Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, and sales of electric forklifts and intelligent industrial vehicles, with a strong emphasis on innovation and green technology [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company is set to be listed on December 24, 2024, with its main business involving the R&D, production, and sales of electric forklifts and other industrial vehicles [7]. - The company's revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%. The net profit attributable to shareholders was 685 million yuan, reflecting a growth of 5.46% [8]. - The company has distributed a total of 353 million yuan in dividends since its A-share listing [9]. Market Position and Trends - The company has a significant international presence, with overseas revenue accounting for 51.63%, benefiting from the depreciation of the RMB [3]. - The company aims to lead the industry transformation towards green, intelligent, and digital logistics, focusing on the transition from manual to electric handling and from diesel to lithium battery forklifts [3]. Stock Performance - As of December 19, the stock price of Zhongli shares increased by 0.55%, with a trading volume of 28.1361 million yuan and a turnover rate of 1.48%, resulting in a total market capitalization of 14.753 billion yuan [1]. - The average trading cost of the stock is 39.05 yuan, with the current price fluctuating between resistance at 37.73 yuan and support at 35.98 yuan [6].

Investment Rating - The report assigns an "Accumulate" rating for Zhongli Co., Ltd. (603194) [1] Core Views - Zhongli Co., Ltd. is a global leader in electric warehouse forklifts, driving the transformation of material handling technology towards electrification, greening, and intelligence [2][16] - The company has a complete product line of warehouse forklifts and intelligent handling robots, with a strong market position in China and significant international presence [2][3] - The company is expected to benefit from the ongoing electrification trend in the forklift industry, with robust revenue and profit growth projected in the coming years [4][48] Summary by Sections Company Overview - Established in 2007, Zhongli Co., Ltd. focuses on the R&D, production, and sales of forklifts and intelligent handling robots, leading the industry in electrification and green development [2][16] - The company has maintained a leading market share in electric warehouse forklifts in China since 2013, with a strong international sales network covering North America, Europe, and Southeast Asia [2][16] Financial Performance - Revenue is projected to grow from 22 billion yuan in 2019 to 66 billion yuan in 2024, with a CAGR of 25% [2][26] - The net profit attributable to shareholders is expected to increase from 1.5 billion yuan in 2019 to 8.4 billion yuan in 2024, with a CAGR of 41% [2][26] - For the first three quarters of 2025, the company reported a revenue of 52 billion yuan, up 8.6% year-on-year, and a net profit of 6.9 billion yuan, up 5.5% year-on-year [2][26] Market Trends - The forklift industry is expected to grow at a CAGR of approximately 8% from 2015 to 2024, driven by investments in manufacturing and logistics, as well as the electrification trend [2][3] - The global market for balance-weight forklifts is projected to have significant growth potential, with the lithium battery penetration rate expected to increase [3][41] Competitive Advantages - Zhongli Co., Ltd. has a strong competitive edge due to its established brand, comprehensive product offerings, and significant international market share [3][41] - The company's gross profit margin has improved from 26.7% in 2022 to 29.7% in 2025, driven by scale effects and efficient management [28][41] - The company maintains a higher gross margin compared to domestic competitors, with a sales gross margin of 29.7% and a net profit margin of 13.3% [41][44] Future Outlook - The company is well-positioned to capitalize on the ongoing electrification and automation trends in the material handling industry, with expected growth in both domestic and international markets [4][48] - The strategic focus on intelligent logistics solutions and the development of autonomous handling equipment is anticipated to further enhance growth opportunities [3][4]

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., is positioned to benefit from the depreciation of the RMB and is focused on innovation in electric forklifts and intelligent logistics, aiming to lead the industry transformation towards greener and smarter solutions [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is set to be listed on December 24, 2024. The company specializes in the research, production, and sales of electric forklifts and other industrial vehicles [7]. - The main business revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%. The net profit attributable to the parent company was 685 million yuan, with a year-on-year increase of 5.46% [8]. Market Position and Trends - As of September 30, 2025, the company had 18,200 shareholders, a decrease of 9.15% from the previous period, with an average of 2,834 circulating shares per person, an increase of 10.07% [8]. - The company is classified under the machinery equipment sector, specifically in engineering machinery, and is associated with concepts such as new industrialization, robotics, smart logistics, and newly listed stocks [8]. Product Innovation - The company has developed several milestone products, including the "Little King Kong" electric forklift and the "搬马" (Moving Horse) robot, which are designed to enhance efficiency and reduce manual handling [2][3]. - The "搬马" robot series, launched in 2020, features high automation, flexibility, and safety, aimed at reducing ineffective handling and lowering the barriers to the application of mobile handling robots [2]. Stock Performance - On November 24, the stock price of Zhongli shares increased by 0.74%, with a trading volume of 47.5594 million yuan and a turnover rate of 2.53%, leading to a total market capitalization of 14.705 billion yuan [1]. - The average trading cost of the stock is 40.61 yuan, with recent trading showing a decrease in holdings but at a slowing rate [6]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included the Southern CSI 1000 ETF, holding 479,500 shares, a decrease of 7,600 shares from the previous period, while the Guangfa Jixuan Bond A became a new shareholder with 380,000 shares [9].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., is set to benefit from the depreciation of the RMB and is focused on the development and sales of electric forklifts and intelligent industrial vehicles, with a significant portion of its revenue coming from overseas markets [2][3]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company specializes in the research, production, and sales of electric forklifts and other industrial vehicles [7]. - The company's main business revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [7]. Financial Performance - As of September 30, 2025, the company reported a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%. The net profit attributable to shareholders was 685 million yuan, with a year-on-year increase of 5.46% [8]. - The company has distributed a total of 253 million yuan in dividends since its A-share listing [9]. Market Position and Trends - The company is positioned within the machinery equipment sector, specifically in engineering machinery, and is part of several concept sectors including new industrialization, robotics, smart logistics, and new energy vehicles [7]. - The company has a strong focus on innovation, having developed several milestone products such as the "Little King Kong" electric forklift and the automated搬马机器人 (moving robot) series, which enhance operational efficiency and reduce handling costs [2]. Stock Performance - On November 18, the company's stock price decreased by 0.39%, with a trading volume of 35.0686 million yuan and a turnover rate of 1.78%. The total market capitalization stood at 15.370 billion yuan [1]. - The average trading cost of the stock is 41.11 yuan, with the stock currently near a resistance level of 38.35 yuan, indicating potential for upward movement if this level is surpassed [6].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., specializes in the research, development, production, and sales of electric forklifts and other industrial vehicles, with a focus on green, digital, and intelligent development trends [2][3][7]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is set to be listed on December 24, 2024. The company primarily engages in the development, production, and sales of electric forklifts and intelligent forklifts [3][7]. - The company's main revenue source comes from forklifts and related parts, accounting for 98.85% of total revenue, while other sources contribute 1.15% [7]. Financial Performance - As of September 30, 2025, the company reported a revenue of 5.243 billion yuan, representing a year-on-year growth of 8.62%. The net profit attributable to shareholders was 685 million yuan, with a year-on-year increase of 5.46% [8]. - The company has distributed a total of 253 million yuan in dividends since its A-share listing [9]. Market Position and Trends - The company benefits from a significant overseas revenue share of 51.63%, aided by the depreciation of the Chinese yuan [3]. - The company has developed several milestone products, including the "Little King Kong" electric forklift and the "Moving Horse" robot series, which enhance automation and reduce operational inefficiencies [2][3]. Shareholder Information - As of September 30, 2025, the number of shareholders was 18,200, a decrease of 9.15% from the previous period, with an average of 2,834 circulating shares per person, an increase of 10.07% [8].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a revenue of 5.24 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.6%, and a net profit attributable to shareholders of 690 million yuan, up 5.5% year-on-year [1] - The introduction of intelligent handling robots and continuous product innovation is expected to open new market opportunities [2][4] - Strategic partnerships and international expansion efforts, including a new factory in Thailand, are aimed at enhancing production capacity and global presence [3][4] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 1.81 billion yuan, a 7.5% increase year-on-year, and a net profit of 240 million yuan, up 3.3% year-on-year [1] - Revenue projections for 2025-2027 are estimated at 7.3 billion, 8.2 billion, and 9.6 billion yuan, with respective growth rates of 11%, 13%, and 16% [5] Product Development - The launch of the "Kangaroo Robot" features advanced capabilities such as visual recognition and multi-functional operation modes [2] - The "Smart Flying Warehouse" solution offers high compatibility and flexibility for logistics operations [2] Strategic Initiatives - A strategic cooperation agreement with Jungheinrich aims to promote electrification in the material handling industry [3] - The company plans to invest 10 million USD over five years to establish a factory in Thailand, targeting an annual production capacity of 10,000 forklifts [3] Market Positioning - The company leads the domestic market in electric warehouse forklift sales and has a strong focus on innovation and internationalization [4] - The introduction of customized solutions for mobile robots is expected to create new growth opportunities [4]

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and other industrial vehicles, aiming to lead the industry transformation towards greener and smarter logistics solutions [2][3][5]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company is set to be listed on December 24, 2024, with its main business involving electric forklifts and other industrial vehicles [9]. - The company's revenue composition includes 98.85% from forklifts and related parts, and 1.15% from other sources [9]. Business Strategy and Innovations - The company has adopted a "positive research and development" model, focusing on customer needs and market demands, leading to the development of significant products such as the "Little King Kong" and oil-to-electric forklifts [2]. - The company aims to transition from manual to electric handling and is pushing for a shift from diesel to lithium battery forklifts, as well as advancing towards robotic handling solutions [3]. Financial Performance - For the first half of 2025, the company reported a revenue of 3.431 billion yuan, representing a year-on-year growth of 9.20%, and a net profit attributable to shareholders of 448 million yuan, with a year-on-year increase of 6.64% [10]. - As of June 30, the company had 20,000 shareholders, a decrease of 36.39% from the previous period, with an average of 2,575 circulating shares per person, an increase of 62.35% [10]. Market Position and Trends - The company benefits from a significant overseas revenue share of 51.63%, aided by the depreciation of the Chinese yuan [4]. - The stock has shown a trading volume of 136 million yuan with a turnover rate of 6.63%, and a total market capitalization of 15.799 billion yuan [1].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, and sales of electric forklifts and other industrial vehicles, aiming to lead the industry transformation towards greener and smarter logistics solutions [2][3][5]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is located in Anji County, Huzhou City, Zhejiang Province. The company specializes in electric forklifts and other industrial vehicles, with 98.85% of its revenue coming from forklifts and related parts [9]. - The company is set to be listed on December 24, 2024, and operates within the machinery equipment sector, specifically in engineering machinery [5][9]. Financial Performance - For the first half of 2025, the company reported a revenue of 3.431 billion yuan, representing a year-on-year growth of 9.20%. The net profit attributable to shareholders was 448 million yuan, with a year-on-year increase of 6.64% [10]. - As of June 30, 2025, the company had 20,000 shareholders, a decrease of 36.39% from the previous period, while the average number of circulating shares per person increased by 62.35% [10]. Market Position and Trends - The company has a significant international presence, with overseas revenue accounting for 51.63%, benefiting from the depreciation of the Chinese yuan [4]. - The company is actively developing mobile handling robots and has launched the X-Mover series, which is designed to enhance automation and efficiency in logistics [2][3]. Stock Performance - On September 1, the company's stock price fell by 2.23%, with a trading volume of 152 million yuan and a turnover rate of 7.34%, resulting in a total market capitalization of 16.02 billion yuan [1]. - The average trading cost of the stock is 41.85 yuan, with the current price approaching a support level of 39.56 yuan [8].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and other industrial vehicles, aiming to lead the industry transformation towards greener and smarter logistics solutions [2][3][5]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is set to be listed on December 24, 2024. The company primarily engages in the R&D, production, and sales of electric forklifts and other industrial vehicles, with 98.85% of its revenue coming from forklifts and related parts [9]. - The company has developed several milestone products, including the "Little King Kong," oil-to-electric forklifts, and the "搬马" (搬马) robot series, which enhance operational efficiency and reduce manual handling [2][3]. Financial Performance - For the first half of 2025, the company reported a revenue of 3.431 billion yuan, representing a year-on-year growth of 9.20%, and a net profit attributable to shareholders of 448 million yuan, up 6.64% year-on-year [10]. - As of June 30, 2025, the company had 20,000 shareholders, a decrease of 36.39% from the previous period, with an average of 2,575 circulating shares per person, an increase of 62.35% [10]. Market Position and Trends - The company benefits from a significant overseas revenue share of 51.63%, aided by the depreciation of the Chinese yuan [4]. - The company is actively pursuing a transition from diesel to lithium battery forklifts and advancing towards robotic handling solutions, aiming for green, smart, and digital logistics [3]. Stock Performance - On August 27, the company's stock price fell by 1.34%, with a trading volume of 276 million yuan and a turnover rate of 12.64%, resulting in a total market capitalization of 16.517 billion yuan [1].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., focuses on the research, development, production, and sales of electric forklifts and other industrial vehicles, aiming to lead the industry transformation towards greener and smarter logistics solutions [2][3][5]. Company Overview - Zhejiang Zhongli Machinery Co., Ltd. was established on September 20, 2007, and is set to be listed on December 24, 2024. The company primarily engages in the R&D, production, and sales of electric forklifts and other industrial vehicles, with 98.85% of its revenue coming from forklifts and related parts [5][9]. - The company has developed several milestone products, including the "Little King Kong" electric forklift and the "搬马" (Moving Horse) robot, which are designed to meet market demands and enhance operational efficiency [2][3]. Financial Performance - As of March 31, 2025, the company reported a revenue of 1.541 billion yuan, representing a year-on-year growth of 10.57%, and a net profit attributable to shareholders of 192 million yuan, up 9.55% year-on-year [10]. - The company's overseas revenue accounted for 51.63% of total revenue, benefiting from the depreciation of the Chinese yuan [4]. Market Position and Trends - The company is positioned within the mechanical equipment industry, specifically in engineering machinery, and is part of several concept sectors, including express delivery, new industrialization, smart logistics, new energy vehicles, and robotics [9]. - The company aims to transition from manual to electric handling and is actively promoting the shift from diesel to lithium battery forklifts, as well as advancing towards robotic handling solutions [3]. Stock Performance - On August 21, the company's stock price fell by 1.35%, with a trading volume of 145 million yuan and a turnover rate of 6.61%, resulting in a total market capitalization of 17.006 billion yuan [1].