According to the Zhitong Finance APP, Donghai Securities released a research report stating that forklifts have a wide range of downstream applications, exhibit weak cyclical characteristics, and are highly correlated with the prosperity of the manufacturing industry. The future recovery of the manufacturing industry and the growth of warehousing and logistics will have a positive impact on domestic forklift demand. At the same time, domestic companies are accelerating their global layout, establishing local production capacity and after-sales service systems overseas, gradually increasing their global market penetration. In addition, domestic forklift leaders are actively laying out the fields of intelligent logistics and logistics robots, which will reshape the competitive landscape of the logistics industry. It is recommended to pay attention to Anhui Heli (600761.SH), Hangcha Group (603298.SH), and Zhongli Co., Ltd. (603194.SH).
<h2>Donghai Securities' main viewpoints are as follows:</h2>
Event
According to data released by the China Construction Machinery Industry Association, the overall sales volume of forklifts in July 2025 was 118,600 units, a year-on-year increase of 14.4%. Among them, domestic sales were 69,700 units, a year-on-year increase of 14.3%; overseas sales were 48,900 units, a year-on-year increase of 14.5%. From January to July 2025, the cumulative sales of forklifts reached 857,900 units, a year-on-year increase of 12%. Among them, domestic sales were 546,100 units, a year-on-year increase of 10.4%; export sales were 311,900 units, a year-on-year increase of 15.1%.
Double-digit growth in both domestic and foreign sales in July
In July 2025, both domestic and foreign sales of forklifts achieved double-digit growth, showing a steady growth trend, thanks to the layout and competitiveness of domestic forklift companies in overseas markets, as well as the growing global demand for forklifts, while domestic demand is gradually improving. From the perspective of domestic macro data, forklift demand is related to the prosperity of manufacturing and warehousing logistics. In July 2025, China's manufacturing PMI new order index reached 49.40%, up 0.10 percentage points from the same period last year, indicating a recovery in manufacturing prosperity compared to last year. From logistics data, the total social logistics in June 2025 increased by 5.6% year-on-year. In addition, the government work report proposed an expected GDP growth of about 5% this year. Macroeconomic indicators are gradually improving, domestic demand is gradually recovering, external demand continues to grow, and the risk of tariff friction is easing. Overall forklift sales may perform better in the second half of the year.
Anhui Heli: Increased proportion of electrified products, high growth in exports driving record revenue
In the first half of 2025, the company achieved revenue of 9.39 billion yuan, a year-on-year increase of 6.18%; the net profit attributable to the parent company reached 796 million yuan, a year-on-year decrease of 4.60%; the gross profit margin and net profit margin were 23.58% and 9.59%, respectively, up 2.00 percentage points and 0.01 percentage points year-on-year. In the first half of 2025, the company's sales volume was 204,200 units, a year-on-year increase of 17.23%, with a growth rate higher than the industry average, accounting for 27.62% of the industry. In terms of green development, the company's electric vehicle sales increased by 28% year-on-year, accounting for 68%, an increase of 2.5 percentage points from the end of last year, driving an overall increase in product gross profit margin. The company's overseas business revenue reached 4.016 billion yuan, a year-on-year increase of 15.20%, with overseas revenue accounting for 43%; overseas complete machine exports were 73,600 units, a year-on-year increase of 23.08%, driving record highs in revenue and production and sales. In addition, the company is deeply involved in the field of intelligent logistics and has established the &#34;Tiangong Laboratory&#34; with Huawei to cooperate in key areas of intelligent vehicles
The establishment of the &#34;Tianshu Laboratory&#34; with the Jianghuai Technology Center focuses on the research and development of intelligent logistics embodied robots, achieving solutions for intelligent sorting, handling, and storage; signing strategic cooperation agreements with SF Express, JD.com, and others to deepen innovative practices in downstream application scenarios; the company's intelligent logistics business grew by 59.1% year-on-year in the first half of the year.
HANGCHA GROUP: Improving global network layout, rapid growth in intelligent logistics business
In the first half of 2025, the company achieved revenue of 9.302 billion yuan, a year-on-year increase of 8.74%; achieved a net profit attributable to the parent company of 1.121 billion yuan, a year-on-year increase of 11.38%; gross margin and net margin reached 21.96% and 12.58%, respectively, with year-on-year increases of 0.55 percentage points and 0.05 percentage points. The company achieved a historical high of nearly 60,000 units in overseas market product sales in the first half of the year, with a year-on-year growth rate of over 25%. This is mainly due to the company's accelerated promotion of the &#34;localization of production + globalization of markets + localization of services&#34; strategy, with more than 20 overseas subsidiaries, forming layouts in marketing, research and development, manufacturing, and leasing, injecting strong momentum into the company's internationalization strategy. The company's production base in Thailand has officially started construction and is expected to be completed with high quality in the fourth quarter of this year. At the same time, the company seizes the development opportunities of intelligent logistics demand arising from the intelligent transformation and upgrading of various industries, forming three major business groups: Hangcha Intelligent, Hangao Intelligent, and Hanhe Intelligent, to create an integrated construction of the industrial chain, and has developed a series of AGV products including stacking, omnidirectional, forward-moving, and counterbalance types. During the reporting period, the intelligent logistics business experienced explosive growth, with significant year-on-year increases in revenue and new orders in the intelligent sector, cumulatively deploying over 7,000 AGVs, covering more than 20 industries including photovoltaics and lithium batteries.
Risk Warning: Risks of globalization process not meeting expectations; risks of intensified industry competition; risks of technology iteration not meeting expectations

603194

600761

603298

Donghai Securities released a research report indicating that in July 2025, both domestic and international forklift sales achieved double-digit growth, with domestic sales reaching 69,700 units, a year-on-year increase of 14.3%; overseas sales reached 48,900 units, a year-on-year increase of 14.5%. Forklift demand is closely related to the prosperity of the manufacturing and warehousing logistics sectors, and the future recovery of the manufacturing industry will further drive demand. It is recommended to pay attention to AHHL, HANGCHA GROUP, and EP

Zhitong

AHHL

HANGCHA GROUP

Donghai Securities: In July, both domestic and foreign sales achieved double-digit growth, with the domestic forklift leader's overseas sales hitting a record high