（原标题：佛朗斯股份(2499.HK)荣获"年度成长价值奖"，战略转型驱动企业穿越周期） 2025年，佛朗斯股份(2499.HK)三大业务板块协同并进，成功实现公司向平台商的战略转型，并稳步推 进国际化布局，开启全球市场拓展的新征程，加速释放增长动能。 在近期揭晓的2025"金格奖·年度卓越公司"榜单中，佛朗斯股份斩获"年度成长价值奖"。该奖项的授予 不仅是对公司阶段经营成果和长期战略部署的充分肯定，也反映了市场对其未来成长潜力的坚定信心。 从商业模式迭代到生态闭环构建，佛朗斯走出了一条高质量的成长之路 佛朗斯股份(以下简称"佛朗斯")的成长路径并非依赖单一业务的规模扩张，而是源于其对行业趋势的精 准把握与战略转型的持续落地。 成立于2007年的佛朗斯，敏锐洞察行业趋势，持续推动战略转型，逐步从传统业务模式演进为"场内物 流设备运营管理平台商"，打造了"订用+维修+销售+智能管理"的一体化服务生态，从而构建起难以被 复制的综合竞争壁垒。 展望后市，全球场内物流设备需求或已进入上行通道，这将进一步推动佛朗斯业绩增长，以及估值修 复。 具体到业务方面，向轻资产智慧运营平台转型，是佛朗斯未来实现持续高增长的核心引擎 ...

Core Viewpoint - The financial performance of the company in the first half of 2025 demonstrates significant growth, with revenue reaching 856 million yuan, a year-on-year increase of 17.6%, and net profit of 50 million yuan, up 19.2%, indicating high-quality growth and a strengthened market position [1][2]. Financial Performance - The company achieved a revenue of 856 million yuan in the first half of 2025, reflecting a 17.6% year-on-year growth [1]. - Net profit reached 50 million yuan, marking a 19.2% increase compared to the previous year [1]. Business Segments Growth - All three main business segments showed significant growth: - In-house logistics equipment subscription services grew by 15.6% - Maintenance and repair services surged by 43.0% - Sales of logistics equipment and parts increased by 12.3% [4]. Strategic Initiatives - The company is transitioning to a light-asset smart operation platform, aiming to create a global leading B2B industrial and logistics equipment sharing ecosystem [5]. - The electric loader business has shown strong growth, with over 310 units managed and cumulative subscription service revenue exceeding 10 million yuan, achieving a gross margin above 60% [6]. - The establishment of a subsidiary in Indonesia marks the company's international expansion, with plans to replicate its successful business model in emerging markets like Vietnam, Thailand, and Malaysia [7]. Competitive Positioning - The company is enhancing its competitive edge through a "supply chain + operation management + terminal service" model, which is expected to solidify its market position and support sustainable development [7]. - The continuous expansion of equipment management and customer base reflects accelerated growth, with a year-on-year increase of 18.2% in managed equipment to 59,717 units and a 37.8% rise in service customers to 9,827 [9]. Operational Efficiency - The company is leveraging digital technologies to improve operational efficiency, with a focus on reducing costs and enhancing service delivery [10]. - The implementation of a remanufacturing system is expected to extend equipment lifespan and significantly reduce depreciation costs, thereby improving gross and net profit margins [11]. Financial Metrics - The company's return on assets (ROA) and return on equity (ROE) have improved to 1.30% and 4.19%, respectively, with earnings per share (EPS) rising to 0.14 yuan, a 19.2% increase [12]. Industry Outlook - The engineering machinery industry is experiencing structural growth opportunities, with forklift sales showing both domestic and export growth, which is expected to enhance profitability and boost company valuations [14].

Group 1 - The company reported a mid-year revenue of approximately RMB 856.2 million for 2025, representing a year-on-year growth of 17.6% [2] - The net profit for the period was approximately RMB 50.3 million, showing a year-on-year increase of 19.2% [2] - Revenue growth was observed across various segments, with the most significant increase in maintenance and repair services [2] Group 2 - The company's gross profit reached RMB 263.8 million, reflecting a year-on-year growth of 20.1% [2] - The gross margin improved to 30.8%, driven by enhancements in maintenance and repair service margins, contributions from new electric loader business, and the integration of the high-end brand Liziou (Shanghai) [2]

Core Insights - The company reported a revenue of approximately RMB 856.2 million for the six months ending June 30, 2025, representing a year-on-year growth of 17.6% [1] - The net profit for the same period was approximately RMB 50.3 million, reflecting a year-on-year increase of 19.2% [1] Revenue Breakdown - Revenue from in-house logistics equipment subscription services increased from approximately RMB 379.8 million to about RMB 438.8 million, a growth of 15.6% [1] - Revenue from maintenance and repair services rose from approximately RMB 85.6 million to about RMB 122.4 million, marking a significant increase of 43.0% [1] - Revenue from the sale of in-house logistics equipment and parts grew from approximately RMB 262.7 million to about RMB 295.1 million, an increase of 12.3% [1] Profitability Metrics - The company's gross profit for the first half of 2025 was RMB 263.8 million, showing a year-on-year growth of 20.1% [1] - The gross margin improved to 30.8% during this period [1] - Key drivers for the gross margin improvement included enhanced profitability in maintenance and repair services, significant contributions from the newly expanded electric loader business with a gross margin of 60%, and successful integration of the high-end brand "Liziou" in Shanghai [1]