Core Viewpoint - Zhongli Co., Ltd. (603194.SH) has revealed its technological advantages in smart logistics, including composite navigation, distributed system algorithms, and AI multi-agent learning algorithms, during an investor relations event [1] Group 1: Technological Advancements - The company possesses multiple technological advantages in smart logistics, such as composite navigation and AI multi-agent learning algorithms [1] - Zhongli has developed a range of autonomous handling robots, intelligent warehousing robots, and unmanned unloading robots, creating a complete closed-loop system from goods warehousing to intelligent sorting and unmanned outbound logistics [1] Group 2: Strategic Partnerships - The company has formed a strategic partnership with White Rhino Autonomous Driving to jointly promote the development of the unmanned logistics industry [1] Group 3: Market Presence - The flagship product, "Intelligent DC Handling Solution," serves several leading companies in the logistics industry, capturing a significant market share and has completed over 1 billion items of unmanned handling [1] Group 4: Investment Initiatives - The company has invested in "Xingyuan Intelligent Robot," which is expected to officially launch a humanoid unloading robot in November this year [1]

Core Viewpoint - Zhongli Co., Ltd. (603194.SH) has revealed its technological advantages in smart logistics, including composite navigation, distributed system algorithms, and AI multi-agent learning algorithms, during an investor relations event [1] Group 1: Technological Advancements - The company possesses multiple technological advantages in smart logistics, such as composite navigation and AI multi-agent learning algorithms [1] - Zhongli has developed a range of autonomous handling robots, intelligent warehousing robots, and unmanned unloading robots, creating a complete closed-loop system from goods warehousing to intelligent sorting and unmanned outbound logistics [1] Group 2: Strategic Partnerships - The company has formed a strategic partnership with White Rhino Autonomous Driving to jointly promote the development of the unmanned logistics industry [1] Group 3: Market Presence - The flagship product, "Intelligent DC Smart Handling Solution," serves several leading companies in the logistics industry, capturing a significant market share and has completed over 1 billion items of unmanned handling [1] Group 4: Investment and Future Developments - The company has invested in "Xingyuan Intelligent Robot," with plans to officially launch a body unloading robot in November this year [1]

Core Viewpoint - The company, Yinfly Storage, reported its 2025 semi-annual results, showing a revenue of 543 million yuan and a net profit of 62.35 million yuan, while emphasizing its commitment to technological innovation and market expansion despite short-term performance pressures [1] Group 1: Financial Performance - In the first half of the year, the company achieved an operating income of 543 million yuan and a net profit attributable to shareholders of 62.35 million yuan [1] Group 2: Strategic Collaborations - Yinfly Storage deepened strategic partnerships with leading industry players, including a cooperation agreement in the cable industry to integrate smart warehousing and manufacturing technologies, aiming for significant efficiency improvements such as a 60% reduction in labor costs and a 40% decrease in order delivery cycles [1] - The company also established a strategic partnership with JD Industrial to collaborate on industrial procurement, smart logistics, market expansion, technology integration, and financial services, marking a significant step in the digital transformation of the smart warehousing industry [1] Group 3: Technological Innovation - Yinfly Storage is focused on setting industry benchmarks through demonstration projects, with its subsidiary Robotech providing innovative warehousing solutions that significantly enhance efficiency, achieving a throughput of 2000 boxes per hour and increasing storage capacity by 3.2 times [2] - The company has established six production bases covering both domestic and international markets, with a total area exceeding 600 acres and an annual production capacity of 200,000 tons of shelves and 5,000 sets of shuttle vehicles, positioning itself among the industry leaders [2]

Core Viewpoint - The company focuses on the development and application of mobile robots, including products such as automated guided vehicles and intelligent handling robots, but does not currently have products related to humanoid robots [1] Group 1 - The company primarily offers products in intelligent cockpits, intelligent assisted driving, and intelligent connected products [1] - The company does not have any products that involve humanoid robots [1] - Investors are encouraged to refer to the company's regular reports for detailed product information [1]

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 13 日 浙商早知道 2025 年 08 月 13 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要点评 ❑ 【浙商机械 邱世梁/王华君/何家恺】中力股份（603194）公司点评：与白犀牛战略合作共建智慧物流体系，智能 搬运机器人打开空间——20250812 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 1、主要事件 与白犀牛战略合作共建智慧物流体系，智能搬运机器人打开空间 ❑ 大势：周二上证指数上涨 0.5%，沪深 300 上涨 0.5%，科创 50 上涨 1.9%，中证 1000 上涨 0.3%，创业板指上涨 1.2%，恒生指数上涨 0.3%。 ❑ 行业：周二表现最好的行业分别是通信（+2.2%)、电子（+1.9%)、煤炭（+1.0%)、家用电器（+0.7%)、房地产 （+0.7%)，表现最差的行业分别是国防军工（-1.0%)、钢铁（-0.8%)、建筑材料（-0.5%)、食品饮料（-0 ...

Group 1 - The core viewpoint of the articles highlights the robust growth of China's equipment manufacturing industry, particularly in smart manufacturing equipment, which has significantly contributed to the overall industrial growth [1][2] - In the first half of the year, the added value of China's equipment manufacturing industry increased by 10.2% year-on-year, driving a 3.4 percentage point increase in the growth of all above-scale industries [1] - The industrial robot market in China has maintained rapid growth, with a production increase of 35.6% year-on-year, and the country has been the largest industrial robot market globally for 12 consecutive years [1][2] Group 2 - The export value of industrial robots from China increased by 61.5% year-on-year, with over 190,000 effective patents related to robots, accounting for about two-thirds of the global total [2] - The sensor market in China surpassed 200 billion yuan in the first half of the year, with the industrial automation sector holding the largest share, exceeding 35% [2] - The rapid development of the new energy vehicle industry has significantly boosted the demand for various sensors, with production and sales of new energy vehicles increasing by 41.4% and 40.3% year-on-year, respectively [2] Group 3 - According to the "14th Five-Year" Intelligent Manufacturing Development Plan, by the end of this year, 70% of large-scale manufacturing enterprises are expected to achieve basic digital networking, with over 500 intelligent manufacturing demonstration factories established [3] - The smart manufacturing equipment sector still has vast potential for growth, indicating ongoing opportunities for investment and development in this area [3]

Group 1: Industry Growth and Performance - In the first half of this year, China's equipment manufacturing industry achieved a year-on-year growth of 10.2%, contributing 3.4 percentage points to the overall industrial growth, acting as a "stabilizer" for industrial development [1] - The intelligent manufacturing equipment sector, including high-end CNC machine tools, industrial robots, and smart logistics, has shown remarkable performance, with industrial robot production increasing by 35.6% year-on-year [1] - The scale of China's intelligent manufacturing equipment industry is expected to exceed 5 trillion yuan this year [1] Group 2: Robotics Market Insights - China has maintained its position as the world's largest industrial robot market for 12 consecutive years, accounting for over half of the global new industrial robot installations in the past three years [2] - The export value of industrial robots from China increased by 61.5% year-on-year in the first half of this year, with over 190,000 effective patents related to robots, representing about two-thirds of the global total [2] - The domestic industrial robot market is projected to surpass 90 billion yuan, with a market share of over 43% globally [2] Group 3: Sensor Market Dynamics - The sensor market in China surpassed 200 billion yuan in the first half of this year, with the industrial automation sector holding the largest share at over 35% [2] - The growth in the industrial sensor market is driven by temperature, pressure, and flow sensors, with the robot vision sensor market reaching 4.756 billion yuan [2] - The rapid development of the new energy vehicle industry has significantly boosted the demand for various sensors, including current, angle, and pressure sensors, with production and sales of new energy vehicles increasing by 41.4% and 40.3% year-on-year, respectively [2] Group 4: Future Outlook - According to the "14th Five-Year" Intelligent Manufacturing Development Plan, by the end of this year, 70% of large-scale manufacturing enterprises are expected to achieve basic digital networking, with over 500 intelligent manufacturing demonstration factories established [3]

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law of the People's Republic of China and other relevant regulations [1] - The company was approved by the Zhejiang Provincial Government and registered with the Zhejiang Provincial Market Supervision Administration [1] - The company was listed on the Shanghai Stock Exchange on December 27, 2016, with an initial public offering of 86.66 million shares [1] Company Information - The registered capital of the company is RMB 1,309,812,049 [2] - The company is located at 666 Xiangfu Road, Lin'an District, Hangzhou, Zhejiang Province, with a postal code of 311305 [2] - The company is a permanent joint-stock limited company [2] Business Objectives and Scope - The company's business objectives emphasize integrity, efficiency, sustainable development, and social responsibility [3] - The business scope includes manufacturing and sales of various types of vehicles and equipment, including forklifts, automated equipment, and special equipment repair [4] Shares - The company's shares are issued in the form of stocks, with a par value of RMB 1 per share [5] - The total number of shares issued by the company is 1,309,812,049, all of which are ordinary shares [6] - The company can increase capital through various methods, including issuing shares to unspecified objects or existing shareholders [7] Shareholders and Shareholder Meetings - Shareholders have rights to dividends, voting, and supervision of the company's operations [10] - The company must hold an annual general meeting within six months after the end of the previous fiscal year [18] - Shareholder meetings can be convened by the board of directors or at the request of shareholders holding more than 10% of the shares [21] Decision-Making and Voting - Resolutions at shareholder meetings can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [30] - The company must disclose detailed information about director candidates prior to shareholder meetings [24] - Voting rights are based on the number of shares held, with each share granting one vote [30]

Core Viewpoint - The stock price of UBTECH Robotics, known as the "first humanoid robot stock," experienced a significant drop of 5.71% on July 22, closing at HKD 85.1, following a previous day's increase of 5.25% [1][2]. Group 1: Recent Developments - UBTECH Robotics won a major procurement project worth 90.51 million yuan from Miyi (Shanghai) Automotive Technology Co., marking the largest procurement order for humanoid robots globally [2]. - The company announced a share placement to raise funds, offering approximately 30.16 million new H-shares at HKD 82.00 per share, representing a discount of 9.14% from the previous closing price of HKD 90.25 [2][3]. - The total funds raised from this placement are expected to be around HKD 2.473 billion, with a net amount of approximately HKD 2.410 billion allocated for business operations, general corporate purposes, and debt repayment [2]. Group 2: Financing Activities - Since its listing, UBTECH has conducted four share placements, raising a total of HKD 1.22 billion, HKD 4.08 billion, HKD 5.52 billion, and HKD 8.76 billion in previous rounds [3]. - The company has utilized HKD 4.95 billion from the latest round of financing, with HKD 3.82 billion remaining unspent [3]. - The overall market for share placements in Hong Kong has seen a significant increase, with 204 placements completed this year, totaling HKD 159.233 billion, a year-on-year increase of 395.73% [2]. Group 3: Industry Context - The humanoid robotics sector is experiencing a surge in investment, with 23.2 billion yuan raised in the first five months of this year, surpassing the total for the entire previous year [4]. - Several prominent robotics companies have submitted IPO applications, indicating a growing interest and influx of capital into the sector [4]. - UBTECH's product offerings include consumer and educational robots for home use, as well as humanoid robots for commercial and industrial applications, highlighting its diverse market presence [4][5]. Group 4: Financial Performance - In 2024, UBTECH's revenue is projected to grow by 23.7% to 1.305 billion yuan, with gross profit increasing from 333 million yuan in 2023 to 374 million yuan [4]. - Despite the revenue growth, the company reported a loss of 1.16 billion yuan, although this is an improvement from the 1.265 billion yuan loss in 2023 [4].

Summary of Key Points from the Conference Call Industry Overview - The robotics sector is experiencing a long-term positive trend, with expectations for related indices to continue reaching new highs. Key events influencing recent market performance include Tesla's adjustments to its robotics plans, which have a significant impact on industry development and technology maturity [2][3]. Company Insights - **Tesla**: Leads the robotics industry in terms of maturity, with recent changes to its hand and body designs marking a milestone in product development [1][2]. - **Chinese Companies**: While companies like UBTECH, Yushun, and Yundongchu are gradually catching up, they still lag behind Tesla in terms of technological advancement and market maturity [3][6]. - **Zhejiang Rongtai and Taotao Vehicle**: Identified as undervalued companies with potential for excess returns due to their low market valuations and insufficient expectations [1][5]. - **Jack Co.**: Demonstrates significant potential in the garment manufacturing sector through humanoid robots that can perform fabric alignment and sewing tasks, potentially revolutionizing the global garment industry [3][10][11]. - **Haoneng Co.**: Has a strong presence in the robotics transmission sector, particularly in planetary and cycloidal reducers, which are expected to see increased demand as the market grows [3][14]. Market Applications - The humanoid robotics market in China shows vast application potential, with China Mobile signing a 120 million RMB order for humanoid robots, indicating a move towards industrialization and practical applications [7][12]. - **Hangcha Group**: Rapidly developing in the smart handling sector, utilizing unmanned forklifts and intelligent handling robots to automate material handling, significantly improving production efficiency [1][9]. Investment Strategies - Investment selection criteria should include industry understanding, large-scale delivery capabilities, and integration into the ecosystem. Focus on leading companies for beta returns and undervalued firms for excess returns [5][8]. - Recommended companies for investment include Taotao Vehicle, Hangcha Group, Huaxiang Co., and Jack Co., all of which possess strong technological capabilities and market competitiveness [12]. Emerging Trends - The robotics industry is seeing significant developments, with domestic companies actively expanding their operations and seeking funding to support technological advancements and market expansion [6][17]. - The automotive sector's key components, such as screws and reducers, are also experiencing growth, with companies like Haoneng Co. showing strong quarterly performance [13][14]. Conclusion - The robotics sector presents numerous investment opportunities, particularly in the context of ongoing technological advancements and market expansion. Investors are encouraged to adopt a selective approach, focusing on both leading firms and undervalued companies to maximize returns [17][18].