Core Viewpoint - Zhejiang Dingli's stock has experienced a decline of 13.19% this year, with a recent drop of 2.01% on December 24, 2023, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Financial Performance - For the period from January to September 2025, Zhejiang Dingli reported a revenue of 6.675 billion yuan, reflecting a year-on-year growth of 8.82%. The net profit attributable to shareholders was 1.595 billion yuan, marking a year-on-year increase of 9.18% [2]. - Cumulatively, since its A-share listing, Zhejiang Dingli has distributed a total of 1.886 billion yuan in dividends, with 1.266 billion yuan distributed over the past three years [3]. Shareholder and Market Activity - As of December 19, 2023, the number of shareholders for Zhejiang Dingli decreased by 3.85% to 25,000, while the average number of circulating shares per person increased by 4.00% to 20,253 shares [2]. - On December 24, 2023, the stock's trading volume was 129 million yuan, with a turnover rate of 0.46% and a total market capitalization of 27.92 billion yuan [1]. Ownership Structure - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 23.3594 million shares, a decrease of 10.9433 million shares from the previous period. Other notable shareholders also saw reductions in their holdings [3].

Investment Rating - The report maintains a "Buy" rating for Zhejiang Dingli [5] Core Views - The overseas market is expected to recover, particularly in North America, with stable growth in Europe and emerging markets, leading to sustained performance growth for the company [1][2][10] - The domestic market is projected to see a gradual narrowing of the decline in aerial platform sales in the short term, with long-term growth potential remaining [3][4][10] - The company focuses on the aerial platform sector, enhancing its core competitiveness through tax advantages and a strategic shift towards "smart platforms + robots" [8][9][10] Summary by Sections Overseas Market - North America is experiencing a recovery in demand driven by interest rate cuts and AI infrastructure investments, with a significant increase in construction spending expected [1][22] - The European market is stable, with potential demand growth if the Russia-Ukraine conflict resolves, leading to increased economic confidence and reconstruction efforts [2][42] - Emerging markets, particularly in Southeast Asia, Latin America, the Middle East, and Africa, are expected to see rapid growth in aerial platform market size due to ongoing economic development and urbanization [2][51] Domestic Market - The short-term decline in aerial platform sales is expected to gradually narrow, with rental rates and prices stabilizing, indicating a potential bottoming out of the industry [3][61] - Compared to mature markets, China's aerial platform market still has significant growth potential, with low per capita ownership and building industry value coverage [4][66] - The rental market concentration is increasing, and the global market size is projected to exceed 200 billion by 2030 [4] Company Competitiveness - The company has a notable tax rate advantage in overseas markets, particularly in the U.S., which enhances its profitability and market share potential [8] - During the domestic market downturn, the company has performed well, with a significant revenue increase in its aerial platform business compared to competitors [9] - The company is transitioning to a "smart platform + robot" strategy, launching differentiated products that open new growth avenues [9][10]

Core Insights - Zhejiang Dingli has recently engaged with multiple investment institutions, indicating stable production and a positive outlook for the aerial work platform market, both domestically and internationally [1][4]. Market Demand - The global aerial work platform market shows stable demand, with mature markets experiencing replacement needs and emerging markets demonstrating strong growth [4]. - The domestic market is expected to maintain ongoing demand for new and replacement equipment [4]. Product Strategy - The company offers a comprehensive product range and has a strong reserve of new products to meet diverse customer needs [4]. - In response to market demands, the company has introduced differentiated products, including the "oil-to-electric" technology service, allowing for easy conversion of diesel equipment to electric [6]. Competitive Advantage - Manufacturers with high product quality, brand recognition, large production scale, and effective electrification strategies are more competitive in the green and low-carbon era [5]. - The company focuses on providing high-quality, differentiated products and excellent after-sales service to help customers reduce lifecycle costs [6]. Innovation and R&D - The company leverages its strong R&D capabilities to develop differentiated products that integrate aerial work platforms with robotics, targeting specific application scenarios [7]. - New products such as ship spraying and rust removal robots have been introduced, which significantly enhance efficiency, safety, and environmental protection compared to traditional manual operations [8]. Operational Strategy - The company is actively expanding its global market presence and enhancing the sales proportion of high-value, differentiated products [8]. - Internal controls focus on cost management, process optimization, quality control, and smart manufacturing to improve operational quality and efficiency [8].

浙江鼎力机械股份有限公司 2025 年第二次临时股东会会议资料 一、与会人员签到（14:30—15:00）； 二〇二五年十二月二十六日 浙江鼎力机械股份有限公司 2025 年第二次临时股东会议程 现场会议时间：2025 年 12 月 26 日 (星期五) 15:00。 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平 台的投票时间为股东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15- 15:00。 现场会议地点：浙江省湖州市德清县启航路188号。 会议主持人：董事长许树根先生。 会议议程: 二、股东会开始，主持人介绍本次股东会现场会议的出席情况； 三、宣读浙江鼎力 2025 年第二次临时股东会会议须知； 四、推选计票人和监票人，宣读议案审议及表决办法； 五、宣读议案： 1.《关于变更经营范围暨修订<公司章程>的议案》 2.《关于制定<董事、高级管理人员薪酬管理制度>的议案》 六、股东讨论并审议议案； 七、现场以记名投票表决议案； 八、与会代表休息（工作人员统计网络及现场投票结果）； 九、宣 ...

Core Insights - The mechanical industry is showing signs of recovery after three years of stagnation, with nominal GDP growth beginning to rise since Q4 2024, positively impacting the mechanical sector [17] - Domestic demand is weak while external demand is strong, particularly in the engineering machinery sector, where exports are gradually increasing due to improvements in the European and American markets [17][19] - The investment landscape is shifting towards overseas expansion and new industries, with a focus on automation and sectors supported by government subsidies [17][19] Industry Overview - The mechanical industry is experiencing a dual trend of weak domestic demand and strong external demand, with engineering machinery showing signs of recovery but still facing a fragile foundation [17] - Domestic investment in real estate continues to decline, with a 14.7% year-on-year drop in real estate development investment from January to October 2025, while infrastructure investment growth has also slowed significantly [19][23] - The overall investment environment is expected to stabilize as the gap between domestic and foreign demand narrows, with structural opportunities in infrastructure projects like water conservancy and high-standard farmland construction [23] 2026 Domestic Outlook - The investment gap is expected to narrow, with infrastructure investment declining from high levels and real estate investment under pressure, leading to a focus on structural opportunities [19][23] - Manufacturing investment is crucial, with the core focus on PPI and inventory levels, as domestic manufacturing orders remain sluggish [26][28] - The expectation is that PPI will improve in 2026, driven by factors such as reduced internal competition and improved domestic demand [28] 2026 Overseas Outlook - The downward trend in interest rates is a significant macro narrative, with the U.S. and Europe entering a phase of fiscal expansion, which is expected to benefit Chinese manufacturing [29][38] - The global inventory levels are at historical lows, which could lead to a new investment cycle as demand recovers [35] - The second wave of globalization for Chinese manufacturing is anticipated, driven by fiscal expansion in the U.S. and Europe, and a recovery in industrial product demand [38][40] Stock Selection Strategy - The stock selection strategy for 2026 focuses on two main themes: benefiting from overseas expansion and new industries, particularly in sectors like engineering machinery and specialized equipment [44] - Key sectors include engineering machinery, shipbuilding, and high-tech equipment, with a focus on companies that are expected to maintain stable performance and low valuations [44] - Emerging industries such as AI equipment, lithium battery production, and semiconductor manufacturing are highlighted as areas of significant opportunity [44][45] Investment Recommendations - Recommended stocks include SANY Heavy Industry, XCMG, and China Shipbuilding, which are expected to perform well in the current market environment [7] - Companies in the AI and semiconductor sectors, such as Longchuan Technology and Zhongwei Company, are also recommended due to their growth potential [7] - Future-oriented assets like humanoid robots and controllable nuclear fusion are noted as areas to watch for significant industry changes [7][45]

Group 1 - The company Zhejiang Dingli stated that as of December 10, 2025, the total number of shareholders is approximately 26,000 [2]

Group 1 - Zhejiang Dingli announced the convening of its 20th meeting of the 5th board of directors on December 9, 2025, to discuss organizational structure adjustments [1] - For the year 2024, Zhejiang Dingli's revenue composition is 91.96% from industrial operations and 8.04% from other businesses [1] - As of the report, Zhejiang Dingli's market capitalization stands at 30.7 billion yuan [1]

第一章 总 则 第 1.01 条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织 和行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券法》）和其他有关规定，制定本章程。 第 1.02 条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以 下简称"公司"）。 公司系发起设立的股份有限公司；在浙江省市场监督管理局登记注册，取得 营业执照，统一社会信用代码：913300007743880298。 第 1.03 条 公司于 2015 年 2 月 27 日经中国证券监督管理委员会（以下简称 "中国证监会"）核准，首次向社会公众发行人民币普通股 1625 万股，于 2015 年 3 月 25 日在上海证券交易所上市。 第 1.04 条 公司注册名称：浙江鼎力机械股份有限公司 英 文 名 称：Zhejiang DingLi Machinery Co., Ltd. 第 1.05 条 公司住所:浙江省湖州市德清县启航路 188 号，邮政编码：313219。 第 1.06 条 公司注册资本为人民币 506,347,879 元。 第二章 经营宗旨和范围 第 2.0 ...

第二条 本制度适用人员为：《公司章程》规定的董事及高级管理人员。 第三条 薪酬确定遵循以下原则： 浙江鼎力机械股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第一条 为建立科学、合理的激励与约束机制，有效地调动浙江鼎力机械股 份有限公司（以下简称"公司"）董事、高级管理人员的积极性和创造性，促进 企业健康、稳定、持续发展，根据《中华人民共和国公司法》《上市公司治理准 则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、 行政法规、部门规章及《公司章程》的有关规定，结合公司实际情况，制定本制 度。 （一）公平原则，体现收入水平符合公司规模与业绩的原则，同时兼顾市场 薪酬水平； （三）长远发展原则，体现薪酬与公司持续健康发展的目标相符； （四）激励约束并重原则，体现薪酬发放与考核、奖惩挂钩，与激励机制挂 钩。 第二章 管理机构 第四条 董事会薪酬与考核委员会负责制定董事、高级管理人员的考核标准 并进行考核，制定、审查董事、高级管理人员的薪酬政策与方案，并就董事及高 级管理人员的薪酬方案向董事会提出建议。公司相关职能部门配合董事会薪酬与 考核委员会进行公司董事、高级管理人员薪酬方 ...

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-035 浙江鼎力机械股份有限公司 关于变更经营范围暨修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江鼎力机械股份有限公司（以下简称"公司"）于 2025 年 12 月 9 日召开 的第五届董事会第二十次会议审议通过了《关于变更经营范围暨修订<公司章程> 的议案》，同意公司变更经营范围并对《浙江鼎力机械股份有限公司章程》（以 下简称"《公司章程》"）部分条款予以修订。具体情况公告如下： 一、变更经营范围情况 根据公司经营发展需要，公司在现有经营范围基础上拟增加以下经营范围： 智能机器人的研发；特殊作业机器人制造；机械设备租赁；技术服务、技术 开发、技术咨询、技术交流、技术转让、技术推广；非居住房地产租赁；企业 管理咨询。 二、公司章程修订情况 根据公司经营范围变更内容，公司拟对《公司章程》中相应条款进行修订。 具体修订如下： | 原章程内容 | | | 修订后章程内容 | | | --- | --- | --- | --- | --- | ...