Group 1 - The core point of the article is that Zhongli Co., Ltd. (603194) announced plans for its wholly-owned subsidiary, Jiangsu Zhongli Forklift Co., Ltd., to invest in a smart logistics equipment project in Jiangyin-Jingjiang Industrial Park, with a total planned investment of 478 million yuan [1] - The project will focus on the research and manufacturing of smart logistics equipment and unmanned ground support intelligent equipment for aviation, including the construction of a smart logistics system integration, core component production lines, assembly workshops, and testing platforms [1] - The project is currently in the initial planning stage, and there may be changes in the specific implementation timeline, steps, and scope, with uncertainties regarding the acquisition of land use rights [1]

Investment Rating - The report rates the forklift industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][8]. Core Insights - Forklift sales in China showed growth in May 2025, with total sales reaching 123,500 units, a year-on-year increase of 11.8%. Domestic sales were 79,100 units, up 9.3%, while exports reached 44,300 units, growing by 16.6% [2]. - The trend towards electrification in the forklift industry is significant, with China's electrification rate reaching 73.6% in 2024, marking a breakthrough above 70%. Domestic brands are capitalizing on this trend, with exports of electric forklifts increasing by 25.5% [2]. - AI technology is driving demand for unmanned forklifts, with the logistics sector experiencing a shift towards automation and smart solutions. The market for unmanned forklifts is projected to grow, with sales expected to reach 24,500 units in 2024, reflecting a year-on-year growth of 25.64% [2]. - Key companies in the forklift sector are actively investing in smart logistics, forming strategic partnerships to enhance their capabilities. Notable companies include Anhui Heli, Hangcha Group, Zhongli Group, and Noli Group, each pursuing innovative solutions in the logistics space [2]. Summary by Sections Sales Performance - In May 2025, China's forklift sales totaled 123,500 units, with domestic sales at 79,100 units and exports at 44,300 units, reflecting growth rates of 9.3% and 16.6% respectively [2]. - Cumulative sales from January to May 2025 reached 601,800 units, with domestic sales of 392,500 units and exports of 209,300 units, showing year-on-year growth of 6.7% and 14.7% [2]. Electrification Trend - The global electrification rate for forklifts reached 74.5% in the first half of 2024, with China's rate at 73.6%. Domestic brands are gaining international recognition, with electric forklift exports making up 78.8% of total exports [2]. AI and Automation - The logistics sector is witnessing a shift towards automation, with unmanned forklifts utilizing navigation technology to operate 24/7. This trend addresses labor cost increases and the need for efficiency in logistics operations [2]. Company Strategies - Anhui Heli is collaborating with Huawei and major logistics firms to develop smart logistics solutions. Hangcha Group is establishing a smart logistics company in the U.S. and exploring partnerships for advanced robotics [2]. - Zhongli Group is innovating in logistics automation, while Noli Group is expanding its capabilities through acquisitions and strategic partnerships [2].

Investment Rating - The report maintains an "Overweight" rating for the forklift industry [1][3]. Core Insights - Amazon has deployed over one million robots globally, establishing an efficient human-machine collaboration model, which is expected to further catalyze the development of the unmanned forklift industry [3]. - The rapid development of embodied intelligence is benefiting both domestic and international forklift companies, e-commerce logistics firms, and robotics companies, leading to a clearer trend towards unmanned forklifts and embodied handling robots [5]. - The report highlights the significant advancements made by leading companies in the unmanned logistics sector since 2025, including collaborations and technological innovations aimed at improving warehouse management and operational efficiency [5]. Summary by Sections Industry Overview - The forklift industry is experiencing a shift towards automation and intelligence, with a focus on unmanned and smart logistics solutions [5]. - Major players like Amazon are setting benchmarks in unmanned warehouse logistics, with their new robots capable of performing tasks at speeds comparable to human workers [5]. Company Developments - Domestic leaders such as Anhui Heli, Hangcha Group, and Zhongli Group are accelerating their investments in unmanned forklift technology and have made significant progress in partnerships and product innovations [5]. - Anhui Heli has announced collaborations with Huawei and major logistics companies to enhance digital transformation and smart logistics [5]. - Hangcha Group has established a smart logistics company in the U.S. and is exploring innovative collaborations in the "smart robot + logistics" sector [5]. - Zhongli Group has introduced new products in smart warehousing and robotics, indicating a clear trend towards automation in the industry [5]. Financial Projections - The report provides earnings forecasts for key companies in the industry, with Anhui Heli expected to have an EPS of 1.59 yuan per share in 2025, Hangcha Group at 1.71 yuan, and Zhongli Group at 2.30 yuan [6].

Group 1 - The rapid development of embodied intelligence is benefiting domestic and international forklift, e-commerce logistics, and robotics companies in the smart logistics sector, with a clear trend towards unmanned forklifts and embodied handling robots [1] - Amazon has deployed over one million robots globally, with new warehouse robot Vulcan capable of performing 75% of tasks at fulfillment centers, matching the efficiency of frontline workers [1] - The report highlights the potential of unmanned and intelligent development in the forklift industry, recommending companies such as Anhui Heli (600761.SH), Hangcha Group (603298.SH), and Zhongli Co., Ltd. (603194.SH) [1] Group 2 - Since 2025, several leading companies have intensified their investments in the unmanned logistics sector, including KION Group collaborating with NVIDIA and Accenture to enhance warehouse management [2] - Figure 02, developed by Figure, autonomously completes package picking tasks, showcasing advancements in robotics for logistics [2] - The partnership between Zhiyuan Robotics and Dematic Group aims to establish a humanoid robot data collection factory, indicating a shift towards data-driven applications in logistics [2] Group 3 - Domestic forklift leaders are accelerating their unmanned logistics initiatives, with Anhui Heli collaborating with Huawei on digital transformation and signing agreements with SF Express and JD.com [3] - Hangcha Group is expanding its presence in the U.S. by establishing a smart logistics company and exploring innovative collaborations in the "smart robot + logistics" field [3] - Zhongli Co., Ltd. is launching new products in smart warehousing and robotics, indicating a clear trend towards unmanned operations in the forklift and warehousing logistics sectors [3]

Core Viewpoint - Zhejiang Zhongli Machinery Co., Ltd. announced an increase in the expected daily related transactions for 2025, which are deemed necessary for the company's normal business operations and will not harm the interests of the company or its shareholders [1][8]. Summary by Sections Daily Related Transactions Overview - The board of directors approved the increase in expected daily related transactions on June 26, 2025, with unanimous support from the voting members [1][2]. - The total expected daily related transactions for 2025 are projected to be 13,500 million yuan, an increase from the previous year's 12,287.15 million yuan [2][8]. Details of Increased Transactions - The breakdown of the increased transactions includes: - Purchases from related parties totaling 3,200 million yuan, up from 2,900 million yuan last year [2]. - Sales to related parties totaling 2,800 million yuan, unchanged from the previous year [2]. - Other related transactions amounting to 7,000 million yuan, which is a new addition [2]. Related Parties and Relationships - The related parties include: - Anhui Changjiu Intelligent Equipment Co., Ltd., which is involved in the procurement of metal structural components [3]. - Hangzhou Fenghe Technology Co., Ltd., which provides automatic control system modules [4]. - Zhejiang Keta Robot Co., Ltd., which is a related party for rental products [5]. - Anji Zhongli Hengzhi Holdings Co., Ltd., which is a major shareholder [6]. Financial Data of Related Parties - The related parties have been established as legally compliant entities with good asset and liability conditions, ensuring their ability to fulfill contractual obligations [8]. Pricing Policy and Transaction Purpose - The pricing for the expected transactions will follow fair principles and be negotiated based on market prices [8]. - The transactions are aligned with the company's operational needs and are essential for its business development [8].

Core Viewpoint - The company has approved a plan to provide financing lease repurchase guarantees and credit guarantees to customers, with a total guarantee limit not exceeding 600 million yuan [1][2]. Summary by Sections 1. Overview of Guarantees - The company held board meetings and a shareholders' meeting in early 2025 to approve the provision of financing lease repurchase and credit guarantees to customers [1]. - The total guarantee amount is capped at 600 million yuan, effective from the date of approval by the shareholders' meeting [1]. 2. Cooperation with Financial Institutions - The company has signed cooperation agreements with three financial leasing companies: Zhejiang Chouzhou Financial Leasing Co., Ltd., Industrial Bank Financial Leasing Co., Ltd., and Yongying Financial Leasing Co., Ltd. [2][3]. - The maximum guarantee amounts for these agreements are 150 million yuan, 300 million yuan, and 50 million yuan, respectively [2]. 3. Details of the Guarantees - The company provides repurchase and credit guarantees for its subsidiary, Hangzhou Zhongli Handling Equipment Co., Ltd., which sells products through financing lease models [4]. - The current guarantee amount for this financing lease business is 93.90 million yuan, with a total balance of guarantees provided amounting to 184.78 million yuan [4]. 4. Conditions for Guaranteed Customers - The guaranteed customers must have good credit, meet financing conditions as verified by third-party financial institutions, and have no related party relationships with the company [3][4]. 5. Necessity and Reasonableness of Guarantees - Providing guarantees in financing lease transactions is a common practice in the industry, helping to resolve payment issues for creditworthy customers and expanding the company's sales channels [5]. - The company emphasizes strict selection of guarantee subjects to maintain overall risk control [5]. 6. Total External Guarantees - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is 531.34 million yuan, accounting for a certain percentage of the company's latest audited net assets [5].

国泰海通证券股份有限公司 关于浙江中力机械股份有限公司 增加2025年度日常关联交易预计的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作 为浙江中力机械股份有限公司（以下简称"中力股份"或"公司"）首次公开 发行股票并在主板上市的持续督导保荐机构的保荐机构，负责对中力股份的持 续督导工作。根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第11号——持续督导》《 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、法规 和规范性文件的要求，对中力股份增加2025年度日常关联交易预计事项进行了 审慎核查，具体核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会、监事会审议情况 公司第二届董事会第十三次会议于2025年6月26日审议通过了《关于增加 2025年度日常关联交易预计的议案》（同意5票、反对0票、弃权0票，公司2名 关联董事依法回避表决）。 同日，公司第二届监事会第十一次会议审议通过了《关于增加2025年度日 常关联交易预计的议案》（同意3票、反对0票、弃权0票）。 2、独立 ...

证券代码：603194 证券简称：中力股份 公告编号：2025-037 浙江中力机械股份有限公司 关于为客户提供融资租赁回购担保、信用担保的进 展公告 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。 被担保人为在合作协议项下与稠州金租、兴业金租、永赢金租签署了《融 资租赁合同》的中力搬运的客户，同时为信誉良好、经金融机构审核符合融资 条件且与公司及子公司不存在关联关系的客户，具体由公司或子公司根据业务 情况向金融机构进行推荐或与金融机构达成一致意见后进行担保。 重要内容提示： 合作的金融机构：浙江稠州金融租赁有限公司（以下简称"稠州金 租"）、兴业金融租赁有限责任公司（以下简称"兴业金租"）、永赢 金融租赁有限公司（以下简称"永赢金租"） 被担保人：被担保人为采取融资租赁方式采购浙江中力机械股份有限公 司（以下简称"公司"）及子公司产品的客户，且需同时满足以下条件： 信誉良好、经第三方金融机构审核符合融资条件、与公司及子公司不存 在关联关系。 本次担保金额及已实际为其提供的担保余额：公司全资子公司杭州中力 搬运设备有限公司（以 ...

证券代码：603194 证券简称：中力股份 公告编号：2025-038 浙江中力机械股份有限公司 关于增加 2025 年度日常关联交易预计的公告 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。 重要内容提示： 是否需要提交股东会审议：否 日常关联交易对上市公司的影响：本次关联交易属于公司正常的业务 活动，符合公司及各子公司生产经营和持续发展的需要，符合公开、公平、公 正的原则，不会损害公司和股东的利益。公司不会因上述交易对关联方形成依 赖，也不会对公司的独立性构成不利影响。 一、2025 年度日常关联交易预计基本情况 （一）日常关联交易履行的审议程序 1.董事会、监事会审议情况 公司第二届董事会第十三次会议于 2025 年 6 月 26 日审议通过了《关于增 加 2025 年度日常关联交易预计的议案》（同意 5 票、反对 0 票、弃权 0 票，公 司 2 名关联董事依法回避表决）。 同日，公司第二届监事会第十一次会议审议通过了《关于增加 2025 年度日 常关联交易预计的议案》（同意 3 票、反对 0 票、弃权 0 票）。 2 ...

? 本次股票上市类型为首发限售股份；股票认购方式为网下，上 市股数为1,626,684股（均为首次公开发行限售股，无战略配售股份）。 本次股票上市流通总数为1,626,684股。 浙江中力机械股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：603194 证券简称：中力股份 公告编号：2025-036 ? 本次股票上市流通日期为2025 年 6 月 24 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会《关于同意浙江中力机械股份有限公司首次公 开发行股票注册的批复》 （证监许可2024230 号），并经上海证券交易所同意，浙 江中力机械股份有限公司（以下简称"公司"）首次公开发行人民币普通股（A 股） 公 开 发 行 股 票 完 成 后 ， 总 股 本 为 401,000,000 股 ， 其 中 有 限 售 条 件 流 通 股 公司总股本的 12.43%。 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 发行股票并上市之日起 6 个月，具体内容详见公司于 ...