Group 1 - The company held its 2024 annual general meeting on May 19, 2025, where it approved the profit distribution and capital reserve transfer plan, allowing management to implement related matters and adjust the registered capital accordingly [1] - The company will distribute a cash dividend of RMB 2.45 per 10 shares (tax included) and will increase the share capital by 3 shares for every 10 shares held, without issuing bonus shares [1] - Following the implementation of the profit distribution, the registered capital increased from RMB 102.235906 million to RMB 132.906678 million, and the total number of shares increased from 102,235,906 to 132,906,678 [1] Group 2 - The company amended its articles of association to reflect the changes in registered capital and total shares, with specific revisions made to Article 6 and Article 19 [2][3] - The revised articles of association are available on the Shanghai Stock Exchange website [3]

Core Points - The company, Kede CNC Co., Ltd., was established as a joint-stock limited company based on the net asset value of the original Dalian Kede CNC Co., Ltd. and was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 9, 2021, with an initial public offering of 22.68 million shares [2][3] - The registered capital of the company is RMB 132.906678 million [2][3] - The company's business scope includes the development, production, and sales of CNC systems, five-axis CNC machine tools, industrial robots, and key components of CNC machine tools, aiming to replace imported high-end CNC products [5][6] Company Structure - The company is a permanent joint-stock limited company, with all assets divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3][4] - The company has a total of 132,906,678 shares, all of which are ordinary shares with a par value of RMB 1 per share [6][7] Share Issuance and Management - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shares of the same type [6][7] - The company can increase its capital through various methods, including public offerings, private placements, and stock dividends, subject to shareholder approval [7][8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend and vote at shareholder meetings, supervise company operations, and request information [12][14] - Shareholders holding more than 5% of voting shares must notify the company within two trading days if they pledge their shares [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [20][21] - The company must provide notice of shareholder meetings, including details on time, location, and agenda, at least 20 days in advance for annual meetings and 15 days for temporary meetings [26][27] Decision-Making Process - Resolutions at shareholder meetings can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring two-thirds approval [76][78] - Certain significant transactions, such as mergers, capital increases, and major asset purchases, require special resolutions [78][79]

科德数控股份有限公司 公司章程 二〇二五年七月 | | | 科德数控股份有限公司 公司章程 第一章 总则 第一条 为维护科德数控股份有限公司（以下简称"公司"或"本公司"）、 股东和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）和其他有关规定，制订本章程。 第二条 公司于 2021 年 1 月 26 日通过上海证券交易所科创板上市委审议， 并于 2021 年 5 月 7 日获得中国证券监督管理委员会（以下简称"中国证监会"） 同意注册的批复，首次向社会公众发行人民币普通股 2,268 万股，于 2021 年 7 月 9 日在上海证券交易所科创板上市。 第三条 公司系依照《公司法》和其他有关法律、法规的规定成立的股份有 限公司。公司由原大连科德数控有限公司全体股东作为发起人，以经审计的账面 净资产值折股整体变更，以发起设立方式设立为股份有限公司。公司发起人持股 数额、持股比例、住所、身份信息如下表所示： | 序 | 股东姓名 | 住所 | 身份证号码/执照号码 | 股份数 | 持股比例 | | --- | - ...

公司于 2025 年 5 月 19 日召开 2024 年年度股东大会，审议通过了《关于公 司 2024 年度利润分配及资本公积金转增股本方案的议案》，同意公司以实施权 益分派股权登记日登记的总股本为基数，向全体股东每 10 股派发现金红利人民 币 2.45 元（含税），同时以资本公积金向全体股东每 10 股转增 3 股，不送红股， 并授权公司经营管理层实施与本次权益分派相关的具体事宜，根据实施结果适时 变更公司注册资本、修订《公司章程》相关条款并办理相关工商登记变更手续。 截至目前，上述权益分派已实施完成，公司注册资本由人民币 10,223.5906 万元 增加至 13,290.6678 万元，公司股份总数由 102,235,906 股增加至 132,906,678 股。 证券代码：688305 证券简称：科德数控 公告编号：2025-018 科德数控股份有限公司 关于增加公司注册资本、修订《公司章程》并办理完成 工商变更登记的公告 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。 科德数控股份有限公司（以下简称"公司"）于 ...

Group 1: Engineering Machinery - The engineering machinery industry is experiencing a cyclical recovery, with domestic demand showing signs of improvement and export growth driven by emerging markets such as Southeast Asia, Africa, and the Middle East [4][6] - Domestic engineering machinery demand is expected to continue its upward trend, supported by a peak in equipment replacement and increased investment in infrastructure projects, with local government bond issuance rising by 84% year-on-year in the first four months of 2025 [6] - The export value of engineering machinery reached USD 5.152 billion in April 2025, marking a year-on-year increase of 12.7%, with total exports from January to April amounting to USD 18.07 billion, up 9.01% year-on-year [6][8] Group 2: Semiconductor Equipment - The domestic semiconductor equipment industry is poised for expansion, with significant capital expenditure expected for 300mm wafer fabs in China, projected to exceed USD 100 billion from 2025 to 2027 [10][13] - The trend towards self-sufficiency in semiconductor equipment is accelerating, with low domestic localization rates in critical equipment categories, indicating substantial room for import substitution [11][13] - Investment opportunities are highlighted in companies such as Zhongwei Company, Northern Huachuang, and Quick Intelligent [13][25] Group 3: Industrial Mother Machines - The machine tool industry is on an upward cycle due to ongoing domestic substitution and increasing demand for high-end machine tools, with government policies supporting tax incentives and talent development [14][16] - Short-term performance improvements are anticipated as the industry enters a renewal phase [16] Group 4: Traditional Energy Equipment - The traditional energy equipment sector is benefiting from low oil inventories in the U.S. and the upcoming peak consumption season, which is expected to support rising oil prices [17][19] - Geopolitical factors, including U.S.-Iran negotiations and the Russia-Ukraine conflict, are influencing market dynamics [19] - Companies such as Nuwei Co., Xizhuang Co., and Jerry Co. are recommended for investment [19][25] Group 5: New Energy Equipment - The controlled nuclear fusion sector is witnessing increased capital expenditure and technological advancements, with a growing number of startups and active financing in the past five years [20][24] - Significant progress in nuclear fusion technology has been made, with multiple records achieved in plasma operation [24] - Investment opportunities include companies like Hezhuan Intelligent, Xizhuang Co., and Jingda Co. [24][25]

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Core Insights - The Sci-Tech Innovation Board (STAR Market) serves not only as a financing platform but also as an innovation accelerator, significantly enhancing the technological autonomy and innovation capabilities of high-end equipment manufacturing companies in China [1][2]. Industry Overview - The high-end equipment manufacturing industry is crucial for national strength, supporting the development of new productive forces and a modern industrial system. The STAR Market has attracted over 100 high-end equipment manufacturing enterprises, covering key sectors such as industrial robots, laser processing, and automation control systems [1][2]. - The release of the "Eight Measures for Deepening STAR Market Reform" aims to support companies in the high-end equipment sector in their transition towards new productive forces, leading to 20 disclosed industrial acquisitions since the announcement [1][6]. Company Developments - Companies like Kede CNC have maintained growth in revenue and are focusing on strategic upgrades and technological innovations, achieving significant applications in aerospace and high-end industrial equipment [2]. - Zhongkong Technology has transformed from a control system company to an industrial AI platform, enhancing its core technologies and establishing a complete AI ecosystem since its listing on the STAR Market [3][5]. - Nanfang Technology, a leader in smart grid equipment, has established a national manufacturing innovation center and received multiple awards for its technological advancements [4]. Mergers and Acquisitions - The STAR Market has facilitated strategic investments and mergers, allowing companies to enhance their technological capabilities and achieve industry consolidation. For instance, Zhongkong Technology's acquisition of Hobré International's core assets has significantly strengthened its position in high-end process analysis instruments [5][6]. - The trend of mergers and acquisitions is evident, with companies like Zhongrun Optics actively engaging in strategic acquisitions to enhance their technological and product capabilities [6]. Market Trends - Nearly 70% of high-end equipment manufacturing companies on the STAR Market are participating in initiatives aimed at improving quality and efficiency, reflecting a growing awareness of high-quality development and investor returns [6]. - The STAR Market is seen as a transformative force for companies, enabling them to focus on innovation, long-term R&D investments, and global technology integration, thereby positioning them as key players in the global "hard technology" landscape [6].

Core Insights - The Chinese gantry machining center industry is experiencing robust growth, with a projected market size of 5.027 billion yuan in 2024, representing a year-on-year increase of 2.07% [1][16] - Significant advancements have been made in high-end and intelligent technologies within the domestic gantry machining center sector, with companies increasing R&D investments to overcome key technical challenges [1][16] - The localization rate of CNC systems, which serve as the "brain" of gantry machining centers, is gradually improving, laying a solid foundation for the industry's autonomous and controllable development [1][16] Industry Overview - Gantry machining centers are large CNC machine tools designed for precision machining of large workpieces and complex shapes, featuring a high-rigidity and stable processing platform [1] - The industry has evolved through four main stages: initial reliance on imports, a phase of independent R&D, industrialization, and a current focus on high-end transformation [6][7][9] Industry Development History - The industry began in the 1980s and 1990s, with a surge in demand for high-end machine tools leading to collaborations with international manufacturers to absorb CNC technology [6] - From 2000 to 2010, domestic companies began to break foreign monopolies, with significant advancements in five-axis gantry machining centers [7] - The period from 2011 to 2020 saw the establishment of a complete industrial chain, with key components achieving self-sufficiency [9] Industry Chain - The gantry machining center industry chain includes components, basic materials, and electrical elements, with downstream applications in aerospace, automotive manufacturing, and mold making [12] Market Size - The CNC system market in China is projected to reach 15.287 billion yuan in 2024, with a year-on-year growth of 5.55%, driven by increasing demand for high-precision and efficient processing equipment [14] Key Companies - Major players include Shenyang Machine Tool, Dalian Machine Tool, and private enterprises like Haitai Precision and Nuowei CNC, each competing in different market segments [18][20][22] - Haitai Precision is a leading domestic manufacturer with a market share of nearly 80% in heavy gantry machining centers, reporting a revenue of 1.755 billion yuan in 2024 [20] - Guosheng Intelligent Technology has shown significant growth, with a revenue increase of 16.48% year-on-year in Q1 2025 [22] Industry Trends - The industry is expected to embrace technological upgrades and intelligent development, integrating IoT, big data, and AI to enhance performance and efficiency [24] - The demand for high-precision machining equipment will continue to rise, particularly in emerging markets such as new energy vehicles and 3C electronics [25][26] - Domestic companies are likely to accelerate the process of replacing imports, while also facing intensified international competition [27]

Core Viewpoint - The article highlights the rise of Kede CNC as a key player in the high-end CNC machine tool market, emphasizing its commitment to independent innovation and the transformation of China's industrial landscape [2][6]. Group 1: Company Overview - Kede CNC was established in 2008, entering the high-end CNC machine tool market dominated by international giants [2]. - The company has developed a comprehensive innovation system, holding 138 domestic invention patents and participating in 44 national key technology projects [2]. - Kede CNC went public on the Sci-Tech Innovation Board in 2021, enhancing its capital and innovation capabilities [2]. Group 2: Technological Innovation - Kede CNC has built a dual R&D system for high-end CNC systems and machine tools, enabling it to manufacture products for high-end equipment in aerospace and aviation [3][4]. - The company has developed a six-axis five-linkage integral blade machine, which previously had its market dominated by foreign companies [4]. - The machine features proprietary precision sensing detectors and a novel structural layout, revolutionizing traditional blade processing methods [4]. Group 3: Market Performance - As of the end of 2024, Kede CNC's five-axis linkage CNC machine tools have been selected by over 50 user units under major aerospace groups, with approximately 53% of new orders coming from the aerospace sector, showing a nearly 10% year-on-year growth [5]. - The company is also expanding into emerging industries such as new energy vehicles and humanoid robots, indicating a broad application potential for its products [5]. Group 4: Regional and Cultural Context - Kede CNC's growth is closely tied to the industrial foundation of Northeast China, which is conducive to long-term projects and has a rich industrial heritage [5]. - The company emphasizes a long-term approach to business, aligning its development with regional economic characteristics and leveraging local supply chain advantages [5]. Group 5: Challenges and Vision - The founder of Kede CNC, Yu Benhong, emphasizes the importance of overcoming the "pain points" of being dependent on foreign high-end machine tools, which has driven the company's mission to develop its own high-end CNC machines [6][7]. - The company has faced significant challenges in R&D investment and market validation, particularly in the high-end CNC machine tool sector, which has historically been dominated by foreign brands [6][9]. - Kede CNC aims to integrate talent, technology, and industry chains to enhance its market presence and support national industrial capabilities [9].

Group 1 - The A-share virtual power plant sector showed significant activity at the beginning of trading, with New Alliance Electronics, China Electric Power Xinlong, and Jinzhih Technology all hitting the daily limit up [1] - Hengshi Technology experienced a substantial increase of 15%, while Wansheng Intelligent and Kanan Intelligent also saw gains [1]