Jingsong Intelligence: On March 26, it received institutional research, with participation from multiple institutions including Zhejiang Merchant Machinery, Zhuque Fund, and others.

Securities Star News: On March 30, 2026, Jingsong Intelligent (688251) issued an announcement saying that on March 26, 2026, the company accepted an institutional research visit. Participants included Jiang Yi, of Zhejiang Mechanical; the Zhiku Fund; Li Hanyue, of Zhejiang Great Manufacturing; and Xu Yawen, Liang Shuang, Mr. Yang, An Jizheng, Huang Haofan, all of CITIC Securities; as well as Gao Qiang of Orient Fund.

The specific content is as follows:

Q: What is the approximate delivery cycle for the company’s project implementation?

A: The project delivery cycle varies depending on the project scale and specific requirements. For projects with an investment amount below tens of millions of yuan, the delivery cycle is typically 2 to 3 months; for projects with an investment amount of tens of millions of yuan or above, the delivery cycle is approximately 4 to 6 months. Delivery time is affected by factors such as the degree of product customization, differences in industry demand, and how urgently customers need to use the products, so there is some variability.

Q: What are the reasons for the company’s strategic shift from a project-based model to productization?

A: Under the project-based model, the company must provide an integrated solution covering equipment, software, and hardware for customers. The project delivery cycle is typically 3 to 6 months, and the payment collection uses a “3331” structure (i.e., 30% advance payment, 30% shipment payment, 30% acceptance payment, 10% warranty deposit). This model has a relatively high level of capital occupation, and the acceptance stage is greatly influenced by customer factors, which can easily lead to an extended accounts receivable turnover period, thereby affecting capital turnover efficiency.

By comparison, the productized model is centered on standardized robotic products. Once customers complete payment, delivery can be realized immediately, and the cash conversion speed is relatively faster, with operational efficiency improving significantly. In addition, the productized model has a relatively high sales gross margin, and in overseas markets this is further enhanced.

Q: What is the company’s current production capacity, and what are the plans for the new factory?

A: The company currently has two production bases. The headquarters factory covers 60 mu, and is designed with 1 billion yuan in production capacity; it is already operating at full load. The Phase II factory is expected to begin production in succession in the second half of 2026. After it begins production, capacity will be gradually released. The designed production capacity of this factory is about 1.6 billion yuan. After reaching full production, the company’s total combined capacity with the Hefei Phase I factory is expected to be close to 3 billion yuan, which will significantly enhance order delivery capability and provide strong support for sustained growth in both domestic and international markets.

Q: How are overseas business developments currently progressing, and what are the future goals?

A: The overseas market is the company’s strategic focus. At present, progress in business expansion has been positive. In addition to offshore projects serving domestic customers, last year the company established strategic partnerships in overseas markets such as Spain, Russia, Brazil, and the United States. To support long-term development, the company is steadily advancing the construction of sales and service networks in regions including Southeast Asia, Europe, and North America. Going forward, the company will continue to increase the proportion of standardized products, strengthen competitiveness in international markets, and strive to make overseas business an important growth engine for the company.

Q: What are the efficiency advantages and market acceptance of unmanned forklifts?

A: Unmanned forklifts have already formed clear advantages in areas such as efficiency improvement, cost optimization, and safety and reliability. Technical maturity continues to improve, and penetration is accelerated driven by price reductions and improved cost-effectiveness. Compared with traditional manned forklifts, the company’s intelligent unmanned forklifts are not simply a replacement for labor; rather, they achieve an intelligent upgrade of the material handling process. Against the backdrop of rising labor costs and the intelligent transformation of the manufacturing industry, intelligent handling has become an important means for newly built and renovated factories to reduce costs and improve efficiency. This product enables 24/7 continuous operation, millimeter-level positioning accuracy, and a multi-machine coordinated scheduling system, systematically improving warehouse handling efficiency. The company develops its core control system in-house, effectively reducing import and maintenance costs. Some products support 5G communications, making them suitable for a variety of indoor and outdoor scenarios and able to adapt to complex environments such as rainy days and low temperatures. The maximum payload reaches 40 tons, and the lifting height can reach 12 meters, meeting the handling needs for over-weight and over-high materials.

In terms of market acceptance, as technical maturity continues to improve and the average equipment price drops significantly, the economic advantages of unmanned forklifts become increasingly apparent. The investment payback period is generally shortened. Coupled with the dual drivers of intelligent upgrading in the manufacturing industry and structural labor shortages, market acceptance is expected to improve rapidly in the future.

Q: How does the revenue scale of the company’s mobile robot business compare with previous periods?

A: According to the company’s released performance quick report, in 2025 the company’s intelligent warehousing and logistics equipment generated operating revenue of about 160 million yuan, up 70% year over year. This growth mainly benefited from the company’s continued investment in core technology R&D, improving the degree of product standardization, and market localization. The penetration rates of products such as intelligent warehousing and unmanned forklifts in both domestic and overseas markets have been gradually increasing, and the business structure has been further optimized. Overall, the company’s mobile robot business demonstrates steady growth resilience and sustainable development capability.

Jingsong Intelligent (688251) main business: R&D and manufacturing of intelligent warehousing and logistics equipment, development of intelligent warehousing and logistics software, and providing intelligent warehousing and logistics systems for downstream customers.

Jingsong Intelligent’s 2025 third-quarter report shows that in the first three quarters, the company’s revenue from main business was 567 million yuan, up 3.22% year over year; net profit attributable to shareholders was 8.069 million yuan, down 75.51% year over year; non-GAAP net profit was 3.2948 million yuan, down 89.34% year over year. Among them, in the third quarter of 2025, the company’s single-quarter revenue from main business was 210 million yuan, up 3.29% year over year; net profit attributable to shareholders for the single quarter was 7.5702 million yuan, up 2.85% year over year; non-GAAP net profit for the single quarter was 5.602 million yuan, down 24.15% year over year. The asset-liability ratio was 49.54%. Investment income was 2.9194 million yuan. Finance costs were 1.3855 million yuan. Gross margin was 18.4%.

Financing and securities lending data show that over the past 3 months, this stock had net financing inflows of 20.313 million yuan, with the financing balance increasing; net securities lending outflows of 79.5 thousand yuan, with the securities lending balance decreasing.

The above content has been compiled from publicly available information by Securities Star and generated by an AI algorithm (Cybersecurity Record No. 310104345710301240019). It does not constitute investment advice.