Core Insights - The article discusses the mining robot industry chain, highlighting its similarities to the general robotics industry chain, which includes upstream components, midstream manufacturing, and downstream applications [1][3]. Industry Overview - The mining robot industry relies heavily on international suppliers for core components, with major players like the "Four Families" of robotics controlling key parts, while companies like NVIDIA and Horizon dominate the AI chip market [3]. - Key manufacturers in the midstream include companies such as CITIC Heavy Industries, Zhengzhou Coal Mining Machinery, and China Railway Construction Heavy Industry [3]. Regional Analysis - The mining robot industry is well-developed in regions such as Guangdong, Shaanxi, Shandong, Jiangsu, and Shanxi, with Guangdong and Jiangsu having strong upstream component and equipment manufacturing capabilities [4]. - Other regions with a complete industry chain include Beijing, Hunan, Liaoning, Shanghai, Anhui, and Fujian [4]. Cost Structure - The core components of mining robots, including controllers, servo systems, and reducers, account for 70% of the total cost, with reducers being the most expensive at 35% [8]. - Controllers represent about 15% of the total cost, while servo systems account for 20% [8]. Value Chain Analysis - The growth potential for suppliers of the robot body is limited compared to upstream and downstream players, with the highest profit margins found in reducers (40%), followed by servo systems and integrated systems (35%) [11]. - The profit margin for controllers is 25%, while the robot body has the lowest margin at 15% [11].

Core Insights - The article discusses the materials used in mining robots, emphasizing the importance of corrosion-resistant coatings and cast iron components for durability in harsh mining environments [1][3][4]. Material Overview - Corrosion-resistant coatings are essential in mining due to the severe corrosion caused by acidic gases and saline mist, which can damage metal parts and electronic components of robots [3]. - The coatings form a dense protective layer that reduces direct contact with corrosive substances, thereby extending the lifespan of mining robots [3]. - Cast iron, particularly wear-resistant varieties, is favored for structural components of mining robots due to its high strength and durability against wear [4]. - High-temperature alloys are also utilized in mining robots for parts that endure high temperatures and complex stresses, with domestic production reaching levels comparable to international standards [2][4]. Production Data - In 2023, China's production of corrosion-resistant coatings reached 7.15 million tons, accounting for approximately 20% of the total paint market, with a projected increase to 7.52 million tons in 2024 [3]. - The production of cast iron components in China was 51.95 million tons in 2023, reflecting a year-on-year increase of 250,000 tons, with a compound annual growth rate of 13.7% from 2016 to 2023 [4].

Core Viewpoint - The article discusses the increasing number of accounting errors among listed companies, with over 40 companies correcting such errors in 2025, highlighting the distinction between unintentional accounting errors and intentional financial fraud [1] Group 1: Accounting Errors - Accounting errors are defined as omissions or misstatements in previous financial reports due to incorrect application of accounting standards, and they are considered unintentional [1] - Some companies have misused the term "accounting error" to cover up financial fraud, as seen in cases like Kangmei Pharmaceutical and Oriental Group [1] Group 2: Specific Company Adjustments - Keda Control has made accounting adjustments for multiple reporting periods, including annual and quarterly reports from 2022 to 2024, due to errors in revenue recognition related to its new energy charging and swapping business [2][3] - The adjustments were necessary because the company initially recognized revenue using the gross method instead of the net method, which is appropriate when the company does not have control over the electricity supplied [4] Group 3: Regulatory Guidance - The Ministry of Finance has provided practical guidance on revenue recognition for charging station businesses, indicating that companies should recognize revenue based on the net method when they do not have control over the electricity [5][8] Group 4: Company Performance - A company established in 2000 and listed in 2021 has reported a revenue of 434 million yuan in 2024, a year-on-year increase of 1.76%, but its net profit decreased by 37.42% to 34.51 million yuan [9] - The company has high accounts receivable, with the ratio of accounts receivable to revenue increasing over the last three years, indicating potential liquidity issues [9] - In the first quarter of 2025, the company reported a loss of 6.14 million yuan, attributed to increased marketing and R&D expenses [10] Group 5: Robotics Business Development - The company is focusing on the development of mining robots, with several models already in use in coal mines, and aims to enhance its technology for specialized mining applications [10] - However, the R&D expenditure for the robotics business was less than 5 million yuan in 2024, raising concerns about the commitment to this segment [11]

Core Insights - The Chinese mining robot market is characterized by a low concentration level, with a CR10 of approximately 20% [6] - The market is segmented into three tiers based on competitive strength, with leading companies including CITIC Heavy Industries, China Railway Heavy Industry, Zhengzhou Coal Mining Machinery, and China Coal Technology Engineering Group in the first tier [1][9] - The industry is experiencing a shift towards intelligent mining solutions, with companies like CITIC Heavy Industries and Shandong Hi-Speed Heavy Industry pursuing smart transformation [9] Market Structure - The first tier of the mining robot market includes CITIC Heavy Industries, China Railway Heavy Industry, Zhengzhou Coal Mining Machinery, and China Coal Technology Engineering Group, which possess strong market presence and product ecosystems [1] - The second tier consists of companies like Keda Control, Shanhe Intelligent, Tianma Intelligent, and Tianhe Technology, which have advantages in R&D investment and product manufacturing [1] - The third tier includes Guoxing Intelligent, Felik Technology, and Dade Measurement and Control, which focus on product manufacturing but have weaker competitive positions [1] Regional Analysis - The mining robot industry chain is well-developed in Guangdong, Shaanxi, Shandong, Jiangsu, and Shanxi provinces, with Guangdong and Jiangsu having a strong upstream component supply [3] - Shaanxi, Shandong, and Shanxi have a high demand for mining robots due to the presence of numerous mines [3] Competitive Landscape - The industry lacks a clear leader in terms of both revenue and growth, with most companies focusing on traditional mining equipment rather than intelligent mining robots [9] - Companies like Zhengzhou Coal Mining Machinery and Tianhe Technology are leading in revenue but have struggled with profit margins [9] - Notable companies with high profit margins exceeding 30% include Tianma Intelligent, Meian Technology, and Keda Control [9] Competitive Evaluation - A competitive analysis using six dimensions shows that CITIC Heavy Industries, China Coal Technology Engineering Group, China Railway Heavy Industry, and Zhengzhou Coal Mining Machinery lead in market revenue, product layout, and R&D investment [12] - Companies like Keda Control and Tianma Intelligent have lower revenue but a diverse product range, indicating potential for growth [12] Porter's Five Forces Analysis - The intensity of rivalry among existing competitors is moderate, with specialized manufacturers like Tianma Intelligent and Keda Control holding a technological edge [14] - The threat of new entrants is significant due to policy support for smart mining, although high R&D costs and technical barriers limit small enterprises [14] - Supplier bargaining power is strong, particularly for core components that are often imported [14] - Buyer bargaining power is also strong, especially among large state-owned mining enterprises [14]

证券代码：831832 证券简称：科达自控 公告编号：2025-068 山西科达自控股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 回复：尊敬的投资者，您好！公司将对外加强市场拓展，对内加强管理、降 本增效。市场向好的趋势不变，公司对未来充满信心。全体科达人将全力以赴， 争取为股东创造更大的价值。谢谢。 活动时间：2025 年 5 月 20 日 活动地点：公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会。 参会单位及人员：投资者网上提问 上市公司接待人员：董事长付国军、董秘任建英、财务负责人牛建勤 三、 投资者关系活动主要内容 1、请问公司新成立的杭州子公司主要经营什么业务，成立目的和意义是 什么？ 回复：尊敬的投资者，您好!公司基于战略发展需要，投资设立 ...

中信建投证券股份有限公司关于 山西科达自控股份有限公司的 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，中信建投证券股份有限公司（以下简称 "中信建投证券"或"保荐机构"）作为山西科达自控股份有限公司（以下简称 "科达自控"、"公司"或"发行人"）的保荐机构，负责科达自控的持续督导工 作，并出具 2024 年度持续督导跟踪报告。 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | 及时审阅公司信息披露文件 | | 2.督导公司建立健全并有 | 通过日常沟通、回访、查阅资料等方式，关注公司日常经营、 | | 效执行规章制度的情况 | 股票交易和媒体报道等情况，督促公司按照新公司法及相关 | | | 法律法规的要求建立健全并有效执行公司治理相关的内部 | | | 制度 | | 3.募集资金使用监督情况 | 募集资金已于 2023 年使用完毕，募集资金专户已全部注销， | | | 不适用 | | 4.督导公司规范运作情况 | 查阅公司 2024 年度内部控制自我评价报告、2024 年度内 ...

Core Viewpoint - The company, Keda Control (831832.BJ), is focusing on the rapid growth of its new energy charging and swapping business, which is projected to maintain a high growth rate in 2024, driven by unique business models and technological advantages [2]. Group 1: Business Performance - The new energy charging and swapping business is expected to achieve a revenue growth of 208.65% year-on-year in 2024, with revenues increasing from over 3 million in 2022 to 31 million in 2023, and projected to reach 97 million in 2024 [2]. - The company has established itself as a leader in the community charging segment, benefiting from the significant growth in the electric bicycle charging market in China [2]. Group 2: Market Trends - The electric two-wheeler charging station market in China is projected to have a compound annual growth rate (CAGR) of approximately 25% from 2023 to 2025 [2]. - The battery swapping market for riders is expected to reach a penetration rate of 54% by 2030, with residential battery swapping penetration anticipated to reach 15% [2]. Group 3: Strategic Focus - The company is enhancing its Internet of Things (IoT) technology and expanding its market presence while steadily developing its smart mining segment alongside the new energy charging and swapping business [2].

证券代码：831832 证券简称：科达自控 公告编号：2025-067 山西科达自控股份有限公司 员工持股平台拟减持公司股份的预披露公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | （%） | | | 太原联盈 | 员工持股 | 2,667,225 | 3.4514% | 北交所上市前取得 | | 科创投资 | 平台 | | | | | 部（普通合 | | | | | | 伙） | | | | | 一、 减持主体的基本情况 二、 本次减持计划的主要内容 | | | 计划减 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 计划减 持数量 | 持数量 占总股 | 减持 | | 减持 | 减持 价格 | 拟减持 股份来 | 拟减持 | | 称 | | | ...

中信建投证券作为科达自控本次发行的保荐机构，主要保荐工作如下： （一）尽职推荐工作 按照法律、行政法规和中国证监会的规定，对发行人进行尽职调查，组织编 制申请文件并出具推荐文件；提交推荐文件后，主动配合全国中小企业股份转让 系统有限责任公司（以下简称"全国股转公司"）的审核，组织发行人及其它中 介机构对全国股转公司、中国证监会的意见进行答复，按照要求对涉及本次发行 的特定事项进行尽职调查或核查，并按照《全国中小企业股份转让系统股票向不 特定合格投资者公开发行并在精选层挂牌规则（试行）》《全国中小企业股份转让 系统股票向不特定合格投资者公开发行保荐业务管理细则（试行）》等相关规定 向全国股转公司提交推荐本次发行所要求的相关文件，并报中国证监会备案。 中信建投证券股份有限公司 关于山西科达自控股份有限公司 向不特定合格投资者公开发行股票之保荐工作总结报告书 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为山西科达自控股份有限公司（以下简称"科达自控"、"公司"或"发行人"） 向不特定合格投资者公开发行股票（以下简称"本次发行"）的保荐机构，履行 持续督导职责期限至 2024 年 12 月 ...

证券代码：831832 证券简称：科达自控 公告编号：2025-066 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、基本情况 山西科达自控股份有限公司（以下简称"公司"）基于战略发展需要，投资 设立全资子公司——杭州科达数智科技有限公司（以下简称"科达数智"）。 目前，科达数智已完成工商注册登记，并取得由杭州高新技术产业开发区（滨 江）市场监督管理局核发的营业执照。 二、营业执照基本信息 名称：杭州科达数智科技有限公司 山西科达自控股份有限公司 关于全资子公司完成工商注册登记并取得营业执照的公告 住所：浙江省杭州市滨江区西兴街道物联网街 276 号 1 号楼 3 楼 3002 室 经营范围：一般项目：物联网技术服务；软件开发；大数据服务；数据处理 服务；人工智能公共数据平台；工业互联网数据服务；人工智能硬件销售；人工 智能理论与算法软件开发；人工智能公共服务平台技术咨询服务；人工智能应用 软件开发；工业机器人制造；工业机器人销售；工业机器人安装、维修；智能机 器人销售；智能机器人的研发；特殊作业 ...