大和发布研报称，极智嘉-W(02590)管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但 美国订单仍以最快速度增长，目前占订单总额超过30%;预期美国市场对销售的贡献度提升将支持2026 年毛利率。该行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38港元不变;认为近期 股价波动主要因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报机会。 另外，管理层预期与一间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库 项目，早前公司亦获得韩国大型电商平台超过3亿元人民币的大单。基于当前订单储备，管理层对2026 年维持高收入增长充满信心。 ...

智通财经APP获悉，大和发布研报称，极智嘉-W(02590)管理层强调，年初至今订单量保持强劲，虽然 上半年实施加价，但美国订单仍以最快速度增长，目前占订单总额超过30%;预期美国市场对销售的贡 献度提升将支持2026年毛利率。该行重申"买入"评级，并将极智嘉视为全球物流AI领域首选，目标价38 港元不变;认为近期股价波动主要因获利回吐，而非基本面恶化，为投资者提供了具吸引力的风险回报 机会。 另外，管理层预期与一间美国大型零售商的订单即将落实，涉及金额达3,000万美元的非美国海外仓库 项目，早前公司亦获得韩国大型电商平台超过3亿元人民币的大单。基于当前订单储备，管理层对2026 年维持高收入增长充满信心。 ...

大和发表研究报告指，极智嘉管理层强调，年初至今订单量保持强劲，虽然上半年实施加价，但美国订 单仍以最快速度增长，目前占订单总额超过30%；预期美国市场对销售的贡献度提升将支持2026年毛利 率。另外，管理层预期与一间美国大型零售商的订单即将落实，涉及金额达3000万美元的非美国海外仓 库项目，早前公司亦获得韩国大型电商平台超过3亿元的大单。基于当前订单储备，管理层对2026年维 持高收入增长充满信心。 该行重申极智嘉"买入"评级，目标价38港元不变，并将其视为全球物流AI领域首选，认为近期股价波动 为投资者提供了具吸引力的风险回报机会。 ...

Core Insights - Amazon has achieved two significant milestones in the robotics and AI sector: the deployment of its one millionth robot and the introduction of the DeepFleet generative AI model, enhancing fleet management efficiency [2][12]. Group 1: Robotics Milestones - The deployment of the one millionth robot solidifies Amazon's position as a leading global mobile robot manufacturer and operator, with this robot now operational in a distribution center in Japan [2]. - Amazon's robot fleet now spans over 300 facilities worldwide, showcasing the extensive reach and integration of its robotic systems [2]. Group 2: DeepFleet AI Model - DeepFleet is designed to optimize the movement of robots within Amazon's delivery network, increasing operational time by 10%, which leads to faster and more cost-effective package deliveries [2][12]. - The AI model utilizes Amazon's vast logistics data and cloud services like Amazon SageMaker to redefine fleet management efficiency [6]. Group 3: Robotics Innovation Journey - Amazon's robotics journey began in 2012 with a single type of robot, evolving into a diverse fleet that includes Hercules, Pegasus, and the fully autonomous Proteus robot, enhancing efficiency and safety in warehouse operations [7][11]. - The introduction of these robots has not only improved operational efficiency but also created new technical job opportunities for employees [11]. Group 4: Practical Value of Technology - DeepFleet exemplifies Amazon's pragmatic approach to AI innovation, focusing on solving real-world problems rather than technology for its own sake, resulting in faster delivery speeds and lower operational costs [12][14]. - The integration of robotics has significantly reduced the physical strain on employees by taking over high-risk repetitive tasks, while also fostering skill development through training programs [14]. Group 5: Future Vision and Investment - The combination of the one million robot milestone and DeepFleet technology presents a promising future where robots and AI will collaboratively reshape delivery and logistics [16]. - Amazon plans to invest $100 billion in AI computing power and cloud infrastructure, aiming to leverage its technological strength to support global opportunities and innovations for businesses [16].

Summary of Earnings Conference Call Company Overview - The conference call pertains to **Manbang**, a company operating in the logistics and freight industry, focusing on digitalization and smart technologies to enhance operational efficiency and reduce logistics costs. Key Industry Insights - The logistics industry is undergoing a transformation with a shift from traditional offline trading models to technological innovations and product upgrades, which is driving the growth of platform ecological value [2][3]. - The company reported a **23% year-over-year growth** in order volume, significantly outpacing the broader real estate and cargo sales industry [2][3]. Financial Performance - **Total revenue** for the first quarter reached **RMB 2.7 billion**, representing a **19% increase** year-over-year [4][11]. - Revenue from transaction services surged by **51.5%** year-over-year to **RMB 1.05 billion**, accounting for nearly **39%** of total revenues [4][9]. - **Non-GAAP adjusted operating income** increased by **171.5%** year-over-year to **RMB 1.32 billion** [5][11]. - **Net income** for the quarter was **RMB 1.28 billion**, an increase of **118.1%** from the previous year [10][11]. Operational Highlights - The company achieved a **fulfillment rate** of **39.2%**, up nearly **6 percentage points** year-over-year, with **fulfilled orders** rising to **48.2 million**, a **22.6% increase** [6][16]. - The average monthly active users (MAUs) for shippers reached **2.76 million**, up **28.8%** year-over-year [3][6]. - The number of trucker members increased significantly, with a retention rate consistently above **85%** [3][20]. Strategic Initiatives - The company is focusing on enhancing its **AI capabilities** for intelligent dispatching and improving communication efficiency between shippers and truckers [24][25]. - Plans to deepen investments in **autonomous driving technology** through collaboration with PLUS PRC, aiming to capitalize on the growing demand for logistics AI [12][23]. - The company is refining its **commission strategies** to enhance monetization efficiency and improve user experience [22]. Market Outlook - For the second quarter of 2025, the company expects total net revenues to be between **RMB 3.06 billion and RMB 3.12 billion**, reflecting a year-over-year growth rate of approximately **10.6% to 12.9%** [11]. - The company remains optimistic about order volume growth, focusing on strengthening long-haul freight operations and enhancing service experiences [15]. Additional Insights - The company has observed a stable supply of truckers, with ongoing optimization of matching efficiency expected to create greater value for both truckers and shippers [21]. - The strategic focus on **user engagement** and retention has led to improved conversion rates and a robust user ecosystem, which is critical for sustainable growth [18]. This summary encapsulates the key points discussed during the earnings conference call, highlighting the company's performance, strategic initiatives, and outlook for the future.