国浩律师（杭州）事务所 关 于 杭叉集团股份有限公司 2024 年年度股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 杭叉集团股份有限公司 2024 年年度股东大会的 法律意见书 致：杭叉集团股份有限公司 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 国浩律师（杭州）事务所（以下简称"本所"）接受杭叉集团股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简称 "本次股东大会"），并依据《中华人民共和国公司法》 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2025-025 杭叉集团股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 8 日 (二)股东大会召开的地点：杭州市临安区相府路 666 号杭叉集团办公大楼一楼 8 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 223 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 989,898,410 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 75.5756 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长赵礼敏先生主持会议，会议以现场 会议和网络投票相结合的方式召开并表决，会议的召集、召开及表决 ...

经与会董事表决，会议听取、审议并通过了以下表决事项： 证券代码：603298 证券简称：杭叉集团 公告编号：2025-024 杭叉集团股份有限公司 第七届董事会第二十二次会议决议公告 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"）于 2025 年 5 月 6 日以现场表决方 式召开第七届董事会第二十二次会议。会议通知已于 2025 年 4 月 30 日以通讯方式发 出。本次会议应参会董事 8 名，实际参会董事 8 名。本次会议由董事长赵礼敏先生主 持，与会董事就本次议案进行了审议并以书面记名投票的方式进行表决。公司监事及 部分高级管理人员列席了本次会议。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 1、审议通过《关于投资设立杭叉中亚有限公司的议案》 根据公司全球化布局的经营战略，为了完善布局公司境外销售及服务网络，增强 公司全球营销资源配置，进一步扩大公司品牌影响力。公司拟在乌兹别克斯坦设立杭 叉中亚有限 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 22.6 yuan [1][7]. Core Insights - The company's Q1 2025 total revenue reached 4.51 billion yuan, representing a year-on-year growth of 8.02%, while the net profit attributable to shareholders was 440 million yuan, up 15.18% year-on-year [1]. - The report highlights the company's continuous improvement in profitability and its expanding overseas presence, particularly in the context of the growing demand for electric forklifts [1][7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenues for 2025, 2026, and 2027 are 17.934 billion yuan, 20.171 billion yuan, and 23.198 billion yuan, respectively, with year-on-year growth rates of 8.8%, 12.5%, and 15.0% [3][8]. - **Net Profit Forecasts**: Expected net profits for the same years are 2.281 billion yuan, 2.604 billion yuan, and 2.999 billion yuan, with growth rates of 12.8%, 14.1%, and 15.2% [3][8]. - **Earnings Per Share (EPS)**: EPS is projected to be 1.74 yuan, 1.99 yuan, and 2.29 yuan for 2025, 2026, and 2027, respectively [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 12 in 2024 to 8 in 2027, indicating a favorable valuation trend [3][8]. Market Dynamics - The domestic forklift market showed a total sales volume of 348,183 units in Q1 2025, a year-on-year increase of 10.2%, with domestic sales at 229,044 units, up 8.8% [7]. - The company is focusing on enhancing its overseas market presence, with new establishments in various countries and a manufacturing base in Thailand, marking a shift from "Made in China" to "Made for the World" [7][8]. Strategic Initiatives - The company is implementing a major client strategy to deepen relationships with key sectors such as automotive, logistics, and retail, aiming to enhance brand influence globally [7][8]. - The report emphasizes the potential for growth in overseas markets, particularly in the context of China's advantages in new energy products [7].

杭叉集团股东大会会议资料 杭叉集团股份有限公司 2024 年年度股东大会 会议资料 1 杭叉集团股东大会会议资料 中国·杭州 二○二五年五月 | 目录 | | --- | | 会议议程 | | | | 3 | | --- | --- | --- | --- | --- | | 会议须知 | | | | 5 | | 议案一： | 公司 | 2024 | 年度董事会工作报告 | 7 | | 议案二： | 公司 | 2024 | 年度监事会工作报告 | 19 | | 议案三： | 公司 | 2024 | 年年度报告及摘要 | 23 | | 议案四： | 关于公司 | | 2024 年度财务决算报告 | 24 | | 议案五： | 关于公司 | | 2024 年度利润分配的预案 | 29 | | 议案六： | 关于公司 | | 2025 年度日常关联交易预计的议案 | 31 | | 议案七： | 关于公司 | | 2025 年度对外担保预计的议案 | 49 | | 议案八： | | | 关于开展远期结售汇及外汇衍生产品业务的议案 | 53 | | 议案九： | 关于续聘公司 | | 2025 年度审计机构的议案 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year. In Q1 2025, revenue was 4.506 billion yuan, an increase of 8.02%, with a net profit of 436 million yuan, up 15.18% [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42%. In 2024, overseas revenue totaled 6.846 billion yuan, a year-on-year increase of 4.75%, representing 41.53% of total revenue [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] - The company is expected to leverage its new energy lithium battery forklifts to further penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5][6] Financial Summary - The company forecasts revenue for 2025-2027 to be 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The projected EPS for 2025-2027 is 1.71 yuan, 1.95 yuan, and 2.26 yuan respectively, with a current P/E ratio of 11, 10, and 9 times for the respective years [7][10] - The gross margin is expected to improve from 23.6% in 2024 to 26.9% in 2027, indicating enhanced profitability [10][14]

Core Viewpoint - Hangcha Group's wholly-owned subsidiary in Thailand is expected to commence production by the end of 2025, with an annual production capacity of 10,000 industrial vehicles, enhancing the company's global localization strategy and reducing tariff costs through ASEAN free trade agreements [1]. Group 1 - The construction of Hangcha Group's Thailand manufacturing company is projected to be completed by the end of 2025 [1]. - The facility will have the capability to produce 10,000 various types of industrial vehicles annually [1]. - The production will support Hangcha's localization and service layout in the global market [1]. Group 2 - The company aims to leverage the ASEAN free trade agreement to effectively reduce tariff costs [1]. - This strategic move will enhance the company's ability to respond to trade barrier risks [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with 2024 revenue reaching 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% year-on-year [4][7] - The company is actively expanding its international market presence, with overseas revenue accounting for approximately 42% of total revenue, and has established over 10 overseas companies in key global markets [4][5] - The company has a comprehensive product line in the new energy sector, including various lithium battery and hydrogen fuel cell forklifts, which have gained wide recognition in both domestic and international markets [6] Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, an increase of 8.02%, and a net profit of 436 million yuan, up 15.18% [4] - The forecasted revenue for 2025-2027 is 18.035 billion yuan, 20.214 billion yuan, and 23.083 billion yuan respectively, with corresponding net profits of 2.235 billion yuan, 2.557 billion yuan, and 2.963 billion yuan [7][10] - The company's current P/E ratios are projected to be 11, 10, and 9 for the years 2025, 2026, and 2027 respectively [7] Strategic Initiatives - The company is leveraging its lithium battery forklifts to penetrate traditional high-end markets in Europe and North America, while also tapping into emerging markets in Southeast Asia [5] - The establishment of a wholly-owned manufacturing subsidiary in Thailand enhances local supply capabilities and reduces tariff costs through ASEAN free trade agreements [5] - The intelligent logistics segment is expected to become a new growth curve for the company, with over 1,000 projects implemented across various industries [6]

事件：公司发布24 全年、2025Q1 业绩报告：1）24 全年营收164.86 亿元，同比+1.15%，归母净利润 20.22 亿元，同比+17.86%；2）25Q1：营收45.06 亿元，同比+8.02%，归母净利润4.36 亿元，同比 +15.18%，业绩符合市场预期，龙头国际化+电动化持续驱动，单25Q1 收入创单季度历史新高，业绩增 速高于收入。 电动化+国际化持续驱动，全球化布局步履不停。24 全年公司毛利率、净利率分别提升2.77、1.84pcts 至23.55%、13.11%；费用率同比+1.55pcts至11.28%，销售、管理、研发费用均有上升，与公司的海外 布局推进、产品谱系拓展有关；经营性现金流有所下滑，或与公司外销业务账期较长、租赁业务占比提 升等因素有关。公司24 年内锂电叉车总销量达到44.88万台，占电动叉车比例上升至47.43%；电动平衡 重叉车中，锂电叉车占比上升至71.71%。公司成功推出多个系列的高性能锂电专用叉车，如XA 系列、 XE 系列等，产品线覆盖0.6t-48t，产品的结构、谱系持续优化。 国内市场有所企稳，海外成长空间依旧充足。24 全年公司海外产品销量突破 ...