Core Viewpoint - The company reported a decline in net profit and revenue for Q3 2025, primarily due to decreased sales and increased share-based payment expenses, but continues to focus on high-end product launches and expanding into civil applications in the aerospace industry, maintaining a "buy" rating [1][4]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 400 million yuan, a year-on-year increase of 5.01%, while net profit attributable to shareholders was 64 million yuan, a year-on-year decrease of 11.53% [1]. - In Q3 2025, revenue was 106 million yuan, reflecting a year-on-year decrease of 15.97% and a quarter-on-quarter decrease of 35.32%. Net profit for Q3 was 15 million yuan, down 37.56% year-on-year and 46.80% quarter-on-quarter [1]. - The gross margin for Q1-Q3 2025 was 38.71%, a decrease of 3.97 percentage points year-on-year, and the net margin was 15.90%, down 3.01 percentage points year-on-year [2]. Cost and Expense Analysis - The company's expense ratio for Q1-Q3 2025 was 22.79%, an increase of 2.09 percentage points year-on-year. The breakdown includes sales expense ratio at 8.61%, management expense ratio at 6.88%, R&D expense ratio at 7.53%, and financial expense ratio at -0.24% [2]. - The increase in management expenses was attributed to rising operating income and corresponding cost increases, while R&D expenses rose due to increased investment and personnel [2]. Product and Market Strategy - The company has established a complete product layout, forming a competitive advantage with a fully controllable supply chain, with applications across various sectors including aerospace, energy, automotive, and medical [3]. - Recent innovations include high-value products such as high-speed blade tip grinding centers and five-axis horizontal machining centers, contributing to new revenue growth [3]. - The company is expanding into emerging fields like low-altitude economy and humanoid robotics, providing high-precision manufacturing equipment for components in drones and helicopters [3]. Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025-2027 by 5.82%, 10.38%, and 7.64%, respectively, projecting net profits of 163 million, 210 million, and 268 million yuan, with a three-year compound growth rate of 27.25% [4]. - The estimated EPS for 2025, 2026, and 2027 is 1.22, 1.58, and 2.01 yuan, respectively, with a target price of 81.74 yuan based on a PE ratio of 67 times for 2025 [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 81.74 [7]. Core Views - The company reported a revenue of RMB 400 million for the first three quarters of 2025, representing a year-on-year increase of 5.01%, while the net profit attributable to shareholders was RMB 64 million, a decrease of 11.53% year-on-year. The third quarter saw a revenue of RMB 106 million, down 15.97% year-on-year and 35.32% quarter-on-quarter, primarily due to a decrease in sales revenue and an increase in share-based payment expenses [1]. - The company is focusing on high-end product launches to achieve domestic substitution and is deepening its engagement in the aerospace industry while continuously expanding applications in the civilian sector. The outlook for the company leading high-end machine tool domestic substitution is positive [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 38.71%, down 3.97 percentage points year-on-year, and the net profit margin was 15.90%, down 3.01 percentage points year-on-year. The decline in gross margin is attributed to the lower gross margin of the automation production line business, which is rapidly increasing in proportion [2]. - The expense ratio for the first three quarters of 2025 was 22.79%, an increase of 2.09 percentage points year-on-year. The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 8.61%, 6.88%, 7.53%, and -0.24%, respectively [2]. Product and Market Positioning - The company has a complete product layout, forming a competitive advantage of full industry chain autonomy. It has four general technology platform products and four specialized technology platform products, widely used in aerospace, energy, automotive, shipbuilding, molds, low-altitude economy, and medical fields [3]. - The company is expanding into emerging fields, focusing on low-altitude economy and humanoid robots. It is developing high-end precision manufacturing equipment for components of drones and helicopters, and its control algorithms and servo drives can be adapted for humanoid robot control systems [4]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down by 5.82%, 10.38%, and 7.64%, respectively, to RMB 163 million, RMB 210 million, and RMB 268 million, with a three-year compound growth rate of 27.25%. The corresponding EPS is projected to be RMB 1.22, RMB 1.58, and RMB 2.01 [5]. - The company is assigned a PE valuation of 67 times for 2025, leading to a target price of RMB 81.74, down from the previous value of RMB 87.10 [5].

Core Viewpoint - The company has experienced a decline in new orders due to temporary factors in the international environment, but has seen a significant increase in orders in the third quarter compared to the second quarter, indicating a positive outlook for future growth [1] Group 1: Market Demand and Competition - The decline in new signed orders is attributed to market demand factors and competition within the industry [1] - The company has adjusted its downstream layout in response to these challenges, leading to a noticeable increase in orders in the third quarter [1] Group 2: Industry Performance - The company achieved breakthroughs in the medical industry during the third quarter, continuing the growth momentum seen in the semiconductor and low-altitude economy sectors from the first half of the year [1] - The company has successfully established partnerships with new clients, contributing to a robust order backlog [1] Group 3: Future Outlook - The company remains confident in the market outlook, believing that the revenue scale and profitability will significantly improve once three expansion projects are officially put into operation [1]

Core Viewpoint - The company, Kede CNC, is set to hold a third-quarter performance briefing on November 5, 2025, to discuss its operational results and financial status for the third quarter of 2025, allowing investors to engage in interactive communication [10][11][12]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3]. - The report indicates that there were no significant non-recurring gains or losses recognized during the reporting period [4]. - The company has confirmed that the financial information presented in the quarterly report is accurate and complete, with no false records or omissions [2][9]. Shareholder Information - The company has provided details regarding the total number of shareholders and the status of major shareholders, although specific figures are not disclosed in the provided documents [5]. Investor Communication - Investors can participate in the performance briefing via the Shanghai Stock Exchange's online platform, with a pre-question submission option available from October 29 to November 4, 2025 [10][12]. - The company emphasizes the importance of transparency and engagement with investors during the briefing [10][11].

Core Viewpoint - Kede CNC reported a mixed financial performance for Q3 2025, with a decline in net profit and a slight increase in revenue, indicating potential challenges in maintaining profitability despite revenue growth [3][4]. Trading Information Summary - As of October 27, 2025, Kede CNC's stock closed at 64.99 yuan, up 0.92%, with a turnover rate of 2.0% and a trading volume of 26,500 shares, amounting to a transaction value of 172 million yuan [1]. - On the same day, the net inflow of main funds was 5.36 million yuan, accounting for 3.11% of the total transaction value, while retail investors saw a net outflow of 6.20 million yuan, representing 3.6% of the total [2][4]. Shareholder Changes Summary - As of September 30, 2025, the number of Kede CNC shareholders reached 13,200, an increase of 3,191, or 31.88%, from June 30, 2025. The average number of shares held per account decreased from 13,300 to 10,100, with an average market value of 661,300 yuan [2][4]. Financial Performance Summary - For Q3 2025, Kede CNC reported a total revenue of 106 million yuan, a year-on-year decrease of 15.79%. The net profit attributable to shareholders was 14.87 million yuan, down 37.56% year-on-year, while the net profit excluding non-recurring items was 12.20 million yuan, a decline of 31.58% [3][5]. - The company's total revenue for the first three quarters of 2025 was 400 million yuan, reflecting a year-on-year increase of 5.01%. However, the total profit decreased by 13.18% to 70.98 million yuan [11]. - The gross profit margin stood at 38.71%, with a debt ratio of 17.28% [3]. Upcoming Events Summary - Kede CNC will hold a Q3 2025 earnings briefing on November 5, 2025, where management will interact with investors online to discuss the company's operational results and financial status [14].

Core Points - The 2025 "Mechanical Industry Science and Technology Award" has announced a total of 541 awarded projects, including 5 special awards, 49 first prizes, 232 second prizes, and 255 third prizes [2][5]. Award Categories - **Special Awards**: 5 projects recognized for outstanding contributions [2][5]. - **First Prizes**: 49 projects awarded for significant advancements in technology [2][5]. - **Second Prizes**: 232 projects acknowledged for their innovative approaches and applications [2][5]. - **Third Prizes**: 255 projects celebrated for their contributions to the mechanical industry [2][5]. Award List - The award list includes various projects across different categories, highlighting the achievements of numerous organizations and individuals involved in the mechanical engineering sector [3][5][20].

Core Insights - The company reported a decline in revenue and net profit for Q3 2025, with revenue at 106 million yuan, down 15.79% year-on-year, and net profit at 14.87 million yuan, down 37.56% [1] - For the first three quarters of 2025, the company achieved revenue of 400 million yuan, a year-on-year increase of 5.01%, while net profit decreased by 11.53% to 63.93 million yuan [1] - The decline in Q3 net profit is attributed to reduced sales revenue and increased share-based payment expenses [1] Financial Performance - The company reported a significant improvement in operating cash flow, with a net cash flow of 218 million yuan for the year-to-date, compared to a negative 19.74 million yuan in the same period last year [2] - The improvement in cash flow is mainly due to increased cash receipts from sales and government research funding, along with reduced cash payments for goods and services [2] Product Development and Innovation - The company is focused on technological breakthroughs in five-axis CNC machine tools, high-end CNC systems, and key functional components, with a complete talent, technology, and industry chain [1] - The company is actively innovating in the development of axial flux motor products, which offer advantages such as compact structure and higher power output compared to traditional radial flux motors [2][3] - The five-axis machine tools are being utilized for precision components in humanoid robots, new energy vehicles, and aerospace applications, showcasing the company's adaptability to emerging industries [2][3] Market Position and Strategy - The company has established a dual R&D system for high-end CNC systems and machine tools, making it the only listed company in China with such capabilities [1] - The company has a broad application range for its products, enhancing its resilience and core competitiveness in various downstream industries [3] - Future plans include expanding the market share of high-end CNC systems and key functional components, leveraging the release of overall production capacity [3]

Core Viewpoint - The company reported a decline in both revenue and net profit for the third quarter, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 106 million yuan in the third quarter, representing a year-on-year decrease of 15.79% [1] - The net profit attributable to shareholders was 14.87 million yuan, down 37.56% year-on-year [1]

证券代码：688305 证券简称：科德数控 公告编号：2025-024 科德数控股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 5 日(星期三)上午 09:00-10:00 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 5 日上午 09:00-10:00 1 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 投资者可于 2025 年 10 月 29 日(星期三) 至 11 月 4 日(星期二)16:00 前 登录上证路演中心网站首页点击" ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥105,883,030.52, a decrease of 15.79% compared to the same period last year[4] - Total profit for the quarter was ¥15,578,179.84, down 42.71% year-on-year[4] - Net profit attributable to shareholders was ¥14,871,796.27, reflecting a decline of 37.56% compared to the previous year[4] - The basic earnings per share decreased by 51.96% to ¥0.1125, primarily due to reduced net profit and an increase in the number of shares from capital reserves[5][9] - The net profit after deducting non-recurring gains and losses was ¥12,204,093.82, down 31.58% year-on-year[4] - Net profit for the first three quarters of 2025 was ¥63,650,012.83, a decrease of 11.9% from ¥72,084,312.03 in the previous year[19] - Basic earnings per share for the current period was ¥0.5535, down from ¥0.7380 in the same period last year[19] Research and Development - Research and development expenses totaled ¥42,340,342.03, representing 39.99% of operating revenue, an increase of 8.61 percentage points year-on-year[5] - Research and development expenses rose to ¥30,171,321.95, compared to ¥22,898,091.35 in the previous year, indicating a focus on innovation[18] Assets and Liabilities - The company's total assets increased by 0.57% to ¥2,269,196,936.26 compared to the end of the previous year[5] - Total non-current assets amounted to ¥992,135,436.67, an increase of 9.7% from ¥904,124,078.74[16] - Total liabilities decreased to ¥392,186,997.26, down 8.5% from ¥428,743,790.85 year-over-year[16] - Total assets increased slightly to ¥2,269,196,936.26 from ¥2,256,399,002.63, reflecting a growth of 0.6%[16] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥217,564,744.89, showing a significant improvement from a negative cash flow in the same period last year[10] - In the first three quarters of 2025, the company generated operating cash inflows of ¥554,043,827.62, an increase of 21.9% compared to ¥454,367,512.03 in the same period of 2024[21] - The net cash flow from operating activities for the first three quarters of 2025 was ¥217,564,744.89, a significant improvement from a net outflow of ¥19,736,400.30 in 2024[21] - The company received cash from investment activities totaling ¥706,897,441.05, up from ¥384,308,082.19 in the previous year, marking an increase of 83.9%[22] - The net cash flow from investment activities was -¥241,097,422.13, an improvement from -¥344,054,439.27 in the same period last year[22] - The company reported a net decrease in cash and cash equivalents of -¥48,580,484.04 for the first three quarters of 2025, compared to an increase of ¥196,450,063.53 in 2024[22] - The ending balance of cash and cash equivalents as of September 2025 was ¥304,071,890.63, down from ¥425,782,913.20 at the end of September 2024[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,201[12] - The largest shareholder, Dalian Guangyang Technology Group Co., Ltd., holds 33,982,000 shares, representing 25.57% of total shares[12] - The top 10 shareholders collectively hold 35.50% of the company's shares, indicating a stable ownership structure[13] - The company has no changes in the top 10 shareholders due to margin trading or securities lending[13] Operational Strategy - The company has not reported any new product developments or market expansion strategies during the reporting period[12] - There are no significant changes in the company's operational strategies or mergers and acquisitions reported[12] Operating Costs - Total operating costs increased to ¥338,075,498.44, up 13.1% from ¥298,943,318.98 year-over-year[18] - The company paid ¥171,080,210.67 for goods and services in the first three quarters of 2025, a decrease of 42.8% from ¥298,747,513.28 in 2024[21] - The company received ¥153,803,176.70 in other operating cash, significantly up from ¥58,481,628.51 in the previous year, reflecting a growth of 162.5%[21] - The company paid ¥25,047,806.80 in financing activities, slightly down from ¥30,759,083.72 in the same period last year[22] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[23]