Donghai Securities: Internal and external sales of forklifts continued to grow in January-February, leading to the investment in the intelligent Siasun Robot & Automation project.

East Sea Securities released a research report stating that forklifts have wide downstream applications, weak cyclical characteristics, and high correlation with the level of manufacturing industry prosperity. The future recovery of the manufacturing industry and the growth of warehouse logistics will have a positive impact on domestic forklift demand. At the same time, domestic companies are accelerating their globalization layout, establishing overseas local production capacity and after-sales service systems, and gradually increasing their market penetration rate. In addition, the domestic leading forklift companies are actively laying out in the intelligent logistics and logistics Siasun Robot & Automation fields, reshaping the competition landscape of the logistics industry. It is recommended to pay attention to domestic forklift leading enterprises with high brand recognition, deep overseas layout, and strong research and development capabilities. Key points of East Sea Securities: Event: According to the data released by the China Construction Machinery Industry Association In February 2026, the overall forklift sales were 80,900 units, a year-on-year decrease of 20.3%. Among them, domestic sales were 42,800 units, a year-on-year decrease of 35.5%; overseas sales were 38,100 units, a year-on-year increase of 8.34%. The cumulative forklift sales from January to February 2026 were 222,600 units, a year-on-year increase of 14.1%. Among them, domestic sales were 132,500 units, a year-on-year increase of 9.31%; export sales were 90,200 units, a year-on-year increase of 22%. Domestic and overseas forklift sales increased in January-February The domestic forklift sales increased by 14.1% in January-February 2026, and the trend of sales growth at the beginning of the year continued, with rapid growth in domestic forklift demand. The domestic sales decreased by 20.3% in February 2026, mainly due to the long Chinese New Year holiday this February. From the perspective of domestic macroeconomic data, forklift demand is related to the prosperity of the manufacturing and warehouse logistics industry. From the logistics data perspective, the logistics industry prosperity index in China in February 2026 was 47.50%, with minimal impact from the Chinese New Year. The new order index of the manufacturing Purchasing Managers' Index (PMI) reached 48.60% in February 2026, with a certain impact from the Chinese New Year, and the index's prosperity is expected to gradually improve in the future. In terms of exports, the overseas sales of forklifts increased by 22% year-on-year in January-February 2026, growing along with domestic sales. From the macroeconomic data, the new export order index of the manufacturing PMI in February 2026 was 45.00%, mainly affected by the Chinese New Year holiday delivery; in December 2025, China's construction machinery export trade volume was $6.417 billion, a year-on-year increase of 27.2%, indicating further expansion of trade scale and positive overseas demand. The overall performance of forklift sales in 2025 showed a stable growth trend, which may continue into 2026. Zhejiang E-P Equipment Invests 350 million yuan to build the intelligent Siasun Robot & Automation project. On March 17th, Zhejiang E-P Equipment announced that in order to meet the future operational development needs of the company and leverage industrial cluster advantages, the company plans to cooperate with the Anji Economic Development Zone Management Committee in Zhejiang to invest in the construction of a project for the production of 50,000 sets of intelligent Siasun Robot & Automation and 100,000 sets of forklift components. The total planned investment for this project is 350 million yuan, with all funds being self-raised. The project focuses on extending the main business, expanding the independent production capacity of forklift components in the upstream, combining the technology reserves of intelligent Siasun Robot & Automation, responding to the national policy direction of "replacing humans with machines" and smart logistics, and enhancing the company's product strength. Anhui Heli Co., Ltd. On March 6, 2026, the JD INDUSTRIALS platform business brand partner conference was held in Beijing. Anhui Heli Co., Ltd., as a leading domestic industrial vehicle and intelligent logistics equipment enterprise, was awarded the "2025 Super Strategic Partner Award" for its deep synergy and excellent cooperation results. This award highly recognizes the company's product strength, market reputation, and strategic cooperation value. Anhui Heli Co., Ltd. has established deep cooperation with JD INDUSTRIALS in industrial vehicles, intelligent logistics equipment, supply chain synergy, digitalized procurement, and omni-channel distribution. Relying on the full-channel layout and super supply chain advantages of JD INDUSTRIALS, the company efficiently expands the integrated marketing network of Wuxi Online Offline Communication Information Technology Co., Ltd., accurately reaching large enterprises, small and micro-enterprises, and end users, continuously enhancing its brand influence. Risk Warning: Risks of globalization not meeting expectations; Risks of intensified industry competition; Risks of international trade.