A股上市机器人公司，闯关港交所

Core Viewpoint - Keda Intelligent has submitted its prospectus to the Hong Kong Stock Exchange, aiming to leverage its dual-driven model of digital energy and intelligent robotics to enhance China's energy system and industrial manufacturing transformation [2][4]. Financial Performance - For the first nine months of 2023, 2024, and 2025, Keda Intelligent reported revenues of 30.25 billion RMB, 26.87 billion RMB, and 19.03 billion RMB, respectively. The gross profits were 28 billion RMB, 6.40 billion RMB, and 4.57 billion RMB, with gross margins of 20.8%, 23.8%, and 24% [7]. - The net profits for the same periods were 1.70 billion RMB, 615.7 million RMB, and 734.8 million RMB [7]. - R&D expenses for the first nine months were 2.60 billion RMB, 1.94 billion RMB, and 1.29 billion RMB [9]. Business Segments - Keda Intelligent operates in two main segments: Digital Energy and Intelligent Robotics. - Digital Energy: Revenue from this segment for the first nine months of 2023, 2024, and 2025 was 20 billion RMB, 21.01 billion RMB, and 14.60 billion RMB, accounting for 66.1%, 78.2%, and 78.7% of total revenue [13]. - Intelligent Robotics: Revenue from this segment was 10.24 billion RMB, 5.86 billion RMB, and 4.44 billion RMB, representing 33.9%, 21.8%, and 23.3% of total revenue [16]. Geographic Revenue Distribution - Over 90% of Keda Intelligent's revenue comes from mainland China, with contributions of 30.14 billion RMB, 26.58 billion RMB, and 18.79 billion RMB for the respective years, accounting for 99.6%, 98.9%, and 98.7% of total revenue [18]. Customer Concentration - Revenue from the top five customers was 12.38 billion RMB, 11.91 billion RMB, and 9.84 billion RMB, making up 40.8%, 44.4%, and 51.6% of total revenue [20]. The largest single customer contributed 23.5%, 32.3%, and 36.0% of total revenue in the respective years [20]. Shareholding Structure - The chairman, Huang Mingsong, holds 21.96% of the shares, making him the largest single shareholder, while other A-share shareholders hold 78.04% [24]. Industry Outlook - The industrial intelligent robotics market is expected to grow significantly, with the domestic market size projected to increase from 45 billion RMB to 84 billion RMB from 2020 to 2024, reflecting a compound annual growth rate of 16.9% [27]. The global market is also anticipated to grow from 94.3 billion RMB to 172.6 billion RMB during the same period, with a CAGR of 16.5% [27].