Orient Securities: Forklift sales growth remains resilient, industry growth certainty increases

The Zhitong Finance App learned that Orient Securities released a research report saying that according to the China Construction Machinery Industry Association, 119,700 forklifts of various types were sold in November 2025, an increase of 14.1% over the previous year. Its sales volume in China was 75,200 units, up 23.9% year on year; export volume was 44,500 units, up 0.7% year on year. Structural improvements in forklift sales in November, working hours and operating rates increased, and downstream demand will still drive equipment demand. Furthermore, in line with policy expectations, the certainty of demand in the forklift industry has further increased, and we are optimistic about investment opportunities in the sector. Beneficiaries: Hangcha Group (603298.SH), Anhui Heli (600761.SH), Zhongli (603194.SH), and Nuoli (). 603611.SH

Orient Securities's main views are as follows:

The growth rate of forklift sales remained resilient, and large and medium-sized forklifts rose moderately, reflecting the positive demand in the industry

According to the China Construction Machinery Industry Association, 117,700 forklifts of various types were sold in November 2025, an increase of 14.1% over the previous year. Its sales volume in China was 75,200 units, up 23.9% year on year; export volume was 44,500 units, up 0.7% year on year; structurally, sales of 461,000 forklifts excluding electric walking storage vehicles were sold in November, up 7.31% year on year. Its sales volume in China was 28,700 units, up 6.85% year on year; export volume was 17,300 units, up 8.08% year on year. Judging from the growth rate of total sales of forklifts and the growth rate of sales without electric walking storage vehicles, downstream demand for forklifts in China continues to grow.

The average working hours and operating rate of forklifts have both increased, and industry growth is expected to continue to grow

According to the Association's statistics, in November 2025, the average monthly working hours/operating rate of forklifts was 108 hours/ 66.3%, respectively, higher than 106 hours/ 58.5% in October 2025, and higher than 69.3 hours/ 47.3% year-on-year in November 2024. Forklifts are commonly used industrial logistics handling equipment. The increase in working hours and operating rates reflect the increase in actual downstream capacity utilization, and it is expected that sales in the forklift industry will continue to grow.

Policies support steady growth, and the certainty of industry growth has further increased

The downstream of forklifts is scattered, involving transportation, express delivery, industry, consumer management, etc., so the overall relationship with the economy is high. Orient Securities pointed out that domestic policies have supported 26 years of domestic demand growth. Among them, the Central Economic Work Conference ranked “adhering to domestic demand leadership and building a strong domestic market” as the top of the eight key tasks for next year's economic work. Furthermore, the national “Machinery Industry Steady Growth Work Plan (2025-2026)” clearly proposed speeding up the construction of new facilities such as smart logistics hubs and smart logistics parks.

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