Core Viewpoint - The company reported a decline in gross margin in the first half of the year, primarily due to changes in the product sales structure, with a significant growth in low-margin rental products [1] Group 1: Financial Performance - The company's rental industry high-altitude operation vehicle products experienced rapid growth, but these products have a lower gross margin [1] - The subsidiary Shanghai Gelaman Fire Truck saw a significant increase in revenue year-on-year, but also contributed to a lower gross margin for the company [1] Group 2: Operational Efficiency - The company achieved good results in supply chain improvement, leading to continuous enhancements in production efficiency [1] - Cost reduction and efficiency enhancement efforts are expected to positively impact the company's net profit, with long-term benefits for high-quality development [1]

证券日报网讯海伦哲（300201）9月26日发布公告，在公司回答调研者提问时表示，公司是高空作业 车、高空作业平台、电源车、配电车、消防车等国家标准或行业标准主导起草单位，在高空作业车轻量 化、大高度、智能化、绝缘型不停电作业方面始终引领行业发展，在中高端市场占据主要地位。公司始 终坚持"技术领先型的差异化"发展战略，高空作业车等多项产品国内技术领先，已实现绝缘车国产替 代，同时也已成为国内产品种类多、功能全，解决方案完备的电力应急保障车系统提供商。公司全资子 公司格拉曼是国家认定的定点研发生产和销售消防车、军用特种车辆的企业，拥有百年历史，是我国消 防车行业的骨干企业，具有罐式类、举高类、特种类等消防车产品和特种应急救援、洗消类军用装备的 生产资质，目前拥有系列水罐泡沫消防车、抢险救援消防车、城市主战消防车、举高消防车、登高消防 车、其他特种消防车、消防机器人、各类特种应急救援、洗消装备等近百种型号的产品；在基础设施、 设备与研发、生产能力和检测试验条件等方面达到了国内同行业领先水平，具有年产各类装备2000余台 的能力。 ...

投资者关 系活动类 别 特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 现场参观 □其他（请文字说明其他活动内容） 调研单位 名称 东北证券 中新融创资本管理有限公司 浙商证券 国信天空(广东)投资有限公司 东方财富 云南信托 睿林资本 国弘资本 长盛基金 南京璟恒投资管理有限公司 平安基金 杭州象树资产 华商基金 宁波英领投资 华夏基金 杭州猎户星投研 优益增投资 宁波知远投资管理有限公司 个人投资者 四川富邦金马资产管理有限公司 时间 2025 年 9 月 25 日 15:00-17:00 地点 徐州海伦哲专用车辆股份有限公司会议室及厂区 上市公司 接待人员 董事兼总经理尹亚平；董事兼副总经理陈慧源； 副总经理兼董事会秘书张延波；证券专员 魏海如 徐娜 投资者关 系活动主 要内容介 绍 一、副总经理兼董事会秘书张延波先生介绍公司基本情况。 （一）公司基本情况 1、简要历程 海伦哲成立于 2005 年，2011 年于创业板上市，为高空作业车行业第一家 上市公司。公司于 2012 年收购上海格拉曼国际消防装备有限公司，进入军品及 消防车领域。公司注册资本 10.09 亿元。 1 ...

Summary of Oshkosh (OSK) 2025 Conference Call Company Overview - Oshkosh is a global industrial technology company with approximately $11 billion in revenue and around 18,000 employees [3][4] - The company focuses on providing machinery for challenging jobs, with a strategy centered on innovation, service, and advancement [4][10] Key Segments 1. **Access Segment** - Produces equipment for working at heights, including booms and telehandlers [5] - Revenue guidance for this segment is projected at $4.4 billion, down about 15% from the previous year [39] - Demand is mixed due to construction market uncertainties, with strong demand from data centers and mega projects but weakness in non-residential construction [20][39] 2. **Vocational Segment** - Includes fire trucks, refuse vehicles, and airport products [6] - Strong demand driven by aging fleets and funding from the CARES Act, leading to a significant backlog [23][24] - Capacity expansions are focused on intelligent manufacturing improvements to address backlog [29] 3. **Transport Segment** - Involves vehicles for the US Postal Service and the Department of Defense [7] - Margin expansion expected due to new contracts with economic price adjustment clauses, improving from a 2.5% margin in 2024 to a projected 10% by 2028 [59][61] Financial Projections - Oshkosh anticipates a 7-10% annual compound growth rate for revenue from now until 2028 [8] - Operating income is expected to increase from 10% to 14%, and EPS is projected to rise from $11 to between $18 and $22 per share [9][10] - Cash conversion is targeted to exceed 90% through the cycle from 2025 to 2028 [9] Tariffs and Economic Impact - Recent tariffs on steel components are expected to have a delayed impact, with no material effect anticipated in Q3 but potential effects in Q4 [14][15] - Demand across segments is affected differently by tariffs, with the transport and vocational segments showing resilience [16][18] Capacity and Production - The company is investing in capacity expansions to meet increased demand, particularly in the vocational segment [29] - Intelligent capacity actions include automation and ergonomic improvements to enhance production efficiency [29][33] Market Dynamics - The fire truck market is experiencing a peak due to increased orders and funding, with lead times extending to 2028 for custom orders [26][32] - The refuse vehicle market is also growing due to aging fleets and technological upgrades [35][37] Strategic Acquisitions - The acquisition of AeroTech is seen as a strategic move to expand into the airport machinery market, with potential for international growth [73][78] - The integration of AeroTech is expected to yield operational efficiencies and cost savings [77][78] Conclusion - Oshkosh presents a compelling investment thesis with strong growth prospects across its segments, driven by strategic initiatives, market demand, and operational efficiencies [10][11]

Core Viewpoint - The company aims to achieve significant growth in its operational performance and establish itself as a leading enterprise in the special intelligent equipment manufacturing industry by 2025 [3][26]. Company Overview and Financial Indicators - The company reported a revenue of approximately 802.88 million yuan for the first half of 2025, representing a 53.86% increase compared to the same period last year [2]. - The net profit attributable to shareholders was approximately 63.10 million yuan, a 29.25% increase year-on-year [2]. - The basic earnings per share increased by 71.43% to 0.0888 yuan [2]. Industry Situation - The demand for special vehicles, such as aerial work vehicles and emergency response vehicles, is expected to grow steadily due to ongoing urban infrastructure development and the need for reliable power supply [3][4]. - The special vehicle industry is characterized by diverse customer needs, high technical barriers, and seasonal demand patterns [4][5]. Company Position in the Industry - The company is recognized as a leading provider of high-altitude operation vehicles in China, with a comprehensive product range and established market position [5][6]. - The company has developed a full series of emergency drainage vehicles and is continuously enhancing its product competitiveness through innovation [5][6]. Main Products - The company offers a wide variety of high-altitude operation vehicles, including insulated aerial work vehicles and customized special equipment for various industries [8][9]. - The product lineup includes emergency power supply vehicles, which are tailored for electricity, communication, and municipal emergency supply operations [10][11]. Business Model - The company employs a business model that combines customized production with predictive batch production to meet market demands efficiently [20][21]. - The sales strategy focuses on major clients in the electricity, municipal, and emergency rescue sectors, leveraging technological advantages to meet specific customer needs [21][22]. Key Developments in the First Half of 2025 - The company has made significant progress in research and development, launching new products such as high-altitude insulated vehicles and emergency drainage vehicles [23][24]. - The company has seen a surge in orders for electric power emergency vehicles, indicating strong market demand [24]. Competitive Advantages - The company maintains a strong market position due to its comprehensive product range, technological innovation, and solid customer relationships [26]. - The subsidiary, Graman, is a well-established player in the fire truck industry, enhancing the company's competitive edge in emergency response equipment [26].

Group 1 - The core point of the news is that Shanghai Dinghang Huiheng Enterprise Consulting Partnership has pledged a total of 17.6 million shares of Helen Zhe, accounting for 1.76% of the total share capital [1] - The details of the share pledge include two transactions of 8.8 million shares each, both representing 15.7% of the shareholder's holdings and 0.88% of the total share capital, with pledge start dates on July 29, 2025, and August 6, 2025 [1] Group 2 - Helen Zhe's Q1 2025 financial report shows a main revenue of 346 million yuan, an increase of 54.8% year-on-year [2] - The net profit attributable to the parent company is 28.64 million yuan, up 26.71% year-on-year, while the net profit after deducting non-recurring gains and losses is 28.50 million yuan, an increase of 40.66% year-on-year [2] - The company's debt ratio stands at 36.21%, with investment income reported at -541,800 yuan and financial expenses at 245,000 yuan, while the gross profit margin is 29.63% [2] - Helen Zhe primarily engages in the research, development, production, sales, and service of special vehicle products, including aerial work vehicles, emergency power supply vehicles, drainage rescue vehicles, fire trucks, and military specialized vehicles [2]

Group 1 - The stock price of Weihai Guangtai closed at 10.92 yuan on August 5, 2025, down 0.09% from the previous trading day, with a trading volume of 107,629 hands and a transaction amount of 117 million yuan [1] - Weihai Guangtai is primarily engaged in the research and production of airport ground equipment, firefighting equipment, and special vehicles, with products including airport container/loading platforms, aircraft towing vehicles, fire trucks, and emergency rescue equipment [1] - In the first half of 2025, the company reported an operating income of 1.425 billion yuan, a year-on-year increase of 10.91%, but the net profit attributable to shareholders was 83 million yuan, a year-on-year decrease of 22.41% [1] Group 2 - The decline in net profit is attributed to lower gross margins on delivered orders and a decrease in foreign exchange gains [1] - The company announced that the first phase of its employee stock ownership plan, involving 7.61 million shares, has been fully sold [1] - On August 5, the net outflow of main funds was 8.7508 million yuan, with a cumulative net outflow of 28.5047 million yuan over the past five days [1]

Core Viewpoint - Oshkosh reported strong adjusted earnings per share for Q2 2025, but faced challenges in revenue and backlog, particularly in the Access segment, while management raised full-year earnings guidance due to improved cost visibility and execution [1][5][11] Financial Performance - Adjusted earnings per share (non-GAAP) were $3.41, exceeding estimates by $0.46, while GAAP revenue was $2.73 billion, down 4.2% year-over-year [2][5] - Operating income (GAAP) increased by 11.8% to $291.7 million, and net income (GAAP) rose 21.5% to $204.8 million [2] - The Vocational segment saw a 15.0% increase in sales to $969.7 million, with operating income jumping 38.3% [6] - The Access segment experienced a 10.7% decline in sales to $1,256.0 million, with backlog dropping over 60% [7] Segment Analysis - The Transport segment's sales fell 16.2% to $479.1 million, but backlog grew to $6.7 billion, indicating future security [8] - Key product launches included new electric vehicles and a micro-sized scissor lift, reflecting the company's focus on innovation and sustainability [9][10] Strategic Outlook - Management raised full-year adjusted earnings guidance to approximately $11.00 for fiscal 2025, with GAAP earnings per share expected at $10.25 and sales projected at $10.6 billion [11] - The company is implementing cost-cutting measures and tariff mitigation efforts, anticipating less impact from tariffs than previously expected [11][12]

Company Overview - Helen Zhe was established in 2005 and became the first listed company in the aerial work vehicle industry in 2011 [1] - The company has a registered capital of 1.009 billion CNY [1] Main Business - Key products include aerial work vehicles, emergency power supply vehicles, emergency drainage vehicles, fire trucks, and military special vehicles [2] - The company leads in lightweight, high-altitude, intelligent, and insulated aerial work vehicles, achieving domestic substitution for insulated arms [2] - It has developed the world's largest 3000 kW vehicle-mounted power generation equipment, maintaining a leading position in the industry [2] Achievements and Awards - The company has received multiple awards, including 2 National Science and Technology Progress Awards and 1 China Patent Excellence Award [2] - The emergency drainage equipment has a capacity ranging from 500 to 6000 cubic meters per hour, providing comprehensive solutions for urban flood control [3] Strategic Planning (2023-2025) - The company aims to achieve a fourfold increase in operating performance by 2025, with net profit growth targets of 175%, 285%, and 439% for 2023, 2024, and 2025 respectively [5] Financial Performance - In 2024, the company achieved a revenue of 1.591 billion CNY, a year-on-year increase of 17.69%, and a net profit of 224 million CNY, up 8.64% [6] - In the first half of 2025, revenue is expected to grow by approximately 50%, with net profit between 78 to 88 million CNY, reflecting a year-on-year increase of 52.35% to 71.88% [6] Key Initiatives in 2025 - Focus on R&D to maintain technological leadership, including the development of high-altitude insulated vehicles and all-terrain insulated platforms [8][9] - Expansion of the rental market for aerial work vehicles, with sales in the first half of 2025 approaching the total for 2024 [10] - Improvement in supply chain efficiency, increasing production capacity from 8 to 10 units per day for rental vehicles [11] Strategic Partnerships - A strategic cooperation agreement was signed with China Aneng Group for emergency equipment development and market expansion [14] Cash Dividends - In June 2024, the company distributed a cash dividend of 0.3 CNY per 10 shares, totaling 29.85 million CNY [15] Market Expansion - The company is actively expanding into international markets, with new export orders of approximately 30 million CNY by June 30, 2025 [18] Industry Position - The fire truck market is estimated at 10 billion CNY annually, with growth expected due to increasing safety demands and natural disasters [23]

Group 1 - The article discusses the irreconcilable conflict between Trump's policies aimed at revitalizing American manufacturing and reducing trade deficits, and the long-term bullish outlook for U.S. stocks, bonds, and the dollar that Wall Street anticipates [3][41] - Trump's imposition of high tariffs has led to significant declines in U.S. stocks, bonds, and the dollar, marking the worst performance for these assets compared to previous presidents [4][9] - Despite the increasing trade deficit, U.S. households and businesses have seen their wealth rise, indicating that the U.S. has been a major beneficiary of global trade [6][18] Group 2 - The article highlights that Trump's second term has already seen five instances of simultaneous declines in stocks, bonds, and the dollar, a stark contrast to previous administrations [7][9] - The long-term decline of U.S. bonds is attributed to rising government debt and the resurgence of inflation, exacerbated by Trump's tariff policies [11][12] - The article emphasizes that Trump's goal of reducing the trade deficit through tariffs could backfire, as it may lead to less foreign investment in U.S. assets, which has historically supported the stock and bond markets [18][34] Group 3 - The article points out that the current economic model, which has benefited Wall Street, relies on a global division of labor that has allowed for low-cost imports, thus keeping inflation in check and increasing purchasing power [24][26] - It argues that if Trump succeeds in bringing manufacturing back to the U.S., it could lead to higher production costs and negatively impact corporate profits, resulting in a return to the lackluster market performance seen before 1980 [26][41] - The article also discusses the implications of high tariffs on domestic industries, using the example of the firefighting equipment market, where prices have soared due to reduced competition [28][30] Group 4 - The article concludes that Trump's approach to trade and tariffs is fundamentally at odds with the interests of Wall Street, which thrives on the current economic structure that promotes globalization and low-cost imports [41] - It suggests that a shift towards free trade and cooperation with global partners, along with internal reforms to support manufacturing workers, would be more beneficial for the U.S. economy [41]