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Summary of the Conference Call for Tongli Co., Ltd. Company Overview - **Company**: Tongli Co., Ltd. - **Date**: August 28, 2025 Key Points Industry and Market Dynamics - **Seasonal Impact**: Tongli's revenue is significantly affected by seasonal factors, with Q1 being peak season and Q2-Q3 being slower. Recent years have seen changes due to economic conditions, mining operations, and policy impacts, leading to notable revenue fluctuations [2][4][8]. - **Coal Industry Outlook**: Short-term coal demand is under pressure due to economic downturns, but mid to long-term growth is expected driven by the promotion of new energy vehicles and autonomous driving technology [3][19]. - **Domestic vs. Overseas Market Performance**: Domestic market growth was 12% in H1 2025, exceeding expectations, while overseas growth was only 10%, falling short of the target due to issues in Russia and Indonesia [9][10]. Financial Performance - **Revenue and Sales**: In H1 2025, revenue increased by 12% year-on-year, despite a 10% decline in sales volume due to insufficient open-pit coal mining operations and economic slowdown. The increase in revenue was attributed to higher unit prices from investments in new energy and autonomous vehicles [2][8]. - **Net Cash Flow**: The company reported a negative operating cash flow of 600 million due to accounting treatment of bank acceptance bills, which were not included in the cash flow statement [5][6]. - **Debt Management**: The debt ratio decreased from 59% to 56% as the company adjusted payment schedules to suppliers [11]. Product and Sales Insights - **Sales Composition**: In H1 2025, approximately 2,700 vehicles were sold, with new energy vehicles accounting for 55% of sales, a significant increase from 25% the previous year. Traditional fuel vehicles still dominate the overseas market [12][29]. - **Autonomous Vehicle Development**: The penetration of autonomous vehicles is increasing, with over 3,000 units in use. The company focuses on hardware development while collaborating with partners for software [13][14][23]. Strategic Initiatives - **Response to Market Challenges**: To address challenges in overseas markets, Tongli is exploring transshipment trade through Central Asia and partnerships with international mining giants [10][21]. - **Future Growth Projections**: The company maintains a positive outlook for both domestic and international markets, expecting average annual growth rates of 11% to 20% in the coming years [24][22]. Additional Considerations - **Impact of New Energy Vehicles**: The gross margin for new energy vehicles is higher than traditional fuel vehicles, with margins around 25-26% compared to 16-17% for fuel vehicles [29][30]. - **After-Sales Service**: Currently, after-sales service contributes little to revenue, but future developments in new energy and autonomous technology may increase reliance on after-sales support [36]. Conclusion Tongli Co., Ltd. is navigating a complex market landscape with strategic adjustments to its operations and product offerings. The company is well-positioned to capitalize on the growing demand for new energy and autonomous vehicles while managing the challenges posed by economic fluctuations and international market dynamics.

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].