Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue at 10.78 billion yuan, down 5.4% year-on-year, and net profit at 503 million yuan, down 9.9% year-on-year [1] - The decline in performance is attributed to intensified competition in the North American TV OEM market, leading the company to reduce orders [1] Revenue and Profit Performance - For Q3 2025, the company recorded revenue of 3.845 billion yuan, a decrease of 19.7% year-on-year, and a net profit of 119 million yuan, down 20.6% year-on-year [1] - The company's smart TV revenue decreased by 17% year-on-year, with shipment volume down 12% due to increased uncertainty in the export trade environment [1] Competitive Landscape - The North American TV OEM market has become increasingly competitive since 2024, impacting profitability despite new customer acquisitions [1] - The overall gross margin for Q3 2025 was 11.6%, a decline of 1.3 percentage points year-on-year, primarily due to rising storage chip prices affecting costs [1] Innovation and Growth - The company's innovative display business saw a revenue increase of 37% year-on-year, with shipment volume up 42% for the first three quarters of 2025 [2] - The company is investing in its own brand development and marketing, reflected in an increase in sales and R&D expense ratios to 3.3% and 4.3%, respectively [2] Future Outlook - The company possesses an efficient and complete display industry supply chain, with strong R&D and manufacturing capabilities, which may help in reshaping its growth trajectory through brand development and new display products [3] Profit Forecast and Valuation - Due to ongoing pressure in the traditional TV OEM business, the company has revised down its net profit forecasts for 2025 and 2026 by 19.8% and 23.7%, respectively, to 790 million yuan and 890 million yuan [4] - The current stock price corresponds to a P/E ratio of 20.5x for 2025 and 18.2x for 2026, with a target price adjustment of 9.8% down to 26.7 yuan, indicating a potential upside of 15.4% [4]

Core Viewpoint - 康冠科技 is accelerating its growth in the smart display industry by leveraging AI innovation, green manufacturing, and global expansion strategies [5] Financial Performance - In Q3 2025, 康冠科技 achieved operating revenue of 3.845 billion yuan and a net profit attributable to shareholders of 119 million yuan, with a non-recurring net profit of 103 million yuan [1] - For the first three quarters of 2025, the net cash flow from operating activities increased by 241.76% to 681 million yuan, indicating strong progress towards high-quality development [1] AI Innovation - 康冠科技 is focusing on AI technology as a core engine for product upgrades, supported by a professional R&D team of over 1,600 members [2] - The company has accumulated 1,414 effective authorized patents and software copyrights, creating a product matrix covering various scenarios such as "AI + Office," "AI + Medical," and "AI + Entertainment" [2] - AI-enabled innovative display products are becoming the main growth driver, with significant upgrades in smart interaction through collaborations with major AI models [2] Green Manufacturing - 康冠科技 integrates green development concepts throughout its production cycle, establishing a "green design and manufacturing" system [3] - The company has implemented comprehensive management systems, including ISO50001 and ISO14001, and has significantly increased the use of clean energy in its manufacturing processes [3] - The smart conference tablet under the Haoli brand has received recognition as a green product, showcasing the company's leadership in low-carbon R&D and production [3] Global Expansion - 康冠科技 has established a market network covering over 100 countries, with overseas revenue consistently accounting for over 80% [4] - The company employs differentiated market strategies in mature markets and emerging regions, achieving rapid market share growth through local partnerships and e-commerce channels [4] - The global expansion has enhanced supply chain efficiency and improved cash flow quality, supporting significant growth in operating cash flow [4]

Core Viewpoint - The company has made significant progress in the field of robotics, particularly in home care and companionship, with a solid patent portfolio that supports future product development and commercialization [1]. Group 1: Patent Achievements - The company has obtained a total of 7 patents related to robotics, including 6 utility model patents and 1 design patent [1]. - Key patents include a "display screen eccentric rotation motion mechanism and robot" and a "companion robot" [1]. Group 2: Future Development Plans - The company plans to leverage its technological advancements in smart displays, smart manufacturing, and AI integration to enhance product design and functionality in the robotics sector [1]. - There is a focus on developing products for elderly care and home companionship, aiming to capitalize on the opportunities presented by the integration of robotics and the silver economy [1].

Core Viewpoint - The company reported a revenue of 10.78 billion yuan and a net profit of 503 million yuan for the first three quarters of 2025, with significant growth in innovative display products and a strong cash flow [5][6]. Financial Performance - The company achieved a revenue of 10.78 billion yuan and a net profit of 503 million yuan in the first three quarters of 2025 [5]. - Revenue from smart interactive display products increased by 3.56% year-on-year, while shipment volume grew by 6.04% [5]. - Revenue from innovative display products surged by 37.11% year-on-year, with shipment volume increasing by 42.02% [5]. - Revenue from smart TVs declined by 17.33% year-on-year, with shipment volume down by 11.95% [5]. - The net cash flow from operating activities reached 681 million yuan, representing a year-on-year increase of 241.76% [6]. Business Development - The innovative display products segment has become the fastest-growing business area for the company, with significant breakthroughs in overseas markets for its own brand [6]. - The company has embraced AI technology, developing a diversified product matrix that includes applications in office, education, healthcare, and entertainment [6]. - The newly launched KTC brand AI glasses feature Qualcomm Snapdragon AR1 chip and Sony sensors, supporting functions like AI flash memory and real-time translation, showcasing a strong cost-performance advantage [6]. - The company is also exploring opportunities in the robotics sector, particularly in home care scenarios, leveraging AI technology to drive growth [6].

Core Insights - Shenzhen Kangguan Technology Co., Ltd. reported a revenue of 10.78 billion yuan and a net profit of 503 million yuan for the first three quarters of 2025 [1] Group 1: Financial Performance - The company achieved a revenue of 10.78 billion yuan and a net profit of 503 million yuan for the first three quarters of 2025 [1] - The mid-term dividend plan was approved, proposing a cash dividend of 3.60 yuan per 10 shares (including tax), which accounts for over 65% of the half-year net profit [1] Group 2: Product Innovation - The company continued to innovate in display products, launching new products such as the KTCAI interactive glasses and KTC25M1 master series monitors during the KTC product launch in August [1] - The KTCAI interactive glasses are equipped with Qualcomm Snapdragon AR1 chip and a Sony IMX681 12-megapixel ultra-wide-angle lens, supporting multimodal interaction powered by AI [1] Group 3: Strategic Development - Kangguan Technology is actively expanding into the robotics sector, leveraging its technological advantages in smart display, smart manufacturing, and AI integration [1] - The company has completed seven related patent reserves in the field of elderly care, supporting future product development and commercialization [1] - The company aims to deepen its "AI + Display" strategic layout and accelerate innovation business development while pursuing global market expansion [2]

Core Viewpoint - 康冠科技 demonstrates strong performance in the competitive display technology market, with significant revenue growth and a focus on innovation and AI integration [1][2][3] Group 1: Financial Performance - In the first three quarters of 2025, 康冠科技 achieved revenue of approximately 10.78 billion yuan and a net profit of about 503 million yuan, with a non-GAAP net profit of around 449 million yuan [1] - The net cash flow from operating activities reached 681 million yuan, reflecting a substantial year-on-year increase of 241.76%, indicating improved sales collection and operational efficiency [2] Group 2: Market Position and Product Performance - 康冠科技 maintains its position as the global leader in smart interactive flat panel shipments and ranks among the top five in smart TV shipments [1] - The innovative display products segment is the fastest-growing area, with revenue increasing by 37.11% year-on-year and shipment volume rising by 42.02% [1] - The KTC brand's gaming monitors lead the domestic online retail market, and during the 2025 Prime Day, KTC's overseas sales and GMV grew by 381% and 348% respectively [1] Group 3: Technological Innovation and AI Integration - 康冠科技 has embraced AI technology, launching a diverse product matrix that includes AI interactive glasses and medical AI integrated machines, with the first AI glasses featuring Qualcomm's Snapdragon AR1 chip [2] - The global shipment of AI glasses is projected to grow from 2.34 million units in 2024 to 26 million units by 2028, with a compound annual growth rate of 82.6% [2] Group 4: Strategic Development and Global Expansion - The company is implementing a global "dual-track strategy," with production bases and R&D centers established in North America, Europe, and Southeast Asia, consistently generating over 80% of its revenue from overseas [2] - 康冠科技's vertical integration capabilities are strengthened by expanding its smart manufacturing centers to approximately 750,000 square meters and launching new automotive module production lines [3] - The company is actively participating in the formulation of national standards and has been recognized as one of the "Top 100 Industry Leaders in Shenzhen for 2025," enhancing its role in technology output and industry chain collaboration [2]

董事会秘书工作细则 第一章 总则 第一条 为促进公司规范运作，充分发挥董事会秘书的作用，加强对董事会 秘书工作的指导，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》）、《深圳证券交易所股票上市规 则》等法律、行政法规、规范性文件及《深圳市康冠科技股份有限公司章程》（以 下简称《公司章程》）的规定，制定本工作细则。 深圳市康冠科技股份有限公司 第四条 董事会秘书应熟悉公司经营情况和行业知识，掌握履行其职责所应 具备的专业知识，具有良好的个人品质和职业道德，具有较强的公关能力和处事 能力。 第五条 公司董事长或者总经理以外的其他高级管理人员可以兼任公司董事 会秘书。董事兼任董事会秘书，如某一行为应由董事及董事会秘书分别作出时， 则兼任董事会秘书的董事应以董事会秘书的身份作出。 第六条 董事会秘书应当具备履行职责所必需的财务、管理、法律专业知识， 具有良好的职业道德和个人品德，并取得董事会秘书资格证书。有下列情形之一 的人士不得担任公司董事会秘书： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序， 第 ...

深圳市康冠科技股份有限公司 子公司管理办法 以下所称的子公司除特别说明均指全资、控股子公司。 公司的控股子公司同时控股其他公司的，上市公司应当督促其控股子公司参 照本指引要求，逐层建立对其下属子公司的管理控制制度。 第二条 本办法所称子公司是指根据公司发展战略规划、提高公司竞争力需 要而依法设立的，具有独立法人资格主体的公司。子公司设立形式包括： （一）公司直接或间接持股 100%的全资子公司； （二）公司与其他公司或自然人共同出资设立的控股子公司。本办法所称控 股子公司指公司直接或间接持有的股权或股份占注册资本 50%以上（未达到 100%）的子公司或持股比例虽然不足 50%，但拥有其董事会半数以上表决权、 或者能通过协议或其他安排实际控制的子公司。 第一章 总则 第一条 为加强对深圳市康冠科技股份有限公司（以下简称"公司"）子公 司的管理，规范公司内部运作，维护公司和投资者利益，根据《中华人民共和国 公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等法律、行政法规、规范性文件以及《深 圳市康冠科技股份有限公司章程》（以下简称《公司章程》）的有 ...

深圳市康冠科技股份有限公司 会计师事务所选聘制度 二〇二五年十月 第二条 公司选聘进行财务会计报告审计业务的会计师事务所（下称"会计 师事务所"），需遵照本制度的规定。选聘其他专项审计业务的会计师事务所，视 重要性程度可参照本制度执行。 第三条 公司选聘会计师事务所应经董事会审计委员会（以下简称"审计委 员会"）审议同意后，提交董事会审议，并由股东会决定。 第四条 公司控股股东、实际控制人不得在公司董事会、股东会审议前，向 公司指定会计师事务所，不得干预审计委员会独立履行审核职责。 第五条 公司和受聘会计师事务所对选聘、应聘、评审、受聘文件和相关决 策资料应当妥善归档保存，不得伪造、变造、隐匿或者销毁。文件资料的保存期 限为选聘结束之日起至少 10 年。 深圳市康冠科技股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范深圳市康冠科技股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计师事务所相关行为，提高财务信息质量，切实维护股东 利益，根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所股票上市规则》《国有企业、上市公司选聘会计师事务所管理办法》等相关的 法律、行 ...

二〇二五年十月 深圳市康冠科技股份有限公司 金融衍生品交易管理制度 深圳市康冠科技股份有限公司 金融衍生品交易管理制度 第一章 总则 第一条 深圳市康冠科技股份有限公司（以下简称"公司"）为规范金融 衍生品交易业务及相关信息披露工作，加强对金融衍生业务的管理，防范投资风 险，健全和完善公司金融衍生品交易业务管理机制，确保公司资产安全，根据《中 华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》《深 圳证券交易所上市公司自律监管指引第7号——交易与关联交易》《深圳市康冠科 技股份有限公司章程》（以下简称《公司章程》）和《对外投资管理制度》等相 关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称金融衍生品交易是指为满足正常生产经营需要，在银行 等金融机构办理的规避和防范汇率风险的远期外汇合约、外汇掉期交易、外汇 期权及利率互换等金融衍生品，以及基于以上金融衍生品之结构性商品等业务。 金融衍生品的基础资产主要为汇率、利率。 第三条 公司及所属全资、控股子公司从事金融衍生品交易业务，以规避汇 率、利率风险为主要目的 ...