Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The company is an active practitioner in developing "new - quality productivity," focusing on digitalization, intelligence, and greening, and will increase investment to maintain its technological leadership [23]. - In the African market, the company achieved a 75% year - on - year sales growth in the first half of 2025. It plans to upgrade its African business system, including establishing 2 - 3 subsidiaries, customizing products, and enhancing service capabilities [24]. - The company's intelligent manufacturing project meets the cost - reduction target, and the investment cost will be gradually recovered [25]. - The company's electric products have received good feedback, especially in special application scenarios, and customers focus on performance such as battery life, safety, and maintenance convenience [27]. - The company mainly uses transaction contract settlement designs to deal with exchange rate fluctuations and has little revenue reduction due to exchange rate changes [27]. - The company's pile drivers and drills' gross profit increased year - on - year in the first half of 2025, and the impact of steel prices on gross profit is relatively small [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Shanhe Intelligent [16] - Industry: Engineering machinery [16] - Reception time: September 15, 2025 [16] - Company reception staff: Chairman Fu Xiangdong, Independent Director Shi Shuiping, Deputy General Manager and Financial Controller Huang Zhongbo, and Board Secretary Wang Jian [16] 3.2. Detailed Research Institutions - The research institutions are all investors participating in the 2025 semi - annual collective investor meeting of Shanhe Intelligent (002097) - Guangzhou Industrial Investment Holding Group Co., Ltd. both on - site and online [17] 3.3. Research Institution Proportion There is no information provided regarding the research institution proportion. 3.4. Main Content Data - **Investor Q&A**: - **Digital and Green Transformation**: The company will elevate digital transformation and green development to the core of its corporate strategy, increasing R & D investment and introducing high - end talents to maintain technological leadership [23]. - **African Market Expansion**: With a 75% year - on - year sales growth in the African market in the first half of 2025, the company plans to establish 2 - 3 subsidiaries, customize products suitable for the African environment, and enhance service capabilities [24]. - **Battery Negative Material Application**: Currently, solid - state batteries have multiple technical routes and use different negative materials. Bobang Shanhe has technical reserves in the silicon - carbon negative electrode field [24]. - **Intelligent Manufacturing Project**: The intelligent manufacturing project is in line with the cost - reduction goal, and the investment cost will be gradually recovered [25]. - **Market Feedback on Electric Products**: The electric products developed by the company have received good feedback, especially in special application scenarios. Customers are more concerned about battery life, safety, and maintenance convenience [27]. - **Exchange Rate Impact**: The company has little revenue reduction due to exchange rate fluctuations and mainly uses transaction contract settlement designs to deal with exchange rate changes [27]. - **Gross Profit of Core Products**: In the first half of 2025, the gross profit of the company's pile drivers and drills increased year - on - year, and the impact of steel prices on gross profit is relatively small [27]. - **Product Strategy for European and American Markets**: The company's excavator segment is increasing the introduction of electric equipment products and has launched the pro - series rotary drilling rig products in Europe [28]. - **Supply Chain Management**: The company implements an AB - matching plan in supply chain management, locks in raw material prices in advance, and establishes strategic inventories to deal with raw material price fluctuations [29]