Comparison Analysis of Sales Growth Rates Between XCMG Machinery's New Energy Forklifts and Traditional Forklifts

Based on a systematic analysis of relevant business data of XCMG Machinery (000425.SZ),

• In 2024, new energy forklift sales doubled, increasing from 5,100 units in 2023 to approximately 11,140 units[1]
• In July 2024, monthly sales reached 928 units, surging 116.3% year-on-year (429 units in July 2023)[2]
• Revenue from new energy products grew by over 30%[3]

• In 2024, sales of traditional internal combustion forklifts decreased by approximately 12.4% year-on-year
• Affected by insufficient domestic market demand, domestic sales of internal combustion counterbalanced forklifts decreased by 13.16%[4]
• Exports decreased by 1.87%

• The proportion of new energy forklifts rose from
  32.7%
  in 2023 to
  54.8%
  in 2024
• A 22.1 percentage point increase in one year, representing a fundamental change in product structure

According to data from the China Construction Machinery Industry Association, the forklift industry showed a differentiated pattern in 2024[4]:

The 118.4% growth rate of XCMG Machinery’s new energy forklifts far exceeds the industry average of 19.4% for electric forklifts, demonstrating stronger market competitiveness.

According to XCMG Machinery’s 2024 Annual Report, the company has adopted an aggressive expansion strategy in the forklift business segment[3]:

1. Integration of the Forklift Business Unit has achieved remarkable results
   , realizing growth in both scale and profitability
2. The new energy product portfolio is complete
   , covering all types of mainstream models
3. Intelligent manufacturing capabilities have been enhanced
   , supporting rapid capacity expansion

1. Significant Growth Rate Gap
   : New energy forklifts grew 118.4% year-on-year, while traditional forklifts decreased by 12.4%, a gap of 130.8 percentage points
2. Product Structure Reversal
   : In 2024, the sales proportion of new energy forklifts exceeded that of traditional forklifts for the first time (54.8% vs 45.2%)
3. Industry Leading Advantage
   : The growth rate of new energy forklifts is significantly higher than the industry average electrification growth rate

This trend reflects the accelerated electrification transformation of the construction machinery industry, as well as the further consolidation of XCMG Machinery’s competitive advantages in the new energy forklift sector. With the continuous advancement of the “Dual Carbon” policy and the improvement of environmental protection standards, new energy forklifts are expected to maintain a high-growth trend.

[1] 21-sun.com - “XCMG Machinery New Energy Forklift Sales Chart” (https://q4.itc.cn/images01/20250205/e3ee511f17214052bfc7e40a6d907344.jpeg)
[2] XCMG Machinery Official Website - “July 2024 New Energy Forklift Sales Data” (https://www.xcmg.com/upload/images/2024/08/20/fb2f387ed4044d96b83e52d531961dce.jpg)
[3] XCMG Machinery 2024 Annual Report - “Focus on the Development and Expansion of Emerging Industries” (https://static.cninfo.com.cn/finalpage/2025-04-29/1223367774.PDF)
[4] China Forklift Network - “2024 China Forklift Manufacturer Rankings” (https://m.chinaforklift.com/news/detail/202504/89378.html)