Industry Overview - Forklift demand is positively influenced by the recovery of the manufacturing sector and the growth of warehousing logistics [1][2] - The overall forklift sales in July 2025 reached 118,600 units, a year-on-year increase of 14.4%, with domestic sales at 69,700 units and overseas sales at 48,900 units [1][2] - The manufacturing PMI new order index in July 2025 was 49.40%, indicating a slight recovery in manufacturing sentiment compared to the previous year [2] Company Performance: Anhui Heli - Anhui Heli achieved revenue of 9.39 billion yuan in the first half of 2025, a year-on-year increase of 6.18%, with a net profit of 796 million yuan, down 4.60% [3] - The company's sales volume reached 204,200 units, a year-on-year increase of 17.23%, capturing 27.62% of the industry market share [3] - The proportion of electric products increased to 68%, with electric vehicle sales growing by 28% year-on-year, contributing to an overall improvement in gross profit margin [3] - Overseas revenue reached 4.016 billion yuan, a growth of 15.20%, with exports of 73,600 units, up 23.08% [3] - The company is actively engaging in smart logistics, partnering with Huawei and other firms to enhance its capabilities in this area [3] Company Performance: Hangcha Group - Hangcha Group reported revenue of 9.302 billion yuan in the first half of 2025, an increase of 8.74%, with a net profit of 1.121 billion yuan, up 11.38% [4] - The company achieved record overseas sales of nearly 60,000 units, with a growth rate exceeding 25% [4] - The establishment of over 20 overseas subsidiaries supports the company's strategy of local production, global marketing, and localized service [4] - The smart logistics segment experienced explosive growth, with significant increases in revenue and new orders, and over 7,000 AGVs deployed across various industries [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.4 CNY [2][6]. Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 9.39 billion CNY, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 800 million CNY, a decrease of 4.6% [2]. - The company is focusing on smart logistics and embodied robotics, enhancing its product offerings and market position [2][6]. - The report highlights the company's strong market presence, achieving the highest market share in 34 overseas countries and regions [6]. Financial Summary - For the first half of 2025, the company reported total revenue of 93.9 billion CNY, with a net profit of 8.0 billion CNY, and a non-recurring net profit of 7.3 billion CNY [2]. - The second quarter saw a revenue of 51.2 billion CNY, a year-on-year increase of 9.9%, and a net profit of 4.7 billion CNY, a year-on-year increase of 9.8% [2]. - The financial projections for 2025 to 2027 indicate a steady growth in revenue and net profit, with expected revenues of 192.9 billion CNY, 216.7 billion CNY, and 242.7 billion CNY, respectively [2][7]. Market Position and Strategy - The company is positioned as a leading player in the forklift industry, benefiting from its complete supply chain and domestic and international channels [6]. - The report emphasizes the company's strategic partnerships and investments in smart logistics, including collaborations with Huawei and other logistics firms [6]. - The company aims to leverage the lithium battery trend to enhance its competitive edge against international giants [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 9.39 billion yuan for the first half of 2025, a year-on-year increase of 6.18%, while the net profit attributable to shareholders was 796 million yuan, a decrease of 4.60% [5][8] - In Q2 2025, the company achieved a revenue of 5.12 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 19.69%, with a net profit of 474 million yuan, up 9.80% year-on-year and 47.40% quarter-on-quarter [5][8] - The company is expanding its global footprint, with a significant increase in overseas sales, which reached 4.016 billion yuan, a year-on-year increase of 15.20%, accounting for 43% of total revenue [8] Financial Data and Profit Forecast - The company expects total revenue to grow from 18.61 billion yuan in 2025 to 22.16 billion yuan in 2027, with a compound annual growth rate (CAGR) of 9.8% [7][10] - The net profit attributable to shareholders is projected to increase from 1.447 billion yuan in 2025 to 1.782 billion yuan in 2027, reflecting a CAGR of 11.3% [7][10] - The gross margin is expected to remain stable around 23.3% to 23.7% from 2025 to 2027, with a return on equity (ROE) projected to improve from 12.6% in 2025 to 13.2% in 2027 [7][10] Company Performance and Strategic Initiatives - The company sold 204,200 forklifts in the first half of 2025, a year-on-year increase of 17.23%, with electric forklifts accounting for 68% of total sales [8] - The company is investing in R&D and has established strategic partnerships with major firms like Huawei to enhance its smart logistics capabilities [8] - The establishment of the first overseas manufacturing plant in Thailand marks a significant step in the company's global production strategy [8]

Core Viewpoint - The company has demonstrated stable revenue growth and continuous improvement in profitability, positioning itself favorably in the market [3]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 9.3 billion, representing a year-on-year increase of 8.7% [3]. - The net profit attributable to shareholders reached 1.12 billion, with a year-on-year growth of 11.4% [3]. - The gross margin was 22.0%, up by 0.6 percentage points, while the net margin was 12.6%, an increase of 0.1 percentage points [3]. Group 2: Lithium Battery Forklift Development - The total sales of forklifts in China reached 739,000 units in H1 2025, marking a year-on-year increase of 11.7% [4]. - Electric forklifts accounted for 75.6% of total sales, with the electrification rate of counterbalance forklifts at 38.0% [4]. - The company has made significant advancements in lithium battery forklifts, launching various new models, which positions it to benefit from the ongoing electrification trend in the forklift industry [4]. Group 3: Global Network Expansion - The company achieved record overseas product sales of nearly 60,000 units in H1 2025, a growth of over 25% year-on-year [5]. - The construction of a production base in Thailand is underway, with the project progressing smoothly and expected to be completed by Q4 2025 [5]. - The establishment of multiple overseas subsidiaries has enhanced the company's international strategy, facilitating a transition from overall planning to refined operations [5]. Group 4: Intelligent Logistics and Unmanned Forklift Market - The company's intelligent logistics business has seen substantial growth, with significant increases in revenue and new orders [6]. - Over 7,000 Automated Guided Vehicles (AGVs) have been deployed across more than 20 industries [6]. - The unmanned forklift market is projected to reach 39,000 units in 2025, with a growth rate of 39.3%, indicating significant market potential [7].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 1.4 billion, 1.6 billion, and 1.7 billion RMB for 2025-2027, corresponding to PE valuations of 12, 11, and 10 times respectively [2] Core Insights - The company reported a revenue of 9.39 billion RMB for the first half of 2025, a year-on-year increase of 6.18%, with a notable improvement in Q2, achieving a revenue of 5.12 billion RMB, up 9.89% year-on-year [1] - The overseas market continues to drive strong growth, with overseas revenue reaching 4.02 billion RMB in the first half of 2025, a 15.20% increase year-on-year, accounting for 43% of total revenue, a historical high [1] - The company's gross margin improved to 23.58% in the first half of 2025, up 0.36 percentage points year-on-year, with Q2 gross margin at 24.64%, reflecting product structure optimization and increased high-margin overseas business [1] - The intelligent logistics business has become a significant growth driver, with revenue growth of 59.1% year-on-year in the first half of 2025, indicating a strategic expansion into the robotics sector [1] Summary by Sections Performance Review - The company achieved a net profit of 796 million RMB in the first half of 2025, down 4.60% year-on-year, but Q2 net profit improved to 474 million RMB, up 9.8% year-on-year [1] Operational Analysis - The company sold 204,200 units in the first half of 2025, a 17.23% increase year-on-year, with domestic sales at 126,200 units (up 11.28%) and overseas sales at 73,600 units (up 23.08%) [1] - The company is developing a manufacturing base in Thailand to enhance its global manufacturing footprint [1] Profitability and Cash Flow - The net profit margin for the first half of 2025 was 9.6%, with a Q2 margin of 10.5%, reflecting improved operational efficiency [1] - Operating cash flow for the first half of 2025 was 589 million RMB, an increase of 81.81% year-on-year, indicating enhanced cash collection capabilities [1] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 18.68 billion RMB in 2025, reflecting a growth rate of 7.84% [7]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [3][8] Core Views - The company reported a revenue of 9.3 billion yuan in the first half of 2025, representing a year-on-year increase of 8.7%, and a net profit of 1.12 billion yuan, up 11.4% year-on-year [3][4] - The second quarter of 2025 saw the company achieve its highest quarterly revenue and net profit in history, with revenues of 4.8 billion yuan, a year-on-year increase of 9.4%, and a net profit of 680 million yuan, up 9.1% year-on-year [4][5] - The company is accelerating its overseas expansion and diversifying its business, with a significant increase in exports, achieving nearly 60,000 units sold overseas, a year-on-year growth of over 25% [5][6] Financial Performance - The company’s gross margin and net margin for Q2 2025 were 23.3% and 15.0%, respectively, with a slight year-on-year increase in gross margin [4] - The company’s earnings per share (EPS) for 2025 is projected to be 1.74 yuan, with expected P/E ratios of 13.0, 11.7, and 10.6 for 2025, 2026, and 2027 respectively [8][12] - The company’s net profit is expected to grow from 2.279 billion yuan in 2025 to 2.784 billion yuan in 2027, reflecting a compound annual growth rate of approximately 10.3% [12][13] Industry Position - The company is positioned as a leading player in the forklift industry, benefiting from brand effect, economies of scale, technological research and development, and service quality [7][8] - The overall sales volume of the forklift industry in the first half of 2025 was 739,334 units, a year-on-year increase of 11.66%, indicating a robust market environment [4][5]

Core Viewpoint - Anhui Heli's Q2 net profit attributable to shareholders increased by 10% year-on-year, with successful expansion in overseas markets and strategic emerging sectors [1] Group 1: Financial Performance - The company reported a year-on-year increase of 10% in net profit attributable to shareholders for Q2 [1] - The performance in the second half of the year is expected to improve due to a low base effect and a recovery in overseas forklift demand [1] Group 2: Strategic Initiatives - On August 25, the company announced plans to establish a "Joint Innovation · Tian Shu Laboratory" in collaboration with Jianghuai Frontier Technology Innovation Center, focusing on the R&D and industrialization of intelligent logistics embodied robots and special robots [1] - The company plans to invest 10 million yuan in R&D, with Jianghuai Center committing not to engage in similar research collaborations with other third parties [1] Group 3: Market Outlook - The logistics and warehousing industry is undergoing a comprehensive transformation towards intelligence, positioning the company to benefit significantly from this trend [1] - The forecast for net profit attributable to shareholders for 2025-2027 is set at 1.4 billion, 1.5 billion, and 1.6 billion yuan, respectively, with current market capitalization corresponding to PE ratios of 12, 11, and 10 times [1]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company has shown stable revenue growth, with a 2025H1 revenue of 9.3 billion yuan, representing an 8.7% year-on-year increase, and a net profit of 1.12 billion yuan, up 11.4% year-on-year [5] - The lithium battery forklift sector is advancing, with the company expected to benefit significantly as electric forklifts account for 75.6% of total sales in China [6] - The company achieved record overseas sales of nearly 60,000 units in 2025H1, marking over a 25% increase year-on-year, supported by the establishment of multiple overseas subsidiaries [7] - The intelligent logistics business is experiencing substantial growth, with over 7,000 AGVs deployed across various industries, indicating potential for a second growth curve for the company [8] Summary by Sections Financial Performance - In 2025H1, the company reported a revenue of 93.0 billion yuan and a net profit of 11.2 billion yuan, with gross margin at 22.0% and net margin at 12.6% [5] Market Position - The company is positioned as a leader in the lithium battery forklift market, with significant advancements in product offerings and market share [6] International Expansion - The company has expanded its global footprint, with a new production base in Thailand and over 20 overseas subsidiaries, enhancing its international strategy [7] Intelligent Logistics - The intelligent logistics segment is projected to grow significantly, with a forecasted increase in demand for unmanned forklifts, indicating a strong market opportunity [8] Earnings Forecast - The company’s projected net profits for 2025-2027 are 2.25 billion, 2.50 billion, and 2.82 billion yuan, respectively, with corresponding EPS of 1.71, 1.91, and 2.15 yuan [9][10]

Core Viewpoint - Anhui Heli achieved a net profit attributable to shareholders of 800 million yuan in the first half of the year, a year-on-year decrease of 4.6%, but the second quarter saw a net profit of 470 million yuan, an increase of 9.8% year-on-year and 47.4% quarter-on-quarter [1] Financial Performance - In the first half of 2025, the overseas market revenue reached 4.02 billion yuan, a year-on-year increase of 15.2%, with the revenue share rising to 43% [1] - The company maintained its market share as the number one in over 30 countries and regions [1] Business Segments - The company's three business segments: components, aftermarket, and smart logistics, experienced significant growth in the first half of 2025, with year-on-year increases of 16.4%, 15.3%, and 59.1% respectively [1] Strategic Initiatives - The company established a joint laboratory with Jianghuai Center to deepen its layout in robotics [1] - The rating for the company is maintained as "Buy" [1]

Core Viewpoint - Anhui Heli Co., Ltd. proposes a mid-year profit distribution plan for 2025, reflecting confidence in stable business performance and commitment to enhancing investor returns [1][3]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 939,032.28 million CNY, representing a year-on-year increase of 6.18% - The net profit attributable to shareholders was 79,623.77 million CNY, showing a decline of 4.60% compared to the previous year - In the second quarter (April to June), revenue reached 511,589.94 million CNY, with a growth of 9.89%, while net profit was 47,439.25 million CNY, increasing by 9.80% [1]. Profit Distribution Proposal - The company suggests a cash dividend of 1 CNY (including tax) for every 10 shares, totaling a distribution of 89,069,276.10 CNY based on a total share capital of 890,692,761 shares [1]. Corporate Governance Changes - The company plans to abolish the supervisory board and amend relevant articles in its articles of association to establish an audit committee within the board of directors, in compliance with regulatory requirements [3][4]. - The audit committee will assume the supervisory functions previously held by the supervisory board, including financial oversight and internal audit guidance [4][5]. - Amendments to the articles of association will include provisions for the rights and responsibilities of independent directors and the audit committee, ensuring compliance with the latest corporate governance standards [6][7].