For the first time since going public, both revenue and net profit have declined. Multiple factors have put pressure on Noli Shares' 2025 performance.

（Source: Economic Information Daily）

In recent days, Noli Intelligent Equipment Co., Ltd. (abbreviated as “Noli Co., Ltd.”, 603611.SH) has released its 2025 financial report. The financial statement shows that in 2025, the company achieved operating revenue of RMB 6.689 billion, a year-on-year decrease of 4.14%. Of this,主营业务收入 (main business revenue) was RMB 6.660 billion, a year-on-year decrease of 4.04%; net profit attributable to shareholders of listed companies was RMB 429 million, a year-on-year decrease of 7.08%. This is the first time since the company went public that both revenue and net profit have declined at the same time. Industry analysts say that factors such as revenue decline, an increase in asset impairment losses, and growth in research and development expenses collectively squeezed the company’s profits.

This is the first time since listing that both revenue and net profit have declined

Tianyancha data shows that Noli Co., Ltd. is a company focusing on the research and development and manufacturing of intelligent warehousing and logistics equipment. It is committed to providing full-domain intelligent internal logistics system solutions. The company was listed on the main board of the Shanghai Stock Exchange in 2015.

In 2025, the company’s main businesses are composed of two segments: intelligent logistics systems and intelligent manufacturing equipment. Among them, the intelligent logistics system business mainly consists of the domestic company Zhongding Intelligent and the SAVOYE company covering Europe and North America; the intelligent manufacturing equipment business segment mainly engages in the research and development, manufacturing, sales, and related services of various logistics equipment. Its business covers general equipment manufacturing industries such as special vehicle manufacturing, as well as professional technical service industries such as engineering design services.

By product, in 2025, the company’s intelligent manufacturing equipment products achieved operating revenue of RMB 3.820 billion, a year-on-year increase of 2.81%; and its intelligent logistics system products achieved operating revenue of RMB 2.840 billion, a year-on-year decrease of 11.94%.

Noli Co., Ltd. said that in 2025, its intelligent manufacturing equipment business developed steadily, while its intelligent logistics business, due to factors such as geopolitical conflicts, saw market development fall short of expectations, and thus main business revenue declined slightly year on year.

In addition, the company’s production and sales volume of its main products, warehousing and logistics vehicles, also decreased year on year. In 2025, the production volume of warehousing and logistics vehicles was 1,463,857.00 units, a year-on-year decrease of 7.34%; sales volume was 1,468,454.00 units, a year-on-year decrease of 6.57%. At the same time, its inventory also decreased year on year. In 2025, the inventory of warehousing and logistics vehicles was 87,671.00 units, a year-on-year decrease of 4.98%.

On gross margin, in 2025, the company’s intelligent manufacturing equipment business achieved a gross margin of 24.26%, a year-on-year decrease of 1.11%; the intelligent logistics system business achieved a gross margin of 19.98%, a year-on-year increase of 0.69%. In terms of regional distribution, the company’s domestic business gross margin was 22.26%, a year-on-year increase of 2.69%; its overseas business gross margin was 22.55%, a year-on-year decrease of 1.80%.

In terms of operating costs, in 2025, the company’s operating cost was RMB 5.175 billion, a year-on-year decrease of 3.92%; of this, main business costs were RMB 5.166 billion, a year-on-year decrease of 3.90%.

On profits, in 2025, the company achieved net profit attributable to shareholders of listed companies of RMB 429 million, a year-on-year decrease of 7.08%. After excluding non-recurring gains and losses, net profit attributable to shareholders of listed companies was RMB 328 million, a year-on-year decrease of 17.30%.

At the same time, the company clearly stated in its financial report the 2025 profit distribution proposal: it plans to use the number of shares entitled to distribution on the share registration date when the 2025 profit distribution plan is implemented as the base, and distribute cash dividends of RMB 8.33 per 10 shares (tax included). Meanwhile, this profit distribution will not issue bonus shares, and will not convert capital reserve into share capital.

Multiple factors weigh on profits

Multiple factors have impacted the company’s profits.

First, research and development expenses increased. In 2025, Noli Co., Ltd.’s full-year R&D investment was RMB 273 million, compared with RMB 241 million in 2024, a year-on-year increase of 13.07%, accounting for 4.08% of operating revenue. The company stated that R&D investment focuses on areas such as intelligent machinery technology, intelligent upgrades, and smart factories.

At the same time, a decline in related expenses such as financial expenses provides positive support for profits. In 2025, the company’s financial expenses were -RMB 70.2498 million, compared with RMB 21.3952 million in 2024, a decrease of about RMB 90 million. The company explained that this change was mainly due to an increase in foreign exchange gains resulting from exchange rate changes during the current period. Selling expenses and administrative expenses also decreased by 2.01% and 0.91% year on year, respectively; these expenses all had a positive impact on profits.

Second, the credit impairment provisions and asset impairment provisions accrued by the company had a negative impact on profits. In the announcement, the company stated that the impairment provisions accrued this time are included in the asset impairment losses and credit impairment losses line items, totaling RMB 191.9042 million, which reduced the company’s total consolidated profit for 2025. In 2025, the company accrued credit impairment losses of RMB 34.6314 million, up from last year’s amount of RMB 20.2747 million. Structurally, the increase of this indicator mainly came from an increase in bad debt losses on accounts receivable, rising from RMB 18.0543 million in 2024 to RMB 32.2148 million in 2025.

At the same time, in 2025, the company accrued asset impairment losses of RMB 157.2728 million, significantly up from RMB 93.9307 million in 2024. This was mainly due to losses from inventory write-downs, impairment losses on contract performance costs, and goodwill impairment losses.

In 2025, the amount of inventory write-down losses and impairment losses on contract performance costs accrued by the company was RMB 96.2673 million, a significant increase from RMB 46.0823 million in 2024; the amount of goodwill impairment losses accrued was RMB 49.4082 million, up from RMB 40.0149 million in 2024, mainly due to the accrual of goodwill impairment provisions for Changxing Lincheng Co., Ltd. In addition, after impairment testing, the amount of impairment losses on intangible assets accrued by the company in 2025 was RMB 13.10 million.

In its financial report, the company admitted that the SAVOYE company has been affected by factors such as fluctuations in the European market, policy changes, and the continued geopolitical conflict, leading to a reduction in terminal customers’ willingness to make capital expenditures. In addition, affected by local labor regulations and policies, energy price fluctuations, and fiscal tightening, enterprises’ operating costs have remained high, bringing significant challenges to operations.

Noli Co., Ltd. also said that in 2025, affected by multiple factors, the company’s performance declined slightly. However, under strategic guidance from management, the company strengthened internal control, carefully assessed risks, and, according to the actual situation, accrued impairment provisions for goodwill to actively respond to real challenges. It also made advance arrangements and planning to help the company achieve steady overall business development.

Noli Co., Ltd. said that 2026 is a “Quality Year” for building quality. The company will continue to deepen its strategy of “electrification, intelligence, and globalization,” actively expand the intelligent market, and seek high-quality cooperation partners in the industry. It will strengthen technological innovation and the transformation of R&D results; enhance quality and efficiency internally, and seek change through innovation; broaden market channels externally and implement strategic arrangements, to ensure that the company’s established goals are successfully achieved.

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