Core Viewpoint - The article discusses the recent IPO of Zhongding Intelligent Technology Co., Ltd. in Hong Kong, which is a subsidiary of Noli Co., Ltd. The IPO represents a significant case of A-share to H-share spin-off, highlighting the financial gains of key stakeholders involved in the company’s ownership transitions and the overall growth trajectory of Zhongding Intelligent since its acquisition by Noli [1][12][19]. Company Overview - Zhongding Intelligent was established in 2009 in Wuxi, Jiangsu Province, specializing in intelligent in-plant logistics and warehouse automation solutions [2]. - The company has seen multiple rounds of capital increases and share transfers since its inception, with significant investments from its founders and subsequent shareholders [3][5][6]. Financial Performance - Noli Co., Ltd. acquired 90% of Zhongding Intelligent for a total consideration of 540 million RMB, which included both cash and shares [7][8]. - Since the acquisition, Zhongding Intelligent has experienced substantial growth, with sales orders increasing from over 72 million RMB in 2016 to over 3 billion RMB in 2021 [12]. - The projected revenues for Zhongding Intelligent from 2022 to 2024 are 1.643 billion RMB, 1.695 billion RMB, and 1.798 billion RMB, respectively, with net profits also showing consistent growth [12][13]. Market Position - By 2024, Zhongding Intelligent is expected to rank fourth in the Chinese intelligent in-plant logistics solutions industry and first in the lithium-ion battery sector [17]. - The company’s revenue is primarily derived from intelligent in-plant logistics solutions, which accounted for approximately 97.3%, 94.6%, and 96.1% of total revenue during the reporting period [22]. Future Plans - The IPO proceeds will be partially allocated to the research and development of advanced robotics and equipment systems, including high-density pallet warehouse robots and next-generation sorting systems [23].

证券代码:603611 证券简称:诺力股份 公告编号:2025-037 诺力智能装备股份有限公司 关于选举职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承 担个别及连带责任。 周晓静女士简历详见附件。 特此公告。 诺力智能装备股份有限公司董事会 2025年5月26日 简历： 周晓静，女，1985 年 12 月出生，中国国籍，无境外永久居留权，本科学 历。2021 年 12 月-2024 年 2 月，任诺力股份科技管理部副部长。2024 年 2 月 至今，任诺力股份科技管理部部长。 诺力智能装备股份有限公司（以下简称"诺力股份"或"公司"）根据《中 华人民共和国公司法》《中华人民共和国工会法》等相关法律法规以及《公司章 程》的规定，于 2025 年 5 月 26 日召开职工代表大会，会议选举周晓静女士为 公司第八届董事会职工董事，任期至第八届董事会届满为止。 ...

差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东会审议通过。 证券代码：603611 证券简称：诺力股份 公告编号：2025-036 诺力智能装备股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.897元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/30 | － | 2025/6/3 | 2025/6/3 | 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本257,600,791股为基数，每股派发现 金红利0. ...

证券代码：603611 证券简称：诺力股份 公告编号：2025-035 诺力智能装备股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 19 日 (二)股东大会召开的地点：浙江省长兴县太湖街道长州路 528 号公司办公楼 201 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 175 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 104,120,143 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 40.4191 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会的召集、召开及表决方式均符合《公司法》及《公司章程》的规定， 本公司董事长丁毅先生主持本次股东大会。 (五)公 ...

法律意见书 浙江天册律师事务所 关于 诺力智能装备股份有限公司 编号：TCYJS2025H0734 号 法律意见书 致：诺力智能装备股份有限公司 浙江天册律师事务所（以下简称"本所"）接受诺力智能装备股份有限公司 （以下简称"诺力股份" 或"公司"）的委托，指派本所律师参加贵公司 2024 年 年度股东大会，并根据《中华人民共和国证券法》以下简称（"证券法"）、《中 华人民共和国公司法》（以下简称"公司法"）和中国证券监督管理委员会关于 《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"） 等法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会表决程序及表决结果的合法 有效性发表意见，不对会议所审议的议案内容和该等议案中所表述的事实或数据 的真实性和准确性发表意见。 本法律意见书仅供 2024 年年度股东大会之目的使用。本所律师同意将本法律 意见书随诺力股份本次股东大会其他信息披露资料一并公告，并依法对本所在其 中发表的法律意见承担法律责任。 本所律师根据《股东大会规则》第五条的要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神， ...

法律意见书 浙江天册律师事务所 关于 诺力智能装备股份有限公司 2024 年年度股东大会的 关于诺力智能装备股份有限公司 2024 年年度股东大会的 法律意见书 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 编号：TCYJS2025H0734 号 致：诺力智能装备股份有限公司 浙江天册律师事务所（以下简称"本所"）接受诺力智能装备股份有限公司 （以下简称"诺力股份" 或"公司"）的委托，指派本所律师参加贵公司 2024 年 年度股东大会，并根据《中华人民共和国证券法》以下简称（"证券法"）、《中 华人民共和国公司法》（以下简称"公司法"）和中国证券监督管理委员会关于 《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"） 等法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会表决程序及表决结果的合法 有效性发表意见，不对会议所审议的议案内容和该等议案中所表述的事实或数据 的真实性和准确性发表意见。 本法律意 ...

Core Viewpoint - Zhongding Intelligent (Wuxi) Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, marking another case of A-share companies splitting into H-shares. The company is a subsidiary of Noli Co., Ltd. and specializes in intelligent on-site logistics and warehouse automation solutions. Despite revenue growth, the company faces declining contract liabilities and gross margins [1][29]. Company Overview - Zhongding Intelligent is headquartered in Wuxi, Jiangsu Province, and was founded in 2009. It became a wholly-owned subsidiary of Noli Co., Ltd. after Noli acquired 90% of its shares in 2016 and the remaining 10% in 2022 [3][4]. - The company’s core products include intelligent on-site logistics solutions that integrate management software with various logistics equipment [7][12]. Financial Performance - Revenue for Zhongding Intelligent in 2022, 2023, and 2024 was approximately RMB 1.64 billion, RMB 1.69 billion, and RMB 1.80 billion, respectively, with net profits of RMB 70.58 million, RMB 78.18 million, and RMB 88.63 million [9][10]. - The overall gross margin has declined from 14.1% in 2022 to 14.0% in 2023, and further to a projected 13.1% in 2024, primarily due to competitive pricing strategies [14][29]. Market Position - Zhongding Intelligent holds a market share of 1.7% in the Chinese intelligent on-site logistics solutions industry, ranking fourth overall and first in the lithium-ion battery sector [27][29]. - The company’s revenue is heavily reliant on the new energy sector, which accounted for over 75% of its income, with major clients including CATL and Ruipu Lanjun [15][23]. Industry Outlook - The Chinese intelligent on-site logistics solutions market is expected to grow from approximately RMB 101.3 billion in 2024 to RMB 201 billion by 2029, with a compound annual growth rate (CAGR) of 14.7% [23][26]. - The new energy sector's market for intelligent logistics solutions is projected to grow significantly, indicating strong future demand for Zhongding Intelligent's services [23].

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The engineering machinery industry is experiencing a positive cycle driven by both domestic and overseas demand, with significant revenue growth and improved profitability expected in 2024 and Q1 2025 [3][4] - The "Belt and Road" initiative is expected to boost exports, with a notable increase in overseas market share and a recovery in the domestic cycle anticipated [4][5] Revenue Growth - In 2024, the total revenue of the five major engineering machinery manufacturers reached 259.8 billion, a year-on-year increase of 3% [6][11] - In Q1 2025, the total revenue reached 72.6 billion, marking a year-on-year increase of 12% and a quarter-on-quarter increase of 11% [6][11] Profitability Improvement - The net profit attributable to shareholders for the five major manufacturers in 2024 was 17.9 billion, up 19% year-on-year [24] - In Q1 2025, the net profit reached 6.8 billion, reflecting a year-on-year increase of 42% and a quarter-on-quarter increase of 164% [24] Export Growth - In April 2025, export sales reached 9,595 units, a year-on-year increase of 19.3%, with the "Belt and Road" region accounting for 64% of the total export value in Q1 2025, up 15% year-on-year [4][5] Domestic Market Recovery - Domestic sales in April 2025 reached 12,547 units, a year-on-year increase of 16.4%, indicating a recovery in the domestic cycle [4][5] Investment Recommendations - The report recommends focusing on industry leaders such as SANY Heavy Industry, XCMG, Shantui, and others, while also paying attention to companies like Noli [5] Cash Flow and Financial Health - Operating cash flow for the five major manufacturers increased by 75% in 2024 and by 16% in Q1 2025, indicating improved operational quality [59][62] - The asset-liability ratio for 2024 and Q1 2025 was 57%, showing a year-on-year decrease of 1.7 percentage points and 1.1 percentage points, respectively [65]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - In April 2025, the total sales of excavators reached 22,142 units, representing a year-on-year growth of 17.6%, with domestic sales increasing by 16.4% and export sales rising by 19.3% [2][3] - The excavator sales from January to April 2025 totaled 83,514 units, showing a year-on-year increase of 21.4%, with domestic sales up by 31.9% and export sales up by 9.0% [2] - The demand for small excavators is driven by agricultural and municipal needs, while domestic demand for large and super-large excavators is expected to gradually increase due to water conservancy projects [3] - The loader sales in April 2025 reached 11,653 units, a year-on-year increase of 19.2%, with domestic sales growing by 35.4% [3] - The electric loader sales in April 2025 were 2,924 units, marking a significant year-on-year growth of 211%, with a penetration rate of 25% [15][16] - The report anticipates a gradual recovery in the domestic machinery industry, driven by improved domestic demand, increased export market share, and the initiation of a replacement cycle [3][4] Summary by Sections Excavator Sales - April 2025 excavator sales totaled 22,142 units, with domestic sales at 12,547 units and export sales at 9,595 units, reflecting year-on-year growth of 16.4% and 19.3% respectively [2][12] - The sales from January to April 2025 reached 83,514 units, with domestic sales at 49,109 units and export sales at 34,405 units, indicating a year-on-year increase of 31.9% for domestic sales [2] Loader Sales - Loader sales in April 2025 were 11,653 units, with domestic sales at 7,191 units and export sales at 4,462 units, showing a year-on-year increase of 35.4% for domestic sales [3] - The total loader sales from January to April 2025 were 42,220 units, with domestic sales at 23,570 units, reflecting a year-on-year growth of 27.8% [3] Market Trends - The report highlights the ongoing globalization of the Chinese construction machinery industry, with an expected increase in overseas market share [3] - Domestic demand is projected to improve due to government initiatives, including the issuance of long-term special bonds and local government special bonds aimed at infrastructure investment [4] - The report suggests that the domestic replacement cycle for excavators is expected to gradually initiate in 2025, following a historical cycle of 8-10 years [4]

Core Viewpoint - Noli Co., Ltd. is advancing the spin-off of its subsidiary, Zhongding Intelligent Technology Co., Ltd., with the submission of an application for an initial public offering (IPO) on the Hong Kong Stock Exchange, marking a significant step towards independent listing [2][5] Group 1: Spin-off Progress - Zhongding Intelligent, a wholly-owned subsidiary of Noli Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange [5] - The spin-off aims to enhance Zhongding Intelligent's financing channels and improve its profitability and core competitiveness [2][5] - Following a stock incentive plan, Noli Co., Ltd.'s ownership in Zhongding Intelligent will decrease from 100% to 99.6% [3] Group 2: Financial Performance - In 2024, Noli Co., Ltd. reported a revenue of 6.979 billion yuan and a net profit of 462 million yuan, with Zhongding Intelligent contributing a net profit of 88.63 million yuan [2][8] - For the same year, Noli Co., Ltd.'s revenue from overseas markets accounted for 61.79% of total revenue [7] - Zhongding Intelligent's revenue has shown steady growth from 1.643 billion yuan in 2022 to 1.798 billion yuan in 2024, with net profit increasing from 70.58 million yuan to 88.63 million yuan during the same period [8] Group 3: Business Structure and Market Position - Noli Co., Ltd. operates primarily in two business segments: intelligent manufacturing equipment and smart logistics systems, with Zhongding Intelligent being a key player in the latter [7] - Zhongding Intelligent ranks fourth in China's smart on-site logistics solutions market and first in the new energy lithium-ion battery sector [8] - The company has a high customer concentration, with 75% of its revenue coming from clients in the new energy sector in 2024 [8]