On April 19, 2023, Hangcha Group Co., LTD. (stock code: 603298) released its 2022 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. 

Here are some highlights of the annual report. 

Main Data 

1. Total revenue 14.41 billion yuan ( estimated $2.14 billion ), we are nearly able to match the previous year's good level of incoming orders even in such a difficult year; 

2. The export revenue shows a substantial increase with 5.03 billion yuan (about $749 million), up 70.06%;

3. Net profit 988 million yuan (about $146.8 million), up 8.73%; Net profit after deducting non-recurring gains and losses 964 million yuan (about $143.3 million), up 12.07%

4. More than 230 thousand forklifts were delivered, which accounts for 22% domestic market share and 11% global market share upon the orders of industrial trucks in 2022.  

Main data

R&D Investment & Employees 

R&D investment of 658 million yuan ($97.8 million), up 9.28%, accounting for 4.56% of the revenue; 1,011 R&D personnel, up 7.22%, accounting for 18.36% of the total employees of the company. 

R&D Investment & Employees

New Overseas Branches

Hangcha Netherlands B.V., our first overseas parts & service center and product experience center was founded and started to service European customers in January 2022. The location covers more than 2500 m². We can offer more than 15,000 kinds, about 85% of Hangcha parts. 

And another new branch Hangcha Australia Pty Ltd. was opened in November. It covers an area of 4900 m². 

Hangcha Netherlands

Hangcha Australia

Investment For New Construction Projects

Phase III of Hengfan Science and Technology Park

114,700 m² of building area; 

Production base with an expected annual capacity of 300 units of large-tonnage new energy forklifts & 15,000 units of AGVs and other mechanical products.

Intended completion at the end of 2023.

Phase III of Hengfan Science and Technology Park

Science and Technology Innovation Park in Shiqiao 

150,000 m² of building area; 

One training & experience center and four bases such as sales and R&D bases with an expected annual turnover of $1.5 billion. 

Science and Technology Innovation Park in Shiqiao

New Products Launch 

In April 2022, the XH series high-voltage lithium forklifts for heavy-duty were launched, and now it covers from 1.5-48t. The launch of this truck series provides demanding industrial applications incredible alternatives to IC trucks. 

XH series high-voltage lithium forklifts

In September, the XC series hydrogen fuel cell forklift was launched. This is a game-changing product, being among the first to adopt distributed fuel cell technology and a permanent magnet synchronous drive system. Its safety, reliability, and efficiency allow it to handle both indoor and outdoor applications and is perfectly suited for medium and heavy-duty operations.

XC series hydrogen fuel cell forklift

Global Fairs 

In 2022, we presented many great products and won great popularity during global fairs such as MODEX in the United States, LogiMAT in Germany, MEGATRANS in Australia, METALEX in Thailand, and Logistica Next in the Netherlands.

2022 MODEX

2022 LogiMAT

2022 METALEX

Looking Ahead 

It is the difficult year of 2022, but we deliver a satisfactory result upon the great efforts of every Hangcha employee, the support of all our partners and friends, and the trust of all our users. In the year 2023, Hangcha will focus on developing new energy products, such as lithium and hydrogen fuel cell forklifts, will accelerate the globalization strategy and provide high-quality products and services to our users around the world.

About Hangcha 

Hangcha Group was founded in 1956. 67 years later, Hangcha Group continues to manufacture reliable material handling equipment. Quality and innovation are two of the reasons that Hangcha Group is ranked 8th globally in sales of material handling equipment, distributes to over 180 different countries, and employs over 5,400 people.