总部位于安徽滁州市的明光浩淼安防科技股份公司（简称"浩淼科技"）是一家深耕在应急救援装备领域 多年，拥有自主知识产权、核心技术的科技型企业，主要从事各类消防车、警用特种车辆以及真火训练 设备的研发、设计、制造、销售及服务。 "我们希望通过创新和智造让救援变得更加安全高效。"浩淼科技董事长倪军在接受新京报贝壳财经记者 专访时表示。 浩淼科技董事长倪军在接受新京报贝壳财经记者采访。企业供图 工业消防救援装备领跑者持续科技创新 ，承担国家级研发项目 从一个校办集体企业成长为国家级专精特新小巨人企业，成为北交所首批上市公司，一路走来，浩淼科 技始终把科技创新、产品品质放在企业经营管理第一位。 浩淼科技于2021年11月在北京证券交易所（简称"北交所"）上市。北交所上市为浩淼科技带来了多维度 的发展机遇，在品牌影响力、产能建设与融资能力三大领域实现"质"的飞跃，为长期可持续发展注入强 劲动力，推动企业迈向高质量发展新阶段。 技术研究及应用项目通过了国家中期验收。目前其他国家级科研项目也正在有序推动中。 截至今年9月底，公司拥有183项专利，其中发明专利38项。数据显示，今年前三季度研发费用较上年同 期增长接近40 %， ...

Core Viewpoint - The provincial fire rescue team conducted a cross-regional testing exercise in Dalian to enhance firefighting capabilities in the petrochemical sector, involving multiple teams and advanced technology [1] Group 1: Exercise Overview - The exercise involved 245 firefighters, 50 fire trucks, 5 robots, and 8 drones from Dalian and Yingkou [1] - The testing was divided into two phases: "live-action training + real scene testing" [1] Group 2: Live-Action Training Phase - The live-action training simulated an explosion and fire at a petrochemical enterprise, utilizing three chemical teams categorized as "2 heavy 1 light" [1] - Four units were established for the training: offensive firefighting, cooling and controlling fire, communication support, and logistical support [1] - A total of 12 training subjects were conducted, focusing on close-quarters firefighting and robot-assisted operations [1] Group 3: Real Scene Testing Phase - The real scene testing simulated actual fire scenarios, focusing on four aspects and seven subjects for comparative testing [1] - The aim was to enhance the operational effectiveness of vehicles and equipment in combating complex petrochemical fires [1] Group 4: Future Plans - The provincial fire rescue team plans to improve training content based on the test results, enhancing the firefighters' ability to utilize extinguishing agents and equipment effectively [1] - The goal is to further elevate the level of petrochemical fire response capabilities [1]

Core Viewpoint - Terex plans to exit the aerial work platform business and merge with REV Group, which specializes in manufacturing specialty vehicles such as fire trucks and ambulances [1][3]. Financial Performance - In Q3 2025, Terex reported sales of $1.4 billion, up from $1.2 billion in the same period last year, driven by strong demand for refuse collection vehicles, multifunctional vehicles, parts, services, and digital solutions [4]. - The ESG segment saw a 13.6% increase in sales, reaching $435 million, while the aerial work platform segment experienced a 13.2% decline in sales to $537 million due to decreased sales volume, unfavorable customer mix, and tariff resistance [4]. - The material handling segment's sales fell by 6.1% year-over-year to $417 million, although growth in the aggregate business in North America, Europe, and India offset declines in concrete and crane businesses [4]. Strategic Moves - Terex is seeking strategic options to exit the aerial work platform segment, potentially selling its Genie business to reduce exposure to cyclical end markets [3][4]. - The company aims to become a diversified leader in emergency, sanitation, utility, environmental, and material handling equipment markets, which are characterized by low cyclicality, resilient demand, and strong long-term growth prospects [4]. Merger Details - The aerial work platform business is expected to generate approximately $2 billion in revenue for Terex in 2025, with total group sales projected at $5.4 billion [5]. - Following the merger, the combined sales of Terex and REV Group (excluding the aerial work platform) are expected to reach $5.8 billion in 2025 [5]. - Terex CEO Simon Meester will lead the merged company, which aims to create a large, diversified industrial leader by integrating complementary business portfolios [7]. - Post-merger, Terex shareholders will own 58% of the new entity, while REV Group shareholders will hold 42% [7].

Summary of Terex and REV Group Merger Conference Call Company and Industry - **Companies Involved**: Terex Corporation (NYSE:TEX) and REV Group - **Industry**: Specialty Equipment Manufacturing Key Points and Arguments 1. **Merger Announcement**: Terex and REV Group announced a merger to create a large-scale specialty equipment manufacturer focused on resilient and growing end markets [2][7][33] 2. **Financial Performance**: Terex reported earnings of $1.5 EPS on sales of $1.4 billion with a cash conversion of 200% for Q3 2025, maintaining its full-year outlook [6][10] 3. **Shareholder Structure**: Post-merger, Terex shareholders will own 58% and REV shareholders 42% of the combined company, with REV shareholders receiving $425 million in cash [8][9] 4. **Exit from Aerial Segment**: Terex plans to exit its Aerial segment, which is expected to reduce exposure to cyclical markets and enhance the financial profile of the combined company [10][32] 5. **Projected Financials**: The merged company is expected to achieve a mid-teens adjusted EBITDA margin in fiscal 2025, with a strong balance sheet and approximately 2.5 times leverage [10][14] 6. **Synergy Goals**: The merger aims to deliver at least $75 million in annual synergies, with half expected to be realized within the first year [9][29] 7. **Market Focus**: Approximately 85% of the combined revenue will be generated in North America, with a balanced portfolio across specialty vehicles, environmental solutions, and materials processing [15][16] 8. **Growth Drivers**: Key growth drivers include urban expansion, infrastructure spending, and upgrades to the U.S. power grid, with significant opportunities in the utilities market [18][24][25] 9. **Digital Solutions**: The Third Eye digital platform is expected to enhance situational awareness for emergency responders, creating additional revenue streams [31][60] 10. **Backlog Information**: REV Group has a backlog of approximately $4.5 billion, primarily in the specialty vehicles segment, with a duration of 2 to 2.5 years [109][110] Other Important Content 1. **Cyclical Market Reduction**: The merger is designed to create a less cyclical earnings profile, reducing reliance on construction markets [32][98] 2. **Operational Integration**: Both companies will leverage their operating systems to drive efficiencies and improve margins across their combined operations [27][92] 3. **Market Resilience**: The combined company will focus on essential services, with nearly 60% of revenue tied to emergency vehicles and waste collection, which are less affected by economic fluctuations [17][22] 4. **Future Outlook**: The management expressed confidence in the growth potential of the combined entity, emphasizing the importance of strategic integration and synergy realization [39][49] This summary captures the essential details and strategic insights from the conference call regarding the merger between Terex and REV Group, highlighting the anticipated benefits and market positioning of the combined company.

Core Viewpoint - Sany Heavy Industry (06031.HK) plans to globally offer approximately 580 million H-shares, with a pricing range of HKD 20.30-21.30 per share, aiming to raise around HKD 119.26 billion in net proceeds from the offering [2][11]. Group 1: Offering Details - The company will offer 58.04 million shares in Hong Kong and approximately 522 million shares internationally, with the subscription period from October 20 to October 23, 2025, and the expected pricing date on October 24, 2025 [2]. - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 758 million (or about HKD 58.99 billion) based on a mid-range price of HKD 20.80 per share [2][3]. Group 2: Company Overview - Founded in 1994, Sany Heavy Industry is a leading global player in the engineering machinery industry, focusing on the research, manufacturing, sales, and service of a full range of construction machinery products [4]. - According to Frost & Sullivan, Sany is the third-largest engineering machinery company globally and the largest in China, with products sold in over 150 countries and regions [4][5]. Group 3: Financial Performance - For the fiscal year 2024, the company reported a total revenue of RMB 783.83 billion, with overseas revenue contributing RMB 488.62 billion, accounting for 62.3% of total revenue [10]. - The company's net profit for 2024 was RMB 60.93 billion, reflecting a growth from RMB 46.06 billion in 2023 [10]. Group 4: Research and Development - Sany Heavy Industry has invested significantly in R&D, with a cumulative expenditure of RMB 18.168 billion, and maintains 21 R&D centers globally [9]. - The company has established two "lighthouse factories" certified by the World Economic Forum, showcasing its commitment to innovation and smart manufacturing [9]. Group 5: Global Expansion - The company has established eight overseas regions and 31 country-level platforms, employing 6,784 overseas staff to better understand local market needs [7]. - Sany's overseas sales network includes approximately 1,900 outlets and 425 dealers across about 100 countries, enhancing its global marketing and service capabilities [7][11].

Core Viewpoint - Sany Heavy Industry Co., Ltd. has officially launched its IPO process, with a pricing date set for October 24 and expected listing on October 28, aiming to list on the main board of the Hong Kong Stock Exchange [1] Group 1: IPO Details - The total number of shares to be offered globally is 580,424,600 H-shares, subject to adjustments and the exercise of the over-allotment option [1] - The number of shares available for public offering in Hong Kong is 58,042,600 H-shares, which may be reallocated [1] Group 2: Company Overview - Sany Heavy Industry is a leading global enterprise in the engineering machinery industry, focusing on the R&D, manufacturing, sales, and service of a full range of engineering machinery products, including excavators, concrete machinery, cranes, pile machinery, and road machinery [1] - The company boasts a diversified product matrix that meets various operational needs of customers, covering major categories such as excavators, concrete machinery, cranes, pile machinery, and road machinery, as well as rapidly developing products like dump trucks and fire trucks [1] Group 3: Innovation and Market Position - Sany Heavy Industry is at the forefront of the digital and low-carbon transformation in the engineering machinery sector, continuously driving product innovation to respond to customer demands and seize market growth opportunities [1] - In 2024, the company plans to launch over 40 new energy products, including excavators, loaders, and pump trucks [1] - The company has developed comprehensive solutions for various scenarios, such as intelligent solutions for open-pit mining, foundational construction solutions for pump trucks, smart operation solutions for cranes, intelligent tunnel construction solutions, and smart paving solutions [1]

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]

Core Viewpoint - The company, Helen Zhe (300201), is a leading player in the high-altitude work vehicle and platform industry, emphasizing technological advancement and differentiation in its product offerings [1] Group 1: Company Overview - The company is a key drafting unit for national and industry standards related to high-altitude work vehicles, power supply vehicles, and fire trucks [1] - It maintains a leading position in the mid-to-high-end market, focusing on lightweight, high-altitude, intelligent, and insulated non-power-off operations [1] - The company has achieved domestic technological leadership in several products, including insulated vehicles, and has become a comprehensive provider of emergency power supply vehicles [1] Group 2: Subsidiary and Product Range - The wholly-owned subsidiary, Gelaman, is recognized for its research, production, and sales of fire trucks and military special vehicles, boasting a century-long history [1] - Gelaman produces a wide range of fire truck models, including water tank foam fire trucks, rescue fire trucks, and various special emergency rescue equipment [1] - The subsidiary has the capacity to produce over 2,000 units of various equipment annually, demonstrating its leading position in infrastructure, equipment, and testing capabilities within the industry [1]

Company Overview - Helen Zhe was established in 2005 and became the first listed company in the aerial work vehicle industry in 2011, with a registered capital of 1.009 billion yuan [1] - The company acquired Shanghai Gelaman International Fire Equipment Co., Ltd. in 2012, entering the military and fire truck sectors [2] Main Business and Products - 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 a full range of emergency drainage rescue equipment, with drainage capacities from 500 to 6000 cubic meters per hour [3] Strategic Planning (2023-2025) - The company aims to achieve a net profit growth rate of 175%, 285%, and 439% for 2023, 2024, and 2025 respectively, compared to 2022 [5] - The strategic focus is on high-end intelligent equipment manufacturing, with a dual drive of domestic and international market expansion [5] Financial Performance - In 2024, the company achieved a revenue of 1.591 billion yuan, a year-on-year increase of 17.69%, and a net profit of 224 million yuan, up 8.64% [6] - In the first half of 2025, revenue reached 803 million yuan, a growth of approximately 54%, with a net profit of 84 million yuan, up 63% [6] Key Initiatives in 2025 - Increased R&D investment to maintain technological leadership, including the development of high-altitude insulated vehicles and all-terrain platforms [8][9] - Innovative sales strategies led to a significant increase in rental market sales, with orders for insulated vehicles exceeding 100 units [10] - Supply chain improvements resulted in enhanced production efficiency, increasing daily production capacity from 8 to 10 units [11] Strategic Partnerships and Collaborations - A strategic cooperation agreement was signed with China Aneng Group for emergency equipment development and market expansion [14] - The company completed the sale of 100% equity in Shanghai Liangji, generating approximately 22 million yuan in investment income [12] International Market Expansion - In the first half of 2025, overseas orders reached 30 million yuan, significantly exceeding the previous year's total, with international revenue accounting for 2.24% of total revenue [23] Research and Development - R&D investment as a percentage of revenue was 4.33%, 3.73%, and 4.08% for 2022-2024, with 15% of employees in R&D roles [24] - The company is actively developing products for the solid-state battery sector, with a 89% increase in new orders related to energy storage [28] Industry Position - The company is a leading entity in the aerial work vehicle and emergency power supply vehicle sectors, actively participating in drafting national and industry standards [33] - Shanghai Gelaman is recognized as a key player in the fire truck industry, with a comprehensive range of products and strong market competitiveness [34]

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]