科德数控股份有限公司2025 年半年度报告摘要 公司代码：688305 公司简称：科德数控 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所科创板 科德数控 688305 无 公司存托凭证简况 □适用 √不适用 联系人和联系方式 联系人和联系方式 董事会秘书（信息披露境内代表） 证券事务代表 姓名 朱莉华 王婷 电话 0411-66317591 0411-66317591 辽宁省大连经济技术开发区天府 辽宁省大连经济技术开发区天府 办公地址 街1-2-1号1层 街1-2-1号1层 科德数控股份有限公司2025 年半年度报告摘要 电子信箱 kedecnc@dlkede.com kedecnc@dlkede.com 单位：元 币种：人民币 本报告期末比上年 本报告期末 上年度末 度末增减(%) 总资产 2,284,121,125.00 2,256,399,002.63 1.23 归属于上市公司股东的净资产 1,859,100,232.76 1,827,923,255.89 1.71 本报告期比上年同 本报告期 上年同期 期增减(%) 营业收入 294,549,669 ...

每经记者｜黄鑫磊 每经编辑｜陈俊杰 8月21日，工业母机概念股泰瑞机器（SH603286，股价10.39元，市值30.48亿元）公告称，近日获悉公 司全资子公司浙江泰瑞装备有限公司（以下简称泰瑞装备）为募集资金投资项目开设的募集资金账户的 部分资金被冻结，截至公告披露日，冻结金额为246.06万元。 据介绍，泰瑞机器此次部分募集资金被冻结，主要系募投项目"泰瑞大型一体化智能制造基地项目（年 产29台压铸机、5000台注塑高端装备建设项目）"工程承包方浙江城建建设集团有限公司（以下简称城 建公司）涉及与第三方的相关诉讼。 因城建公司对泰瑞装备尚有未到期债权，相关法院将泰瑞装备列入被执行人范围，并对相关案件尚未执 行的246.06万元予以冻结。 本次被冻结募集资金金额占泰瑞机器最近一期经审计归属于上市公司股东净资产的0.17%，占上市公司 最近一年经审计净资产的0.17%，占比相对较小。截至公告披露日，泰瑞装备被冻结账户余额为1.02万 元，而泰瑞机器在中信银行账户余额为2736.95万元。 对此，泰瑞机器表示，本次募集资金被冻结事项系因募投项目工程承包方与第三方之间的纠纷引发，非 因公司自身经营行为所致。公司将 ...

Group 1 - The report emphasizes the need to develop new productive forces tailored to local conditions, leveraging the advantages of a new type of national system to enhance basic research intensity and address key technology and component bottlenecks in areas such as integrated circuits, industrial mother machines, medical equipment, servers, instruments, basic software, industrial software, and advanced materials [1] - It advocates for the construction of a modern industrial system, promoting the upgrading of traditional industries towards high-end, intelligent, and green transformations, while nurturing and expanding emerging industries and proactively laying out future industries [1] - The report highlights the importance of maintaining a reasonable proportion of manufacturing, using technological innovation as a lever to drive manufacturing towards high value-added and high-tech directions, and establishing mechanisms to ensure a sustainable influx of quality resources into the manufacturing sector [1] Group 2 - It calls for the cultivation of new driving forces in manufacturing, enhancing the added value of manufacturing through innovation premiums, and accelerating brand cultivation and protection to improve the "gold content" of manufacturing [1]

Core Points - The meeting emphasized the importance of Wuhan's role as a strategic pivot in the high-quality development of the Yangtze River Economic Belt, as highlighted by General Secretary Xi Jinping [2][5] - The city aims to enhance its economic growth, innovation, and transformation while addressing risks and improving people's livelihoods [3][4] Group 1: Economic Development - The meeting acknowledged the positive economic recovery in Wuhan, with key economic indicators ranking among the top in sub-provincial cities [3] - Efforts are being made to stabilize industrial growth, expand investment, promote consumption, and maintain foreign trade [3][4] - Wuhan has become the second city in the country approved to build a "five-type" national logistics hub, with significant growth in import and export volumes [4] Group 2: Innovation and Industry - The city is focusing on integrating technological innovation with industrial development, enhancing the role of enterprises in innovation, and improving the service system for technology transfer [3][4] - Key industries such as automotive, steel, and chemical are undergoing transformation, while emerging sectors like AI, commercial aerospace, and low-altitude economy are rapidly growing [4][6] Group 3: Environmental and Cultural Development - The meeting highlighted the importance of ecological protection and the promotion of green development, with ongoing efforts in environmental governance and restoration [4][5] - Cultural innovation and the development of the cultural industry are prioritized, aiming to enhance the city's cultural influence and establish it as a world-renowned cultural tourism destination [4][6] Group 4: Governance and Leadership - The meeting stressed the need for strong leadership and governance, emphasizing the importance of a high-quality professional cadre team to drive development [5][8] - There is a focus on enhancing urban governance and improving public services to ensure the well-being of residents [7][9]

今年上半年，在自贸港政策利好推动下，海南省装备制造业稳步提升，风电装备、航空维修等领域获得 多项突破。图为海口空港综合保税区内，某公司的技术团队对一台航空发动机进行"体检"，为下一步维 修做准备。 图片来源：视觉中国 质量和总量，是经济发展中最重要的关系之一。习近平总书记强调："必须统筹好提升质量和做大总量 的关系，夯实中国式现代化的物质基础。"这一重要论断为做好新时代经济工作提供了科学指引和根本 遵循。当前，我国正处在加快转型升级、推进高质量发展的关键阶段，必须辩证认识、科学统筹质量和 总量的关系，坚持以质取胜和发挥规模效应相结合，把质的有效提升和量的合理增长统一于高质量发展 的全过程。 把握住质变与量变的辩证统一关系 经济发展理论强调，经济发展不仅要关注量的增长，更要注重质的提升。"量"通常表现为规模、程度和 速度，量变是这些方面连续的、逐渐的、不显著的变化。"质"通常表现为结构、效率和效益，质变是这 些方面发生的根本性变化、突破性飞跃。二者相辅相成，辩证统一，没有无质的量，也没有无量的质。 因地制宜发展新质生产力需要从"质量跃迁""规模扩大"两端双向发力。新质生产力作为驱动经济高质量 发展的强大动力，其 ...

Group 1 - The establishment of innovation consortia in Jiangsu Province aims to enhance targeted resource flow by integrating leading enterprises, unicorns, and research institutions to address technological challenges in the innovation and industrial chains [1] - Financial support is being optimized through policies that encourage banks to provide long-term financing for key manufacturing sectors such as integrated circuits and industrial mother machines, facilitating breakthroughs in core technologies [1] - The increasing global competition in technology necessitates that China's manufacturing sector overcomes core technology bottlenecks, with financial backing being crucial for research and industrialization of these technologies [1] Group 2 - A series of institutional innovations, including intellectual property protection and technology evaluation reforms, are being implemented to clear obstacles and solidify the foundation for cultivating new productive forces [2] - The new intellectual property protection regulations in cities like Shijiazhuang and Fujian are tailored to support industries such as biomedicine and artificial intelligence, establishing a comprehensive protection network [2] - The Long Triangle region's initiative encourages universities and research institutions to reform the management of technological achievements, promoting their commercialization through various mechanisms [2] Group 3 - The goal of deep integration is to cultivate emerging pillar industries with global influence, aiming to create benchmarks for new productive forces in China [3]

Group 1 - The core viewpoint of the news is the introduction of the "Regulations on Promoting Intelligent Manufacturing Development in Changzhou," which is the first specialized regulation at the municipal level in China aimed at promoting intelligent manufacturing, set to take effect on October 1, 2023 [1] - Changzhou has been recognized as a strong manufacturing city, ranking among the top ten cities in China for high-quality manufacturing development in 2023, and has received provincial-level recognition for five consecutive years for its innovative transformation in manufacturing [1] - The regulations emphasize the importance of intelligent manufacturing as a strategic priority for the economic and social development of Changzhou, establishing principles of market leadership and government guidance [1] Group 2 - The regulations focus on building a technological innovation system to support the development of high-end equipment, software, and system solutions, with a particular emphasis on industries such as industrial mother machines, ultra-precision controllers, and robotics [1] - A dedicated chapter in the regulations addresses the development and application of artificial intelligence, aiming to strengthen the foundation through data, computing power, and algorithms, promoting the integration of AI with the manufacturing sector [1] - To support the implementation of the regulations, the Changzhou Municipal Bureau of Industry and Information Technology has introduced a three-year action plan (2025-2027) to deepen the intelligent transformation, digital transition, and network connectivity of the manufacturing industry [2]

Core Viewpoint - The recent issuance of the "Guiding Opinions on Financial Support for New-Type Industrialization" by seven government departments aims to inject "financial vitality" into China's new-type industrialization, focusing on the core challenges of manufacturing transformation and proposing 18 targeted support measures [3][4]. Group 1: Key Measures of the Guiding Opinions - The Opinions emphasize increasing the supply of financial resources, particularly medium- and long-term funding, encouraging banks to establish specialized manufacturing institutions and support key areas like high-end equipment and new materials [3][4]. - It aims to improve the financial product and service system, including support for technology transfer and innovative financing tools to address the "difficult and expensive financing" issues faced by manufacturing enterprises [3][4]. - The Opinions highlight the importance of enhancing the synergy between capital markets and policies, encouraging quality manufacturing enterprises to raise funds through listings and bond issuance [3][4]. Group 2: Positive Impacts on Manufacturing - The Opinions are expected to alleviate the long-term funding shortfall in manufacturing, particularly in high-end manufacturing, which typically requires significant upfront investment and has long payback periods [4]. - It will promote technological innovation and the transformation of achievements, enhancing the autonomous innovation capabilities of the manufacturing sector [4]. - By optimizing financial service mechanisms, the Opinions are likely to drive the collaborative upgrade of industrial and supply chains, improving resilience and efficiency [4]. Group 3: Future Structural Changes in New-Type Industrialization - A more rational financial structure in manufacturing is anticipated, with better-matched financing terms and an increased proportion of direct financing directed towards strategic and advanced manufacturing [6]. - Enhanced collaborative capabilities within the industrial chain are expected through mechanisms like supply chain finance and cross-border settlements [7]. - The regional industrial layout is likely to be optimized, with financial policies guiding industries to concentrate in key areas, thereby reducing regional disparities [8]. - The governance capabilities of manufacturing enterprises are expected to improve as financial services evolve from mere "financing" to "empowerment," prompting reforms in governance structures and financial transparency [9]. Group 4: Role of Capital Markets - Capital markets are positioned to provide "long money" and "patient capital," offering long-term, low-cost funding support for technology-intensive manufacturing enterprises [11]. - They will guide resources towards high-end, intelligent, and green sectors, with instruments like green bonds and industry REITs aligning with national strategic directions [12]. - Capital markets will also promote corporate governance and transparency, enhancing the overall quality of manufacturing enterprises and aligning them with international standards [13]. Group 5: Investment Opportunities in Emerging Industries - Significant investment opportunities are identified in the new generation of information technology, including computing infrastructure and AI model training, supported by both policy and funding [16]. - Advanced manufacturing core segments, such as industrial mother machines and robotics, present substantial potential for import substitution once breakthroughs are achieved [16]. - The renewable energy and green manufacturing sectors, including storage and new battery materials, are expected to benefit from the green transition and have global competitiveness [16]. - The biopharmaceutical and medical device sectors are in a phase of "domestic substitution" and technological breakthroughs, presenting further investment opportunities [16]. - The integration of industrial internet and 5G applications in manufacturing is seen as a key area for quality improvement and long-term market development [17].

Core Insights - The continuation of mutual tariff reductions between China and the US is aimed at establishing a mechanism for long-term strategic communication, as highlighted in the joint statement from the Stockholm trade talks [2][10][15] - The agreement includes a 90-day "cooling-off period" during which a 24% tariff will be suspended, while a 10% baseline tariff will remain in place, allowing for adjustments in supply chains and market expectations [2][13][15] - The trade negotiation mechanism has shifted from crisis management to institutional dialogue, focusing on phased compromises and dynamic adjustments to alleviate short-term trade frictions and address deeper issues [2][14][15] Industry and Company Focus - High export exposure industries, such as home appliances and consumer electronics, are expected to benefit from the reduction in tariffs, enhancing their profit elasticity [2][18] - The drive for technological self-sufficiency, particularly in sectors like semiconductors and high-end manufacturing, is supported by domestic substitution and policy incentives [2][18] - High-growth sectors, including domestic computing power (GPU/servers/optical modules), industrial mother machines, and defense industries, are recommended for attention due to their potential for significant development [2][18]

Core Insights - Over the past decade, China's economic security has been significantly strengthened, with a focus on enhancing the stability and security of industrial and supply chains [1] - Key core technologies are essential for transforming economic development dynamics and constructing a new development pattern, emphasizing the need for both "shortboard" and "longboard" strategies [1] - Self-innovation is crucial for acquiring key core technologies, as they cannot be bought or borrowed, highlighting the importance of research and breakthroughs by dedicated scientific teams [1] Capital Market Contributions - The multi-level capital market plays a vital role in empowering the pursuit of key core technologies, particularly through the Sci-Tech Innovation Board, which is concentrated on high-tech and strategic emerging industries [1] - The performance of the ChiNext board has also been notable, with significant growth in listed companies' performance and a pronounced clustering effect in sectors like electronics, biomedicine, and new energy [2] - In 2021, companies listed on the Beijing Stock Exchange demonstrated enhanced innovation-driven capabilities, with total R&D expenditures reaching 3.04 billion yuan and an R&D intensity of 4.7%, significantly above the average level of regulated enterprises [2]