Group 1: Company Overview - Tongli Co., Ltd. is a national-level manufacturing champion in the engineering machinery sector, integrating product research and development, design, production, sales, and after-sales service [2] - The main products include non-road wide-body dump trucks, non-road mining dump trucks, and underground mining vehicles, with a focus on both traditional fuel models and new energy models such as pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles [2] - The company has expanded its market reach beyond domestic provinces to countries including Pakistan, Indonesia, Malaysia, Mongolia, Russia, Tajikistan, India, and the Democratic Republic of the Congo [2] Group 2: Market Position and Performance - Tongli Co., Ltd. holds an estimated market share of over 30% in the new energy and unmanned mining truck market, with an expected increase of 1-2 percentage points compared to last year [2] - The company’s products are priced slightly higher than competitors due to brand advantages, first-mover advantages, and recognized after-sales service capabilities, which customers accept despite the higher cost [2] - Customers prioritize long-term costs, including vehicle quality, failure rates, and after-sales service response times, rather than just purchase price [2] Group 3: Future Development and Strategy - The overseas promotion of unmanned and new energy mining trucks will be a gradual process, requiring a certain level of domestic implementation and operational data accumulation before entering foreign markets, which may be delayed by 1-3 years [3] - The company aims to enhance its brand image and reduce after-sales pressure by ensuring product maturity before international promotion [3] Group 4: Industry Insights and Investor Engagement - The "Investor Zero Distance" event aims to enhance communication between investors and companies listed on the Beijing Stock Exchange, improving investor understanding of company fundamentals and fostering a rational investment culture [4] - Participants expressed a deeper understanding of the innovative development achievements of companies listed on the Beijing Stock Exchange and the market investment value and opportunities available [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [1]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue of 344 million yuan, a year-over-year increase of 13.12%, and a net profit of 67.32 million yuan, reflecting a 40.33% growth [4][7]. - The report highlights significant growth in all three major business segments, with self-dumping truck special oil cylinders, mechanical equipment cylinders, and gas springs showing year-over-year increases of 25.95%, 3.96%, and 21.40% respectively [7]. - The gross margin has improved beyond expectations, with the gas spring segment achieving a gross margin of 49.73%, up 7.28 percentage points from the previous year, showcasing the company's cost reduction capabilities and product competitiveness [7]. - The company has demonstrated strong international competitiveness, with overseas revenue growth of 62.71% in 2024 and 41.24% in H1 2025 [7]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 702 million yuan in 2025, with a year-over-year growth rate of 11.7% [6]. - The net profit forecast for 2025 is 145 million yuan, reflecting a growth rate of 33.5% compared to the previous year [6]. - The report anticipates earnings per share of 1.22 yuan for 2025, with a projected price-to-earnings ratio of 35 times based on the closing price on August 27 [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company reported H1 2025 revenue of 3.169 billion yuan, a year-on-year increase of 12.69%, and a net profit attributable to shareholders of 321 million yuan, up 8.3% year-on-year [5][8] - The domestic market shows a clear demand for the replacement of traditional fuel mining trucks with new energy models, with the market size expected to grow from 1.7 billion yuan in 2023 to 11.2 billion yuan in 2028, representing a CAGR of 45.7% [8] - The company has received multiple international awards, enhancing its technological leadership and global influence, ranking 39th in the 2025 Global Construction Machinery Manufacturers list [8] Financial Data and Profit Forecast - H1 2025 total revenue is projected at 6.961 billion yuan, with a year-on-year growth rate of 13.3% [7] - The net profit attributable to shareholders is expected to reach 868 million yuan in 2025, reflecting a year-on-year growth of 9.4% [7] - The company's gross margin is forecasted to improve from 19.8% in H1 2025 to 23.1% by 2027 [7] Market Position and Growth Potential - The company is positioned as a leader in the non-road wide-body dump truck market, with a significant market share and a strong order backlog [8] - The market for L4 level unmanned mining trucks is anticipated to reach a penetration rate of over 50% by 2030, with sales expected to grow from approximately 4,000 units in 2025 to about 16,340 units by 2030, representing a CAGR of 32.5% [8] - The company emphasizes its first-mover advantage in the non-road wide-body dump truck sector, maintaining a strong market position [8]