Core Viewpoint - The company reported a decline in revenue and a net loss for the third quarter, while showing growth in revenue and significant profit increase for the first three quarters of the year [1] Financial Performance - Q3 revenue was 596 million yuan, a decrease of 10.24% [1] - Q3 net profit was a loss of 5.215 million yuan, a decline of 188.97% [1] - Revenue for the first three quarters was 1.936 billion yuan, an increase of 1.13% [1] - Net profit for the first three quarters was 71.59 million yuan, a growth of 136.62% [1]

科大智能科技股份有限公司 2025 年第三季度报告 证券代码：300222 证券简称：科大智能 公告编号：2025-071 科大智能科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 科大智能科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | 项目 | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 比上年同期增减 | | 营业收入（元） | 595,941,187.91 | -10.24% | ...

Market Overview - The grid equipment sector increased by 1.6% compared to the previous trading day, with Jiangsu Huachen leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Performers - Jiangsu Huachen (603097) closed at 26.33, up 9.98% with a trading volume of 87,800 shares and a transaction value of 222 million [1] - China West Electric (601179) closed at 7.68, up 8.02% with a trading volume of 4.01 million shares and a transaction value of 3.073 billion [1] - Keda Intelligent (300222) closed at 13.67, up 7.30% with a trading volume of 670,000 shares and a transaction value of 900 million [1] Underperformers - Kelu Electronics (002121) closed at 8.55, down 10.00% with a trading volume of 1.7559 million shares and a transaction value of 1.524 billion [2] - Liangxin Co. (002706) closed at 10.71, down 6.79% with a trading volume of 1.1109 million shares and a transaction value of 1.188 billion [2] - Sanhui Electric (002857) closed at 23.39, down 5.42% with a trading volume of 78,000 shares and a transaction value of 184 million [2] Capital Flow - The grid equipment sector saw a net inflow of 774 million from main funds, while retail funds experienced a net outflow of 619 million [2][3] - Major stocks like China West Electric had a net inflow of 505 million from main funds, while retail funds saw a net outflow of 355 million [3] - Kelu Electronics experienced a significant net outflow of 1.76 billion from retail funds [3]

Group 1 - The core viewpoint of the news is that Keda Intelligent has seen a stock price increase of 5.26%, reaching 13.41 CNY per share, with a trading volume of 453 million CNY and a turnover rate of 5.43%, resulting in a total market capitalization of 10.437 billion CNY [1] - Keda Intelligent Technology Co., Ltd. is located in Songjiang District, Shanghai, established on November 27, 2002, and listed on May 25, 2011. The company's main business includes research, production, and sales of power distribution automation and electricity automation systems, as well as engineering and technical services related to power automation [1] - The revenue composition of Keda Intelligent is as follows: digital energy accounts for 73.10%, intelligent robot applications for 25.65%, and other supplementary services for 1.25% [1] Group 2 - From the perspective of Keda Intelligent's top ten circulating shareholders, data shows that a fund under Huaxia Fund ranks among the top shareholders. The Huaxia CSI Robot ETF (562500) increased its holdings by 2.4401 million shares in the second quarter, holding a total of 13.9408 million shares, which represents 2.2% of the circulating shares [2] - The Huaxia CSI Robot ETF (562500) was established on December 17, 2021, with a latest scale of 14.471 billion CNY. Year-to-date returns are 31.77%, ranking 1557 out of 4219 in its category; the one-year return is 44.14%, ranking 921 out of 3877; and since inception, the return is 2.38% [2] - The fund manager of Huaxia CSI Robot ETF (562500) is Hualong, who has been in the position for 3 years and 68 days, with a total fund asset scale of 21.741 billion CNY. The best fund return during the tenure is 111.89%, while the worst return is -15.08% [2]

Group 1 - The three major indices opened high, with the technology sector continuing its strong performance, particularly the Robot Index ETF (560770) which rose by 1.29% [1] - The Robot Index ETF (560770) has seen a net inflow of 654 million yuan since October, with a net subscription of 120 million yuan over the last three days, and its share has increased by over 111.4% since its listing on September 1, reaching a new high of over 2.07 billion yuan [1] - The demand for robots is robust, with significant contributions from the development and export of industrial and service robots to industrial upgrades [1] Group 2 - According to the latest research from Shenwan Hongyuan, the structural characteristics of A-shares in the five-year planning period will reflect the strongest direction in AI, robotics, and semiconductors by 2025, with a positive outlook for technology leaders in the fourth quarter of 2025 [2] - The Robot Index ETF (560770) tracks the CSI Robot Index, which includes major stocks such as Huichuan Technology, iFlytek, Roborock, Dahua Technology, and others [2] - The top three industries in the CSI Robot Index account for 83.22%, with mechanical equipment being the largest at 55.89%, followed by computers at 18.9% and home appliances at 8.43% [2]

Group 1 - The Robot ETF (562500) experienced a slight increase of 0.20%, closing at 1.010 yuan, outperforming the CSI Robot Index (+0.17%) and significantly beating the Shanghai Composite Index (-0.19%) [1] - The trading pattern showed a rise followed by a pullback, stabilizing around the moving averages, with a trading volume of approximately 9.6 billion yuan, maintaining high turnover [1] - Among the constituent stocks, 34 rose while 39 fell, indicating a mixed performance within the sector, with notable gainers including CITIC Heavy Industries (+10%) and Haide Control (+7.4%) [1] Group 2 - CITIC Construction Investment noted that the humanoid robot index's relative performance is primarily influenced by Tesla's advancements in robotics, such as performance iterations and hardware finalization [2] - The sector has shifted from thematic investments focusing on new hardware directions to expectations of mass production, with the Gen3 hardware nearing finalization and large-scale production [2] - The upcoming Gen3 release is anticipated to provide clearer guidance on hardware finalization and production, presenting a historic opportunity for the sector [2]

Core Viewpoint - Keda Intelligent (300222.SZ) plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness, aligning with global economic integration trends [1] Group 1: H-share Issuance and Listing - The company is in discussions with relevant intermediaries regarding the issuance of H-shares and listing on the Hong Kong Stock Exchange, with details yet to be finalized [1] - The issuance and listing require approval from the company's board, shareholders, and regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] - There is significant uncertainty regarding the approval and implementation of the H-share issuance and listing [1] Group 2: Shareholder Reduction Plan - The controlling shareholder, Huang Mingsong, reduced his holdings by 4,930,000 shares at an average price of 14.66 CNY/share and 15,560,000 shares at 11.32 CNY/share, totaling 20,490,000 shares, which is 2.63% of the company [2][3] - Huang Mingsong realized approximately 248 million CNY from these transactions over a two-month period [2] Group 3: Financial Performance - Keda Intelligent reported a net profit attributable to shareholders of 70.04 million CNY in 2024, a 154.79% increase from a loss of 127.83 million CNY in 2023 [4] - The company’s revenue for 2024 was 2.74 billion CNY, a decrease of 11.72% compared to 3.10 billion CNY in 2023 [4] - In the first half of 2025, the company achieved a revenue of 1.34 billion CNY, a year-on-year increase of 7.17%, and a net profit of 76.81 million CNY, up 214.85% from the previous year [5]

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：2025-068 科大智能科技股份有限公司 关于控股股东、实际控制人股份减持计划期限届满 暨实施情况的公告 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"）于2025年6月27日在巨潮 资讯网（www.cninfo.com.cn）披露了《关于控股股东、实际控制人减持股份的 预披露公告》（公告编号：2025-044，以下简称"预披露公告"），黄明松先生 计划在预披露公告披露之日起15个交易日后的3个月内以集中竞价方式和大宗交 易方式合计减持本公司股份不超过2,334.84万股（含），其中，以集中竞价方式 减持的，任意连续90个自然日内减持公司股份不超过778.28万股（含），减持比 例不超过公司总股本的1%；以大宗交易方式减持的，任意连续90个自然日内减 持公司股份不超过1,556.56万股（含），减持比例不超过公司总股本的2%，合计 减持比例不超过公司总股本的3%。 公司于2025年9月5日披露了《关于控股股东、实际控制人减持股份实施进展 ...

Group 1 - The core viewpoint of the article highlights the increasing trend of A-share companies seeking to list on the Hong Kong Stock Exchange (HKEX), driven by the need to broaden financing channels and accelerate internationalization of Chinese assets [1][3][4] - As of September, over 20 A-share companies have announced plans or progress towards listing in Hong Kong, with more than 10 companies already completing the "A+H" listing this year, including industry leaders like CATL and Heng Rui Medicine [2][4] - The internationalization strategy is a key motivation for A-share companies to pursue HKEX listings, as it allows them to access a more global capital market and enhance their overseas business operations [3][4] Group 2 - The Hong Kong IPO market is expected to remain strong, with projections indicating over 80 new listings and total fundraising between 250 billion to 280 billion HKD for the year [5] - The active secondary market in Hong Kong, along with favorable conditions such as improved liquidity and valuation recovery, has made it more attractive for companies to issue new shares [4][5] - The "A+H" listing model has become a significant part of fundraising in Hong Kong, accounting for 70% of total fundraising in the first half of the year [4]

Core Viewpoint - Keda Intelligent's stock price increased by 4.94% on October 15, with a trading volume of 680 million yuan, indicating strong market interest and activity [1] Financing Summary - On October 15, Keda Intelligent had a financing buy-in amount of 80.83 million yuan and a financing repayment of 80.90 million yuan, resulting in a net financing buy of -0.0694 million yuan [1] - As of October 15, the total financing and securities lending balance for Keda Intelligent was 561 million yuan, with the financing balance accounting for 5.29% of the circulating market value, which is above the 90th percentile level over the past year [1] - The company had no shares sold short or repaid on October 15, with a securities lending balance of 83.37 million yuan, also exceeding the 90th percentile level over the past year [1] Business Performance - For the first half of 2025, Keda Intelligent reported a revenue of 1.34 billion yuan, representing a year-on-year growth of 7.17%, and a net profit attributable to shareholders of 76.81 million yuan, which is a significant increase of 214.85% year-on-year [2] - The company's main business revenue composition includes 73.10% from digital energy, 25.65% from intelligent robot applications, and 1.25% from other sources [1] Shareholder Information - As of June 30, 2025, Keda Intelligent had 73,300 shareholders, a decrease of 5.60% from the previous period, while the average circulating shares per person increased by 5.93% to 8,642 shares [2] - The top ten circulating shareholders include notable institutional investors, with significant increases in holdings from various ETFs, indicating growing institutional interest [3]