The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of CSG Smart Science & Technology Co., Ltd. 科大智能科技股份有限公司 (the "Company") WARNING The publication of this Application P ...

Core Viewpoint - Keda Intelligent's stock price has shown fluctuations, with a recent decline of 2.05% and a total market capitalization of 9.285 billion yuan, while the company has experienced a year-to-date stock price increase of 9.05% [1] Group 1: Stock Performance - As of January 15, Keda Intelligent's stock price was 11.93 yuan per share, with a trading volume of 1.19 billion yuan and a turnover rate of 1.56% [1] - The stock has increased by 9.05% year-to-date, with a 2.84% rise over the last five trading days and a 14.49% increase over the last 20 days, but has decreased by 6.94% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Keda Intelligent reported a revenue of 1.936 billion yuan, reflecting a year-on-year growth of 1.13%, and a net profit attributable to shareholders of 71.59 million yuan, which is a significant increase of 136.62% [2] Group 3: Shareholder and Institutional Holdings - 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 person, down by 12.24% [2] - The company has distributed a total of 244 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - Among the top ten circulating shareholders, notable increases in holdings were observed for several ETFs focused on robotics, indicating growing institutional interest [3]

Group 1 - The project of Keda Intelligent Technology Co., Ltd. has established a digital energy industrial base in Hefei High-tech Zone with a total investment of 1.5 billion yuan, covering an area of approximately 100 acres and planning to build 8 buildings with a total construction area of about 100,000 square meters [1][5][7] - The project aligns with the "dual carbon" strategy and the policy direction for high-quality development of the distribution network, which will enhance Keda Intelligent's core competitiveness and contribute to the creation of a digital energy industry cluster in Hefei High-tech Zone [2][7][9] - Keda Intelligent, a national high-tech enterprise listed on the Shenzhen Growth Enterprise Market since 2011, focuses on the dual development of "digital energy" and "digital industry," with core products including distribution automation, energy storage systems, and industrial robots [2][7] Group 2 - The new base will effectively break through the existing production capacity limitations of Keda Intelligent and seize significant development opportunities in the new power system and digital industry sectors [2][7] - Hefei High-tech Zone, as a national carbon peak pilot park, has established a green economic ecosystem centered on photovoltaic new energy, gathering leading enterprises in the industry and forming a positive industrial pattern of "chain leader leading, collaborative progress" [5][9] - Keda Intelligent's new base will deeply integrate into the regional industrial chain ecosystem, leveraging over 20 years of technology accumulation in the power industry and nearly 700 patents, along with stable partnerships with core clients like State Grid and Southern Grid [5][9]

Group 1 - The core function of the PCS (Power Conversion System) is to facilitate bidirectional energy conversion between energy storage battery systems and the grid, managing both charging and discharging processes [2] - PCS products can be categorized based on system integration structure into centralized, string, and distributed types, and by operating mode into grid-connected, off-grid, and hybrid types [3] - The rated power of PCS has increased from 1.725MW to 2.5MW and above, with high-power models becoming mainstream due to the rapid expansion of energy storage systems [5] Group 2 - The demand for string PCS is rapidly growing as traditional centralized architectures face issues like battery parallel circulation, driven by the increasing scale of energy storage systems [5] - The report from Qidian Research Institute SPIR indicates that the top companies in China for PCS shipments in 2025 will include Kehua Data, Sungrow Power, and Huawei Digital Energy among others [5][7] - The global energy storage market analysis is part of a comprehensive report that includes various chapters on industry definitions, technology classifications, and policy analyses [8]

Group 1 - The autonomous driving sector saw significant stock price increases on January 6, with Hanxin Technology reaching a 30% limit up and Wanjie Technology up by 20% [1][2] - Other companies in the sector, such as Lianchuang Electronics and Desay SV, also hit their daily price limits, indicating strong market interest and investor confidence [1][2] Group 2 - The annual Consumer Electronics Show (CES) in Las Vegas showcased cutting-edge technologies from January 6 to 9, with NVIDIA announcing the launch of the open-source inference VLA model Alpamayo, aimed at accelerating the development of safe autonomous vehicles [2] - NVIDIA's CEO Jensen Huang emphasized that a significant shift from non-autonomous to autonomous vehicles is expected to occur soon, predicting that a large portion of cars will be autonomous or highly automated in the next decade [3] - NVIDIA's DRIVE AV software will be implemented in Mercedes-Benz vehicles, with the first autonomous vehicle expected to hit the roads in the U.S. in Q1 of this year, followed by Europe in Q2 and Asia later in the year [3]

Group 1 - Keda Intelligent Technology Co., Ltd. experienced a 1.2% increase in stock price, reaching 11.00 CNY per share, with a trading volume of 92.87 million CNY and a turnover rate of 1.34%, resulting in a total market capitalization of 8.561 billion CNY [1] - The company, established on November 27, 2002, and listed on May 25, 2011, specializes in the research, production, and sales of power distribution automation and electricity automation systems, as well as providing engineering and technical services [1] - The main revenue composition of Keda Intelligent includes digital energy at 73.10%, intelligent robot applications at 25.65%, and other supplementary services at 1.25% [1] Group 2 - Among the top ten circulating shareholders of Keda Intelligent, Huaxia Fund's Huaxia CSI Robot ETF (562500) increased its holdings by 3.2012 million shares in the third quarter, totaling 17.142 million shares, which represents 2.7% of the circulating shares [2] - The Huaxia CSI Robot ETF, established on December 17, 2021, has a latest scale of 22.798 billion CNY, with a year-to-date return of 27.5%, ranking 2018 out of 4195 in its category [2] - The fund manager, Hualong, has a total asset scale of 35.957 billion CNY, with the best fund return during the tenure being 123.21% and the worst being -15.08% [2]

Group 1 - The core viewpoint of the news is that Keda Intelligent has shown fluctuations in its stock performance and financing activities, with a notable increase in shareholder numbers and significant growth in revenue and net profit for the year [1][2]. Group 2 - As of December 29, Keda Intelligent's stock price decreased by 0.18%, with a trading volume of 154 million yuan. The financing buy-in amount was 14.98 million yuan, while the financing repayment was 15.65 million yuan, resulting in a net financing buy of -670,100 yuan [1]. - The total balance of margin trading for Keda Intelligent reached 479 million yuan, with the financing balance accounting for 5.65% of the circulating market value, indicating a high level compared to the past year [1]. - The company reported a revenue of 1.936 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 1.13%, and a net profit attributable to shareholders of 71.59 million yuan, which is a significant increase of 136.62% year-on-year [2]. Group 3 - Keda Intelligent has distributed a total of 244 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. - As of September 30, 2025, the number of shareholders increased to 83,600, marking a 13.94% rise, while the average circulating shares per person decreased by 12.24% to 7,584 shares [2][3]. - The top ten circulating shareholders include several ETFs focused on robotics, with significant increases in holdings, indicating growing institutional interest in the company [3].

Industry Overview - The distribution room inspection robot is designed to replace or assist human operators in inspecting equipment within indoor distribution rooms, which are critical for supplying electricity to buildings [2] - These robots can perform functions such as infrared temperature measurement, meter reading, switch status recognition, and abnormal alarm, while also providing real-time data upload and analysis [2] - The industry is experiencing rapid growth, with the market size reaching 421 million yuan in 2024, reflecting a year-on-year increase of 15.33% [8] Market Demand and Growth - The traditional manual inspection methods face challenges such as inefficiency, high safety risks, and the potential for missed inspections, creating a strong demand for automated solutions [8] - The integration of advanced technologies like artificial intelligence and the Internet of Things is expected to further enhance the capabilities of distribution room inspection robots [8] Policy Support - The Chinese government has issued several policies to promote the development of the distribution room inspection robot industry, focusing on high-quality development and the advancement of new production capabilities [4] - Specific measures have been introduced to support the research and manufacturing of special robots for various applications, including electricity [4] Industry Chain - The upstream of the industry chain includes raw materials and components such as steel, aluminum alloys, and various sensors [4] - The midstream involves the production and manufacturing of distribution room inspection robots, while the downstream encompasses application fields like power systems and data centers [4] Key Companies - Major listed companies in the industry include Yijiahe (亿嘉和), Keda Intelligent (科大智能), and Shenhao Technology (申昊科技), which leverage their technological advantages and capital strength to lead in large-scale deployments [8][9] - Innovative companies like Shenzhen Langchixin and Beijing Fuxing Intelligent focus on specific technologies to establish core advantages in niche markets [8] Future Trends - The future of distribution room inspection robots will see advancements in multi-dimensional perception and data fusion, enabling more comprehensive monitoring and predictive maintenance capabilities [12] - Autonomous decision-making and collaborative operation among multiple robots will become standard, enhancing operational efficiency and emergency response [13] - The integration of digital twin technology will create a closed-loop lifecycle maintenance system, allowing for real-time updates and predictive maintenance planning [14]

Core Viewpoint - Keda Intelligent announced the approval of multiple proposals at its fifth extraordinary general meeting of shareholders in 2025, including the issuance of H-shares and listing on the main board of the Hong Kong Stock Exchange [2] Group 1 - The company plans to issue H-shares to raise capital [2] - The listing on the Hong Kong Stock Exchange aims to enhance the company's visibility and access to international investors [2] - The proposals were approved during the fifth extraordinary general meeting of shareholders [2]

Group 1 - The core point of the article is that Keda Intelligent announced the adjustment of members in some specialized committees of its board of directors during the ninth meeting of the sixth board [2]