Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company is a well - known domestic manufacturer of mobile industrial vehicles, with strong advantages in electric forklifts and new - energy forklifts [25]. - The cooperation with Jungheinrich will help the company deepen its global multi - channel strategic layout, promote product upgrades centered on electrification and intelligent technologies, and strengthen its core competitiveness [31]. - In the context of the development of intelligent logistics, the company's X - Mover Banma robot has been applied in logistics company transfer centers, effectively improving handling efficiency [32]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Zhongli Co., Ltd., and the reception time is June 4, 2025. The company's reception personnel include the director, board secretary, deputy general manager Liao Fapei, the director and financial officer Wang Shifeng, and the securities affairs representative Wu Biqing [17]. 3.2. Detailed Research Institutions - The research institutions include GF Fund Management Co., Ltd. with representatives He Juewei, Zhang Yi, and Cao Yue, and Guotai Haitong Securities Co., Ltd. with representative Ouyang Tianyi [18]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **M&A Project Introduction**: The "Annual Production of 300,000 Storage Handling Equipment and 1,000,000 Sets of Mechanical Parts Processing, Intelligent Robot Manufacturing (Phase I)" and the "First - phase Project of Electric Forklift Assembly Production Line of Hubei Zhongli Machinery Co., Ltd." mainly produce electric forklifts. The "First - phase Project of Electric Forklift Parts Casting of Hubei Zhongli Foundry Co., Ltd." is a supporting link in the forklift industry chain. The "Mofu Intelligent (Anji) Research Institute Project" will upgrade and improve the company's R & D structure [22][23]. - **Company's Market Competitive Position**: The company is a well - known domestic manufacturer of mobile industrial vehicles. It has ranked first in the production and sales of electric storage forklifts for 12 consecutive years since 2013 and first in the production and sales of lithium - battery forklifts for 6 consecutive years since 2019 [25][26]. - **Introduction of "Oil - to - Electric" Forklifts**: The company's electric counterbalanced rider - type forklifts have an overall upward ranking. The "oil - to - electric" forklifts combine the advantages of internal combustion forklifts and electric forklifts, with features such as green environmental protection, low cost, and suitability for multiple scenarios [27][28]. - **Impact of Cooperation with Jungheinrich**: Jungheinrich is a global leader in material handling solutions. The cooperation will help the company deepen its global layout and strengthen its core competitiveness [29][31]. - **Intelligent Logistics Situation**: In the context of the development of intelligent logistics, intelligent industrial vehicle products are the trend. The company's X - Mover Banma robot has been applied in logistics company transfer centers, improving handling efficiency [32].

Industry Overview - The low-altitude logistics industry in China consists of a comprehensive supply chain, including upstream raw materials and core components, midstream low-altitude manufacturing, and downstream operational services and applications [1][2] - Upstream materials include metals, special rubber, and polymer materials, while midstream encompasses low-altitude manufacturing, flight operations, and comprehensive services [1][2] - Downstream services cover e-commerce logistics, traditional express delivery, takeaway delivery, and third-party logistics providers, with applications in urban logistics, rural logistics, emergency rescue, and medical supplies delivery [1] Key Players and Their Business Layout - Major companies in the low-altitude logistics sector include Hongdu Aviation, AVIC Helicopter, and DJI, with a focus on various aspects of the supply chain [2][10] - Hongdu Aviation specializes in the design, manufacturing, and maintenance of trainer aircraft, with over 8,000 pieces of equipment [11] - AVIC Helicopter is the largest player in China's helicopter manufacturing industry, with a comprehensive product range [11] - DJI and other drone manufacturers are pivotal in the midstream segment, while logistics companies like SF Express, Meituan, and JD.com are key players in the downstream segment [2][10][12] Regional Development - The low-altitude logistics industry is primarily concentrated in Beijing and Guangdong, where the development of the supply chain is more robust [4][6] - As of April 2025, there are 16 drone industrial parks across China, with notable concentrations in Zhejiang and Jiangsu [8] Recent Developments and Trends - Companies are diversifying their operations, with SF Express, Meituan, and JD.com expanding their business through digital logistics solutions and technological innovations [13][14] - The industry is witnessing advancements in drone technology, including battery life improvements and enhanced obstacle avoidance capabilities [14] - Collaboration among companies is increasing to explore new application scenarios and business models in low-altitude logistics [14] Representative Companies' Latest Developments - SF Express has established a three-segment air transport network and operates a significant number of drone flights daily [12][15] - Meituan has launched multiple drone delivery routes and is expanding its operations internationally, including in the UAE [15] - JD.com is focusing on last-mile delivery in remote areas and has introduced a new generation of logistics drones [15] - China Post is developing a low-altitude logistics network and has signed strategic agreements to enhance its infrastructure [15] - Xunyi Technology is collaborating with China Mobile to promote low-altitude logistics and smart city initiatives [15]

《中国民航报》、中国民航网 记者路泞 通讯员张雅琪 报道：航空运输业高速发展，行李的运输效率与 安全性已成为衡量机场服务质量的重要指标。甘肃民航网络科技有限公司与民航成都物流技术有限公司 强强联合，历经多年技术攻关，其共同研发的"新型行李滑槽末端结构"于近日成功获得国家知识产权局 颁发的实用新型专利证书（专利号：第 22647369 号）。 （甘肃民航网络科技有限公司供图） 甘肃民航网络科技有限公司技术研发中心负责人介绍，智能检测装置通过部署压力传感器与视觉识别系 统，可实时监测行李下滑状态，当检测到异常情况时，系统将自动启动阻尼调节机制，在0.3秒内完成 缓冲力度的智能适配。这种融合机械设计与智能控制的创新思路，不仅提升了设备的自动化水平，更赋 能运维团队实现了从"被动维修"到"主动预防"的服务模式升级。通过专利技术中的故障预警模块，维护 人员可提前48小时预判设备潜在故障，使计划性维护占比提升至75%，大幅降低了突发故障对机场运营 的影响。 随着民航局"四型机场"建设战略的深入推进，智慧物流已成为机场数字化转型的重要抓手。此次新型行 李滑槽末端结构的研发与应用，不仅为机场行李处理系统的智能化升级提供了标准 ...

Group 1 - The article highlights the unprecedented development opportunities for smart logistics in the context of global economic integration and China's "14th Five-Year Plan" emphasizing digital economy and industrial digital transformation [1] - The successful capital seminar held by Xianfeida in Shenzhen gathered notable investment institutions and industry experts, marking a significant step in promoting intelligent upgrades in the logistics industry [1][2] - Xianfeida's Chairman Huang Jieye elaborated on the company's core competitiveness and future plans, focusing on creating a China-ASEAN smart logistics ecosystem through technological innovation and model upgrades [2] Group 2 - Xianfeida has developed a SAAS system that digitizes the entire logistics process, enhancing logistics efficiency and service quality, with a comprehensive coverage of county and township areas in Guangxi [2][3] - The company has achieved a significant business scale, processing over 100,000 orders per month and capturing a notable market share in the region [3] - Xianfeida aims to leverage the explosive growth of e-commerce logistics and the market potential of agricultural products and industrial goods, aligning with national policy support [3] Group 3 - Representatives from investment institutions praised Xianfeida's strong technical capabilities and market potential, expressing willingness to collaborate on driving technological innovation and industry upgrades in smart logistics [4] - The seminar established a solid foundation for deep cooperation between Xianfeida and investment institutions, injecting new vitality into the innovation and digital transformation of the logistics industry [4] - Xianfeida plans to increase investment in cutting-edge technologies such as IoT, big data, and artificial intelligence, aiming to create an intelligent management system for the entire logistics chain [4]

Core Insights - The Shanghai Airport-Suzhou Pre-Storage Station has successfully handled 64 shipments, totaling 34 tons and valued at 2.95 million USD, involving electronic products, precision instruments, automotive parts, and biopharmaceuticals [1][2] Group 1: Operational Efficiency - The pre-storage station offers a full cold chain solution for biopharmaceuticals, maintaining temperature control between 2 to 8 degrees Celsius, which is critical for certain drugs [1] - The station has reduced logistics time by 12 to 24 hours compared to conventional methods, enabling same-day collection and dispatch [3] - The integration of various logistics functions, such as weighing and labeling, is expected to lower logistics costs between Shanghai and Suzhou by 10% to 30% [3] Group 2: Service Expansion - The pre-storage station initially aimed to serve companies within the Suzhou Industrial Park but has attracted clients from Zhejiang and Tianjin due to cost-saving demands [2] - The station collaborates with over 20 production companies, including major brands like Samsung, Bosch, and Philips, and works with 14 freight forwarders [2] Group 3: Future Developments - Future plans include enhancing customs processes for quicker clearance and constructing a new warehouse within the Suzhou Industrial Park to provide better services [4]

Debt Restructuring and Management - The company is actively negotiating a debt settlement plan with Putana Limited, its investment fund creditor, due to the expiration of Putana's investment term and the inability to extend or renew any outstanding debts [1] - The company has introduced strategic investor Pandana Capital Limited to acquire the debts owed to Putana, with Pandana currently in the process of phased debt acquisition [1] - A legal letter from Putana's law firm claims that approximately $3.65 million of debt remains unpaid, hindering the completion of the debt acquisition [1] - The company is exploring various solutions with Pandana, including partial repayment, debt capitalization, and/or extending the maturity of defaulted debts [1][2] Energy Business Initiatives - The company is investing in a new energy project in Fushan, Shanxi Province, focusing on a flywheel-lithium iron phosphate battery hybrid energy storage system, with a total capacity of 150 MW [3] - A feasibility study for the Fushan project is expected to be completed by May 2025, with construction anticipated to begin in the second half of 2025 and completion projected for the first half of 2026 [3] Logistics Business Development - The company is in the process of acquiring Zhilian Cloud, a logistics cloud technology platform in China, to expand revenue sources and enhance profit margins in its logistics business [4] - The acquisition is currently delayed due to internal restructuring at Zhilian Cloud and its affiliated companies, with ongoing discussions between the company, the seller, and Zhilian Cloud to advance the acquisition or explore other collaboration opportunities in smart logistics [4]

Group 1 - The Shenzhen Pinghu South Comprehensive Logistics Hub Project, constructed by China Railway Construction Corporation, has completed the main steel structure as of May 25, with full completion expected within the year [1] - The project will create a seamless connection for multimodal transport involving rail, sea, and urban delivery, enhancing logistics efficiency [1][3] - The total construction area of the project is 850,000 square meters, featuring 13 new logistics warehouses and extensive steel structure components exceeding 100,000 tons, which is more than double the amount used in the Bird's Nest stadium [1][2] Group 2 - To address construction challenges, China Railway Construction has optimized the steel structure installation process, achieving a monthly installation rate of 10,000 tons and setting new industry records [2] - The project employs advanced digital construction technologies, including BIM and drone surveillance, to ensure safety and quality control throughout the installation process [2] - The first phase of the project, the Pinghu Railway Container Center Station, is already operational, facilitating 18 export routes to various countries, thereby enhancing the logistics capabilities of the Guangdong-Hong Kong-Macao Greater Bay Area [2] Group 3 - Upon completion, the logistics hub will be the largest single railway logistics center in the country and the largest multimodal transport center in Asia, integrating storage, transfer, and commerce functions [3]

Core Points - The 2025 Zhengzhou Cross-Border E-Commerce Conference and Foreign Trade Quality Products China Tour (Henan Station) will be held from May 29 to 31 in Zhengzhou, focusing on the theme "Buy Global, Sell Global" [6][9] - The event will feature a combination of a "1+3+1" format, including a main conference, three specialized sessions, and an exhibition [6][7] - The exhibition will cover over 15,000 square meters and will be free for attendees, showcasing products from more than 300 foreign trade enterprises [9][11] Group 1 - The main event will take place on the morning of May 29, with an expected attendance of around 1,000 participants, including senior figures from the cross-border e-commerce sector [6][7] - Keynote speakers will include leaders from various international organizations and high-ranking executives from major e-commerce platforms, discussing trends in cross-border e-commerce and digitalization [6][12] - The three specialized sessions will focus on international cooperation, collaboration among Henan cross-border e-commerce entrepreneurs, and innovations in air freight logistics [7][8] Group 2 - The Foreign Trade Quality Products China Tour aims to assist foreign trade enterprises facing challenges and to promote the integration of domestic and foreign trade [9][10] - The exhibition will feature seven major categories, including food and agricultural products, home goods, clothing, and industrial tools, with a focus on high-quality products [10] - The event will utilize both online and offline strategies, including live streaming and partnerships with major e-commerce platforms to broaden sales channels [10][11] Group 3 - The event will also include participation from major logistics companies and payment service providers, enhancing the networking opportunities for attendees [12] - The organizers have invited diplomats and officials from various countries to foster international cooperation and exchange of ideas [12]

Group 1 - The core theme of the event was "Galactic Shine, Moving Towards the Future," highlighting the launch of the Ouman Galaxy heavy-duty trucks in Hebei, which aims to meet the urgent demand for efficient, intelligent, and reliable transportation equipment in the logistics industry [1] - Ouman Galaxy has secured a total of 177 orders during the launch event, demonstrating its strong appeal in the Hebei market [1] - The Ouman Galaxy 9 truck features advanced intelligent functions across driving, entertainment, and vehicle management, setting a new benchmark for smart heavy-duty trucks in China [3][7] Group 2 - The Ouman Galaxy 9 truck includes a comprehensive intelligent protection system for driving, which enhances fuel efficiency and reduces risks associated with lane departure and collisions [5] - The truck is designed as a "mobile smart living room," allowing voice control for navigation and entertainment, thus improving user interaction and operational efficiency [7] - The Ouman Galaxy 7 gas truck is positioned as a high-efficiency transport solution, featuring a powerful engine and advanced fuel-saving technologies, which significantly enhance its performance and economic viability [8][10] Group 3 - The Ouman Galaxy 5 truck is designed for the diverse logistics market in Hebei, focusing on lightweight construction and cost-effectiveness, which improves transportation efficiency and vehicle performance [11] - The launch of the entire Ouman Galaxy series represents a significant upgrade in logistics equipment for the Hebei region, aiming to reconstruct the regional transportation ecosystem [15] - The company's strategy emphasizes providing comprehensive transportation solutions rather than just selling vehicles, aiming to enhance profitability for users in the logistics sector [15]

Core Viewpoint - The completion of the steel structure for the Shenzhen Pinghu South Comprehensive Logistics Hub marks a significant advancement in the development of a smart logistics transportation model that integrates multiple modes of transport, enhancing the logistics capabilities of Shenzhen and supporting the Belt and Road Initiative [1] Group 1: Project Overview - The steel structure of the Shenzhen Pinghu South Comprehensive Logistics Hub Phase II, constructed by China Railway Construction Corporation, was completed on May 25 [1] - This project is one of the first 23 national logistics hubs in China, designed to create a seamless connection between rail, road, and maritime transport [1] Group 2: Strategic Importance - The project aims to improve the quality and efficiency of the China-Europe Railway Express, thereby enhancing the logistics capabilities of Shenzhen as a global logistics hub [1] - It plays a crucial role in promoting the influence of the Belt and Road Initiative, facilitating better logistics and transportation networks [1]