2025年，公司持续投入基础设施建设和资源调配，对各市场的网络合作伙伴和网点进行策略性优化，并 对转运中心进行升级，提升运营效益。在中国，网点自动化建设与云仓布局同步提速。极兔重点支持网 点投入自动化设备与无人物流车，截至2025年底，网点自动化设备数量较6月底提升26%，同步投用 1,000辆无人物流车，有效助力末端配送效率提升。而在云仓布局，极兔累计开设173个云仓，通过开发 增值服务覆盖客户多样化需求，进一步强化客户粘性与体验优化。此外，在泰国的末端网点，极免率先 部署了东南亚首台工业级的自动化分拣设备，预计2026年实现全泰国的末端自动化能力升级。目前，相 关设备已在越南、印度尼西亚、马来西亚、菲律宾的末端网点落地。截至2025年底，公司拥有19,300个 网点和246个转运中心；公司在所有市场的自动化分拣线数量达到413个，同比增加134个。 第四季度，极兔在东南亚与新市场的业务持续增长，主要受惠于电商传统旺季及其稳健的业务策略。在 东南亚，极兔2025年第四季度实现包裹量24.4亿件，同比增长73.6%，全年实现包裹量76.6亿件，同比 增长67.8%。在新市场(包括沙特阿拉伯、阿联酋、墨西哥、巴 ...

背靠物流巨头顺丰，一家来自浙江的机器人企业迈向资本市场。 2026年1月2日，新年首个交易日，浙江凯乐士科技（以下简称"凯乐士"）正式向港交所递表申请上市。 若顺利过会，有望成为港股"物流机器人第一股"。 据天眼查信息，顺丰以8.4588%的持股比例，与嘉兴融铭投资合伙企业并列成为凯乐士最大股东。而在 业务逻辑上，作为亚洲最大、全球第四大综合物流服务商，顺丰既是凯乐士的资本加持方，其自身仓 储、配送的自动化升级需求，也为凯乐士的机器人产品提供了天然落地验证场景，巨头背书更让凯乐士 的行业关注度持续走高。 苏商银行特约研究员武泽伟在接受北京商报记者采访时表示，当前机器人细分赛道龙头集中冲刺上市， 是行业进入规模化与成熟化的标志，走在前排的企业既能为赛道提供价值锚和流动性示范，提振资本信 心、吸引更多研发与落地资金，也能通过公开披露要求提升行业规范性。 但他同时提醒，这种竞速可能加剧马太效应，上市企业凭借资金优势巩固领先地位，推动行业整合洗 牌。 01.位处中游 招股书资料显示，凯乐士是综合智能场内物流机器人提供商，主打多向穿梭车、自主移动、输送分拣三 类核心机器人，覆盖仓储存取、物料搬运、货物分拣等全流程场内物 ...

背靠物流巨头顺丰，一家来自浙江的机器人企业迈向资本市场。 2026年1月2日，新年首个交易日，浙江凯乐士科技（以下简称"凯乐士"）正式向港交所递表申请上市。 若顺利过会，有望成为港股"物流机器人第一股"。 智能场内物流机器人行业，瞄准的是传统仓储"人工效率低、成本高、灵活性差"等痛点，融合导航、AI 等技术实现自动化作业；行业玩家主要分为综合（提供全流程方案）和专业（聚焦单一机器人）两类， 当前正处于快速扩容阶段。 据移动机器人及AGV/AMR产业联盟、弗若斯特沙利文数据，全球智能场内物流机器人市场规模从2020 年的426亿元增长至2024年的1183亿元，预计2030年将达3441亿元，2025—2030年复合年增长率为 19.4%；中国市场表现更突出，规模从2020年的139亿元扩至2024年的440亿元，占全球市场37.2%，预 计2030年将达1339亿元，同期复合年增长率达20.2%，这也反映出国内智能生产与物流转型的加速趋 势。 此外，东南亚、中东是全球主要增长区域，2024年两者市场规模分别约30亿元、53亿元，预计2030年将 增至119亿元、196亿元，2025—2030年复合年增长率分别 ...

Core Viewpoint - JD Logistics is enhancing its operational efficiency through automation in its Shenzhen warehouse, showcasing advanced robotic systems that significantly improve productivity in logistics operations [1] Group 1: Automation and Efficiency - The "Smart Wolf" system at JD Logistics includes nearly 200 robots and automated systems, enabling automated operations in storage, handling, and picking, which boosts production efficiency [1] - The efficiency of the "Smart Wolf" robot for inbound shelving is six times higher than traditional manual picking methods, while outbound picking efficiency is three times higher [1] Group 2: Operational Capacity - The site can dispatch over 40,000 packages daily, with the fastest order processing time from receipt to outbound being 15 minutes [1] Group 3: Future Investments - JD Logistics plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain across all scenarios [1]

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, representing a year-on-year growth of 24.1% [1] - The adjusted net profit for JD Logistics reached 2.02 billion yuan [1] - The company plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years [1] Financial Performance - Total revenue for Q3 2025: 55.1 billion yuan [1] - Year-on-year revenue growth: 24.1% [1] - Adjusted net profit: 2.02 billion yuan [1] Future Plans - Planned procurement of 3 million robots over the next five years [1] - Planned procurement of 1 million unmanned vehicles [1] - Planned procurement of 100,000 drones [1]

Core Viewpoint - JD Logistics has achieved significant technological advancements in automation over the past decade, leading to the upcoming launch of the world's first fully unmanned delivery station by April next year [2][4]. Group 1: Logistics Development - JD began building its logistics system in 2007, focusing on warehousing and delivery, and has established over 3,600 warehouses nationwide by June 2025, employing more than 660,000 frontline workers [3]. - The company aims to reduce China's social logistics costs from over 14% of GDP to below 10% within five years, potentially saving enterprises trillions of yuan in net profits annually [3][4]. Group 2: Automation and Technology - JD Logistics has tested unmanned trucks for over 700,000 kilometers internally, and solutions for the "last mile" delivery have exceeded several million kilometers [4]. - The company plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [4]. Group 3: Employment and New Opportunities - Automation is expected to alleviate the physical workload of employees, allowing them to work in more comfortable conditions, while also creating new job opportunities in monitoring and maintenance of automated systems [5]. - The development of technology is anticipated to generate new demands and services, with projections of a tenfold growth in the global tourism market over the next five years, leading to the creation of numerous new professions [5].

Core Insights - The introduction of high-density solid-state batteries is expected to drive rapid growth in industries such as robotics and drones [1] - JD Logistics has achieved significant advancements in automation over the past decade, with plans to establish the world's first fully automated delivery station by April next year [2][3] - JD plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [3] Group 1 - JD's unmanned warehouse has been developed with extensive logistics automation capabilities, allowing for large-scale deployment and simplified operations [2] - The upcoming fully automated delivery station will feature drones and unmanned delivery vehicles, all operated by robots for loading and unloading [3] - The company believes that automation will not conflict with employment, as it will reduce labor intensity and create new job opportunities in technology and service sectors [3] Group 2 - JD's entry into the logistics sector was driven by high logistics costs, primarily due to disorganized movement of goods [4] - The company aims to reduce logistics costs in China from over 14% of GDP to below 10% within five years by minimizing handling and transportation distances [4]

Group 1 - JD Group's founder Liu Qiangdong announced the construction of the world's first fully unmanned delivery station by April next year, showcasing advancements in logistics automation after 10 years of technological accumulation [1] - JD Logistics plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [1] - The company has already conducted over several hundred thousand kilometers of internal testing for unmanned trucks and over several million kilometers for last-mile delivery solutions [1] Group 2 - Liu Qiangdong emphasized that automation will not conflict with employee employment, as robots will alleviate heavy labor and reduce working hours significantly, potentially allowing employees to work only one day a week or even one hour [2] - The development of technology is expected to create numerous new job opportunities, particularly in the fields of operation monitoring and equipment maintenance after simple training [2] - JD's entry into the logistics sector was driven by high logistics costs, primarily due to disorganized movement of goods, and aims to reduce logistics costs as a percentage of GDP from over 14% to below 10% within five years [2]

Core Viewpoint - JD Logistics has achieved warehouse automation through 10 years of technological accumulation, with plans to establish the world's first fully automated delivery station by April next year [1][3]. Group 1: Technological Advancements - JD Logistics has successfully implemented warehouse automation, with over 700,000 kilometers of internal testing for unmanned trucks and millions of kilometers for last-mile delivery vehicles [3]. - The company plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [3][4]. - The development of high-density solid-state batteries is expected to trigger a new wave of growth in the robotics and drone industries [3]. Group 2: Employment and Job Creation - Automation will not conflict with employment; instead, it will free workers from heavy labor and create new job opportunities [1][4]. - Future employees may only need to work one day a week or even just one hour, as automation reduces the physical demands of their roles [3][4]. - The development of technology will lead to new demands and services, potentially increasing the global tourism market tenfold in the next five years [4]. Group 3: Logistics Cost Reduction - JD's entry into the logistics sector aimed to reduce China's social logistics costs, which were significantly higher than those in developed countries due to disorganized cargo movement [6][7]. - The company believes that social logistics costs as a percentage of GDP can decrease from over 14% to below 10% within five years, saving enterprises trillions of yuan in net profits annually [6][7][8]. - In 2007, the logistics cost in China was over 18% of GDP, compared to 6-8% in Europe and under 6% in Japan, indicating a significant inefficiency in the logistics sector [6][8].

Core Insights - JD Group's founder Liu Qiangdong announced the establishment of the world's first fully automated delivery station by April next year, featuring drones, autonomous delivery vehicles, and robotic arms for cargo handling [1][2] - Liu emphasized that technological advancements in automation will not conflict with employment, as robots will alleviate labor intensity and create new job opportunities [1][2] Group 1: Technological Advancements - JD Logistics has accumulated 10 years of technological expertise, enabling large-scale deployment and simplified operations of logistics automation equipment [1] - The company has conducted over 700,000 kilometers of internal testing with autonomous trucks and several million kilometers of testing for last-mile delivery vehicles [1][2] - JD plans to purchase 3 million robots, 1 million autonomous vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [2] Group 2: Employment and New Opportunities - Liu Qiangdong stated that future employees may only need to work one day a week or even one hour, as automation reduces the need for manual labor [2] - The development of technology is expected to generate a significant number of new jobs, particularly in operational monitoring and equipment maintenance after simple training [2] - Liu also highlighted the potential for a tenfold growth in the global tourism market over the next five years, which will create numerous new professions [2]