科大智能科技股份有限公司 证券代码：300222 证券简称：科大智能 公告编号：2026-002 科大智能科技股份有限公司 科大智能科技股份有限公司（以下简称"公司"）近日接到公司控股股东、 实际控制人黄明松先生的通知，获悉黄明松先生所持有本公司的部分股份质押及 解除质押，具体事项如下： 一、股东股份质押及解除质押的基本情况 1、本次股份质押基本情况 | 股 | 是否为控股 | | 占其所 | 占公司 | 是否为限售 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | 股东或第一 | 本次质押数 | 持股份 | 总股本 | 股（如是， | 为补 | 质押起始日 | 质押到期日 | 质权人 | 质押 | | 名 | 大股东及其 | 量（股） | | | 注明限售类 | 充质 | | | | 用途 | | | | | 比例 | 比例 | | | | | | | | 称 | 一致行动人 | | | | 型） | 押 | | | | | | 黄 | | | | | | | | | 国元证券股 ...

Core Viewpoint - Keda Intelligent, a company specializing in power distribution automation, is undergoing significant leadership changes and strategic moves, including a planned listing on the Hong Kong Stock Exchange and a shift in major shareholders [2][3][7]. Group 1: Leadership Changes - Wang Tingting, who has been with Keda Intelligent for nearly 19 years, became the company's president after taking over from the actual controller Huang Mingsong [1][2]. - Huang Mingsong, the former controller, has begun to reduce his shareholding in the company, which raises questions about the company's governance and future direction [8][9]. Group 2: Financial Performance - Keda Intelligent's revenue for 2023 and 2024 was reported at 3.024 billion RMB and 2.687 billion RMB, respectively, with a notable increase in revenue for the first nine months of 2025 at 1.904 billion RMB, reflecting a year-on-year growth of approximately 2211.9 million RMB [20]. - The company's primary revenue source, digital energy, contributed 2 billion RMB in 2023, 2.101 billion RMB in 2024, and 1.429 billion RMB in the first nine months of 2025 [21][22]. Group 3: Shareholder Dynamics - Prior to the listing application, Huang Mingsong reduced his stake in Keda Intelligent, with his shareholding dropping to 21.96% by the time of the application [7][9]. - The company has seen significant changes in its shareholder structure, with Anhui Dongcai no longer being a shareholder and Huang Mingsong's stake being reduced [7][8]. Group 4: Business Operations - Keda Intelligent operates in two main segments: digital energy and intelligent robotics, with the former being the more stable revenue source [19][20]. - The intelligent robotics segment has experienced fluctuations in revenue, with significant contributions from a few major clients, which raises concerns about dependency on a limited customer base [23]. Group 5: Financial Health - Trade receivables accounted for 66.3% and 67.47% of Keda Intelligent's revenue in 2023 and 2024, respectively, indicating a reliance on credit sales [26]. - The company has maintained a strong cash position, with cash and cash equivalents significantly exceeding short-term borrowings, amounting to 280 million RMB as of September 2025 [33].

1月30日，科大智能跌1.21%，成交额1.79亿元。两融数据显示，当日科大智能获融资买入额1521.22万 元，融资偿还1899.15万元，融资净买入-377.93万元。截至1月30日，科大智能融资融券余额合计4.54亿 元。 融资方面，科大智能当日融资买入1521.22万元。当前融资余额4.53亿元，占流通市值的5.09%，融资余 额低于近一年50%分位水平，处于较低位。 分红方面，科大智能A股上市后累计派现2.44亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，科大智能十大流通股东中，易方达国证机器人产业ETF （159530）位居第二大流通股东，持股2098.41万股，相比上期增加1757.69万股。华夏中证机器人ETF （562500）位居第四大流通股东，持股1714.20万股，相比上期增加320.12万股。天弘中证机器人ETF （159770）位居第八大流通股东，持股683.65万股，相比上期增加119.20万股。香港中央结算有限公司 位居第九大流通股东，持股515.34万股，相比上期减少356.91万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不 ...

Core Viewpoint - The company Keda Intelligent has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming to expand its international presence while focusing on its core businesses in digital energy and intelligent robotics, which are considered key sectors in current technological development [1]. Group 1: Business Overview - Keda Intelligent's digital energy business is its traditional strength and primary revenue source, providing smart power distribution products and solutions to state-owned grid companies and high-energy-consuming enterprises [1]. - The company's revenue figures for the first nine months of 2023, 2024, and 2025 are 3.025 billion, 2.687 billion, and 1.904 billion respectively, with a leading position in the FTU market and a second-place ranking in the integrated circuit breaker market [1]. - In the intelligent robotics sector, Keda Intelligent supplies industrial robots and inspection robots to grid companies and large industrial clients, with cumulative revenue from industrial robots ranking first in the country from 2020 to 2024 [1]. Group 2: Research and Development Trends - There is a noticeable decline in Keda Intelligent's R&D investment, contrasting sharply with the technology industry's expectations, as the R&D expense ratio decreased from 8.6% in 2023 to 6.8% in the first nine months of 2025, and absolute R&D expenses fell from 260 million to 129 million [1][2]. - The reduction in R&D spending may hinder the company's technological innovation capabilities, particularly in the competitive intelligent robotics market against rivals like Siasun and Estun [2]. Group 3: Business Performance and Challenges - The dual business model of Keda Intelligent is unbalanced, with the digital energy segment's revenue share increasing from 66.1% in 2023 to 78.7% in the first nine months of 2025, while the intelligent robotics segment's share decreased from 33.9% to 23.3% [2]. - Revenue from the intelligent robotics business dropped from 1.024 billion in 2023 to 444 million in the first nine months of 2025, with a significant year-on-year decline of 42.8% expected in 2024 [2][3]. - The decline in the robotics business is attributed to a slowdown in the domestic industrial robot sector and the sale of subsidiaries related to robotics, which has resulted in nearly 2.3 billion in cumulative losses by September 30, 2025 [3]. Group 4: Future Outlook - Keda Intelligent is undergoing a restructuring process through a series of divestitures of non-core or underperforming subsidiaries, which has led to operational challenges [3]. - The upcoming Hong Kong listing may provide access to international capital and broader market opportunities, but the company must demonstrate its ability to establish sustainable core technological advantages beyond benefiting from policy incentives [3].

Industry Dynamics - Tesla plans to start selling its humanoid robot Optimus to the public by the end of next year, with reliability and safety confirmed through extensive testing [1] - Juwu Intelligent has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, focusing on intelligent mobile robots and holding a 5.9% market share in China's smart embodied industry robot solutions [1] - Yupan Intelligent announced the completion of a Pre-IPO+ financing round, raising approximately 513 million RMB, aimed at enhancing core capabilities and expanding into Southeast Asian markets [2] - Keda Intelligent has also submitted its IPO application to the Hong Kong Stock Exchange, focusing on digital energy and intelligent robotics [3] - Huari Technology has applied for an IPO on the Hong Kong Stock Exchange, specializing in machine vision and mobile robots [3] - Zhejiang Humanoid has completed a 450 million RMB Pre-A financing round, with a total of 2.2 billion RMB raised in the past year and a half [4] - Yushu Technology expects to ship over 5,500 humanoid robots in 2025, with total production exceeding 6,500 units [5] - The number of domestic complete machine enterprises is expected to exceed 140 by 2025, with over 330 humanoid robot products released [6] - Microsoft has launched its first robot model Rho-alpha, enhancing adaptability and reliability through advanced AI systems [7] - Dongyi Technology has completed a significant angel financing round, focusing on general humanoid robots and core joint module technology [7] - Today Yixiu has completed a seed round financing, targeting the sleep health sector with AI-driven products [8] Company Announcements - Xiling Power forecasts a net profit of 90 million to 110 million RMB for 2025, representing a year-on-year growth of 77.82% to 117.33% [9] - Huarui Precision expects a net profit of 180 million to 200 million RMB for 2025, an increase of 68.29% to 86.99% compared to the previous year [9] Investment Strategy - The humanoid robot industry is anticipated to open up broader market opportunities beyond automobiles, with significant investment potential as the industry evolves [9] - The production rhythm of Optimus is becoming clearer, and the launch of Microsoft's robot model signifies rapid advancements in the sector [9]

Core Viewpoint - The company Keda Intelligent is pursuing an IPO on the Hong Kong Stock Exchange, aiming to leverage its dual leadership in the digital energy and intelligent robotics sectors to attract investor attention and write a new growth story [1] Group 1: Business Overview - Keda Intelligent, founded in 2002, focuses on power automation and mid-voltage power line communication technology, having established a "digital energy + digital industry" strategy by 2019 [1] - The company's main business segments include digital energy, which encompasses products like circuit breakers and energy storage systems, and intelligent robotics, providing solutions for industrial clients [1] - The company was listed on the Shenzhen Stock Exchange in 2011 but has faced challenges in market performance, with a current stock price of 12.23 yuan and a market capitalization of 9.518 billion yuan as of January 22 [1] Group 2: Financial Performance - Keda Intelligent's revenue from 2023 to the first nine months of 2025 showed fluctuations: 3.025 billion, 2.687 billion (down 11.17% year-on-year), and 1.904 billion (up 1.12% year-on-year) [3] - The digital energy segment is a significant revenue contributor, accounting for 78.2% of total revenue in 2024, while the intelligent robotics segment has seen a substantial decline of 42.8% year-on-year [3] - The company's profitability has rebounded strongly, with profits of -171 million, 61.57 million, and 73.48 million from 2023 to the first nine months of 2025, reflecting a 228% year-on-year growth [3] Group 3: Market Opportunities - The digital energy sector is expected to grow significantly, with a projected market size of 1.515 trillion yuan by 2029 and a compound annual growth rate (CAGR) of 8.7% from 2024 to 2029 [5] - The industrial robotics market is also on an upward trajectory, with an anticipated market size of 166.3 billion yuan by 2029 and a CAGR of 14.6% from 2024 to 2029 [5] Group 4: Challenges - The robotics business faces intense competition and is heavily influenced by the cyclical nature of downstream industries, leading to an imbalance in the company's business structure [6] - The company has a high customer concentration, with the top five clients accounting for 51.6% of revenue, which may weaken its bargaining power and lead to revenue volatility [6] Group 5: IPO and Future Strategy - The IPO proceeds will be used to strengthen technological advantages in both digital energy and robotics, enhance global sales networks, and develop key equipment for AI and quantum technology applications [7] - The company aims to convert industry benefits from electric grid investments into solid cash flow and improve financial health while revitalizing its robotics segment to demonstrate diversification and growth potential [7]

Core Viewpoint - The company Keda Intelligent is pursuing an IPO on the Hong Kong Stock Exchange, aiming to leverage its dual leadership in digital energy and intelligent robotics to attract investor attention and capitalize on growth opportunities in these sectors [1][7]. Group 1: Business Overview - Keda Intelligent, founded in 2002, focuses on power automation and mid-voltage power line communication technology, having established a "digital energy + digital industry" strategy by 2019 [1]. - The company's main business segments include digital energy, which encompasses products like circuit breakers and energy storage systems, and intelligent robotics, providing solutions for industrial clients [1][2]. - Keda Intelligent is recognized as a leading player in the digital energy sector, ranking second in the market for integrated circuit breakers and first in the FTU market, with significant deployments across 31 provincial regions in China [2]. Group 2: Financial Performance - The company's revenue from 2023 to the first nine months of 2025 showed volatility, with figures of 30.25 billion, 26.87 billion (down 11.17% year-on-year), and 19.04 billion (up 1.12% year-on-year) respectively [3]. - The digital energy segment accounted for 78.2% of revenue in 2024, while the intelligent robotics segment saw a significant decline of 42.8% year-on-year [3]. - Despite revenue fluctuations, the company demonstrated strong profit recovery, with profits of -1.71 billion, 615.7 million, and 734.8 million, reflecting a 228% year-on-year increase in the latest period [3]. Group 3: Market Opportunities - The digital energy sector is expected to see significant growth, with a projected market size of 15.15 trillion yuan by 2029 and a compound annual growth rate (CAGR) of 8.7% from 2024 to 2029 [5]. - The industrial robotics market is also poised for expansion, with an anticipated market size of 166.3 billion yuan by 2029 and a CAGR of 14.6% during the same period [5]. Group 4: Challenges and Strategic Focus - The company faces challenges in its robotics business due to intense competition and reliance on a few major clients, with the top five clients accounting for 51.6% of revenue [6]. - The IPO proceeds will be used to strengthen technological advantages in both business segments, enhance global sales networks, and improve operational efficiency [7]. - The company's ability to convert industry opportunities into solid cash flow and financial stability will be crucial for its investment value and growth potential [7].

Core Viewpoint - Keda Intelligent has initiated its dual listing process by submitting a prospectus to the Hong Kong Stock Exchange, aiming to leverage its position in the digital energy and intelligent robotics sectors, despite facing challenges in stock performance and industry competition [1][8]. Group 1: Business Overview - Keda Intelligent operates in two key sectors: digital energy and intelligent robotics, aligning with the trends of "new infrastructure" and "industrial intelligence" [1]. - The digital energy segment is the company's foundational business, with a product matrix that includes core devices such as integrated circuit breakers and distribution terminal units, ranking first in the FTU market and second in the integrated circuit breaker market in China [1][3]. - The intelligent robotics segment showcases the company's diversification ambitions, providing products like industrial robots and inspection robots, with the industrial robot revenue leading the market from 2020 to 2024 [3][4]. Group 2: Financial Performance - Keda Intelligent's revenue has shown significant volatility, with 2023 revenue at 3.025 billion RMB, dropping to 2.687 billion RMB in 2024, before recovering to 1.904 billion RMB in the first three quarters of 2025 [4][5]. - The company recorded a net loss of 171 million RMB in 2023, turning profitable in 2024 with a net profit of 61.57 million RMB, and further increasing to 73.48 million RMB in the first three quarters of 2025 [4][5]. - The digital energy business accounted for 78.2% of total revenue in 2024, while the intelligent robotics business saw a significant decline, with a 42.8% drop in revenue in 2024 [4][6]. Group 3: Market Challenges - The decline in the intelligent robotics segment is attributed to both industry cyclical factors and strategic adjustments, with a reported actual revenue decline of approximately 21.3% after excluding the impact of divested subsidiaries [6][7]. - Increased competition from rivals such as Siasun Robot and Estun in the AI-enabled and high-end customization sectors is further squeezing market space for Keda Intelligent [7]. Group 4: Future Opportunities - The upcoming IPO in Hong Kong presents an opportunity for Keda Intelligent to break through growth bottlenecks, with the national grid's 4 trillion RMB investment plan expected to boost demand for digital energy solutions [8]. - The intelligent robotics market is projected to reach 166.3 billion RMB by 2029, with a compound annual growth rate of 14.6% from 2024 to 2029, providing potential growth avenues for the company [8]. - The international capital platform of the Hong Kong market may assist Keda Intelligent in expanding its overseas market presence, which currently accounts for less than 2% of its revenue [8].

Core Viewpoint - The recent IPO application by Keda Intelligent reflects the structural challenges faced by AI companies in their commercialization process, amidst a backdrop of declining stock performance and profitability issues [1][5][23]. Financial Performance - Keda Intelligent's net profit margin has consistently remained below 6%, with a reported loss of 171 million RMB in 2023. Although revenue is expected to rebound to 2.687 billion RMB in 2024, it is projected to decline to 1.881 billion RMB in 2025, with an adjusted net profit margin of only 4.5% [5][12]. - The company's revenue heavily relies on a few major clients, with the largest client contributing 36% of total revenue, indicating a high risk of revenue volatility if these clients change their strategies [9][20]. R&D and Investment - There has been a noticeable reduction in R&D investment, dropping from 259 million RMB in 2023 to 194 million RMB in 2024, and further to 129 million RMB in the first three quarters of 2025, leading to a decline in R&D intensity [13][18]. - Despite having a substantial R&D team of 758 employees, which constitutes 44.2% of the total workforce, the high labor costs have not translated into improved financial performance, with Keda Intelligent experiencing losses in five out of the last six years [18][20]. Market Position and Strategy - Keda Intelligent aims to maintain its leadership in traditional business sectors, focusing on "digital energy and intelligent robotics" as dual growth drivers. The company ranks among the top ten in commercial energy storage systems and holds leading positions in industrial robotics [22]. - However, the ongoing losses in the AI sector raise concerns about whether profits from traditional hardware can offset the financial challenges faced in AI development [23]. Industry Context - The IPO application of Keda Intelligent symbolizes a shift in the AI industry from hype to a more rational approach, as companies seek sustainable business models in a challenging market environment [23].

Core Viewpoint - The competition in AI between China and the US is driving significant investments in power infrastructure, with China focusing on renewable energy sources and the US tech giants facing challenges due to aging power infrastructure [1]. Group 1: Company Overview - Keda Intelligent Technology Co., Ltd. (科大智能) is seeking a dual listing on the Hong Kong Stock Exchange, having previously listed on the Shenzhen Stock Exchange in 2011 [1]. - As of January 21, 2026, Keda Intelligent's stock price was 12.29 CNY per share, with a market capitalization of 9.565 billion CNY [1]. - The company operates in two main business segments: Digital Energy and Intelligent Robotics, focusing on the digitalization and intelligent upgrade of China's energy system [10]. Group 2: Financial Performance - Keda Intelligent's revenue for 2023 was 3.025 billion CNY, with a net profit of -171 million CNY, indicating financial challenges [13]. - The revenue breakdown shows that Digital Energy accounted for 66.1% of total revenue in 2023, while Intelligent Robotics contributed 33.9% [15]. - The company has faced pressure from accounts receivable, with trade receivables amounting to 1.776 billion CNY at the end of 2023 [19]. Group 3: Market Dynamics - The digital energy sector is expected to grow significantly, with China's digital energy market projected to expand from 292.6 billion CNY in 2020 to 408.7 billion CNY by 2024, reflecting a CAGR of 8.7% [27]. - Keda Intelligent ranks second in the market for integrated circuit breakers in China, with a market share of 3.7% [30]. - The company faces competition from major players in the industry, including Nanjing Nari Technology, Pinggao Electric, and Xi'an Xidian Automation [31]. Group 4: Future Outlook - The integration of AI and digital technologies in the power sector is expected to drive demand for smart power distribution equipment, presenting growth opportunities for Keda Intelligent [22]. - The company aims to enhance its market share in the power equipment sector and expand its robotics business to achieve stable growth [32].