（文章来源：证券日报） 证券日报网讯中力股份11月4日在互动平台回答投资者提问时表示，公司深耕场内物料搬运领域十余 年，凭借对行业的洞察及深刻理解，自主研发了大量智能搬运机器人、数智仓储机器人及无人装卸机器 人等新品，已构建起从货物入库、智能分拣到无人出库的完整闭环，产品应用场景涵盖多行业。公司今 年第十届"双十一活动"在湖北老河口举行，以"together@ep，change@future"为主题，彰显前瞻性布 局，以机器人为核心主角，重磅布局数智化升级。 ...

机构持仓方面，截止2025年9月30日，中力股份十大流通股东中，南方中证1000ETF（512100）位居第 六大流通股东，持股47.95万股，相比上期减少7600.00股。广发集轩债券A（017475）位居第九大流通 股东，持股38.00万股，为新进股东。财通资管先进制造混合发起式A（021985）退出十大流通股东之 列。 11月3日，中力股份跌1.07%，成交额8776.39万元。两融数据显示，当日中力股份获融资买入额1140.60 万元，融资偿还797.50万元，融资净买入343.11万元。截至11月3日，中力股份融资融券余额合计1.94亿 元。 责任编辑：小浪快报 融资方面，中力股份当日融资买入1140.60万元。当前融资余额1.94亿元，占流通市值的9.47%。 截至9月30日，中力股份股东户数1.82万，较上期减少9.15%；人均流通股2834股，较上期增加10.07%。 2025年1月-9月，中力股份实现营业收入52.43亿元，同比增长8.62%；归母净利润6.85亿元，同比增长 5.46%。 分红方面，中力股份A股上市后累计派现2.53亿元。 融券方面，中力股份11月3日融券偿还0.00股，融 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 5.24 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.6%, and a net profit attributable to shareholders of 690 million yuan, up 5.5% year-on-year [1] - The introduction of intelligent handling robots and continuous product innovation is expected to open new market opportunities [2][4] - Strategic partnerships and international expansion efforts, including a new factory in Thailand, are aimed at enhancing production capacity and global presence [3][4] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 1.81 billion yuan, a 7.5% increase year-on-year, and a net profit of 240 million yuan, up 3.3% year-on-year [1] - Revenue projections for 2025-2027 are estimated at 7.3 billion, 8.2 billion, and 9.6 billion yuan, with respective growth rates of 11%, 13%, and 16% [5] Product Development - The launch of the "Kangaroo Robot" features advanced capabilities such as visual recognition and multi-functional operation modes [2] - The "Smart Flying Warehouse" solution offers high compatibility and flexibility for logistics operations [2] Strategic Initiatives - A strategic cooperation agreement with Jungheinrich aims to promote electrification in the material handling industry [3] - The company plans to invest 10 million USD over five years to establish a factory in Thailand, targeting an annual production capacity of 10,000 forklifts [3] Market Positioning - The company leads the domestic market in electric warehouse forklift sales and has a strong focus on innovation and internationalization [4] - The introduction of customized solutions for mobile robots is expected to create new growth opportunities [4]

Core Insights - The engineering machinery sector experienced a slight decline of 0.11% on October 30, with Zhongli Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance Summary - Zhongji United (605305) saw a significant increase of 9.99% in its closing price at 44.25, with a trading volume of 138,100 shares and a transaction value of 608 million yuan [1] - Other notable gainers included Jindao Technology (301279) with a 4.95% increase, closing at 24.58, and San重工 (600031) with a 1.76% increase, closing at 22.51 [1] - Conversely, Zhongli Co., Ltd. (603194) led the declines with a drop of 5.86%, closing at 40.13, followed by Tietuo Machinery (920706) down 5.17% [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 41.72 million yuan from institutional investors, while retail investors contributed a net inflow of 196 million yuan [2] - The capital flow data indicates that major stocks like Yichong Heavy Industry (600031) had a net inflow of 22.6 million yuan from institutional investors, while Zhongji United (605305) experienced a net outflow of 58.06 million yuan from retail investors [3]

Core Insights - The forklift industry is experiencing double-digit growth in both domestic and international sales, driven by improved competitiveness of domestic companies in overseas markets and increasing global demand for forklifts [1][2] - Domestic forklift sales reached 81,100 units in September 2025, marking a 29.3% year-on-year increase, while international sales reached 49,300 units, up 13.9% [1][2] - The overall forklift sales for the first nine months of 2025 totaled 1,106,400 units, reflecting a 14% year-on-year growth [1][2] Industry Overview - The growth in forklift demand is closely linked to the recovery of the manufacturing sector and logistics industry, with the manufacturing PMI new orders index at 49.70% in September 2025, indicating a gradual recovery [2] - The government's GDP growth target for the year is around 5%, which supports the positive outlook for domestic demand [2] Company Performance - Anhui Heli reported a revenue of 14.934 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.94%, but a net profit decrease of 4.88% [5] - Hangcha Group achieved a revenue of 13.972 billion yuan in the first three quarters, up 8.69%, with a net profit increase of 11.21% [4] - Both companies are focusing on enhancing their operational efficiency and profitability, with cash flow from operating activities showing significant improvement [4][5] Investment Recommendations - The industry is recommended for investment due to its broad applications and relatively weak cyclical characteristics, with a strong correlation to manufacturing recovery and logistics volume growth [6] - Key companies to watch include Anhui Heli, Hangcha Group, and Zhongli Co., which have strong brand recognition, established overseas presence, and robust R&D capabilities [7]

Core Viewpoint - Zhongli Co., Ltd. experienced a 5.35% decline in stock price, closing at 40.35 CNY per share, with a total market capitalization of 16.18 billion CNY as of October 30 [1] Company Overview - Zhongli Co., Ltd. is located in Anji County, Huzhou City, Zhejiang Province, and was established on September 20, 2007. The company specializes in the research, production, and sales of electric forklifts and other industrial vehicles [1] - The main business revenue composition is as follows: forklifts and parts account for 98.85%, while other supplementary products account for 1.15% [1] Shareholder Information - Among the top ten circulating shareholders of Zhongli Co., Ltd., one fund from GF Fund Management, GF Jixuan Bond A (017475), entered the list in the third quarter, holding 380,000 shares, which is 0.74% of the circulating shares. The estimated floating loss today is approximately 866,400 CNY [2] - GF Jixuan Bond A was established on July 25, 2023, with a latest scale of 4.49 billion CNY. Year-to-date return is 5.92%, ranking 529 out of 6,227 in its category; the one-year return is 5.85%, ranking 864 out of 6,018; and since inception, the return is 11.86% [2] Fund Performance - GF Value Return Mixed A (004852), another fund from GF Fund Management, holds 130,000 shares of Zhongli Co., Ltd., representing 0.53% of the fund's net value, making it the fifth-largest holding. The estimated floating loss today is about 296,400 CNY [4] - GF Value Return Mixed A was established on November 29, 2017, with a latest scale of 791 million CNY. Year-to-date return is 7.61%, ranking 6,395 out of 8,152; the one-year return is 8.09%, ranking 6,283 out of 8,038; and since inception, the return is 50% [4] Fund Manager Information - The fund manager for both GF Jixuan Bond A and GF Value Return Mixed A is Zhang Xue, who has a cumulative tenure of 10 years and 329 days. The total asset scale under management is 12.11 billion CNY, with the best fund return during the tenure being 55.31% and the worst being 1.41% [3][5]

Group 1 - Zhongli Co., Ltd. (603194.SH) released its Q3 2025 report on October 30, 2025, indicating that 17 institutional investors hold a total of 314 million shares, accounting for 78.26% of the total share capital [1] - The top ten institutional investors collectively hold 77.75% of the shares, with notable names including Anji Zhongli Hengzhi Holdings Co., Ltd. and Lind (China) Forklift Co., Ltd. [1] Group 2 - In the public fund sector, one fund, E Fund Pan Tai One-Year Holding Mixed A, increased its holdings slightly, while another fund, Southern CSI 1000 ETF, saw a minor decrease in holdings [2] - A new public fund, GF Value Return Mixed A, was disclosed this period, while 604 public funds were not disclosed again, including several notable funds such as Caitong Asset Management Advanced Manufacturing Mixed Initiation A [2]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][22][37] - The third quarter financial report has not been audited, and the report period refers to the three months from the beginning to the end of the quarter [3][4] - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares (including tax) based on the total share capital registered on the dividend distribution date [38][40] Group 2 - The company held its second extraordinary general meeting of shareholders on November 21, 2025, with a combination of on-site and online voting [8][9][10] - The board of supervisors approved the third quarter report and the profit distribution plan for the first three quarters of 2025, which reflects the company's long-term dividend policy [24][28][44] - The company plans to provide guarantees for its subsidiaries to apply for increased credit limits from banks, with a total guarantee amount not exceeding 13 million yuan [48][49][53]

Group 1 - The core viewpoint of the article is that Zhongli Co., Ltd. (603194.SH) reported its third-quarter results, showing a revenue increase and profit growth compared to the previous year [1] Group 2 - For the first three quarters of 2025, the company achieved total operating revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62% [1] - The net profit attributable to shareholders of the parent company was 685 million yuan, reflecting a year-on-year increase of 5.46% [1] - The basic earnings per share were reported at 1.71 yuan [1] - The company plans to distribute a cash dividend of 2.5 yuan (including tax) for every 10 shares to all shareholders [1]

Core Viewpoint - Zhongli Co., Ltd. (603194) announced that neither the company nor its controlling subsidiaries have overdue or irregular external guarantees [1] Group 1 - The company confirmed the absence of overdue external guarantees [1] - The announcement reflects the company's commitment to financial integrity and compliance [1] - This statement may enhance investor confidence in the company's financial practices [1]