Core Viewpoint - KJ Intelligent reported a revenue of 1.394 billion yuan for 2024, but faced a net loss attributable to shareholders of 58.63 million yuan, marking two consecutive years of losses. The significant growth in overseas revenue, which reached 338 million yuan, up 150.55% year-on-year, was a key driver of performance improvement [1][3]. Group 1: Overseas Business Growth - KJ Intelligent's overseas business generated 338 million yuan in revenue with a gross margin of 22.55%. The top five clients include Southeast Asian e-commerce platform "Shopee" and tire manufacturer Sailun Group, all of which are end customers [3]. - The surge in overseas revenue is attributed to the successful execution of large-scale projects for international e-commerce companies like "Shopee" and "Flipkart," which were completed in 2024 and converted into revenue [3]. - The high growth in overseas business is primarily due to new large orders signed in 2023 with clients such as "Shopee" and Sailun Group, which were executed in 2024, leading to significant revenue growth and higher gross margins compared to domestic operations [3]. Group 2: Contract Liabilities and Investment Projects - As of the end of 2024, KJ Intelligent's contract liabilities reached 705 million yuan, an increase of 43.78% year-on-year, with overdue contract liabilities over one year amounting to 140 million yuan, mainly from advance payments for unfinished projects [4]. - The top ten clients contributing to contract liabilities include Haohua Tire, Sailun Group, and Shopee, covering areas such as intelligent warehousing and sorting systems [4]. - KJ Intelligent reported that all payments related to contract liabilities are in accordance with contractual timelines, indicating a strong order backlog that supports future revenue growth. As of March 2025, the order backlog amounted to 3.191 billion yuan, a year-on-year increase of 30.51% [4]. - The company has faced delays in its fundraising projects, with the "Headquarters and R&D Center Construction Project" postponed from September 2024 to May 2025, and the "Marketing Network and Digital Construction Project" delayed to December 2026, with a current investment progress of 31.29% [4].

Industry Overview - The intelligent logistics system (ILS) integrates advanced technologies such as IoT, big data, AI, and automation to achieve intelligent management and optimization of the entire logistics process [3] - The core goal of ILS is to enhance efficiency, reduce costs, and improve service reliability, driving the logistics industry towards automation, digitalization, and sustainability [3] Current Market Status - In 2024, the market size of China's intelligent logistics system industry is projected to be approximately 1,278.5 billion yuan, representing a year-on-year growth of 17.65% [2] - The industry is characterized by three main features: accelerated technology integration, expansion of application scenarios, and market segmentation [2] Key Features - Technology integration is accelerating with deep penetration of IoT, big data, and AI, exemplified by JD Logistics' dynamic path optimization technology reducing transportation costs and SF Express using blockchain for cold chain traceability [2] - Application scenarios are expanding from e-commerce warehousing to manufacturing, pharmaceuticals, and cross-border logistics, such as the 30% efficiency improvement in warehousing for TBEA by Tianjin International [2] - The market structure is becoming differentiated, with leading companies leveraging technological barriers and ecosystem layouts, while smaller firms focus on niche markets for differentiation [2] Industry Development Stages - The intelligent logistics system industry has evolved through three stages: mechanization (1970s to late 1990s), automation (early 2000s to mid-2010s), and intelligentization (mid-2010s to present) [6][7] - The current intelligentization phase is driven by explosive growth in e-commerce, increasing demands for timeliness and accuracy, and the maturity of AI, big data, and IoT technologies [7] Industry Chain - The upstream of the intelligent logistics system industry includes hardware devices and software technologies, while the midstream consists of system integrators, and the downstream applications span transportation, warehousing, postal services, e-commerce, and industrial sectors [9] Cost and Efficiency Insights - In 2024, China's total social logistics expenditure is expected to reach 19.0 trillion yuan, with a year-on-year growth of 4.40%, indicating a structural contradiction between efficiency and cost in traditional logistics models [11][12] - Intelligent logistics systems can reshape the industry landscape by optimizing transportation networks, replacing manual labor with automation, and utilizing digital twin technology to enhance inventory turnover rates [12]