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]

Group 1 - The stock price of Noli Co., Ltd. (603611) closed at 23.05 yuan on July 9, 2025, with an increase of 0.61% and a turnover rate of 8.51% [1] - On July 9, the net outflow of main funds was 16.56 million yuan, accounting for 3.23% of the total transaction amount, while the net inflow of speculative funds was 46.49 million yuan, accounting for 9.06% [2][4] - The company reported a revenue of over 6.9 billion yuan last year, with forklift revenue at 3.7 billion yuan, and the integrated segment revenue approximately 3.2 billion yuan [2] Group 2 - Noli Co., Ltd. was established in 2000, with its main production base located in Changxing, Zhejiang [2] - The company has expanded its operations internationally, establishing factories in Malaysia in 2013 and Vietnam in 2019, becoming the first forklift manufacturer in the industry to have overseas production capacity [2] - The subsidiary, Zhongding Intelligent, which was acquired in 2016, submitted its listing application to the Hong Kong Stock Exchange on May 9 this year and is currently under review [2][4]

诺力智能装备股份有限公司 投资者关系活动记录表 编号：2025-004 | 投资者关系 | □分析师会议 ☑特定对象调研 | | --- | --- | | 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 | 中泰证券王风涤、中银国际李倩倩、平安资管史俊奇、 | | 及人员姓名 | 富国基金徐斌、合远基金林映吟、泰信基金张翰文、 | | | 国寿安保肖佳琪、国联基金刘斌、花旗李京、 | | | 国联基金甘传琦、平安基金朱建明、汇添富基金刘闯、 | | | 青骊投资袁翔、交银施罗德杨芝廷、交银施罗德 刘鹏 | | 时间 | 2025 年 7 月 8 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 公司介绍： | | | 公司于 2000 成立，以轻小型搬运车发韧，主要生产基地在浙江 | | | 长兴。2013 年在马来西亚设厂，2019 年在越南设厂，是当时行 | | | 业独家在海外落有产能的叉车主机企业。 | | | 上市后多元化发展：公司 2015 年上市，同年与 ...

Group 1 - The company, Noli Intelligent Equipment Co., Ltd., has been focusing on the logistics handling industry since 2015, producing and selling fork-type AGVs (Automated Guided Vehicles) [1][2] - The company has established factories in Malaysia and Vietnam, with a new factory in Huzhou, Changxing, planned to have a total capacity of 50,000 large vehicles, with the first phase of 30,000 vehicles expected to be completed in Q4 of this year [2] - The company is transitioning towards embodied intelligent robots as the next generation of products, collaborating with experts from Zhejiang University and other industry specialists to stay ahead in product development [3] Group 2 - The company has been upgrading its products along the technological route of the industry, moving from traditional manual handling vehicles to AGVs and now to embodied intelligent robots [2][3] - The company aims to enhance production efficiency through the establishment of an intelligent factory in its fifth-phase project [2] - The company has gained attention in the industry, particularly after achieving notable results in the first global AGV application scenario competition this year [1]

Investment Rating - The report rates the forklift industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][8]. Core Insights - Forklift sales in China showed growth in May 2025, with total sales reaching 123,500 units, a year-on-year increase of 11.8%. Domestic sales were 79,100 units, up 9.3%, while exports reached 44,300 units, growing by 16.6% [2]. - The trend towards electrification in the forklift industry is significant, with China's electrification rate reaching 73.6% in 2024, marking a breakthrough above 70%. Domestic brands are capitalizing on this trend, with exports of electric forklifts increasing by 25.5% [2]. - AI technology is driving demand for unmanned forklifts, with the logistics sector experiencing a shift towards automation and smart solutions. The market for unmanned forklifts is projected to grow, with sales expected to reach 24,500 units in 2024, reflecting a year-on-year growth of 25.64% [2]. - Key companies in the forklift sector are actively investing in smart logistics, forming strategic partnerships to enhance their capabilities. Notable companies include Anhui Heli, Hangcha Group, Zhongli Group, and Noli Group, each pursuing innovative solutions in the logistics space [2]. Summary by Sections Sales Performance - In May 2025, China's forklift sales totaled 123,500 units, with domestic sales at 79,100 units and exports at 44,300 units, reflecting growth rates of 9.3% and 16.6% respectively [2]. - Cumulative sales from January to May 2025 reached 601,800 units, with domestic sales of 392,500 units and exports of 209,300 units, showing year-on-year growth of 6.7% and 14.7% [2]. Electrification Trend - The global electrification rate for forklifts reached 74.5% in the first half of 2024, with China's rate at 73.6%. Domestic brands are gaining international recognition, with electric forklift exports making up 78.8% of total exports [2]. AI and Automation - The logistics sector is witnessing a shift towards automation, with unmanned forklifts utilizing navigation technology to operate 24/7. This trend addresses labor cost increases and the need for efficiency in logistics operations [2]. Company Strategies - Anhui Heli is collaborating with Huawei and major logistics firms to develop smart logistics solutions. Hangcha Group is establishing a smart logistics company in the U.S. and exploring partnerships for advanced robotics [2]. - Zhongli Group is innovating in logistics automation, while Noli Group is expanding its capabilities through acquisitions and strategic partnerships [2].

诺力智能装备股份有限公司 | | 万辆的大车产能，一期是 3 万辆的产能，预计今年 4 季度首期的 | | | --- | --- | --- | | | 产能能够竣工。我们计划建成的 5 期工厂是一个智能化工厂，这 | | | | 样能在能够更好的提升我们的生产效率。 | | | | 4、公司做具身智能机器人的出发点是怎么样的？ | | | | 前面我们已经介绍，我们公司一直在关注行业的发展变化，近年 | | | | 来随着行业的发展，叉式机器人的产品越来越成熟，应用范围越 | | | | 来越广，但是下一代的行业产品在哪里，公司也是不断在思考。 | | | | 经与我们的国内外的行业专家、科研人员、市场前沿人士及我们 | | | | 的客户反复的论证和探讨，认为具身智能的物流机器人将会是未 | | | | 来新一代的产品方向。所以我们聘请机器人方向的专家加入公 | | | | 司，与浙江大学机器人研究院的专家一起合作，去往具身智能机 | | | | 器人方向做发力，以期占据下一代产品的先机。 | | | 附件清单（如有） | | 无 | | 日期 | 2025 年 7 月 3 日 | | 编号：2025- ...

Summary of Noli Group's Conference Call Company Overview - Noli Group has expanded its business scope from handling vehicles to warehouse integration and integrated handling solutions through the acquisition of Wuxi Zhongding, becoming one of the few global suppliers capable of providing comprehensive on-site logistics solutions [2][3] Financial Performance - In 2024, Noli Group achieved revenue of 6.9 billion RMB and a net profit of 461 million RMB. In Q1 2025, revenue reached 1.6 billion RMB with a net profit of 120 million RMB [2][4] - The company anticipates that the revenue from its unmanned forklift business will be 60 million RMB in 2024, with significant market demand expected to be released in 2025 due to cost reductions and improved information technology [2][5] Market Demand and Growth - The unmanned forklift business is seeing strong demand, particularly in the copper foil, steel, and furniture industries, with a year-on-year growth exceeding 40% in June 2025 and a month-on-month growth in the triple digits [2][9] - The overseas market has shown resilience against tariff impacts, with export growth maintained due to products that better meet market demands [2][11] Strategic Initiatives - Noli Group plans to collaborate with Zhejiang University for large model research, integrating industry experience into software development focused on industry solutions [4][26] - The company aims to leverage its factories in Vietnam and Malaysia, which have lower effective tax rates, to alleviate tax pressures faced by domestic lithium battery forklift manufacturers [2][10] Product Development and Innovation - Noli Group is focusing on the development of unmanned forklifts, particularly the fork-type AGV, which has a significant order volume of 200 to 300 million RMB annually [5][21] - Future product plans include enhancing the functionality of unmanned forklifts to include sorting capabilities and integrating visual and auditory recognition technologies [25][26] Future Outlook - Noli Group plans to balance domestic and overseas market development in the second half of 2025, with an emphasis on expanding overseas forklift markets and improving domestic channel networks [4][19] - The company expects to achieve breakeven or profitability in its French operations by 2025, despite facing non-operating losses in the first quarter of 2025 [20] Conclusion - Noli Group is positioned for growth through strategic acquisitions, innovative product development, and a focus on both domestic and international markets, with a strong emphasis on technology integration and efficiency improvements in logistics solutions [2][4][27]

关于控股子公司首次公开发行境外上市外资股（H 股） 备案申请材料获中国证监会接收的公告 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。 证券代码:603611 证券简称:诺力股份 公告编号:2025-042 诺力智能装备股份有限公司 特此公告。 诺力智能装备股份有限公司董事会 诺力智能装备股份有限公司（以下简称"诺力股份"、"公司"或"上市公 司"）拟分拆所属子公司中鼎智能（无锡）科技股份有限公司（以下简称"中鼎 智能"）至香港联合交易所有限公司（以下简称"香港联交所"）主板上市。具 体内容详见公司在《证券时报》《中国证券报》《上海证券报》及上海证券交易 所网站（www.sse.com.cn）披露的相关公告。 2025年6月30日 中鼎智能已根据相关规定向中国证券监督管理委员会（以下简称"中国证 监会"）报送了关于本次发行上市的备案申请材料，并于近日获中国证监会接 收。 本次发行上市尚需满足多项条件（包括但不限于取得中国证监会、香港联 交所及其他有关监管机构的批准、核准或备案），并需综合考虑市场情况以及其 他因素方可实 ...

Group 1 - Noli Intelligent Equipment Co., Ltd. announced the termination of its investment plan and the transfer of 100% equity in Wuxi Senhe Intelligent Equipment Co., Ltd. [2] - The investment plan, proposed a year ago, was for a smart logistics equipment production base with a total investment of no more than 1.20018 billion yuan [3] - The project was intended to be implemented by Noli's subsidiary, Zhongding Intelligent, and Wuxi Senhe, with the first phase planned to invest no more than 350 million yuan for an annual production of 2,500 stackers [3] Group 2 - The equity transfer price for Wuxi Senhe was set at 28.2 million yuan, but the basis for this pricing and asset valuation was not disclosed [4] - As of the end of 2024, Wuxi Senhe's total assets were 29.07 million yuan, with liabilities of 25.40 million yuan, resulting in a net asset of 3.67 million yuan [5] - Wuxi Senhe reported zero revenue and a net loss of 6.33 million yuan for the year 2024 [5] Group 3 - The acquirer of the equity is Wuxi Huixi High-tech Industrial Development Co., Ltd., which has previously announced a gas turbine project with an estimated investment of 800 million yuan [6] - The gas turbine project has seen its total investment increase to 1.08 billion yuan, with a planned area of approximately 67,761 square meters [8] - The timeline indicates that the announcement of the equity transfer plan coincided with the gas turbine project's bidding activities [8]