Notable Progress — Hangcha 2023 Annual Report Highlights


On April 18, 2024, Hangcha Group Co., LTD. (stock code: 603298) released its 2023 annual report. Under challenging global political and macroeconomic conditions, Hangcha showed great resilient capability and made impressive achievements upon the significant efforts of all Hangcha employees and the great support from all our partners. What's even more gratifying is that both revenue and profits have hit record highs, achieving double growth.

Here are some highlights of the annual report. 

Main Data 

Total revenue is 16.27 billion yuan (estimated $ 2.31 billion), an increase of 12.9% year-on-year;

The export revenue shows a substantial increase with 6.54 billion yuan (about $928 million), up 29.72%; 

Net profit of 1.72 billion yuan (about $244 million), up 74.23%; 

Net profit after deducting non-recurring gains and losses of 1.69 billion yuan (about $239 million), up 75.08%; 

More than 245 thousand forklifts were delivered, and the sales volume has increased by 6.55% compared to the previous year.


R&D Investment 

Compared to an investment of 658 million yuan (estimated $ 93.38 million) in 2022, the investment in 2023 increased to 731 million yuan (estimated $ 103.74 million), up 11.09%. 


Super Factory Stimulate Smart Manufacturing 

Our Qingshan facility upgraded production lines, adding a new assembly line for 10+ ton industrial vehicles, boosting flexibility and capacity. At the end of 2023, Phase III of Hengfan Science and Technology Park, with 105,000 m2 of building area, came into use. It focuses on producing lithium batteries, aerial platforms, AGVs, automated logistics systems & solutions. Now, we have three intelligent manufacturing bases including Qingshan Park, Hengfan Park, and Shiqiao Park, which adopt more than 600 AGVs and robots for production and enjoy an annual capacity of 400 thousand units. 


Lithium-ion Era: Grand Unveiling of Revolutionary New Products

Hangcha embraces "Intelligent, Green, and One-stop Solutions" as the foundation of technological innovation, with a focus on the areas of green energy, comfort, safety, reliability, and intelligent logistics solutions. 

This year, we introduced notable forklift innovations. We debuted the high-voltage lithium battery rough terrain forklift and revealed the XE series electric forklift with lithium-ion. It's worth mentioning that large-scale XE series electric forklifts have been shipped to Europe, Southeast Asia, and other regions, providing significant support and assistance to local logistics transportation. 

These developments reinforce Hangcha's commitment to a low-emission, low-carbon future driven by lithium-ion technology, in line with our new energy strategy, "The future is electrifying".


New Product Launch: XE series electric forklifts & High-Voltage Lithium Battery Rough Terrain Forklift

Intelligent Logistic Solutions 

Automation and intelligence technology are becoming the primary trends in the materials handling industry. 

Over the past few years, Hangcha has achieved outstanding results and a reputation in food and beverage, tires, and new energy vehicles. In 2023, we have landed over 200 AGV projects, sold over 1600 units, and revenue surged by 150%. And now, we aim at providing complete logistic solutions that are not only efficient but also reliable. For AGV products, Currently, there are 6 series of more than 30 products, including 3t pallet AGV, 2t stacking AGV, and 3-5t stacking AGV; the high-level reach series, including 2t reach AGV and VNA three-directional reach AGV; Also the load transfer AGV, the traction series, and the mini series. For AS/RS system, there are pallet stacker crane, box stacker crane, and other related integrated systems.

Intelligent Logistic Solutions 


Hangcha AGVs and AS/RS system 

Expand Global Footprint 

Hangcha's global presence continues to expand, Hangcha Mexico and Hangcha Brazil have successively commenced operations, bringing the total number of overseas subsidiaries of the group to nine. With this expansion, our proprietary sales and service network now covers all major industrial vehicle product markets in Europe, North America, South America, Australia, Southeast Asia, and other regions globally. Significant breakthroughs continue to be achieved in overseas markets.


Global Sales Network 


Grand Opening of Hangcha Mexico& Brazil

In addition, to further expand overseas markets, enhance after-sales service quality, and provide greater support to global partners, Zhejiang Hangcha Global Service Co., Ltd was founded, which specializes in spare parts sales, lithium battery solutions, OEM support, leasing, maintenance, warranties, and technical solutions. 

On the path of global expansion, we have never stopped our steps. On June 30, 2023, Hangcha Australia Pty Ltd. acquired Hangcha Equipment Pty Ltd.


Hangcha Australia Pty Ltd. Acquired Hangcha Equipment Pty Ltd

Empowering Success: 2023 Hangcha Factory Tour 

In 2023, we organized the Hangcha factory tour under the theme "The Future is Electrifying". 

Over 300 esteemed dealer friends from diverse regions worldwide, including North America, South America, Europe, Southeast Asia, and Australia, participated in this enriching event. 

During the factory tour, our dealers explored our intelligent super factory, boasting an annual capacity of 400,000 units. They praised our factory's organization, intelligence, and efficiency while sharing their thoughts and concerns with Hangcha. Additionally, it also boosted the confidence, determination, and loyalty of overseas dealers. 


2023 Hangcha Factory Tour

Overseas Exhibition

Furthermore, we showcased numerous outstanding products and received recognition at prominent events such as ProMat in America, Logis-Tech in Tokyo, Tilog Logistix, and LogiMAT in Germany. These successes not only elevated Hangcha's reputation but also provided valuable insights into the diverse needs of customers across various industries.


Gazing into The Future 

2024, Hangcha will continue to focus on the research, manufacturing, and sales of the most reliable and competitive forklifts. Hangcha remains steadfast in its commitment to innovation for achieving high-quality development to meet the growing demands of customers. We'll closely align with the "New Energy Strategy," with technology innovation guiding us toward greener growth.

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