12月25日，恒立液压盘中上涨2.01%，截至13:10，报106.80元/股，成交4.99亿元，换手率0.35%，总市 值1432.00亿元。 资金流向方面，主力资金净流入4340.75万元，特大单买入3942.29万元，占比7.91%，卖出2746.41万 元，占比5.51%；大单买入1.31亿元，占比26.23%，卖出9934.86万元，占比19.92%。 恒立液压今年以来股价涨106.30%，近5个交易日涨1.71%，近20日涨5.35%，近60日涨14.79%。 资料显示，江苏恒立液压股份有限公司位于江苏省常州市武进高新区龙潜路99号，成立日期2005年6月2 日，上市日期2011年10月28日，公司主营业务涉及高压油缸的研发、生产和销售。主营业务收入构成 为：液压油缸50.70%，液压泵阀及马达38.16%，配件及铸件7.28%，液压系统3.16%，其他(补 充)0.69%。 恒立液压所属申万行业为：机械设备-工程机械-工程机械器件。所属概念板块包括：工程机械、盾构 机、机械、丝杠、百元股等。 截至9月30日，恒立液压股东户数3.69万，较上期减少15.76%；人均流通股36379股，较上期增加 ...

Core Viewpoint - Hengli Hydraulic's stock has shown significant growth this year, with a year-to-date increase of 107.59%, despite a slight decline in the last five trading days [1]. Financial Performance - For the period from January to September 2025, Hengli Hydraulic achieved a revenue of 7.79 billion yuan, representing a year-on-year growth of 12.31%. The net profit attributable to shareholders was 2.09 billion yuan, reflecting a year-on-year increase of 16.49% [2]. - The company has distributed a total of 6.18 billion yuan in dividends since its A-share listing, with 3.11 billion yuan distributed in the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period. The average number of circulating shares per shareholder increased by 18.70% to 36,379 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 118 million shares, an increase of 15.19 million shares from the previous period [3].

Core Viewpoint - Hengli Hydraulic's stock price has shown significant volatility, with a year-to-date increase of 103.65%, but a recent decline of 4.67% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Financial Performance - For the period from January to September 2025, Hengli Hydraulic reported a revenue of 7.79 billion yuan, reflecting a year-on-year growth of 12.31%. The net profit attributable to shareholders was 2.09 billion yuan, marking a 16.49% increase compared to the previous year [2]. - The company has distributed a total of 6.18 billion yuan in dividends since its A-share listing, with 3.11 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period. The average number of circulating shares per shareholder increased by 18.70% to 36,379 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 118 million shares, an increase of 15.19 million shares from the previous period. Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which saw slight reductions in their holdings [3]. Market Activity - On December 18, Hengli Hydraulic's stock price fell by 2.04% to 105.43 yuan per share, with a trading volume of 687 million yuan and a turnover rate of 0.48%. The total market capitalization stood at 141.36 billion yuan [1]. - The net outflow of main funds was 22.68 million yuan, with significant selling pressure observed, as large orders accounted for 13.47% of total sales [1]. Business Overview - Hengli Hydraulic, established on June 2, 2005, and listed on October 28, 2011, specializes in the research, production, and sales of high-pressure hydraulic cylinders. The revenue composition includes hydraulic cylinders (50.70%), hydraulic pumps and valves (38.16%), components and castings (7.28%), hydraulic systems (3.16%), and others (0.69%) [1]. - The company operates within the machinery equipment sector, specifically in engineering machinery and components, and is associated with concepts such as shield machines and engineering machinery [1].

每经AI快讯，中国银河12月10日发布研报称，给予万通液压（920839.SH）"推荐"评级。评级理由主要 包括：1）深耕液压油缸，布局电动缸，主要客户关系稳定；2）境外业务蓬勃发展，油气弹簧业绩表现 亮眼；3）市场规模高速扩张，多政策提供发展契机。风险提示：市场竞争加剧的风险；原材料价格波 动的风险；技术更新和产品开发风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——最新1520元，飞天茅台批价两年跌了43%，经销商躺赢神话破灭，当潮水 退去谁在裸泳？ （记者 王晓波） ...

Core Viewpoint - The article provides a comprehensive overview of the hydraulic industry in China, detailing its supply chain, key players, and regional distribution of companies [1][3]. Industry Supply Chain - The upstream of the hydraulic industry consists of three main categories: steel, components, and working media, with steel supplied by major domestic steel enterprises such as Baosteel, Ansteel, and Hebei Steel [3]. - The midstream includes manufacturing companies like Hengli Hydraulic, Shaoyang Hydraulic, and Aidi Precision, which produce hydraulic motors, pumps, valves, cylinders, and systems [1][3]. - The downstream applications span various large engineering sectors, including construction machinery, aerospace, machine tools, agricultural machinery, automotive, and heavy machinery [1]. Regional Distribution - The hydraulic industry is primarily concentrated in Zhejiang and Jiangsu provinces, with Zhejiang having 5,747 hydraulic enterprises and Jiangsu having 3,999 as of October 2025 [5]. - Notable hydraulic companies in Zhejiang include Hengli Hydraulic and Youweili Hydraulic, while Jiangsu features companies like Aidi Precision and Shaoyang Hydraulic [7]. Representative Companies and Financial Performance - Key companies in the hydraulic sector include Hengli Hydraulic, Shaoyang Hydraulic, and Aidi Precision, with their hydraulic-related revenue exceeding 80% of total revenue [8]. - Financial data for representative companies shows Hengli Hydraulic with a hydraulic business revenue of 9.325 billion and a hydraulic-related business ratio of 99.31% [10]. - Aidi Precision reported a hydraulic business revenue of 2.266 billion, with a hydraulic-related business ratio of 83.15% [10].

Core Viewpoint - Hengli Hydraulic's stock price has experienced fluctuations, with a year-to-date increase of 70.27% but a recent decline in the last five and twenty trading days [1] Financial Performance - For the period from January to September 2025, Hengli Hydraulic achieved operating revenue of 7.79 billion yuan, representing a year-on-year growth of 12.31% [2] - The net profit attributable to shareholders for the same period was 2.09 billion yuan, reflecting a year-on-year increase of 16.49% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period [2] - The average circulating shares per person increased by 18.70% to 36,379 shares [2] Dividend Distribution - Hengli Hydraulic has distributed a total of 6.18 billion yuan in dividends since its A-share listing, with 3.11 billion yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 118 million shares, an increase of 15.19 million shares from the previous period [3] - Huatai-PB CSI 300 ETF, ranked sixth among circulating shareholders, held 9.12 million shares, a decrease of 412,000 shares [3] - E Fund CSI 300 ETF and Huaxia CSI 300 ETF, ranked seventh and tenth respectively, also saw reductions in their holdings [3]

Core Viewpoint - Hengli Hydraulic's stock price has shown significant volatility, with a year-to-date increase of 71.15%, but a recent decline of 7.65% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Hengli Hydraulic achieved a revenue of 7.79 billion yuan, representing a year-on-year growth of 12.31% [2] - The net profit attributable to shareholders for the same period was 2.09 billion yuan, reflecting a year-on-year increase of 16.49% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period [2] - The average number of circulating shares per shareholder increased by 18.70% to 36,379 shares [2] Dividend Distribution - Since its A-share listing, Hengli Hydraulic has distributed a total of 6.18 billion yuan in dividends, with 3.11 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 118 million shares, an increase of 15.19 million shares from the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF saw reductions in their holdings, with decreases of 412,000 shares and 179,200 shares, respectively [3]

Core Viewpoint - Hengli Hydraulic's stock price has shown significant volatility, with a year-to-date increase of 73.52% but a recent decline in the last five and twenty trading days [1][2] Financial Performance - For the period from January to September 2025, Hengli Hydraulic achieved a revenue of 7.79 billion yuan, representing a year-on-year growth of 12.31% [2] - The net profit attributable to shareholders for the same period was 2.09 billion yuan, reflecting a year-on-year increase of 16.49% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period [2] - The average number of circulating shares per shareholder increased by 18.70% to 36,379 shares [2] Dividend Distribution - Since its A-share listing, Hengli Hydraulic has distributed a total of 5.775 billion yuan in dividends, with 2.708 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 118 million shares, an increase of 15.19 million shares from the previous period [3] - Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF saw reductions in their holdings, with decreases of 412,000 shares and 179,200 shares, respectively [3]

Summary of the Conference Call for Hengli Hydraulic Industry Overview - The hydraulic equipment industry is experiencing significant growth, particularly in the excavator segment, with various product categories showing substantial year-on-year increases. For instance, large and small excavator cylinders grew by 26-27% and 59% respectively, while large excavator pumps and valves saw growth exceeding 50% and 20% respectively [2][3][4]. Company Performance - Hengli Hydraulic's performance in Q3 2025 exceeded expectations, with overall revenue and profit showing accelerated growth. Specifically, excavator cylinder revenue increased by 15% year-on-year, and low-pressure pump revenue also grew by 15% [3]. - The company reported a gross margin of approximately 44% and a net margin of 25% in Q3 2025, indicating improved profitability due to higher capacity utilization [12]. Business Strategy and Development - Hengli Hydraulic has a strong focus on research and development, continuously increasing investment in R&D personnel and equipment. The company has also acquired overseas technology through acquisitions and has hired international teams to bolster its capabilities [6]. - The company has expanded its product offerings from hydraulic cylinders to pumps and valves since 2011, and more recently, it has focused on screw guide rails and electric cylinders, with an initial capacity of around 2 billion yuan [2][5]. Market Position and Competitive Advantage - Hengli Hydraulic holds a dominant position in the domestic market, with over 50% market share in hydraulic cylinders and pumps. The company has established solid partnerships with major domestic and international clients, including Caterpillar [7][12]. - The recovery of the engineering machinery industry, driven by large infrastructure projects in China, is expected to support demand for Hengli's products. Notable projects include the Yajiang project (1.2 trillion yuan), the Xinjiang-Tibet Railway (400 billion yuan), and rural road construction (1.5 trillion yuan) [9][10]. Future Outlook - The company is optimistic about the demand for engineering machinery in 2025 and beyond, anticipating a stable increase in new demand and a rise in replacement demand due to the equipment update cycle [10]. - The recovery of the European and North American markets in Q2 and Q3 2025 is expected to boost overseas demand for Hengli's products, particularly small and medium excavator cylinders and pumps [4][11]. - For Q4 2025 and 2026, the company forecasts overall revenue growth, with excavator cylinder growth expected to exceed 30% and pump and valve growth projected between 20% and 30% [15]. Emerging Business Segments - The screw guide rail and electric cylinder business, while currently generating around 100 million yuan in revenue, is expected to grow significantly in the coming years, supported by partnerships with major clients like Tesla and domestic companies like Xiaomi [13][14]. Conclusion - Hengli Hydraulic is well-positioned for future growth, with a robust business strategy, strong market presence, and a focus on innovation and technology. The company is expected to continue benefiting from the recovery in the engineering machinery sector and the expansion of its product lines. Overall, the outlook remains positive for Hengli's performance in the coming years [15].

Financial Data and Key Metrics Changes - Third quarter sales were just over $1 billion, down 6% year-over-year, primarily due to soft demand in residential end markets and sales attrition from the divestiture of the aerospace business [8][11] - Third quarter EBIT was $171 million, and adjusted EBIT was $73 million, a $3 million decrease year-over-year, primarily from lower volume [11] - Third quarter earnings per share were $0.91, with adjusted EPS at $0.29, a $0.03 decrease year-over-year [11] - Operating cash flow for the third quarter was $126 million, an increase of $30 million compared to the third quarter of 2023 [11][12] - Total debt was reduced by $296 million in the third quarter, bringing total debt reduction for the year to $367 million [11][12] Business Line Data and Key Metrics Changes - Bedding product sales decreased 10% year-over-year but improved 3% sequentially [8] - Specialized product sales declined 7%, while furniture, flooring, and textile product sales were flat year-over-year [8] - U.S. mattress industry production improved sequentially but remained negative year-over-year, with total market consumption expected to decline low single digits for the full year [9][10] Market Data and Key Metrics Changes - The U.S. spring unit volume was in line with mattress consumption and domestic production volumes, both estimated to have declined low single digits [8] - Domestic mattress production improved sequentially, marking the second consecutive quarter of improvement, but remained negative year-over-year [9] - The automotive supply chain risks, including availability of aluminum and semiconductors, have begun impacting the industry, although no material impact has been experienced to date [10] Company Strategy and Development Direction - The company is reaffirming the midpoint of its full-year sales and adjusted EPS guidance, with sales expected to be $4.0 billion-$4.1 billion, down 6%-9% versus 2024 [14] - The restructuring plan is nearing completion, with expected annualized EBIT benefits of $60 million-$70 million [13][14] - The company aims to focus on organic growth, funding strategic acquisitions, and returning cash to shareholders through dividends and share repurchases [15][57] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about tariffs potentially driving inflation and impacting consumer confidence and demand [6][7] - The company remains focused on providing high-quality, innovative products while navigating a dynamic operating environment [7][16] - Management highlighted a robust innovation pipeline and partnerships with customers to develop products tailored to market needs [16][17] Other Important Information - The company completed the divestiture of its aerospace business, using proceeds to pay down commercial paper and reduce net debt [4][5] - Total liquidity at the end of the quarter was $974 million, comprised of $461 million in cash and $513 million in revolving credit capacity [13] Q&A Session Summary Question: Benefits from cost actions and restructuring - Management noted that restructuring efforts are meeting or exceeding expectations, with no customer disruptions and a projected annualized EBIT benefit of $60 million-$70 million [22][24] Question: Demand environment in bedding - Management characterized the market as stable, with sequential improvement in sales, but acknowledged ongoing challenges from macroeconomic factors [26][30] Question: Capital expenditure plans for 2026 - Management indicated that normalized CapEx is expected to be around $100 million, with ongoing funding for growth initiatives [32] Question: Segment margins for the year - Bedding segment margins are expected to be up 200 basis points, while specialized segments are projected to increase by 50 basis points [33] Question: Growth opportunities post-restructuring - Management sees significant growth potential in finished bedding and innovation, with a focus on private label products [52][53] Question: Future trajectory of textiles business - Management highlighted the potential for bolt-on acquisitions in textiles, leveraging successful past strategies [76][77]