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].

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]

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 7 月 2 日以现场表决方 式召开第七届董事会第二十四次会议。会议通知已于 2025 年 6 月 27 日以通讯方式发 出。本次会议应参会董事 9 名，实际参会董事 9 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。 证券代码：603298 证券简称：杭叉集团 公告编号：2025-032 杭叉集团股份有限公司 第七届董事会第二十四次会议决议公告 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。 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《关于子公司增资引入外部股东的议案》 为进一步加快杭叉美国智能物流有限公司的运营进程，更高效地推进北美智能仓 储物流市场布局，结合公司全球化经营战略及实际业务需求，现拟对该子公司的投资 主体进行调整 ...

Core Viewpoint - The report from Zheshang Securities highlights the promising prospects of unmanned vehicles (Robo-X) across various applications, particularly in closed and specialized scenarios such as warehousing, mining, and military use, driven by technological advancements and supportive policies [1][3]. Group 1: Unmanned Vehicle Applications - Unmanned vehicles (Robo-X) have significant potential in multiple scenarios, including passenger transport (Robotaxi), material handling (unmanned forklifts), sanitation (Robosweeper), mining (unmanned mining trucks), military (unmanned combat platforms), and agriculture (unmanned tractors) [2][3]. - The commercial viability of unmanned logistics vehicles (Robovan) is paving the way for broader applications of unmanned vehicles in various sectors [2]. Group 2: Industry Outlook - The essence of unmanned vehicles (Robo-X) lies in the application of autonomous driving technology in specific scenarios, with advancements in algorithms, LiDAR, and domain control chips facilitating faster commercialization [3]. - Three key conditions for the rapid deployment of unmanned vehicles are identified: successful technology implementation, policy support, and sound commercial logic [3]. Group 3: Unmanned Forklift Market Potential - The global market for automated warehousing solutions is projected to exceed 2 trillion RMB, with unmanned forklifts playing a crucial role in enhancing warehouse efficiency and reducing costs [4]. - Traditional warehousing faces challenges such as low space utilization (with rental and operational costs accounting for 8%-12% of total costs) and inefficient labor practices, which unmanned forklifts can address by creating intelligent warehousing systems [4]. - The global market for automated warehousing solutions is expected to grow from approximately 471.1 billion RMB in 2024 to 804 billion RMB by 2029, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 and 11.3% from 2024 to 2029 [4]. Group 4: AMR Solutions Growth - The global market for Autonomous Mobile Robot (AMR) solutions is anticipated to reach approximately 38.7 billion RMB in 2024, with a CAGR of 30.6% from 2020 to 2024, and is projected to grow to 162.1 billion RMB by 2029, with a CAGR of 33.1% from 2024 to 2029 [5]. - The penetration rate of AMR solutions in the overall automated warehousing sector is expected to increase from 4.4% in 2020 to 20.2% by 2029 [5]. Group 5: Investment Recommendations - Recommended companies include Hangcha Group (leading domestic forklift manufacturer), Zhongli Group (global electric forklift leader), Anhui Heli (state-owned forklift leader), SANY Heavy Industry (leading Chinese construction machinery company), XCMG (emerging global construction machinery leader), Shantui (bulldozer manufacturer), Taotao Vehicle (North American leisure vehicle leader), YTO Group (large tractor leader), Beifang Group (Chinese mining vehicle leader), and Inner Mongolia First Machinery Group (military equipment leader) [6]. - Companies to watch include Zhongyou Technology and Noli Shares [7].

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

Group 1: General Automation Equipment - In May 2025, the production of metal cutting machine tools in China was approximately 67,000 units, a year-on-year increase of 6.3%, with a month-on-month decline of 9.3 percentage points [1] - The cumulative production from January to May 2025 reached about 332,000 units, reflecting a year-on-year growth of 13.3%, with a month-on-month decline of 3.5 percentage points [1] - The production of industrial robots in May 2025 was around 69,000 units, showing a year-on-year increase of 35.5%, but a month-on-month decline of 16.0 percentage points [1] Group 2: Engineering Machinery - In May 2025, the total sales of six types of engineering machinery, including excavators and forklifts, showed varied performance, with excavators up 2.1% and forklifts up 11.8% year-on-year [2] - Conversely, six other types, including truck cranes and aerial work platforms, experienced declines, with truck cranes down 20.3% year-on-year [2] - Domestic demand for engineering machinery appeared weak in May, attributed to insufficient project funding and adverse weather conditions affecting operational rates [2] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.5 percentage points to 49.5% in May 2025, indicating a gradual improvement in manufacturing conditions [3] - The ongoing improvement in U.S.-China relations is expected to support continued growth in exports, further enhancing manufacturing sentiment [3] - The mechanical industry is rated as "buy," with a focus on engineering machinery companies benefiting from recovering domestic demand and sustained export growth [3]

Group 1 - The core announcement is that Henan Jiachen Intelligent Control Co., Ltd. has received acceptance from the Beijing Stock Exchange for its application to publicly issue shares to unspecified qualified investors and to list on the exchange [1][2] - Henan Jiachen was established in 2009 and operates in areas such as technology research, development, and sales of intelligent products, as well as providing technical services related to robotics and IoT technology [2] - The company holds a stake in Henan Jiachen and is aware that the public offering and listing are subject to further review by the Beijing Stock Exchange and registration by the China Securities Regulatory Commission, which poses risks of not passing the review or registration [2]