本报记者陈红 12月8日晚间，徐州海伦哲专用车辆股份有限公司（以下简称"海伦哲"）发布公告称，公司拟使用自有 资金以集中竞价交易的方式回购公司部分人民币普通股（A股）股票，回购的股份计划用于实施员工持 股计划或股权激励。本次回购股份的资金总额不低于5000万元，不超过1亿元，回购价格不超过7.50元/ 股。 按回购价格上限7.50元/股测算，当回购资金总额为下限5000万元时，预计回购股份数量约为666.66万 股，占海伦哲目前总股本的0.66%；当回购资金总额为上限1亿元时，预计回购股份数量约为1333.33万 股，占公司目前总股本的1.32%，具体回购股份的数量以回购结束时实际回购的股份数量为准。本次回 购股份的实施期限自董事会审议通过本次回购股份方案之日起不超过12个月。 对于本次回购目的，公告显示，此举基于对公司未来发展前景的信心及对公司价值的高度认可，旨在进 一步健全长效激励机制，推动公司长远健康发展。 财务数据显示，截至2025年9月30日，海伦哲总资产26.39亿元、流动资产18.33亿元、归属于母公司股东 的净资产16.91亿元。按回购金额上限1亿元测算，回购资金占上述指标的比例分别为3.79 ...

Financial Data and Key Metrics Changes - The company reported a revenue of $511 million for Q2 2025, representing a 21% increase compared to 2024. Adjusted gross profit and adjusted EBITDA both grew by 17% to $157 million and $93 million, respectively [14][21]. - Average utilization of the rental fleet improved to just under 78%, up from 72% in Q2 2024, while average OEC on rent increased to over $1.2 billion, a 16% year-over-year rise [14][15]. Business Line Data and Key Metrics Changes - The ERS segment generated $170 million in revenue, up more than 23% from $138 million in Q2 2024, with significant increases in both rental revenue and rental asset sales [15][17]. - The PES segment achieved over $100 million in sales for two consecutive months, marking a historical milestone, with year-over-year sales growth exceeding 22% [8][17]. - The APS segment reported revenue of $38 million, reflecting a 3% increase year-over-year [19]. Market Data and Key Metrics Changes - Demand in core T and D markets remained strong, contributing to robust results across ERS and TES segments [6][12]. - Signed orders from local and regional customers increased by more than 45% year-over-year, driving overall signed order growth of just under 35% [9][18]. Company Strategy and Development Direction - The company plans to continue investing in its rental fleet to meet current and projected demand, with a focus on maintaining adequate equipment levels [8][16]. - The management expressed confidence in achieving expected growth targets for 2025, reaffirming revenue and adjusted EBITDA guidance [6][21]. Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains volatile but expressed optimism due to strong fundamentals and order flow [6][12]. - The company is closely monitoring legislative and regulatory changes, particularly regarding tariffs and emission standards, which are expected to have minimal impact on business this year [10][11][25]. Other Important Information - The company finished Q2 with net leverage of 4.66x, an improvement from the end of Q1, and aims to reduce net leverage to below three times by the end of fiscal 2026 [20][21]. - The company expects to generate meaningful levered free cash flow in 2025, targeting over $50 million [21]. Q&A Session Summary Question: Update on tariff impact for 2025 and quarterly cadence - Management indicated that the tariff impact will be minimal this year, with some costs expected to hit in Q3 and Q4, but overall, the business is well-managed regarding supply base [24][25]. Question: Concern regarding backlog decline - Management acknowledged the backlog decline but emphasized that revenue growth of 21% is a positive trend, with strong order volume still being observed [26][28].