Core Viewpoint - Zhejiang Hangcha Intelligent Technology Co., Ltd. is conducting an equity swap, necessitating an evaluation of the total equity value of its shareholders, with the assessment based on the market value as of March 31, 2025 [4][5]. Group 1: Assessment Purpose and Scope - The purpose of the assessment is to provide a reference for the total equity value of Hangcha Intelligent's shareholders in relation to the equity swap [4]. - The assessment covers all assets and liabilities of Hangcha Intelligent as of March 31, 2025, including current and non-current assets and liabilities, as audited by Tianjian Accounting Firm [4][5]. Group 2: Financial Overview - As of March 31, 2025, the total assets of Hangcha Intelligent are valued at 791,728,917.08 RMB, with total liabilities of 738,478,115.29 RMB, resulting in shareholder equity of 53,250,801.79 RMB [6]. - The company reported a net profit of -4,103,765.90 RMB for the first quarter of 2025, following a net profit of 35,166,398.21 RMB in 2024 [6]. Group 3: Valuation Methodology - The assessment utilized both the asset-based approach and the income approach, ultimately adopting the income approach to determine the total equity value of Hangcha Intelligent at 480,000,000.00 RMB [5][6]. - The valuation reflects an increase of 426,749,198.21 RMB compared to the book value of 53,250,801.79 RMB, resulting in a valuation increase rate of 801.39% [5]. Group 4: Company Background - Hangcha Intelligent was established in February 2018 with an initial registered capital of 50 million RMB, focusing on the manufacturing of industrial robots and related equipment [6]. - The company has undergone several equity transfers, with the current registered capital remaining at 50 million RMB, and its major shareholders include Hangcha Group Co., Ltd. and other limited partnerships [6]. Group 5: Business Operations - Hangcha Intelligent specializes in the integration of intelligent logistics systems and related equipment, emphasizing research and development, production, installation, and technical services [6]. - The company has established partnerships with key universities and research institutions to enhance its technological capabilities and has received various industry awards for its products [6].

Group 1 - The meeting of the seventh supervisory board of Hangcha Group was held with all five supervisors present, ensuring compliance with legal and regulatory requirements [1][2] - The supervisory board approved a proposal regarding a capital increase and acquisition of Zhejiang Guozi Robot Technology Co., Ltd., with two supervisors recusing themselves due to conflicts of interest [1] - The voting results showed unanimous support for the proposal, with 3 votes in favor and no votes against or abstentions [2]

本资产评估报告依据中国资产评估准则编制 浙江杭叉智能科技有限公司拟进行 股权置换涉及的该公司股东 全部权益价值评估项目 资 产 评 估 报 告 坤元评报〔2025〕606 号 （共一册 第一册） 坤元资产评估有限公司 二〇二五年六月十日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3333020001202500620 | | --- | --- | | 合同编号: | H-HZ25-000776 | | 报告类型: | 非法定评估业务资产评估报告 | | 报告文号: | 坤元评报(2025)606号 | | 报告名称: | 浙江杭叉智能科技有限公司拟进行股权置换涉及的该公司股东全 部权益价值评估项目资产评估报告 | | 评估结论: | 480.000.000.00元 | | 评估报告日 : | 2025年06月10日 | | 评估机构名称: | 坤元资产评估有限公司 | | 答名人员: | 章波 (资产评估师) 正式会员 编号:33090002 | | | 周小芳 (资产评估师) 正式会员 编号: 33180027 | | | 章波、周小芳已实名认可 | (可扫描二维码查询备案业务信息) ...

证券代码：603298 证券简称：杭叉集团 公告编号：2025-035 杭叉集团股份有限公司 关于控股子公司拟增资扩股收购浙江国自机器人 技术股份有限公司 99.23%股份暨关联交易公告 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。 ● 根据《上市公司重大资产重组管理办法》的相关规定，本次交易事项不构 成重大资产重组。 ● 交易实施不存在重大法律障碍。 ● 过去 12 个月，除上述交易及日常关联交易外，公司与同一关联人未发生 其他关联交易，未与不同关联人进行交易类别相关的交易。 一、关联交易概述 （一）本次交易的基本情况 为进一步整合智能物流上下游相关资源，便于未来公司智能物流整体解决方 案业务的实施能力及市场渠道的拓展，公司控股子公司杭叉智能拟以增资扩股的 方式收购国自机器人。具体实施方式如下： 关联方昆霞投资、巨星科技及其他转让方以持有国自机器人的 99.23%股份经 评估作价向杭叉智能增资，认购杭叉智能新增注册资本 4,146.5178 万元。本次增 资扩股完成后，杭叉智能的注册资本由 5,000 万元增加至 9,14 ...

杭叉集团股份有限公司 第七届监事会第十三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 杭叉集团股份有限公司（以下简称"公司"）第七届监事会第十三次会议于 2025 年 7 月 7 日以现场结合通讯方式召开。会议通知已于 2025 年 7 月 2 日通 过邮件、专人送达、电话等方式发出。本次会议应到监事 5 名，实到监事 5 名。 会议由监事会主席洪艺女士主持，与会监事审议并以书面记名投票表决方式进行 表决。会议的召集与召开符合《公司法》及《公司章程》的有关规定，会议决议 合法、有效。 证券代码：603298 证券简称：杭叉集团 公告编号：2025-034 二、监事会会议审议情况 1、审议通过《关于子公司拟增资扩股收购浙江国自机器人技术股份有限公 司 99.23%股份暨关联交易的议案》 详见公司同日于上海证券交易所网站（www.sse.com.cn）及《证券时报》披 露的《关于控股子公司拟增资扩股收购浙江国自机器人技术股份有限公司 99.23%股份暨关联交易公告》（公告编号：2025-0 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2025-033 杭叉集团股份有限公司 第七届董事会第二十五次会议决议公告 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。 经与会董事表决，会议听取、审议并通过了以下表决事项： 1、审议通过《关于子公司拟增资扩股收购浙江国自机器人技术股份有限公 司 99.23%股份暨关联交易的议案》 详见公司同日于上海证券交易所网站（www.sse.com.cn）及《证券时报》披 露的《关于控股子公司拟增资扩股收购浙江国自机器人技术股份有限公司 99.23% 股份暨关联交易公告》（公告编号：2025-035）。 关联董事仇建平、徐筝、赵宇宸依法回避了上述事项的表决。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 特此公告。 杭叉集团股份有限公司董事会 一、董事会会议召开情况 杭叉集团股份有限公司（以下简称"公司"）第七届董事会第二十五次会议于 2025 年 7 月 7 日以现场结合通讯方式召开。会议通知已于 2025 年 7 月 2 日通过 邮件、专人送达、电话通知等方式发出。本次 ...

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 industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Core Insights - JD Group's founder Liu Qiangdong revealed the company's internationalization strategy focusing on local e-commerce, infrastructure, employees, procurement, and delivery, aiming to help 1,000 Chinese brands go global [1] - JD Industrial signed a strategic cooperation agreement with Hangcha Group to enhance local supply chain construction in Thailand, becoming Hangcha's "chief partner" in the region [1][3] - Hangcha Group, a leading forklift manufacturer, has been expanding globally for over a decade, with 18 overseas subsidiaries and a record sales of over 100,000 units of forklifts [3] - JD Industrial aims to leverage its digital supply chain technology to support Chinese enterprises' overseas expansion, addressing core challenges in supply chain management [4][5] - The partnership is expected to enhance Hangcha's market penetration in Thailand, which is seen as a market with significant potential for smart logistics solutions [5][6] Company Strategies - JD Group's strategy includes a focus on localizing operations in international markets to better serve local customers and enhance brand presence [1][6] - JD Industrial has developed a "digital highway" to improve supply chain efficiency for Chinese companies looking to expand abroad, covering various countries including Thailand [4] - Hangcha Group is looking to capitalize on the partnership with JD Industrial to access new customers and enhance its market share in Thailand [5][6] Market Context - The Chinese manufacturing industry is projected to maintain its position as the world's largest, with an industrial added value of 40.5 trillion yuan in 2024, highlighting the importance of international expansion for competitiveness [5] - The collaboration between JD Industrial and Hangcha Group is positioned as a strong alliance that will enhance customer experience and market leadership in Thailand [6]

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].