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].

Core Viewpoint - Hangcha Group's wholly-owned subsidiary in Thailand is expected to commence production by the end of 2025, with an annual production capacity of 10,000 industrial vehicles, enhancing the company's global localization strategy and reducing tariff costs through ASEAN free trade agreements [1]. Group 1 - The construction of Hangcha Group's Thailand manufacturing company is projected to be completed by the end of 2025 [1]. - The facility will have the capability to produce 10,000 various types of industrial vehicles annually [1]. - The production will support Hangcha's localization and service layout in the global market [1]. Group 2 - The company aims to leverage the ASEAN free trade agreement to effectively reduce tariff costs [1]. - This strategic move will enhance the company's ability to respond to trade barrier risks [1].

中力股份（603194）公告，公司计划与参股公司GTM在泰国曼谷共同出资设立中力泰国叉车有限公 司，公司直接持有约72%的股权，GTM直接持有约28%的股权。公司计划投资不超过1000万美元用于建 设泰国工厂项目，于5年内分批投入。中力泰国叉车有限公司计划选址在泰国曼谷地区，主要经营范围 为工业车辆、叉车、AGV的制造与销售业务，规划年产叉车10000台。 ...