10月28日，这两大园区同步投运，不仅让自贡快递区域分拨日处理能力突破500万件，川南物流还 实现"智能+冷链"双轮驱动，物流产业"拼图"进一步完善。 变化不止于快。行走两大园区，记者注意到，这里有着独特的"高效密码"。 快 扫描识别，实时追踪 走进圆通速递四川（自贡）智创园的出港库房，记者的第一感受是惊讶——和想象中繁忙的人工分 拣场景不同，现场很少见到工人的身影。 "除了卸车和装车，中间环节可以说是全自动化。"智创园相关负责人林超将记者领到扫描点，只见 快件"搭乘"传送履带依次通过扫描设备，系统通过识别条码的方式快速判断分拣；履带上预留的缝隙能 实现360度扫描，如果条码位置有遮挡，设备还能自动旋转角度，确保精准识别。 林超说，借助这套智能分拣系统，以及"快递滑梯"传送带等创新设计，园区的卸车效率从以往的 1500—2000件/小时提升至4500件/小时，出港分拣线速度稳定在3米/秒，处于行业领先水平。 "双11"热度渐息，圆通速递四川（自贡）智创园的运转步伐却并未放缓。近日，记者在园区内看 到，数条分拣带飞速运转，满载的货车川流不息。百米外的蜀道物流自贡园区里也是同样景象，冷链车 往来繁忙，各种生鲜货品 ...

业绩稳步提升，发布机器人新品 2025 年 11 月 21 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：陆陈炀 证书编号：S1160524100005 证券分析师：辛泽熙 证书编号：S1160525060001 杭叉集团（603298）财报点评 相对指数表现 -20% 0% 20% 40% 60% 80% 2024/11 2025/5 2025/11 杭叉集团 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 33,020.36 | | 流通市值（百万元） | 33,020.36 | | 52 周最高/最低（元） | 30.11/16.81 | | 52 周最高/最低（PE） | 19.55/10.92 | | 52 周最高/最低（PB） | 3.88/2.17 | | 52 周涨幅（%） | 49.97 | | 52 周换手率（%） | 51.96 | | 注：数据更新日期截止 2025 年 11 月 20 日 | | 相关研究 《业绩稳定增长，智能化稳步推进》 2025.08.27 公 司 研 究 / 机 械 设 备 / 证 券 ...

值得关注的是，展会精准对接武汉汽车制造、电子信息、农产品流通等支柱产业物流需求，开设汽车智 能制造物流专区、农产品冷链物流专区，组织武商、京东、九州通等本地龙头企业采购团开展一对一洽 谈，为"中国制造2025"战略落地注入中部动能。 本届展会由武汉国际会展集团联合华中优优国际会展共同主办，展览面积达10万平米，聚焦智能仓储、 无人搬运、输送分拣、物流软件等核心领域，全面展示自动化立体库、AGV/AMR机器人、智能调度系 统等前沿技术与实战应用。特别设立的AGV应用演示区将动态呈现机器人跨楼层协同、窄巷道高效作 业等场景，其中激光雷达+视觉融合导航技术、数字孪生监控系统等行业黑科技将集中亮相，直观展 现"机器人集群+智能算法"如何破解传统物流效率低、成本高的痛点。 作为中部工业重镇与全国物流枢纽，武汉正以智能化转型为引擎，激活现代商贸流通新动能。记者从组 委会获悉，2026武汉智能仓储及物料搬运展览会将于9月22日-24日在武汉国际博览中心盛大举办，本届 展会以"智慧物流，驱动工业未来"为主题，汇聚全球1100家优质展商，携全产业链智能装备与解决方案 亮相，预计吸引8万名专业观众到场对接，打造中部地区规模最大、 ...

□四川日报全媒体记者 丛雨萌 "双11"热度渐息，圆通速递四川（自贡）智创园的运转步伐却并未放缓。近日，记者在园区内看 到，数条分拣带飞速运转，满载的货车川流不息。百米外的蜀道物流自贡园区里也是同样景象， 冷链车往来繁忙，各种生鲜货品被搬入冷库。 10月28日，这两大园区同步投运，不仅让自贡快递区域分拨日处理能力突破500万件，川南物流还 实现"智能+冷链"双轮驱动，物流产业"拼图"进一步完善。 变化不止于快。行走两大园区，记者注意到，这里有着独特的"高效密码"。 快 扫描识别，实时追踪 "除了卸车和装车，中间环节可以说是全自动化。"智创园相关负责人林超将记者领到扫描点，只 见快件"搭乘"传送履带依次通过扫描设备，系统通过识别条码的方式快速判断分拣；履带上预留 的缝隙能实现360度扫描，如果条码位置有遮挡，设备还能自动旋转角度，确保精准识别。 林超说，借助这套智能分拣系统，以及"快递滑梯"传送带等创新设计，园区的卸车效率从以往的 1500—2000件/小时提升至4500件/小时，出港分拣线速度稳定在3米/秒，处于行业领先水平。 精准的能耗控制，带来的是快递单票成本的大幅压减。据了解，蜀道物流自贡园区建成后将形 ...

Core Viewpoint - Huasheng Intelligent Equipment Co., Ltd. has completed its IPO guidance work, addressing several governance and operational issues identified during the process [1][2] Group 1: IPO Guidance and Issues - The company had not determined its IPO fundraising projects or conducted feasibility studies and financial benefit assessments prior to the guidance [1] - There were instances of fund borrowing with related parties in 2022 and 2023 [2] - The company lacked independent directors and had an incomplete governance structure, failing to establish internal control systems and specialized committees [2] Group 2: Improvements and Compliance - Under the guidance of Guosen Securities, the company has identified its IPO fundraising projects and engaged professional consulting firms for feasibility studies and financial assessments [2] - The company has established a management system for related party transactions, detailing the scope, avoidance measures, and disclosure requirements [2] - The governance structure has been improved to meet the requirements of a listed company, including the establishment of specialized committees and rules for meetings [2] Group 3: Company Overview and Performance - Founded in 2019, the company focuses on the research, design, production, sales, and service of intelligent logistics systems, primarily automated three-dimensional warehouses [3] - In the first half of 2025, the company reported revenue of approximately 349 million, a year-on-year increase of 117.09%, and a net profit of 23.62 million, up 257.59% [4][5] - The company has a high asset-liability ratio of 84.17% as of June 30, 2025, with significant contract liabilities impacting its financial position [5] Group 4: Project Implementation Challenges - The implementation of intelligent logistics projects involves a lengthy process, typically taking 1 to 2 years, and can extend to over 3 years for large-scale projects [6] - Delays in project timelines due to client modifications or related construction issues can increase operational costs and affect overall business performance [6]

据悉，小竹T5作为本次合作的核心车型，是佑驾创新旗下无人物流品牌。该车型搭载先进的自动驾驶 系统，可在复杂路况和恶劣天气下稳定运行。在实用性方面，5.5m的货箱容积、1000公斤的最大载重 以及180公里的续航里程，使其能够充分满足城市短途物流的高频需求，有效助力物流企业降本增效。 值得注意的是，佑驾创新在无人车商业化道路上进展神速。自今年9月发布小竹无人车以来，公司接连 取得突破性进展：10月进驻深圳华强北参与"AI+无人物流车"首线试运行；11月再获湖南湘江智能100台 订单；同时还与中国邮政深圳分公司、深圳东部公交等行业龙头达成合作。 根据合作协议，佑驾创新与玛斯特将共同推动首期T5无人物流于安徽落地，精准覆盖仓储转运、末端 配送等多元场景。此外，佑驾创新还将打磨贴合客户需求的智能物流服务闭环，与玛斯特共同组建专业 运营团队、优化定制化运营流程，并完成相关人员的技术操作与服务规范培训。 近日，佑驾创新(02431)宣布与上海玛斯特新能源科技有限责任公司及旗下玛斯特智慧(上海)装备有限公 司达成业务合作，敲定500台小竹T5无人物流车订单，其中首期100台将于2026年1月正式交付。这一大 规模订单的落地 ...

无论从订单节奏还是商业版图来看，佑驾创新小竹无人车的规模化落地都已形成清晰路径 与稳步扩张态势。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，佑驾创新（2431.HK）近日与上海玛斯特新能源科技有限责任公司及旗下玛斯特 智慧（上海）装备有限公司（以下简称 "玛斯特"）达成业务合作， 敲定500台小竹T5无人物流车 订单，其中首期100台将于2026年1月正式启动交付。 佑驾创新无人物流车的规模化落地再次进 阶。 根据协议，佑驾创新与玛斯特将共同推动首期T5无人物流于安徽落地，精准覆盖仓储转运、末端配 送等多元场景。此外，佑驾创新还将打磨贴合客户需求的智能物流服务闭环，与玛斯特共同组建专业 运营团队、优化定制化运营流程，并完成相关人员的技术操作与服务规范培训。 作为本次双方合作的核心载体，小竹T5是佑驾创新旗下无人物流品牌首发车型。得益于公司在前装 量产业务中积淀的场景算法能力、数据闭环以及车规级供应链优势，小竹T5能够在复杂工况、恶劣 天气环境下实现稳定可靠的自动驾驶运营，保障物流运输的安全性与时效性。 在 实 用 性 方 面 ， 小 竹 T5 ...

Core Viewpoint - Zhongding Intelligent (Wuxi) Technology Co., Ltd. has officially submitted its application to the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor. The company specializes in intelligent in-plant logistics and warehouse automation solutions, integrating management software with various logistics equipment to optimize material handling and storage across multiple industries [2]. Industry Overview - Zhongding Intelligent ranks fourth in China's intelligent in-plant logistics solutions market with a market share of 1.7%, second in the industrial sector with a 3.2% market share, and first in the new energy lithium-ion battery sector with a 22.1% market share as of 2024 [3]. - The industrial sector accounts for nearly 50% of the Chinese intelligent in-plant logistics solutions market, while the new energy lithium-ion battery sector represents about 6% [3]. Company Performance - Zhongding Intelligent has developed tailored intelligent in-plant logistics solutions for various vertical industries, with significant revenue contributions from the following sectors: 1. New Energy: This sector is the largest revenue contributor, primarily from lithium-ion battery storage and intelligent production solutions. Revenue from new energy clients was RMB 1,260.7 million, RMB 1,307.0 million, and RMB 1,347.7 million for 2022, 2023, and 2024, respectively, accounting for 76.8%, 77.1%, and 75.0% of total revenue [3]. 2. Automotive Parts: Solutions for manufacturing and storing tires, car bodies, and other components, optimizing storage space and operational efficiency [3]. 3. Healthcare: Solutions for raw materials, finished drugs, and medical equipment, requiring precise inventory tracking and environmental control [3]. 4. Food: Management solutions for both ambient and cold chain warehouses, with cold chain solutions functioning at temperatures as low as -25°C [4]. Financial Performance - Zhongding Intelligent's revenue for the years 2022, 2023, and 2024 was RMB 1,642.5 million, RMB 1,694.7 million, and RMB 1,797.8 million, respectively. The net profit for the same years was RMB 70.6 million, RMB 78.2 million, and RMB 88.6 million [4].

Core Viewpoint - The global forklift industry is expected to experience a structural recovery in 2025, driven by a rate-cutting cycle and technological upgrades after approximately two years of decline [1][3]. Group 1: Market Trends - In the first nine months of 2025, China's cumulative forklift sales reached 1.1064 million units, a year-on-year increase of 14%, with domestic sales at 697,400 units (+13.1%) and exports at 409,000 units (+15.5%) [3]. - The monthly domestic sales growth in September 2025 reached 29.3%, indicating a rebound in domestic manufacturing investment demand [3]. - The global forklift order inflection point has been observed, with demand entering an upward channel, showing resilience against fluctuations in downstream single-industry demand [3]. Group 2: Technological Advancements - The integration of AI and embodied intelligence is expected to reshape the logistics industry, transitioning from mechanized operations to cognitive intelligence, enhancing the unity of "cognition" and "execution" [1][7]. - The penetration rate of unmanned forklifts was only 1.9% in 2024, but cost advantages are becoming apparent, indicating an impending industry explosion [2]. - The logistics sector is poised to be one of the first applications for embodied intelligent robots, driven by the broad application prospects and relatively limited action specifications [2]. Group 3: Company Performance - Kion Group's new forklift orders have shown a positive trend since Q4 2024, with a year-on-year growth of 17% in Q3 2025 [4]. - Toyota Industries has also seen a turnaround in new orders since Q4 2024, maintaining small positive growth throughout the year [4]. - Chinese forklift companies are increasing their overseas market share, with overseas revenue proportions for Heli, Hangcha, and Zhongli at 43%, 40%, and 52% respectively in the first half of 2025 [6]. Group 4: Future Outlook - The electric forklift penetration rate is accelerating, with Europe reaching 68% and China at 35%, below the global average of 43% [5]. - The long-term trend for electric forklifts is strong, with lithium battery forklifts expected to replace lead-acid batteries significantly [5]. - Chinese companies are expected to leverage their first-mover advantage in the new wave of intelligent logistics, potentially achieving a leap from catching up to surpassing competitors [7].

Core Viewpoint - The report from Zhongyou Securities highlights the steady growth of Hangcha Group, with a significant strategic upgrade towards becoming a comprehensive intelligent logistics solution provider through the launch of the Hangcha X1 series logistics humanoid robots [1] Financial Performance - In Q1-Q3 2025, Hangcha Group achieved a net profit attributable to shareholders of 1.753 billion yuan, representing an 11.21% year-on-year increase [1] - In Q3 alone, the net profit attributable to shareholders was 633 million yuan, showing a 12.79% year-on-year growth [1] - The company's gross margin and expense ratio have both increased year-on-year, indicating improved operational efficiency [1] - The cash flow situation is expected to improve further in Q4, traditionally a peak collection season [1] Strategic Developments - Hangcha Group launched the Hangcha X1 series logistics humanoid robots at the Shanghai Asia International Logistics Exhibition in late October, marking a strategic shift from traditional industrial vehicle manufacturing to intelligent logistics solutions [1] - The X1 series robots are designed to operate in unstructured environments, showcasing advanced capabilities in reliability, operational performance, and versatility, thus providing flexible solutions for the logistics industry [1] Valuation - The projected price-to-earnings (PE) ratios for Hangcha Group from 2025 to 2027 are 15.57, 14.18, and 13.10 respectively, maintaining a "buy" rating [1]