| 投资者关系 | ☑特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 泉果基金：陈霄翔、尚广豪，和谐健康保险：朱之轩， | | 及人员姓名 | 申万菱信：谢欣雨、刘世昌，泓德投资：李昕阳， | | | 广发基金：杜威、何珏威， | | | 鹏华基金：孟昊、赵花荣、黄奕彬、张卓然、胡颖、戴钢、刘玉 | | | 江、蔡春根、张炜， | | | 广发证券：何珏威，杜威，王颂，邱世磊，杨定光，陈樱子，王 | | | 瑞冬，冯汉杰 | | 时间 | 2025 年 7 月 22 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 问答： | | | Q：为什么做具身智能搬运机器人？ | | | A：我们公司一直处于物料搬运行业。近八年科技日新月异，但 | | | 是除了十几年前的 AGV 产品，好像现象级划时代的新产品在物料 | | | 搬运行业并没有产生。我们公司从去年就开始广泛调查研究全球 | | | 科技，特别 ...

Core Viewpoint - The company, Noli Co., has experienced significant growth in revenue from over 1 billion yuan in 2015 to nearly 7 billion yuan in 2024, driven by advancements in intelligent logistics and embodied intelligence technology [1] Group 1: Company Overview - Noli Co. was established in 2000 and specializes in intelligent logistics system solutions, offering a full range of products including forklifts, intelligent warehouses, AGV systems, and supply chain management software [1][2] - The company went public on the Shanghai Stock Exchange in 2015 and has since invested in the development of AGV technology, which has laid a strong foundation for future advancements in embodied intelligent logistics robots [2] Group 2: Technological Advancements - The market demand for flexible and intelligent logistics systems is growing at an annual rate of 25%, presenting a unique opportunity for industry transformation [1] - Noli Co. has developed advanced AGV products, such as the APT15 and PS15-CB, which have won awards in global competitions, showcasing their technological capabilities [2] - The company aims to enhance embodied intelligent robots by focusing on three key areas: multi-modal perception technology, optimization of planning algorithms, and overcoming mechanical and drive technology limitations [3] Group 3: Strategic Collaborations - In April, Noli Co. signed a strategic cooperation agreement with Zhejiang University to establish a laboratory that combines academic expertise with industrial experience to accelerate technological breakthroughs [3][4] - The company has made strategic acquisitions in 2016 and 2020 to strengthen its position in the intelligent logistics sector, enabling it to offer comprehensive solutions from smart forklifts to large-scale logistics systems [4] Group 4: Future Directions - Noli Co. is committed to investing 70% of its funds into upgrading traditional business operations while allocating 30% to emerging robotics ventures, ensuring stable revenue while pursuing innovation [4] - The company envisions embodied intelligent robots as a core component of future logistics, capable of addressing complex industrial environments that are challenging for human workers [4][5] - Noli Co. aims to build a collaborative ecosystem in the logistics industry, advocating for partnerships among manufacturers, research institutions, and software developers to create integrated solutions [6]

Group 1 - The report aims to summarize important weekly deep reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Core stocks identified by the team include Huada Jiutian, Shanghai Yanpu, Zhejiang Rongtai, and others [1] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG Group, and others, indicating a focus on key players in the manufacturing sector [1] Group 2 - As of July 18, 2025, the best-performing indices in the last week included Communication (+8%), Pharmaceutical Biology (+4%), and Automotive (+3%) [2][13] - The top three indices in the large manufacturing sector were Changjiang Lithium Battery Equipment Index (+5%), Automotive Parts (+4%), and Automotive (+3%) [2][15] - A deep report on Xuguang Electronics highlights its leadership in domestic vacuum devices and growth potential in controllable nuclear fusion and electronic materials [4] Group 3 - The report indicates that the total investment of approximately 1.2 trillion yuan in the Yarlung Zangbo River downstream hydropower project has commenced, driving demand for construction machinery [3] - The defense sector is expected to benefit from military trade leading to strategic reassessment, particularly in regions like the Middle East [3] - The competitive landscape for vacuum arc extinguishing chambers shows a high concentration in the domestic market, with a CR2 of about 60% [5] Group 4 - The report forecasts a revenue CAGR of approximately 35% for the megawatt-level electronic tube segment from 2024 to 2027 [4] - The power equipment business is expected to achieve a revenue CAGR of about 10% during the same period, driven by ongoing investments in the power grid [4] - The military business is projected to benefit from increased defense spending, with precision structural components expected to account for 58% of military revenue in 2024 [5] Group 5 - The report anticipates that the company will achieve revenues of 1.95 billion, 2.39 billion, and 3.03 billion yuan from 2025 to 2027, with a CAGR of 24% [4] - The expected net profit for the same period is projected to be 170 million, 210 million, and 270 million yuan, with a CAGR of 39% [4] - The report highlights the company's strong position in the domestic aluminum nitride materials market, benefiting from domestic substitution trends [5] Group 6 - The report notes that the company has a high market share in the medical information technology sector, covering approximately 60% of tertiary hospitals by the end of 2024 [6] - The expected growth in the domestic medical software industry is projected at a CAGR of 11.5% from 2024 to 2029 [6] - The company is collaborating with major players like Huawei to develop a comprehensive intelligent medical information platform [6]

投资者关系活动记录表 编号：2025-006 | 投资者关系 | ☑特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 中信建投陈宣霖、东方基金高强、国金资管姜喜旻、远信投资黄 | | 及人员姓名 | 垲锐、华创证券陈宏洋、国联民生蒙维洒 | | 时间 | 2025 年 7 月 17 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 问答： | | | Q：公司无人叉车的发展情况如何？ | | | A：公司 年成立 公司，做托举式机器人，主要做叉式 2015 AGV | | | 机器人，聚焦在重载式无人叉车方面，生产物流集成，从点对点 | | | 原料搬运。2017 年与科尔摩根签约，前期核心零部件价格高昂。 | | | 近几年开始，国产零部件有了非常大的质量和科技提升，价格也 | | | 随之下降，为公司生产叉式 提供便利。再加上现在很多下 AGV | | | 游行业信息化程度提升很快，加上公司人机混用的 ...

Group 1 - The 2025 Hangzhou International Humanoid Robot and Robotics Technology Exhibition showcased many companies from traditional sectors like bearings and motors, reflecting the strong development momentum of traditional industries in Zhejiang [1] - From January to May, the industrial added value of 17 key traditional manufacturing industries in Zhejiang increased by 6.6% year-on-year, accounting for 55.6% of the province's total industrial added value [1] - Zhejiang has issued measures to support the renewal and development of traditional industries, emphasizing that traditional industries can coexist and promote new productive forces [1] Group 2 - Companies like Noli Intelligent Equipment Co., Ltd. are innovating by integrating AI and automation into their products, such as advanced forklifts that can navigate autonomously [2] - Zhejiang Meixinda Textile Printing and Dyeing Technology Co., Ltd. has adopted a culture of "full staff innovation," increasing R&D investment from 3% to 6.1% of revenue, leading to significant product advancements [3][4] - Traditional industries in Zhejiang are increasingly adopting cutting-edge technologies like big data and AI to transform their production processes and business models [4] Group 3 - Zhejiang Changsheng Sliding Bearing Co., Ltd. has successfully transitioned from a traditional enterprise to a player in the emerging market of humanoid robots by developing key components [5] - Traditional enterprises face three main challenges in their transformation: breaking habitual thinking, acquiring talent, and achieving integration of new technologies [6][7] - The integration of AI and traditional manufacturing processes is crucial for enhancing productivity and competitiveness in Zhejiang's traditional industries [8] Group 4 - The average labor productivity in Zhejiang's traditional manufacturing sector is 261,000 yuan per person, lower than the overall industrial average of 291,000 yuan [9] - Companies are encouraged to leverage technological and industrial innovations to create new growth opportunities and improve their market positions [9][10] - The government has initiated reforms to enhance collaboration between enterprises and research institutions, facilitating the commercialization of innovative technologies [10] Group 5 - In Shaoxing, the local government is promoting advanced technologies in the printing and dyeing industry, resulting in a 30% increase in product added value through the adoption of digital printing [11] - Zhejiang has organized over 200 investment and financing roadshows this year, facilitating financing of over 3.4 billion yuan to support the transformation of small and medium-sized enterprises [12] - The government aims to provide long-term support and confidence to traditional industries to help them rejuvenate and thrive in the new economic landscape [12]

Investment Rating - The report maintains a "Buy" recommendation for the industry, highlighting the potential for significant growth in the adoption of unmanned forklifts as part of the smart logistics trend [6]. Core Insights - The rise of SLAM natural navigation technology is driving the transition from simple automation to autonomous intelligence in on-site logistics, with unmanned forklifts representing a leading product in this commercial evolution [1][2]. - The penetration rate of unmanned forklifts in traditional forklift markets is currently low at 1.66%, indicating substantial room for growth and replacement opportunities [2][42]. - The industry is characterized by a diverse competitive landscape, with major players including traditional forklift manufacturers and AGV/AMR companies, leading to a relatively fragmented market [2][6]. Summary by Sections 1. Current Development of Unmanned Forklifts - Unmanned forklifts are a fusion of forklift and AGV technologies, evolving from basic automated guided vehicles to more intelligent autonomous mobile robots (AMR) [1][13]. - The industry has a rich history of over 70 years, with significant advancements in navigation technology since 2010 [1][27]. 2. Factors Driving Penetration of Unmanned Forklifts - Economic benefits, technological advancements, and supportive policies are the three main drivers for the rapid increase in the penetration rate of unmanned forklifts [2][50]. - The sales volume of unmanned forklifts in China surged from 300 units in 2015 to 19,500 units in 2023, with a CAGR of 68.51% [2][38]. 3. Competitive Landscape - The competitive landscape features both traditional forklift companies and AGV/AMR firms, with a market concentration that remains relatively low [2][6]. - Key players include Anhui Heli, Hangcha Group, and Zhongli Group among traditional manufacturers, and Hikvision Robotics and Xian Gong Intelligent among AGV/AMR leaders [2][6]. 4. Investment Recommendations - The report suggests focusing on traditional forklift leaders and emerging AGV/AMR companies as potential investment opportunities, given the expected rise in unmanned forklift adoption [6][2].

Core Viewpoint - The entry of Zhiyuan Robotics into the Sci-Tech Innovation Board-listed company, Shuangwei New Materials, has attracted significant attention in the capital market, highlighting a collective leap of Zhejiang automotive parts companies into the humanoid robotics industry, aiming for high-quality development and a new growth curve [1][2]. Group 1: Industry Transition - Zhejiang Province has over 100 humanoid robotics-related companies, with more than 40 listed on the A-share market, indicating a robust shift from automotive manufacturing to humanoid robotics assembly [2]. - Companies like Xiash Precision and Junsheng Electronics are strategically pivoting towards humanoid robotics as a second growth curve, leveraging their existing automotive parts expertise [2][4]. - The humanoid robotics industry is seen as a new growth space, with companies like Shuanglin Co. and Wanliyang actively developing core components to tap into a market worth hundreds of billions [2][4]. Group 2: Technological Synergy - The transition of Zhejiang automotive parts companies to humanoid robotics is facilitated by the technological similarities in precision manufacturing, power control, and sensor integration, allowing for cost-effective R&D [7][11]. - Companies are utilizing existing production equipment and supply chains from the automotive sector to minimize costs and risks associated with entering the humanoid robotics market [9][11]. - The collaboration with leading automotive manufacturers enhances the supply chain and accelerates the development of humanoid robotics components [8][9]. Group 3: Market Potential - The humanoid robotics market is projected to experience explosive growth, with global sales expected to reach 1.24 million units by 2025 and over 500 million units by 2035, indicating a significant opportunity for companies in this sector [4][5]. - The aging population and labor shortages in manufacturing are driving the demand for humanoid robots, further solidifying the market's potential [6]. Group 4: Policy Support and Ecosystem - The Zhejiang government is providing targeted policy support to facilitate the transition of traditional manufacturing to future industries, emphasizing a collaborative approach between enterprises, academia, and research institutions [13][14]. - The establishment of a comprehensive ecosystem that includes supply chain collaboration and technological innovation is crucial for the successful transition of companies into the humanoid robotics sector [12][14].

编号：2025-005 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | 参与单位名称 | 投资者电话沟通会 ☑其他 国泰海通欧阳天奕、陈竟聪、中邮保险资管高远、李柯宏、 | | 及人员姓名 | 汇百川基金武娇、 江海证券王金帅、华安保险张钰楠、 | | | 招商证券高杨洋、天弘基金郭芮、上海益菁潘江、招商证券徐叶、 | | | 上汽颀臻黄杨、鹏华基金张卓然、上海勤辰郑博宏、 | | | 鸿运私募张丽青、同泰基金董万江、海南佳岳薄琳琳、 | | | 摩根基金陶雨涛、国寿安保李丹、北京清和泉赵群翊、 | | | 招商研究部高杨洋、深圳市红筹乌焕强、上海递归于良涛、 | | | 广发银行葛小川、天弘基金郭芮、辽宁三弦王总、 | | | 深圳前海李凌飞、四川资本刘惠春、中航基金郑常斌 | | 时间 | 2025 年 7 月 10 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 问答： | | | Q：公司的叉车板块的产能分部 ...

Core Viewpoint - Noli Intelligent Equipment Co., Ltd. is focusing on upgrading from traditional manual handling vehicles to new energy vehicles and further expanding into embodied intelligent robots, aiming to provide higher quality products and services [2][3]. Company Overview - Noli Intelligent Equipment Co., Ltd. was established in 2000, with its main production base located in Changxing, Zhejiang [3]. - The company has overseas production capabilities, having established factories in Malaysia in 2013 and Vietnam in 2019, becoming the first forklift manufacturer in the industry to have overseas production capacity [3]. - Noli was listed in 2015 and has since focused on the development of Automated Guided Vehicles (AGVs) in collaboration with Shanghai Jiao Tong University [3]. Recent Developments - The company held an investor conference call on July 3, 2025, discussing its strategic direction and future plans [2]. - The ongoing construction of the fifth phase factory in Changxing is expected to have a total capacity of 50,000 large vehicles, with the first phase of 30,000 vehicles anticipated to be completed in the fourth quarter of this year [2][4]. - Noli has been actively pursuing the development of embodied intelligent logistics robots and has hired robotics experts while collaborating with Zhejiang University’s Robotics Research Institute [2][3]. Financial Performance - In the previous year, the company reported revenue exceeding 6.9 billion RMB, with the forklift segment contributing 3.7 billion RMB, and the integrated segment generating approximately 3.2 billion RMB [3]. - The acquisition of Zhongding Intelligent in 2016 and the acquisition of French company SAVOYE in 2019 have been pivotal in transforming Noli into a comprehensive logistics production solution provider [3]. Market Position - As of July 11, 2025, Noli's stock price reached 22.75 RMB, reflecting a 6.16% increase from the previous week, with a market capitalization of 5.86 billion RMB [1]. - The company ranks 17th out of 28 in the engineering machinery sector and 2669th out of 5149 in the overall A-share market [1].

Summary of Noli Co., Ltd. Conference Call Company Overview - Noli Co., Ltd. has become a global leader in intelligent whole-process solution providers through acquisitions of Zhongding and French Savoye, enhancing its warehousing intelligent integration capabilities in both domestic and international markets [2][3][4] Core Industry Insights - The company views handling robots as the next generation product direction and is actively developing embodied intelligent robots in collaboration with the National University of Singapore and Zhejiang University [2][4] - Noli Co., Ltd. has strategically positioned its subsidiaries to avoid competition, with the French company focusing on the European and North American markets, while Zhongding targets China and Asia [2][3][7] Financial Performance and Projections - The revenue from unmanned forklift business in Shanghai is projected to be approximately 60 million yuan in 2024, with a target of 200 million yuan in 2025 and a gross margin of over 20% [3][13] - The company expects significant growth in its new business and product lines, with hardware sales, system integration, and solution services as potential revenue streams [9][19] Product Development and Technological Advancements - Noli Co., Ltd. is focusing on upgrading embodied intelligent robots to perform complex tasks such as grabbing and sorting, requiring advanced sensory systems and large model training for autonomous learning [5][6] - The company believes that intelligent handling logistics robots will be the future best-sellers, with unmanned forklifts serving as transitional products [14] Market Dynamics and Competitive Landscape - The unmanned forklift industry is transitioning, with core component prices decreasing and downstream applications expanding, indicating a need for market expansion [10] - Custom unmanned forklifts differ from general-purpose models based on industry-specific requirements, with Noli Co., Ltd. having a significant advantage in customization for over 300 different industries [11][12] International Expansion and Production Capacity - Noli Co., Ltd. has established factories in Malaysia and Vietnam, with plans for further overseas capacity expansion depending on market performance and geopolitical factors [24][27] - The company has a strong focus on direct exports, with subsidiaries in the U.S. and Germany to facilitate market entry [18] Future Outlook - Noli Co., Ltd. is optimistic about its performance growth for the end of this year and next year, particularly with the anticipated rise of new battery technologies [19][20] - Zhongding has submitted its IPO application, with an expected review process of 6 to 8 months, which could enhance its market position [22] Key Takeaways - Noli Co., Ltd. is strategically positioned in the intelligent logistics sector, with a focus on innovation and market expansion through acquisitions and technological advancements [2][3][4] - The company is well-prepared to meet the growing demand for customized and intelligent handling solutions, leveraging its extensive industry experience and technological capabilities [12][14][19]