头豹市场研究| 2025/12 www.leadleo.com 2025年全球及中国叉车行业研究：具 身智能赋能，叉车行业加速升级 Global and China Forklift Industry 世界のフォークリフト業界と中国市場に関する研究 ✓ 三重驱动下从技术探索到成熟应用，领先企业构筑技术壁垒 （精华版） 报告标签：具身智能、物流装备、无人驾驶、AGV、电动化 2025年12月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件 （在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自复制、再 造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究院保留采取法 律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、 商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院 开展商业活动。 头豹市场研读 | 2025/12 观点摘要 在智能制造与物流自动化双重驱动下，全球叉车行业迎来具身智能赋能的升级窗口期。劳动 力短缺与降本增效需求倒逼无人化转型， ...

头豹市场研究| 2025/12 www.leadleo.com 2025年全球及中国叉车行业研究：具 身智能赋能，叉车行业加速升级 Global and China Forklift Industry 世界のフォークリフト業界と中国市場に関する研究 （精华版） 报告标签：具身智能、物流装备、无人驾驶、AGV、电动化 2025年12月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件 （在报告中另行标明出处者除外）。未经头豹研究院事先书面许可，任何人不得以任何方式擅自复制、再 造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究院保留采取法 律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、 商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院 开展商业活动。 头豹市场研读 | 2025/12 观点摘要 在智能制造与物流自动化双重驱动下，全球叉车行业迎来具身智能赋能的升级窗口期。劳动 力短缺与降本增效需求倒逼无人化转型，AI技术突破使叉车从搬运工具向智能 ...

从区域、行业、客户三大维度全面发力，推动订单实现快速增长 。 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，极智嘉(2590.HK)于2月5日在港交所发布公告称，2025年全年录得订单41.37 亿元人民币，较上年同期增长约31.7%。 公告指出，极智嘉在既有成熟市场保持稳定增长的同时，成功进军并于拉丁美洲及东欧等新兴区域市 场建立立足之地，持续拓展新客户并获取新订单；在食品饮料等细分领域取得重大突破，并凭借电 商、快消品及第三方物流等核心产业优势持续深耕；深化与关键客户的战略合作，实现持续性重复采 购。 以此来看，极智嘉 从区域拓 展、行业深耕 、客户发展三大维度持续发力，推动2025年实现订单快 速增长。 具体拆解来看： 站在区域的维度来看，极智嘉2025年全年在拉 丁美洲中标额超6亿元人民币、东欧总订单额则近5 亿元人民币 ，双双创下历史新高。 这里不妨补充一点，东欧地区的电商与物流行业正高速发展，极智嘉已凭借多个标杆项目在当地积累 了足够的品牌口碑与市场影响力，为其欧洲业务的进一步快速增长打下坚实基础。据悉，极智嘉已在 波兰建立东欧办公室 ...

率先洞察并卡位这一机遇的极智嘉，如今以超 6 亿元的订单规模，证明了其前瞻战略布局的有效性。据 了解，早在 2020 年，公司便以智利首个项目切入市场，完成了对当地复杂物流环境的技术验证与应用 探索。 历经5年深耕，公司建立起覆盖方案设计、项目交付与本地支持的服务网络与生态体系。相较于其他厂 商，这种难以在短期内复制的"服务基建"壁垒，使其在当地客户眼中具有更高的确定性与信任基础，从 而能够率先抢占这一增量市场，并为后续规模化拓展奠定基础。 更重要的是，拉美市场的成功，证明了极智嘉具备在基础设施薄弱区域快速构建生态、占领市场的能 力。这意味着公司能够在东南亚、中东等更多新兴市场快速复制拉美奇迹，打开全球版图的无限想象空 间。 全球智能机器人引领者极智嘉（02590）2025 年在拉丁美洲地区迎来里程碑式突破，全年中标额一举超 过6亿元人民币，创下历史新高。这一爆发式增长，标志着极智嘉在全球化深水区激活了新兴市场的巨 大潜能。拉丁美洲也从战略试验田，升级为全新的业绩增长极，迈入规模化落地新阶段。 从战略维度进一步审视，新兴市场的崛起将强化极智嘉营收结构的多元化优势。相较于成熟市场的存量 博弈，拉美等新兴市场尚处 ...

更重要的是，拉美市场的成功，证明了极智嘉具备在基础设施薄弱区域快速构建生态、占领市场的能 力。这意味着公司能够在东南亚、中东等更多新兴市场快速复制拉美奇迹，打开全球版图的无限想象空 间。 从战略维度进一步审视，新兴市场的崛起将强化极智嘉营收结构的多元化优势。相较于成熟市场的存量 博弈，拉美等新兴市场尚处于爆发前夜，增量潜力充足。这种成熟市场与新兴市场的双轮驱动格局，不 仅能有效对冲单一市场的波动风险，更构筑起一条穿越周期的稳健增长曲线，为公司的长期价值提供了 坚实支撑。 综合近期动态，面对全球供应链重构的历史性机遇，极智嘉展现出强劲的商业爆发力。从拉美市场6亿 元订单突破，到东欧地区近 5亿元的强势斩获，再到锁定与全球电商巨头每年数亿元订单的战略合作， 一系列战绩已然向资本市场证明：极智嘉不仅是技术领跑者，更是全球最具商业变现能力与战略纵深的 智能机器人企业之一，其全球化增长飞轮已全面加速。 率先洞察并卡位这一机遇的极智嘉，如今以超 6 亿元的订单规模，证明了其前瞻战略布局的有效性。据 了解，早在 2020 年，公司便以智利首个项目切入市场，完成了对当地复杂物流环境的技术验证与应用 探索。 历经5年深耕，公司 ...

Core Insights - The core viewpoint of the article highlights the significant growth in order processing by Cainiao's global overseas warehouses, projecting a 32% year-on-year increase by 2025 [1] Group 1: Growth Projections - Cainiao's global overseas warehouse order processing volume is expected to grow by 32% year-on-year by 2025 [1] - Markets such as France, the United States, Spain, and Australia have all exceeded the average growth rate [1] Group 2: Strategic Initiatives - In 2025, Cainiao plans to activate over 10 new warehouses globally and increase investments in automation technologies, including AGV robots and automated sorting lines [1] - For 2026, the company aims to expand its warehouse network coverage and automation upgrades in key markets such as Europe, North America, and Asia-Pacific [1]

Group 1 - The core viewpoint of the articles highlights that the company, Geek+, has successfully secured a 200 million yuan project from a global food and beverage giant, indicating its strong capability in acquiring large-scale projects despite macroeconomic challenges [1] - The food and beverage sector is characterized by high demand stability and cash flow reliability, distinguishing it from other sectors that are more susceptible to consumer fluctuations, thus ensuring sustained logistics automation demand [1] - The recent order signifies a robust demonstration of the company's technical capabilities, particularly in complex logistics scenarios, which enhances its credibility among leading enterprises and is expected to accelerate its market share growth in the broader consumer sector [1] Group 2 - The order size exceeding 200 million yuan signals a shift towards large-scale deployment in the consumer supply chain automation market, with Geek+ being one of the few companies capable of global large-scale delivery [2] - The global retail automation market is projected to exceed 44 billion USD by 2029, with a double-digit compound annual growth rate, providing substantial long-term growth support for Geek+ [2]

Core Insights - The rapid development of artificial intelligence (AI) is transforming various industries, with logistics being one of the fastest to adopt AI technologies [1] - Intelligent in-house logistics robots are revolutionizing warehouse operations and are seen as a key driver of change in the logistics system [1] Industry Overview - Intelligent in-house logistics robots are defined as automated devices used in warehouses, sorting centers, and factories, integrating advanced technologies such as navigation, motion control, and AI [2] - The global market for intelligent in-house logistics robots is projected to reach RMB 344.1 billion by 2030, with a compound annual growth rate (CAGR) of 19.5% from 2024 to 2030 [4] - The Chinese market is expected to grow from RMB 13.9 billion in 2020 to RMB 44 billion in 2024, capturing 37.2% of the global market [4] Financial Challenges - Despite the promising market growth, companies in this sector face significant profitability challenges, with only about 5% of firms truly making a profit [5] - Companies like Kales and Xizhi Jia illustrate the financial difficulties, with Kales reporting revenues of RMB 657 million, RMB 551 million, and RMB 721 million from 2022 to 2024, alongside adjusted net losses [6][10] - Xizhi Jia, the first publicly listed AMR warehouse robot company, anticipates revenue growth of 27-32% in the first half of 2025, but still faces substantial losses [8] Market Dynamics - The intelligent in-house logistics robot market is characterized by a fragmented landscape, with the top five companies holding only 12.6% of the market share [12] - The competition is intense, with around 100 players in the market, leading to a focus on sales and project delivery rather than sustainable business models [15] - The industry is still in an early expansion phase, with companies often engaging in price competition, which compresses profit margins and affects long-term investment in core technologies [16] Strategic Considerations - Companies face a strategic dilemma between focusing on high-margin standardized products or investing in faster-growing but more challenging system integration markets [17] - The current market structure creates a disconnect between profitability and market demand, complicating the operational landscape for firms [17] - Despite the challenges, the ongoing technological advancements and market demand present significant growth opportunities for innovative companies [18]

Core Insights - The company, J&T Express, reported a significant increase in parcel volume for Q4 2025 and the entire year, with a total of 84.6 billion parcels in Q4, representing a year-on-year growth of 14.5%, and an annual total of 301.3 billion parcels, up 22.2% from the previous year [1][2] Group 1: Operational Performance - In Q4 2025, the company achieved a daily average parcel volume of 92 million, while the annual daily average was 82.5 million, reflecting a year-on-year increase of 22.6% [1] - The Southeast Asia and new markets contributed significantly to the growth, with Q4 parcel volume in Southeast Asia reaching 24.4 billion, a 73.6% increase year-on-year, and an annual total of 76.6 billion parcels, up 67.8% [1] - New markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, saw Q4 parcel volume surpassing 100 million, reaching 1.3 billion, a 79.7% increase year-on-year, with an annual total of 4.0 billion parcels, up 43.6% [1] Group 2: Market Strategy and Infrastructure - The company continued to invest in infrastructure and resource allocation, optimizing network partners and upgrading transit centers to enhance operational efficiency [2] - In China, the automation of network points and cloud warehouse layout accelerated, with a 26% increase in automated equipment by the end of 2025 and the deployment of 1,000 unmanned logistics vehicles [2] - The company opened 173 cloud warehouses and implemented value-added services to enhance customer engagement and experience [2] Group 3: Future Outlook - The company aims to strengthen its global network and drive growth through innovation, with the achievement of over 300 billion parcels in 2025 marking a new starting point [2]

Core Viewpoint - Zhejiang Kailesi Technology (Kailesi) is seeking to go public on the Hong Kong Stock Exchange, potentially becoming the first logistics robotics stock in Hong Kong, backed by logistics giant SF Express, which holds an 8.4588% stake in the company [1] Group 1: Company Overview - Kailesi is a provider of integrated intelligent in-house logistics robots, focusing on three core types: multi-directional shuttle cars, autonomous mobile robots, and sorting conveyors, addressing the entire in-house logistics process [2] - The company aims to reduce reliance on manual labor and enhance operational efficiency through the integration of robotics and intelligent software [2] - As of 2024, Kailesi holds a 1.6% market share, ranking fifth in the industry, with a significant revenue increase of 60.3% year-on-year, reaching 552 million yuan in the first nine months of 2025 [3] Group 2: Market Dynamics - The global smart in-house logistics robot market is projected to grow from 42.6 billion yuan in 2020 to 118.3 billion yuan in 2024, with an expected compound annual growth rate (CAGR) of 19.4% from 2025 to 2030 [2] - The Chinese market is expected to expand from 13.9 billion yuan in 2020 to 44 billion yuan in 2024, capturing 37.2% of the global market, with a projected CAGR of 20.2% [2] - Southeast Asia and the Middle East are identified as key growth regions, with market sizes expected to reach approximately 30 billion yuan and 53 billion yuan in 2024, respectively [3] Group 3: Financial Performance - Despite impressive growth, Kailesi faces significant profitability challenges, with a cumulative net loss of 629 million yuan from 2022 to 2024 and a net loss of 134 million yuan in the first nine months of 2025 [4][5] - The company attributes its losses to project delays related to lithium battery initiatives and a general slowdown in the industry, although it anticipates narrowing losses in 2024 and 2025 due to revenue growth and cost optimization [4] - The majority of Kailesi's revenue comes from the sale of robots and systems, with multi-functional systems accounting for 79% of this revenue in 2024, although their gross margin remains low [5] Group 4: Future Prospects - Kailesi aims to leverage its IPO to strengthen its market position and capitalize on the demand for logistics automation, with plans to use the raised funds for product line expansion, technology development, capacity enhancement, global market entry, and operational funding [5][6]