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%， ...

Core Viewpoint - Zhejiang Dingli (603338.SH) has successfully begun selling its painting and rust removal robots to end customers, achieving high customer satisfaction [1] Company Summary - The company has introduced painting and rust removal robots to the market, indicating a diversification of its product offerings [1] - Customer feedback has been positive, suggesting strong market acceptance and potential for future sales growth [1]

Market Overview - The engineering machinery sector experienced a decline of 0.57% on August 19, with Shanhe Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Wantong Hydraulic (Code: 630839) with a closing price of 39.80, up 16.41% [1] - Weibao Hydraulic (Code: 871245) with a closing price of 35.51, up 7.28% [1] - Nuo Li Co., Ltd. (Code: 603611) with a closing price of 28.94, up 4.86% [1] - Conversely, Shanhe Intelligent (Code: 002097) saw a significant decline of 6.38%, closing at 17.60 [2] - Other notable decliners included: - Southern Road Machinery (Code: 603280) down 5.98% [2] - Shaoyang Hydraulic (Code: 301079) down 4.90% [2] Capital Flow - The engineering machinery sector saw a net outflow of 930 million yuan from institutional investors, while retail investors contributed a net inflow of 1.169 billion yuan [2] - The capital flow for specific stocks indicated: - Anhui Heli (Code: 600761) had a net inflow of 37.1 million yuan from institutional investors [3] - Nuo Li Co., Ltd. (Code: 603611) experienced a net inflow of 26.4 million yuan from institutional investors [3] - Conversely, significant outflows were noted for several stocks, including Shaoyang Hydraulic with a net outflow of 32.2 million yuan from institutional investors [3]