Group 1: Company Overview - Tongli Co., Ltd. is a national-level manufacturing champion in the engineering machinery sector, integrating product research and development, design, production, sales, and after-sales service [2] - The main products include non-road wide-body dump trucks, non-road mining dump trucks, and underground mining vehicles, with a focus on both traditional fuel models and new energy models such as pure electric, hybrid, hydrogen fuel, and methanol fuel vehicles [2] - The company has expanded its market reach beyond domestic provinces to countries including Pakistan, Indonesia, Malaysia, Mongolia, Russia, Tajikistan, India, and the Democratic Republic of the Congo [2] Group 2: Market Position and Performance - Tongli Co., Ltd. holds an estimated market share of over 30% in the new energy and unmanned mining truck market, with an expected increase of 1-2 percentage points compared to last year [2] - The company’s products are priced slightly higher than competitors due to brand advantages, first-mover advantages, and recognized after-sales service capabilities, which customers accept despite the higher cost [2] - Customers prioritize long-term costs, including vehicle quality, failure rates, and after-sales service response times, rather than just purchase price [2] Group 3: Future Development and Strategy - The overseas promotion of unmanned and new energy mining trucks will be a gradual process, requiring a certain level of domestic implementation and operational data accumulation before entering foreign markets, which may be delayed by 1-3 years [3] - The company aims to enhance its brand image and reduce after-sales pressure by ensuring product maturity before international promotion [3] Group 4: Industry Insights and Investor Engagement - The "Investor Zero Distance" event aims to enhance communication between investors and companies listed on the Beijing Stock Exchange, improving investor understanding of company fundamentals and fostering a rational investment culture [4] - Participants expressed a deeper understanding of the innovative development achievements of companies listed on the Beijing Stock Exchange and the market investment value and opportunities available [3][4]

Core Viewpoint - The Chinese construction machinery industry is experiencing a strong recovery, driven by both domestic and international market demands, with significant growth in import and export trade figures [2][3]. Group 1: Industry Performance - In September 2025, China's construction machinery import and export trade reached $5.505 billion, a year-on-year increase of 29.1%, with exports accounting for $5.271 billion, up 29.6% [2]. - For the first three quarters of the year, the cumulative trade amount was $45.873 billion, reflecting a 12.8% year-on-year growth, with exports at $43.855 billion, up 13.3% [2]. - Excavator sales in September reached 19,858 units, a 25.4% increase year-on-year, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29%) [2]. Group 2: Market Drivers - The recovery in the construction machinery sector is attributed to the synchronization of domestic and international market demands, with equipment renewal cycles and large project initiations driving domestic demand [3]. - The "Belt and Road" initiative continues to boost infrastructure construction needs in partner countries, enhancing China's machinery exports [3]. - The demand for small excavators is growing due to urbanization and industrialization in "Belt and Road" countries, alongside domestic needs driven by agriculture and municipal projects [3]. Group 3: Stock Market Performance - On October 21, the A-share construction machinery sector saw a 2% increase in the industry index, with a net inflow of 1.394 billion yuan into the sector [3]. - Notable stock performances included Xugong Machinery and Tieshan Heavy Industry, with the latter rising by 7.14% [3]. Group 4: Company Valuations - Among 35 listed companies in the construction machinery sector, the median rolling price-to-earnings (P/E) ratio is 41.2 times, with 12 companies having P/E ratios below 20 times [4]. - Tongli Co. has the lowest rolling P/E ratio at 11.22 times, focusing on non-road dump trucks and mining vehicles [5]. Group 5: International Business Growth - In the first half of the year, 24 listed companies reported overseas business revenues totaling 84.685 billion yuan, a year-on-year increase of over 10% [5]. - Companies like Tuoshan Heavy Industry and Weibow Hydraulic reported significant growth in overseas revenues, with increases of 54.61% and 53.23%, respectively [5].

Core Viewpoint - Tongli Co., Ltd. is a leading high-tech enterprise specializing in the production of off-road transportation equipment, focusing on professional development and technological innovation to drive industry growth [2][3]. Group 1: Business Overview - The company has established four main business segments: off-road wide-body dump trucks, mining dump trucks, underground transportation equipment, and special off-road transportation equipment [3]. - The company has a market share of approximately 40% in the off-road wide-body dump truck sector, indicating strong brand recognition and customer loyalty [2]. Group 2: Financial Performance - In 2024, the company achieved a total revenue of 6.145 billion yuan, representing a year-on-year growth of 4.85% [3]. - The net profit attributable to shareholders reached 793 million yuan, up 29.03% year-on-year, while the net profit after deducting non-recurring gains and losses was 776 million yuan, reflecting a growth of 31.59% [3]. - The basic earnings per share were reported at 1.79 yuan, with a slight increase in profitability as the gross margin improved by 2.37 percentage points compared to the previous year [3]. Group 3: Shareholder Returns - The company maintains a high dividend payout ratio, proposing a cash dividend of 7 yuan per 10 shares for 2024, amounting to a total distribution of 317 million yuan [3]. - Since its listing in 2020, the cumulative cash dividends have reached 1.087 billion yuan, accounting for 57.98% of the net profit attributable to shareholders over the past three years [3]. Group 4: Future Development Strategy - The company plans to focus on the large-scale development of mining dump trucks to meet the demands of high-end users both domestically and internationally [5]. - There is a strong emphasis on developing new energy mining dump trucks and exploring autonomous driving technology for mining vehicles [5][6]. - The company has initiated long-term research on all-terrain rigid dump trucks and has successfully sold various models, including those with a load capacity of 90 tons and plans for a 136-ton electric model by the second half of 2025 [5][6]. Group 5: Technological Advancements - The company has integrated various technologies, including hybrid, extended-range, and pure electric drive technologies into its off-road dump trucks to meet the needs of green mining [6]. - Tongli Co., Ltd. has developed a comprehensive design capability for autonomous off-road vehicles, collaborating with leading companies in the autonomous driving sector to advance the deployment of unmanned mining vehicles [6][7]. - The company has launched a series of underground transportation equipment, covering a range of 15 to 40 tons, to address specific underground application scenarios [7].