expected to remain stable at around 15%. [9][10] Challenges and Strategic Responses - Zhejiang Dingli faces challenges from high tariffs in the U.S. and Europe, with total tariffs reaching 68%-69% as of April 2025. [6] - The company actively engages in review lawsuits to lower anti-dumping tax rates, maintaining a competitive edge with relatively lower rates compared to other manufacturers. [6][10] - The European market's anti-dumping investigation is expected to last five years, providing a stable environment for potential growth if demand recovers. [7] Investment Considerations - Despite tariff pressures, Zhejiang Dingli demonstrates strong resilience and profitability, with ongoing efforts to reduce costs and improve market positioning. [10] - The anticipated economic recovery in the U.S. and Europe is likely to enhance the company's performance, making it a noteworthy investment opportunity. [10] Other Notable Companies - Anhui Heli is highlighted as another company to watch, supplying components to SpaceX and involved in various sectors aligned with economic recovery trends. [11]

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]