Core Viewpoint - Youjia Innovation (02431) has officially entered the unmanned logistics industry with the launch of its unmanned vehicle brand "Xiaozhu Unmanned Vehicle" on September 15, following the delivery of its first batch of vehicles to partners, indicating a "release and delivery" strategy [1] Group 1: Company Developments - Youjia Innovation's stock price increased by over 10% during trading, with a current increase of 6.34%, reaching HKD 27.18, and a trading volume of HKD 135 million [1] - The company's L4 solution has been commercially implemented in various scenarios, including parks, commuting, and airports [1] Group 2: Strategic Partnerships - Youjia Innovation's Xiaozhu unmanned vehicle has received recognition from Shenzhen Post and Eastern Bus, leading to a strategic cooperation agreement signed on September 3 [1] - The partnership will focus on four key 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] - The collaboration aims to enhance both logistics efficiency and the utilization rate of public resources [1]

9月15日，佑驾创新（02431.HK）于深圳举办新品发布会，推出旗下无人物流专属品牌"小竹无人车"， 同时宣布首批车辆下线并向合作伙伴交付，以"发布即交付"的节奏，正式进军无人物流行业。 作为一家智能驾驶及智能座舱解决方案供应商，佑驾创新已构建L1至L4级别的全维度智驾能力，以响 应不同场景下的多样化需求。截至2025年6月底，公司已累计与42家车企达成量产合作，相关搭载车型 出口至欧洲、澳大利亚等海外市场，为其无人物流业务的落地奠定了深厚的行业基础与技术沉淀。 此次发布的"小竹无人车"，推出T5与T8两款核心车型，精准覆盖不同物流场景需求。其中，T5车型聚 焦中小运量场景，货箱空间经优化后可释放5.5m 容积，实现同级最大载重1000kg，最高续航达 180km，主要服务于快递城配、商超零售、生鲜配送等高频民生物流场景；T8车型针对大运量运输需求 设计，拥有8.5m 超大货箱容积，最大载重提升至1700kg，最高续航延长至240km，可广泛应用于城配 干线、工业物流、耐用仓配等更专业的物流场景。 在安全与技术层面，小竹无人车采用多传感融合方案，配备3颗激光雷达与11颗摄像头，构建360°无盲 区感知视角， ...

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.

Core Viewpoint - The company is advancing several research and development projects related to distributed driving and intelligent chassis platforms, focusing on high-level autonomous driving solutions [1] Group 1: R&D Projects - The company is developing the ISDC distributed driving steering platform, RUBIK centralized driving steering skateboard chassis platform, and intelligent chassis for logistics vehicles [1] - These projects incorporate cutting-edge technologies such as decoupling, steer-by-wire chassis, four-wheel independent steering, and active suspension [1] Group 2: Application and Industry Engagement - The technologies have already been applied in the field of unmanned logistics vehicles [1] - The company is closely monitoring technological innovations and industry dynamics in the unmanned logistics sector and is actively engaging with leading enterprises to explore business opportunities [1]

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]