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Hangcha Group Co., LTD. (stock code: 603298) released its semi-annual report on August 17, 2023.
Thanks to the tremendous support from our partners and, the hard work of all Hangcha employees, Hangcha records a very successful first half-year with a solid growth in revenue and booming profits.
Total revenue: 8.22 billion yuan (estimated $1.19 billion), 9.27 percent higher than that in the same period of the previous year.
Net profit: soar to 782 million yuan (estimated $112.86 million), 71.53 percent up year-on-year.
Overseas revenue plays a more important role, accounting for 33% of the total revenue, which shows that the development of the global market has achieved remarkable results.
The revenue of Hangcha AGVs witnessed a 180 percent growth, while Aerial Platforms was 60 percent.
R&D investment of 345 million yuan (estimated $ 49.79 million), 13.31 percent up.
Main Performance of the First-half Year (H1)
Expand Global Sales Network
Hangcha Mexcio was opened on April 25th, 2023. It is a wholly-owned subsidiary of Hangcha Group and provides quality products, and technical support to the overseas market.
Hangcha Brazil, the ninth overseas branch of Hangcha Group was established on May 5th, 2023. It is located in Indaiatuba and covers an area of 3,000 square meters, including 2,650 square meters of warehouses.
In addition, on May 8th,2023, Zhejiang Hangcha Global Service Co., Ltd was founded, which focuses on spare parts sales, lithium battery solutions, OEM support, OEM products, leasing and maintenance business, personalized warranty and technical solution support, and aims to improve the quality of after-market services and provide more support for our global partners.
On June 30, 2023, Hangcha Australia Pty Ltd., wholly acquired Hangcha Equipment Pty Ltd. This strategic acquisition is another important step for expanding our global business.
Zhejiang Hangcha Global Service Co., Ltd
Hangcha Australia Pty Ltd. acquired Hangcha Equipment Pty Ltd.
New Products Launch
In the first half year, about 40 new products were launched, such as the XH series high-voltage lithium empty container handler, the 45t reach stacker, the 4-10t electric forklifts for heavy duty, and the XE series electric forklift powered by lithium battery. For the XE series, it covers the range from 1.5-3.8t, with a battery capacity of up to 80V/608Ah. They can adapt to varied working conditions, such as low temperatures, rain, and gravel roads, perfect for both indoors and outdoors. Key cutting-edge technologies are adopted to make it much more efficient and reliable.
Global Launch of Hangcha XE Series Electric Forklifts
We presented lots of excellent products and gained recognition from these global fairs. For instance, the PROMAT in America and the LOGIMAT in Germany. We displayed 20 different forklifts from Hangcha’s full line of material handling equipment at PROMAT 2023. Besides, LogiMAT has attracted more than 1,500 exhibitors worldwide to participate in the exhibition. We had a debut of the XC series hydrogen fuel cell forklifts, presented the latest lithium forklifts and reach trucks, aerial platforms, etc., and won much attention.
Green & Sustainable Future
Sustainability is always our key strategy. In the first half year, Hangcha played a key role in the domestic program named "Reduce One Gram of Carbon Emission For Bule Sky" by helping customers replace their old diesel forklifts with new energy forklifts. What's more, the 2023 H1 revenue of new energy forklift trucks increased by nearly 50% year-on-year. Going forward, Hangcha will continue to lead in the development of new energy products and do what we can for a green and sustainable future.
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