Group 1 - The core viewpoint of the report is that Kede CNC (688305.SH) is rated as a "buy" due to its robust revenue growth in the first half of the year, despite profit growth being lower than revenue growth due to share-based payment expenses [2] - The company is expected to benefit from deepening collaborations in the large aircraft sector, particularly with the anticipated ramp-up of domestic large aircraft production [2] - Kede CNC is successfully expanding its new products, leading to an increase in product added value [2]

（文章来源：证券日报） 证券日报网讯 8月21日晚间，科德数控发布公告称，公司第三届监事会第十七次会议审议通过了《关于 〈科德数控股份有限公司2025年半年度报告〉及其摘要的议案》等多项议案。 ...

Core Insights - The company reported a revenue of approximately 295 million yuan for the first half of 2025, representing a year-on-year increase of 15.24% [2] - The net profit attributable to shareholders was around 49.06 million yuan, showing a year-on-year increase of 1.27% [2] - The basic earnings per share decreased to 0.4582 yuan, reflecting a year-on-year decline of 9.18% [2]

Group 1 - The capital market in Shenzhen has nurtured a high-quality group of listed companies, with 425 A-share listed companies and 159 overseas listed companies ranked among the top in comprehensive competitive strength [1] - As of August 15, 16 Shenzhen enterprises are in the process of applying for A-share IPOs, indicating a growing trend of technology innovation companies seeking public funding [2][5] - The IPO candidates include 6 companies aiming for the Shenzhen Stock Exchange, 3 for the Shanghai Stock Exchange's Sci-Tech Innovation Board, and 7 for the Beijing Stock Exchange, with 15 already in the inquiry stage [2] Group 2 - Among the IPO candidates, Huike Co., Ltd. stands out with total assets exceeding 100 billion yuan and projected revenue of 40.31 billion yuan in 2024, aiming to enhance its core competitiveness through increased R&D investment [2][4] - Hengyun Chang is noted for its rapid growth, with a compound annual growth rate (CAGR) of 84.91% in revenue and 156.72% in net profit from 2022 to 2024, focusing on semiconductor equipment manufacturing [4] - Many of the 16 companies have substantial orders and are looking to expand capacity or enter global markets, indicating a strong demand for their products [4] Group 3 - Shenzhen's listed companies have a significant focus on R&D, with over 50% of the 425 listed companies in the technology innovation sector, reflecting a trend towards high-quality production capabilities [5] - Companies like Kairui Zhi have invested heavily in R&D, achieving 615.34 million yuan in R&D expenses over three years and holding 247 patents, which strengthens their competitive edge [6] - The average gross margin for companies applying for the Sci-Tech Innovation Board and the Growth Enterprise Market is between 40% and 60%, showcasing their resilience in a changing market [6] Group 4 - The capital market is becoming more inclusive, allowing more "hard tech" companies to access funding, with new listing standards accommodating unprofitable but high-growth firms [7] - Companies like Beixin Life and Dapu Micro are examples of firms with rapid growth despite not being profitable, with Beixin Life's revenue projected to grow from 92.45 million yuan in 2022 to 317 million yuan in 2024 [7] - Dapu Micro focuses on enterprise-level SSD products and has seen its market scale grow rapidly, driven by the demand from artificial intelligence applications [7]

Summary of Conference Call for Genesis Company Industry and Company Overview - The conference call pertains to Genesis Company, which operates in the manufacturing sector, specifically focusing on CNC machine tools and related equipment, with a strong emphasis on the 3C (computer, communication, consumer electronics) industry and emerging technologies like AI and robotics [2][3][8]. Key Points and Arguments 1. **Revenue Growth**: In the first half of 2025, Genesis Company reported total revenue of 2.441 billion yuan, a year-on-year increase of 47.38%. The net profit attributable to shareholders reached 233 million yuan [3][4]. 2. **Drilling and Tapping Machine Performance**: Revenue from drilling and tapping machines was 896 million yuan, up 34% year-on-year, driven by enhanced market competitiveness and increased market share [2][6]. 3. **Overseas Market Expansion**: The company has actively expanded into overseas markets, with revenue from international operations growing by 89.45% to 161 million yuan. The gross margin for overseas markets exceeded 35% [2][6][8]. 4. **R&D Investment**: R&D expenditure exceeded 67 million yuan in the first half of 2025, a nearly 50% increase year-on-year, focusing on customized CNC machine tools and product upgrades, particularly in AI liquid cooling and humanoid robots [2][6]. 5. **Product Structure Optimization**: The product mix has improved, with drilling and tapping machines and 3C general equipment accounting for over 50% of total revenue. The high gross margin of 3C equipment has contributed to an overall gross margin increase [2][5]. 6. **Net Profit Margin**: The net profit margin reached 9.76%, an increase of 1.75 percentage points year-on-year, approaching the high point of 2021 [2][5]. 7. **Emerging Market Strategies**: The company is focusing on emerging markets such as low-altitude flight, humanoid robots, and AI liquid cooling equipment, establishing dedicated teams and laboratories to attract leading clients [2][8][15]. 8. **Core Clientele in 3C Industry**: Key clients include major players like Foxconn and Luxshare, with stable and increasing demand for the company's products [3][12]. 9. **Foldable Screen Project**: The foldable screen project is expected to generate demand for 15,000 to 20,000 devices, with several leading clients actively testing and preparing for mass production [4][19]. 10. **Metal Processing Demand**: There has been a significant increase in demand for metal processing materials in the mid-to-low-end mobile phone market, with brands like Honor switching to metal materials [20]. Additional Important Insights - **Sales Structure Changes**: The sales structure has shifted towards high-value-added products, contributing to the steady increase in overall gross margin [6][8]. - **Internationalization Strategy**: The company emphasizes the importance of international competition and plans to expand its investment and acquisition efforts to enhance global competitiveness [23][24]. - **Negative Retained Earnings**: The company has negative retained earnings due to historical losses but is working on a plan to address this issue and restore dividends by utilizing capital reserves [25]. - **Future Development Goals**: The company aims to achieve a scale of 10 billion yuan within 5 to 10 years and enter the top five globally, focusing on talent development and technological innovation [26][27]. This summary encapsulates the key insights from the conference call, highlighting Genesis Company's performance, strategic initiatives, and market positioning.

Group 1 - The core viewpoint is that Shenzhen's technology innovation enterprises are seizing development opportunities with 16 companies currently in line for A-share IPOs, which could inject strong momentum into the industry [3][4] - The capital market reforms are enhancing the attractiveness for high-tech and high-growth companies, facilitating financing channels for enterprises at different growth stages [4][10] - Among the 16 companies, 6 are targeting Shenzhen Stock Exchange IPOs, 3 are aiming for Shanghai Stock Exchange's Sci-Tech Innovation Board, and 7 are looking at Beijing Stock Exchange [4] Group 2 - Huike Co., a leading company in the semiconductor display panel industry, has total assets exceeding 100 billion yuan and aims to enhance its core competitiveness through IPO fundraising [4] - Hengrunchang is the fastest-growing company among the 16, with a compound annual growth rate (CAGR) of 84.91% in revenue and 156.72% in net profit from 2022 to 2024 [5] - Many companies are experiencing order surpluses and are looking to expand capacity or target global markets through capital market financing [6] Group 3 - Shenzhen's innovation is highlighted by the fact that over 50% of the 425 listed companies are from the Sci-Tech Innovation Board and Growth Enterprise Market, indicating a concentration of listing resources in new productive forces [7] - The companies in line for IPOs exhibit significant technological innovation, with substantial R&D investments and patent achievements forming competitive advantages [8][9] - Companies like Dapu Micro and Beixin Life have maintained high R&D investment ratios, with 36.15% and 65.5% of their cumulative revenue allocated to R&D over the past three years [9] Group 4 - The capital market is becoming more inclusive, allowing more "hard tech" companies to access funding, including those that are currently unprofitable [10] - Companies like Beixin Life and Dapu Micro are characterized by rapid growth despite not being profitable, with Beixin Life's revenue projected to grow from 92.45 million yuan in 2022 to 317 million yuan in 2024 [11] - Shenzhen is actively cultivating the "20+8" industrial clusters, with emerging companies in sectors like semiconductors, artificial intelligence, humanoid robots, and biomedicine rapidly growing [11]

Core Viewpoint - The company, Guangdong Keri Sui CNC Technology Co., Ltd., is seeking to go public on the Sci-Tech Innovation Board, highlighting its potential in the domestic market for direct-drive CNC machine tools, which is in urgent need of domestic alternatives. However, it currently faces significant accounts receivable and cash flow pressures [2][26]. Company Overview - Keri Sui CNC was established in March 2016 and completed its share reform in November 2022. The company is headquartered in Longhua District, Shenzhen, with its main production facility located in Dongguan [3]. - The actual controllers of the company are Meng Changmin and Wang Yun, who collectively hold 46.75% of the voting rights [3][4]. - The company has received investments from several institutions, including Dinghui and Longhua Industrial Fund [5][6]. Financial Performance - The company's revenue has shown growth, with reported figures of 222 million yuan, 254 million yuan, and 316 million yuan for the years 2022, 2023, and 2024, respectively. Net profits for the same years were 24.94 million yuan, 35.91 million yuan, and 64.06 million yuan [10][12]. - The total assets of the company reached approximately 1.01 billion yuan by the end of 2024, with a debt-to-asset ratio of 10.03% [11]. - The company’s gross profit margin has improved over the years, reaching 49.05% in 2024, attributed to increased self-manufacturing of key components [14][15]. Product and Market Position - Keri Sui CNC specializes in direct-drive CNC machine tools, with nearly 90% of its products used in precision molds, aerospace, and consumer electronics [8][12]. - The company’s product revenue structure shows that CNC machine tools account for approximately 72.74% of total revenue in 2024, while CNC systems contribute around 23.64% [12][13]. - The company ranks first among domestic manufacturers in the sales of direct-drive CNC machine tools in 2024 [26]. Industry Context - The direct-drive CNC machine tool market in China is expected to grow from approximately 4 billion yuan in 2023 to 13 billion yuan by 2029, indicating a strong demand for domestic alternatives [24][26]. - Currently, about 90% of high-end industrial mother machines in China are imported, highlighting a significant opportunity for domestic manufacturers like Keri Sui CNC [25][26]. - The global machine tool market has shown recovery, with a record high output value of 81.9 billion euros in 2023, reflecting a positive trend for the industry [22].

这是一场跨域3000余公里的双向奔赴，这是一曲区域均衡发展的共赢乐章。 《东北地区与东部地区部分省市对口合作工作方案》印发8年来，黑龙江和广东、哈尔滨和深圳等 合作机制从无到有、合作规模不断扩大、合作领域日益拓宽，不断吹响高质量发展的奋进号角，跑出对 口合作"加速度"。 深哈产业园内景（黑龙江省工信厅供图）。 互补产业合作催生"化学反应" 在位于哈尔滨新区江北一体发展区的深圳（哈尔滨）产业园，记者近期看到，龙江"特区"正拔地而 起。 招投标"评定分离"、推进M0新型产业用地、100余项深圳等地先进政策举措推广应用……2019年建 设至今，这里注册企业超700家，数字经济、生物经济、高端装备制造等产业初步呈现出集聚发展态 势。 龙粤产业互补催生"化学反应"，科技创新迸发"新质动能"，内外开放合作奏响"奋进强音"…… 在哈尔滨市举行的2025企业家太阳岛年会会场外景（8月2日摄）。新华社记者 谢剑飞 摄 在8月3日于哈尔滨举行的2025企业家太阳岛年会——"湾区新机遇 合作新平台"广东企业家对话高 质量区域合作圆桌会上，龙粤合作的新机遇、新前景，引发与会者热议。 深圳市政府副秘书长张晋周说，在两地共同努力下，深哈 ...

Group 1: Financial Performance - The vertical machining center generated revenue of 1.404 billion yuan in 2024, accounting for 79.81% of total revenue, with a year-on-year growth of 23.42% [2][3] - The horizontal machining center achieved revenue of 61.065 million yuan, a year-on-year increase of 42.24%, but with a decline in gross margin by 6.55% [3] - The gantry machining center's revenue decreased by 39.30% in 2024, now representing 5.49% of total revenue, with a corresponding drop in gross margin [3] - Other CNC machine tools, including grinding machines and lathes, generated revenue of 103 million yuan, reflecting a year-on-year growth of 24.76% and an increase in gross margin by 6.64 percentage points [3] Group 2: Strategic Partnerships and Market Expansion - The company has invested in Shanghai Kepler Robotics Co., focusing on the precision metal hardware required for humanoid robots, leveraging its expertise in CNC machine tools [3][4] - Since 2021, the company has prioritized resource allocation in key sectors such as new energy vehicles, 3C, aerospace, and aluminum die-casting, leading to significant breakthroughs in customer expansion [3] Group 3: Future Growth Drivers - Future profitability is expected to be supported by favorable industry trends, including government support for the machine tool industry and ongoing demand for equipment upgrades [4][5] - The company anticipates growth from enhanced brand influence, new production bases in Dongguan and Nanjing, and the introduction of high-end machining products into mass production [5]

35岁的曼乎伯来自南非新堡市马朱巴职业技术学院，在数控机床实训大厅，他和几名学员跟着中国老师 完成了数控机床检查。"我们每隔一周就会来这里学习，共学习9周。"曼乎伯对记者说，"中国老师的教 学方案很棒，用生动的语言讲授数控技术知识。课程设置也很丰富，包括理论讲解和实际操作，每次结 课前还会组织学员们一起讨论，我们的实操水平提升得很快。" 南非高等教育与培训部工业与制造业培训署署长莫克戈特桑表示，数控机床技术是国家工业化发展的基 础，中国在这一领域拥有丰富的经验和先进的技术。"相信在中方相关院校及机构的帮助下，南非职业 院校教师的数控技能将得到显著提高，他们将为南非制造业人才培养提供支撑。"莫克戈特桑说。 南非政府高度重视职业教育，提出到2030年职业技术类学院在校人数达到250万的目标。中方与南非在 多平台、多领域积极展开职业教育合作。来自杭州科技职业技术学院的李嘉宁已连续两年赴南非担任数 控机床培训项目主讲教师。他表示，学员们学习热情很高，学习能力较强。在南非中国文化和国际教育 交流中心主任陆志雷看来，中南职业教育合作已成为两国务实合作的一大亮点。 数字经济、绿色能源是南非未来发展的重点方向，相关领域的人才 ...