2025年12月15日，浙江鼎力披露接待调研公告，公司于12月9日至12月12日接待淡水泉投资、湘财基 金、嘉实基金、汇添富、惠升基金、景领投资等10家机构调研。 调研情况显示，浙江鼎力目前产线均按正常节奏生产。全球高空作业平台市场方面，海外市场总体需求 稳定，成熟市场存在更替需求，新兴市场发展势头良好；国内市场长期看新增及置换需求持续，公司产 品型谱齐全、新品储备多，可满足不同市场客户需求。成熟市场租赁商高度关注产品品质和设备残值， 在绿色低碳背景下，产品品质卓越、品牌知名度高、生产规模大、产品种类丰富且电动化战略有效落地 的制造商更具竞争优势。 针对国内市场，公司坚持提供高品质、差异化产品及优质售后服务，通过增值服务帮助客户降低全生命 周期成本，并在业内首推"油改电"技术服务，柴动臂式设备可原地更换电动模块，助力机队电动化改 革。公司依托研发创新能力和市场洞察力，在通用款产品基础上推出高空作业平台＋机器人的差异化产 品，已推出船舶喷涂除锈机器人、隧道打孔机器人等，目前该系列处于市场导入阶段，聚焦细分领域拓 展全新应用场景。 高空作业平台＋机器人系列针对特定场景痛点升级，如船舶修造领域，船舶喷涂、除锈机器人 ...

Core Viewpoint - The company has demonstrated steady growth in performance for the first three quarters of 2025, with a notable recovery in gross margin in Q3, despite facing challenges in the domestic high machine export market due to trade frictions and investigations [4][5]. Group 1: Financial Performance - For Q1-Q3 2025, the company achieved revenue of 6.67 billion yuan, a year-on-year increase of 8.8%, and a net profit attributable to shareholders of 1.59 billion yuan, up 9.2% year-on-year [4]. - In Q3 2025, the company reported revenue of 2.34 billion yuan, a year-on-year growth of 2.8%, while the net profit attributable to shareholders was 540 million yuan, a decline of 14.7% year-on-year [4]. - The gross margin for Q1-Q3 2025 was 35.9%, a decrease of 0.3 percentage points year-on-year, while the net margin was 23.9%, an increase of 0.1 percentage points year-on-year [4]. Group 2: Overseas Market Performance - The company experienced a 13.7% year-on-year decline in high machine export volume, totaling 81,000 units, primarily due to trade frictions and EU anti-dumping investigations [5]. - Despite these challenges, the company achieved overseas revenue of 3.37 billion yuan in H1 2025, reflecting a year-on-year increase of 21.3% [5]. - Recent developments in US-China trade negotiations, including the suspension of certain tariffs, are expected to positively impact the company's overseas sales and revenue growth [5]. Group 3: Product Development and Market Expansion - The company has launched a series of differentiated products, including unmanned aerial work platforms and various specialized robots, to meet diverse customer needs across different applications [6]. - These new products are designed for use in industries such as shipbuilding and rail transportation, helping the company mitigate risks associated with fluctuations in specific industry demand [6]. - The expansion into new application scenarios is anticipated to open up a second growth curve for the company [6].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown steady revenue growth, with a 2025Q1-Q3 revenue of 6.67 billion yuan, up 8.8% year-on-year, and a net profit of 1.59 billion yuan, up 9.2% year-on-year [1] - The company is actively expanding its product offerings with differentiated products, including unmanned aerial work platforms and various specialized robots, which helps to mitigate risks associated with reliance on a single industry [3] - The company has successfully increased its overseas revenue by 21.3% year-on-year in 2025H1, despite challenges in the domestic high machine export market [2] Summary by Sections Financial Performance - For 2025Q3, the company reported a revenue of 2.34 billion yuan, a 2.8% increase year-on-year, but a net profit decline of 14.7% [1] - The gross margin for 2025Q3 was 36.1%, down 1.5 percentage points year-on-year but up 4.1 percentage points quarter-on-quarter [1] Product Development - The company has launched a series of differentiated products aimed at new application scenarios, including robots for ship painting and rust removal, tunnel drilling, and glass suction vehicles [3] Market Expansion - The company is focusing on expanding into non-trade friction overseas markets, with a positive outlook for continued growth in overseas revenue due to increased efforts in market development [2] Earnings Forecast - The projected net profits for 2025, 2026, and 2027 are 2.068 billion yuan, 2.407 billion yuan, and 2.753 billion yuan, respectively, with corresponding EPS of 4.08 yuan, 4.75 yuan, and 5.44 yuan [4][5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company has demonstrated strong operational resilience, continuously launching differentiated products to meet diverse customer needs [4][6] - In the first three quarters of 2025, the company achieved revenue of 6.675 billion yuan, a year-on-year increase of 8.82%, and a net profit attributable to shareholders of 1.595 billion yuan, up 9.18% year-on-year [4][5] - The company is expected to benefit from a potential recovery in the European and American markets due to interest rate cuts, alongside an expansion of its arm-type products in North America and a favorable tax rate in the EU [6] Company Overview - Latest closing price: 53.90 yuan - Total shares: 5.06 billion; Total market capitalization: 27.3 billion yuan - 52-week high/low: 68.88/39.48 yuan - Debt-to-asset ratio: 34.6% - Price-to-earnings ratio: 16.74 - Largest shareholder: Xu Shugen [3] Financial Performance - In Q3 2025, the company reported revenue of 2.339 billion yuan, a year-on-year increase of 2.83%, but a net profit decrease of 14.72% [5] - The gross margin for the first three quarters of 2025 was 35.88%, with Q3 gross margin at 36.12%, showing a quarter-on-quarter increase of 4.12 percentage points [5] - The company’s revenue projections for 2025-2027 are 8.744 billion, 9.693 billion, and 10.737 billion yuan, with corresponding net profits of 1.970 billion, 2.224 billion, and 2.509 billion yuan [7][10] Valuation Metrics - The expected price-to-earnings ratios for 2025-2027 are 13.85, 12.27, and 10.88, respectively [7][10] - The company is projected to maintain a high gross margin and effective cost control, with a slight decrease in overall expense ratios [5][6]

Group 1: Chemical Sector Insights - The chemical sector reported a slight increase in profitability in the first three quarters of 2025, with overall revenue up by 2.6% year-on-year and net profit up by 9.4% [6][7] - Notable profit growth was observed in sub-sectors such as pesticides (201%), fluorochemicals (124.6%), adhesives and tapes (91.7%), and potassium fertilizers (62.2%), while significant declines were seen in organic silicon (-73.0%), soda ash (-68.7%), nylon (-52.3%), and titanium dioxide (-46.3%) [6][7] - The report suggests a long-term optimistic outlook for the chemical sector due to supply-side improvements and low inventory levels, while short-term caution is advised due to falling oil prices and potential price declines in chemical products [6] Group 2: Qingdao Beer Company Analysis - Qingdao Beer Company reported a revenue of 29.367 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.41%, with a net profit of 5.274 billion yuan, up by 5.70% [11][12] - The company experienced a slight decline in Q3 revenue, attributed to a generally weak market demand, with a total sales volume of 6.894 million kiloliters, up by 1.61% year-on-year [12][13] - The company is expected to achieve stable growth for the full year, supported by product structure upgrades and cost reductions, with a projected net profit of 4.653 billion yuan for 2025 [14] Group 3: Zhejiang Dingli Company Overview - Zhejiang Dingli reported a revenue of 6.675 billion yuan for the first three quarters of 2025, an increase of 8.82% year-on-year, with a net profit of 1.595 billion yuan, up by 9.18% [16][17] - The company faced challenges in export sales, with a 13.7% decline in high-altitude work platform exports, which accounted for 61.21% of total sales [19] - The company is focusing on R&D and innovation to maintain its competitive edge, launching new products and exploring electric and digital technologies [18] Group 4: Kaili Medical Company Insights - Kaili Medical achieved a revenue of 1.459 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.37%, but reported a net profit decline of 69.25% [21][22] - The company’s Q3 revenue was 495 million yuan, reflecting a significant year-on-year increase of 28.41%, driven by a recovery in hospital procurement [22][23] - Despite the revenue growth, the company faced pressure on profit margins due to increased costs and competitive pricing in the medical device sector [23] Group 5: Zhuosheng Microelectronics Performance - Zhuosheng Microelectronics reported a revenue of 2.769 billion yuan for the first three quarters of 2025, a decrease of 17.77% year-on-year, with a net loss of 171 million yuan [26][27] - The company’s Q3 revenue showed a slight year-on-year decline of 1.62%, but a quarter-on-quarter increase of 12.36%, indicating a potential recovery trend [28] - The company is focusing on improving production capacity and product mix, particularly in high-end RF modules, to enhance profitability in the upcoming quarters [28][29] Group 6: Non-Bank Financial Sector Performance - The non-bank financial sector saw a 0.5% decline in the index, with significant growth in net profits for listed brokerages, which increased by 62% year-on-year in the first three quarters of 2025 [32][33] - The financial market is expected to remain active, driven by improved brokerage revenues from trading and margin financing activities [33] - Regulatory developments are anticipated to enhance investor protection and market stability, which could positively impact the sector's performance [33] Group 7: North American Cloud Providers and AI Chip Market - North American cloud providers reported a 75% year-on-year increase in capital expenditures in Q3 2025, focusing heavily on AI infrastructure [36][37] - Qualcomm announced its entry into the AI chip market with the launch of AI200 and AI250 chips, aiming to compete with Nvidia in the high-end AI data center segment [38] - The overall electronic industry is experiencing a recovery in demand, with rising prices for storage chips and increased domestic production efforts [36][39] Group 8: Rongchang Bio's Financial Performance - Rongchang Bio achieved a revenue of 1.720 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.27%, while net losses narrowed by 48.60% [41] - The company reported a Q3 revenue of 622 million yuan, reflecting a 33.13% increase year-on-year, indicating strong commercial performance [41] - The improvement in financial performance is attributed to the successful commercialization of core products and effective cost management strategies [41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a slowdown in revenue growth due to a decline in high-altitude machinery exports, with a year-on-year revenue increase of 8.82% for the first three quarters of 2025 [5][6] - The company is focusing on research and development to strengthen its core competitiveness, with R&D expenses increasing by 26.11% year-on-year [5] - Despite challenges from international trade and competition, the company has managed to maintain revenue growth by optimizing its global operations and expanding its overseas market presence [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 6.675 billion yuan, a year-on-year increase of 8.82%, and a net profit attributable to shareholders of 1.595 billion yuan, up 9.18% year-on-year [5] - The gross profit margin and net profit margin for the first three quarters were 35.88% and 23.89%, respectively [5] - The company forecasts net profits of 2.068 billion yuan, 2.471 billion yuan, and 2.872 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 4.08, 4.88, and 5.67 yuan [2][5] Cost Management - The company has seen an increase in sales, management, and R&D expenses due to global expansion and rising operational costs, with sales expenses rising by 1.46 percentage points year-on-year [5] - The company is actively managing costs while expanding its product offerings and market reach [5] Market Strategy - The company is adapting to trade friction impacts and has seen a 13.7% decline in high-altitude platform exports, which accounted for 61.21% of total sales [5] - The company is committed to a global strategy, optimizing overseas subsidiary operations, and enhancing customer relationships while exploring new markets [5] Product Development - The company has introduced innovative products such as robotic solutions for ship painting and tunnel drilling, and is pioneering "oil-to-electric" technology to facilitate equipment upgrades [5] - The focus on electric, green, digital, and unmanned technologies aligns with market demands for differentiated and intelligent high-end products [5]

Summary of Conference Call Company and Industry - **Company**: 鼎利 (Dingli) - **Industry**: Solar Energy and Equipment Manufacturing Key Points and Arguments 1. **Revenue and Profit Growth**: In the first three quarters of 2025, Dingli achieved revenue of 6.675 billion yuan, a year-on-year increase of 8.82%. Net profit reached 1.595 billion yuan, up 9.18% year-on-year. The net profit margin for Q3 was 23.19%, down 2.38 percentage points from Q2 [2][3][4] 2. **Impact of Tariffs**: The recent announcement of a 10% reduction in tariffs on solar products from China by the U.S. is expected to positively impact Dingli's future performance in the U.S. market. The company has been absorbing the increased tariffs without passing costs to customers [1][5][11] 3. **Quarterly Performance**: Q3 revenue was 2.339 billion yuan, a 2.83% year-on-year increase, but net profit decreased by 14.72% to 542 million yuan. The gross profit margin for Q3 was 36.12%, showing an 8% increase from Q2 but a decline of 1.48 percentage points year-on-year [2][3][4] 4. **Cost Management**: The company maintained stable operating expenses in Q3, with a total expense ratio of 8.74%. Sales expenses increased by nearly 30% due to tariff-related storage costs [3][4] 5. **Currency Fluctuations**: Currency exchange rate fluctuations, particularly with the U.S. dollar and Brazilian real, resulted in a loss of approximately 70 million yuan, impacting the net profit margin by 3 percentage points [3][4] 6. **Market Focus**: Dingli's revenue is expected to be predominantly from overseas markets, with an estimated 75%-80% of total revenue coming from international sales [4] 7. **Product Development**: The company is focusing on developing new products tailored for the U.S. and European markets to improve profitability and adapt to changing market conditions [8][17] 8. **Customer Engagement**: Dingli is actively engaging with customers regarding pricing adjustments for the upcoming year, influenced by tariff changes and market conditions [12][13] 9. **Market Outlook**: Despite challenges, Dingli remains optimistic about the U.S. market, especially with the recent tariff reduction news. The company anticipates a positive trend in orders and revenue growth in 2026 [14][27] 10. **European Market Strategy**: In Europe, Dingli is managing tariffs by adjusting product pricing and focusing on high-end products to mitigate the impact of tariffs on profitability [34][35] Other Important but Possibly Overlooked Content 1. **Inventory Management**: Dingli's inventory levels are stable, with sufficient stock to meet demand in the U.S. market for the remainder of the year [45][46] 2. **Emerging Markets**: The company is seeing rapid growth in emerging markets, particularly in the Middle East and Africa, which are expected to contribute significantly to future revenue [50][51] 3. **Domestic Market Challenges**: The domestic market is facing challenges due to reduced purchases from large clients, but there is growth in sales to small and medium-sized customers [63][64] 4. **New Product Launches**: Dingli is introducing innovative products, such as robotic solutions for various applications, which are in the early stages of market introduction [67][68] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market strategies, and future outlook amidst changing tariff conditions and market dynamics.

Group 1: Financial Performance - In Q3 2025, the company reported revenue of 2.34 billion yuan, a year-on-year increase of 2.8%, and a net profit attributable to shareholders of 540 million yuan, a year-on-year decrease of 14.7% [1] - The gross profit margin for Q3 2025 was 36.1%, down approximately 1.5 percentage points year-on-year, but showed significant improvement compared to Q2 2025 [1] - Sales expenses in Q3 2025 were 74 million yuan, up 28% year-on-year, while R&D expenses were 82 million yuan, up 33% year-on-year, indicating increased costs primarily due to personnel growth in the North American market [1] Group 2: Market Expansion and Strategy - In 2024, the company's overseas market revenue reached 5.52 billion yuan, a year-on-year increase of 43.8%, largely due to the acquisition of CMEC and active expansion into non-European and American markets [2] - The overseas revenue accounted for 70.8% of total revenue in 2024, an increase of 10 percentage points compared to 2023, reflecting the success of the company's internationalization strategy [2] - The company is recognized as a leader in aerial machinery and has made significant progress in the European and American markets, with a strong outlook for continued breakthroughs in emerging markets [2] Group 3: External Environment and Resilience - The company has demonstrated strong product, management, and manufacturing capabilities, maintaining a high gross profit margin despite uncertainties in the macroeconomic environment and potential pressures from tariffs on exports to the U.S. [3] - Following the consolidation of CMEC, the company has enhanced its capacity to increase production in the U.S. market, suggesting potential profit elasticity in the context of easing tariff pressures [3] Group 4: Investment Outlook - Based on the latest performance report, the company has adjusted its revenue forecasts for 2025-2027, with projected revenues of 8.62 billion, 9.69 billion, and 10.70 billion yuan, respectively [4] - The net profit forecasts for the same period have been adjusted to 2.09 billion, 2.28 billion, and 2.54 billion yuan, respectively, with corresponding EPS adjustments [4] - The closing stock price on October 31, 2025, was 53.14 yuan, with a projected PE ratio of 12.9, 11.8, and 10.6 for 2025-2027, maintaining a "buy" rating [4]

Core Insights - Zhejiang Dingli reported a revenue of 6.675 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.82%, and a net profit of 1.595 billion yuan, up 9.18%, with a net profit margin of 23.89% [1] Group 1: Financial Performance - The company achieved a revenue of 6.675 billion yuan in the first three quarters of 2025, marking an 8.82% increase year-on-year [1] - The net profit attributable to shareholders reached 1.595 billion yuan, reflecting a 9.18% growth compared to the previous year [1] - The net profit margin improved to 23.89%, indicating enhanced profitability [1] Group 2: Product Innovation and R&D - Zhejiang Dingli focuses on product electrification, intelligence, and differentiation, maintaining high R&D investment, with R&D expenses reaching 227 million yuan, a 25.73% increase year-on-year [2] - The company achieved a breakthrough in the electrification of its entire product line, introducing a unique oil-free all-electric scissor lift series, which emphasizes low energy consumption and high safety [2][3] - The introduction of the "oil-to-electric" technology service allows customers to upgrade their equipment cost-effectively, enhancing operational efficiency [2] Group 3: Global Expansion and Market Strategy - In the first half of 2025, overseas market revenue reached 3.374 billion yuan, a 21.25% increase, accounting for over 70% of total revenue [4] - The company has successfully navigated trade frictions and investigations, establishing robust overseas trade barriers and enhancing risk resilience [4] - The company secured a minimum tax rate of 20.6% in the EU, significantly lower than competitors, positioning itself favorably in the European market [4] Group 4: Market Outlook - The U.S. aerial work platform market shows signs of recovery, with major players reporting positive order growth, indicating potential demand improvement in the second half of the year [5] Group 5: ESG and Sustainability - Zhejiang Dingli has made significant strides in ESG and sustainability, receiving high recognition from global authorities, including a score of 50 in the S&P Global Corporate Sustainability Assessment, surpassing 93% of peers [6][7] - The company has been acknowledged for its innovative green solutions and commitment to sustainable development, enhancing its industry ecosystem [6][7]

Group 1 - Zhejiang Dingli has been awarded the highest information disclosure rating "A (Excellent)" for the 2024 to 2025 period, marking the eighth consecutive year of receiving this rating from the Shanghai Stock Exchange, reflecting high recognition from regulatory authorities for the company's information disclosure, investor relations, and corporate governance efforts [1] - In the 2024 to 2025 information disclosure evaluation, only 312 out of 1679 listed companies on the Shanghai main board received an A rating, representing 18.6%, with only 65 companies achieving this rating for eight consecutive years, accounting for 3.9% [1] Group 2 - In 2025, the company received nominations for two awards from the global authority in sustainable and responsible supply chains, Sedex, for "Technological Innovation" and "Proactive Approach," and achieved a ranking in the top 7% in the latest Corporate Sustainability Assessment (CSA) by S&P Global [2] - The company has made significant progress in its ESG ratings, moving from A to AA in the Wind ESG rating update, ranking 8th among 563 peers, indicating strong recognition from international authorities and capital markets for its commitment to sustainable development [2] Group 3 - The company emphasizes a future direction focused on "Electrification, Greenization, Digitalization, and Unmanned Operations," planning to expand its product offerings in aerial work platforms and enhance R&D efforts for unmanned equipment [3] - The company aims to continuously improve information disclosure, optimize investor relations management, and increase investor returns while deepening R&D innovation to drive high-quality development [3]