Summary of the Unmanned Logistics Industry Conference Call Industry Overview - The unmanned logistics vehicle industry is on the brink of commercialization, with leading companies like New Stone seeing significant delivery volume growth. The application scenarios have expanded from specific areas to open roads, indicating that the business model is beginning to take shape. However, large-scale expansion may impact employment levels [2][4]. Key Insights - **Cost Reduction in Smart Driving Hardware**: The average price of LiDAR has decreased significantly, and the large-scale procurement of domain controllers has further reduced costs. This has facilitated the landing of orders for thousands of unmanned logistics vehicles, accelerating the commercialization process. However, future price reduction potential may be limited [2][7][8]. - **Commercialization Pathway**: The commercialization pathway for unmanned logistics vehicles has evolved from VC investment to involvement from national teams and global capital. The profit model has shifted from hardware sales to positioning services, operational sharing, and data monetization, with gross margins increasing from 25% on hardware to 60% on services [2][10]. - **End-Stage Unmanned Logistics**: The end-stage unmanned logistics sector has become a pioneering field due to its lower complexity and higher environmental openness. Key application scenarios include ports, logistics parks, mining areas, and last-mile logistics, with cost per delivery dropping by at least 40% and labor savings of 80%-90% [2][12][13]. - **Rapid Growth in Smart Warehousing**: The smart warehousing sector is expected to reach a market size of 135 billion yuan by 2025, with a current automation solution penetration rate of only about 20%. The sales of unmanned forklifts continue to grow rapidly, indicating significant future potential [2][18]. Additional Important Points - **Development History**: The unmanned logistics industry has over ten years of development, with significant milestones including JD's first unmanned delivery vehicle in 2016 and the first regular operation of drones by Suning in 2017. The industry is now moving towards full commercialization, supported by government policies [3][11]. - **Policy Support**: Policy support is crucial for the development of low-speed unmanned logistics tools. Vehicles like unmanned mining trucks and sanitation vehicles are more likely to receive policy backing due to their operational characteristics and government demand [3][25]. - **Market Projections**: The urban last-mile delivery market is projected to reach nearly 100 billion yuan by 2030, representing a tenfold increase from 2025. The logistics delivery market is expected to grow from 21.8 billion yuan to 141.6 billion yuan, indicating a growth rate of 5-7 times [15]. - **Challenges**: The unmanned logistics industry faces challenges such as the maturity of technology and market penetration rates. The potential for large-scale labor replacement remains uncertain, particularly in warehouse settings where workers are typically younger [24]. - **Company Developments**: Key players in the unmanned forklift sector include: - **Blue Arrow Intelligent**: Focused on smart logistics solutions, with significant order growth. - **Zhongli Co.**: Expected to exceed 1,000 units in unmanned forklift sales this year. - **Hangcha**: Anticipates AGV order amounts exceeding 600 million yuan this year. - **Heli**: Aims for substantial revenue growth through smart logistics investments [20][22]. This summary encapsulates the key points discussed in the conference call regarding the unmanned logistics industry, highlighting its current state, future prospects, and the challenges it faces.

证券日报网讯 阿尔特（300825）9月10日在互动平台回答投资者提问时表示，公司已在内部推进ISDC 分布式驱动转向平台、RUBIK中央式驱动转向滑板底盘平台和物流车智能底盘等研发项目，并搭载了 上下解耦、线控底盘、四轮独立驱动转向及主动悬架等前沿技术，可为高阶自动驾驶方案提供滑板底盘 技术支持，目前已应用到无人物流车领域。公司将密切关注无人物流领域技术创新和产业动态，并积极 与行业内的优秀企业沟通交流，探索推动相关业务落地。 ...

Group 1 - The industry of unmanned logistics is moving towards full commercialization, transitioning from an exploratory phase (2010-2016) and a breakthrough phase (2016-2023) to a stage of comprehensive commercialization since 2024 [1] - Unmanned delivery vehicles are expanding their application scenarios from specific areas to fully open roads, with leading tech and logistics companies beginning large-scale production, targeting fleet sizes in the thousands [1] Group 2 - The costs of key components such as lidar and domain controllers have dropped to commercial thresholds, driven by technological iterations and scale production, leading to significant reductions in overall logistics costs [2] - The average operating costs of logistics using unmanned vehicles have decreased by 40%, while efficiency has increased by 60% [2] Group 3 - The unmanned vehicle market is entering a high-growth phase, with explosive growth expected in overall market size [3] - By 2025 and 2030, innovative application services in areas like automated taxis and logistics delivery are projected to create additional value of 525 billion and 7,459 billion respectively [3] - Unmanned forklifts are becoming a new cornerstone in unmanned logistics warehousing, significantly reducing labor costs and enhancing warehouse operational efficiency [3] - Automation in forklift operations is becoming a crucial strategy for companies to reduce costs and increase efficiency, with a notable example being the cost-effectiveness of automating a 3,000 square meter warehouse [3]

Core Viewpoint - The strategic cooperation between Youjia Innovation, Shenzhen Post, and Eastern Public Transport focuses on the systematic layout of "logistics + public transport" to enhance the utilization of public resources [1][3][4] Group 1: Strategic Cooperation - The partnership is characterized by complementary strengths and a broad scope for collaboration, aiming for long-term, mutually beneficial relationships [1][3] - The cooperation will advance in four main directions: integration of unmanned logistics vehicles with public transport scenarios, composite utilization of bus station spaces, cross-scenario business expansion, and collaborative innovation in labor employment [3] Group 2: Technological and Operational Innovations - Youjia Innovation leverages its L1-L4 autonomous driving technology and pre-production experience to create a smarter, safer, and more efficient delivery model [3] - The collaboration aims to innovate the integration mechanism of urban delivery systems and public transport networks, reducing redundant costs in warehousing and transportation [3][4] Group 3: Future Outlook - This partnership marks Youjia Innovation's entry into the unmanned logistics sector, promoting efficient resource utilization and upgrading public services [4] - The company plans to continue contributing to the development of a more efficient urban operational ecosystem through technology and product innovation [4]

Core Viewpoint - Youjia Innovation (02431) has entered into a strategic partnership with Shenzhen Post and Eastern Bus to enhance resource utilization in the "logistics + public transport" sectors, leveraging each party's strengths in technology, support, and platform resources [1] Summary by Relevant Sections Strategic Partnership - The collaboration focuses on four main areas: integration of unmanned logistics vehicles with public transport scenarios, composite utilization of bus station spaces, expansion of cross-scenario business, and collaborative innovation in labor utilization [1] Resource and Technology Synergy - The board believes that the partnership will achieve complementary advantages in resources and technology, utilizing the company's extensive experience in L1–L4 autonomous driving technology and production, combined with Shenzhen Post's support and Eastern Bus's platform reuse mechanism [1] Cost Reduction and Efficiency - The partnership aims to effectively reduce redundant costs in warehousing and transportation, providing low-cost and highly adaptable solutions for the large-scale implementation of unmanned logistics in urban settings [1]

Core Viewpoint - The collaboration between Youjia Innovation, China Post Group Shenzhen Branch, and Eastern Public Transport aims to enhance logistics efficiency and public resource utilization through a strategic partnership focusing on "logistics + public transport" scenarios [1][2] Group 1: Collaboration Framework - The three parties will leverage their respective resources and channels to establish a long-term, mutually beneficial strategic partnership [1] - The collaboration will focus on four main areas: labor resource sharing, integration of unmanned logistics vehicles with public transport, multifunctional use of bus station spaces, and expansion of collaborative scenarios [1] Group 2: Advantages and Goals - The partnership is expected to break down traditional industry barriers, leading to a dual enhancement of logistics efficiency and public resource utilization [2] - By combining Youjia Innovation's advanced driving technology, China Post's support in scenario implementation, and Eastern Public Transport's unmanned vehicle platform, the collaboration aims to reduce redundant costs in warehousing and transportation [2] - The initiative will provide low-cost, highly adaptable solutions for the large-scale implementation of urban unmanned logistics scenarios, creating a replicable model for cost reduction and efficiency improvement across the industry [2]

Core Viewpoint - The collaboration between Youjia Innovation, Shenzhen Postal Group, and Eastern Public Transport aims to enhance logistics efficiency and public resource utilization through a strategic partnership focusing on "logistics + public transport" scenarios [1][2] Group 1: Collaboration Framework - The three parties will leverage their respective resources and channel advantages to establish a long-term, mutually beneficial strategic partnership [1] - The collaboration will focus on four main areas: labor resource innovation, integration of unmanned logistics vehicles with public transport, composite utilization of bus station spaces, and expansion of collaborative scenarios [1] Group 2: Areas of Focus - Labor resource collaboration will involve creating a cross-industry human resource sharing platform to enhance employee skill interchange and flexible job movement [1] - The integration of unmanned logistics vehicles with public transport aims to innovate the public transport network and urban delivery systems, reducing transportation costs for businesses [1][2] - The composite utilization of bus station spaces will integrate logistics distribution, convenience services, and energy supply functions to maximize the value of public transport facilities [1] - The collaboration will also focus on building urban-level innovative pilot projects to provide effective models for cost reduction and resource utilization across the logistics system [1][2] Group 3: Strategic Advantages - The partnership is expected to break down traditional industry barriers, enhancing both logistics efficiency and public resource utilization [2] - The collaboration will utilize the comprehensive driving technology and production experience of Youjia Innovation, combined with Shenzhen Postal's support and Eastern Public Transport's unmanned vehicle platform, to reduce redundancy costs in warehousing and transportation [2] - This initiative aims to provide low-cost, highly adaptable solutions for the large-scale implementation of urban unmanned logistics scenarios, creating replicable models for cost reduction and efficiency improvement across the industry [2]

Group 1: Financial Performance - Company achieved operating revenue of 3.431 billion yuan, a year-on-year increase of 9.2% [1] - Company realized net profit attributable to shareholders of 448 million yuan, a year-on-year increase of 6.64% [1] Group 2: Core Business and Innovation - Electric forklift business serves as the core growth engine, with a focus on self-research and scale effects driving overall gross profit improvement [2] - Company launched 130 new products covering various categories, expanding the tonnage range from 0.6 to 35 tons [2] - Sales of unmanned forklifts increased by 266.7% year-on-year, highlighting a new growth area [2] Group 3: Smart Logistics Ecosystem - Company is actively promoting the "Smart Logistics Ecosystem Alliance" to enhance industry chain collaboration [3] - Collaboration with leading unmanned logistics companies aims to explore new smart logistics models [3] - The integration of smart handling robots and unmanned logistics vehicles addresses automation challenges in the logistics process [3] Group 4: Global Expansion - Company accelerated its global expansion by establishing sales subsidiaries in Vietnam and Turkey, and a production subsidiary in Thailand [4] - Strategic cooperation with Jungheinrich to launch the "AntOn by Jungheinrich" brand, targeting the European high-end market [4] - Recognition of flagship products like the EXP15 automatic handling vehicle and 10-ton high-pressure lithium battery forklift with international awards [4] Group 5: Sustainable Development - Company adheres to green development principles, with stable growth in green handling business [5] - Expansion into green recycling vehicles and high-pressure lithium battery forklifts, gaining customer recognition [5] - Continuous upgrades in manufacturing systems to enhance overall competitiveness [5] Group 6: Long-term Growth Potential - Company focuses on "intelligent, digital, green, and global" strategies, achieving dual improvements in operational performance and core capabilities [6] - As a leader in electric warehouse forklifts and lithium battery forklifts, company is transitioning towards becoming a global leader in smart mobile solutions [6] - Strong technological iteration capabilities and strategic foresight position the company favorably for long-term competitiveness [6]

Core Insights - The 19th China (Shenzhen) International Logistics and Supply Chain Expo will take place from September 24-26, showcasing over 2,200 exhibitors and attracting more than 300,000 professional visitors [1][2] - The theme of this year's expo is "Embrace the Age of Great Navigation, Forge the New Soul of Business Domain," highlighting new trends, technologies, models, markets, and demands in the logistics and supply chain sector [1][2] Exhibition Details - The expo will feature an exhibition area exceeding 130,000 square meters, organized into ten core exhibition zones covering the entire logistics and supply chain chain [2] - Key areas include comprehensive logistics services, port shipping, air freight, multimodal transport, cross-border supply chain services, and smart logistics and digital technology [2] - A dedicated pavilion for multimodal transport will showcase leading companies such as Russian Railways and Kazakhstan Railways, emphasizing the importance of multimodal transport in the global supply chain [2] Special Events and Initiatives - The expo will introduce five vertical field matching sessions focusing on regions such as Europe, Southeast Asia, and emerging markets, utilizing an innovative model for resource matching and business agreements [2] - Over 70 high-end trade activities will be held to facilitate deep dialogue within the global logistics and supply chain sectors [2][3] - Concurrently, the World Unmanned Vehicle Economy Expo will focus on unmanned vehicle technology and applications, while the Enterprise Going Abroad Exhibition will target cross-border e-commerce and international supply chains [3]

Core Viewpoint - During the "14th Five-Year Plan" period, China's modern logistics system has made significant progress, maintaining the world's largest logistics market scale, which supports the smooth circulation of the national economy and promotes high-quality development [1][3]. Group 1: Logistics Market Growth - The total social logistics volume in China is expected to reach 380 trillion yuan by 2025, with an increase of approximately 8 trillion yuan over five years [3]. - The total revenue of the logistics industry is projected to grow by about 400 billion yuan over the same period, with the market scale likely to remain the largest in the world for ten consecutive years [3]. Group 2: Infrastructure Development - The logistics infrastructure network has become more robust, with the construction of 181 national logistics hubs and 105 backbone cold chain logistics bases, achieving full coverage across 31 provinces [5]. - The national modern logistics backbone network is accelerating its formation, contributing to more efficient logistics operations [5]. Group 3: Cost Efficiency and Technological Integration - The ratio of total logistics costs to GDP has decreased by 0.6 percentage points over the first four years of the "14th Five-Year Plan," with total logistics costs reduced by nearly 900 billion yuan [5]. - The integration of new-generation information technology with logistics is advancing, with the promotion of "unmanned logistics" technologies such as autonomous trucks, delivery vehicles, drones, and automated warehouses [5]. - Approximately 42% of logistics parks are equipped with automatic sorting equipment, and over 70% of logistics hubs have automated three-dimensional warehouses [5].