Noli Co., Ltd. Releases 2025 Annual Report: Business Resilience Highlights, Increased R&D Investment Builds Long-Term Moat

On the evening of March 25, Noli Co., Ltd. (stock code: 603611.SH) released its 2025 annual performance report. During the reporting period, the company achieved operating revenue of CNY 6.689 billion and attributable net profit of CNY 429 million.

On the evening of March 25, Noli Co., Ltd. (stock code: 603611.SH) released its 2025 annual performance report. During the reporting period, the company achieved operating revenue of CNY 6.689 billion and attributable net profit of CNY 429 million. As of the end of the reporting period, the company’s total assets reached CNY 9.523 billion, up 7.90% from the beginning of the period; attributable net assets were CNY 3.173 billion, up 7.96% from the beginning of the period; net operating cash flow for the full year was CNY 837 million, up 9.39% year over year, demonstrating strong operational resilience and financial health.

In terms of shareholder returns, the company continued to place great importance on cash dividends. For FY 2025, the company plans to distribute to all shareholders cash dividends of CNY 8.33 per 10 shares (including tax), totaling approximately CNY 215 million, accounting for 50% of the company’s attributable net profit. According to statistics, since its listing in 2015 to date, the company’s cumulative dividends have been approximately CNY 1.167 billion (excluding this round), highlighting management’s confidence in the company’s long-term development and its emphasis on shareholder value.

It is reported that Noli Co., Ltd. is a provider of end-to-end intelligent logistics solution services. The company focuses on the intralogistics industry, and vigorously develops two major business segments: intelligent manufacturing equipment and intelligent logistics systems. It also lays out emerging industries related to the company’s industrial chain, such as intelligent manufacturing and industrial IoT, to build a strong foundation for building a leading industry company and achieving the company’s development strategy goals.

A solid operating base with steady progress and resilient business layout

During the reporting period, the company’s intelligent manufacturing equipment business segment maintained stable, high-quality development. The segment achieved revenue of CNY 3.820 billion, up 2.81% year over year. This growth was driven by the company’s solid advancement across products, production capacity, and the supply chain.

During the reporting period, the company closely followed the trend of electrification of industrial vehicles, pushed hard with its large-truck strategy, and focused on products such as the electric balance counterbalanced riding forklift (Category I) and electric ride-on warehousing forklift (Category II). The company brought 43 new products into production throughout the year and continued to optimize its product mix. Meanwhile, the construction of the fifth future factory was completed and entered trial production, providing capacity assurance for large-scale delivery of flagship products and high value-added products. In addition, the company continued to advance product intelligence upgrades, developing a new generation of intelligent industrial vehicles and logistics systems with remote operation and maintenance, 5G interconnection, and unmanned capabilities, while also improving its global after-sales service system.

In the intelligent logistics systems business, the company actively expanded its business scope and implemented its development strategy to strengthen its operating foundation. Faced with risks in overseas markets, the company conducted prudent impairment assessment tests, established an active special-response mechanism, strengthened project marketing and collection follow-up, strictly controlled expenditures, and explored more flexible marketing and labor deployment models, thereby improving the efficiency of overseas operations management.

R&D drives the future: doubling down on embodied intelligence, with emerging businesses building momentum

In 2025, Noli Co., Ltd. continued to increase its R&D investment. Full-year R&D expenses totaled CNY 273 million, up 13.07%, and the proportion of R&D expenses to operating revenue increased to 4.08%. Key areas included intelligent machinery technology, intelligent upgrades, and smart factories.

High-intensity R&D investment has also produced fruitful results. As of the end of 2025, the company had 649 effective patents, including 165 invention patents and 4 PCT overseas invention patents; during the reporting period, it obtained 61 patent authorizations, including 22 invention authorizations. For R&D projects, 95 projects were initiated throughout the year, including 6 provincial-level new product assessments: “RT15DP high-performance scissor boom forward-transfer truck” was recognized as an excellent industrial new product in Zhejiang Province, and “HD600 aisle pallet racking stacker crane” received certification as a Jiangsu high-quality product. The project “Key Technologies and Industrialized Applications of Logistics Robots in Complex Scenarios” won a Second Prize for Scientific and Technological Progress in Zhejiang Province. The achievements of “Self-organizing Intelligent Manufacturing Key Technologies, System Platform and Engineering Applications,” in which Zhongding Intelligent participated, won a Second Prize for Scientific and Technological Awards in Jiangsu Province.

During the reporting period, the company not only added multiple invention patents, but also took a key step forward in the field of embodied intelligence. The “Embodied Intelligence Logistics Robot Joint Laboratory,” jointly established by the company and the Robotics Research Institute of Zhejiang University, has achieved phased results and released the “Nobao II” intelligent equipment, which is intended for high-risk chemical industry scenarios.

At present, the company has already achieved a strategic layout from a “manufacturer of traditional material handling equipment” to a “provider and service provider of end-to-end intelligent intralogistics systems comprehensive solutions across all domains.” Noli Co., Ltd. stated that in 2026, it will continue to focus on “high-quality development” as its core objective, and further deepen the “electrification, intelligence, and globalization” strategies to ensure that the company’s established goals are completed smoothly.

(Note: Information from listed companies is for reference only. The market is risky; invest with caution.)

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