Core Viewpoint - Hunan Keli Yuan New Energy Co., Ltd. has signed a strategic cooperation agreement with Indonesian company PTBATTERY BANK INDONESIA to promote electric mobility and green energy transition in Indonesia through battery swapping services [1] Group 1: Strategic Cooperation - The cooperation will cover small power battery production and export, as well as battery swapping operations, establishing a complete small power battery industry chain in Southeast Asia [1] - The partnership plans to incorporate blockchain technology for digital management of battery assets in the Indonesian market [1] Group 2: Market Potential - Indonesia has over 130 million fuel motorcycles, making it a significant market for electric two-wheelers due to the government's "oil-to-electric" policy aiming to convert 1.8 million fuel motorcycles to electric by 2025 [1] - The government plans to stop selling fuel two-wheelers entirely by 2040, highlighting Indonesia's potential as a blue ocean market for small power batteries [1] Group 3: Challenges and Solutions - The current electric power limitations (around 1000 watts) and traditional slow charging methods hinder the adoption of electric motorcycles, creating a gap between energy supply and daily travel needs [2] - The company aims to address this by reducing the battery replacement time to 3 minutes, significantly lowering daily energy costs for riders by approximately 40% compared to fuel vehicles [2] Group 4: Economic and Social Impact - The collaboration is expected to generate positive economic and social benefits, serving as a model for sustainable business practices in the industry [2] - The initiative may provide a reference for other developing countries exploring similar energy transition policies [2]

证券日报网讯 阿尔特（300825）9月10日在互动平台回答投资者提问时表示，2024年，电动改装卡车纳 入到日本电动化补贴发放对象中，补贴额达到改造费总额的三分之二，这使得电动改装卡车具备了显著 的成本优势。日本存量轻型和中重型卡车超300万辆，对应油改电业务市场空间超万亿元，公司正积极 布局这一蓝海市场。在商业模式上，公司为客户进行油改电技术方案的开发，并将对应的三电套件出口 到日本，由合作伙伴针对下游客户的存量车型进行电动化改装。公司轻卡油改电业务已于今年4月首批 交付103套，基于轻卡车型的成功经验，公司已新获重卡油改电订单，订单金额约3.37亿元。未来，公 司将重点拓展日本油改电业务，探索其他区域市场同类业务模式的开拓，形成公司营收增长的重要动 力。 ...

Financial Performance - In H1 2025, the company achieved revenue of 4.336 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.052 billion yuan, up 27.63% year-on-year [1] - In Q2 2025, the company reported revenue of 2.438 billion yuan, a year-on-year increase of 1.27%, and a net profit of 623 million yuan, up 19.40% year-on-year [1] - The gross profit margin for H1 2025 was 35.75%, an increase of 0.45 percentage points, while the expense ratios for sales, management, R&D, and financial expenses were 3.97%, 3.48%, 3.32%, and -6.69%, respectively, with significant improvements in exchange gains contributing to operating profit [1] Global Strategy and Market Expansion - Despite tariff pressures, the company demonstrated strong resilience with significant growth in overseas revenue, achieving 3.37 billion yuan in overseas main business income in H1 2025, a year-on-year increase of 21.25% [1] - The company continues to implement a globalization strategy, optimizing overseas subsidiary operations and enhancing channel development while introducing high-value, differentiated products to expand market coverage [1] Technological Advancements - The company has completed the electrification of its entire product line and launched a three-year warranty, introducing the "oil-to-electric" technology service globally in H1 2025 [2] - The modular design allows for easy replacement of diesel modules with electric ones, facilitating rapid upgrades for rental businesses [2] - The company has launched various robotic solutions to meet diverse customer needs in different application areas, enhancing its automation capabilities [2] Manufacturing and Production Capacity - The company operates the industry's most advanced intelligent and automated manufacturing facility for aerial work platforms, utilizing big data, IoT, and AI technologies for a closed-loop production model [2] - The annual production capacity for large intelligent aerial platforms is set at 4,000 units, while a project for 20,000 units of new energy aerial work platforms is under active construction [2] Profit Forecast - The projected net profits attributable to shareholders for 2025-2027 are 2.068 billion yuan, 2.389 billion yuan, and 2.732 billion yuan, corresponding to current PE ratios of 13x, 12x, and 10x, respectively [2]

Group 1: Renewable Energy Development - The microgrid project in Sanmen Island has transformed it from a "diesel island" to a "zero-carbon island," significantly reducing electricity costs and improving residents' quality of life [1] - By July 2025, Guangdong Province aims to achieve a cumulative installed capacity of over 80 million kilowatts of renewable energy, including approximately 12.5 million kilowatts of offshore wind power, 6.2 million kilowatts of onshore wind power, 57.5 million kilowatts of solar power, and 4.8 million kilowatts of biomass [1][2] - The annual power generation from 12.5 million kilowatts of offshore wind power can save about 10.87 million tons of standard coal and reduce carbon dioxide emissions by approximately 28.93 million tons [1] Group 2: Technological Advancements - Guangdong's offshore wind power has seen an annual increase of over 1 million kilowatts for four consecutive years, with significant technological advancements [2] - The Yangjiang floating wind farm project will launch a dual-head unit with the largest single-unit capacity globally in 2024, while the Qingzhou Six project will achieve a single-unit capacity of 1 million kilowatts [2] Group 3: Rural Electrification and Quality of Life - In the mountainous region of Shaoguan, the microgrid integrates small hydropower and rooftop solar, ensuring stable voltage and enhancing local industries [3] - The average power outage time for households in the mountainous areas is targeted to be no more than 3.5 hours, with a voltage compliance rate of no less than 99.997% by the end of 2025 [4] Group 4: Cost Savings and Economic Impact - The "oil-to-electricity" project in Meizhou has completed 52 projects, saving logistics companies approximately 120 million yuan annually in energy costs, with an average savings of 200,000 yuan per vehicle [6] - The transformation of the Lianjiang River area into an environmentally friendly industrial zone has improved water quality and supported the upgrade of enterprises towards intelligent and high-end production [5][6]

Core Viewpoint - The electric bicycle market in Southeast Asia is experiencing rapid growth, driven by government incentives and increasing market demand, presenting opportunities for Chinese brands like Yadea, Aima, and Tailg to expand their presence in the region [1][2]. Market Overview - As of 2024, China's electric two-wheeler ownership exceeds 350 million units, indicating limited future growth potential domestically. In contrast, Southeast Asia has a motorcycle household penetration rate of 75%, significantly higher than the global average of 29% [2]. - The ASEAN electric two-wheeler market is projected to reach $1.0778 billion in 2024, with expectations to grow to $2.232 billion by 2030, reflecting a compound annual growth rate (CAGR) of 12.90% from 2025 to 2030 [2]. Government Policies - Southeast Asian governments are implementing favorable policies to encourage the transition from fuel to electric vehicles, such as zero tariffs on electric motorcycle imports in the Philippines and a target for 25% of two-wheeler sales to be electric in Vietnam by 2030 [4]. - Vietnam plans to establish 10,000 public charging points to support the adoption of electric motorcycles, although the lack of standardized charging infrastructure may hinder market penetration [4]. Competitive Landscape - Traditional fuel motorcycle manufacturers like Honda, Yamaha, Suzuki, and Kawasaki dominate the market but are slow to transition to electric, creating opportunities for Chinese electric two-wheeler manufacturers to enter Southeast Asia [7][8]. - Chinese brands are investing in local production facilities in countries like Indonesia, Vietnam, and Thailand, with Yadea already operating over 400 stores in Vietnam [8]. Consumer Preferences - Southeast Asian consumers prioritize economic practicality, reliable range, and affordable pricing when selecting electric two-wheelers, influenced by local geography, economic conditions, and policy direction [9]. - The demand for high cost-performance products in emerging markets provides a favorable entry point for Chinese brands, which benefit from a complete supply chain that reduces production costs and enhances efficiency [9]. Future Trends - The development of battery swapping models is anticipated to be a key trend in the electric motorcycle market, similar to the initial subsidy-driven growth seen in the domestic electric vehicle market [10]. - Southeast Asian markets focus on the economic practicality of charging and swapping solutions, with consumer preferences leaning towards electric motorcycles that can achieve over 100 kilometers of range and low maintenance costs [11].

Core Viewpoint - The electric bicycle market in Southeast Asia is experiencing rapid growth, driven by government incentives and increasing market demand, presenting opportunities for Chinese brands like Yadea, Aima, and Tailg to expand their presence in the region [2][3]. Market Overview - China has over 350 million electric two-wheelers, indicating limited future growth domestically, while Southeast Asia has a motorcycle household penetration rate of 75%, significantly higher than the global average of 29% [3]. - The ASEAN electric two-wheeler market is projected to reach USD 1.0778 billion in 2024 and grow to USD 2.232 billion by 2030, with a compound annual growth rate (CAGR) of 12.90% from 2025 to 2030 [3]. Government Policies - Southeast Asian governments are implementing favorable policies to encourage the transition from fuel to electric vehicles, such as zero tariffs on electric motorcycle imports in the Philippines and a target for 25% of two-wheel sales to be electric in Vietnam by 2030 [6]. - Vietnam plans to establish 10,000 public charging points to support the adoption of electric motorcycles, although the lack of standardized charging infrastructure may hinder penetration rates [6]. Competitive Landscape - Traditional fuel motorcycle manufacturers like Honda, Yamaha, and Suzuki dominate the market but are slow to transition to electric, creating opportunities for Chinese electric two-wheeler manufacturers to enter Southeast Asia [9][10]. - Chinese brands are investing in local production facilities in countries like Indonesia, Vietnam, and Thailand, with Yadea already operating over 400 stores in Vietnam [10]. Consumer Preferences - Southeast Asian consumers prioritize economic practicality, reliable range, and affordable pricing when choosing electric two-wheelers, which aligns with the strengths of Chinese manufacturers in cost control and supply chain integration [12]. - The demand for electric motorcycles with a range of over 100 kilometers and low maintenance costs is significant, especially in regions with challenging climates and infrastructure [14]. Industry Trends - The development of battery swapping models is seen as a key trend in the electric motorcycle market, similar to the initial growth path of electric vehicles in China [12]. - The focus on practical and economical solutions in Southeast Asia contrasts with the emphasis on lightweight and high energy density in the European and American markets [13].

Core Insights - The article discusses the significance of motorcycles in Southeast Asia, highlighting their prevalence as a primary mode of transportation in urban areas [5][6][26] - It emphasizes the competitive landscape of the motorcycle market, particularly the dominance of Japanese brands like Honda and Yamaha, and the challenges faced by Chinese brands in the region [10][11][18] Market Overview - In Southeast Asia, motorcycle registration reached 236 million units in 2020, with a compound annual growth rate of 7.1% from 2008 to 2020 [6] - Motorcycles account for over 70% of total vehicle registrations in countries like Cambodia, Indonesia, Laos, and Myanmar [7] - The household penetration rate of motorcycles is extremely high, with Vietnam at 90%, Laos at 89%, and Indonesia at 85% [9] Competitive Landscape - Japanese motorcycle manufacturers have established a stronghold in the market due to their effective supply chain management and brand building strategies [12][22] - Chinese motorcycle brands initially captured 80% of the Vietnamese market in 1999 but later struggled due to price wars and lack of brand recognition [17][18][20] Transition to Electric Motorcycles - Traditional fuel motorcycles still dominate the market with a 96.8% share, but there is a growing trend towards electric motorcycles driven by climate policies [27][41] - Countries like Singapore, Indonesia, Thailand, and Vietnam are implementing various strategies to promote electric vehicles, including tax incentives and infrastructure development [29][33][38] Opportunities for Chinese Companies - The transition to electric motorcycles presents a significant opportunity for Chinese manufacturers, who have established supply chains and competitive pricing [43] - The RCEP agreement facilitates the export of electric motorcycles from China to Indonesia and Vietnam, with reduced tariffs [45] - The article suggests that the current market conditions represent a unique opportunity for Chinese electric motorcycle companies to expand in Southeast Asia [47][48]

Group 1 - The report highlights the growing importance of electric two-wheelers in India and Southeast Asia, with companies like Yadea and Aima actively expanding their overseas presence [1] - The transition from fuel to electric vehicles is supported by policies aimed at reducing carbon emissions, with Southeast Asian countries implementing measures to phase out gasoline motorcycles [2] - Electric two-wheelers offer lower carbon emissions, reduced noise, and lower maintenance costs compared to fuel-powered vehicles, making them suitable for urban short-distance travel [3] Group 2 - China's electric two-wheeler market is poised to replicate the export trends seen in bicycles and motorcycles, with significant potential for growth in international markets [4] - The domestic electric two-wheeler market in China is mature, but export activities are just beginning, indicating substantial room for expansion [4]

Group 1 - The motorcycle is an important mode of transportation in India and Southeast Asia, while electric bicycles are particularly popular in Europe and Japan. The overseas electric two-wheeler market is in its early development stage, with major brands actively expanding their presence. Leading companies in China, Yadea and Aima, are making significant strides in establishing overseas factories and channels [1] - The trend of "oil to electric" is gaining momentum, supported by policies that favor the development of electric vehicles. The push for carbon neutrality benefits the electrification of motorcycles, as fuel-powered vehicles have higher pollution emissions and fuel prices are relatively high compared to electricity [1] - Southeast Asia is a major motorcycle market, with cities like Hanoi and Ho Chi Minh City proposing bans on motorcycles. Thailand has implemented a tax on motorcycles based on carbon emissions since January 2020, and Singapore aims to eliminate fuel vehicles by 2040. Vietnam has committed to achieving carbon neutrality by 2050, with electric vehicle infrastructure being prioritized [1] Group 2 - Electric two-wheelers have lower carbon emissions, reduced noise, and a wide range of energy sources, along with lower purchase and maintenance costs. High-end electric two-wheelers offer excellent smart features, and the performance gap between electric and fuel motorcycles is narrowing [2] - The rapid development of the electric vehicle industry will benefit the electric two-wheeler sector as the core components overlap, leading to a more mature supply chain and continuous technological upgrades [2] Group 3 - The market environment in India and Southeast Asia is similar to China's experience from 2000 to 2010, with urban expansion and insufficient infrastructure. In this context, electric two-wheelers are suitable for short-distance travel. In 2020, the average prices for motorcycles and scooters in Southeast Asia were approximately $4,010 and $1,310, respectively, while the average price for electric cars was $54,000 [3] - The purchasing power of residents in India and Southeast Asia aligns well with electric two-wheelers, making them a more accessible option [3] Group 4 - China's electric two-wheeler industry is expected to replicate the export trends seen in bicycles and motorcycles, capturing global demand. China has become the world's largest exporter of bicycles and motorcycles, with export ratios of 89% for bicycles in 2018 and 54%, 33%, and 35% for motorcycles from 2019 to 2021 [4] - The domestic electric two-wheeler market in China is mature, but export activities are just beginning, with only 5.2% of total shipments being exported in 2020. Leading electric two-wheeler companies in China have developed a robust supply chain and competitive advantages over years of domestic operations [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company is a well - known domestic manufacturer of mobile industrial vehicles, with strong advantages in electric forklifts and new - energy forklifts [25]. - The cooperation with Jungheinrich will help the company deepen its global multi - channel strategic layout, promote product upgrades centered on electrification and intelligent technologies, and strengthen its core competitiveness [31]. - In the context of the development of intelligent logistics, the company's X - Mover Banma robot has been applied in logistics company transfer centers, effectively improving handling efficiency [32]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Zhongli Co., Ltd., and the reception time is June 4, 2025. The company's reception personnel include the director, board secretary, deputy general manager Liao Fapei, the director and financial officer Wang Shifeng, and the securities affairs representative Wu Biqing [17]. 3.2. Detailed Research Institutions - The research institutions include GF Fund Management Co., Ltd. with representatives He Juewei, Zhang Yi, and Cao Yue, and Guotai Haitong Securities Co., Ltd. with representative Ouyang Tianyi [18]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **M&A Project Introduction**: The "Annual Production of 300,000 Storage Handling Equipment and 1,000,000 Sets of Mechanical Parts Processing, Intelligent Robot Manufacturing (Phase I)" and the "First - phase Project of Electric Forklift Assembly Production Line of Hubei Zhongli Machinery Co., Ltd." mainly produce electric forklifts. The "First - phase Project of Electric Forklift Parts Casting of Hubei Zhongli Foundry Co., Ltd." is a supporting link in the forklift industry chain. The "Mofu Intelligent (Anji) Research Institute Project" will upgrade and improve the company's R & D structure [22][23]. - **Company's Market Competitive Position**: The company is a well - known domestic manufacturer of mobile industrial vehicles. It has ranked first in the production and sales of electric storage forklifts for 12 consecutive years since 2013 and first in the production and sales of lithium - battery forklifts for 6 consecutive years since 2019 [25][26]. - **Introduction of "Oil - to - Electric" Forklifts**: The company's electric counterbalanced rider - type forklifts have an overall upward ranking. The "oil - to - electric" forklifts combine the advantages of internal combustion forklifts and electric forklifts, with features such as green environmental protection, low cost, and suitability for multiple scenarios [27][28]. - **Impact of Cooperation with Jungheinrich**: Jungheinrich is a global leader in material handling solutions. The cooperation will help the company deepen its global layout and strengthen its core competitiveness [29][31]. - **Intelligent Logistics Situation**: In the context of the development of intelligent logistics, intelligent industrial vehicle products are the trend. The company's X - Mover Banma robot has been applied in logistics company transfer centers, improving handling efficiency [32].