的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資訊予香港公眾人士。 香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 COSMOPlat IoT Technology Co., Ltd. 卡 奥 斯 物 聯 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向卡奧斯物聯科技股份有限公司（「本公司」）、本公司的聯席保薦人、整體協調人、顧問及包銷團成員 表示同意： 本申請版本不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記，且在根據 1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本申請版本及當中所載資料均非於美國或任何其他禁止進行有關要約或銷售的司法權區 ...

Core Viewpoint - The company is focused on building and managing an ecosystem with partners, leveraging its years of technical accumulation and practical experience in the industrial sector to expand its overseas business [1] Group 1: Business Strategy - The company aims to continue its overseas business layout and deepen cooperation with high-quality overseas partners [1] - The focus will be on core scenarios such as smart manufacturing and smart electrical systems [1] Group 2: Technological Development - The company plans to explore deep collaboration models in technology research and development, product adaptation, and market customer sharing [1] - It intends to export advanced industrial solutions and service capabilities to more overseas markets [1] Group 3: Industry Impact - The company aims to empower global industrial upgrades with its experience in digital intelligence practices in China [1] - The goal is to assist more overseas manufacturing enterprises in achieving efficient and sustainable intelligent transformation [1]

Group 1 - The core pursuit of the company is to make farming easier and more profitable for farmers [1] - The company emphasizes the importance of industrial digital transformation to reduce costs and improve efficiency in agriculture [1] - A comprehensive intelligent production and operation system has been developed, resulting in cost savings of 1.5 million yuan per production line annually, and over 30 million yuan across multiple lines [1] Group 2 - The company utilizes an agricultural big data platform to create multi-dimensional soil nutrient maps, enabling precise fertilization for farmers [2] - The company aims to promote high-quality development in the industry by establishing a demonstration mechanism for the integration of digital and green transformation in traditional manufacturing [2]

Core Viewpoint - JD Industrial's IPO marks a significant milestone for the company, transitioning from a unicorn to a publicly listed entity, and establishing itself as the sixth member of JD Group's commercial portfolio [1][2]. Business Overview - JD Industrial originated from JD Group's enterprise business and became an independent unit in 2017, addressing inefficiencies in traditional industrial supply chains [3]. - The company aims to enhance operational efficiency in the industrial sector through technology, aligning with the "New Quality Productivity" policy [2][3]. Market Position and Growth - JD Industrial has built a service network covering 80 product categories and over 81.1 million SKUs, serving more than 11,100 core industrial enterprises and millions of SMEs, including 60% of China's top 500 companies [7]. - The company reported significant profit growth, with net profit projected to rise from 4.799 million yuan in 2023 to 762 million yuan in 2024, and a 54.96% year-on-year increase in the first half of 2025 [9]. Strategic Initiatives - The "Tai Pu" integrated supply chain solution is central to JD Industrial's growth, linking supply and demand through four digital modules [9]. - JD Industrial's collaboration with leading automotive companies has demonstrated the effectiveness of the "Tai Pu" solution, significantly reducing procurement times and costs [9]. Competitive Landscape - JD Industrial holds a 4.1% market share in the industrial supply chain technology and services sector, leading the industry but facing competition from specialized platforms and comprehensive e-commerce players [12]. - The company is transitioning from a supporting role in the supply chain to a central role in industrial production by integrating MRO and BOM services [13]. Future Outlook - JD Industrial is focusing on global expansion, with plans to enter Southeast Asian markets and establish a presence in Brazil, Thailand, and other regions [21][22]. - The company aims to enhance its supply chain capabilities and operational efficiency through intelligent collaboration across multiple locations, positioning itself for a new phase of globalization [23].

Core Insights - JD Industrial has successfully transitioned from a unicorn to a publicly listed company, marking a significant milestone in its development and establishing a benchmark for capitalizing on industrial digital transformation under the "new quality productivity" policy direction [1] - The company aims to enhance operational efficiency in the industrial sector through technology, addressing pain points in traditional supply chains [1][2] - JD Industrial's listing reflects market recognition of its industry position and the potential of the industrial digitalization sector [2] Business Overview - JD Industrial has built a service network covering 80 product categories and over 81.1 million SKUs, serving more than 11,000 core industrial enterprises and millions of SMEs, including around 60% of China's top 500 companies [2][3] - The company’s revenue growth is driven by its "Taipu" integrated supply chain solution, which has shown significant performance improvements across various industries [3][6] Financial Performance - From 2023 to 2024, JD Industrial's net profit is projected to increase from 4.799 million to 762 million, with a 54.96% year-on-year growth expected in the first half of 2025 [3] - Revenue from general MRO products is expected to rise from 9.4 billion to 11.1 billion, while professional MRO and BOM product revenues are also anticipated to grow significantly [6] Market Position - JD Industrial holds a 4.1% market share in the industrial supply chain technology and services market, leading the industry but facing competition from specialized platforms and comprehensive e-commerce players [4] - The industrial supply chain market is highly fragmented, with the top 10 companies accounting for only 1.5% of the market [4] Strategic Initiatives - The company has launched the JoyIndustrial industrial supply chain model and initiated the "Intelligent Empowerment of Thousands of Industries, Trillion Cost Reduction" campaign, targeting a significant reduction in supply chain costs [7][8] - JD Industrial's dual-driven strategy combines industrial models with supply chain applications to enhance operational efficiency and address long-standing challenges in the sector [8] Global Expansion - JD Industrial is exploring international markets, particularly in Southeast Asia, and has established a presence in countries like Brazil, Thailand, and Malaysia [9][10] - The company aims to build a resilient global supply chain network, focusing on localizing capabilities while ensuring effective collaboration across its operations [10]

Group 1 - The "Ning Gong Pin Tui" supply-demand matching activities have been successful in facilitating over 100 events and serving more than 3,300 enterprises, helping them secure orders and expand markets [1] - The initiative emphasizes the importance of aligning product offerings with market needs and enhancing collaboration across the industrial chain [1][2] - Companies like Langkun Smart Technology have benefited significantly from these events, showcasing their "AI + Industrial Internet" solutions to key clients [2][3] Group 2 - Langkun Smart Technology has identified strong demand in areas such as "AI + operational optimization" and "AI + energy efficiency," which align with their core competencies [3] - The company has developed exemplary "AI+" applications based on the national-level "Shuchang" industrial internet platform, demonstrating significant improvements in quality and efficiency [3] - The "Ning Gong Pin Tui" activities have enabled enterprises to stay updated on industry trends and connect with potential clients effectively [3][4] Group 3 - Estun Automation has established deep collaborations with local suppliers, enhancing the resilience of the supply chain and creating a "2-hour response circle" advantage [5][6] - The company has maintained its position as a leader in the industrial robot market, contributing to a domestic market penetration rate of 55.3% for local brands [5] - The "Ning Gong Pin Tui" initiative has facilitated Estun's engagement with various enterprises, promoting collaborative development across the industrial chain [6] Group 4 - The Jiangning Development Zone is collaborating with Estun to implement a "Double Hundred Billion" initiative, aiming to exceed 10 billion yuan in revenue by 2030 [7] - The "Ning Gong Pin Tui" events have also attracted major state-owned enterprises, enhancing cooperation between central and local enterprises in the energy sector [8][10] - The initiative has created a strong platform for enterprises to understand industry dynamics and expand their business networks [9][10] Group 5 - The smart grid industry is a key sector for Nanjing, with ambitions to surpass 500 billion yuan this year, leveraging the strengths of state-owned enterprises [11] - The local government is fostering a continuous engagement mechanism between central enterprises and local businesses to enhance technological collaboration and talent exchange [11]

Core Viewpoint - The 2025 China (Zhengzhou) Heavy Machinery Equipment Exhibition aims to promote high-quality development in the manufacturing industry through high-end, intelligent, and green innovations, showcasing the latest advancements in heavy machinery and fostering a collaborative industrial ecosystem [1][2]. Group 1: Exhibition Overview - The exhibition covers an area of 32,000 square meters and features over 300 leading companies, including CITIC Heavy Industries, China First Heavy Industries, and others, showcasing the latest developments across the entire industrial chain, including metallurgy, mining machinery, and new materials [2]. - The event serves as a platform for industry collaboration, with forums and exchange meetings scheduled to enhance communication between equipment manufacturers and user industries [5]. Group 2: Industry Insights - The Chairman of the China Heavy Machinery Association emphasized the importance of mastering autonomous heavy equipment for high-quality industrial development, advocating for the creation of a world-class heavy machinery ecosystem [2]. - CITIC Heavy Industries showcased its core achievements in intelligent transformation, including autonomous mining robots capable of replacing approximately 80% of manual labor, with full replacement of skilled workers expected within 2 to 3 years [2]. Group 3: Technological Innovations - The exhibition highlighted advanced equipment integrating smart sensors, remote operation, and energy-saving technologies, moving away from traditional heavy machinery [5]. - The Deputy General Manager of Henan Mining Crane Co., Ltd. introduced an AI-integrated automatic gantry crane system capable of millimeter-level precision, with sales exceeding 128,000 units globally [5]. - Henan Suitong Machinery Co., Ltd. reported an annual revenue of 500 million yuan, with over 50% market share in the subway shield steel structure sector, exporting to over 120 countries [5].

Core Viewpoint - Tianzhun Technology has received approval for its public convertible bond issuance, aiming to raise up to 872 million yuan for various R&D and industrialization projects in the industrial vision and semiconductor sectors [1][2]. Group 1: Company Overview - Tianzhun Technology, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board since July 2019, focuses on promoting industrial intelligence through artificial intelligence technology [1]. - The company serves key industries such as electronics, semiconductors, and new energy vehicles, providing advanced visual equipment products [1]. - It has established itself as a leading supplier of visual measurement and inspection equipment globally, with a strong emphasis on R&D, having secured 488 patent authorizations, including 278 invention patents [1]. Group 2: Clientele and Market Position - The company has developed into a leading enterprise in the industrial vision equipment sector, serving over 6,000 mid-to-high-end clients, including major companies like Foxconn, BOE, and Alibaba [2]. - Tianzhun Technology's products are integral to various industry applications, enhancing clients' competitive advantages [1][2]. Group 3: Fundraising and Project Allocation - The total amount to be raised through the convertible bond issuance is capped at 872 million yuan, allocated to three main projects: 1. R&D and industrialization of industrial vision equipment and precision measurement instruments, with an investment of 400 million yuan [3]. 2. R&D and industrialization of semiconductor measurement equipment, with an investment of 278 million yuan [3]. 3. R&D and industrialization of intelligent driving and embodied intelligent controllers, with an investment of 194 million yuan [3]. - The industrial vision equipment project aims to enhance the precision and accuracy of online AOI detection devices and develop high-end models for PCB process equipment [3].

Group 1 - The core viewpoint is that AI technology is becoming a driving force for a new round of technological revolution, particularly in the energy and chemical industries, which are expected to undergo a digital and intelligent upgrade driven by AI [1][2] - Traditional coal power systems are struggling to meet the demands of new power systems, leading to a need for intelligent control upgrades. For instance, operators in a chemical company's self-owned power plant handle 2,000 to 4,000 control commands daily, facing issues like control lag and parameter oscillation [1] - The intelligent solutions from the company have been implemented in over 100 benchmark projects across four major industries: thermal power, chemicals, metallurgy, and environmental protection, achieving over 99% automation in upgraded chemical thermal power plants, with operational efficiency improved by 1.7% [1] Group 2 - The company highlights that China has unique advantages in industrial data generation in sectors like petrochemicals and power production, which are essential for developing industrial AI [2] - Industrial AI differs significantly from large language models, which face issues like hallucination and high energy consumption, making them unsuitable for industrial applications. Therefore, a specialized technical system for industrial AI is necessary [2] - Future trends in industrial digitization in the energy and chemical sectors include a shift from point optimization to global intelligence, from cloud collaboration to autonomous decision-making, and from efficiency tools to low-carbon engines, with AI being a key enabling technology for achieving carbon neutrality goals [2]

Company Overview - Suzhou Tianzhun Technology Co., Ltd. is a well-known visual equipment platform enterprise in China, focusing on the application of artificial intelligence technology to promote industrial digitalization [1] - The company serves various industrial sectors including electronics, semiconductors, and new energy vehicles, providing leading high-end visual equipment products [1][2] - Tianzhun Technology has established strong partnerships with over 6,000 mid-to-high-end clients globally, including major companies like Apple, Huawei, and BYD [2] Business Operations - The company has a dual technology system in artificial intelligence and precision opto-mechatronics, with a significant focus on R&D, which accounted for 34.56% of revenue in the latest reporting period [2][4] - As of March 31, 2025, the company holds 479 domestic and international patents, including 270 invention patents [2][7] - The company has made several technological breakthroughs in core areas of machine vision technology, enhancing its competitive edge in the industry [7] Financial Performance - As of March 31, 2025, total assets amounted to 360.41 billion yuan, with total liabilities of 168.90 billion yuan, resulting in equity attributable to shareholders of 191.05 billion yuan [4] - The company reported a net profit of -32.39 million yuan for the first quarter of 2025, reflecting seasonal business characteristics [8] - The operating income for the year ending December 31, 2024, was 21.86 billion yuan, with a significant decline in profit due to increased R&D expenses and market conditions [4][8] Market Position and Risks - The machine vision industry is characterized by high technical barriers and increasing competition, with many new entrants affecting market dynamics [6][7] - The company's performance is closely tied to the demand in downstream industries such as consumer electronics and semiconductors, which are influenced by macroeconomic factors [5][8] - The company has faced challenges due to cyclical fluctuations in the photovoltaic industry, impacting revenue and profit margins [5][8] Fundraising and Investment Plans - The company plans to issue convertible bonds totaling up to 886 million yuan to fund projects related to industrial visual equipment, semiconductor measurement devices, and intelligent driving solutions [9][27] - The funds raised will be allocated to R&D and industrialization projects, with a focus on enhancing technological capabilities and market competitiveness [9][27]