Core Viewpoint - Zhongli Co., Ltd. has shown a positive performance in stock trading and financing activities, indicating strong investor interest and a solid financial position in the electric forklift industry [1][2]. Financing Activities - On February 9, Zhongli Co., Ltd. experienced a stock price increase of 1.76%, with a trading volume of 85.98 million yuan [1]. - The financing buy-in amount for the day was 6.324 million yuan, while the financing repayment was 5.9076 million yuan, resulting in a net financing buy of 416,400 yuan [1]. - As of February 9, the total financing and securities lending balance reached 297 million yuan, with financing balance accounting for 4.71% of the circulating market value, indicating a high level compared to the past year [1]. Securities Lending Activities - On the same day, there were no shares repaid or sold in the securities lending market, with a remaining quantity of 900 shares and a balance of 35,900 yuan, which is below the 50th percentile level over the past year [1]. Company Overview - Zhongli Co., Ltd. is located in Anji County, Huzhou City, Zhejiang Province, and was established on September 20, 2007, with its listing date set for December 24, 2024 [1]. - The company's main business involves the research, production, and sales of electric forklifts and other motorized industrial vehicles, with 98.85% of revenue coming from forklifts and related parts [1]. Financial Performance - As of September 30, 2025, Zhongli Co., Ltd. reported a revenue of 5.243 billion yuan, reflecting a year-on-year growth of 8.62%, and a net profit attributable to shareholders of 685 million yuan, up by 5.46% [2]. - The company has distributed a total of 353 million yuan in dividends since its A-share listing [2]. Shareholder Information - The number of shareholders as of September 30, 2025, was 18,200, a decrease of 9.15% from the previous period, while the average number of circulating shares per person increased by 10.07% to 2,834 shares [2]. - Among the top ten circulating shareholders, the Southern CSI 1000 ETF held 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 [2].

Core Insights - China's total export value is expected to approach 27 trillion yuan by 2025, with a trade surplus exceeding 1.2 trillion USD, driven by new sectors like electric vehicles, photovoltaic panels, and lithium batteries, which have collectively reached an annual export value of nearly 1.3 trillion USD, growing at a rate of 27.1%, significantly outpacing overall export growth [1] Group 1: New Export Drivers - The export of electric vehicle batteries is characterized by superior durability, faster charging, and lower overall vehicle costs, with Chinese brands accounting for 20% of electric vehicle sales in Europe [1] - China dominates the global photovoltaic component market, producing 80% of the total, with advanced technologies like TOPCon and HJT batteries being essential for foreign solar power projects [3] - Over 70% of global lithium battery shipments come from China, with major companies like Tesla and BMW utilizing batteries from CATL [3] Group 2: Shipbuilding and Wind Power - China has captured over 70% of global orders for high-value ships such as LNG carriers and container ships, previously dominated by South Korea and Japan, due to faster production and reliable delivery at competitive prices [5] - Wind power equipment exports have surged by 50%, with comprehensive service offerings including installation and maintenance, particularly to regions like the Middle East and Africa [5] Group 3: Traditional Industries and Market Shifts - Traditional export sectors such as furniture, appliances, and clothing have seen significant declines, with year-on-year drops of 10%, 12%, and 18% respectively, as price competitiveness diminishes [5] - Steel exports have increased in volume, but total revenue has decreased due to lower prices, highlighting a shift in market dynamics where quantity is prioritized over price [5] Group 4: R&D and Supply Chain Stability - R&D investment in Chinese enterprises has risen by over 10%, with the country holding the highest number of patents globally, particularly in the renewable energy sector [7] - The stability of supply chains has become a competitive advantage, with foreign companies prioritizing timely delivery over cost, leading to increased preference for Chinese suppliers [7] Group 5: Innovation in Traditional Sectors - The home appliance industry is evolving towards smart and energy-efficient solutions, offering integrated systems that include solar panels and home energy storage for markets in Southeast Asia [9] - The current reshaping of foreign trade structures favors companies that possess technology, adaptability, and service capabilities, while those that remain stagnant risk being left behind [9]

Group 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]

Core Viewpoint - The report from Zhongyou Securities highlights that Hangcha Group has demonstrated stable performance and is awaiting the ramp-up of its embodied intelligence products [1] Financial Performance - The company has effectively seized market demand growth opportunities, resulting in a favorable increase in operating revenue alongside continuous profit growth due to its core products' strong technological foundation and advantages in large-scale production [1] Product Structure - The sales proportion of electric forklifts continues to rise, leading to further optimization of the product structure, with high-value-added products such as new energy forklifts and large-tonnage forklifts becoming the main drivers of growth [1] Market Expansion - In addition to consolidating its traditional markets in Europe and the United States, the company is accelerating its expansion into emerging markets such as Southeast Asia, Brazil, and the Middle East, showcasing the effectiveness of its globalization strategy [1] Intelligent Development - The company is gradually improving its layout in the field of intelligence, with data-driven development of embodied intelligence [1] Valuation - The projected PE valuations for the company from 2025 to 2027 are 15.88, 14.46, and 13.37 respectively, maintaining a "buy" rating [1]

Core Viewpoint - The forklift industry is experiencing stable growth driven by the recovery of manufacturing and logistics demand, with domestic and overseas sales both increasing in 2025 [1][2] Group 1: Industry Overview - Forklift sales in 2025 are projected to reach 145.18 million units, a year-on-year increase of 12.9%, with domestic sales at 90.68 million units (up 12.6%) and export sales at 54.50 million units (up 13.4%) [1] - The domestic forklift market is closely linked to the manufacturing and logistics sectors, with a positive correlation to the manufacturing PMI and social logistics growth [2] - The overall forklift sales in December 2025 are expected to be 11.14 million units, with domestic sales at 6.38 million units (down 5.17%) and overseas sales at 4.76 million units (up 7.97%) [1] Group 2: Company Performance - Hangcha Group anticipates a net profit of 21.13 billion to 23.15 billion yuan for 2025, representing a year-on-year increase of 5% to 15% due to strong market demand and improved product structure [3] - The company is focusing on electric forklifts and high-value products, which are becoming the main drivers of growth [3] - Hangcha Group is expanding its global presence, particularly in Southeast Asia, Brazil, and the Middle East, with an increasing share of overseas sales [3][4] Group 3: Strategic Developments - Hangcha Group established a Southeast Asia service center to enhance local operations and service capabilities, marking a significant milestone in its regional development strategy [4] - The service center aims to provide comprehensive support, including spare parts, technical assistance, and after-sales service, improving efficiency and reliability [4] - The company's manufacturing base in Thailand is expected to commence operations in 2026, further expanding its global manufacturing capabilities [4]

Investment Rating - The report maintains a "Market Perform" rating for the forklift industry, emphasizing the importance of lithium battery replacement and product export as key investment themes [1]. Core Insights - The forklift industry is experiencing a clear transition towards electrification, driven by increasing domestic demand and favorable policies. The focus is shifting towards safety regulations, emission controls, and digital supervision, which guide the industry's upgrade direction [4][11]. - The electrification of forklifts, particularly through lithium batteries, is identified as a primary growth driver. The advantages of electric forklifts include environmental friendliness, low noise, and low energy consumption, leading to increased penetration in high-demand sectors [4][38]. - The report highlights the competitive landscape, noting that domestic leaders are enhancing their core competitiveness through high-performance products and deepening international market presence. The industry is characterized by significant barriers to entry, including technology, brand, and distribution channels [4][29]. Summary by Sections 1. Domestic Demand and Market Overview - The forklift industry in China has seen rapid growth, with a projected 2024 sales volume of 1.45 million units, reflecting a year-on-year increase of 12.93% [18]. - The global forklift market is expected to reach 21.598 million units in 2024, with Asia accounting for 52.01% of sales [18][29]. - The competitive landscape is dominated by foreign companies, with the top three (CR3) holding approximately 53% market share in 2024 [29]. 2. Electrification and Lithium Battery Market - The report emphasizes that lithium batteries will lead the electrification transition, with electric forklifts expected to replace internal combustion models due to stricter environmental regulations [4][38]. - The market for electric forklifts is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.16% from 2025 to 2030, reaching a market size of $71.85 billion [29]. 3. Investment Recommendations - The report suggests focusing on companies with lithium battery technology barriers and strong overseas channels, such as Hangcha Group, Anhui Heli, Zhongli Group, and Noli Group, which are expected to benefit from tightening environmental policies and the electrification wave [4][29].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15% [5] - The company is focusing on electric and international markets, with a notable increase in the sales proportion of electric forklifts and a strategic expansion into emerging markets such as Southeast Asia and Brazil [6] - The company is enhancing its layout in the intelligent field, having acquired a 99.23% stake in Guozi Robotics, and launched its first humanoid logistics robot, the "X1 series" [7] Financial Performance - Revenue projections for 2025-2027 are 18.247 billion, 20.230 billion, and 22.034 billion yuan, with year-on-year growth rates of 10.68%, 10.87%, and 8.92% respectively [8] - The net profit attributable to shareholders is projected to be 2.231 billion, 2.449 billion, and 2.650 billion yuan for the same period, with growth rates of 10.32%, 9.78%, and 8.20% respectively [8] - The company's price-to-earnings (P/E) ratios for 2025-2027 are estimated at 15.88, 14.46, and 13.37 [8]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.113 to 2.315 billion yuan in 2025, representing a year-on-year increase of 5% to 15% [5] - The company is actively advancing electrification and internationalization, with a notable increase in the sales proportion of electric forklifts and a focus on high-value-added products [6] - The company is enhancing its layout in the field of intelligence, with a strategic emphasis on models, data, hardware, and scenarios to drive the development of embodied intelligence [7] Financial Performance - The company forecasts revenues of 18.247 billion yuan in 2025, with a year-on-year growth rate of 10.68% [8] - The projected net profit for 2025 is 2.231 billion yuan, with a growth rate of 10.32% [10] - The company's PE ratios for 2025, 2026, and 2027 are expected to be 15.88, 14.46, and 13.37 respectively [8]

Core Viewpoint - Hangcha Group is expected to achieve a record net profit attributable to shareholders of 2.113 billion to 2.315 billion yuan in 2025, marking ten consecutive years of positive growth in net profit [1][2][4]. Financial Performance - The projected net profit for 2025 represents an increase of 101 million to 302 million yuan compared to the previous year, reflecting a year-on-year growth of 5.00% to 15.00% [2]. - The expected net profit excluding non-recurring items is forecasted to be between 2.058 billion and 2.255 billion yuan, with a year-on-year increase of 97.92 million to 294 million yuan, or 4.99% to 15.01% [2][4]. - The company's gross profit margin has shown a steady increase, with figures of 17.78%, 20.76%, 23.55%, and 23.48% from 2022 to the first three quarters of 2025 [4]. Market Strategy and Growth Drivers - Hangcha Group has capitalized on market demand growth, leading to improved operating revenue and sustained profit growth [4]. - The sales volume of electric forklifts has been increasing, with high-value products such as new energy forklifts and large-tonnage forklifts becoming key growth drivers [4]. - The company is expanding its presence in emerging markets such as Southeast Asia, Brazil, and the Middle East, with overseas sales revenue steadily increasing [4][6]. Financial Health and Cash Flow - Hangcha Group has maintained a strong financial position, with total assets reaching 18.83 billion yuan and a debt-to-asset ratio of 35.88% as of September 2025 [6]. - The company has a cash balance of 3.735 billion yuan, indicating no pressure on debt repayment [1][6]. - Operating cash flow has consistently been positive, with a net cash flow from operating activities of 689 million yuan in the first three quarters of 2025 [6]. R&D and Innovation - The company has invested significantly in research and development, with R&D expenses increasing from 602 million yuan in 2021 to 665 million yuan in 2025, maintaining a R&D expense ratio of around 4.76% [5][6]. - Hangcha Group has pioneered several innovative products in the field of electric and hydrogen-powered forklifts, enhancing its competitive edge in the market [5].

Core Viewpoint - China's foreign trade demonstrates resilience and vitality, achieving a record high in total import and export value in 2025, maintaining its position as the world's largest goods trading nation [1][2]. Group 1: Trade Performance - In 2025, China's total import and export value reached 45.47 trillion yuan, a year-on-year increase of 3.8%, marking nine consecutive years of growth [1]. - Exports amounted to 26.99 trillion yuan, growing by 6.1%, while imports were 18.48 trillion yuan, with a modest increase of 0.5% [1]. - The growth in high-tech product exports was notable, with a year-on-year increase of 13.2%, contributing 2.4 percentage points to overall export growth [2]. Group 2: Import Trends - China maintained its status as the world's second-largest import market for 17 consecutive years, with imports reaching a historical high in 2025 [4]. - Import growth was driven by a recovering economy, with a continuous increase in imports for three consecutive quarters starting from Q2 [4]. - The 8th China International Import Expo saw record participation, with intended transaction amounts exceeding 80 billion USD [4]. Group 3: Trade Partnerships - China's trade partnerships expanded significantly, becoming a major trading partner for over 160 countries and regions, an increase of more than 20 since 2020 [6]. - Trade with ASEAN countries and Central Asian nations saw substantial growth, with imports from these regions increasing by 3.9% and over 1 billion USD in trade volume, respectively [6][7]. - In 2025, trade with countries involved in the Belt and Road Initiative reached 23.6 trillion yuan, growing by 6.3%, which is 2.5 percentage points higher than the overall trade growth rate [7].