Xin Lang Cai Jing·2026-01-26 10:38Core 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].