科德数控回复称，科德数控是国内极少数建立"高档数控系统及五轴高端数控机床"双研发体系的企业， 在航天制造领域拥有深厚的技术积淀与产业布局。公司的产品已在航天科工、航天科技集团项下数十家 用户单位获得广泛应用。多年来公司已形成具有自主知识产权的产品体系，能够支撑航天领域多种高端 装备的研发与制造，这与国家近期大力支持商业航天发展的政策方向高度契合。商业航天作为与军用航 天、民用航天并列的航天工业重要组成部分，其发展将带来对高端精密制造的持续需求，公司在此领域 已构建了坚实的技术与市场基础。 格隆汇12月5日｜有投资者在互动平台向科德数控提问：近日国家出台商业航天配套政策支持产业发 展，请问科德数控在商业航天领域有布局吗？ ...

每经AI快讯，12月5日，科德数控在互动平台表示，公司的产品已在航天科工、航天科技集团项下数十 家用户单位获得广泛应用。多年来公司已形成具有自主知识产权的产品体系，能够支撑航天领域多种高 端装备的研发与制造，这与国家近期大力支持商业航天发展的政策方向高度契合。商业航天作为与军用 航天、民用航天并列的航天工业重要组成部分，其发展将带来对高端精密制造的持续需求，公司在此领 域已构建了坚实的技术与市场基础。 ...

Investment Rating - The industry investment rating is "Recommended" [3] Core Viewpoints - The machine tool industry exhibits significant structural growth characteristics, with high-end manufacturing and exports being the core driving forces. The metal cutting machine tool segment achieved a revenue growth of 10.8%, production growth of 14.8%, and export growth of 13.6%, significantly outperforming the overall industry level. This reflects the rigid demand for high-end processing equipment in high-tech fields such as aerospace, new energy vehicles, and precision molds [4][6] - The overall industry shows a structure of "stable domestically and growing externally," with growth momentum shifting from scale expansion to technological leadership and global market expansion. Short-term prosperity is constrained, but there are marginal improvement signals from policy expectations and inventory adjustments [6][7] Summary by Sections Recent Trends - From January to October 2025, the machine tool industry achieved a total operating income of 851.1 billion yuan, a year-on-year increase of 1.5%. The metal cutting machine tool segment saw a year-on-year revenue increase of 10.8%, while the metal forming machine tool segment grew by 7.5%. New orders for metal processing machine tools increased by 7.3%, and the backlog of orders grew by 4.3% [3][4] Import and Export Data - The total import and export value of machine tool products reached 27.42 billion USD, a year-on-year increase of 5.7%. The import value was 8.48 billion USD, up 1.4%, while the export value was 18.94 billion USD, increasing by 7.7%. Specifically, the import value of metal cutting machine tools was 3.95 billion USD (up 0.6%), and the export value was 5.10 billion USD (up 13.6%). For metal forming machine tools, the import value was 520 million USD (down 9.8%), while the export value surged to 2.80 billion USD (up 38.2%) [4][6] Investment Recommendations - The current industry export performance is better than domestic demand, driven by global supply chain restructuring and industrialization needs in emerging markets. The report suggests focusing on companies with core technological capabilities, outstanding internationalization, and the ability to respond quickly to small and medium-sized enterprises. Recommended stocks include Kede CNC, Haitian Precision, Huazhong CNC, and others [6][7]

Core Viewpoint - The company acknowledges short-term fluctuations in revenue and profit due to various factors, but emphasizes the strong demand in its sector and sufficient order backlog [1] Summary by Relevant Categories Product Delivery - The main models of the five-axis CNC machine tools have a delivery cycle of 5 to 10 months, with some new models experiencing longer delivery times [1] Financial Performance - Short-term revenue and profit fluctuations are attributed to the amortization of the 2024 restricted stock incentive plan, the impact of international policy changes, and insufficient production capacity [1] Market Demand and Capacity - Despite the short-term challenges, the company highlights that the fundamental demand in its sector remains robust, and it is accelerating capacity construction to meet this demand [1]

Core Viewpoint - The company reported a significant increase in orders for the third quarter compared to the second quarter, but there was a decline in revenue, raising questions about the apparent contradiction in the data [1] Group 1: Company Performance - The company stated that its five-axis CNC machine tools have a delivery cycle of 5 to 10 months, which affects revenue recognition [1] - Revenue for the third quarter was 100 million, down from 160 million in the second quarter, indicating a short-term fluctuation in income [1] - The decline in revenue is attributed to factors such as the amortization of stock incentive plan expenses, temporary impacts from international policy, and insufficient production capacity [1] Group 2: Market Outlook - Despite short-term revenue fluctuations, the company emphasized that the demand in its sector remains strong [1] - The company has a sufficient backlog of orders and is accelerating its capacity expansion efforts [1]

| 2025 年第一次临时股东大会会议须知 3 | | | --- | --- | | 2025 年第一次临时股东大会会议议程 5 | | | 议案一：关于取消监事会、修订《公司章程》并办理工商变更登记的议案 ... | 8 | | 议案二：关于修订和制定公司部分治理制度的议案 | 10 | | 议案三：关于公司第四届董事会董事薪酬方案的议案 | 12 | | 议案四：关于公司董事会换届选举暨选举第四届董事会非独立董事的议案 .. | 13 | | 议案五：关于公司董事会换届选举暨选举第四届董事会独立董事的议案 | 14 | 2 证券代码：688305 证券简称：科德数控 2025 年第一次临时股东大会会议须知 科德数控股份有限公司 2025年第一次临时股东大会 会议资料 $$=0\pm\pi+\ldots\pi/\lambda\ B$$ 目 录 为了维护科德数控股份有限公司（以下简称"公司"）全体股东的合法权益， 确保股东大会的正常秩序和议事效率，保证股东大会的顺利召开，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》《上 市公司股东会规则》以及《科德数控股份有限公司章程》 ...

Group 1 - The mechanical equipment industry has shown a strong performance with a 55.20% increase from January to October 2025, outperforming the CSI 300 index by 25.03 percentage points, ranking fifth among Shenwan industries [14][6][29] - Revenue and net profit attributable to the parent company for the first three quarters of 2025 grew by 6.11% and 14.52% year-on-year, respectively, indicating improved profitability and operational quality [17][29][30] - The industry is benefiting from factors such as product exports, cost control, and optimization of product structure, leading to enhanced profitability [17][29] Group 2 - The engineering machinery sector has experienced significant growth in exports, with a focus on increasing electrification rates. Domestic excavator sales showed a slowdown in October 2025, attributed to preemptive inventory replenishment [34][44][54] - The demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [34][49] - The global market for electric engineering machinery is projected to grow significantly, with China's electrification rate expected to reach 7.90% by 2024 [69][74] Group 3 - The humanoid robot sector is seeing advancements in industrial applications, particularly in dexterous hand technology, which is crucial for the deployment of humanoid robots in various settings [75][78] - The integration of AI models is enhancing the capabilities of robots, making them more versatile for industrial applications [77][78] - Tesla's Optimus Gen3 is set to launch in Q1 2026, with significant demand for components, indicating a robust growth trajectory for humanoid robotics [79][80] Group 4 - The automation equipment sector is experiencing a mixed recovery, with industrial robots facing intensified competition and a shift towards high-end markets [80][81] - The demand for industrial automation is expected to recover in specific sub-sectors, while overall manufacturing PMI remains below the growth line [80][81] - The machine tool sector is witnessing a gradual recovery in revenue growth, supported by improved downstream demand and policy support [80][81] Group 5 - Investment recommendations for 2026 focus on technology development, cyclical recovery, and export chain layout, with specific companies highlighted for potential investment [6][29][40]

| 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/11/24) | | 58.37 | | 上证指数(2025/11/24) | | 3836.77 | | 股价 12 个月高/低 | | 70.9/46.54 | | 总发行股数(百万) | | 132.91 | | A 股数(百万) | | 132.21 | | A 市值(亿元) | | 77.17 | | 主要股东 | | 大连光洋科技 | | | | 集团有限公司 | | | | (25.57%) | | 每股净值(元) | | 14.13 | | 股价/账面净值 | | 4.13 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -10.2 | -6.1 10.0 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 产品组合 | | | | 自动化生产线 | | 53.7% | | 高端数控机床 | | 40.4% | | 关键功能部件 | | 2.2% | | 高档数控系统 | | 0.2% | 机构投资者占流通 A 股比例 | 基金 | ...

Group 1 - The company has decided to abolish the supervisory board and will have the audit committee of the board of directors exercise the powers previously held by the supervisory board, in accordance with relevant laws and regulations [1][2] - The company will revise its articles of association to reflect the cancellation of the supervisory board and will also abolish the rules governing the supervisory board's meetings [1] - The supervisory board and its members will continue to fulfill their supervisory functions and protect the interests of the company and all shareholders until the shareholders' meeting approves the cancellation [2] Group 2 - The company plans to amend certain provisions of its articles of association based on relevant laws and regulations, including the Company Law and the guidelines for listed companies [3]

Core Viewpoint - The short-term fluctuations in revenue and profit are attributed to the amortization of the 2024 restricted stock incentive plan, the temporary impact of international policy, and insufficient production capacity [1] Group 1 - The company has significantly increased new orders in Q3 compared to Q2 through active market strategy adjustments [1] - The company is making breakthroughs in new fields such as medical, semiconductor, and low-altitude economy, leading to a more diversified customer base [1] - As production capacity gradually increases, the company expects to see the benefits of scale, which will drive revenue growth and expand profit margins [1]