海得工业交换机采用工业级设计，符合工业现场的苛刻环境要求，如环境温 度、电池干扰、现场振动以及通讯协议和实时通信要求，该产品具备强大的兼容 性和稳定性，可确保在机器人设备满足各类工业生产关键实时系统的严苛要求， 助力企业实现智能制造转型；海得第二代PLC（EControl Studio）用Linux + RT 实时操作系统，兼具Linux开源性与实时性优势，可显著提升控制精度与响应速 度，在电子半导体、水处理泵站、交通隧道、管廊、制药等相关行业具有广阔的 发展前景；工业AI控制器的AI功能开发将深度整合神经网络运行时与机器学习 框架，重点突破传统工业控制器在复杂工况下的策略控制和预测性维护的技术课 题。 证券简称：海得控制 证券代码：002184 2025 年 9 月 24 日投资者关系活动记录表 编号：2025-007 | | ■特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | 类别 | □新闻发布会 □路演活动 | | | | | □现场参观 □其他 | | | | 参与单位名称 及人员姓名 | 平 ...

Core Insights - The challenges of achieving "AI + industrialization" include data acquisition and governance, as highlighted by Siemens at the 25th China International Industry Fair [1][4] - Siemens has signed agreements with nearly 40 companies to expand its local ecosystem and has showcased its first pilot application of the Industrial Copilot based on generative AI in China [1][3] Group 1: Industry Trends - Over 80% of enterprises recognize the value of industrial AI in enhancing production efficiency and reducing operational costs, yet 43% have not deployed industrial AI, and only 8% have achieved multi-scenario applications [3] - Key barriers to deploying AI industrial systems include high deployment costs, a lack of skilled professionals, and insufficient technological maturity [3] Group 2: Company Developments - Siemens has developed a new generation of smart assembly equipment for electric vehicles in collaboration with Zhongke Motong, marking the first pilot application of its generative industrial AI assistant in the Chinese market [4] - The new industrial PC product launched by Siemens is tailored for the Chinese market and compatible with the local operating system Kirin, demonstrating a proactive response to local demands [5] Group 3: Financial Performance - Siemens reported a 28% year-on-year increase in new orders, reaching €24.7 billion, and a 5% revenue growth to €19.4 billion for the third quarter of fiscal year 2025, although the software business within the digital industrial group faced challenges compared to the previous year [6]

Group 1 - The company Sanlian Hongpu (SZ 300384) announced a board meeting held on September 22, 2025, to discuss a proposal for bank credit limits [1] - For the fiscal year 2024, the revenue composition of Sanlian Hongpu is as follows: 66.27% from new materials and synthetic materials solutions, 25.96% from recycled and biodegradable materials solutions, 6.26% from industrial AI integration applications, and 1.51% from other businesses [1] - As of the report, the market capitalization of Sanlian Hongpu is 5.4 billion yuan [1]

Core Viewpoint - The upcoming "2025 China Industrial AI Conference (IAIC 2025)" aims to drive industrial upgrading and high-quality economic development through artificial intelligence, aligning with national policies and industry needs [1][2][3] Group 1: Conference Highlights - The conference will focus on strategic goals to empower manufacturing upgrades, addressing production efficiency bottlenecks and enhancing industry chain collaboration [2] - It will facilitate the integration of industry, academia, research, and application, promoting the rapid implementation of AI technologies in real production scenarios [2] - The agenda will balance macro and micro perspectives, featuring both overarching policy discussions and specialized forums for various industries such as automotive, electronics, and renewable energy [2] - Key state-owned enterprises will be invited to share innovative applications and practices in industrial AI, reinforcing their role in leading industry advancements [2] Group 2: Location and Significance - Hangzhou was chosen for its unique advantages in the digital economy, being a hub for AI, industrial internet, and smart manufacturing with a strong ecosystem of competitive enterprises [3] - The conference is expected to inject new momentum into the development of China's industrial AI sector, facilitating a leap in smart industrialization and contributing to the goal of becoming a manufacturing powerhouse [3]

Group 1 - TCL Technology won the fifth China Quality Award for its quality management model of "extreme, leading, and collaborative" [2] - The China Quality Award was established in 2012 and has conducted five rounds of evaluation and recognition [2] - The founder and chairman of TCL, Li Dongsheng, emphasized that the model aims to achieve efficiency, product quality, and ecological leadership through multi-level collaboration across the entire industry chain [2] Group 2 - The integration of AI with manufacturing is increasingly important, enhancing production efficiency and product quality assurance [2] - TCL Huaxing applied AI intelligent detection systems in panel production, improving production efficiency by 70% and enhancing the process capability index (Cpk) by 11% [2] - TCL Zhonghuan utilized the Deep Blue AI model to integrate technology platforms with smart production lines, reducing manufacturing costs by 21% by the end of 2024 and improving the human-machine ratio by 12% [2] Group 3 - TCL Technology combines digital intelligence technology with manufacturing transformation to achieve flexible manufacturing with fewer personnel and higher intelligence [3] - In the semiconductor display industry, TCL's smart manufacturing maturity reached the highest level in the country, with the capacity of the Shenzhen T1 production line increased by 60% compared to the original design [3] - In the new energy photovoltaic industry, TCL's single furnace monthly output is 30% higher than the industry average, with a single operator remotely managing 384 furnace stations, exceeding the industry average [3] Group 4 - TCL Technology is actively collaborating with industry partners in the field of industrial AI, including a full-stack AI strategic partnership with Alibaba Cloud to create an intelligent hub for the semiconductor display industry [3] - The company plans to invest in building an AI computing power center, industrial large models, and AI service platforms, deeply integrating AI with production manufacturing and product technology research and development [3]

Core Viewpoint - TCL Technology has been awarded the China Quality Award for its quality management model of "Extremity, Leadership, and Collaboration," highlighting its commitment to high-quality development in the semiconductor field [3][5][22]. Group 1: Quality Management Model - The "Extremity, Leadership, and Collaboration" quality management model was developed by TCL Technology under the national quality strategy, aiming to become synonymous with high-quality development in the semiconductor sector [9][11]. - "Extremity" encompasses extreme operations, innovation, and management, focusing on strategic-driven operations, comprehensive quality management, and collaborative improvements across the supply chain [11][12]. - "Leadership" is the goal of high-quality development, with TCL achieving industry-leading performance in 19 key quality indicators and optimizing operational efficiency [11][12]. - "Collaboration" involves customer, supply chain, and environmental cooperation, enhancing responsiveness and promoting green development through ESG strategies [12][22]. Group 2: AI Integration and Manufacturing Efficiency - AI is increasingly integrated into TCL's manufacturing processes, significantly improving production efficiency and product quality, with examples including a 70% increase in production efficiency and an 11% improvement in process capability index [12][14]. - The company has achieved a high level of smart manufacturing maturity in the semiconductor display industry, with production capacity exceeding original designs by 60% [14]. - TCL's AI strategy includes partnerships with industry leaders like Alibaba Cloud to build an intelligent hub for the semiconductor display industry [15]. Group 3: Innovation and Competitive Advantage - Under the quality management model, TCL is expanding into semiconductor displays, renewable energy, and semiconductor materials, positioning itself as a leading semiconductor manufacturing group [17]. - The company has achieved global leadership in several product categories, including gaming displays and photovoltaic silicon wafers, with significant improvements in production metrics post-implementation of the quality model [17][18]. - TCL has filed nearly 80,000 patents, with a strong focus on quantum dot electroluminescence technology, leading the global patent landscape in this field [18][20]. Group 4: Investment in Quality Infrastructure - TCL has invested over 8 billion in quality infrastructure, establishing 80 laboratories, with several receiving national accreditation [22]. - The quality management model has been extended to over 2,000 enterprises within the ecosystem, facilitating cross-industry upgrades and enhancing overall manufacturing quality [22].

Core Insights - The Ministry of Industry and Information Technology in China is set to introduce a special action plan for "Artificial Intelligence + Manufacturing," focusing on high-quality development and intelligent transformation in key industries [1][3] - The global industrial AI market is projected to grow from $43.6 billion in 2024 to $154 billion by 2030, with a compound annual growth rate of 23% [1][3] Group 1: Industrial AI Transformation - Industrial AI is no longer viewed merely as a cost-cutting tool but as a transformative force that fundamentally rewrites the logic of manufacturing [3][6] - The integration of AI is shifting the manufacturing paradigm from linear division of labor to intelligent networks, enhancing flexibility and responsiveness [7][8] Group 2: Strategic Importance of AI - AI has transitioned from being a peripheral IT project to a central strategic focus for CEOs in large manufacturing firms [6][7] - Companies like Toyota are investing significantly in AI-driven factories, emphasizing human-machine collaboration and real-time problem-solving capabilities [6] Group 3: Supply Chain and Collaboration - Industrial AI is reshaping supply chains into intelligent collaborative networks, allowing real-time sharing of resources and dynamic adjustments to supply and demand [9][10] - The emergence of self-organizing ecosystems driven by AI is replacing traditional rigid protocols, enabling faster and more efficient responses to market changes [9] Group 4: Value Creation and Business Models - The focus of value creation in manufacturing is shifting from hardware and products to data, algorithms, and intelligent services [13][14] - New business models are emerging, such as "smart products as a service," which foster long-term, dynamic relationships between manufacturers and customers [14][15] Group 5: Challenges and Considerations - While AI offers significant potential, it is not universally applicable and has limitations in certain manufacturing scenarios [19][20] - Data governance and quality are critical for the successful implementation of AI, as poor data can lead to unreliable models and increased risks [20][21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 3.83 billion yuan in the first half of 2025, a year-on-year decrease of 9.92%. The net profit attributable to the parent company was 354 million yuan, down 31.46% year-on-year. The adjusted net profit was 289 million yuan, a decline of 38.86% year-on-year. In Q2 alone, revenue was 2.22 billion yuan, down 11.56% year-on-year, with a net profit of 234 million yuan, down 36.96% year-on-year [2][6] - Despite pressure on traditional business, the company's "ALL IN AI" strategy is gradually gaining traction, with industrial AI product revenue reaching 117 million yuan and robot product revenue at 110 million yuan in the first half of 2025. The long-term outlook for the company's strategic transformation remains positive [2][6] Summary by Sections Revenue Performance - The overall revenue growth remains under pressure, with a decline of 10% in H1 2025 and 12% in Q2 2025. This is attributed to significant pressure on downstream demand and a negative PPI environment. The company is adjusting its business model, with expectations for demand growth from new projects in Xinjiang's coal chemical industry [12] - Revenue breakdown shows that industrial automation and intelligent manufacturing solutions generated 2.24 billion yuan, while automation instruments and industrial software saw declines of 9.49% and 19.49% respectively. However, the S2B platform revenue dropped significantly by 52.80% [12] Profitability Analysis - The company's gross margin was approximately 32.1% in H1 2025, a decrease of 1.15 percentage points year-on-year. The decline is mainly due to business restructuring. The gross margins for various products varied, with industrial software benefiting from AI promotion [12] - A significant factor in profit decline was asset impairment and credit impairment losses totaling 112 million yuan, which impacted overall profitability [12] Business Development - The AI and robotics sectors are progressing well, with the TPT model entering a phase of scale application, generating 117 million yuan in revenue. The company has successfully implemented over 110 projects across various industries [12] - The subscription model for industrial software has seen 938 clients signed up by H1 2025, indicating a shift towards new business models [12] Investment Recommendations - The company is expected to achieve net profits of 1.16 billion yuan, 1.38 billion yuan, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 33.7x, 28.2x, and 23.6x. Investors are advised to pay close attention to the company's developments [12]

Core Viewpoint - As the domestic market matures and becomes saturated, going global has become an important development direction for Chinese companies, with significant advancements in technology and brand strength enabling competitive capabilities abroad [2][3] Company Overview - Zhongkong Technology, a company with 32 years of experience in the industrial AI sector, has transitioned from a DCS control system provider to a leader in industrial AI, accumulating valuable data and expertise [2][3] - The company holds over 100 EB of data, which serves as a solid foundation for developing industrial large models and supports its international expansion efforts [3][4] Strategic Focus - The company has adjusted its overseas business strategy, focusing on partnerships with top global enterprises such as Shell and BASF, aiming to apply its technology and products to around 10 leading companies for high-quality overseas development [2][6] - Zhongkong Technology emphasizes the importance of technological innovation and product extension rather than merely expanding business scale [6] Market Position and Growth - Zhongkong Technology's market share in the global supply chain is approximately 30%, providing a strong foundation for its development as a technology-driven enterprise [3] - The company has experienced significant growth, with revenue projected to approach 10 billion yuan by 2025, up from 2-3 billion yuan in 2020, largely due to support from the Science and Technology Innovation Board [7] Technological Advancements - The company is committed to continuous innovation in industrial AI, robotics, and traditional automation upgrades to meet evolving industrial demands [4][5] - Zhongkong Technology has successfully integrated advanced technologies into its automation products, enhancing operational efficiency in the process industry [4] Global Capital Strategy - The company has leveraged its listing on the Science and Technology Innovation Board to issue GDRs and acquire a top European industrial analytics firm, significantly shortening its technology accumulation cycle [7] - Future plans include applying for listings in Hong Kong and Singapore by 2026 to further enhance its global capital structure and market presence [7][8]

Core Viewpoint - Industrial Fulian's stock surged to its limit due to the launch of Apple's new iPhone models, particularly the iPhone Air, which is touted as the "thinnest iPhone ever" [2][5][6] Stock Performance - On September 10, Industrial Fulian opened at 51.60 CNY per share, reaching a high of 5.76% before hitting the limit up at 9:48 AM, and closing at 53.67 CNY with a total trading volume of 183.1 billion CNY [3][4] - The company's market capitalization increased by 969.17 billion CNY, surpassing 1 trillion CNY again [4] Partnership with Apple - Industrial Fulian has a long-standing and stable partnership with Apple, being a key player in the production of iPhones and AI servers [5][6] - The company has been expanding its workforce to meet the production demands for the iPhone 17 series, indicating a strong operational capacity [5] Research and Development Investment - Industrial Fulian has consistently invested over 10 billion CNY annually in R&D from 2020 to 2024, with specific figures of 100.38 billion CNY, 108.35 billion CNY, 115.88 billion CNY, 108.11 billion CNY, and 106.31 billion CNY [7][8] - In the first half of 2025, R&D investment reached 50.95 billion CNY, reflecting a year-on-year increase of 4.49% [8] Financial Performance - In the first half of 2025, Industrial Fulian reported a revenue of 360.76 billion CNY and a net profit of 121.13 billion CNY, marking a year-on-year growth of 35.58% and 38.61% respectively [9] - The company's AI server revenue in the cloud computing sector is steadily increasing, with overall server revenue growing over 50% and AI server revenue increasing by over 60% in the second quarter [9]