Core Insights - The company achieved a revenue of 9.39 billion yuan in H1 2025, representing a year-on-year growth of 6.2% (adjusted) [1] - The net profit attributable to shareholders decreased by 4.6% year-on-year to 800 million yuan (adjusted), while the net profit excluding non-recurring items increased by 0.3% to 730 million yuan (adjusted) [1] - The gross profit margin stood at 23.6% [1] Group 1: Sales Performance - The company sold 204,000 forklifts in H1 2025, marking a year-on-year increase of 17.2%, with domestic sales reaching 126,000 units, up 11.3% [1] - The proportion of electric forklifts in the product mix increased to 68% by the end of H1 2025, up from the end of 2024 [1] Group 2: International Market Expansion - The company’s overseas forklift sales reached 74,000 units in H1 2025, a year-on-year growth of 23.1%, with overseas revenue accounting for 43% of total revenue [1] - The company achieved the highest market share in 34 overseas countries and regions and is investing in its first overseas manufacturing facility [1] Group 3: Smart Logistics Development - Revenue from components, aftermarket, and smart logistics segments grew by 16.4%, 15.3%, and 59.1% year-on-year, respectively [1] - The company is accelerating the professional integration of its smart logistics business and has established a "Joint Innovation Tian Gong Laboratory" in collaboration with Huawei's data communication product line [1] Group 4: Future Outlook - The company maintains a "buy" rating, with net profit forecasts for 2025-2027 at 1.42 billion, 1.60 billion, and 1.81 billion yuan, respectively, corresponding to EPS of 1.60, 1.80, and 2.03 yuan [1] - The company is expected to benefit significantly from the internationalization and electrification of the forklift industry, as well as the development of smart logistics [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 9.39 billion yuan in H1 2025, representing a year-on-year growth of 6.2% (adjusted). The net profit attributable to shareholders was 800 million yuan, a decrease of 4.6% (adjusted), while the net profit excluding non-recurring items was 730 million yuan, showing a slight increase of 0.3% (adjusted). The gross margin was 23.6%, up by 0.4 percentage points (adjusted), and the net margin was 9.6%, down by 0.7 percentage points (adjusted) [1] - The company sold 204,000 forklifts in H1 2025, marking a 17.2% increase year-on-year, with domestic sales reaching 126,000 units, up 11.3%. The proportion of electric forklifts sold increased to 68%, up 2.5 percentage points from the end of 2024, indicating a strong benefit from the ongoing electrification of forklifts [2] - The company significantly expanded its international market presence, with overseas forklift sales reaching 74,000 units in H1 2025, a 23.1% increase year-on-year. Overseas revenue accounted for 43% of total revenue, and the company achieved the highest market share in 34 countries and regions. The establishment of its first overseas manufacturing plant is expected to further enhance its international operations [3] - The company is actively developing its smart logistics business, with revenue from components, aftermarket, and smart logistics segments growing by 16.4%, 15.3%, and 59.1% year-on-year, respectively. Collaborations with Huawei and Jianghuai are aimed at advancing research and development in smart logistics and robotics, positioning the company to capitalize on the increasing demand for intelligent logistics solutions [4] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 9.39 billion yuan, a 6.2% increase year-on-year. The adjusted net profit was 800 million yuan, down 4.6%, while the adjusted net profit excluding non-recurring items was 730 million yuan, up 0.3%. The gross margin was 23.6%, and the net margin was 9.6% [1] Sales and Market Expansion - Forklift sales reached 204,000 units in H1 2025, a 17.2% increase year-on-year, with domestic sales at 126,000 units, up 11.3%. The electric forklift sales proportion increased to 68% [2] - Overseas forklift sales were 74,000 units, a 23.1% increase year-on-year, with overseas revenue making up 43% of total revenue. The company is establishing its first overseas manufacturing plant [3] Strategic Initiatives - The company is enhancing its smart logistics business, with significant revenue growth in related segments. Collaborations with technology partners aim to innovate in smart logistics and robotics [4]