附：程疆先生简历 诺力智能装备股份有限公司董事会 2025 年 8 月 28 日 附件 证券代码：603611 证券简称：诺力股份 公告编号：2025-047 诺力智能装备股份有限公司 关于聘任公司副总经理兼董事会秘书的公告 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。 为保证诺力智能装备股份有限公司（以下简称"公司"或"诺力股份"）董 事会的正常运作，根据《公司法》《上海证券交易所股票上市规则》《公司章程》 的规定，经公司董事长提名，公司提名委员会审查通过，公司于 2025 年 8 月 28 日召开第八届董事会第二十三次会议，审议通过了《诺力股份关于聘任公司副总 经理兼董事会秘书的议案》，同意聘任程疆先生为公司副总经理兼董事会秘书， 任期自董事会审议通过之日起至第八届董事会任期届满。 程疆先生的董事会秘书任职资格已经上海证券交易所备案无异议通过，其具 备履行董事会秘书职责所必需的财务、管理、法律等专业知识，具有良好的职业 道德和个人品质，不存在《公司法》《上海证券交易所股票上市规则》等法律、 法规和部门规章、规范性 ...

Summary of Key Points from the Conference Call Industry Overview - The logistics industry is undergoing significant automation transformation, with humanoid robots expected to play a crucial role in enhancing supply chain efficiency. The deployment of humanoid robots is currently in the validation stage, with an anticipated scale of over 10,000 units by 2025 [1][2][3]. Core Insights and Arguments - **Current State of Humanoid Robots**: Humanoid robots are primarily being tested in industrial and service scenarios, focusing on simple tasks such as material handling in manufacturing and logistics. The logistics sector's repetitive and less precision-demanding tasks align well with the current capabilities of humanoid robots [1][2]. - **Cost Reduction**: Humanoid robots can significantly lower operational and investment costs in warehousing logistics, addressing labor shortages. The average annual salary for warehouse workers in the U.S. is approximately $50,000, with a projected shortage of about 1 million logistics workers in 2023 [1][4]. - **Flexibility and Efficiency**: Traditional "man-to-goods" models lack flexibility, while embodied intelligence promotes a "goods-to-man" approach, utilizing AMR (Autonomous Mobile Robots) and humanoid robots for dynamic warehouse management. This method is easier to deploy and reduces renovation costs [1][4]. - **Market Potential**: The global market for humanoid robots is vast, with an estimated potential exceeding $2 trillion. Currently, only about 20% of warehouses utilize traditional automation solutions, indicating significant growth opportunities [8]. Important but Overlooked Content - **Technological Advancements**: Companies like Agility Robotics are leading the way in humanoid robotics, with their product Digit being compatible with AMR for loading and unloading tasks. Agility Robotics is recognized as the first profitable humanoid robot company, valued at over $1 billion, with a two-year ROI for customers [3][6]. - **Labor Market Trends**: The logistics industry faces challenges such as high employee turnover and rising labor costs, exacerbated by an aging workforce and a lack of interest from younger generations in high-intensity jobs. This creates a pressing need for efficient automation solutions [4][5]. - **Commercial Models**: The smart logistics sector features various business models, including data-driven, ecological collaboration, capital-industry linkage, technological breakthroughs, and global ecosystems. Each model has unique advantages and challenges [10][11]. Future Directions - **Investment Opportunities**: Investors should focus on traditional system integrators, new warehousing software developers, and companies specializing in forklifts, as these sectors are well-positioned to integrate humanoid robotics into their operations [15]. - **Emerging Trends**: Key areas for future investment include robotics, engineering machinery, general equipment, energy devices, and export chains, reflecting broader market interests [16].

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the metal products, machinery, and equipment repair industry, which increased by 97 to a total of 922 enterprises in the first half of 2025, representing a year-on-year growth of 11.76% [1][1][1] - The proportion of these enterprises in the total industrial enterprises is 0.18% [1][1][1] - The data indicates a significant upward trend in the industry, reflecting a robust market environment for metal products and related sectors [1][1][1] Group 2 - The report referenced is the "2025-2031 China Metal Products Industry Market Operation Pattern and Prospect Strategic Analysis Report" published by Zhiyan Consulting [1][1][1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1][1][1] - The article emphasizes the importance of market insights and tailored solutions for investment decision-making in the industry [1][1][1]

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]

Group 1 - The core viewpoint of the article highlights the growth potential in the Chinese packaging machinery industry, with significant increases in production output projected for the coming years [1][3]. - According to data from the National Bureau of Statistics, the production of packaging special equipment in China is expected to reach 154,000 units by June 2025, representing a year-on-year growth of 19.5% [1]. - For the first half of 2025, the cumulative production of packaging special equipment in China is anticipated to be 885,000 units, reflecting a cumulative growth of 34% [1]. Group 2 - The article mentions several listed companies in the packaging machinery sector, including Yongchuang Intelligent (603901), Dayilong (002209), and others, indicating a diverse market landscape [1]. - Zhiyan Consulting is identified as a leading industry consulting firm in China, specializing in in-depth industry research reports and providing comprehensive consulting services [2].

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the metal products, machinery, and equipment repair industry, which increased by 98 to a total of 921 enterprises from January to May 2025, representing a year-on-year growth of 11.91% [1] - The proportion of these enterprises in the total industrial enterprises is 0.18% [1] - The report referenced is the "2025-2031 China Metal Products Industry Market Operation Pattern and Prospect Strategic Analysis Report" published by Zhiyan Consulting [1] Group 2 - The article lists several publicly listed companies in the metal products and machinery sectors, including Jingda Co., Ltd. (600577), Jinggong Steel Structure (600496), Southeast Network Frame (002135), CIMC Group (000039), China Railway Industry (600528), Anhui Heli (600761), LiuGong (000528), XCMG Machinery (000425), Yutong Heavy Industry (600817), and Noli Co., Ltd. (603611) [1]

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]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][5]. Core Views - The company achieved a revenue of 9.302 billion RMB in H1 2025, representing a year-over-year increase of 8.74%, with a net profit of 1.121 billion RMB, up 11.38% year-over-year [1]. - The company is expected to maintain steady growth due to product structure optimization, deepening domestic and international layouts, and expanding AI applications in logistics [1]. - The gross profit margin for H1 2025 was 21.96%, with a slight increase of 0.55 percentage points year-over-year [2]. - The company is actively expanding AI applications in logistics, focusing on intelligent logistics humanoid robots and forming an integrated industrial chain [3]. - The company’s overseas product sales reached nearly 60,000 units in H1 2025, a year-over-year increase of over 25% [4]. - The target price for the company is set at 29.24 RMB, reflecting a valuation of 17 times the expected PE for 2025 [5][6]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 9.302 billion RMB (yoy +8.74%) and a net profit of 1.121 billion RMB (yoy +11.38%) [1]. - The Q2 2025 revenue was 4.796 billion RMB (yoy +9.43%, qoq +6.42%) with a net profit of 0.685 billion RMB (yoy +9.08%, qoq +57.03%) [1]. - The gross profit margin for H1 2025 was 21.96%, with Q2 2025 gross profit margin at 23.31% [2]. Business Development - The company is focusing on AI applications in logistics, particularly through the development of intelligent logistics humanoid robots [3]. - The establishment of three major business groups aims to enhance the implementation capabilities of intelligent logistics solutions [3]. - The company has expanded its global presence, with over 20 overseas subsidiaries and significant sales growth in international markets [4]. Profit Forecast and Valuation - The company’s net profit is projected to be 2.248 billion RMB in 2025, with a CAGR of 11.74% from 2025 to 2027 [5]. - The expected EPS for 2025 is 1.72 RMB, with a target price of 29.24 RMB based on a 17x PE valuation [5][6].