Hangcha Group (603298) Q4 2025 earnings summary

Executive summary

• Achieved operating revenue of RMB 17.74 billion in 2025, up 5.90% year-over-year, and net profit attributable to shareholders of RMB 2.19 billion, up 8.87% year-over-year.

• Maintained leadership in electric forklifts and intelligent logistics, with overseas sales exceeding 120,000 units, up over 27% year-over-year.

• Significant R&D investment led to over 60 new products and technologies, and 163 patents granted.

• Expanded global footprint with new subsidiaries and a Thailand manufacturing base nearing completion.

Financial highlights

• Operating revenue: RMB 17,738,651,997.86, up 5.90% year-over-year.

• Net profit attributable to shareholders: RMB 2,191,315,695.90, up 8.87% year-over-year.

• Net cash flows from operating activities: RMB 1,683,901,243.07, up 23.67% year-over-year.

• Gross profit margin for forklifts and spare parts: 24.82%.

• Total assets: RMB 19,709,344,651.12, up 16.82% year-over-year.

• Total cash dividends for 2025: RMB 785,887,229.40, representing 35.86% of net profit.

Outlook and guidance

• Strategic focus on new energy vehicles, intelligent logistics, and global expansion.

• Thailand manufacturing base to commence operations in Q2 2026 with 10,000-unit annual capacity.

• Continued investment in R&D, AI, and robotics to drive product innovation and maintain industry leadership.

• Plans to strengthen risk management, ESG governance, and talent development.