Core Insights - The article highlights the increasing enthusiasm of listed companies in China towards private equity investments, with a total subscription amount of 748 million yuan for private securities products as of November 5, 2025 [1] Group 1: Subscription Trends - Nine listed companies, including Yongji Co., Diah Co., and Chuangxin New Materials, have announced subscriptions to private equity products, involving 11 transactions [1] - The total subscription amount reached 748 million yuan, indicating a strong interest from listed companies in private investments [1] Group 2: Preference for Large Private Equity Firms - Large private equity firms with over 10 billion yuan in assets have become popular among listed companies, with four firms—Yinye Investment, Century Frontier, Yuanfeng Fund, and Liangpai Investment—receiving a combined subscription amount of 220 million yuan, accounting for 29.41% of the total [1] - Diah Co. has shown confidence in leading quantitative and mixed private equity firms by subscribing 60 million yuan to Yinye Investment and 50 million yuan to Century Frontier [1] Group 3: Diverse Investment Strategies - The subscription strategies exhibit a diversified approach, with quantitative strategies emerging as a significant choice; over 50% of the 11 subscriptions were to products from quantitative and subjective + quantitative mixed private equity firms [1] - Yaxing Anchor Chain subscribed twice to quantitative products from Yanbo Chengfeng, totaling 243 million yuan; other companies like Taiji Co., Keli Sensor, and Diah Co. also invested in quantitative products from various firms [1] Group 4: Variation in Subscription Amounts - There is a notable disparity in the subscription amounts among listed companies, with some like Yaxing Anchor Chain, Yongji Co., and Chuangxin New Materials investing over 100 million yuan, while others like Rongtai Health made a smaller attempt with 5 million yuan [2]

Company Overview - Keli Sensor Technology Co., Ltd. is located in Ningbo, Zhejiang Province, established on December 30, 2002, and listed on August 6, 2019. The company specializes in the research, production, and sales of strain sensors and instruments, as well as providing system integration and various intelligent systems [2]. Business Segments - The main business revenue composition includes: mechanical sensors and instruments series (48.70%), industrial IoT and system integration (41.12%), and other segments (5.02%). Other physical quantity sensor series include temperature (1.53%), current and voltage (1.51%), water quality (1.06%), platform products (0.83%), and vibration (0.23%) [2]. Financial Performance - As of September 30, Keli Sensor reported a total revenue of 1.082 billion yuan for the first nine months of 2025, representing a year-on-year growth of 17.72%. The net profit attributable to shareholders was 254 million yuan, showing a year-on-year increase of 33.29% [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 1.47% to 62,900, with an average of 4,467 circulating shares per person, an increase of 1.50% [3]. The company has distributed a total of 453 million yuan in dividends since its A-share listing, with 251 million yuan distributed in the last three years [4]. Market Activity - On November 6, Keli Sensor's stock price increased by 2.01% to 65.99 yuan per share, with a trading volume of 109 million yuan and a turnover rate of 0.60%. The total market capitalization reached 18.532 billion yuan [1]. Year-to-date, the stock price has risen by 2.59%, but it has seen declines of 2.31% over the last five trading days, 13.15% over the last 20 days, and 5.04% over the last 60 days [1]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 3.6938 million shares, an increase of 1.3078 million shares from the previous period. The E Fund National Robot Industry ETF and Southern CSI 1000 ETF are also among the top shareholders, with the former being a new shareholder [4].

Key Points Summary of Keli Sensor's Conference Call Company Overview - **Company**: Keli Sensor - **Industry**: Sensor technology and robotics Financial Performance - **2025 Revenue Growth**: 8% year-on-year, with a revenue of 1.082 billion yuan in Q3, representing a 17.72% increase [2][3] - **Net Profit**: 254 million yuan in Q3, a 33% increase; non-recurring net profit of 172 million yuan, up 8% [3] - **Return on Equity (ROE)**: Average ROE reached 9.08%, an increase of 1.66 percentage points [2][3] - **Operating Cash Flow**: Increased by 10.71% [2][3] - **Total Assets**: 4.5 billion yuan; net assets attributable to the parent company at 2.754 billion yuan [3] Strategic Investments and Acquisitions - **Investment Focus**: Concentrated on the sensor industry and humanoid robotics, integrating multiple companies through controlling and equity stakes [2][6] - **Acquisition of Yipuxing**: Completed in September 2025, expected to contribute approximately 40 million yuan in net profit for the year [2][10] - **Investments in Robotics**: Significant investments in companies like Kepler (industrial robots), Tashan Technology (capacitive tactile sensors), and Beimi (IMU) [2][7][9] Technological Advancements - **Six-Dimensional Force Sensors**: Achieved breakthroughs, with samples sent to over 60 companies and partnerships established for therapeutic robots [2][11] - **MEMS Technology**: Progress in silicon-based MEMS technology aimed at enhancing sensor overload capacity and sensitivity [4][16] Market Outlook - **Industry Recovery**: Signs of recovery in downstream sectors such as 3C, lithium batteries, and new energy, with expectations for accelerated growth in humanoid robotics in 2026 [12] - **Core Competitive Advantages**: Comprehensive sensor industry layout, self-controllable technology, forward-looking investment capabilities, and deepened customer relationships [13] Future Developments - **Key Focus Areas for 2026**: Large-scale production of six-dimensional force sensors, quality improvements, and strategic investments in emerging fields [14][15] - **Potential for IPOs**: Yipuxing may consider independent listing if it maintains double-digit profit growth [21] Additional Insights - **Non-Recurring Gains**: Primarily from investment income and fair value changes, with a total of approximately 80 million yuan [4] - **Government Subsidies**: Received 15.69 million yuan in subsidies, contributing to stable income [5] - **Future Business Reserves**: Focus on industrial automation and medical devices, with ongoing efforts to deepen internal capabilities [24] This summary encapsulates the key points from Keli Sensor's conference call, highlighting financial performance, strategic investments, technological advancements, market outlook, and future developments.

证券代码：603662 证券简称：柯力传感 公告编号：2025-041 宁波柯力传感科技股份有限公司 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法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 13 日 （星期四） 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长、总经理：柯建东先生 董事、副总经理、董事会秘书：叶方之先生 投资者可于 2025 年 11 月 06 日 （星期四） 至 11 月 12 日 （星期三）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 dmb@kelichina.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。 宁波柯力传感科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 396 million RMB for Q3 2025, representing a year-on-year increase of 9.06%, and a net profit of 81 million RMB, up 10.11% year-on-year [2]. - For the first three quarters of 2025, the company achieved a total revenue of 1.082 billion RMB, reflecting a year-on-year growth of 17.72%, with a net profit of 254 million RMB, which is a 33.29% increase year-on-year [2]. - The gross profit margin for Q3 2025 was 44.25%, an increase of 1.08 percentage points year-on-year, while the net profit margin was 24.24%, up 0.36 percentage points year-on-year [2][3]. - The company is benefiting from the growth of its consolidated subsidiaries, which has positively impacted revenue and gross margin [3]. - The report highlights that the company's new business initiatives are expected to drive growth and provide both short-term performance and long-term high-growth options in the robotics sector [3]. Summary by Sections Performance Review - Q3 2025 revenue reached 396 million RMB, a 9.06% increase year-on-year; net profit was 81 million RMB, up 10.11% [2]. - For the first three quarters of 2025, total revenue was 1.082 billion RMB, a 17.72% increase year-on-year; net profit was 254 million RMB, a 33.29% increase [2]. Operational Analysis - Revenue growth is attributed to the performance of newly consolidated subsidiaries [3]. - Gross margin improved due to revenue structure adjustments, with a year-on-year increase of 1.08 percentage points [3]. - Expense ratios remained stable, with sales, management, financial, and R&D expense ratios reported at 7.13%, 7.13%, 0.83%, and 8.62% respectively [3]. Profit Forecast and Valuation - The report forecasts revenues of 1.55 billion RMB, 1.87 billion RMB, and 2.15 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of approximately 350 million RMB, 410 million RMB, and 460 million RMB [4]. - The current market capitalization corresponds to P/E ratios of 54, 46, and 41 for the years 2025, 2026, and 2027 [4].

Core Viewpoint - The company reported stable revenue and profit growth in Q3 2025, driven by previous acquisitions and a comprehensive layout in robotic sensing solutions, maintaining a "buy" rating [1][4]. Financial Performance - Q3 2025 revenue reached 396 million, up 9.06% year-on-year and 7.26% quarter-on-quarter; net profit attributable to shareholders was 81 million, up 10.11% year-on-year but down 16.39% quarter-on-quarter [1]. - For the first three quarters, total revenue was 1.082 billion, an increase of 17.72% year-on-year; net profit attributable to shareholders was 254 million, up 33.29% year-on-year [1]. - Gross margin for Q3 was 44.25%, up 1.08 percentage points year-on-year; net margin was 24.24%, up 0.36 percentage points year-on-year [2]. - For the first three quarters, gross margin was 44.12%, up 0.8 percentage points year-on-year; net margin was 26.93%, up 3.25 percentage points year-on-year [2]. Cost Structure - Q3 2025 operating expense ratio was 23.7%, up 0.32 percentage points year-on-year; sales expense ratio was 7.13%, up 0.8 percentage points year-on-year; management expense ratio was 7.13%, up 0.03 percentage points year-on-year; financial expense ratio was 0.83%, down 0.87 percentage points year-on-year; R&D expense ratio was 8.62%, up 0.36 percentage points year-on-year [2]. Business Development - The company has achieved full coverage of robotic mechanical sensing products, establishing a core capability in six-dimensional force/torque sensors integrated with multi-modal perception [3]. - Future focus will be on securing bulk orders from robotic companies and overcoming challenges in transitioning from sample orders to bulk production [3]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 332 million, 370 million, and 432 million respectively [4]. - The target price for 2026 is set at 106.92, reflecting a price-to-earnings ratio of 81x, up from the previous 72x, due to rapid advancements in robotic sensing solutions [4].

Group 1 - Core viewpoint: Keli Sensor (603662.SH) reported an increase in institutional holdings in its Q3 2025 report, with a total of 31.09 million shares held by 8 institutional investors, representing 11.07% of the total share capital, an increase of 0.56 percentage points from the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings compared to the previous period, with a total increase of 0.79% [2] - One new public fund was disclosed this quarter, namely Huabao Anyi Six-Month Holding Period Bond A [2] - A total of 98 public funds were not disclosed this quarter, including notable funds such as Southern CSI 1000 ETF and Huaxia CSI 1000 ETF [2]

Core Viewpoint - Keli Sensor is a significant player in the global sensor industry, focusing on the research and production of strain sensors and related products, with a comprehensive competitive advantage across the entire industry chain [1] Group 1: Company Overview - Keli Sensor was established on December 30, 2002, and was listed on the Shanghai Stock Exchange on August 6, 2019, with its registered and office address in Ningbo, Zhejiang Province [1] - The company specializes in the research, production, and sales of strain sensors and instruments, and also provides system integration and third-party services for dry powder mortar [1] Group 2: Financial Performance - In Q3 2025, Keli Sensor reported revenue of 1.082 billion yuan, ranking 11th among 61 companies in the industry, with the industry leader, Chuan Yi Co., achieving revenue of 4.89 billion yuan [2] - The company's net profit for the same period was 291 million yuan, ranking 2nd in the industry, with Chuan Yi Co. leading at 469 million yuan [2] - The revenue from mechanical sensors and instruments was 631 million yuan, accounting for 48.70% of total revenue, while the industrial IoT and system integration segment generated 533 million yuan, representing 41.12% [2] Group 3: Financial Ratios - As of Q3 2025, Keli Sensor's debt-to-asset ratio was 30.16%, higher than the industry average of 27.43% [3] - The gross profit margin for the same period was 44.12%, exceeding the industry average of 43.50% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.47% to 62,900, with an average of 4,467.33 circulating A-shares held per shareholder, an increase of 1.50% [5] - Notable changes among the top ten circulating shareholders include Hong Kong Central Clearing Limited increasing its holdings by 1.3078 million shares, and the introduction of new shareholders such as E Fund National Robot Industry ETF [5] Group 5: Strategic Developments - Keli Sensor has focused on the humanoid robot sector, completing strategic investments in multiple related companies to build capabilities in robot sensing solutions [5][6] - The company has sent samples to over 50 robot enterprises, with nearly 1,000 units of six-dimensional force sensors shipped, and some receiving small batch orders [5][6] - Keli Sensor is advancing the research and development of MEMS silicon-based six-dimensional force/torque sensors to enhance product performance [5][6]

Core Insights - The company, 柯力传感 (603662.SH), reported a revenue of 1.082 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 17.72% [1] - The net profit attributable to the parent company reached 254 million yuan, showing a year-on-year increase of 33.29% [1] - The non-recurring net profit was 172 million yuan, with a year-on-year growth of 8% [1] - The basic earnings per share stood at 0.90 yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥396,423,893.13, representing a year-on-year increase of 9.06%[3] - The total profit for the period was ¥105,586,215.14, reflecting a growth of 12.40% compared to the same period last year[3] - The net profit attributable to shareholders was ¥81,253,181.14, which is an increase of 10.11% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥63,107,262.35, up by 7.02% from the previous year[3] - The basic earnings per share (EPS) for the quarter was ¥0.29, marking an increase of 11.54% year-on-year[3] - Total operating revenue for the first three quarters of 2025 reached ¥1,081,598,934.50, an increase of 17.7% compared to ¥918,764,697.58 in the same period of 2024[16] - Net profit for the first three quarters of 2025 was ¥291,235,670.92, representing a 33.7% increase from ¥217,570,704.11 in the previous year[17] - Total comprehensive income reached CNY 291,235,670.92, up from CNY 217,570,704.11 in the previous year, representing a growth of approximately 33.7%[18] - Basic and diluted earnings per share increased to CNY 0.90 from CNY 0.68, reflecting a rise of 32.4%[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥4,498,736,178.80, a slight increase of 0.47% from the end of the previous year[4] - Total current assets as of September 30, 2025, amount to ¥2,419,512,853.23, a decrease from ¥2,680,430,283.28 in the previous year[12] - Total liabilities decreased to ¥1,356,883,906.38 from ¥1,423,708,721.43, a reduction of approximately 4.7%[14] - The total equity attributable to shareholders increased to ¥2,753,689,033.61, up from ¥2,672,003,550.21, reflecting a growth of 3.0%[14] - The company's short-term borrowings decreased slightly to ¥452,811,276.46 from ¥461,419,927.05, a decline of 1.3%[13] - The total non-current liabilities decreased significantly to ¥35,734,474.95 from ¥131,694,522.99, a reduction of 72.9%[13] Cash Flow - Net cash flow from operating activities was CNY 163,303,251.53, compared to CNY 147,508,534.83 in the same period last year, an increase of about 10.5%[19] - Cash inflow from investment activities totaled CNY 1,653,959,711.88, significantly higher than CNY 1,144,356,269.23, marking an increase of approximately 44.6%[19] - Net cash flow from investment activities was negative at CNY -26,098,656.15, an improvement from CNY -38,119,344.92 in the previous year[19] - Cash flow from financing activities showed a net outflow of CNY -80,077,976.27, worsening from CNY -46,941,588.91 year-over-year[19] - The ending balance of cash and cash equivalents increased to CNY 247,716,793.53 from CNY 127,187,193.88, a growth of approximately 94.9%[19] - Total cash outflow from operating activities was CNY 724,893,222.02, compared to CNY 738,501,763.19 in the previous year, indicating a decrease of about 1.8%[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 62,863[9] - The largest shareholder, Ke Jiandong, holds 126,290,508 shares, representing 44.97% of total shares[9] - The company has no significant changes in the top 10 shareholders due to margin trading activities[10] Investment and R&D - The company reported an 88.76% increase in investment income, attributed to higher returns from financial products and equity investments[7] - The company's investment income rose significantly to ¥87,989,039.91, compared to ¥46,613,467.72 in the same period last year, marking an increase of 88.6%[17] - Research and development expenses for the first three quarters of 2025 were ¥98,409,466.43, up 26.2% from ¥78,028,838.33 in 2024[16] Non-Recurring Items - Non-recurring gains and losses for the period totaled ¥18,145,918.79, with significant contributions from asset disposals and government subsidies[7] - The company's cash and cash equivalents position remains strong, supporting ongoing operational and strategic initiatives[14] - The company did not execute any mergers or acquisitions during the reporting period, focusing instead on organic growth and operational efficiency[20]