随着AI技术和中国制造能力的飞速发展，不少新产品、新品牌成为"时代新宠"首度出现在CES2026(2026年国际消费电子展)舞台上， 吸引来自全球的目光，无人物流车正是其中之一。 新石器创始人兼CEO余恩源表示："无人驾驶物流正迎来关键拐点，已从试点探索阶段迈入真正的规模化商业落地阶段。2025年是具 有里程碑意义的一年，我们实现了大规模部署，持续打磨无图技术方案，同时不断拓展全球市场版图。在CES2026，我们将向全球市 场完整呈现高效集成的无人驾驶物流整体解决方案，展示能够全天候运行、高效协同、具备全球复制能力的下一代智能物流新基 建。" 双引擎架构破局 此次新石器首发的下一代无人驾驶物流方案采用双引擎架构，专为优化大规模无人车队而设计。 其一是基于大模型的全域智能调度系统，可支持超10万辆L4级无人车队协同运营，通过智能订单处理、动态路径规划与实时调度的 全流程自动化，将车队整体效率提升30%，从容应对城市物流高频需求波动。 其二是已投入商用的无图L4级自动驾驶技术，无需依赖高精地图即可实现厘米级定位，不仅大幅降低部署成本与周期，更强化了车 辆在密集人群、混行交通及极端天气等复杂城市场景中的适应能力，为 ...

【环球网科技报道 记者 李文瑶】1月7日消息，新石器无人车（Neolix），今日正式亮相2026年国际消费电子展 （CES 2026），发布AI驱动的下一代无人驾驶物流解决方案，并展示全系列RoboVan产品矩阵。 业绩数据显示，新石器已累计部署超过16000台L4级无人车，车队总行驶里程近8000万公里。其业务场景已从快 递拓展至生鲜、商超、仓储物流等多元领域，非快递场景销量占比超过50%。目前，该公司在青岛部署了超1200 台无人车，建成了全球规模最大、密度最高的无人车队运营样板。 全球化进程同步加速。新石器已于2025年在阿联酋获得当地无人配送车牌照，并与日本、韩国及欧洲多家企业达 成战略合作。公司计划在2026年加速海外扩张，目标在2027年实现海外交付无人车超过5万台。 行业观察指出，随着无人驾驶技术成熟与成本优化，以新石器为代表的无人配送解决方案正从技术演示走向大规 模商业应用，有望重塑城市物流体系格局。 新石器创始人兼CEO余恩源表示："无人驾驶物流正迎来关键拐点，已从试点探索阶段迈入真正的规模化商业落地 阶段。2025年是具有里程碑意义的一年，我们实现了大规模部署，持续打磨无图技术方案，同时不 ...

X1打通写字楼与社区交付的最后100米，实现末端配送到门；X3深耕高密度城市核心区，全面替代传统 三轮车；X6担当车队中坚，兼顾大载重与多点配送；H12定位大容量运输，负责区域分拨与郊区货运。 新华财经上海1月7日电全球无人配送企业新石器无人车（Neolix），7日正式亮相2026年国际消费电子 展（CES 2026），发布AI驱动的下一代无人驾驶物流解决方案，并展示全系列RoboVan（无人配送）产 品矩阵。 本次展会上，新石器展示了解决物流配送"最后100米"难题的新产品——新石器X1。随着X1的发布，新 石器已构建起完备的RoboVan产品家族，载货空间覆盖0.5至12立方米，精准匹配城配物流的全场景需 求。 新石器创始人兼CEO余恩源表示："无人驾驶物流正迎来关键拐点，已从试点探索阶段迈入真正的规模 化商业落地阶段。2025年是具有里程碑意义的一年，我们实现了大规模部署，持续打磨无图技术方案， 同时不断拓展全球市场版图。在CES 2026，我们将向全球市场完整呈现高效集成的无人驾驶物流整体 解决方案，展示能够全天候运行、高效协同、具备全球复制能力的下一代智能物流新基建。" 在CES 2026上，新石器 ...

【美国拉斯维加斯，2026年1月6日】全球无人配送领军企业新石器无人车（Neolix），今日正式亮相2026年国际消费电子展（CES 2026），发布AI驱动的下 一代无人驾驶物流解决方案，并展示全系列RoboVan产品矩阵。 本次展会上，新石器展示了解决物流配送"最后100米"难题的新产品——新石器X1。随着X1的发布，新石器已构建起行业最完备的RoboVan产品家族，载货 空间覆盖0.5至12立方米，精准匹配城配物流的全场景需求。 新石器创始人兼CEO余恩源表示："无人驾驶物流正迎来关键拐点，已从试点探索阶段迈入真正的规模化商业落地阶段。2025年是具有里程碑意义的一年， 我们实现了大规模部署，持续打磨无图技术方案，同时不断拓展全球市场版图。在CES 2026，我们将向全球市场完整呈现高效集成的无人驾驶物流整体解 决方案，展示能够全天候运行、高效协同、具备全球复制能力的下一代智能物流新基建。" 下一代无人驾驶物流解决方案 在CES 2026上，新石器首发的AI驱动的下一代无人驾驶物流方案采用双引擎架构，专为优化大规模无人车队而设计。该方案整合了两大核心技术突破： 全域智能调度系统：该系统基于大模型和深度学 ...

Summary of ZTO Express Conference Call Company Overview - **Company**: ZTO Express (中通快递) - **Period**: Q2 2025 Key Industry Insights - The express delivery industry experienced a **17.3% year-over-year growth** in Q2 2025, indicating robust market dynamics [2][3]. - ZTO's parcel volume grew by **16.5%**, reaching **9.85 billion parcels**, slightly below the industry average [2][3]. Financial Performance - ZTO's **adjusted net income** was **RMB 2.05 billion**, reflecting a **26.8% decrease** due to intense market competition and price declines [2][14]. - **Total revenue** increased by **10.3%** to **RMB 11.8 billion**, driven by volume growth despite a **4.7% decline** in average selling price (ASP) [14]. - **Total cost of revenue** rose to **RMB 8.9 billion**, marking a **25.1% increase** from the previous year [14]. - **Gross profit** decreased by **18.7%**, with a gross margin drop of **8.9 points** to **24.9%** [14][15]. Operational Strategies - ZTO focused on **optimizing volume structure**, which contributed **RMB 0.17** in revenue and **RMB 0.02** in gross profit per unit for the core express delivery business [2][6]. - **Digitization and intelligent operations** led to a **RMB 0.07** per unit cost reduction in transportation and sortation [2][7]. - The company is enhancing its competitive edge through: 1. Optimizing network policies and costs [8][11]. 2. Deploying automation in sorting and transportation [8]. 3. Engaging with scattered parcel customers to increase revenue [8]. 4. Strengthening digital operations for efficient resource allocation [8]. Market Trends - A shift towards **light and small parcels** was noted, with more merchants opting for economical delivery services [4]. - ZTO's retail parcel volume grew over **50% year-over-year**, now accounting for over **8%** of total volume [5]. Future Outlook - ZTO revised its annual guidance for parcel volume growth to **14% to 18%**, lower than initial expectations [15]. - The company anticipates that **pricing dynamics** and **macroeconomic uncertainties** will impact future growth [15]. - ZTO remains confident in the long-term growth prospects of China's logistics industry, emphasizing the importance of **digitalization** and **intelligent operations** [9][13]. Technological Advancements - ZTO has integrated **AI tools** across various business segments, enhancing operational efficiency and service quality [16][19]. - The implementation of a **3D digital twin model** at central hubs has reduced management personnel by one-third and decreased error rates by over **60%** [17][18]. Pricing and Competition - Recent price adjustments in the industry are viewed as a **rational return** to sustainable pricing, with the lowest price in Guangdong now at **RMB 1.40** per unit [22][32]. - The company expects a more stable pricing environment moving forward, driven by rational market behavior [23][29]. Shareholder Returns - ZTO plans to maintain robust shareholder returns, considering both dividends and share repurchases [26][28]. Conclusion - ZTO Express is navigating a competitive landscape with a focus on operational efficiency, technological integration, and strategic pricing adjustments to ensure sustainable growth and shareholder value amidst evolving market conditions [10][34].

Core Insights - The logistics industry is facing unprecedented efficiency anxiety and cost challenges due to a 20% annual increase in e-commerce order volume and an 8% annual rise in labor costs. Autonomous delivery vehicles are emerging as a significant force driving industry transformation [2] Group 1: Industry Trends - The labor shortage crisis is particularly pronounced in the logistics sector, with the State Post Bureau reporting that daily express delivery volume is expected to exceed 500 million pieces by 2024, while the number of frontline workers has decreased by 12% compared to three years ago [2] - Autonomous delivery vehicles can operate 24/7, demonstrating remarkable efficiency in last-mile delivery. For instance, JD Logistics' pilot in Xiong'an New Area shows that autonomous delivery vehicles can handle three times the order volume of traditional methods, with delivery costs per order reduced by 45% [2] - Policy support is accelerating the implementation of technology, with the release of guidelines in late 2024 that include autonomous driving in pilot applications for intelligent transportation [2] Group 2: Industry Structure - The autonomous delivery vehicle industry chain is complex and highly integrated, consisting of upstream core technologies and components, midstream vehicle manufacturing and system integration, and downstream application scenarios and operational services [5] - Upstream components include perception layers (e.g., LiDAR, cameras), decision layers (e.g., AI chips), and execution layers (e.g., control chassis) [5] - Midstream development features both traditional automakers and tech companies pursuing two technological paths: incremental (led by automakers) and leapfrog (direct development by tech firms) [5] Group 3: Key Players - Notable companies in the autonomous delivery vehicle sector include: - **Xinshiqi**: Founded in 2018, it has raised over 2 billion RMB and is a leading player in the autonomous delivery vehicle market, with a production capacity of 10,000 vehicles per year [9][10] - **Bai Xiniu**: Established in 2019, it focuses on L4-level autonomous driving technology and has secured 200 million RMB in funding for product development and market expansion [11][13] - **Yika Zhiche**: Founded in 2017, it specializes in L4-level autonomous driving chassis technology and has raised over 500 million RMB for production capacity expansion [14][15] - **Jiushi Intelligent**: Established in 2021, it has delivered over 3,000 autonomous vehicles and has a market share exceeding 90% in vehicle sales [16][17] - **Xing Shen Intelligent**: Founded in 2017, it has developed multiple series of autonomous vehicles and has established partnerships with major companies like JD and Meituan [18][19] - **Pony.ai**: Founded in 2016, it has raised over 1.2 billion USD and is a global leader in autonomous driving technology, with significant advancements in commercial operations [22][23] Group 4: Market Dynamics - The autonomous delivery vehicle industry is experiencing a price war, with prices dropping from over 1 million RMB to around 19,800 RMB due to scale expansion and accelerated technological iteration [28] - The industry is projected to see a significant increase in value, with an estimated growth of 594.8 billion RMB by 2030 [28][30] - The cost of autonomous delivery vehicles is expected to align with that of conventional electric vehicles by 2024, indicating readiness for large-scale application [30]

Investment Rating - The report indicates a strong investment outlook for the unmanned logistics industry, highlighting a significant growth potential in the coming years [4]. Core Insights - The unmanned logistics sector is poised for explosive growth in 2025, driven by favorable policies, technological advancements, and economic viability. The market is expected to see sales surpassing 30,000 units in 2025, with a penetration rate exceeding 1.2% [4][41]. - The industry is characterized by a dual revenue model of vehicle sales and operational services, with a projected market size of 245 billion yuan for vehicle sales and 413.4 billion yuan for operational services by 2030 [4]. - Key players in the market include Jiushi and New Stone, which together hold over 80% market share and are expanding their operations both domestically and internationally [4]. Summary by Sections Part 1: Market Readiness - The unmanned logistics market is ready for a breakthrough, with applications primarily in short-distance transportation (3-100 km) within urban areas, potentially replacing 2.1 million light commercial vehicles [4]. - The report emphasizes that the combination of policy support, mature L4 autonomous driving technology, and reduced costs makes 2025 a pivotal year for sales growth [4]. Part 2: Focus on Unmanned Logistics Companies - The operational profit margins for unmanned logistics companies are substantial, with a projected sales volume of over 30,000 units in 2025 and a growth rate of 207% expected in 2026 [4]. - The report identifies Jiushi and New Stone as industry leaders, with Jiushi's new model priced at 19,800 yuan, significantly disrupting the market [4]. Part 3: Mainstream Companies Driving Growth - The report highlights the strong momentum of mainstream companies that are leveraging both vehicle sales and operational services to drive growth [4]. - Jiushi and New Stone are leading the charge, with extensive coverage across over 200 cities and plans for significant international expansion [4]. Part 4: Investment Recommendations - The report recommends focusing on unmanned logistics companies such as Wenyan Zhixing and Jinlong Automobile, as well as potential IPO candidates like Jiushi and New Stone [4]. - Additionally, it suggests looking into companies benefiting from autonomous driving technologies, including Sutech, Hesai Technology, and Desay SV [4].