Core Viewpoint - The stock price of Shanhe Intelligent (002097.SZ) has surged significantly, with a cumulative increase of 116% over 15 trading days, leading to a market capitalization of 18.6 billion yuan [1][7]. Company Overview - Shanhe Intelligent operates in three main business areas: construction machinery, aviation equipment and services, and special equipment, achieving annual revenue exceeding 7 billion yuan [1]. - The company was founded by He Qinghua, who transitioned from academia to entrepreneurship at the age of 53, starting with hydraulic static pile drivers [3][4]. Historical Development - He Qinghua faced significant challenges in the competitive construction machinery market dominated by major players like Sany Heavy Industry and Zoomlion, starting with limited resources [4]. - The company achieved its first major financial turnaround in 2003, with revenue surpassing 100 million yuan and net profit reaching the million level [4]. - In 2006, Shanhe Intelligent became the first privately-owned company in China's construction machinery sector to be listed on the Shenzhen Stock Exchange [4]. Recent Developments - After facing a downturn in 2012, He Qinghua initiated a second entrepreneurial phase, expanding into the aviation sector with the establishment of Shanhe Xinghang [5][6]. - The company maintained a research and development investment of over 5% during industry lows, focusing on high-end hydraulic components and intelligent control technology [6]. - By 2023, international revenue accounted for over 50% of Shanhe Intelligent's total revenue, with projections to increase to 61.98% in 2024 [6]. Product Innovations - The first self-developed light sport aircraft, "Aruola," received airworthiness certification in 2018, showcasing the company's technological capabilities [6][7]. - The aviation segment has expanded into flight training and tourism operations, with the first export of a Chinese brand general aircraft to Nepal in 2023 [7]. Leadership Transition - He Qinghua stepped down as chairman in 2022 and as honorary chairman in 2024, but continues to serve as the chief expert of the company [7]. - The ongoing development of Shanhe Xinghang, which is preparing for an IPO, is expected to contribute significantly to Shanhe Intelligent's performance [7][8].