证券代码：603298 证券简称：杭叉集团 公告编号：2025-052 杭叉集团股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 8 日 14 点 00 分 召开地点：浙江省杭州市临安区相府路 666 号展厅一楼会议室。 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年9月8日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 8 日 至2025 年 9 月 8 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:15 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2025-049 杭叉集团股份有限公司 第七届董事会第二十九次会议决议公告 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。 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"或"杭叉集团"）于 2025 年 8 月 22 日在公司办公楼一楼会议室以现场结合通讯方式召开第七届董事会第二十 九次会议。会议通知已于 2025 年 8 月 17 日以通讯方式发出。本次会议应参与 表决董事 9 名，实际参与表决董事 9 名。公司部分高级管理人员列席了本次会 议。本次会议由董事长赵礼敏先生主持，与会董事就会议议案进行了审议并以现 场与通讯投票相结合的方式进行表决。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。 二、董事会会议审议情况 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《关于公司换届选举第八届董事会非独立董事的议案》 公司第七届董事会将于近日任期届满，根据《公司法》、《证券法》及《上海 证券交易所股票上市规则》等 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - In the first half of 2025, the company achieved a total revenue of 9.3 billion yuan, a year-on-year increase of 9%, and a net profit attributable to the parent company of 1.12 billion yuan, also up 11% year-on-year. The second quarter alone saw a revenue of 4.8 billion yuan, with a net profit of 690 million yuan, both reflecting a 9% year-on-year growth. The company’s sales volume of balance heavy forklifts reached 290,000 units, a 3% increase year-on-year, indicating a strong performance relative to the industry [2][4] - The gross profit margin showed a steady increase, reaching 22.0% in the first half of 2025, up 0.5 percentage points year-on-year. The net profit margin was 12.6%, up 0.1 percentage points year-on-year. The second quarter gross profit margin was 23.3%, up 1.1 percentage points year-on-year, while the net profit margin decreased by 0.3 percentage points to 15.0%. The improvement in gross margin is attributed to the increase in overseas sales and the proportion of electric products [3] - The overseas forklift market is showing signs of recovery, with major orders from leading companies like Toyota and Kion increasing by 3% and 10% respectively in Q2 2025. The company is expected to benefit from this demand recovery and its ongoing improvements in overseas channel construction and capacity layout. Additionally, the company is advancing its smart logistics segment, having deployed over 7,000 AGVs in the first half of 2025, and is developing humanoid robots for material handling, which will open up long-term growth opportunities [4]

Core Viewpoint - The report from Zheshang Securities highlights the rapid growth of the logistics automation demand, positioning unmanned forklifts as the core vehicle of the third phase (automation) in the forklift industry. The penetration rate of unmanned forklifts in China is projected to be only 2% in 2024, but the compound annual growth rate (CAGR) of sales from 2019 to 2024 is expected to reach 55%, indicating significant potential for unmanned forklifts to replace traditional forklifts [1][3]. Industry Overview - The forklift industry has evolved through three stages: fuel-powered, electric, and now unmanned. As of July 1, 2025, Amazon has deployed over 1 million robots globally. Unmanned forklifts accounted for 16% of mobile robot sales in 2023, primarily used in manufacturing and logistics for outdoor transportation, platform unloading, and indoor storage [1][2]. Economic Benefits - Unmanned forklifts are anticipated to enhance warehouse space utilization, improve efficiency, and reduce labor costs. Traditional forklifts require manual operation, while unmanned forklifts can operate autonomously, potentially saving 2-3 forklift drivers per unit, with an average labor cost of approximately 100,000 yuan per year for a forklift operator [2]. Market Size and Growth - The penetration rate of unmanned forklifts in China is projected to be 1.9% in 2024, with a sales volume of 24,500 units, reflecting a 26% year-on-year growth and a CAGR of 55% from 2019 to 2024. In comparison, the overall forklift market in China is expected to see total sales of 1.2855 million units in 2024, a 9.5% increase year-on-year, with a CAGR of 16% from 2019 to 2024 [3]. Competitive Landscape - In 2023, only 8% of companies in China achieved sales exceeding 100 million yuan. The main participants in the unmanned forklift market include traditional forklift manufacturers, AGV/AMR companies, and system integrators. Key players in China include Hangcha Group, Anhui Heli, and Zhongli Co., among others [3].

Core Viewpoint - The report from Zheshang Securities highlights the rapid growth of the logistics automation demand, positioning unmanned forklifts as the core vehicle in the third phase (unmanned) of the forklift industry [1] Market Penetration and Growth - The penetration rate of unmanned forklifts in China is projected to be only 2% in 2024, but the compound annual growth rate (CAGR) of sales from 2019 to 2024 is expected to reach 55% [3] - In 2023, the sales scale of unmanned forklifts in China reached 4.3 billion yuan, with a year-on-year growth of 24% and a CAGR of 35% from 2019 to 2023 [3] - The total sales volume of forklifts in China is expected to be 1.2855 million units in 2024, representing a year-on-year growth of 9.5% [3] Economic Benefits - Unmanned forklifts are anticipated to enhance warehouse space utilization, improve efficiency, and reduce labor costs, as they can operate 24 hours a day without human intervention [2] Competitive Landscape - In 2023, only 8% of companies in China achieved sales exceeding 100 million yuan, indicating a fragmented market [4] - Major players in the unmanned forklift sector include traditional forklift manufacturers, AGV/AMR companies, and logistics integrators, with notable companies such as Hangcha Group, Anhui Heli, and Zhongli Co., Ltd. [4]

Investment Rating - The industry rating for the unmanned forklift sector is optimistic [1] Core Insights - Unmanned forklifts are defined as a new mode of material handling, with significant potential for explosive growth due to their applications in automation and efficiency improvements [3][6] - The unmanned forklift market is expected to see a compound annual growth rate (CAGR) of 55% from 2019 to 2024, with a projected sales volume of 24,500 units in 2024 [6][44] - The global market for unmanned forklifts reached approximately 30,700 units in 2023, reflecting a year-on-year growth of 46% [47] Market Size and Growth - The global sales of powered industrial vehicles increased from 990,000 units in 2013 to 2.14 million units in 2023, with a CAGR of 8.0% [6] - In China, the total sales of forklifts are projected to be 1.2855 million units in 2024, representing a year-on-year growth of 9.5% [6] - The unmanned forklift market in China achieved a sales scale of 4.3 billion yuan in 2023, with a year-on-year growth of 24% [47] Competitive Landscape - In 2023, only 8% of companies in the unmanned forklift market achieved sales exceeding 100 million yuan [4][53] - Major players in the unmanned forklift market include traditional forklift manufacturers, AGV/AMR companies, and logistics integrators [6][53] - Key recommended companies for investment include Hangcha Group, Anhui Heli, and Zhongli Group, with additional attention on Geek+, Noli, Lanjian Intelligent, and Dongjie Intelligent [6][74] Technology and Applications - Unmanned forklifts primarily utilize SLAM navigation, which accounted for 75% of the navigation methods in 2023 [32] - The main applications for unmanned forklifts include outdoor transportation, loading and unloading at external platforms, indoor transportation, and storage operations [35] - The unmanned forklift market is characterized by a low penetration rate of only 1.9% in 2024, indicating substantial room for growth [38]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][5]. Core Views - The company achieved a revenue of 9.302 billion RMB in H1 2025, representing a year-over-year increase of 8.74%, with a net profit of 1.121 billion RMB, up 11.38% year-over-year [1]. - The company is expected to maintain steady growth due to product structure optimization, deepening domestic and international layouts, and expanding AI applications in logistics [1]. - The gross profit margin for H1 2025 was 21.96%, with a slight increase of 0.55 percentage points year-over-year [2]. - The company is actively expanding AI applications in logistics, focusing on intelligent logistics humanoid robots and forming an integrated industrial chain [3]. - The company’s overseas product sales reached nearly 60,000 units in H1 2025, a year-over-year increase of over 25% [4]. - The target price for the company is set at 29.24 RMB, reflecting a valuation of 17 times the expected PE for 2025 [5][6]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 9.302 billion RMB (yoy +8.74%) and a net profit of 1.121 billion RMB (yoy +11.38%) [1]. - The Q2 2025 revenue was 4.796 billion RMB (yoy +9.43%, qoq +6.42%) with a net profit of 0.685 billion RMB (yoy +9.08%, qoq +57.03%) [1]. - The gross profit margin for H1 2025 was 21.96%, with Q2 2025 gross profit margin at 23.31% [2]. Business Development - The company is focusing on AI applications in logistics, particularly through the development of intelligent logistics humanoid robots [3]. - The establishment of three major business groups aims to enhance the implementation capabilities of intelligent logistics solutions [3]. - The company has expanded its global presence, with over 20 overseas subsidiaries and significant sales growth in international markets [4]. Profit Forecast and Valuation - The company’s net profit is projected to be 2.248 billion RMB in 2025, with a CAGR of 11.74% from 2025 to 2027 [5]. - The expected EPS for 2025 is 1.72 RMB, with a target price of 29.24 RMB based on a 17x PE valuation [5][6].

Core Viewpoint - Hangcha Group (603298.SH) reported a continuous growth in revenue and net profit for the first half of 2025, indicating strong operational performance and financial health [1][3]. Financial Performance - The company's total operating revenue reached 9.302 billion yuan, an increase of 748 million yuan compared to the same period last year, marking a year-on-year growth of 8.74% [1]. - The net profit attributable to shareholders was 1.121 billion yuan, up by 115 million yuan year-on-year, reflecting an 11.38% increase [1]. - Operating cash flow was recorded at 351 million yuan [1]. Profitability Metrics - The latest gross profit margin stood at 21.96%, an increase of 1.44 percentage points from the previous quarter and 0.55 percentage points from the same period last year, achieving three consecutive years of growth [3]. - The return on equity (ROE) was reported at 10.34% [3]. - The diluted earnings per share were 0.86 yuan, an increase of 0.09 yuan year-on-year, representing an 11.69% growth [3]. Balance Sheet Strength - The latest debt-to-asset ratio was 34.63%, a decrease of 0.36 percentage points from the previous quarter and 0.26 percentage points from the same period last year [3]. - The total asset turnover ratio was 0.55 times, and the inventory turnover ratio was 2.87 times [4]. Shareholder Structure - The number of shareholders was 17,300, with the top ten shareholders holding 945 million shares, accounting for 72.11% of the total share capital [4]. - Major shareholders include Zhejiang Hangcha Holding Co., Ltd. (41.13%) and Hangzhou Industrial Investment Group Co., Ltd. (20.39%) [4].

Core Viewpoint - Hangcha Group (603298.SH) reported a revenue of 9.302 billion yuan for the first half of 2025, reflecting a year-on-year growth of 8.74% [1] - The net profit attributable to shareholders reached 1.121 billion yuan, marking an increase of 11.38% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.096 billion yuan, up by 11.04% year-on-year [1] - Basic earnings per share stood at 0.86 yuan [1]

Buyback and Shareholder Actions - Sinopec plans to repurchase A-shares with a total fund of no less than RMB 5 billion and no more than RMB 10 billion, potentially reducing its registered capital [1] - Hengbang Mining intends to reduce its stake in the Hong Kong-listed company, WanGuo Gold, by up to 40 million shares, representing approximately 3.69% of WanGuo's total share capital [5] Product Approvals and Market Launches - Wantai Biological's nine-valent HPV vaccine has received the batch release certificate, marking its official market launch and enhancing the company's product lineup [1] - Changchun High-tech's subsidiary has received acceptance for the clinical trial application of GenSci143, a dual-specific antibody drug, which may provide new treatment options for certain tumors [7] Financial Performance - Hongxin Electronics reported a 15.01% increase in revenue to RMB 3.494 billion and a 9.85% rise in net profit to RMB 53.99 million for the first half of 2025 [2] - Sanwei Xinan experienced a net loss of RMB 29.39 million in the first half of 2025, despite a 15.19% increase in revenue to RMB 195 million [3] Corporate Developments - TianTan Bio received a commitment from its controlling shareholder to resolve new competition issues arising from a recent acquisition [4] - Feilu Co. announced a potential change in control, leading to a temporary suspension of its stock trading [8] Investment and Expansion - Jinbei Electric's subsidiary has signed a purchase agreement for a factory in Europe, marking significant progress in establishing its European production base [1] - Shengshi Technology plans to establish a wholly-owned subsidiary to integrate AI and humanoid robot technology with innovative toy products, investing RMB 10 million [6]