Group 1 - The core idea of the news is that the competition in AI between China and the US is driving significant investments in power infrastructure, with both countries focusing on renewable energy sources and the need for upgraded power grids [1] - The US faces challenges with its aging power infrastructure, as 80% of its transformers are imported and many are outdated, necessitating urgent upgrades [1] - The demand for smart grid equipment is experiencing a resurgence due to the needs of the AI industry, leading to companies like Keda Intelligent Technology Co., Ltd. seeking dual listings in Hong Kong [2] Group 2 - Keda Intelligent has been listed on the ChiNext board since 2011, with a current market capitalization of approximately 9.565 billion RMB and a stock price of 12.29 RMB per share as of January 21, 2026 [2][3] - The company operates in two main business segments: digital energy and intelligent robotics, focusing on integrating AI technology into China's energy system [13][14] - Keda Intelligent's revenue has fluctuated in recent years, with reported revenues of 3.025 billion RMB in 2023, 2.687 billion RMB in 2024, and 1.904 billion RMB for the first nine months of 2025 [17][19] Group 3 - The company's gross profit margins have shown improvement, with rates of 20.8% in 2023, 23.8% in 2024, and 24.0% in the first nine months of 2025 [17] - Keda Intelligent's revenue composition indicates that digital energy accounted for 66.1% of total revenue in 2023, while intelligent robotics contributed 33.9% [19] - The company faces challenges with accounts receivable, with trade receivables amounting to 1.776 billion RMB at the end of 2023, and an average collection period of around 210 days [23] Group 4 - The digital energy sector is projected to grow significantly, with the market size expected to increase from 292.6 billion RMB in 2020 to 408.7 billion RMB by 2024, reflecting a CAGR of 8.7% [32] - Keda Intelligent ranks second in the Chinese market for integrated circuit breakers and first in the market for FTUs, indicating a strong competitive position in the digital energy sector [35][36] - The company is also experiencing high inventory levels, with stock amounting to 1.052 billion RMB as of September 2025, and inventory turnover days exceeding six months [24]

Core Viewpoint - Keda Intelligent has initiated its dual listing process on the Hong Kong Stock Exchange after 15 years on the A-share market, aiming to leverage its position in the digital energy and intelligent robotics sectors, despite facing challenges in business adjustments and industry competition [2]. 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" [3]. - 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. The company ranks first in the FTU market and second in the integrated circuit breaker market in China [3]. - In the intelligent robotics sector, Keda Intelligent provides products like industrial robots and inspection robots, achieving the highest cumulative revenue in the industrial robot market from 2020 to 2024 [5]. 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, and recovering to 1.904 billion RMB in the first three quarters of 2025 [6][7]. - 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 [6]. - The digital energy business accounted for 78.2% of total revenue in 2024, while the intelligent robotics segment saw a significant decline, with a 42.8% drop in revenue in 2024 [6][7]. Group 3: Market Challenges - The decline in the intelligent robotics business is attributed to both industry cycles and strategic adjustments, with a 21.3% actual revenue drop when excluding the impact of divested subsidiaries [8]. - Increased competition from companies like Siasun Robot and Estun in the AI-enabled and high-end customization sectors is further squeezing market space for Keda Intelligent [8]. Group 4: Future Prospects - The upcoming IPO in Hong Kong presents both opportunities and challenges for Keda Intelligent, with the potential to benefit from the 4 trillion RMB investment plan by the State Grid, which is expected to drive demand for digital energy solutions [9]. - The international capital platform of the Hong Kong market may help the company expand its overseas market presence, which currently accounts for less than 2% of its revenue [10]. - The company views the Hong Kong listing as a new starting point for strategic upgrades, focusing on enhancing R&D, optimizing business structure, and expanding market space to achieve a dual-driven growth model [10].

Group 1 - Keda Intelligent Technology Co., Ltd. (referred to as "Keda Intelligent") submitted its listing application to the Hong Kong Stock Exchange on January 19, with Huatai International and Guoyuan International as joint sponsors [2] - Keda Intelligent, established in 2002 and listed on the Shenzhen Stock Exchange in May 2011, has a market capitalization of nearly 10 billion [2] - According to Frost & Sullivan, Keda Intelligent ranks second in the national revenue for the integrated circuit breaker market, fifth in the ring network cabinet market, first in the FTU market, and third in the DTU market for 2024 [2] Group 2 - As of the last feasible date, Dr. Huang Mingsong, the Executive Director and Chairman, directly holds 170,875,862 A-shares, accounting for approximately 21.96% of the company's issued share capital [5] - Dr. Huang, aged 54, has been serving as the Chairman since November 2002 and is responsible for convening and presiding over board and shareholder meetings, participating in strategic planning, and overseeing overall management and operations [5] - Keda Intelligent's revenue for the first nine months of 2023, 2024, and 2025 were 3.025 billion, 2.687 billion, and 1.904 billion respectively, with profits of -171 million, 62 million, and 73 million during the same periods [5] Group 3 - Dr. Huang has accumulated over 20 years of experience in smart technology and industrial automation, having held various key management positions since joining the group in November 2002 [6] - Dr. Huang holds a Master's degree in Industrial Economics from Hefei University of Technology, an Executive MBA from Cheung Kong Graduate School of Business, and a Ph.D. in Economic Management from the University of Minnesota [6] Group 4 - In 2024, Dr. Huang's compensation is 1.693 million RMB, a 12.79% increase from 1.501 million RMB in 2023, while CEO Wang Tingting's compensation is 1.741 million RMB, up 20.82% from the previous year [7]

Group 1 - Company Jidian Co., Ltd. announced that its Vice President Yu Jianyu submitted a resignation letter on January 19 due to work changes, and he will no longer hold any position in the company after his resignation. As of the announcement date, Yu Jianyu held 220,000 shares of the company [1] - Company Keda Intelligent has submitted an application for the issuance of overseas listed shares (H shares) to the Hong Kong Stock Exchange on January 19, and the application materials were published on the Hong Kong Stock Exchange website on the same day [1] - Company *ST Lifang clarified that it was unaware of and did not participate in the media reports regarding a public letter to shareholders about risk warnings and stock resumption, stating that the content was not officially released by the company's board of directors [1]

智通财经APP讯，科大智能(300222.SZ)发布公告，公司已于2026年1月19日向香港联合交易所有限公司 (简称"香港联交所")递交了发行境外上市股份(H股)并在香港联交所主板挂牌上市的申请，并于同日在香 港联交所网站刊登了本次发行上市的申请资料。 ...

智通财经APP讯，科大智能(300222.SZ)发布公告，公司已于2026年1月19日向香港联合交易所有限公司 (简称"香港联交所")递交了发行境外上市股份(H股)并在香港联交所主板挂牌上市的申请，并于同日在香 港联交所网站刊登了本次发行上市的申请资料。 ...

证券代码：300222 证券简称：科大智能 公告编号：2026-001 科大智能科技股份有限公司 科大智能科技股份有限公司 关于向香港联交所递交境外上市股份（H 股）发行上市 申请并刊发申请资料的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 科大智能科技股份有限公司（以下简称"公司"）已于2026年1月19日向香 港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于 同日在香港联交所网站刊登了本次发行上市的申请资料。 该申请材料为公司按照香港证券及期货事务监察委员会（以下简称"香港证 监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时 作出更新及修订。 鉴于本次发行上市的认购对象将仅限于符合相关条件的境外投资者及依据 中国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内 证券交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为 使境内投资者及时了解该等申请资料披露的本次发行上市以及公司的其他相关 信息，现提供该 ...

Core Viewpoint - Keda Intelligent experienced a stock price decline of 2.07% on January 20, with a current price of 12.29 CNY per share and a total market capitalization of 9.565 billion CNY [1] Group 1: Stock Performance - The stock has increased by 12.34% year-to-date, with a 2.50% rise over the last five trading days and a 16.60% increase over the last 20 days, while it has decreased by 3.53% over the last 60 days [1] - The trading volume reached 2.12 billion CNY, with a turnover rate of 2.69% [1] Group 2: Financial Performance - For the period from January to September 2025, Keda Intelligent reported a revenue of 1.936 billion CNY, reflecting a year-on-year growth of 1.13%, and a net profit attributable to shareholders of 71.59 million CNY, which is a significant increase of 136.62% [2] Group 3: Business Overview - Keda Intelligent specializes in the research, production, and sales of power distribution automation and electricity automation systems, as well as providing related engineering and technical services [1] - The company's revenue composition includes 73.10% from digital energy, 25.65% from intelligent robotics applications, and 1.25% from other sources [1] Group 4: Shareholder Information - As of September 30, 2025, Keda Intelligent had 83,600 shareholders, an increase of 13.94% from the previous period, with an average of 7,584 circulating shares per shareholder, down by 12.24% [2] - The top shareholders include various ETFs focused on robotics, with significant increases in holdings compared to the previous period [3]

Company Overview - The company has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and Guoyuan International as joint sponsors [1] - It is a leading Chinese technology enterprise driven by digital energy and intelligent robotics, aiming to promote the digital and intelligent upgrade of China's energy systems and industrial manufacturing through the integration of artificial intelligence technology [1] - The company is one of the earliest entrants into the distribution automation field in China, with products and solutions deployed in all 31 provincial power grids across the country [1] Market Position - According to Frost & Sullivan, the company ranks second in the integrated circuit breaker market, fifth in the ring main unit market, first in the feeder terminal unit (FTU) market, and third in the distribution terminal unit (DTU) market based on national revenue projections for 2024 [1] - The company is expected to be among the top ten in China for commercial and industrial energy storage system shipments in 2024, ranking in the top three in high-energy consumption segments [1] Technological Advancements - The company has successfully developed a grid-friendly energy storage system and constructed power trading and intelligent microgrid management systems for high-energy users [1] - It is one of the few industrial robot manufacturers with advanced technology and large-scale, multi-scenario implementation capabilities [1] - From 2020 to 2024, the company is projected to have the highest cumulative revenue from industrial robotic arms in China, while its storage and retrieval stacker (SRM stacker) is expected to lead in cumulative revenue within the lithium battery industry during the same period [1] Industry Growth Projections - The global digital energy market is expected to reach RMB 15.15 trillion by 2029, with a compound annual growth rate (CAGR) of 8.7% from 2024 to 2029 [2] - The overall scale of China's digital energy industry is projected to grow to RMB 657.7 billion by 2029, with a CAGR of 10.0% from 2024 to 2029 [2] - The market size of China's industrial intelligent robotics industry is expected to reach RMB 166.3 billion by 2029, with a CAGR of 14.6% from 2024 to 2029 [2]

Group 1 - SK Hynix announced a record performance bonus of over 1.36 million KRW (approximately 640,000 RMB) per employee, benefiting from the AI boom, with stock prices increasing by 275% in 2025 [1] - The company has sold out all chip production capacity for 2026, indicating strong demand [1] Group 2 - Bubble Mart announced a share buyback plan, investing 251 million HKD to repurchase 1.4 million shares at prices ranging from 177.7 to 181.2 HKD per share [11] - Tencent and Taobao have invested in Zhijia Power Technology, a smart driving technology developer, indicating growing interest in AI and smart driving sectors [9] Group 3 - Tea Yan Yue Se is expanding its workforce in major cities, leading to speculation about market expansion, although the company clarified that this is part of regular personnel reserves [2][3] - The company currently operates 758 stores across four provinces and is known for its cautious expansion strategy [2] Group 4 - Vanke has been ordered to pay over 1.089 billion RMB due to enforcement actions, highlighting potential financial challenges [4] - The company is facing scrutiny as it navigates legal and financial obligations [4] Group 5 - The price of gold and silver has risen, with new investment copper bars being introduced in Shenzhen, although concerns about copper's investment viability were raised [2] - The market is reacting to rising commodity prices, which may influence consumer behavior and investment strategies [2]