Core Insights - The forklift industry is experiencing double-digit growth in both domestic and international sales, driven by improved competitiveness of domestic companies in overseas markets and increasing global demand for forklifts [1][2] - Domestic forklift sales reached 81,100 units in September 2025, marking a 29.3% year-on-year increase, while international sales reached 49,300 units, up 13.9% [1][2] - The overall forklift sales for the first nine months of 2025 totaled 1,106,400 units, reflecting a 14% year-on-year growth [1][2] Industry Overview - The growth in forklift demand is closely linked to the recovery of the manufacturing sector and logistics industry, with the manufacturing PMI new orders index at 49.70% in September 2025, indicating a gradual recovery [2] - The government's GDP growth target for the year is around 5%, which supports the positive outlook for domestic demand [2] Company Performance - Anhui Heli reported a revenue of 14.934 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.94%, but a net profit decrease of 4.88% [5] - Hangcha Group achieved a revenue of 13.972 billion yuan in the first three quarters, up 8.69%, with a net profit increase of 11.21% [4] - Both companies are focusing on enhancing their operational efficiency and profitability, with cash flow from operating activities showing significant improvement [4][5] Investment Recommendations - The industry is recommended for investment due to its broad applications and relatively weak cyclical characteristics, with a strong correlation to manufacturing recovery and logistics volume growth [6] - Key companies to watch include Anhui Heli, Hangcha Group, and Zhongli Co., which have strong brand recognition, established overseas presence, and robust R&D capabilities [7]