Zhejiang Dingli Machinery Co., Ltd. (603338)

Equity Research Report　|　Industry: Construction Machinery OEMs (Intelligent Aerial Work Platforms)　|　Report date: September 13, 2026　|　As of the September 11, 2026 close (latest verifiable trading day); report compiled around September 12, 2026.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Zhejiang Dingli achieved revenue of RMB 5.414 billion in 1H 2026, up 24.86% year on year, while net profit attributable to shareholders fell 5.95% year on year to RMB 990 million, and non-recurring-item-adjusted net profit attributable to shareholders declined 8.11% year on year. Gross margin was 32.97%, down 2.78 percentage points year on year. The company experienced a clear divergence between revenue and profit growth, with foreign-exchange losses being the primary source of profit pressure. In 2Q alone, revenue increased 20.32% sequentially and net profit attributable to shareholders rose 18.49% sequentially. Net cash flow from operating activities turned positive at RMB 315 million, compared with a negative figure in the same period last year.

The company’s core business is aerial work platforms. Related revenue accounted for 91.50% of total revenue in 2025. Scissor and boom platforms accounted for the majority of the total, while mast-type platforms and high-access material-handling platforms posted 53.14% year-on-year revenue growth. The company has capabilities in full-range electrification, modular design and global distribution, and is expanding into differentiated products such as ship-painting and rust-removal robots and tunnel-drilling robots. Overseas revenue reached RMB 6.432 billion in 2025, accounting for 75.00% of total revenue, making overseas operations an important source of growth.

After recovering during 2022–2025, profitability stood at a 34.26% gross margin and a 22.15% net margin in 2025. Net profit attributable to shareholders reached RMB 1.899 billion, up 16.60% year on year. However, gross margin declined to 32.97% in 1H 2026. Direct materials account for a high proportion of costs, while downstream rental companies are relatively concentrated and accounts receivable are substantial. Profitability and cash flow are therefore sensitive to raw-material prices, customer payment terms, exchange rates and the overseas trade environment.

As of September 11, 2026, the company’s share price was RMB 57.21, its total market capitalization was approximately RMB 28.968 billion, its P/E ratio was approximately 14.64–15.77x, and its P/B ratio was 2.46x. The 52-week price range was RMB 41.44–64.60. The average market consensus forecast for 2026 net profit attributable to shareholders was approximately RMB 2.089 billion. However, the forecast and valuation data were derived from secondary aggregations or back calculations and should be assessed together with subsequent financial reports and official market data.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Boom aerial work platforms (including straight-boom and articulated-boom models): maximum working height of 44 meters and maximum load of 454 kg, with electric, hybrid and diesel power options; 2025 revenue of RMB 2.956 billion, accounting for 37.90% of revenue, with a 30.20% gross margin and 20.84% year-on-year revenue growth
• Scissor aerial work platforms: maximum working height of 37 meters and maximum load of 1,000 kg; 2025 revenue of RMB 3.444 billion, accounting for 44.16% of revenue, with a 35.52% gross margin and 14.41% year-on-year revenue growth
• Mast-type aerial work platforms and high-access material-handling platforms: 2025 revenue of RMB 772 million, accounting for 9.90% of revenue, with a 38.81% gross margin and 53.14% year-on-year revenue growth
• Differentiated/robotics products: ship-painting and rust-removal robots, tunnel-drilling robots, glass suction-cup vehicles, formwork lifting vehicles and rail-mounted aerial vehicles; the company has also launched “diesel-to-electric” technical services globally, using a modular design that replaces diesel modules with electric modules
• Other businesses: 2025 revenue of RMB 729 million, accounting for 8.50% of revenue, with a 41.38% gross margin; detailed composition (parts, services, leasing, etc.) was not identified in this round and should be confirmed against the full annual report

2.3 Position in the Upstream and Downstream Value Chain and Cost/Profit Structure

Zhejiang Dingli focuses on the R&D, manufacturing, sales and servicing of intelligent aerial work platforms (AWPs). In 2025, aerial work platform revenue reached RMB 7.847 billion, accounting for 91.50% of revenue, with a 33.60% gross margin. By geography, revenue outside mainland China was RMB 6.432 billion (75.00% of total revenue, 34.48% gross margin and 16.45% year-on-year growth), while mainland China revenue was RMB 1.415 billion (16.50% of revenue, 29.60% gross margin and a 14.16% year-on-year decline). On a core-business revenue basis, overseas revenue accounted for 82.0% (the denominators differ and the two ratios should not be mixed).

• The cost structure is highly concentrated in direct materials: direct materials accounted for 88.36% of total operating costs in 2023 (89.09% in 2022 and 91.81% in 2021), based on the cost-analysis tables in the respective annual reports.
• Specific inputs disclosed in the company’s IPO roadshow included steel, aluminum, tires, chains, castings and electronic components as major raw materials; key components included fuel engines, motors, hydraulic cylinders and electronic control systems. Metal structural components are mainly processed by subcontractors around Huzhou and Hangzhou, with some sourced domestically and some imported.
• The company has repeatedly stated that steel is its primary raw material and that declining steel prices help reduce costs. In a 2022 investor interaction, it also referred to “higher battery prices and declining prices for steel and other raw materials.”
• Conclusion: upstream suppliers are providers of commodities and standardized components, with high substitutability. The company is essentially a price taker in procurement, and gross margin is sensitive to steel prices, battery prices and exchange rates. No disclosure of the concentration of the top five suppliers was identified in this round; the annual report’s “purchases from top five suppliers” table should be consulted.
• End users mainly obtain equipment through leasing, with rental companies acting as the link between manufacturers and end users. Direct-sales customers are mainly rental companies or end users, while customers under the distributor model are distributors. Settlement is primarily conducted through credit sales and finance leases, with Shanghai Dingce serving as the company’s own finance-leasing platform.
• Structural bargaining characteristics: downstream customers are rental companies, which are concentrated B2B customers focused on residual value, liquidity and failure rates. The business is not subject to the “annual price reduction” clauses common in automotive components, but is closer to a model in which large customers possess bargaining power and suppliers compete for market share through product quality and lifecycle services. Mature markets such as Europe and the United States are driven primarily by replacement demand, while emerging markets remain at an early stage of development.
• The large and rapidly growing accounts-receivable balance is key evidence of bargaining relationships: accounts-receivable turnover was 2.85x in 2023 (-3.72%) and 2.96x in 2022 (-32.42%); inventory turnover was 2.09x in 2023 and 2.36x in 2022. The top five accounts receivable accounted for 34.87% of total accounts receivable and contract assets on a 2025 basis and 33.44% on a 2024 basis. As of June 30, 2026, period-end accounts receivable stood at RMB 3.970 billion, up 34.95% from the beginning of the period as sales expanded. In 1Q 2026, accounts receivable divided by the latest annual-report net profit attributable to shareholders reached 185.54%. Net operating cash flow was RMB 1.312 billion in 2025, down 31.52% year on year, and turned positive at RMB 315 million in 1H 2026. Supporting evidence: Weibo Hydraulic’s IPO prospectus disclosed that Zhejiang Dingli was among its top five accounts-receivable customers during the reporting period (RMB 9.1924 million at end-2023, RMB 16.0993 million at end-2024 and RMB 15.9604 million at end-September 2025), indirectly indicating Dingli’s relatively strong position in determining payment terms with upstream component suppliers.
• Customer concentration: As of December 31, 2025, sales to the top five customers totaled RMB 2.940 billion, accounting for 34.28% of revenue; in the earlier period, the figure was RMB 2.153 billion, or 27.60%. These figures came from a third-party data aggregation website (Tongdaxin F10 repost), not the original annual-report page. Customer names were not disclosed, and the annual report could not be cross-checked in this review. The latest annual report’s “top five customers” table should be used as the reference. The company had already identified the “risk of rising customer concentration” in its 2020 annual report, amid accelerating overseas rental-market consolidation and expansion by large domestic rental companies.

Zhejiang Dingli operates in the midstream complete-machine manufacturing segment. However, its “full-range electrification + modularization + global distribution” capabilities have enabled gross margins significantly above those of general midstream processing businesses (33%–38%, with net margins of 20%–29%). The company is neither an upstream resource business with high margins nor a low-margin contract manufacturer. The true drivers of profit improvement are product-mix upgrades (boom platforms, electrification, high-height models and differentiated robotics products), a higher share of high-margin overseas markets (overseas core-business revenue now accounts for 82%), and scale and manufacturing-cost advantages, rather than hard bargaining power over upstream raw materials or downstream customers. Steel and battery costs, tariffs and exchange rates, as well as payment terms imposed by large downstream rental companies, are the three external variables constraining gross margin.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Data as of September 2026. The latest available financial report is the 2026 interim report, disclosed on August 27/28, 2026. The latest available annual report is the 2025 annual report, disclosed on April 16/17, 2026. 1H 2026 revenue was RMB 5,414,027,698.33, net profit attributable to shareholders was RMB 989,531,165.75, and non-recurring-item-adjusted net profit attributable to shareholders was RMB 965 million (-8.11% year on year). 2Q 2026 revenue rose 20.32% sequentially, net profit attributable to shareholders rose 18.49% sequentially, and non-recurring-item-adjusted net profit was RMB 527 million (-14.84% year on year). In 2025, non-recurring-item-adjusted net profit attributable to shareholders was RMB 1.825 billion (+11.36%), total profit was RMB 2.232 billion (+15.14%), basic EPS was RMB 3.75, and the proposed cash dividend was RMB 11.50 per 10 shares, including tax. In 2024, non-recurring-item-adjusted net profit was RMB 1.638 billion (-9.36%), net operating cash flow was RMB 1.917 billion (-13.96%), the debt-to-asset ratio was 34.62%, gross margin was 35.04%, ROE was 16.23% (-4.60 ppt), diluted EPS was RMB 3.22, and overseas revenue was RMB 5.523 billion (+43.83%). All financial year-on-year figures follow the company’s annual- and interim-report disclosures. Media-reported figures were cross-checked against the original annual-report summary in RMB and found to be consistent. 2022 data were based on media figures, while 2023 data came from Eastmoney’s annual-report tables.

Revenue grew 24.86% year on year in 1H 2026, returning to a rapid-growth trajectory, but net profit attributable to shareholders fell 5.95% and non-recurring-item-adjusted net profit declined 8.11%. Multiple brokerages consistently attributed the decline in net profit to foreign-exchange losses, a non-operating impact, although the detailed amount of the foreign-exchange impact was not obtained in this review. In 2Q alone, revenue increased 20.32% sequentially and net profit attributable to shareholders rose 18.49% sequentially, indicating sequential improvement. Full-year 2025 revenue was RMB 8.575 billion (+9.96%) and net profit attributable to shareholders was RMB 1.899 billion (+16.60%), with 4Q net profit attributable to shareholders surging 80.96% year on year. Net profit attributable to shareholders rose 27.56% year on year in 1H 2025 but declined year on year in 1H 2026, mainly due to foreign-exchange effects. Revenue grew 23.56% in 2024, but net profit attributable to shareholders declined 12.76%, also affected by foreign-exchange losses and other factors. Foreign-exchange fluctuations have been the key non-operating variable affecting profit in the latest two periods; the specific amount should be checked in the interim-report text.

3.2 Earnings Forecasts

Consensus figures are from the Guosen Securities iFinD aggregation page (the past six months, as of September 7, 2026; 12 institutions) and are secondary aggregation-system data. Individual brokerage-report figures came from reposts by Sina, Gelonghui and Securities Star; the original brokerage PDFs could not be opened and checked one by one. Approximately 12 institutions issued reports. The highest, lowest and average 2026 net-profit forecasts were RMB 2.263 billion, RMB 1.958 billion and RMB 2.089 billion, respectively (corresponding to year-on-year growth of 10.00%). The highest, lowest and average target prices were RMB 70.00, RMB 67.36 and RMB 68.62, respectively. At another point in time (as of August 28, 2026; 10 institutions), the average forecast was RMB 2.122 billion (+11.76%) and the average target price was RMB 67.34 (range: RMB 64.65–70.00); in certain later updated versions, the average forecast became RMB 2.144 billion. The number of institutions and averages within the same statistical window roll as new reports are added, so differences are normal rolling changes rather than data inconsistencies. Detailed revenue, net profit, EPS and target-price forecasts from Orient Securities, Donghai Securities, Central China Securities and Guotai Haitong are shown in the table above. Forecast publication dates range from September 15, 2025 to September 8, 2026, so differences in timeliness should be considered.

3.3 Valuation and Institutional Ratings

Share-count estimate: Based on FY2025 net profit attributable to shareholders of RMB 1.899 billion and basic EPS of RMB 3.75, total shares were approximately 506 million. At the average consensus target price of RMB 68.62, implied market capitalization was approximately RMB 34.7 billion, corresponding to approximately 16.6x 2026E earnings based on average 2026E net profit of RMB 2.089 billion. Based on Donghai Securities’ May 6, 2026 benchmark closing price of RMB 56.53, the implied 2026E P/E was approximately 13.7–14.0x. The valuation anchors generally used by brokerages are a 13x 2027 P/E assigned by Orient Securities and an 18x 2025 P/E assigned by Guotai Haitong, indicating an industry valuation range of approximately 13–18x P/E for construction machinery and aerial work platforms. Major uncertainties include the lack of reliable real-time closing-price, market-capitalization, P/E (TTM) and P/B data in this review. Market-data pages are often JavaScript-rendered and may return blank or outdated information. The market-capitalization and P/E figures above were therefore back-calculated using brokerage target prices or benchmark prices rather than sourced from real-time official quotations and should be verified through a market-data terminal. In addition, all consensus data came from the Guosen Securities iFinD aggregation page, while individual brokerage figures came from reposts; the original brokerage PDFs were not checked one by one. The decline in 1H 2026 net profit was attributed to foreign-exchange losses, but the detailed amount was not obtained. Complete FY2025 cash-flow-statement and balance-sheet metrics were not obtained. Eastmoney’s 2025-06-30 regional classification fields appeared abnormal, with multiple categories mixed into one column and a gross margin of zero, and were therefore not relied upon independently. Data on the Korean Hankyung China Guide page appeared to contain inconsistencies in units and quarterly attribution and was not used.

4. Recent News and Announcements

4.1 2026 Interim Report

The company disclosed its 2026 interim report on the evening of August 27/August 28, 2026; the board meeting was held on August 26. Key data for January–June 2026 included total operating revenue of RMB 5.414 billion (RMB 5,414,027,698.33), up 24.86% year on year; net profit attributable to shareholders of RMB 990 million (RMB 989,531,165.75), down 5.95%; non-recurring-item-adjusted net profit attributable to shareholders of RMB 965 million (RMB 964,877,333.21), down 8.11%; total profit down 7.20% year on year to RMB 1.172 billion; net operating cash flow of RMB 315 million, compared with negative RMB 134 million in the same period last year; weighted-average ROE of 8.39% (-1.65 ppt); basic EPS of RMB 1.95 (-6.25%); total assets of RMB 18.142 billion (+4.54% from year-end); net assets attributable to shareholders of RMB 11.780 billion (+3.28%); gross margin of 32.97% (-2.78 ppt); debt-to-asset ratio of 35.05%; and 30,400 shareholders. In 2Q alone, revenue was RMB 2.957 billion (+21.26% year on year and +20.32% sequentially), net profit attributable to shareholders was RMB 537 million (-13.93% year on year and +18.49% sequentially), and non-recurring-item-adjusted net profit was RMB 527 million (-14.84% year on year). Sources: Securities Star announcement summary, China Securities Journal/CNFIN, Jiemian News, Securities Times and the original interim-report summary reposted by CNFIN from the Shanghai Stock Exchange.

4.2 Resolution of the Second Meeting of the Sixth Board of Directors (Announcement No. 2026-020)

Disclosed together with the 2026 interim report, the resolution approved the 2026 interim report and summary, as well as the special report on the deposit, management and use of proceeds for 1H 2026. The vote passed unanimously, with all 9 directors voting in favor. Source: Sina Finance announcement page.

4.3 Special Report on the Deposit, Management and Actual Use of Proceeds in 1H 2026 (Announcement No. 2026-021)

Disclosed together with the 2026 interim report. Source: Sina Finance announcement page.

4.4 No Interim Dividend in 2026

The interim report stated that there was “no profit-distribution proposal or proposal to capitalize the capital reserve approved by the board for the reporting period,” meaning that no interim dividend would be paid in 2026. Source: Sina Finance full interim-report page.

4.5 Announcement of Abnormal Stock Trading Volatility

The “Announcement of Abnormal Stock Trading Volatility” was dated 19:06 on July 3, 2026 on Securities Star and July 4 on Eastmoney, possibly reflecting a one-day difference in publication or disclosure dates. It indicated that the share price had experienced abnormal volatility in early July 2026 and that the company had issued the announcement in accordance with regulations. Limitation: the full announcement was not obtained, so the specific price-movement range and whether any undisclosed matters existed were not verified. Sources: Securities Star company-announcement list and Eastmoney announcement page.

4.6 2025 Annual Profit-Distribution Plan (Announcement No. 2026-002)

Disclosed around April 17, 2026: a cash dividend of RMB 1.15 per share, including tax, with no bonus shares or capitalization of capital reserves. Based on total share capital of 506,347,879 shares, total cash dividends would be approximately RMB 582 million (RMB 582,300,060.85), representing 30.66% of 2025 net profit attributable to shareholders. Source: Jiufang Intelligent Investment repost of the Shanghai Stock Exchange announcement.

4.7 Implementation of the 2025 Annual Equity Distribution

The ex-dividend and ex-rights date was June 18, 2026, with a dividend of RMB 11.50 per 10 shares. Source: Securities Star historical distribution records.

4.8 Three-Year Shareholder Return Plan for 2027–2029

The 2025 annual general meeting approved the proposal on formulating the company’s shareholder return plan for 2027–2029. Source: Guosen Securities shareholder-meeting materials.

4.9 2026 “Improving Quality, Increasing Efficiency and Enhancing Returns” Action Plan (Announcement No. 2026-009)

Disclosed on April 16, 2026, the plan emphasized optimizing the core business, globalization, corporate governance and investor communications. It only stated qualitatively that revenue and net profit attributable to shareholders both grew in 2025 and that the company would continue to focus on R&D and innovation and increase overseas sales in 2026; no specific numerical guidance was provided. Source: CFi.cn.

4.10 No Recent Share Repurchase

The 2025 profit-distribution announcement explicitly stated that the cumulative amount of repurchases and cancellations during the most recent three fiscal years was RMB 0 (RMB 0 in each of 2023, 2024 and 2025). This review also found no recent share-repurchase plan or progress announcement. Conclusion: no recent repurchase. This conclusion relies on a single announcement source and was not cross-checked against an independent repurchase-announcement database. Sources: 9fzt profit-distribution announcement and the Eastmoney announcement list, which contained no repurchase-related announcement.

4.11 Major Shareholders (as of June 30, 2026)

The interim report showed that Xu Shugen held 230.5646 million shares (45.53%, unchanged); Deqing Zhongding Equity Investment Management Co., Ltd. held 54.5892 million shares (10.78%, unchanged); Hong Kong Securities Clearing Company Limited held 21.7888 million shares (4.30%, up 3.8172 million shares from March 31, 2026); the Harvest–Social Security 16042 portfolio held 5.0024 million shares (0.99%, up 2.0369 million); and Social Security 109 entered the list with 2.4845 million shares. The top 10 shareholders held a combined 324 million shares, or 64.03% of total share capital. Compared with March 31, 2026, Hong Kong Securities Clearing Company Limited’s holding increased from 17.9716 million shares (3.55%), indicating significant northbound buying in 2Q. Sources: Securities Star top tradable shareholders, Jiemian/Eastmoney interim-report summary and Aijingu top tradable shareholders.

4.12 Shareholder Reductions

The latest significant shareholder reduction identified took place in June 2024. From June 3 to June 11, 2024, Deqing Zhongding sold 4.00 million shares through the secondary market, representing 0.79% of total share capital, at an average price of RMB 62.69 per share. No new reduction announcement by the controlling shareholder or actual controller was identified in the 2025–2026 search period. In 1H 2026, Xu Shugen’s and Deqing Zhongding’s holdings were both unchanged. ⚠️ Limitation: Eastmoney’s “shareholder increases and reductions” table mixed entries from different years, including the sale of 857,500 shares by Xu Zhilong in November 2024. It is therefore impossible to determine from that table alone whether individual executives traded on-market in 2026; the latest periodic reports and original announcements should be consulted. Sources: Guosen Securities important-shareholder transaction records and Eastmoney shareholder increase/reduction page.

4.13 Changes in Number of Shareholders

According to Securities Star, the number of shareholders was 29,027 as of March 31, 2026, up 20.95% from the previous period. It was 27,000 on January 9, 2026 and 28,873 on December 31, 2025. The figures may differ slightly from the interim report’s 30,400 due to different statistical bases and sources. Source: Securities Star shareholder-information page.

4.14 Departure and Replacement of a Director and Executive (2025-07-18)

Director and board secretary Liang Jin resigned for personal reasons but continued to work for the company. Zhang Huiying was elected as a non-independent director, and Wang Ting was appointed board secretary. Source: CFi.cn.

4.15 Change of Business Scope and Amendments to the Articles of Association and Compensation Management System

The 20th meeting of the fifth board of directors was held on December 9/10, 2025. The second extraordinary general meeting of 2025 was held on December 26, attended by 212 shareholders representing 321,348,916 shares, or 63.4640% of total shares. It approved the proposals on changing the business scope and amending the Articles of Association, as well as the compensation management system for directors and senior executives. The expanded business scope included “R&D of intelligent robots; manufacturing of special-purpose robots; machinery leasing; technical services, development, consulting, transfer and promotion; non-residential property leasing; and corporate management consulting.” The company also introduced differentiated products such as ship-painting and rust-removal robots and tunnel-drilling robots. Sources: CFi.cn, Guosen Securities resolution announcement, China Securities Journal and Eastmoney business-scope page.

4.16 2025 Annual General Meeting and Board Re-election

The 2025 annual general meeting was held on May 19, 2026, attended by 448 shareholders representing 361,668,559 shares, or 71.4268% of total shares. All 12 proposals were approved, including profit distribution, reappointment of the accounting firm, board re-election, election of the sixth board’s non-independent and independent directors, and the three-year shareholder return plan. The resolution of the first meeting of the sixth board was also passed on the same day. Independent directors of the sixth board include Qiu Baoyin, Shu Min and Shen Jialiang. Sources: CFi.cn and Guosen Securities.

4.17 Guarantees, Credit Facilities and Routine Matters

On April 20/21, 2026, the company disclosed an announcement on the progress of guarantees provided to subsidiaries within the scope of its consolidated financial statements. Disclosures accompanying the 2025 annual report on April 16 included announcements on guarantees provided by the company and its consolidated subsidiaries to customers, expected guarantee limits for subsidiaries, reappointment of the accounting firm, the internal-control evaluation report and the 2025 sustainability-report summary. On April 28, it disclosed the notice of the 2025 annual general meeting and the resolution of the 22nd meeting of the fifth board. The 1Q 2026 report was disclosed on the evening of April 27. An investor-research activity announcement was issued on May 8, although its detailed content was not obtained. The 2025 annual and 1Q 2026 results presentation was held on May 13 (Announcement No. 2026-008, disclosed on April 16). Sources: Securities Star announcement list, Eastmoney announcement page and CFi.cn announcement page.

4.18 M&A and External Investment

This review found no new M&A or major external-investment announcement during 2025–2026. The company’s existing overseas investments—MAGNI in Italy, MEC in the United States, TEUPEN in Germany and Shanghai Dingce Finance Leasing—are historical matters. The three Italy, United States and Germany investments mentioned in announcements around 2020 are relatively old information and do not represent recent developments. This conclusion means “not identified in the search,” not “confirmed absent.” Source: summary of this review.

4.19 Earnings Guidance (Special Note)

This review found no earnings forecast or preliminary earnings announcement by Zhejiang Dingli for the 2026 interim report. The company directly disclosed the complete interim report on August 27/28, 2026. A-share companies are generally not required to issue interim earnings guidance, so the absence of such guidance is common; however, this remains a “not identified in the search” conclusion rather than confirmation that no such announcement exists. Source: summary of this review.

4.20 Brokerage Research Views (Not Company Disclosures)

Between August 31 and September 8, 2026, Founder Securities, Caitong Securities and China Post Securities published research reports titled “Overseas Expansion Drives Rapid Revenue Growth, Core Operations Remain Resilient” (Founder Securities, August 31), “Revenue Returns to a Rapid-Growth Trajectory, Profit Resilience Exceeds Expectations” (Caitong Securities, September 2) and “Rapid Revenue Growth, Continued Promotion of Differentiated Products” (China Post Securities, September 8). Brokerages differed in their interpretation of the interim report’s revenue growth without corresponding profit growth. These are institutional views, not company disclosures. Source: Sina Finance research-report page.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

According to authoritative third-party data, the global aerial work platform rental market had approximately 2.23 million units in operation in 2023 (IPAF Rental Market Report 2024). In 2024, the global installed base was approximately 3.04 million units, including 858,100 units in the United States, 365,300 units across 10 European countries and 669,200 units in China (IPAF Rental Market Report 2025). In terms of market structure, mature European and US markets are primarily replacement-driven and growing steadily. Competition among domestic manufacturers and rental companies is intense and cyclical, with the company’s 2025 mainland-China core-business revenue declining 14.16%. Emerging markets remain at an early stage of development and have significant potential.

6.2 Competitive Landscape

• Mature European and US markets are primarily driven by replacement demand, with steady growth; emerging markets remain at an early stage and have significant potential.
• Competition among domestic manufacturers and rental companies is intense and cyclical. The company’s 2025 mainland-China core-business revenue declined 14.16% year on year.
• Downstream rental-company concentration is increasing as overseas rental-market consolidation accelerates and large domestic rental companies expand. The company identified the “risk of rising customer concentration” in its 2020 annual report.
• Overseas operations face uncertainty from political risks, trade friction and exchange-rate fluctuations. If major export markets introduce trade barriers or raise tariffs, product exports may be adversely affected, as noted in the 2020 annual-report risk warning.
• ⚠️ The competitor list could not be cross-checked in this review. The following is a candidate comparison list based on common industry knowledge and requires secondary confirmation.

6.3 Major Competitors

Zhejiang Dingli is a leading global manufacturer of intelligent aerial work platforms, with more than 200 specifications across three major product series: boom, scissor and mast platforms. It has also established a differentiated “aerial work platform + robotics” product portfolio. In 2025, aerial work platform revenue accounted for 91.50% of total revenue. Overseas revenue accounted for 75.00% on a total-revenue basis and 82.0% on a core-business revenue basis, making overseas markets the company’s primary source of revenue. The company has advantages in full-range electrification, modular design and global distribution. Its overall gross margin was 34.26% and net margin was 22.15% in 2025. Domestic competitors such as Sinoboom, LGMG and XCMG could not be cross-checked in this review, and the comparison list above requires secondary confirmation. The same applies to overseas competitors JLG, Genie, Skyjack and Haulotte. At the industry level, mature European and US markets are driven mainly by replacement demand, domestic competition is intense and the company’s mainland-China revenue declined 14.16% year on year in 2025, while emerging markets remain at an early stage of development.

7. Risk Factors

• Overseas business and trade-friction risk: Overseas revenue accounted for 75.00% of total revenue in 2025, while overseas core-business revenue accounted for 82.0% on another basis. If major export markets raise tariffs or introduce trade barriers, or if political risks and exchange-rate fluctuations intensify, the company’s export revenue and profit may be affected.
• Exchange-rate and profit-volatility risk: Revenue grew 24.86% year on year in 1H 2026, but net profit attributable to shareholders declined 5.95%. Both the company’s disclosure and market analyses identified foreign-exchange losses as the primary source of pressure. Continued adverse exchange-rate movements could cause revenue growth and net-profit performance to diverge.
• Gross-margin and raw-material-cost risk: Direct materials account for a high proportion of operating costs and mainly include steel, aluminum, tires, chains, castings, electronic components and batteries. Gross margin declined 2.78 percentage points year on year in 1H 2026, and changes in the prices of steel, batteries and other inputs could further compress profitability.
• Domestic competition and price pressure: Mainland-China core-business revenue declined 14.16% year on year in 2025, amid intense competition among domestic manufacturers and rental companies. Continued domestic price competition could pressure product prices, capacity utilization and gross margin.
• Downstream customer concentration and accounts-receivable risk: Sales to the top five customers accounted for 34.28% of revenue at end-2025, while the top five accounts receivable accounted for 34.87% of total accounts receivable and contract assets. Period-end accounts receivable reached RMB 3.970 billion at end-June 2026, up 34.95% from the beginning of the period. Concentration among large rental companies and changes in payment terms could affect collections and operating cash flow.
• Rental-company demand volatility: End users mainly obtain equipment through rental companies, which focus on residual value, liquidity and failure rates. If replacement demand in mature European and US markets slows or the pace of adoption in emerging markets falls short of expectations, equipment procurement may fluctuate and affect the company’s orders.
• Risk that new products and business expansion fall short of expectations: The company has developed differentiated products such as ship-painting and rust-removal robots, tunnel-drilling robots and glass suction-cup vehicles, and has added intelligent-robot R&D and special-purpose robot manufacturing to its business scope. If market validation, scaled sales or profitability of new products fall short of expectations, related investments may not generate timely earnings contributions.

8. Conclusion and Outlook

The company’s core growth drivers are global demand for aerial work platforms, overseas-market expansion, product electrification and mix upgrades, and differentiated products including scissor, boom and mast platforms and robotics. Revenue returned to a relatively rapid growth trajectory in 1H 2026, while sequential improvements in 2Q revenue and profit indicated continued resilience in the core business. The return to positive operating cash flow also represented a temporary improvement in operating quality.

Future performance will depend on whether overseas growth can continue, whether domestic competition and price pressure ease, and how exchange rates, tariffs and raw-material costs evolve. The decline in 1H 2026 profit indicates that revenue expansion has not yet been fully converted into profit growth. Investors should monitor gross-margin recovery, changes in non-recurring-item-adjusted profit, accounts-receivable growth and cash collections.

The company’s current valuation is near the approximately 13–18x P/E valuation range used in brokerage research for the construction machinery and aerial work platform industries. However, institutional forecasts differ in terms of methodology, timing and source. Given the high proportion of overseas revenue and the relatively high concentration of customers and accounts receivable, the quality of future growth and the realization of forecast profits will require validation through subsequent operating data.

Data Sources

• 603338 Zhejiang Dingli
• Zhejiang Dingli (603338) Operating Analysis_Individual Stock Market_Ths Finance
• Summary of the 2024 Annual Report of Zhejiang Dingli Machinery Co., Ltd. - 2025
• Zhejiang Dingli: Summary of the 2026 Interim Report of Zhejiang Dingli Machinery Co., Ltd.
• Zhejiang Dingli Listed Company Information
• Zhejiang Dingli Machinery Co., Ltd. Announcement on Adjusting the Company’s Organizational Structure - 2025
• Zhejiang Dingli (603338)_Company Overview_Stock Price_Real-Time Market_Chart_News_Research Reports_FinScope
• Securities Times E-paper: 2023 Annual Report Summary of Zhejiang Dingli Machinery Co., Ltd.
• Zhejiang Dingli 2022 Results and Cash Dividend Presentation
• Zhejiang Dingli: 2022 Net Profit Increased 42.15%, Proposed Cash Dividend of RMB 5 per 10 Shares
• SSE Roadshow Center — Institutional Details
• 603338 Zhejiang Dingli — Core Business Scope
• Zhejiang Dingli (603338) — Zhejiang Dingli (603338)
• Zhejiang Dingli: Summary of the 2025 Annual Report
• Zhejiang Dingli (603338) 2025 Interim Management Discussion and Analysis
• Zhejiang Dingli (603338.SH) Operating Analysis — PC_HSF10 Data
• 603338 Zhejiang Dingli — Core Concepts
• Zhejiang Dingli — Business Composition — 2025-12-31
• Zhejiang Dingli — Industrial Business
• Shanghai and Shenzhen Company Announcement Titles — Zhejiang Dingli 2025 Annual Report
• Zhejiang Dingli’s 2025 Net Profit Attributable to Shareholders Reached RMB 1.899 Billion, Up 16.60%; Aerial Work Platform Revenue Rose to 91.49% of Total
• Zhejiang Dingli 2025 Results: Revenue of RMB 8.575 Billion, Overseas Revenue of RMB 6.432 Billion, Up 16.45%
• Popular Comments
• Zhejiang Dingli (603338) 2025 Annual Report Review: Results in Line with Expectations, Strong Growth Despite Tariff Disruptions
• Zhejiang Dingli (603338) Core Business — Securities Star
• Weibo Hydraulic: Response to the First Round of Questions from Weibo Hydraulic and Soochow Securities — Jiufang Intelligent Investment
• Accounts Receivable Balance Table
• Zhejiang Dingli 2020 Annual Report — Overseas Operating Risks
• Zhejiang Dingli — 2 to 3 Years
• Zhejiang Dingli — More Than 5 Years
• Zhejiang Dingli Core Business Analysis — Gubit
• Zhejiang Dingli (603338) — Operating Analysis
• Zhejiang Dingli Core Business Analysis — Chaguwang
• Zhejiang Dingli 2026 Interim Report: Steady Revenue Growth, Foreign-Exchange Losses Drive Net-Profit Decline
• Zhejiang Dingli (603338) 1Q 2026 Report Review
• Zhejiang Dingli 2023 Annual Report
• Zhejiang Dingli 2023 Annual Report — Distribution Business
• Zhejiang Dingli (603338.SH): 2024 Net Profit of RMB 1.629 Billion, Down 12.76%
• Zhejiang Dingli: 2024 Net Profit of RMB 1.629 Billion
• Zhejiang Dingli: Accelerating Globalization and Steady Growth Driven by High-End Products
• Zhejiang Dingli Machinery Co., Ltd. Financials Overview
• Chiyu Banking Corporation Limited — Company Information
• Hankyung China Guide
• Zhejiang Dingli Machinery Income Statement — Investing.com
• Income Statement for Zhejiang Dingli Machinery Co Ltd — Investing.com
• Zhejiang Dingli (603338.SH): 1H 2024 Net Profit of RMB 824 Million, Down 0.88%
• Zhejiang Dingli: 2025 Net Profit Up 16.6%, Proposed Cash Dividend of RMB 11.5 per 10 Shares
• Zhejiang Dingli: 2025 Net Profit Up 16.6%, Proposed Cash Dividend of RMB 11.5 per 10 Shares
• Zhejiang Dingli (603338): 2025 Closed Steadily and 2026 Started Strongly
• Zhejiang Dingli: 2025 Net Profit Up 16.6%, Proposed Cash Dividend of RMB 11.5 per 10 Shares
• Zhejiang Dingli: Summary of the 2025 Annual Report
• Zhejiang Dingli: 2025 Net Profit of RMB 1.899 Billion, Up 16.6%; Proposed Cash Dividend of RMB 11.5 per 10 Shares
• Zhejiang Dingli: 2025 Net Profit Up 16.6%, Proposed Cash Dividend of RMB 11.5 per 10 Shares
• Zhejiang Dingli: Summary of the 2025 Annual Report
• Zhejiang Dingli 2025 Net Profit of RMB 1.899 Billion, Up 16.6%
• Zhejiang Dingli (603338): Overseas Business Continues to Improve, Profitability Recovers Significantly
• Zhejiang Dingli: 1H 2026 Net Profit of RMB 990 Million, Down 5.95%
• Zhejiang Dingli (603338): Overseas Expansion Drives Rapid Revenue Growth, Core Operations Remain Resilient
• Zhejiang Dingli (603338): Revenue Returns to a Rapid-Growth Trajectory, Profit Resilience Exceeds Expectations
• Zhejiang Dingli (603338): Rapid Revenue Growth, Continued Promotion of Differentiated Products
• Zhejiang Dingli: Summary of the 2026 Interim Report
• Macroeconomic Research Details
• Zhejiang Dingli 2026 Interim Report: Steady Revenue Growth, Foreign-Exchange Losses Drive Net-Profit Decline
• Zhejiang Dingli (603338.SH): 1H 2026 Net Profit of RMB 990 Million, Down 5.95%
• Rapid Revenue Growth, Continued Promotion of Differentiated Products
• Zhejiang Dingli (603338.SH): 1H 2026 Net Profit of RMB 990 Million, Down 5.95%
• Institutional Rating: Huatai Securities Rates Zhejiang Dingli “Overweight”
• Institutional Rating: CICC Rates Zhejiang Dingli “Outperform”
• Institutional Rating: Donghai Securities Rates Zhejiang Dingli “Buy”
• Zhejiang Dingli Initial Coverage: Leader in Aerial Work Platform Electrification
• Research Report Metrics — Securities Star
• Zhejiang Dingli: Revenue Maintains Rapid Growth, Differentiated New Products Poised to Accelerate
• Initial Institutional Coverage — Securities Star
• Guotai Haitong Initiates Coverage on Zhejiang Dingli with “Overweight” Rating and RMB 71.1 Target Price
• Guotai Haitong Initiates Coverage on Zhejiang Dingli with “Overweight” Rating and RMB 71.1 Target Price
• Institutional Rating: CICC Rates Zhejiang Dingli “Outperform”
• Stock Code: 603338
• Zhejiang Dingli: 2025 Annual Profit-Distribution Plan Announcement
• Zhejiang Dingli 2025 Third-Quarter Report
• Zhejiang Dingli Shareholder Meeting
• Zhejiang Dingli: Notice of the Second Extraordinary General Meeting of 2025
• Zhejiang Dingli: Resolution of the Second Extraordinary General Meeting of 2025
• Zhejiang Dingli: Departure and Replacement of Directors and Appointment of Senior Executive
• Zhejiang Dingli: Resolution of the Second Extraordinary General Meeting of 2025
• Company Code: 603338
• Zhejiang Dingli: Resolution of the 2025 Annual General Meeting
• Zhejiang Dingli
• Zhejiang Dingli: Resolution of the Second Meeting of the Sixth Board of Directors
• Zhejiang Dingli: Resolution of the Second Meeting of the Sixth Board of Directors
• Zhejiang Dingli: 2026 “Improving Quality, Increasing Efficiency and Enhancing Returns” Action Plan
• Zhejiang Dingli: 2026 Interim Report
• Zhejiang Dingli (603338.SH): 1H 2026 Net Profit of RMB 990 Million, Down 5.95%
• China Stock Shareholder Meeting Notice — Zhejiang Dingli — May 19, 2026
• Zhejiang Dingli: Notice of the 2025 Annual and 1Q 2026 Results Presentation
• Zhejiang Dingli Company Announcements
• Zhejiang Dingli Announcements
• Zhejiang Dingli 1H 2026 Revenue Exceeded RMB 5.4 Billion, Up Rapidly; Operating Cash Flow Turned Significantly Positive
• Zhejiang Dingli: Summary of the 2026 Interim Report
• Zhejiang Dingli 1H 2026 Revenue Exceeded RMB 5.4 Billion, Up Rapidly; Operating Cash Flow Turned Significantly Positive
• Zhejiang Dingli 1H Revenue of RMB 5.414 Billion, Up 24.86%; Net Profit Attributable to Shareholders of RMB 990 Million, Down 5.95%
• Zhejiang Dingli (603338)
• Zhejiang Dingli Shareholder Increases and Reductions
• Management Shareholding Changes — Zhejiang Dingli
• Important Shareholder Increase/Reduction Plans — Zhejiang Dingli — 2024
• Important Shareholder Transaction Records — Zhejiang Dingli — 2024
• Zhejiang Dingli Share Capital and Shareholders
• Latest Zhejiang Dingli Shareholder Information — Gubit
• Zhejiang Dingli Number of Shareholders
• Zhejiang Dingli Top 10 Tradable Shareholders
• Zhejiang Dingli
• Zhejiang Dingli RMB 57.21, -RMB 0.79 (-1.36%), Latest Price and Chart — Eastmoney
• Zhejiang Dingli Stock Overview
• Zhejiang Dingli Machinery Co., Ltd. 603338
• Zhejiang Dingli (603338) Market Data and Chart — Jiufang Intelligent Investment
• Zhejiang Dingli (sh603338) Market Trend
• Zhejiang Dingli (sh603338) Market Trend — September 9, 2026
• 603338: Zhejiang Dingli — MSN Finance
• 603338: Zhejiang Dingli Machinery Co Ltd — MSN Money
• Zhejiang Dingli (603338.SH)
• Zhejiang Dingli Machinery Co., Ltd. Interactive Chart
• Zhejiang Dingli (603338) Technical Analysis
• Zhejiang Dingli (603338.SH) — Technical Analysis
• Technical Analysis of Zhejiang Dingli Machinery Co., Ltd. (SSE:603338)
• Technical Analysis of Zhejiang Dingli Machinery Co., Ltd. (SSE:603338)
• Zhejiang Dingli Capital Flows
• Peer Stocks — CSRC Industry: Special Equipment Manufacturing
• Top 10 Construction Machinery Stocks on September 9
• Zhejiang Dingli Weekly Review: Down 1.21% This Week
• Zhejiang Dingli Rose 2.00%, Trading Value RMB 135 Million
• Top 10 Construction Machinery Stocks on September 9
• Zhejiang Dingli Capital Flows
• Zhejiang Dingli Rose 2.03%, Trading Value RMB 83.6081 Million
• Zhejiang Dingli (603338.SH): 1H 2026 Net Profit of RMB 990 Million, Down 5.95%
• Zhejiang Dingli Tradable Shareholders
• Zhejiang Dingli (603338.SH): 1Q 2026 Net Profit of RMB 453 Million
• Zhejiang Dingli Latest Price and Market Data
• Zhejiang Dingli (603338.SH) — Substantial Shareholders
• Zhejiang Dingli: Name Change
• Zhejiang Dingli’s Top 10 Tradable Shareholder Structure Changes

This report was automatically searched, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close (latest verifiable trading day), and the report was compiled around September 12, 2026. There may be differences in timeliness; specific data should be checked against the company’s official announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.