Summary of Anhui Heli Conference Call Company Overview - **Company**: Anhui Heli - **Industry**: Industrial Vehicles and Intelligent Logistics Key Points Business Growth and Orders - Anhui Heli has seen an increase in orders for casting parts used in ground launch equipment for rockets, benefiting from the demand for consumables due to the frequent use of reusable rockets, with one-time bulk orders reaching millions [2][4] - The industrial vehicles and intelligent logistics sectors are expected to grow rapidly, with a year-on-year growth rate exceeding 50% in 2026, and international business performance is strong, particularly in South America and Europe, with an expected overseas growth of 15%-20% in 2026 [2][6] Market Dynamics - The domestic market is experiencing structural changes due to the development of electric and intelligent vehicles, providing positive highlights for Anhui Heli's steady progress, although risks such as foreign exchange losses and RMB appreciation need to be monitored [2][6] - The company has increased its hedging limit to USD 400 million to mitigate the impact of RMB appreciation on export business [2][7] Currency and Hedging Strategies - Approximately 60%-70% of Anhui Heli's export business is settled in USD, making it vulnerable to RMB appreciation, which pressures gross margins. The company has implemented measures such as accelerating currency settlement and locking in exchange rates [7] Raw Material Costs - The company uses a limited amount of copper and aluminum, which mitigates the impact of rising copper prices. The increase in lithium hexafluorophosphate prices has resulted in a cost pressure of about 1% on battery costs, which the company manages through negotiations with upstream suppliers [8] Subsidiary Integration - Anhui Heli plans to gradually integrate its subsidiaries into the listed company framework in 2026, with no significant new expectations at this time [9] Revenue Projections - The company anticipates stable growth in its main business for 2026, with a target of over 15% growth in overseas markets. The intelligent business segment is projected to achieve revenues of approximately RMB 1 billion in 2025, with signed orders of about RMB 1.3-1.4 billion, aiming for over RMB 1.4 billion in 2026, representing a year-on-year growth of 40%-50% [3][10] Intelligent Product Development - Anhui Heli has launched industrial intelligent forklifts and robots, collaborating with companies like JAC Motors. These products utilize an integrated system with the company's intelligent logistics system, enhancing efficiency and cost control, leading to rapid promotion [11][12]