Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a record high revenue in Q3, driven by the AI wave in consumer electronics, which has significantly increased the demand for precision welding [7] - The semiconductor business is making progress, contributing to the domestic substitution process, with notable orders received for silicon carbide and discrete device packaging equipment [7] - The company is expected to achieve revenues of 1,098 million yuan, 1,338 million yuan, and 1,540 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 273 million yuan, 333 million yuan, and 388 million yuan [7] Financial Performance - For Q3 2025, the company reported revenue of 3.04 billion yuan, a year-on-year increase of 30.82%, and a net profit of 660 million yuan, up 48.77% year-on-year [7] - The projected revenue growth rates for the years 2024 to 2027 are 19.2%, 16.2%, 21.9%, and 15.1% respectively [6] - The projected net profit growth rates for the same period are 11.1%, 28.6%, 21.9%, and 16.5% respectively [6] Market Performance - The company's stock has shown a performance of -12%, 1%, 13%, 26%, and 39% over the last 12 months compared to the CSI 300 index [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.96 yuan per share [5][8]. Core Insights - The company has demonstrated steady revenue growth, achieving a revenue of 808 million yuan in the first three quarters of 2025, representing a year-on-year increase of 18.30%. The net profit attributable to shareholders reached 198 million yuan, up 21.83% year-on-year [2]. - In Q3 2025, the company reported a revenue of 304 million yuan, a significant year-on-year increase of 30.82%, and a net profit of 66 million yuan, which is up 48.77% year-on-year [2]. - The company has effectively controlled costs, with a gross margin of 49.45%, an increase of 1.14 percentage points year-on-year, and a period expense ratio of 23.59%, down 1.90 percentage points year-on-year [3]. - Cash flow from operating activities improved significantly, reaching a net cash flow of 230 million yuan, a year-on-year increase of 102.34%, primarily due to increased collections during the reporting period [4]. - The company is actively pursuing a restricted stock incentive plan and employee stock ownership plan, which aims to align the interests of the core team with the long-term goals of the company [4]. Financial Forecast - The company is projected to achieve revenues of 1.104 billion yuan, 1.300 billion yuan, and 1.532 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 265 million yuan, 325 million yuan, and 393 million yuan for the same years [5][7]. - The earnings per share (EPS) are forecasted to be 1.06 yuan, 1.31 yuan, and 1.58 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 25, and 21 times [5][7].

Core Viewpoint - Kuaike Intelligent (603203.SH) reported its Q3 2025 results, highlighting significant institutional ownership and changes in public fund holdings [1][2] Group 1: Institutional Ownership - As of October 30, 2025, 13 institutional investors disclosed holdings in Kuaike Intelligent A-shares, totaling 157 million shares, which represents 62.00% of the company's total share capital [1] - The top ten institutional investors collectively hold 61.58% of the shares, with a slight decrease of 0.38 percentage points compared to the previous quarter [1] Group 2: Public Fund Holdings - One public fund, Huaxia CSI Robotics ETF, increased its holdings, accounting for a 0.20% increase [2] - Five new public funds disclosed their holdings this quarter, including Xingquan Light Asset Mixed (LOF), Tianhong Selected Mixed A, Tianhong Quality Value Mixed A, China Europe Small Cap Growth Mixed A, and Tianhong Emerging Industries Mixed Initiation A [2] - A total of 92 public funds were not disclosed this quarter, including Tianhong CSI Robotics ETF and others [2]

股票代码：603203 2024 环境、社会及管治报告 快克智能装备股份有限公司 Content 目录 一 报告说明 三 稳健治理 五 环境责任 七 协作共赢 二 ESG 管理 八 附录 四 责任运营 六 以人为本 （一）关于本报告 （二）董事长致辞 （三）关于快克智能 （四）年度荣誉 （一）公司治理结构 （二）合规与内控管理 （三）风险管理 （四）商业道德与反腐败 （五）信息披露与投资者关系 （一）环境管理 （二）污染防治与废弃物管理 （三）资源使用与能源管理 （四）应对气候变化 （五）绿色供应链管理 （一）供应链管理 （二）社会公益 （一）ESG 绩效表 （二）上海证券交易所 上市公司自律监管指引索引表 （三）GRI 指标索引表 （一）ESG 战略 （二）ESG 管理架构 （三）利益相关方沟通 （四）实质性议题评估 （一）产品质量与安全 （二）客户权益保障 （三）创新发展与知识产权 （四）负责任营销 （一）平等、多元雇佣 （二）人才培养与职业发展 （三）员工权益保障 2024 环境、社会及管治报告 1 报告说明 2 ESG 管理 3 稳健治理 4 责任运营 5 环境责任 6 以人为本 7 协作共赢 一 报 ...

证券代码：603203 证券简称：快克智能 公告编号：2025-035 快克智能装备股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： 会议召开时间：2025 年 11 月 12 日（星期三）13:00-14:00 会议召开时间：2025 年 11 月 12 日（星期三）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 5 日(星期三)至 11 月 11 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （quickir@quick-global.com）进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 快克智能装备股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发 布公司 20 ...

Stock Code：603203 2024 Environmental, Social and Governance Report QUICK INTELLIGENT EQUIPMENT CO., LTD Content I IV VII (1) Regarding this Report (2) Chairman's Message (3) About QUICK (4) Annual Honors II V (3) Stakeholder Communication (4) Evaluation of Substantive Issues III Robust Governance Management (1) Environmental Management (2) Pollution Control and Waste Management (3) Resource Use and Energy Management (4) Addressing Climate Change (5) Green Supply Chain Management People Oriented (1) Equal an ...

一、董事会会议召开情况 快克智能装备股份有限公司（以下简称"快克智能"或"公司"）第五届董 事会第五次会议于 2025 年 10 月 30 日在公司会议室以现场及线上的方式召开。 会议通知已于 2025 年 10 月 20 日以专人送达、电子邮件的形式向全体董事发出。 本次会议应出席会议董事 6 人，实际出席会议董事 6 人。会议由公司董事长金春 主持，公司高级管理人员列席了会议。 会议的通知、召开、表决程序符合《中华人民共和国公司法》等法律、行政 法规、部门规章、规范性文件及公司章程的规定，会议决议合法有效。 二、董事会会议审议情况 (一) 审议通过《关于公司 2025 年第三季度报告的议案》 证券代码：603203 证券简称：快克智能 公告编号：2025-034 快克智能装备股份有限公司 第五届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 特此公告。 快克智能装备股份有限公司董事会 2025 年 10 月 31 日 具体详见同日于上海证券交易所网站及其他指定媒体披露的《快克智能 2025 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥303,841,542.21, an increase of 30.82% compared to the same period last year[4] - The total profit for the quarter was ¥74,935,206.74, reflecting a significant growth of 57.58% year-over-year[4] - The net profit attributable to shareholders was ¥65,544,807.04, up by 48.77% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥62,702,998.45, which represents a 76.66% increase year-over-year, driven by the growth in the AI industry[9] - The basic earnings per share for the quarter was ¥0.26, an increase of 44.44% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached CNY 808,154,881.98, an increase of 18.4% compared to CNY 683,142,145.98 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was CNY 197,826,145.51, representing a 22.7% increase from CNY 161,152,424.53 in 2024[22] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.79, compared to CNY 0.65 in the same period of 2024[23] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥230,322,645.68, reflecting a 102.34% increase[5] - Cash flow from operating activities for the first three quarters of 2025 was CNY 1,007,916,189.58, significantly higher than CNY 692,826,465.32 in 2024[25] - The total cash and cash equivalents at the end of the period amounted to $321,928,215.22, up from $150,850,429.21, marking an increase of about 113%[27] - Cash received from operating activities totaled $1,037,296,938.91, compared to $717,109,029.08 previously, showing an increase of approximately 44.7%[26] - The total assets at the end of the quarter amounted to ¥2,140,212,625.38, a 6.29% increase from the end of the previous year[5] - Total assets as of the end of the reporting period were CNY 2,140,212,625.38, up from CNY 2,013,628,019.71 in the previous year[19] Shareholder Information - The company reported a total of 13,983 ordinary shareholders at the end of the reporting period[10] - The top shareholder, Changzhou Fuyun Investment Consulting Co., Ltd., holds 29.6% of the shares, totaling 75,109,298 shares[11] Liabilities and Equity - Total liabilities increased to CNY 666,074,266.49 from CNY 577,728,933.94 year-over-year[19] - Shareholders' equity rose to CNY 1,474,138,358.89, compared to CNY 1,435,899,085.77 in the previous year[19] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 101,556,318.75, an increase from CNY 91,132,849.53 in 2024[22] Inventory and Receivables - The company's inventory increased to RMB 400,544,687.96 from RMB 314,908,392.82, representing a growth of approximately 27.2%[17] - The total receivables decreased to RMB 312,750,446.49 from RMB 369,473,776.98, showing a decline of approximately 15.3%[17] Stock Incentive Plans - The company completed the initial grant registration of 4,507,800 restricted shares under the 2025 stock incentive plan on July 10, 2025[14] - The company also completed the non-trading transfer of the 2025 employee stock ownership plan on July 14, 2025[14] - The company held a board meeting on April 28, 2025, to approve the 2025 stock incentive plan and employee stock ownership plan[13] - The company reported a total of 450,780 restricted shares granted under the incentive plan, with specific details disclosed in the announcement[14] Cash Flow from Investments - Total cash inflow from investment activities was $1,368,009,442.82, compared to $1,892,734,158.36 in the prior period, indicating a decrease of about 27.7%[26] - Cash inflow from investment recovery was $1,335,578,000.00, down from $1,876,973,643.88, indicating a decrease of approximately 28.9%[26] - The company received $58,822,980.00 from investment activities, a significant increase from $5,500,000.00 previously, indicating a growth of approximately 967.5%[27] Other Financial Metrics - The weighted average return on equity was 4.62%, up from 1.34% in the previous year[5] - Deferred income tax assets decreased to CNY 12,952,168.89 from CNY 16,549,005.24 year-over-year[18] - The company's goodwill decreased to RMB 79,658,218.32 from RMB 91,306,979.97, a reduction of about 12.7%[17]

Core Insights - The stock price of Kuaike Intelligent increased by 2.03% on October 24, reaching 30.71 CNY per share, with a market capitalization of 7.79 billion CNY [1] - The company has seen a year-to-date stock price increase of 37.27% and a recent five-day increase of 6.04% [1] Financial Performance - For the first half of 2025, Kuaike Intelligent reported a revenue of 504 million CNY, representing a year-on-year growth of 11.85%, and a net profit attributable to shareholders of 133 million CNY, also up by 11.84% [2] - Cumulative cash dividends since the company's A-share listing amount to 1.095 billion CNY, with 560 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 13,400, with an average of 18,615 circulating shares per shareholder, a decrease of 0.76% from the previous period [2] - The seventh largest circulating shareholder is the Huaxia CSI Robot ETF, holding 2.2329 million shares, an increase of 400,900 shares from the previous period [3] Business Overview - Kuaike Intelligent, established on June 28, 2006, specializes in providing intelligent equipment solutions for precision electronic assembly, micro-assembly, and semiconductor packaging testing [1] - The company's revenue composition includes 73.86% from precision welding assembly equipment, 14.54% from machine vision process equipment, 8.82% from complete intelligent manufacturing equipment, and 2.76% from die bonding packaging equipment [1]

Company Overview - Kuake Intelligent has seen a stock price increase of 34.27% year-to-date, with a recent 0.10% increase over the last five trading days, an 8.75% decrease over the last 20 days, and an 18.97% increase over the last 60 days [2] - The company specializes in providing intelligent equipment solutions in the fields of precision electronic assembly, micro-assembly, and semiconductor packaging testing [2] - As of June 30, 2025, Kuake Intelligent reported a revenue of 504 million yuan, representing a year-on-year growth of 11.85%, and a net profit attributable to shareholders of 133 million yuan, also reflecting a growth of 11.84% [2] Financial Performance - As of October 21, the stock price of Kuake Intelligent was 30.04 yuan per share, with a market capitalization of 7.62 billion yuan [1] - The company has distributed a total of 1.095 billion yuan in dividends since its A-share listing, with 560 million yuan distributed over the past three years [3] - The net inflow of main funds was 1.2933 million yuan, with large orders accounting for 15.14% of total buying and 7.73% of total selling on the same day [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Kuake Intelligent was 13,400, an increase of 0.77% from the previous period, with an average of 18,615 circulating shares per person, a decrease of 0.76% [2] - Among the top ten circulating shareholders, the Huaxia CSI Robot ETF ranked as the seventh largest, holding 2.2329 million shares, an increase of 400,900 shares from the previous period [3]