Investment Rating - The report maintains a "Market Perform" rating for the unmanned forklift industry, indicating a high growth potential with low penetration at this stage [5][80]. Core Insights - The unmanned forklift industry is supported by policies and technological advancements, driving growth through increased demand in logistics and labor shortages [5][80]. - The market for unmanned forklifts is expanding, with a significant decrease in product prices from approximately 600,000 yuan per unit in 2018 to about 204,100 yuan per unit by 2024, driven by scale production and increased competition [5][38]. - The report highlights a dual-driven demand for unmanned forklifts, stemming from the expansion of the logistics industry and structural changes in demand, alongside a shortage of labor [5][66]. Summary by Sections 1. Policy Support and Technological Advancements - Unmanned forklifts integrate forklift and AGV/AMR technologies, enabling automated material handling across various production scenarios [5][13]. - National and local policies are fostering the development of unmanned forklifts, emphasizing their inclusion in key research and development areas [5][26]. 2. Market Share and Global Positioning - The market share of unmanned forklifts is increasing, with a notable focus on both domestic and international markets, highlighting their core position in the AGV/AMR sector [5][43]. - The report notes that unmanned forklifts accounted for 30.95% of new product releases in the AGV/AMR category in 2025, underscoring their significance [5][43]. 3. Demand Drivers - The logistics industry's growth and evolving operational models are significantly increasing the demand for unmanned forklifts, which are seen as essential for enhancing efficiency and reducing labor costs [5][57]. - Labor shortages, driven by demographic changes and rising labor costs, are accelerating the adoption of unmanned forklifts [5][66]. 4. Investment Recommendations - The report suggests focusing on companies such as Hangcha Group (603298), Anhui Heli (600761), Zhongli Group (603194), and Noli Forklift (603611) as potential investment opportunities in the unmanned forklift sector [5][80].

Core Insights - The article discusses the rapid growth and potential of the unmanned forklift industry in China, highlighting both advantages and disadvantages of unmanned forklifts [1][4]. Group 1: Product Advantages and Disadvantages - Unmanned forklifts are efficient, flexible, save labor costs, and allow for real-time monitoring [3]. - However, they are more expensive than traditional forklifts, have limited applicability in complex environments, and incur higher maintenance costs [3]. Group 2: Market Landscape - There are over 100 companies involved in the unmanned forklift sector in China, including established traditional forklift manufacturers and emerging robotics companies [4]. - Key players include Hangcha Group, Anhui Heli, and new entrants like Future Robotics and Hikvision Robotics, each offering a variety of unmanned forklift products [5]. Group 3: Sales and Market Size - Unmanned forklift sales in China are on a rapid upward trend, reaching approximately 5,000 units in 2020, surpassing 10,000 units in 2022, and projected to reach 24,500 units in 2024, representing a year-on-year growth of 25.64% [6]. - The market size for unmanned forklifts in China is around 5 billion yuan, with the industry expected to exceed 4 billion yuan in 2023 and reach approximately 5 billion yuan in 2024 [8]. Group 4: Industry Penetration - The current penetration rate of unmanned forklifts in China is relatively low, estimated at 1.91% for 2024, which is an increase of 0.24% from 2023 [9][12]. - Future growth in penetration is anticipated as the logistics and industrial manufacturing sectors develop and technology advances [9].

证券日报网讯1月23日，诺力股份（603611）在互动平台回答投资者提问时表示，公司重视海内外市场 的同步开发，并且在欧洲、北美、南亚等地均设有子公司或生产基地。2025年的数据尚在核算中，公司 营收主要来自海外市场，海外市场包括法国、德国、匈牙利等多个欧盟国家，公司对欧盟成员国的出口 较为多样化，主要依靠当地代理商和子公司进行销售。 ...

Investment Rating - The report maintains a "Market Perform" rating for the forklift industry, emphasizing the importance of lithium battery replacement and product export as key investment themes [1]. Core Insights - The forklift industry is experiencing a clear transition towards electrification, driven by increasing domestic demand and favorable policies. The focus is shifting towards safety regulations, emission controls, and digital supervision, which guide the industry's upgrade direction [4][11]. - The electrification of forklifts, particularly through lithium batteries, is identified as a primary growth driver. The advantages of electric forklifts include environmental friendliness, low noise, and low energy consumption, leading to increased penetration in high-demand sectors [4][38]. - The report highlights the competitive landscape, noting that domestic leaders are enhancing their core competitiveness through high-performance products and deepening international market presence. The industry is characterized by significant barriers to entry, including technology, brand, and distribution channels [4][29]. Summary by Sections 1. Domestic Demand and Market Overview - The forklift industry in China has seen rapid growth, with a projected 2024 sales volume of 1.45 million units, reflecting a year-on-year increase of 12.93% [18]. - The global forklift market is expected to reach 21.598 million units in 2024, with Asia accounting for 52.01% of sales [18][29]. - The competitive landscape is dominated by foreign companies, with the top three (CR3) holding approximately 53% market share in 2024 [29]. 2. Electrification and Lithium Battery Market - The report emphasizes that lithium batteries will lead the electrification transition, with electric forklifts expected to replace internal combustion models due to stricter environmental regulations [4][38]. - The market for electric forklifts is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.16% from 2025 to 2030, reaching a market size of $71.85 billion [29]. 3. Investment Recommendations - The report suggests focusing on companies with lithium battery technology barriers and strong overseas channels, such as Hangcha Group, Anhui Heli, Zhongli Group, and Noli Group, which are expected to benefit from tightening environmental policies and the electrification wave [4][29].

Core Viewpoint - Noli Co., Ltd. has emphasized its commitment to shareholder returns through significant cash dividends since its listing in 2015, with a cumulative dividend of approximately 1.167 billion yuan and an average cash dividend rate of nearly 40% over the past five years [1] Group 1 - The company has distributed a total of approximately 1.167 billion yuan in dividends since its IPO in 2015 [1] - The average cash dividend payout ratio over the last five years is close to 40% [1] - The company prioritizes cash dividends while ensuring normal operations, risk management, and future development needs [1] Group 2 - The company will fulfill its information disclosure obligations in a timely manner regarding any significant matters [1]

Core Viewpoint - Noli Co., Ltd. is actively seeking collaborations with outstanding teams, institutions, and enterprises in the industry, while exploring various directions, models, and depths of cooperation [1] Group 1 - The company is committed to fulfilling information disclosure obligations in a timely manner if any significant matters arise [1]

Core Viewpoint - Noli Intelligent Equipment Co., Ltd. announced the release of share pledges by its shareholder Ding Sheng, indicating a positive development in the company's financial stability and shareholder confidence [2]. Group 1: Shareholder Pledge Release - Ding Sheng, a significant shareholder and acting in concert with the actual controller, holds 10,437,586 shares, representing 4.05% of the total share capital. After the release of the pledge, he has no pledged shares, which is 0% of his holdings and 0% of the total share capital [2]. - The total shares held by the controlling shareholder Ding Yi and his concerted actions, including Ding Sheng and Mao Ying, amount to 88,990,243 shares, or 34.55% of the total share capital. As of the announcement date, they have pledged a total of 12,000,000 shares, which is 13.48% of their total holdings and 4.66% of the total share capital [2]. Group 2: Specifics of the Pledge Release - On January 12, 2026, Ding Sheng repurchased 4,900,000 shares from Caitong Securities Co., Ltd., completing the share pledge release process [2]. - The company will fulfill its disclosure obligations in accordance with relevant laws and regulations if any further pledge occurs in the future [2]. Group 3: Ongoing Monitoring - The company will continue to monitor the pledge and release of shares by its controlling shareholders and their concerted actions, ensuring compliance with relevant regulations and timely information disclosure [4].

Core Viewpoint - The company, Noli Co., Ltd. (603611), is collaborating with SAP and Deloitte to enhance its digital transformation and smart manufacturing capabilities, marking a significant step in its "Future Factory" strategy [1] Group 1 - The collaboration aims to improve the company's intelligent operational capabilities, supporting decision-making and production processes [1] - This strategic partnership is intended to be long-term and sustainable, indicating a commitment to ongoing development in digital transformation [1] - The company will fulfill its information disclosure obligations in accordance with relevant regulations if any significant matters arise from this collaboration [1]

证券日报网讯1月12日，诺力股份（603611）在互动平台回答投资者提问时表示，上市公司更名需要履 行系列审议、批准程序，如有更名计划将会及时按规定进行披露。 ...

Core Viewpoint - Noli Co., Ltd. (603611) emphasizes its commitment to the embodied intelligence industry and is actively seeking collaborations with outstanding teams, institutions, and enterprises in the sector [1] Group 1: Company Strategy - The company is continuously exploring collaboration directions, models, and depth to leverage its advantages and enhance research and development capabilities [1] - Noli Co., Ltd. will conduct a prudent assessment and strengthen risk prevention during the collaboration and investment process [1] Group 2: Information Disclosure - The company will fulfill its information disclosure obligations in a timely manner if any significant matters arise related to these collaborations [1]