Group 1 - The company, Noli Co., Ltd. (603611.SH), confirmed on August 26 that it has developed its own industrial software systems including WMS, WCS, FMS, and DMS, as well as unmanned AGV forklifts [2] - The company is currently focusing on the development of embodied intelligent robots [2]

Core Viewpoint - The report from Zheshang Securities highlights the rapid growth of the logistics automation demand, positioning unmanned forklifts as the core vehicle of the third phase (automation) in the forklift industry. The penetration rate of unmanned forklifts in China is projected to be only 2% in 2024, but the compound annual growth rate (CAGR) of sales from 2019 to 2024 is expected to reach 55%, indicating significant potential for unmanned forklifts to replace traditional forklifts [1][3]. Industry Overview - The forklift industry has evolved through three stages: fuel-powered, electric, and now unmanned. As of July 1, 2025, Amazon has deployed over 1 million robots globally. Unmanned forklifts accounted for 16% of mobile robot sales in 2023, primarily used in manufacturing and logistics for outdoor transportation, platform unloading, and indoor storage [1][2]. Economic Benefits - Unmanned forklifts are anticipated to enhance warehouse space utilization, improve efficiency, and reduce labor costs. Traditional forklifts require manual operation, while unmanned forklifts can operate autonomously, potentially saving 2-3 forklift drivers per unit, with an average labor cost of approximately 100,000 yuan per year for a forklift operator [2]. Market Size and Growth - The penetration rate of unmanned forklifts in China is projected to be 1.9% in 2024, with a sales volume of 24,500 units, reflecting a 26% year-on-year growth and a CAGR of 55% from 2019 to 2024. In comparison, the overall forklift market in China is expected to see total sales of 1.2855 million units in 2024, a 9.5% increase year-on-year, with a CAGR of 16% from 2019 to 2024 [3]. Competitive Landscape - In 2023, only 8% of companies in China achieved sales exceeding 100 million yuan. The main participants in the unmanned forklift market include traditional forklift manufacturers, AGV/AMR companies, and system integrators. Key players in China include Hangcha Group, Anhui Heli, and Zhongli Co., among others [3].

Core Viewpoint - The report from Zheshang Securities highlights the rapid growth of the logistics automation demand, positioning unmanned forklifts as the core vehicle in the third phase (unmanned) of the forklift industry [1] Market Penetration and Growth - The penetration rate of unmanned forklifts in China is projected to be only 2% in 2024, but the compound annual growth rate (CAGR) of sales from 2019 to 2024 is expected to reach 55% [3] - In 2023, the sales scale of unmanned forklifts in China reached 4.3 billion yuan, with a year-on-year growth of 24% and a CAGR of 35% from 2019 to 2023 [3] - The total sales volume of forklifts in China is expected to be 1.2855 million units in 2024, representing a year-on-year growth of 9.5% [3] Economic Benefits - Unmanned forklifts are anticipated to enhance warehouse space utilization, improve efficiency, and reduce labor costs, as they can operate 24 hours a day without human intervention [2] Competitive Landscape - In 2023, only 8% of companies in China achieved sales exceeding 100 million yuan, indicating a fragmented market [4] - Major players in the unmanned forklift sector include traditional forklift manufacturers, AGV/AMR companies, and logistics integrators, with notable companies such as Hangcha Group, Anhui Heli, and Zhongli Co., Ltd. [4]

Investment Rating - The industry rating for the unmanned forklift sector is optimistic [1] Core Insights - Unmanned forklifts are defined as a new mode of material handling, with significant potential for explosive growth due to their applications in automation and efficiency improvements [3][6] - The unmanned forklift market is expected to see a compound annual growth rate (CAGR) of 55% from 2019 to 2024, with a projected sales volume of 24,500 units in 2024 [6][44] - The global market for unmanned forklifts reached approximately 30,700 units in 2023, reflecting a year-on-year growth of 46% [47] Market Size and Growth - The global sales of powered industrial vehicles increased from 990,000 units in 2013 to 2.14 million units in 2023, with a CAGR of 8.0% [6] - In China, the total sales of forklifts are projected to be 1.2855 million units in 2024, representing a year-on-year growth of 9.5% [6] - The unmanned forklift market in China achieved a sales scale of 4.3 billion yuan in 2023, with a year-on-year growth of 24% [47] Competitive Landscape - In 2023, only 8% of companies in the unmanned forklift market achieved sales exceeding 100 million yuan [4][53] - Major players in the unmanned forklift market include traditional forklift manufacturers, AGV/AMR companies, and logistics integrators [6][53] - Key recommended companies for investment include Hangcha Group, Anhui Heli, and Zhongli Group, with additional attention on Geek+, Noli, Lanjian Intelligent, and Dongjie Intelligent [6][74] Technology and Applications - Unmanned forklifts primarily utilize SLAM navigation, which accounted for 75% of the navigation methods in 2023 [32] - The main applications for unmanned forklifts include outdoor transportation, loading and unloading at external platforms, indoor transportation, and storage operations [35] - The unmanned forklift market is characterized by a low penetration rate of only 1.9% in 2024, indicating substantial room for growth [38]

Market Overview - The engineering machinery sector experienced a slight decline of 0.18% on August 12, with Southern Road Machinery leading the drop [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] Individual Stock Performance - Notable gainers included: - Construction Machinery (600984) with a closing price of 3.80, up 10.14% and a trading volume of 917,600 shares [1] - Noli Shares (603611) closed at 27.53, up 5.24% with a trading volume of 256,300 shares [1] - Hangcha Group (603298) closed at 21.98, up 3.53% with a trading volume of 126,800 shares [1] - Major decliners included: - Southern Road Machinery (603280) closed at 50.95, down 5.82% with a trading volume of 66,000 shares [2] - Wuxin Suizhuang (835174) closed at 63.65, down 4.50% with a trading volume of 61,100 shares [2] - Hengli Drilling Star (836942) closed at 48.71, down 4.08% with a trading volume of 60,400 shares [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 605 million yuan from institutional investors, while retail investors contributed a net inflow of 643 million yuan [2] - Key capital flows for selected stocks included: - Construction Machinery (600984) had a net inflow of 83.36 million yuan from institutional investors [3] - Noli Shares (603611) saw a net inflow of 7.28 million yuan from institutional investors [3] - Southern Road Machinery (603280) experienced a net outflow of 24.50 million yuan from retail investors [3]

金融界消息 截至2025年8月11日收盘，诺力股份（603611）报收于26.16元，上涨4.14%，换手率6.8%， 成交量17.52万手，成交金额4.52亿元。 资金流向方面，今日主力资金净流入7633.86万元，占比成交额16.88%。其中，超大单净流入2627.43万 元、占成交额5.81%，大单净流入5006.43万元、占成交额11.07%，中单净流出流入18.97万元、占成交 额0.04%，小单净流出7652.84万元、占成交额16.92%。 通过天眼查大数据分析，诺力智能装备股份有限公司共对外投资了20家企业，参与招投标项目211次， 知识产权方面有商标信息99条，专利信息678条，此外企业还拥有行政许可20个。 来源：金融界 诺力股份最新一期业绩显示，截至2025一季报，公司营业总收入16.34亿元、同比减少6.69%，归属净利 润1.23亿元，同比增长6.30%，扣非净利润1.06亿元，同比增长18.21%，流动比率1.300、速动比率 0.765、资产负债率64.62%。 天眼查商业履历信息显示，诺力智能装备股份有限公司，成立于2000年，位于湖州市，是一家以从事装 卸搬运和仓储业为主的企 ...

Core Insights - The 2025 World Robot Conference was held in Beijing, showcasing the "Nobor II" embodied intelligent chemical sampling robot developed by Noli Co., Ltd. in collaboration with Zhejiang University [1] - The robot features breakthroughs in extreme environment adaptation, intelligent optimization control, and human-machine collaborative interaction, aiming to enhance safety, efficiency, and green manufacturing in specialized industrial applications [1] Technology and Innovation - The product employs a "cloud-edge-end" collaborative architecture, utilizing a cloud-based digital twin model and AI training platform for remote monitoring and big data analysis, with real-time control algorithms ensuring low-latency responses (<100ms) [2] - Key innovations include the development of acid-resistant robotic systems, real-time optimization of processes through AI and digital twins, and flexible human-machine interaction technologies, providing safe and efficient robotic solutions for specialized industrial sectors [2] - The "Nobor II" robot can reduce the accident rate in hazardous chemical sampling operations by 99% (from 0.27% to 0.002%) and enable predictive maintenance, allowing for 72-hour advance fault warnings and a 60% reduction in unplanned downtime [2] Market Trends and Company Strategy - The embodied intelligence and humanoid robot industry in China is experiencing rapid growth, with the market size showing exponential increases, and over 20 billion yuan in financing reported in the first half of 2025 [3] - Noli Co., Ltd. is strategically positioning itself in the intelligent and high-end development of robotics, having initiated research and development in embodied intelligent robots at the end of last year and forming a collaborative laboratory with Zhejiang University [3] - The company has successfully transitioned from traditional material handling equipment manufacturing to becoming a comprehensive solution provider for intelligent internal logistics systems, actively investing in emerging industries related to smart manufacturing, industrial IoT, AI, and embodied robots [3] Future Development - The chairman of Noli Co., Ltd., Ding Yi, stated that the company will continue to increase R&D investment in artificial intelligence, digitalization, and AI large model applications, focusing on AGV and embodied intelligent logistics robot technology [4] - The goal is to establish a globally leading smart logistics innovation center, driving the transformation of the traditional logistics manufacturing forklift industry towards high-end, intelligent, and green development through technological breakthroughs and collaborative ecosystem growth [4]

根据《合伙企业法》规定和宁波梅山保税港区创绩资产管理合伙企业（有限合伙）（简称宁波创绩）之 合伙协议的有关约定，于2025年8月8日召开合伙人会议，会议同意宁波创绩的基金营业期限从2025年8 月17日延长至2025年12月31日。 三、延长营业期限对公司的影响 本次延长营业期限事项符合创绩资产的实际运作情况，未改变公司原有权益，不会对公司当期业绩产生 重大影响，符合全体股东的利益，不存在损害中小股东利益的情形。 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 一、对外投资概述 诺力智能装备股份有限公司（以下简称"公司"或"诺力股份"）为促进稳健发展，提升产业布局能力，公 司于2020年8月18日召开第七届董事会第五次会议审议通过《关于对外投资参与设立合伙企业的议 案》，同意公司与宁波梅山保税港区中新融创投资管理有限公司、珠海融诚投资中心（有限合伙）、上 海炽信投资有限公司、潍坊特钢集团有限公司、山东诺吉雅力医药有限公司共同设立宁波梅山保税港区 创绩资产管理合伙企业（有限 ...

Group 1 - The company announced the extension of the operating period for the Ningbo Meishan Free Trade Port Zone Chuangji Asset Management Partnership (Limited Partnership) from August 17, 2025, to December 31, 2025, as agreed in the partnership meeting held on August 8, 2025 [2] - The company invested 100 million yuan, accounting for 6.25% of the total capital contribution of all partners in the Chuangji Asset [1] - The change in the fund manager from Zhongxin Rongchuang to Tianjin Rongchuang Private Equity Investment Fund Management Co., Ltd. occurred in April 2025 [1] Group 2 - The extension of the operating period aligns with the actual operation of the Chuangji Asset and does not alter the company's existing rights, nor will it have a significant impact on the company's current performance [3] - The decision is in the interest of all shareholders and does not harm the interests of minority shareholders [3]

Core Insights - The 2025 World Robot Conference (WRC 2025) showcased a significant shift in humanoid robots from mere demonstrations to practical applications, indicating rapid development in China's humanoid robot industry [1] Industry Trends - The Chinese robotics industry is evolving from "visible" to "usable," with products transitioning from "single-function" to "multi-functional" and from "individual operation" to "collective intelligence" [2] - Companies are increasingly focusing on "embodied intelligence" and "off-body intelligence," with advancements allowing robots to predict needs and respond proactively [2][4] - The overall revenue of China's robotics industry grew by 27.8% year-on-year in the first half of the year, with industrial and service robot production increasing by 35.6% and 25.5% respectively [4] Commercialization Efforts - Humanoid robots are being developed for companionship, with significant improvements in realism, paving the way for commercialization [4] - Industrial robots are entering a phase of rapid expansion across various sectors, with the country maintaining its position as the largest industrial robot application market globally for 12 consecutive years [4] Technological Advancements - The introduction of embodied intelligent robots, such as the "Nobor II," aims to enhance safety and efficiency in high-risk operations across critical industries [5] - The global market for high-risk operation robots is approximately $3 billion, with a growth rate of 25%, while the domestic market is expected to exceed 50 billion yuan by 2028, with a compound annual growth rate exceeding 30% [6] Investment Landscape - Shou Cheng Holdings plans to establish and manage a 10 billion yuan investment fund for the development of the robotics industry, having already invested in leading companies [7] - The conference highlighted a shift in the industry from static to dynamic exhibits, emphasizing the transition from "tool thinking" to "humanoid intelligence" [7]