Hangcha (SH:603298) Sou Hu Cai Jing·2026-01-23 01:31Group 1: Industry Overview - In December 2025, the overall forklift sales reached 111,400 units, a slight increase of 0.03% year-on-year [1] - Domestic sales accounted for 63,800 units, showing a decline of 5.17%, while overseas sales were 47,600 units, reflecting a growth of 7.97% [1] - Cumulative forklift sales for 2025 totaled 1,451,800 units, marking a year-on-year increase of 12.9% [1] Group 2: Domestic Market Insights - Domestic forklift sales increased by 12.6% in 2025, driven by a recovery in demand linked to the manufacturing and logistics sectors [2] - The manufacturing PMI new orders index reached 50.8 in December 2025, indicating a strong growth of 1.6 percentage points month-on-month [2] - The total social logistics volume in November 2025 grew by 5.0% year-on-year, reflecting steady growth in logistics demand [2] Group 3: Export Market Insights - Forklift exports grew by 13.4% year-on-year in 2025, indicating a positive trend in overseas demand [2] - The manufacturing PMI new export orders index was at 49.0 in December 2025, with a month-on-month increase of 1.4 percentage points [2] - The engineering machinery export trade value reached $6.417 billion in December 2025, a year-on-year increase of 27.2% [2] Group 4: Company Performance - Hangcha Group expects a net profit of between 2.113 billion and 2.315 billion yuan for 2025, representing a year-on-year increase of 5.00% to 15.00% [3] - The growth is attributed to the company's ability to capture market demand, with a focus on electric forklifts and high-value products [3] - The company is expanding its presence in emerging markets such as Southeast Asia, Brazil, and the Middle East, enhancing its global sales revenue [3] Group 5: Strategic Developments - Hangcha Group established a Southeast Asia service center to enhance local operations and service capabilities [4] - The service center aims to improve service coverage and response efficiency in the region [4] - A manufacturing base in Thailand is expected to commence operations in 2026, marking an important expansion of the company's global manufacturing system [4]