Summary of Haichen Co., Ltd. Conference Call Company Overview - Haichen Co., Ltd. reported a total revenue of 1.65 billion yuan in 2024, with manufacturing logistics service revenue of 1.38 billion yuan, accounting for 84% of total revenue [2][3] - The company has expanded into logistics automation equipment and robot manufacturing through the acquisition of Mengli Automation Kunshan [2][3] Core Business Insights - The main revenue contributors are from the consumer electronics sector, which generated 1.3 billion yuan, while the new energy vehicle sector contributed approximately 90 million yuan, primarily due to a reduction in clients from Ideal Auto [2][3] - The semiconductor Automated Material Handling System (AMHS) equipment revenue reached 81 million yuan, and display panel MHX equipment revenue was 40 million yuan, showing rapid growth [2][5] Industry Dynamics - The MHS market in China is steadily growing, projected to reach approximately 8.7 billion yuan in 2024, a nearly 40% year-on-year increase, and expected to exceed 13 billion yuan by 2027 [2][6] - The domestic MHS market has been historically dominated by Japanese companies, with a low domestic production rate of about 5% in 2023, indicating significant barriers in hardware, software, and customer development [2][8] Strategic Initiatives - Haichen Co., Ltd. is focusing on enhancing its production logistics supply chain capabilities, with a 54% share from warehousing and 46% from freight forwarding, where freight forwarding has a higher gross margin of 26-27% [2][5] - The company is actively pursuing domestic production initiatives, including the acquisition of Mengli Automation Kunshan, which has led to the production of OHT cranes and AGV unmanned vehicles [4][9] Collaborations and Innovations - A partnership with Leju Robotics was established to explore the application of humanoid robots in logistics and warehousing, aiming to improve efficiency through automation [4][10] - The company has a strong focus on R&D investments to support the development of advanced logistics solutions [4][9] Future Outlook - Haichen Co., Ltd. is well-positioned to benefit from the trend towards domestic production in the semiconductor high-end logistics equipment sector, with a favorable market outlook [2][11] - The company's current market valuation is approximately 6 billion yuan, with a low valuation of around 7-8 times PE, indicating potential for growth [2][11]

Core Insights - Jiangsu Haichen Logistics Co., Ltd. (referred to as "Haichen Co., 300873") and Leju Intelligent (Shenzhen) Co., Ltd. (referred to as "Leju Robotics") have signed a strategic cooperation agreement to jointly establish a joint venture focusing on industrial logistics scenarios and initiate the development of the humanoid robot "Sailian Aura" [1] Group 1: Company Strategy - Haichen Co. aims to redefine production logistics value with a "technology-driven operation" philosophy [1] - The establishment of a robotics and artificial intelligence research institute in July marks a strategic upgrade towards becoming a provider of intelligent logistics system solutions [1] Group 2: Market Trends - The labor structure is undergoing significant changes, with increasing demand for personalized customization [1] - Traditional dedicated automation equipment lacks flexibility and incurs high deployment costs, making it difficult to adapt to new industry trends [1] Group 3: Strategic Collaboration - The partnership between Haichen Co. and Leju Robotics is based on "complementary advantages and mutual empowerment" [1] - Haichen Co. brings extensive experience in intelligent logistics systems and automation solutions, providing critical multi-machine coordination technology and ecological support for the robots [1] - Leju Robotics possesses advanced humanoid robot hardware technology, with deep technical expertise in motion control, mechanical design, and dynamic balance algorithms [1] - The collaboration aims to achieve technological complementarity and deep integration to jointly create highly reliable robotic products and solutions [1]

Group 1 - The core point of the article is the strategic partnership between Haichen Co., Ltd. and Leju Robotics, focusing on the development of humanoid robots for industrial logistics [1] - The two companies will jointly invest to establish a new joint venture [1] - The first product to be developed under this partnership is the humanoid robot "Sailian Aura" [1]

据海晨股份消息，9月22日，海晨股份与乐聚机器人正式签署战略合作协议，双方将共同出资成立合资 公司，聚焦工业物流场景，启动首款人形机器人"赛联Aura"的研发工作。 ...

据悉，海晨股份已于2025年7月成立了海盟机器人研究院和海晨人工智能研究院。海晨股份表示，本次 海晨与乐聚机器人携手，是一场建立在"优势互补、相互赋能"基础上的战略合作：海晨股份具备丰富的 智能物流系统和自动化整体解决方案能力，可为机器人提供关键的多机协同技术和场景生态支撑。乐聚 机器人具备领先的人形机器人硬件技术，在运动控制、机械设计和动态平衡算法方面拥有深厚的技术积 淀。 9月22日，海晨股份与乐聚机器人正式签署战略合作协议，双方将共同出资成立合资公司，聚焦工业物 流场景，启动首款人形机器人"赛联Aura"的研发工作。 ...

作为国内领先的智能制造物流服务商，海晨股份始终以客户需求为中心，持续构建科技驱动型智慧供应链新生态，目前已形成了智能物流与高端装备制造双 轮驱动的战略方向。公司在AMHS半导体搬运设备、智能仓储系统等高端装备领域持续突破，2025年成立的海晨人工智能研究院和机器人研究院更是加速了 AI技术在预测调度、数字孪生、多智能体协同等方面的产业化落地，展现出强大的科技属性与创新动能。 未来，海晨股份将继续以科技创新为驱动，不断完善全球供应链网络布局，深化智慧物流技术、人工智能在具体场景中的落地应用。(齐和宁) 2025年9月17日上午，江苏海晨物流股份有限公司智造供应链项目开工奠基仪式在苏州市吴江区举行，吴江区委副书记、区长孙道寻，海晨董事长梁晨等共 同为项目培土奠基。 此次开工的智造供应链项目，是海晨股份（300873）响应国家智能制造与供应链强国战略的关键举措。新基地将继续聚焦智慧物流，依托人工智能、物联网 等先进技术，打造集运营、集成、装备于一体的智能制造供应链服务平台，助力客户塑造更具竞争力的供应链、降低运营成本、增强市场响应能力，全面赋 能区域经济高质量发展。 ...

Market Overview - On September 16, the logistics and unified market sectors experienced a collective surge, with companies like Yiyaton and Feima International seeing significant gains, including a limit-up for Xinning Logistics [1] Event: Promotion of Unified National Market - An important article published in "Qiushi" magazine emphasizes that the construction of a unified national market is a major decision by the Central Committee, crucial for establishing a new development pattern and gaining an advantage in international competition. The basic requirements include "five unifications and one openness," covering various dimensions such as market infrastructure and regulatory practices [3] - Recent talks between Chinese and U.S. trade representatives in Madrid focused on economic issues, including cooperation on TikTok-related matters and reducing investment barriers, leading to a basic framework consensus for further economic collaboration [3] Institutional Insights - The deepening of the unified national market is expected to lower transaction costs and enhance resource allocation efficiency, potentially attracting global capital to sectors like modern logistics and energy commodities, creating structural investment opportunities [4] - The logistics industry, as a vital part of modern services, will benefit from cost reduction and efficiency improvements, which will have positive externalities across the economy. The industry is transitioning from growth in scale to enhancing quality and efficiency, necessitating advancements in information technology, automation, and integration [4] - The cross-border logistics sector has been significantly impacted by international trade dynamics, with upcoming U.S.-China trade negotiations likely to influence demand and pricing in this area [5] - The express delivery industry is undergoing a transformation, with potential price increases in low-price cities and areas with severe franchise losses, driven by regulatory calls for price adjustments. This shift may lead to a healthier competitive environment, moving from price wars to value wars, ultimately improving the performance of express delivery companies [5]

证券日报网讯海晨股份9月15日在互动平台回答投资者提问时表示，公司目前暂未参与低空经济的业务 合作。 （文章来源：证券日报） ...

Market Overview - On September 12, the logistics sector declined by 0.29% compared to the previous trading day, with Hai Chen Co., Ltd. leading the decline [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - JuShen Co., Ltd. (001202) saw a significant increase of 9.99%, closing at 18.39 with a trading volume of 173,100 shares [1] - JiaCheng International (603535) increased by 5.12%, closing at 12.32 with a trading volume of 147,700 shares and a transaction value of 181 million [1] - Hai Chen Co., Ltd. (300873) experienced a decline of 2.74%, closing at 24.51 with a trading volume of 73,400 shares and a transaction value of 181 million [2] - Longjiu Logistics (603569) decreased by 2.22%, closing at 9.70 with a trading volume of 98,300 shares and a transaction value of 95.16 million [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 53.22 million from main funds, while retail funds saw a net inflow of 26.11 million [2] - Speculative funds had a net inflow of 27.11 million into the logistics sector [2]

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].