Core Viewpoint - Kedi Co., Ltd. (stock code: sh605288) experienced a limit-up on January 19, 2026, reaching a price of 126.48 yuan, with a 10% increase, resulting in a total market capitalization of 8.939 billion yuan and a circulating market capitalization of 8.879 billion yuan, with a total transaction amount of 240 million yuan at the time of reporting [1]. Group 1 - The recent surge in Kedi's stock price is attributed to the announcement of its robotics business, which, while not expected to generate immediate revenue, may provide new growth opportunities in the long term [2]. - The company's construction projects have increased from 59.4 million yuan to 102 million yuan, indicating an intention for capacity expansion, while its operating revenue for the first three quarters has grown by 3.67% year-on-year, suggesting a phase of business scale expansion [2]. - Kedi's financial assets have risen from 380 million yuan to 526 million yuan, reflecting strong financial management capabilities, with minimal share reductions by major shareholders, indicating a stable governance structure [2]. Group 2 - The current market trend shows significant interest in robotics, with substantial capital inflow into related sectors, which likely attracted market attention to Kedi's newly announced robotics business [2]. - On the technical and capital flow front, Kedi was included in the "Dragon and Tiger List" on January 9, with a transaction amount of 235 million yuan, indicating net buying from speculative funds and institutions, contributing to the stock price increase leading to the limit-up on January 19 [2].

Group 1 - The core point of the news is that Kaidi Co., Ltd. has seen a significant increase in its stock price, rising 6.54% on January 12, with a total market value of 8.127 billion yuan and a cumulative increase of 24% over four consecutive days [1] - Kaidi Co., Ltd. is primarily engaged in the research, production, and sales of linear drive systems, with 98.83% of its revenue coming from linear drive products [1] - The stock's trading volume on January 12 was 5.0553 million yuan, with a turnover rate of 0.06% [1] Group 2 - Guotai Fund's Guotai Valuation Advantage Mixed Fund (LOF) A (160212) increased its holdings in Kaidi Co., Ltd. by 557,200 shares in the third quarter, now holding 2.6039 million shares, which represents 3.71% of the circulating shares [2] - The fund has generated a floating profit of approximately 18.3835 million yuan today and 54.3953 million yuan during the four-day increase [2][3] - The Guotai Valuation Advantage Mixed Fund (LOF) A has a total scale of 1.566 billion yuan and has achieved a year-to-date return of 8.21% [2]

Core Viewpoint - The stock of Kaidi Co., Ltd. experienced an abnormal fluctuation with a cumulative price increase deviation exceeding 20% over three consecutive trading days from January 7 to 9, 2026, while the company's production and operations remain normal [1] Financial Performance - For the period from January to September 2025, the company's revenue was 926 million yuan, representing a year-on-year increase of 3.67% [1] - The net profit attributable to the parent company was 28.69 million yuan, showing a significant year-on-year decline of 59.64%, indicating substantial pressure on annual performance [1] Business Operations - The company's robotics business has been initiated but has not yet generated revenue, which is expected to have no impact on overall performance [1]

Core Viewpoint - The company, Kedi Co., Ltd. (605288.SH), has announced an abnormal fluctuation in its stock trading, highlighting the market's increased attention on its robotics-related business, which is currently in the development stage and not expected to generate significant revenue in the short term [1] Group 1 - The company's robotics-related business has been officially initiated, indicating a strategic focus on this sector [1] - The products in the robotics segment are still under development, which suggests that the company is in the early stages of this venture [1] - The anticipated lack of immediate revenue generation from the robotics business is not expected to have a major impact on the company's overall performance [1]

证券代码：605288 证券简称：凯迪股份 公告编号：2026-001 常州市凯迪电器股份有限公司 常州市凯迪电器股份有限公司（以下简称"公司"或"凯迪股份"）股票 价格于 2026 年 1 月 7 日、1 月 8 日、1 月 9 日连续三个交易日内日收盘价格涨幅 偏离值累计超过 20%。根据上海证券交易所的相关规定，属于股票交易异常波动 情形。 经公司董事会自查及发函问询控股股东及实际控制人，截至本公告披露 日，不存在应披露而未披露的重大信息。 公司机器人相关业务已立项，产品仍处于开发阶段，短期内暂无法形成 收入，预计不会对公司业绩造成重大影响。 重大风险提示 业绩下滑风险：2025 年 1-9 月，公司营业收入 926,077,767.55 元，较上年 同期增长 3.67%，归母净利润 28,690,753.65 元，较上年同期减少 59.64%；全年 业绩承压较大。 一、股票交易异常波动的具体情况 股票交易异常波动公告 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： 1 公司股票价格于 2026 年 ...

Core Viewpoint - The company, Kaidi Co., Ltd. (605288), reported that its production and operational activities are normal, with no significant changes in the internal and external business environment [1] Group 1: Business Operations - The company has noted a high market interest in its robotics-related business, which is currently in the project initiation phase [1] - The robotics products are still under development and are not expected to generate revenue in the short term [1] - The anticipated lack of short-term revenue from the robotics segment is not expected to have a significant impact on the company's overall performance [1]

Group 1 - The automation equipment sector increased by 1.87% on January 9, with Tianzhun Technology leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Notable gainers in the automation equipment sector included Tianzhun Technology, which rose by 13.36% to a closing price of 68.80, and Hongxun Technology, which increased by 10.03% to 17.11 [1] Group 2 - The automation equipment sector experienced a net outflow of 528 million yuan from institutional investors, while retail investors saw a net inflow of 898 million yuan [2] - The top individual stocks by net inflow included Robotech, with a net inflow of 14.6 million yuan, and Kaidi Co., with a net inflow of 58.1 million yuan [3] - The overall trading volume for the automation equipment sector was significant, with Robotech achieving a transaction amount of 3.325 billion yuan [1][3]

Summary of Key Points from the Conference Call of Kaidi Co., Ltd. Company Overview - Kaidi Co., Ltd. focuses on linear drive systems, with product lines covering electric home appliances, height-adjustable desks, medical care equipment, and electric tailgates for vehicles, showcasing strong market competitiveness and deep technological accumulation [2][3][4] Core Industry Insights - The company performed exceptionally well during the pandemic, but has seen a decline in revenue and profit in recent years due to economic slowdowns in Europe and North America [2][5] - Increased market competition has led to a decrease in gross margins, although these margins are stabilizing and expected to recover as overseas production capacity is gradually utilized [2][5][6] Market Potential - The electric tailgate market is projected to experience explosive growth, with an expected global market size of $3 billion by 2030 and a compound annual growth rate (CAGR) of 80% [2][10] - The global new drive market is approximately $10 billion, with a CAGR of about 3%, while China's growth rate is close to 7% to 8% [2][7] - The electric height-adjustable desk market is anticipated to grow from $50 billion to $100 billion between 2024 and 2032, with a CAGR of 13%, and nearly 20% in China [2][8] Product Structure and Revenue - Major products include electric home appliances and height-adjustable desks, with a significant portion of revenue derived from overseas markets [2][6] - The company has established local production in North America to attract high-quality customers [6] Robotics and Technological Development - Kaidi is positioning itself in the robotics sector, driven by the upcoming release of Tesla's next-generation humanoid robot [3][4] - The company has a strong self-manufacturing capability in core components, which are essential for robotic linear joint modules [3][12] - Investments in partners like Huiying Power enhance the company's capabilities in reducer technology and joint module development [4][17][18] Competitive Advantages - Kaidi's complete self-owned industrial chain and 30 years of experience in electromechanical integration provide significant advantages in R&D speed and manufacturing cost [16][20] - The shift from hydraulic to electric drive systems in robotics is a notable trend, with Kaidi's technology supporting this transition [15][20] Future Outlook - The company is expected to maintain high growth potential due to its main business market trends and the emerging robotics sector [20] - Kaidi's strong technological foundation, high self-manufacturing rate, and collaborative partnerships will continue to enhance its competitive edge in the market [20]

华鑫证券研报指出，凯迪股份为线性驱动领导厂商，积极拓展人形机器人赛道。我国线性驱动行业的发 展始于21世纪初期，发展时间相对较短，海外企业占据全球70%以上市场份额，国产替代空间广阔。目 前公司已成为线性驱动领军企业，沙发电动推杆产品达到了30%以上的全球市场占有率。线性驱动市场 前景广阔，应用领域不断延伸。凭借强大技术研发实力赋能，以及多年来在线性驱动器方面的经验积 累，叠加自身全球化战略布局，公司有望成为具身智能赛道领先企业，开辟第二成长曲线。线性驱动市 场前景广阔，公司技术实力雄厚，积极切入人形机器人赛道，业绩有望逐步增长，维持"买入"投资评 级。 ...

Market Performance - The automation equipment sector increased by 0.75% on January 7, with Andar Intelligent leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Andar Intelligent (688125) closed at 170.08, up 20.00% with a trading volume of 23,200 and a transaction value of 375 million [1] - Inno Laser (301021) closed at 54.37, up 12.31% with a trading volume of 191,700 and a transaction value of 992 million [1] - Hongxun Technology (603015) closed at 14.14, up 10.04% with a trading volume of 206,500 and a transaction value of 286 million [1] - Other notable stocks include Kaidi Co. (605288) up 10.00%, Lianying Laser (688518) up 5.12%, and Jietu (688025) up 4.73% [1] Capital Flow - The automation equipment sector experienced a net outflow of 54.99 million from institutional investors and 380 million from retail investors, while retail investors saw a net inflow of 435 million [5] - Major stocks like Huagong Technology (000988) had a net inflow of 256 million from institutional investors but a net outflow of 406 million from retail investors [5] - Inno Laser (301021) had a net inflow of 105 million from institutional investors but a net outflow of 117 million from retail investors [5]