凯乐士科技 (02729.HK) 2026智通财经夏季路演大会
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会议摘要
Kellogg Stone, an intelligent on-site logistics high-tech enterprise, focuses on solving the problems of logistics access, handling and sorting with core products such as MSR, AMR and CSR and WMS, WES and RCS software systems. It has served 884 customers in 19 countries around the world. It is listed on the main board of Hong Kong stock market in 2026 and has stable financial performance. It plans to rebuild a Kellogg Stone within three years to realize global business layout by deepening regional cooperation and large customer strategy.
会议速览
This exchange focused on the new VFR series of Keller Intelligent Logistics and the company's business model, including the deployment of single-function robots and multi-function integrated system services, covering 19 countries and regions in the world, serving 884 customers and completing more than 1700 projects. The strategic investors are well-known enterprises such as Shun Feng and CICC.
Since its establishment in 2014, Cad has focused on the research and development and innovation of intelligent logistics equipment, from four-way shuttle robot to AMR and CSR three product series, and is committed to providing comprehensive on-site logistics unmanned solutions. Through deep technology cultivation, product iteration and market expansion, the company has become a leading intelligent logistics enterprise in China, and successfully listed on the main board of Hong Kong stock market in 2023, marking its milestone development in the field of intelligent logistics.
This paper introduces a trinity software system composed of WMS, WES and RCS. The system supports the operation of robot clusters in large warehouses, has the ability to connect with customer ERP, CRM and other systems, realizes cluster scheduling of automation equipment, is suitable for medicine and other industries, and meets the needs of different industries.
Kellogg promotes the flexibility, adaptation and generalization of site logistics robots through the three core technologies of perceptual intelligence, computational intelligence and control technology. Since the establishment of the Artificial Intelligence Research Institute in 2019, the company has continued to dig deep into the field of artificial intelligence, achieving steady revenue growth and a significant narrowing of profit losses. The steady increase in gross margin was mainly due to the expansion of overseas markets and the increase in the proportion of single-deployment robot sales.
This paper discusses the leading position of Kellars robot in terms of full scene coverage, independent system research and development and global market layout, and emphasizes its accumulated experience and technological innovation in multi-industry applications, such as VFR products to solve the problem of extremely narrow direction, as well as the globalization strategy for different market needs, showing the industry development trend of the strong.
The dialogue discussed in depth the application of intelligent logistics system in storage and picking links, including the layout of high-standard warehouses and floor warehouses, the intensive access of Shatou robot, the visual precision picking technology of goods to people picking stations, and its wide application in medicine, automobile, electronics and other industries. At the same time, it introduces the company's overseas layout, involving about 50 overseas projects, showing a comprehensive coverage of diversified robot and system portfolio, as well as a wide customer base and multi-industry professional experience.
The dialogue detailed the important history of Kailoshi since its inception, including the founder's team background, main business, historical evolution and future development plan, focusing on the company's layout in the logistics field and the critical moment of Hong Kong stock listing, showing the team's professional background and industry contribution.
This paper discusses the three-dimensional strategy of overseas business layout of enterprises since July 2022, including deepening regional partners, strategic binding of major customers, setting up local offices and following Chinese enterprises to go to sea, with emphasis on the importance of European and American markets and the new opportunities brought by Chinese enterprises going to sea.
This paper discusses how Chinese industrial robots, especially Keller stone, can realize the global market layout through traditional products such as shuttle cars, shuttle boards and innovative products such as conveying and sorting robots and AMR. The uniqueness of products and strong demand are the key to driving growth, and it is pointed out that China's industrial robots have shifted from cost-effective competition to product innovation.
The dialogue discussed the changes in the dominant position of the four major robot manufacturers in Japan, Germany, Northern Europe, and the United States in the field of industrial automation, as well as the catch-up and breakthroughs of Chinese companies in the new generation of robot technology and product forms. Referring to the strong willingness to pay in overseas markets, the high demand for professional services, and the rapid layout and application cases of Chinese products overseas, it emphasizes the new situation and opportunities of Chinese enterprises in international competition.
要点回答
Q:What are the company's product lines?
A:The company's three core product lines are: msr (multi-directional shuttle robot), AMR (autonomous mobile robot) and VFR(Very narrow air fog lift, I .e. lateral extension movement integration and transportation sorting integration robot in emergency guide). VFR is a product that combines software, hardware and artificial intelligence technology to provide one-stop solutions and services.
Q:What is the company's main business model?
A:The company's main business is divided into two categories: one is the deployment of single-function robots, that is, projects that use self-developed robots to solve specific single operational needs, and the other is a multi-functional integrated system that integrates the company's self-developed robots and third-party products to meet a variety of operational needs.
Q:What is the current business situation of the company in the domestic and foreign markets?
A:At present, the company has business coverage in 19 countries and regions around the world, serving 884 customers and completing more than 1700 projects. In terms of revenue, the company ranks among the top five companies in the domestic integrated intelligent industry logistics cluster, with extremely narrow roadway access and handling machine shipments ranking first in the country, and four shuttle car products are also in the top three positions in the country.
Q:What is the development process and the establishment background of Keller?
A:Founded in 2014, Keller originated from the first generation of four shuttle robots jointly developed by Chinese and German R & D teams and developed in Austria. The company was separated from a team of software and hardware personnel from Kyushu Tong Pharma, and Kyushu Tong Pharma became one of the shareholders of Cades. Subsequently, Keller acquired Kyushu Tongda in 17 years, established the Artificial Intelligence Research Institute in 19 years, launched the AGV and robot control system RCS, and obtained the highest level certification of CMMI5 software maturity in 20 years, becoming a national specialized and specialized new small giant enterprise. In 21 years, we completed the share reform and launched the VFR series of new products. At present, the three major product series MSR, AMR and CSR are jointly committed to realizing all unmanned solutions for on-site logistics.
Q:How does Kellogg's first-mover advantage in intelligent field logistics software come into being? What are Kellogg's three major product lines?
A:Kellogg's first-mover advantage comes from the experience of its core team member, Dr. Koo Shuangguang. He did consulting and strategy for a supply chain software company in the United States. After returning to China, he served as a consultant for McKinsey for four years. After that, he joined Kyushu Tong Pharmaceutical Group to be responsible for the research and development of modern warehousing and logistics software. Therefore, Kellogg has deep accumulation and leading experience in the field of intelligent field logistics software. Kellurs' product line includes MSR multi-directional shuttle robots, autonomous mobile robots and convened and sorting robots.
Q:How is Kellurs' software system structured? How does Kellurs' provide customized solutions for different industry needs?
A:Kellogg's software system consists of three parts. The top layer is WMS (Warehouse Management System), which is responsible for docking customers' ERP, CRM and e-commerce ordering systems, and controlling the entire warehouse logistics center process. The middle layer is WES(warehouse execution system), which is responsible for coordinating and dispatching all kinds of logistics automation equipment clusters in the warehouse. The bottom layer is an RCS(robot control system) that supports highly concurrent computing and robot cluster scheduling. Through its trinity WMS-WES-RCS software system, Kellogg provides customized solutions for the special needs of different industries such as the pharmaceutical industry (such as coding traceability) on the basis of mature and comprehensive technology.
Q:What are the underlying technical supports of Kellars in artificial intelligence technology?
A:Kellurs' three core technologies are Perceptual Intelligence (PI), Computational Intelligence (CI), and Executive Control. Among them, perceptual intelligence is used to meet the challenges brought about by the diversification of warehouse environment, computational intelligence solves the problems of numerous SKUs and complex scheduling logic in large warehouses, and executive control technology is applied to self-research controllers to achieve precise control of robot ontologies.
Q:How is Kellur' s performance in terms of financial position and business development?
A:Keller's revenue grew steadily and profit and loss narrowed significantly. The steady increase in gross margin was mainly due to the expansion of overseas markets and the increase in the proportion of sales of individual deployed robots. At present, Kellogg has achieved a diversified combination of robots and systems with full coverage, and is in the leading position among domestic companies engaged in the on-site logistics robot industry. It has full scene coverage, fully autonomous self-research robot system, fully autonomous software system and artificial intelligence technology, and serves 29 industries including medicine.
Q:What is the philosophy of the company's founder and how is it reflected in VFR products?
A:The founder of the company put forward the idea of "scene is king, technology is the foundation". In the VFR product, we have studied the scene pain points of on-site logistics in depth, especially in terms of maximizing the use of area and achieving extremely narrow lanes. Through VI products, we have solved this industry pain point, and with the serialization and global promotion of products, it has been warmly welcomed and generated strong demand.
Q:What are Keller's plans in terms of overseas market placement?
A:Keller will begin a comprehensive, three-dimensional and comprehensive process of going to sea in the second half of 2025, which includes not only the export of products, but also a comprehensive spread on a global scale. Under the industry development trend of Hengqiang, who can achieve leading technology, strong capital strength, excellent team and unique advantages in going to sea, who will be able to occupy a dominant position in the next 5 to 10 years.
Q:What are the two common warehouse forms in on-site logistics?
A:The two common warehouse forms in on-site logistics are high-standard warehouse (three-dimensional warehouse intensive access) and floor warehouse. High-standard warehouses are generally more than 12 meters high and use dense shelves to store a large number of SKU. The floor warehouse is stored in a floor space of 3 to 4 meters high.
Q:How can SaaS products help optimize the on-site logistics operation process?
A:SaaS products realize discrete handling through VR find, and combine continuous large-scale handling (such as conveyor line sorting) and large-scale batch transportation to take goods out of the shelf and transport them to the ground through high-speed hoists, and finally to the picking station. This series of processes has significantly changed the traditional mode of people looking for goods, greatly improving the efficiency of logistics.
Q:What are the application cases of Keller in the fields of medicine and automobile manufacturing?
A:In the field of medicine, Kaile cooperates with shareholders such as Great Forest to provide solutions in modern pharmaceutical logistics. In the field of automobile manufacturing, Kaile serves well-known brands such as SAIC Benz BMW, FAW Jiefang, BYD, Ideal and Xiaomi, and also provides intelligent manufacturing services for electronic manufacturing enterprises such as Huawei, ZTE, OPPO and semiconductor small and medium-sized services. At present, Keller has 884 customers and 29 application industries, covering a wide range of diversified markets.
Q:What is the current status of the company's overseas projects?
A:At present, the company has about 50 overseas projects in progress, distributed in other countries and regions except Africa. Among them, BYD's central position is in Sao Paulo, Brazil, and is an important customer of ours.
Q:How does the company plan for future overseas market development?
A:The company has formulated a three-year detailed plan (2026-2028). Although it has not considered the African market for the time being, it will pay attention to the sea opportunities in places such as Dubai and Mexico. Especially in Europe, America, North America and Western Europe, it will also keep up with the pace of Chinese companies such as BYD and Midea.
Q:What is the company's overseas layout strategy? What are the company's specific products in overseas markets?
A:The company adopts a three-dimensional strategy in overseas layout. Previously, it mainly cooperated with overseas integrators (non-agents) to integrate our characteristic products and subsystems into the solutions they provided. At present, there are four ways to play: one is to deepen cooperation with integrators in the core region; The second is to implement the strategy of large customers and bind the global layout of the US head car company and the world's top logistics companies. The third is to establish a localized presence, that is, to set up offices and recruit local employees all over the world. The fourth is to accompany Chinese enterprises to sea, such as following BYD and other customers to expand the market. The company's main products include shuttle cars and shuttle boards. Shuttle cars are mainly used to store bins, while shuttle boards are used to store pallets. These traditional products currently have different needs in overseas markets, especially in Europe, America, North America and Western Europe.
Q:In overseas projects, what are the main aspects of the demand for solutions?
A:In overseas projects, the demand for solutions is mainly reflected in two aspects: one is the shuttle board, that is, the shuttle board used to place pallets, which is in high demand for such products; the other is the conveying and sorting robot, which is an indispensable and important way of internal transportation in on-site logistics.
Q:What is the development of Dema Technology and CSR?
A:As the industry leader, Dema Technology started and gradually developed in 22 years. After two or three years of optimization and upgrading, its products and solutions are getting better and better, and the solutions are becoming more and more mature. At present, Dema Technology's products are not only adopted by BYD, but also become customers of VI2, and successfully occupied the domestic BID market, and is now preparing to establish a large warehouse in Brazil.
Q:How is AMR performing?
A:In the field of AMR, our company has launched the world's first original product. At present, the pricing power is relatively high and the gross profit is relatively high. This is because the originality of the product dictates that there are no options in this scenario, which, coupled with strong demand, constitutes a key factor in the growth curve.
Q:How has China's industrial robot market changed?
A:China's industrial robot market has changed significantly. In the past, it mainly relied on cost-effective competition, but now it is relying on unique products and technologies. Although the four major robot manufacturers (such as ABB, Faraco, Kuka, etc.) that once dominated Japan, Germany, Northern Europe and the United States still have a certain influence, China's new generation of robot products are rapidly rising with their uniqueness and technological innovation, and have shown strong willingness to pay and recognition of turn key engineering capabilities in the European and American markets.
Q:What are the characteristics of the US market's willingness to pay for automation products?
A:In the U.S. market, companies are more willing to pay for automation products, as reflected in the high acceptance of turn-key turnkey engineering capabilities and software subscription upgrade services. In China, although the scheme design is equally important, the willingness to pay for software is relatively weak, and it is more inclined to bid in the form of hardware after the overall scheme is formed.
Q:What is the product range and application of Kellos?
A:Kellos's product series includes CL, CS, CC and other product families with different load and height combinations, which realize full coverage of the three standard pallets of Japanese standard, European standard and US standard. Among them, CC9 products can carry pallets with a difference of 1.5 tons to a height of 10 meters, and even adapt to the environment of 7 meters narrow track. Automotive head customers in the United States took the initiative to visit Jiaxing without being invited to express their high recognition of Kelus products and plan to apply them to their own factories, reflecting the good development trend of Kelus products in the US market.

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