Core Points - The stock of Forest Packaging (605500) closed at 9.29 yuan on November 4, 2025, with a market capitalization of 3.85 billion yuan, reflecting a 0.11% increase from the previous trading day [1] - The company announced that its wholly-owned subsidiary, Taizhou Forest Paper Co., Ltd., recovered 30 million yuan in principal and 75,500 yuan in earnings from a cash management product on November 3, 2025 [1] - The company is continuing to invest 20 million yuan of idle raised funds into a structured deposit product with a term of 24 days and an annualized yield of 1.00%-1.70% [1] - The board of directors approved the use of up to 70 million yuan of idle raised funds for cash management, valid for 12 months [1] - As of September 30, 2025, the company's cash and cash equivalents amounted to 141.39 million yuan, making the cash management amount represent 14.15% of the latest cash balance [1] - The sponsor, Everbright Securities, has no objections to this cash management activity [1]

Core Viewpoint - Anhui Heli Co., Ltd. is utilizing part of its temporarily idle raised funds for cash management through structured deposit products, aiming to enhance the efficiency of fund usage and generate investment returns while ensuring that the original investment projects remain unaffected [2][4][5]. Fund Management - On September 16, Anhui Heli announced the subscription of two structured deposit products from Industrial Bank, totaling 70 million yuan, which includes 60 million yuan for a 90-day deposit and 10 million yuan for a 61-day deposit [2][4]. - The company has purchased a total of 29 bank wealth management products in the past 12 months, utilizing 530 million yuan of the 750 million yuan limit for cash management [4]. Financial Performance - For the first half of 2025, Anhui Heli reported revenue of 9.39 billion yuan, a year-on-year increase of 6.18%, while net profit attributable to shareholders decreased by 4.60% to 796 million yuan [2][5]. - The company experienced a significant decline in net profit in the first quarter of 2025, but the second quarter showed a relative year-on-year growth [3][6]. Investment Projects - Anhui Heli raised 2.043 billion yuan through a public offering of convertible bonds in December 2022, with plans to invest in projects such as the manufacturing of new energy electric pallet trucks and the construction of an intelligent manufacturing factory [5]. - As of mid-2025, the company has invested 1.516 billion yuan in its planned projects, with progress rates of 64.76% for the high-end casting and processing base and 53.32% for the expansion of the hydraulic machinery base [5]. Market Position and Strategy - Anhui Heli is a leading player in the domestic forklift industry, maintaining the top position in China for 34 consecutive years and ranking seventh globally since 2016 [6]. - The company has seen a slowdown in revenue growth over the past three years, with growth rates of 1.66%, 10.76%, and 0.99% from 2022 to 2024, compared to higher growth rates in 2020 and 2021 [6]. - The company is expanding its overseas market presence, achieving a 23.08% increase in overseas sales, which accounted for 43% of total revenue [7].