（文章来源：证券日报） 证券日报网讯 12月2日，中力股份在互动平台回答投资者提问时表示，二级市场的股价波动受宏观经济 环境、行业政策、市场情绪等多重复杂因素影响，敬请注意投资风险。公司一直致力于强化信息披露与 主动沟通，明确战略规划与优化投资者回报，用更好的业绩回报投资者信任。 ...

证券日报网讯12月2日，中力股份（603194）在互动平台回答投资者提问时表示，公司始终坚持专注于 披露公司自身经营状况与战略发展。 ...

（文章来源：证券日报） 证券日报网讯 12月2日，中力股份在互动平台回答投资者提问时表示，公司于第十届"双十一活动"期 间，正式面向全球发布了"超人形具身袋鼠机器人"。该产品并非仅为概念展示，而是公司在新产品研发 与产业化探索方面的重要成果。工业领域内前沿技术产品，从首发、市场验证到形成规模化订单的完整 商业推广，有标准流程和周期。公司会依据整体战略和市场节奏，有序推进相关工作。 ...

（文章来源：证券日报） 证券日报网讯 12月2日，中力股份在互动平台回答投资者提问时表示，公司高度重视对股东的回报，将 根据要求，严格按照已披露的利润分配方案及时间安排推进分红方案的相关工作。具体实施进展及股权 登记日、除权除息日等关键时间点，请以公司后续在法定信息披露媒体发布的正式公告为准。 ...

证券日报网讯12月1日，中力股份（603194）在互动平台回答投资者提问时表示，公司一直积极采取一 系列切实措施，致力于提升经营质量与核心竞争力，以期用更好的业绩回报投资者信任，公司将坚 持"让搬运更简单、更绿色"的初心，通过持续的产品创新、渠道建设和对数字化、智能化的投入，努力 提升经营效益。 ...

（编辑 袁冠琳） 证券日报网讯 12月1日，中力股份在互动平台回答投资者提问时表示，二级市场的股价波动受宏观经济 环境、行业政策、市场情绪等多重复杂因素影响，敬请注意投资风险。公司一直致力于强化信息披露与 主动沟通，明确战略规划与优化投资者回报，用更好的业绩回报投资者信任。 ...

Investment Rating - The report assigns an "Accumulate" rating for Zhongli Co., Ltd. (603194) [1] Core Views - Zhongli Co., Ltd. is a global leader in electric warehouse forklifts, driving the transformation of material handling technology towards electrification, greening, and intelligence [2][16] - The company has a complete product line of warehouse forklifts and intelligent handling robots, with a strong market position in China and significant international presence [2][3] - The company is expected to benefit from the ongoing electrification trend in the forklift industry, with robust revenue and profit growth projected in the coming years [4][48] Summary by Sections Company Overview - Established in 2007, Zhongli Co., Ltd. focuses on the R&D, production, and sales of forklifts and intelligent handling robots, leading the industry in electrification and green development [2][16] - The company has maintained a leading market share in electric warehouse forklifts in China since 2013, with a strong international sales network covering North America, Europe, and Southeast Asia [2][16] Financial Performance - Revenue is projected to grow from 22 billion yuan in 2019 to 66 billion yuan in 2024, with a CAGR of 25% [2][26] - The net profit attributable to shareholders is expected to increase from 1.5 billion yuan in 2019 to 8.4 billion yuan in 2024, with a CAGR of 41% [2][26] - For the first three quarters of 2025, the company reported a revenue of 52 billion yuan, up 8.6% year-on-year, and a net profit of 6.9 billion yuan, up 5.5% year-on-year [2][26] Market Trends - The forklift industry is expected to grow at a CAGR of approximately 8% from 2015 to 2024, driven by investments in manufacturing and logistics, as well as the electrification trend [2][3] - The global market for balance-weight forklifts is projected to have significant growth potential, with the lithium battery penetration rate expected to increase [3][41] Competitive Advantages - Zhongli Co., Ltd. has a strong competitive edge due to its established brand, comprehensive product offerings, and significant international market share [3][41] - The company's gross profit margin has improved from 26.7% in 2022 to 29.7% in 2025, driven by scale effects and efficient management [28][41] - The company maintains a higher gross margin compared to domestic competitors, with a sales gross margin of 29.7% and a net profit margin of 13.3% [41][44] Future Outlook - The company is well-positioned to capitalize on the ongoing electrification and automation trends in the material handling industry, with expected growth in both domestic and international markets [4][48] - The strategic focus on intelligent logistics solutions and the development of autonomous handling equipment is anticipated to further enhance growth opportunities [3][4]

Group 1 - The core viewpoint of the news is that Zhongli Co., Ltd. has shown a slight increase in stock price and notable trading activity, indicating investor interest and potential growth in the electric forklift market [1] - On November 27, Zhongli Co., Ltd. experienced a stock price increase of 0.16% with a trading volume of 38.89 million yuan, and a net financing purchase of 1.23 million yuan [1] - As of November 27, the total margin balance for Zhongli Co., Ltd. is 170 million yuan, which accounts for 9.03% of its circulating market value [1] Group 2 - For the period from January to September 2025, Zhongli Co., Ltd. achieved an operating income of 5.243 billion yuan, representing a year-on-year growth of 8.62%, and a net profit attributable to shareholders of 685 million yuan, up 5.46% year-on-year [1] - The company has distributed a total of 253 million yuan in dividends since its A-share listing [2] - As of September 30, 2025, the number of shareholders for Zhongli Co., Ltd. is 18,200, a decrease of 9.15% from the previous period, while the average circulating shares per person increased by 10.07% to 2,834 shares [1]

Core Insights - The engineering machinery sector experienced a slight increase of 0.08% on November 27, with N Nant leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Engineering Machinery Sector Performance - N Nant saw a significant rise in its closing price to 24.51, with a remarkable increase of 183.03% and a trading volume of 525,200 shares, resulting in a transaction value of approximately 1.396 billion yuan [1] - Other notable performers included Hengli Hydraulic, which increased by 10.00% to a closing price of 101.38, with a trading volume of 322,700 shares and a transaction value of about 3.172 billion yuan [1] - The overall trading activity in the engineering machinery sector showed mixed results, with some stocks experiencing declines [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 263 million yuan from institutional investors and a net outflow of 107 million yuan from speculative funds, while retail investors contributed a net inflow of 370 million yuan [2] - Specific stocks like Hengli Hydraulic and N Nant had varying capital flows, with Hengli Hydraulic experiencing a net inflow of approximately 56.73 million yuan from institutional investors [3] - The overall sentiment in the sector indicates a cautious approach from institutional and speculative investors, contrasted by retail investor confidence [2][3]

Core Insights - The overall forklift sales in October 2025 reached 114,300 units, representing a year-on-year growth of 15.9% [2] - Domestic sales accounted for 70,400 units, with a growth of 16.2%, while overseas sales were 43,900 units, also growing by 16.2% [2] - Cumulative forklift sales from January to October 2025 totaled 1,220,700 units, marking a 14.2% increase year-on-year [2] Group 1: Market Performance - Forklift sales in October showed robust double-digit growth in both domestic and overseas markets, driven by enhanced competitiveness of domestic companies and rising global demand [3] - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with positive indicators from macroeconomic data suggesting a gradual recovery in domestic demand [3] - The social logistics total in September 2025 increased by 5.4% year-on-year, indicating a stable growth trend in logistics activities [3] Group 2: Technological Advancements - Hangcha Group launched the X1 series humanoid robots at the Asia International Logistics Technology and Transportation Systems Exhibition, marking a significant shift towards intelligent logistics solutions [4] - The X1 series integrates efficient mobility with dexterous operation, promising to enhance logistics efficiency and flexibility across various industries [4] Group 3: Green Initiatives - Hangcha completed a significant order for 108 hydrogen-powered forklifts, showcasing its commitment to green technology and low-carbon solutions [5] - The hydrogen forklifts are designed for high-intensity operations in logistics and manufacturing, featuring zero emissions and high efficiency [5] Group 4: Industry Trends - JD Logistics plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years, indicating a major push towards automation in logistics [6] - This initiative represents a transition from pilot projects to large-scale applications in smart logistics, with potential benefits for consumer experience and logistics costs [6] Group 5: Investment Opportunities - The forklift industry is characterized by broad applications and a weak cyclical nature, with a strong correlation to manufacturing sector performance [7] - Domestic companies are accelerating their global expansion and establishing local production and service capabilities, enhancing their market penetration [7] - Leading domestic forklift manufacturers are actively investing in smart logistics and robotics, reshaping the competitive landscape of the logistics industry [7]