Anhui Heli | 2025 Annual Report Review: Overseas Revenue +20%, Profit Temporarily Affected by Expansion in the Intelligent Logistics Sector

（Source: New Perspectives on Advanced Manufacturing）

【Dongwu Machinery】Zhou Ershuang 13915521100 / Li Wenyu / Wei Yijie 18859277905 / Qian Yaotian /

Huang Rui / Tan Yixin / Tao Ze

Investment Rating: Buy (Maintained)

1 Overseas revenue up 20% year over year, driving growth, with profits temporarily affected by intelligent logistics

In 2025, the company achieved operating revenue of 19.8 billion yuan, up 11% year over year. Net profit attributable to shareholders was 1.22 billion yuan, down 9% year over year. Non-recurring items net profit attributable to shareholders was 1.04 billion yuan, up 0.2% year over year. By region, in 2025 the company’s domestic/overseas revenue was 10.8/8.7 billion yuan respectively, up 4%/20% year over year, with the overseas market being the core growth driver. The company’s net profit attributable to shareholders in 2025 was slightly below expectations, mainly due to: ① the intelligent logistics segment being in a business expansion period; ② decreases in investment gains such as government subsidies and other income, and transactional financial asset investment income; in total, a decrease of approximately 110 million yuan.

2 With the proportion of exports increasing, gross margin remains stable

In 2025, the company’s gross margin was 23.5%, up 0.2 percentage points year over year. Net profit margin (sales) was 7.3%, down 1.3 percentage points year over year. The decline in net profit margin was mainly due to a decrease in other income (such as government subsidies) and investment income (gains from transactional financial assets) (impacting net profit margin -0.8 percentage points) and an increase in expense ratio (impacting net profit margin -0.6 percentage points). By region, domestic/overseas gross margins were 17.8%/30.1% respectively, changing -3.5/+4.3 percentage points year over year; domestic sales were affected by intensifying competition. In 2025, the company’s period expense ratio was 15.3%, up 0.6 percentage points year over year, including sales/administrative/R&D/financial expense ratios of 5.5%/3.2%/6.7%/ -0.1% respectively. Compared with the same period, they changed +0.5/-0.2/+0.5/-0.2 percentage points respectively. With the intelligent logistics segment expanding, sales and R&D expenses grew relatively quickly.

3 In 2026, exports remain the main driving force; focus on progress in the company’s intelligent logistics segment

In 2025, the forklift industry’s sales volume was 1.45 million units, up 13% year over year, with balanced growth both domestically and internationally. HelI forklift’s total sales volume was 390,000 units, up 16% year over year; of this, exports were 150,000 units, up 20% year over year, which demonstrates an α relative to the industry. Looking ahead to 2026, under a low base for domestic sales the company is expected to maintain steady growth; after the end of destocking in overseas Europe and the U.S., with China’s lithium battery forklifts’ cost-effectiveness highlighted under high oil prices, the rebound of share and the β recovery are expected to resonate together, and the company’s forklift core business is expected to maintain steady growth. Meanwhile, the company is aligning with the broader trend of automation and unmanned operations in manufacturing and logistics, and has made forward-looking arrangements: it set up the “Tiangong Laboratory” with Huawei, and “Tianshu Laboratory” together with the Jianghuai Advanced Center. Intelligent logistics revenue in 2025 grew 69% year over year; annual signed orders grew 45% year over year. Going forward, new products for embodied material-handling robots and the rollout of orders will provide ongoing catalysts for the company’s performance and valuation.

Earnings Forecasts and Investment Rating

The company’s intelligent logistics segment will gradually realize profitability, build a second growth curve, and expand its growth space. However, considering: ① the segment is still in a growth stage, with R&D and sales expenses as rigid expenditures; ② large fluctuations in exchange rates and raw material prices in 2026; for prudence, we adjust the company’s net profit attributable to shareholders for 2026–2028 to 13.4 (original 15.2) / 15.0 (original 16.4) / 17.2 billion yuan. The current market capitalization implies PE of 12/11/10X respectively. We maintain the “Buy” rating.

Risk Warning

Worsening competitive landscape, geopolitical conflicts, and rising raw material prices.

Dongwu Machinery Team

Dongwu Machinery Research Team Honors

2024 New Fortune Best Analyst Mechanical Industry, 4th

2024 Wind Gold Medal Analyst Mechanical Industry, 1st

2023 New Fortune Best Analyst Mechanical Industry, 4th

2023 Wind Gold Medal Analyst Mechanical Industry, 1st

2022 New Fortune Best Analyst Mechanical Industry, 3rd

2022 Wind Gold Medal Analyst Mechanical Industry, 2nd

2021 New Fortune Best Analyst Mechanical Industry, 3rd

2021 Wind Gold Medal Analyst Mechanical Industry, 1st

2020 New Fortune Best Analyst Mechanical Industry, 3rd

2020 Sell-side Analyst Crystal Ball Award Mechanical Industry, 5th

2019 New Fortune Best Analyst Mechanical Industry, 3rd

2017 New Fortune Best Analyst Mechanical Industry, 2nd

2017 NiuNiu Award Best Analyst High-end Equipment Industry, 2nd

2017 Sell-side Analyst Crystal Ball Award Mechanical Industry, 5th

2017 Monthly Portfolio Mechanical Industry Annual Excess Return Rate, 1st

2016 New Fortune Best Analyst Mechanical Industry, 4th

2016 NiuNiu Award Best Analyst High-end Equipment Industry, 4th

A wealth of information, precise interpretation—available in the Sina Finance APP