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]

Group 1 - A total of 16 stocks received buy ratings from institutions today, with the highest attention on Xinhecheng, which received two buy ratings [1][2] - Among the stocks rated, 7 have an upside potential exceeding 20%, with SAIC Motor having the highest potential at 47.52% based on a target price of 23.75 yuan [1][2] - Five stocks received initial attention from institutions, including Dongshan Precision and Longxin General [1][2] Group 2 - In terms of performance, the average decline for stocks with buy ratings was 0.80%, underperforming the Shanghai Composite Index, with notable gainers including Guomai Technology and Diweier [1][2] - Three stocks among those rated have released half-year performance forecasts, with Guomai Technology expecting a net profit growth of 80.43%, followed by Xinhecheng and Xiaoshangpin City with expected growths of 60.00% and 14.99% respectively [2] - The machinery and pharmaceutical industries are the most favored, each having four stocks listed in the buy rating category, while the electronics and basic chemicals sectors also received attention with two stocks each [2]

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 ...

Core Viewpoint - The report from Zheshang Securities highlights the promising prospects of unmanned vehicles (Robo-X) across various applications, particularly in closed and specialized scenarios such as warehousing, mining, and military use, driven by technological advancements and supportive policies [1][3]. Group 1: Unmanned Vehicle Applications - Unmanned vehicles (Robo-X) have significant potential in multiple scenarios, including passenger transport (Robotaxi), material handling (unmanned forklifts), sanitation (Robosweeper), mining (unmanned mining trucks), military (unmanned combat platforms), and agriculture (unmanned tractors) [2][3]. - The commercial viability of unmanned logistics vehicles (Robovan) is paving the way for broader applications of unmanned vehicles in various sectors [2]. Group 2: Industry Outlook - The essence of unmanned vehicles (Robo-X) lies in the application of autonomous driving technology in specific scenarios, with advancements in algorithms, LiDAR, and domain control chips facilitating faster commercialization [3]. - Three key conditions for the rapid deployment of unmanned vehicles are identified: successful technology implementation, policy support, and sound commercial logic [3]. Group 3: Unmanned Forklift Market Potential - The global market for automated warehousing solutions is projected to exceed 2 trillion RMB, with unmanned forklifts playing a crucial role in enhancing warehouse efficiency and reducing costs [4]. - Traditional warehousing faces challenges such as low space utilization (with rental and operational costs accounting for 8%-12% of total costs) and inefficient labor practices, which unmanned forklifts can address by creating intelligent warehousing systems [4]. - The global market for automated warehousing solutions is expected to grow from approximately 471.1 billion RMB in 2024 to 804 billion RMB by 2029, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 and 11.3% from 2024 to 2029 [4]. Group 4: AMR Solutions Growth - The global market for Autonomous Mobile Robot (AMR) solutions is anticipated to reach approximately 38.7 billion RMB in 2024, with a CAGR of 30.6% from 2020 to 2024, and is projected to grow to 162.1 billion RMB by 2029, with a CAGR of 33.1% from 2024 to 2029 [5]. - The penetration rate of AMR solutions in the overall automated warehousing sector is expected to increase from 4.4% in 2020 to 20.2% by 2029 [5]. Group 5: Investment Recommendations - Recommended companies include Hangcha Group (leading domestic forklift manufacturer), Zhongli Group (global electric forklift leader), Anhui Heli (state-owned forklift leader), SANY Heavy Industry (leading Chinese construction machinery company), XCMG (emerging global construction machinery leader), Shantui (bulldozer manufacturer), Taotao Vehicle (North American leisure vehicle leader), YTO Group (large tractor leader), Beifang Group (Chinese mining vehicle leader), and Inner Mongolia First Machinery Group (military equipment leader) [6]. - Companies to watch include Zhongyou Technology and Noli Shares [7].

诺力智能装备股份有限公司 投资者关系活动记录表 编号：2025-002 | 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 | 天风证券：冯量、王光浦 厚坡基金:刘超 | | 及人员姓名 | 太平基金：王达婷 神采基金：田稼丰 准锦投资：朱斌 | | | 明德资本：杨新、李孟程、周笑颖 | | | 三鑫资产：于立婷 | | | 国信证券：年亚颂 交银施罗德：余李平 | | 时间 2025 | 年 6 月 25 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 1、请介绍一下公司的业务及经营情况 | | | 我们公司是一个整场物流整体方案供应商，由两个板块构成： | | | 1、智能制造板块，主要以电动叉车、叉式 AGV、轻小型搬运车 | | | 为主要产品，2024 年营收 37.15 亿元。 | | | 2、智能物流系统板块，去年营收超过了 30 亿元，主要以智能系 | | | 统集成为 ...

Group 1 - The company, Noli Intelligent Equipment Co., Ltd., has established itself as a leader in the light and small handling vehicle industry, winning a significant anti-dumping case in 2005, which solidified its position globally [1] - The company has expanded its operations internationally by establishing factories in Malaysia and Vietnam in 2013 and 2019, respectively, and has made strategic acquisitions, including Wuxi Zhongding in 2016 and French Savoye in 2020 [1] - Current revenue is approximately 7 billion, with forklifts and integrated solutions each accounting for about half of the total revenue [1] Group 2 - The company is focusing on the development of embodied intelligent logistics robots in collaboration with Singapore's Advanced Manufacturing and Technology Centre and Zhejiang University [2] - The company has consistently advanced in the material handling industry, evolving from handling machinery to Automated Guided Vehicles (AGVs) in 2015, and now to embodied intelligent logistics robots [2] - The market for unmanned forklifts is growing due to the large-scale localization of components, which has reduced costs and improved quality, allowing for the replacement of overseas core components [2] Group 3 - The company has established an AGV division since 2015, which has developed stable operations in various industries such as steel, pharmaceuticals, food, and copper foil [2] - The company aims to expand its presence in the lightweight unmanned vehicle market, which is becoming increasingly competitive and applicable to more general market scenarios [2] - The company is actively seeking high-quality talent to accelerate its development in embodied intelligence [2]

Group 1 - The core viewpoint of the article emphasizes the transformation of the traditional logistics manufacturing industry due to the rapid development of disruptive technologies such as artificial intelligence, IoT, and big data, which are reshaping the value chain and posing challenges to traditional manufacturing companies [1][2] - The logistics manufacturing industry is currently facing three major challenges: global economic restructuring, homogenized competition, and rising labor costs, while the market demand for flexible and intelligent logistics systems is growing at an annual rate of 25% [1][2] - The company aims to collaborate with industry peers to build a new development model in response to the supply-demand mismatch and to seize the opportunity for transformation and upgrading [1] Group 2 - The company identifies embodied intelligent robots as the core of future smart logistics, which not only enhances operational efficiency but also brings revolutionary breakthroughs to the sector [2] - Future development of embodied intelligent robots in logistics will focus on three areas: deepening multimodal perception technology integration, optimizing reinforcement learning and planning algorithms, and overcoming mechanical structure and drive technology bottlenecks [2] - The company plans to increase R&D investment in artificial intelligence, digitalization, and AI applications, with a focus on AGV and embodied intelligent robot technology, aiming to establish a leading global smart logistics innovation center by the end of 2025 [2] Group 3 - The company, headquartered in Changxing, Zhejiang, is a provider of intelligent logistics system solutions with subsidiaries in various regions, including North America, Europe, Russia, and Southeast Asia [3] - In 2024, the company achieved a revenue of 6.979 billion yuan and a net profit of 462 million yuan, with intelligent manufacturing equipment business accounting for 53.24% and smart logistics system business accounting for 46.21% of total revenue [3] Group 4 - The company has been actively expanding its presence in the robotics field, including strategic partnerships with Zhejiang University and the Singapore Economic Development Board to enhance its competitiveness in internal logistics [4] - The company is seeking high-quality talent, including a high-salary recruitment initiative for embodied intelligent robot scientists, to accelerate its development in this area [4]