获得上海证券交易所上市审核委员会审核通过的公告 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。 根据上海证券交易所网站公告，杭叉集团股份有限公司（以下简称"公司"） 参股公司中策橡胶集团股份有限公司（以下简称"中策橡胶"）首次公开发行股票 事项于 2025 年 2 月 13 日经上海证券交易所上市审核委员会 2025 年第 2 次审议会议 审核通过。 中策橡胶成立于 1992 年，主要从事全钢胎、半钢胎、斜交胎和车胎等轮胎产品 的研发、生产和销售，自成立以来致力于为国内外消费者提供高质量、高性能、绿 色节能的多样化轮胎产品，是国内外销售规模最大的轮胎制造企业之一。截至本公 告日，中策橡胶总股本为 78,703.7038 万股，公司间接持有其 11.44%的股份。 中策橡胶首次公开发行股票并上市尚需履行中国证券监督管理委员会注册程 序，存在不确定性。公司将根据相关事项进展情况，严格按照相关法律法规及规则 要求，及时履行信息披露义务，敬请广大投资者注意投资风险。 证券代码：603298 证券简称：杭叉集团 公告编号：2025-00 ...

证券代码：603298 证券简称：杭叉集团 公告编号：2025-002 杭叉集团股份有限公司 高管减持股份计划提前终止暨减持结果公告 本公司董事会、全体董事及相关股东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： 二、集中竞价减持计划的实施结果 (一)高管因以下事项披露集中竞价减持计划实施结果： 其他情形：提前终止减持计划 高管持股的基本情况 本次减持计划实施前，杭叉集团股份有限公司（以下简称"公司"）高管陈 赛民先生持有公司股票 4,270,000 股，约占公司总股本 1,309,812,049 股的 0.3260%，上述股份来源于首次公开发行前持有的股份及上市后以资本公积金转 增方式取得的股份。 集中竞价减持计划的实施结果情况 公司于 2025 年 1 月 24 日收到陈赛民先生出具的关于提前终止减持计划的告 知函，陈赛民先生决定提前终止本次股份减持计划。截至本公告披露日，陈赛民 先生已通过集中竞价交易减持公司无限售流通股 10,000 股，占公司总股本 0.0008%。本次减持计划实施过程严格遵守相关法律法规及上海证券交易所业 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company plans to establish a smart logistics subsidiary in the United States with an investment of $5 million, aiming to enhance its presence in the North American smart logistics market [2]. - The demand for smart logistics is expected to grow due to the rise of e-commerce, express logistics, and industrial manufacturing, with the Chinese smart logistics equipment market projected to reach CNY 100.39 billion in 2023, reflecting a compound annual growth rate of 24.35% over the past five years [3]. - The company is focusing on the new energy sector, aligning with national "dual carbon" strategies, and has developed core technologies for new energy industrial vehicles, including lithium battery and hydrogen fuel cell forklifts [4][9]. Summary by Sections Company Expansion - The company has approved the establishment of Hangcha America Smart Logistics Co., Ltd., which will focus on logistics system planning, sales and leasing of smart industrial robots, and logistics software development [2]. Market Demand - The smart logistics industry is benefiting from the increasing demand for intelligent upgrades across various sectors, with the company having early investments in this field and developing a comprehensive solution that includes AGV products and software integration systems [3]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are CNY 17.06 billion, CNY 19.14 billion, and CNY 21.65 billion, respectively, with corresponding EPS of CNY 1.54, CNY 1.75, and CNY 2.01 [10][12].

证券代码：603298 证券简称：杭叉集团 公告编号：2025-001 杭叉集团股份有限公司 股东减持股份计划提前终止暨减持结果公告 本公司董事会、全体董事及相关股东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： 其他情形：提前终止减持计划 大股东持股的基本情况 本次减持计划实施前，杭叉集团股份有限公司（以下简称"公司"）控股股 东浙江杭叉控股股份有限公司（以下简称"杭叉控股"）持有公司股票 541,442,944 股，约占公司总股本 1,309,812,049 股的 41.3375%，上述股份来源 于首次公开发行前持有的股份及上市后以资本公积金转增方式取得的股份。 减持计划的实施结果情况 近日，公司收到杭叉控股出具的《关于提前终止减持股份计划的告知函》， 杭叉控股决定提前终止本次股份减持计划。截至本公告披露日，杭叉控股已通过 集中竞价方式累计减持公司股份 2,780,100 股，约占公司总股本 0.2123%，未通 过大宗交易方式减持公司股份。本次减持计划实施过程严格遵守相关法律法规及 上海证券交易所业务规则的规定，不存在违规情形 ...

Investment Rating - The report maintains a "Buy" rating for Hangcha Group (603298.SH) [1] Core Views - Hangcha Group plans to establish a subsidiary in the United States focused on intelligent logistics, which is expected to enhance its competitive position in the North American market [13][15] - The intelligent logistics industry is rapidly developing, and Hangcha Group is well-positioned to benefit from this trend due to its leadership in the forklift industry and investments in automation [14] - The company is expected to see significant revenue growth driven by its expansion into the North American market and the increasing demand for lithium battery forklifts and intelligent logistics solutions [15] Financial Summary - Revenue projections for Hangcha Group are as follows: - 2022: 14,412 million CNY - 2023: 16,272 million CNY - 2024E: 18,950 million CNY - 2025E: 21,638 million CNY - 2026E: 24,938 million CNY - Net profit projections are as follows: - 2022: 988 million CNY - 2023: 1,720 million CNY - 2024E: 2,023 million CNY - 2025E: 2,337 million CNY - 2026E: 2,695 million CNY - Earnings per share (EPS) projections are: - 2022: 0.75 CNY - 2023: 1.31 CNY - 2024E: 1.54 CNY - 2025E: 1.78 CNY - 2026E: 2.06 CNY [6][17] Industry Insights - The global market for mobile robots, particularly forklifts, is experiencing significant growth, with a reported 46.2% increase in sales in 2023 [14] - Hangcha Group's investment in automation and intelligent logistics is expected to optimize its product structure and create new growth opportunities [14][15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding 15% over the next 6-12 months [13][19]. Core Insights - The company plans to establish a smart logistics subsidiary in the United States, which is expected to enhance its strategic position in the North American market and accelerate the expansion of its smart warehousing logistics business [6][17]. - The smart warehousing logistics industry is rapidly developing, and the company is poised to benefit significantly from this trend [2][16]. - The company is a leader in the forklift industry and is well-positioned to capitalize on the trends of electrification and automation in the forklift sector [17]. Financial Performance Summary - Revenue projections show a steady increase from 14,412 million in 2022 to 24,938 million by 2026, with a compound annual growth rate (CAGR) of approximately 15.25% [18]. - Net profit is expected to grow from 988 million in 2022 to 2,695 million by 2026, reflecting a robust growth trajectory [18]. - Earnings per share (EPS) are projected to rise from 0.75 in 2022 to 2.06 by 2026, indicating strong profitability growth [18]. Market Position and Strategy - The establishment of the U.S. subsidiary is aimed at addressing potential tariff barriers and enhancing competitiveness in the North American market, where there is significant growth potential for Chinese companies [17]. - The company is investing heavily in automation, with a new production base expected to generate substantial revenue upon completion [16]. - The global market for mobile robots is expanding, with a reported 46.2% year-on-year growth in sales, positioning the company to leverage this growth effectively [16].

Investment Rating - The report maintains an "Accumulate" rating for the company, projecting a net profit of 2.05 billion, 2.30 billion, and 2.54 billion CNY for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 12, 10, and 9 times [3][4]. Core Views - The logistics industry's intelligent transformation is a major trend, and the report is optimistic about domestic leaders with first-mover advantages [2]. - The company plans to establish a smart logistics company in the United States, enhancing its competitive edge in the North American market [4]. - Short-term industry conditions are challenging, with domestic demand primarily driven by replacement needs and weak overseas demand, particularly in the U.S. market [3]. - Long-term prospects remain positive due to the potential for increased lithium battery adoption in both domestic and international markets, with current penetration rates at 19% in China and 13% overseas [3]. Financial Forecasts and Valuation - Total revenue is projected to grow from 16.27 billion CNY in 2023 to 20.30 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 9.97% [3][5]. - The net profit attributable to the parent company is expected to increase from 1.72 billion CNY in 2023 to 2.54 billion CNY in 2026, reflecting a CAGR of about 10.16% [3][5]. - The latest diluted EPS is forecasted to rise from 1.31 CNY in 2023 to 1.94 CNY in 2026 [3][5]. - The company's P/E ratio is projected to decrease from 13.98 in 2023 to 9.48 in 2026, indicating an attractive valuation [3][5]. Market Position and Strategy - The company is recognized as a benchmark enterprise in the smart warehousing and logistics sector, having established early partnerships with leading overseas firms [4]. - The establishment of the U.S. smart logistics company is expected to further enhance the company's capabilities and market presence in North America [4]. - The report highlights the increasing importance of Automated Guided Vehicles (AGVs) in the logistics sector, which are expected to see rising penetration rates due to labor cost pressures and the need for efficiency [5].

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [12]. Core Viewpoints - The company is a leading private forklift manufacturer in China, with a strong market position and a comprehensive product matrix. It has been recognized as the 8th largest forklift manufacturer globally [11][57]. - The forklift industry is currently experiencing an upward cycle, driven by the electrification of products and the increasing demand for automated solutions. The company is well-positioned to benefit from these trends [11][19]. - The company has a robust international strategy, with increasing overseas revenue contributing to its growth. The report highlights the company's efforts in expanding its global footprint and enhancing brand recognition [49][252]. Summary by Sections Financial Performance - The company is expected to achieve revenues of 17.48 billion, 19.36 billion, and 21.86 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.4%, 10.7%, and 12.9% [2][268]. - The net profit attributable to the parent company is projected to be 2.01 billion, 2.32 billion, and 2.69 billion yuan for the same years, with growth rates of 16.7%, 15.5%, and 16.2% [2][268]. Industry Overview - The global forklift market is expected to reach 204.5 billion yuan by 2026, with the domestic market projected to exceed 77.3 billion yuan. The report emphasizes the significant growth potential for domestic manufacturers [31][150]. - The report notes that the electrification of forklifts is gaining momentum, with lithium battery forklifts expected to replace internal combustion and lead-acid forklifts significantly [130][194]. Market Dynamics - The company is focusing on the after-market services, particularly in the rental market, which is expected to become a major growth driver. The rental market in China is still underpenetrated compared to developed markets [174][181]. - The report highlights the company's competitive advantages in the rental market, including brand recognition, product diversity, and a comprehensive service network [221][250]. Product Development - The company has a leading position in lithium battery forklift technology, with a wide range of products that cater to various industrial needs. The report mentions the successful launch of several innovative products in recent years [11][184]. - The company is also expanding its product offerings to include AGV (Automated Guided Vehicles) and other smart industrial vehicles, aligning with the industry's shift towards automation [227][256].

Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Views - The company plans to establish Hangcha American Intelligent Logistics Co., Ltd. in the United States to accelerate its expansion in the North American smart warehousing business [14]. - The company reported a revenue of 12.733 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 1.55%, while the net profit attributable to the parent company was 1.573 billion yuan, up 21.20% year-on-year [15]. - The internationalization of the forklift industry is accelerating, with the company achieving a 30% year-on-year increase in overseas revenue, which accounted for 40% of total revenue [15]. - The electric forklift market is growing, with electric forklifts accounting for 70.77% of total sales, and the company is strategically investing in lithium batteries and key components [15]. Financial Summary - Revenue forecast for 2024 is 16.444 billion yuan, with a projected net profit of 2.065 billion yuan, reflecting a year-on-year growth of 20% [7][15]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.58 yuan, with a price-to-earnings (P/E) ratio of 11.57 [10][15]. - The return on equity (ROE) is projected to be 19.56% for 2024, showing a slight decline from 21.42% in 2023 [10][15].

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the expansion of a company into the North American smart logistics market, particularly focusing on the establishment of a new subsidiary in the U.S. for smart logistics solutions [1][2][3] - The U.S. smart logistics market is projected to reach a valuation of $68 billion by 2034, with an expected growth rate of 23.3% from 2024 to 2034 [2][3] - The global smart logistics market was valued at $32.35 billion in 2020 and is expected to grow to $251.26 billion by 2035, with a compound annual growth rate (CAGR) of 22.8% [2] Key Points and Arguments - The company aims to leverage its existing market advantages in the U.S. by establishing a local presence to enhance customer service and support [2][3] - A significant investment of $5 million has been made to establish the U.S. subsidiary, which will focus on local market promotion and service response [2][3] - The company has identified Texas as a strategic location for its operations, with existing service centers in Los Angeles and Houston [3][4] - The company has a diverse product range, including AGV systems, automated storage solutions, and software products, which are tailored to meet the varied needs of the U.S. market [4][5] Financial Performance and Projections - The company reported a revenue of approximately 900 million RMB for the year, representing a growth of about 70% compared to the previous year [7][8] - The company anticipates that its U.S. operations could generate around $10 million in contracts in the coming year [8][9] - The gross profit margin is expected to exceed 100%, with a net profit margin projected between 5% to 8% [11] Market Dynamics and Competitive Landscape - The U.S. market is characterized by high demand for smart logistics solutions, driven by economic growth and increased infrastructure investment [3][4] - Major competitors in the U.S. market include Amazon, Walmart, and other established logistics firms, with the company positioning itself to compete effectively through its technology and service offerings [10][11] - The company has emphasized the importance of building a strong brand reputation and customer trust in the competitive landscape [11] Challenges and Strategic Responses - The company acknowledges potential challenges such as trade tariffs, technical barriers, and the need for localized service teams in the U.S. [9][10] - To mitigate these risks, the company plans to establish a local assembly and service presence, ensuring compliance with local regulations and enhancing customer support [10][11] - The company is also focused on developing international talent to support its expansion efforts in the U.S. and other markets [11] Additional Insights - The company has a strong commitment to innovation, with ongoing investments in AI and robotics technology to enhance its product offerings [6][7] - The establishment of the U.S. subsidiary is seen as a critical step in the company's long-term growth strategy, aiming to capture a significant share of the North American smart logistics market [9][10] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic initiatives, market opportunities, financial outlook, and competitive positioning in the smart logistics industry.