Group 1: Financial Performance - Company achieved operating revenue of 3.431 billion yuan, a year-on-year increase of 9.2% [1] - Company realized net profit attributable to shareholders of 448 million yuan, a year-on-year increase of 6.64% [1] Group 2: Core Business and Innovation - Electric forklift business serves as the core growth engine, with a focus on self-research and scale effects driving overall gross profit improvement [2] - Company launched 130 new products covering various categories, expanding the tonnage range from 0.6 to 35 tons [2] - Sales of unmanned forklifts increased by 266.7% year-on-year, highlighting a new growth area [2] Group 3: Smart Logistics Ecosystem - Company is actively promoting the "Smart Logistics Ecosystem Alliance" to enhance industry chain collaboration [3] - Collaboration with leading unmanned logistics companies aims to explore new smart logistics models [3] - The integration of smart handling robots and unmanned logistics vehicles addresses automation challenges in the logistics process [3] Group 4: Global Expansion - Company accelerated its global expansion by establishing sales subsidiaries in Vietnam and Turkey, and a production subsidiary in Thailand [4] - Strategic cooperation with Jungheinrich to launch the "AntOn by Jungheinrich" brand, targeting the European high-end market [4] - Recognition of flagship products like the EXP15 automatic handling vehicle and 10-ton high-pressure lithium battery forklift with international awards [4] Group 5: Sustainable Development - Company adheres to green development principles, with stable growth in green handling business [5] - Expansion into green recycling vehicles and high-pressure lithium battery forklifts, gaining customer recognition [5] - Continuous upgrades in manufacturing systems to enhance overall competitiveness [5] Group 6: Long-term Growth Potential - Company focuses on "intelligent, digital, green, and global" strategies, achieving dual improvements in operational performance and core capabilities [6] - As a leader in electric warehouse forklifts and lithium battery forklifts, company is transitioning towards becoming a global leader in smart mobile solutions [6] - Strong technological iteration capabilities and strategic foresight position the company favorably for long-term competitiveness [6]

Core Viewpoint - The company reported a stable performance in 2024 with revenue of 16.486 billion yuan, a year-on-year increase of 1.15%, and a net profit of 2.022 billion yuan, up 17.86% [1]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.506 billion yuan, a year-on-year increase of 8.02%, and a net profit of 436 million yuan, up 15.18%, meeting market expectations [1]. - The gross margin and net margin for 2024 improved by 2.77 and 1.84 percentage points to 23.55% and 13.11%, respectively [1]. - Operating cash flow declined, potentially due to longer account periods for overseas sales and an increased proportion of leasing business [1]. Group 2: Product and Market Development - The total sales of lithium battery forklifts reached 448,800 units in 2024, with the proportion of electric forklifts rising to 47.43% [1]. - The company launched several high-performance lithium battery forklifts, covering a weight range from 0.6t to 48t, continuously optimizing product structure and series [1]. - In 2024, overseas product sales exceeded 100,000 units, marking a historical high, with overseas revenue accounting for over 40% [2]. Group 3: International Expansion and Future Outlook - The company has established over 10 overseas sales companies and service centers across major regions, forming a three-tier service network covering over 200 countries [2]. - Despite trade risks in the North American market, there remains significant growth potential in Europe, Southeast Asia, and Oceania [2]. - The company is expected to achieve net profits of 2.3 billion, 2.5 billion, and 2.8 billion yuan from 2025 to 2027, with corresponding PE ratios of 11, 10, and 9 times, maintaining a "recommended" rating [2].