Summary of Zhejiang Dingli Conference Call Company Overview - **Company**: Zhejiang Dingli - **Industry**: Aerial Work Platforms Key Points and Arguments Market Conditions - Zhejiang Dingli's stock price is highly correlated with the economic conditions in the US and Europe, despite tariff impacts, the fundamentals remain robust [2][3] - From Q4 2024 to Q2 2025, there is a continuous improvement in orders from United Rentals and Terex, indicating a recovery in overseas markets [3][4] Financial Performance - Expected net profit for 2025 is approximately 2.1 billion yuan, increasing to 2.4-2.5 billion yuan in 2026 [2][5][7] - The company has achieved a compound annual growth rate (CAGR) of 15%-20% in revenue over the past two to three years [2][6] - The successful appeal against double anti-dumping duties has reduced the tax rate from 43% to 22%, which will significantly lower the impact on performance and may lead to additional tax refunds [5][12] Product and Competitive Advantage - Zhejiang Dingli primarily produces B-type aerial work platforms, which have higher unit prices and greater electrification, representing a competitive advantage for the company [2][8] - The company has a net profit margin of 35%-40% in recent years, with overseas revenue accounting for over 70% of total income, primarily from the US (30%) and Europe (20%) [3][4] Growth Potential - The overseas revenue has grown from 1 billion yuan in 2020 to an expected 5 billion yuan in 2025, significantly outperforming other engineering machinery companies [4][14] - The company’s market share in the US is about 10%, with clear logic for capacity expansion and market share increase [4][11] Tariff Impact - Tariffs have caused significant stock price volatility, but the fundamental performance of the company remains strong [6][12][18] - Despite high tariffs (up to 68%), the company maintains a gross margin above 30% and has the ability to pass on costs through price adjustments [25] Future Outlook - The company is expected to continue expanding its market share globally, particularly in the US and Europe, despite potential short-term tariff impacts [19][22] - The anticipated revenue growth rate for the next few years is around 10%, with the US market being a core growth driver [23] Investment Considerations - Current valuation is attractive, with a price-to-earnings ratio potentially below 12, indicating significant investment value [2][5][22] - The company is positioned at a potential turning point, with improving order data and favorable market conditions [22][24] Domestic Market Performance - The domestic market has faced challenges due to inventory issues in 2021 and 2022, but this has minimal impact on overall performance as domestic revenue constitutes only 30% of total income [15] Conclusion - Zhejiang Dingli's strong fundamentals, competitive product offerings, and improving market conditions present a compelling investment opportunity despite external challenges [2][19][24]

Group 1 - The A-share market has been rising, with the Shanghai Composite Index closing above 3600 points for the first time since January 2022, and the ChiNext Index increasing by 1.5% [1] - The Yajiang hydropower concept has seen a significant increase of nearly 28% this week, with individual stocks like Hengli Drilling Tools experiencing a cumulative rise of over 185% [2] - Analysts suggest that as the market continues to evolve, undervalued stocks that have not yet surged may attract new capital, increasing their chances of outperforming the market [1][2] Group 2 - The Yajiang hydropower project is expected to boost demand for cement, benefiting regional cement companies, particularly in the southwest [3] - Key construction phases of the hydropower project will drive new demand for engineering machinery and related materials, with estimated investment in turbines and generators valued between 535 billion and 954 billion yuan [3][4] - Industries likely to benefit from the Yajiang hydropower project include construction materials, civil explosives, engineering machinery, and power grid equipment [4] Group 3 - The Yajiang hydropower concept is transitioning from expectation to reality, with upcoming catalysts likely to include bidding and performance releases [5] - Among the stocks with strong earnings growth and low valuations, 11 stocks in the power and machinery sectors have seen net profits increase by over 30% year-on-year, with 8 of them having low price-to-earnings ratios [5] - Companies like Zoomlion and Liugong, which are leaders in engineering machinery, have received attention from over 20 rating agencies, indicating strong institutional interest [5]

Group 1 - The Yarlung Tsangpo River hydropower project, with an investment of 1.2 trillion yuan, is a significant infrastructure project comparable to five Three Gorges projects in terms of investment scale and three in terms of installed capacity [1] - The project features a unique development model involving "cutting corners and straightening" along with tunnel water diversion, requiring the construction of 12 water diversion tunnels totaling nearly 200 kilometers, with an underground rate exceeding 80% [1] - The high-intensity and high-risk construction environment demands advanced engineering equipment, particularly in critical areas such as high-altitude operations, tunnel construction, and intelligent construction [1] Group 2 - Zhejiang Dingli, a company with extensive experience in high-altitude equipment, is gaining market attention due to its comprehensive solutions covering various operational scenarios, including tunnel drilling, equipment transportation, and glass curtain wall installation [1] - The company's electric arm high-altitude equipment successfully served the Yebatang hydropower station, showcasing its reliability and adaptability in extreme environments [1] - Zhejiang Dingli's self-developed electric tunnel drilling robot leads the industry in efficiency, safety, and intelligence, enhancing the installation of ventilation, lighting, and fire protection systems in long tunnels [2] Group 3 - The company has designed a rail-mounted high-altitude vehicle specifically for tunnel operations, characterized by high load capacity and speed, suitable for complex construction scenarios [2] - The introduction of a high-suction electric glass suction vehicle enhances stability and efficiency in the installation of modern hydropower station exteriors [2] - As major projects like the Yarlung Tsangpo River hydropower station progress, there is an increasing demand in various sub-sectors, including civil explosives, tunneling, and geotechnical equipment [2]

Core Viewpoint - The AI Fund Xingquan Green Investment Mixed (LOF) reported a profit of 92.387 million yuan for Q2 2025, with a net asset value growth rate of 3.57% during the period [2]. Fund Performance - As of July 21, the fund's unit net value was 1.251 yuan, and its scale reached 2.729 billion yuan by the end of Q2 2025 [2][14]. - The fund manager, Zou Xin, oversees two funds, both of which have shown positive returns over the past year [2]. - The fund's one-year cumulative net value growth rate is 23.98%, ranking 46 out of 132 comparable funds [2]. Investment Strategy - The fund's investment approach focuses on three dimensions: major industry contradictions, competitive advantages of enterprises, and a balance of research depth and pricing [2]. Comparative Performance - Over the past three months, the fund's cumulative net value growth rate was 11.80%, ranking 47 out of 132 comparable funds [2]. - The fund's six-month cumulative net value growth rate was 12.30%, ranking 46 out of 132 comparable funds [2]. - The fund's three-year cumulative net value growth rate was -17.52%, ranking 85 out of 127 comparable funds [2]. Risk Metrics - The fund's three-year Sharpe ratio is -0.0744, ranking 81 out of 129 comparable funds [7]. - The maximum drawdown over the past three years was 42.11%, with the largest single-quarter drawdown occurring in Q1 2022 at 20.25% [9]. Portfolio Composition - The average stock position over the past three years was 88.8%, compared to the industry average of 86.09% [12]. - The fund's top ten holdings include companies such as CATL, Jifeng Co., Desay SV, and others [17].

Core Viewpoint - The document outlines the selection and appointment procedures for accounting firms by Zhejiang Dingli Machinery Co., Ltd, aiming to enhance audit quality and protect shareholder interests [1][2]. Group 1: General Principles - The company establishes a system for the selection of accounting firms to ensure compliance with relevant laws and regulations, including the Company Law and the Shanghai Stock Exchange listing rules [1]. - The selection process must be approved by the Audit Committee and the Board of Directors, with final decisions made by the shareholders' meeting [1][2]. Group 2: Quality Requirements for Accounting Firms - Selected accounting firms must possess independent legal status, necessary qualifications, and a good reputation for audit quality [2]. - Firms should have a solid organizational structure, internal management systems, and familiarity with relevant financial regulations [2]. Group 3: Selection Procedures - The company may use competitive negotiation, public selection, invitation selection, or single selection methods to ensure a fair and transparent process [3]. - Evaluation criteria for accounting firms include audit fees, qualifications, past performance, quality management, and resource allocation [3][4]. Group 4: Responsibilities of the Audit Committee - The Audit Committee is responsible for overseeing the selection process, evaluating the performance of the accounting firm, and reporting to the Board of Directors [4][5]. - The committee must ensure that the selection process adheres to established policies and internal controls [4]. Group 5: Appointment and Reappointment - The company can adjust audit fees based on various factors, and significant decreases in fees must be disclosed [5]. - If the Audit Committee recommends reappointment based on satisfactory performance, it must be approved by the Board and shareholders [5]. Group 6: Circumstances for Replacement - The company must replace the accounting firm if there are significant quality issues, inability to meet deadlines, or if the firm requests termination of services [7]. - The process for replacing an accounting firm must be timely to avoid delays in financial reporting [7]. Group 7: Supervision and Penalties - The Audit Committee must monitor for any irregularities, such as frequent changes in accounting firms or significant fluctuations in audit fees [8]. - Serious violations by the accounting firm can lead to termination of services and potential penalties for responsible individuals [8][9]. Group 8: Miscellaneous Provisions - The document specifies that any unaddressed matters will follow relevant laws and regulations, and the Board of Directors is responsible for interpreting the provisions [11][12].

Group 1 - The company held the 11th meeting of the 5th Supervisory Board on July 18, 2025, with all three supervisors present, confirming the meeting's legality and validity [1] - The Supervisory Board approved a proposal to abolish the Supervisory Board and amend the company's articles of association, transferring the supervisory functions to the Audit Committee of the Board of Directors [1][2] - The proposal received unanimous support with 3 votes in favor, and it will be submitted to the shareholders' meeting for approval [2] Group 2 - The company will abolish the Supervisory Board in accordance with the latest regulations of the Company Law and Securities Law of the People's Republic of China, along with corresponding amendments to relevant internal rules [1] - The decision reflects the company's adaptation to regulatory changes and its operational needs [1]

Group 1 - The company Zhejiang Dingli Machinery Co., Ltd. is holding its first extraordinary general meeting of shareholders in 2025 on August 8, 2025, at 14:30 [1][3] - The meeting will take place at No. 188, Qihang Road, Deqing County, Huzhou City, Zhejiang Province [1] - Shareholders can participate in the voting through the Shanghai Stock Exchange's online voting system, with specific voting times outlined [1][4] Group 2 - The voting will be conducted through a combination of on-site and online methods [3] - Shareholders must be registered by the close of trading on August 1, 2025, to attend the meeting [5] - The company has provided detailed instructions for both corporate and individual shareholders on how to register and vote [6][5] Group 3 - There are no related party shareholders that need to abstain from voting on the proposed resolutions [2] - The resolutions to be voted on were submitted by the company's board of directors and supervisory board during their meetings held on July 18, 2025 [3] - The company has specified that shareholders holding multiple accounts can vote through any of their accounts, but the total voting rights will be based on the aggregate shares held [4][5]

浙江鼎力机械股份有限公司 第二章 对外投资的管理原则 对外投资管理制度 （2025年7月修订） 第一章 总则 第一条 为了规范浙江鼎力机械股份有限公司（以下简称"公司"）对外投资 行为，防范投资风险，提高对外投资效益，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上海证券交易所股票上市规则》（以下简称《上市规则》） 等法律、法规和规范性文件以及《浙江鼎力机械股份有限公司章程》（以下简称 《公司章程》）的有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称对外投资是指公司为实现扩大生产经营规模的战略，达 到获取长期收益为目的，将现金、实物、无形资产等可供支配的资源投向其他组 织或个人的行为，包括委托理财、委托贷款、对子公司（包括全资、控股以及参 股子公司）投资、投资新建子公司、向子公司追加投资、与其他单位进行联营、 合营、兼并或进行股权收购、转让、项目资本增减等。本制度适用于公司以及公 司的全资子公司、控股子公司。 第三条 公司的对外投资应遵循下列原则： （一）遵循国家法律、法规的规定； （二）符合公司中长期发展规划和经营业务发展的要求； （三）注重风险，保证资金的运行安全。 第四条 公司对 ...

第一条 为规范浙江鼎力机械股份有限公司（以下简称公司）行为，保证 股东会依法行使职权，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》和《浙江鼎力机械股份有限公司章程》（以下简称《公司章程》） 的有关规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相 关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应 当勤勉尽责，确保股东会正常召开和依法行使职权。 浙江鼎力机械股份有限公司 股东会议事规则 （2025年7月修订） 第一章 总则 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。临时股东会不定期召开，出现 《公司法》规定的应当召开临时股东会的情形时，临时股东会应当在两个月内 召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督 管理委员会 ...

浙江鼎力机械股份有限公司 关联交易管理制度 （2025年7月修订） 第一章 总 则 第一条 为规范浙江鼎力机械股份有限公司（以下简称"公司"）关联交易 行为，提高公司规范运作水平，保护投资者合法权益，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》）、《上海证券交易所股票上市规则》（以下简称《上市规则》）、 《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等相关 法律、行政法规、部门规章等规范性文件和《浙江鼎力机械股份有限公司章程》 （以下简称《公司章程》）的有关规定，结合公司实际情况，制定本制度。 第二条 本公司控股子公司发生的关联交易，视同本公司的行为，适用本制 度的规定。 第三条 公司应当保证关联交易的合法性、必要性、合理性和公允性，保持 公司的独立性，不得利用关联交易调节财务指标，损害公司利益。交易各方不 得隐瞒关联关系或者采取其他手段，规避公司的关联交易审议程序和信息披露 义务。公司董事、高级管理人员不得利用关联关系损害公司利益。 第四条 公司董事、高级管理人员、持有公司 5%以上股份的股东及其一致 行动人、实际控制人应当及时向公 ...