"A+H"上市热潮仍在延续。1月19日，数字能源与智能机器人双赛道龙头——科大智能（300222）向港 交所递交上市申请，拟香港主板上市。 该公司创立于2002年，由中科大等发起创立，专注配用电自动化与中压电力线载波通信技术。2014年， 其通过收购永干机电正式切入工业智能，并于2019年确立"数字能源+数字工业"战略。至2024年，公司 在数字能源与机器人业务已实现双龙头地位巩固。 拆分业务结构来看，科大智能主营业务为数字能源和智能机器人，其中数字能源主要产品包括一二次融 合断路器、环网柜、馈线终端单元(FTU)、配电终端单元(DTU"、低压台区及用电信息采集系统以及储 能系统及解决方案等;智能机器人主要为电网企业及大型工业客户提供包括工业机械手、堆垛机及巡检 机器人在内的产品及解决方案。 2011年，科大智能(300222.SZ)在深交所创业板完成上市，或由于业务增长乏力缘故，公司在创业板并 未受到二级市场投资者的热烈追捧，截止1月22日收盘，其股价报于12.23元，总市值为95.18亿元。 现如今，随着公司正式冲刺港股IPO，科大智能能否在港交所书写新的成长故事，吸引投资者的广大关 注呢? 机器人业务增 ...

"A+H" 上市热潮仍在延续。1月19日，数字能源与智能机器人双赛道龙头——科大智能向港交所递交上 市申请，拟香港主板上市。 该公司创立于2002年，由中科大等发起创立，专注配用电自动化与中压电力线载波通信技术。2014年， 其通过收购永干机电正式切入工业智能，并于 2019年确立"数字能源+数字工业"战略。至2024年，公司 在数字能源与机器人业务已实现双龙头地位巩固。 拆分业务结构来看，科大智能主营业务为数字能源和智能机器人，其中数字能源主要产品包括一二次融 合断路器、环网柜、馈线终端单元(FTU)、配电终端单元(DTU」、低压台区及用电信息采集系统以及储 能系统及解决方案等;智能机器人主要为电网企业及大型工业客户提供包括工业机械手、堆垛机及巡检 机器人在内的产品及解决方案。 2011年，科大智能(300222.SZ)在深交所创业板完成上市，或由于业务增长乏力缘故，公司在创业板并 未受到二级市场投资者的热烈追捧，截止1月22日收盘，其股价报于12.23元，总市值为95.18亿元。 据招股书披露，2023年至2025年前9月，该公司实现营收分别为30.25亿、26.87亿元(同比下滑11.17%)、 19. ...

Core Viewpoint - Keda Intelligent has initiated its dual listing process by submitting a prospectus to the Hong Kong Stock Exchange, aiming to leverage its position in the digital energy and intelligent robotics sectors, despite facing challenges in stock performance and industry competition [1][8]. Group 1: Business Overview - Keda Intelligent operates in two key sectors: digital energy and intelligent robotics, aligning with the trends of "new infrastructure" and "industrial intelligence" [1]. - The digital energy segment is the company's foundational business, with a product matrix that includes core devices such as integrated circuit breakers and distribution terminal units, ranking first in the FTU market and second in the integrated circuit breaker market in China [1][3]. - The intelligent robotics segment showcases the company's diversification ambitions, providing products like industrial robots and inspection robots, with the industrial robot revenue leading the market from 2020 to 2024 [3][4]. Group 2: Financial Performance - Keda Intelligent's revenue has shown significant volatility, with 2023 revenue at 3.025 billion RMB, dropping to 2.687 billion RMB in 2024, before recovering to 1.904 billion RMB in the first three quarters of 2025 [4][5]. - The company recorded a net loss of 171 million RMB in 2023, turning profitable in 2024 with a net profit of 61.57 million RMB, and further increasing to 73.48 million RMB in the first three quarters of 2025 [4][5]. - The digital energy business accounted for 78.2% of total revenue in 2024, while the intelligent robotics business saw a significant decline, with a 42.8% drop in revenue in 2024 [4][6]. Group 3: Market Challenges - The decline in the intelligent robotics segment is attributed to both industry cyclical factors and strategic adjustments, with a reported actual revenue decline of approximately 21.3% after excluding the impact of divested subsidiaries [6][7]. - Increased competition from rivals such as Siasun Robot and Estun in the AI-enabled and high-end customization sectors is further squeezing market space for Keda Intelligent [7]. Group 4: Future Opportunities - The upcoming IPO in Hong Kong presents an opportunity for Keda Intelligent to break through growth bottlenecks, with the national grid's 4 trillion RMB investment plan expected to boost demand for digital energy solutions [8]. - The intelligent robotics market is projected to reach 166.3 billion RMB by 2029, with a compound annual growth rate of 14.6% from 2024 to 2029, providing potential growth avenues for the company [8]. - The international capital platform of the Hong Kong market may assist Keda Intelligent in expanding its overseas market presence, which currently accounts for less than 2% of its revenue [8].

算力的尽头是电力！ 中美作为AI竞赛主力，均在加速电力基建：中国大力发展光伏、风电、核电；美国科技巨头也在疯狂购电，比如 ChatGPT年电费高达2亿美元。 马斯克说，未来财富的计量单位不是货币，而是"瓦特"——即你所能掌控的能量规模。 然而，美国破烂的电力基础设施却让AI巨头们很头疼：美国80%的电力变压器都是进口的，而且大部分超龄服役，电 网升级迫在眉睫。 电网设备虽然不是新鲜的生意模式，却因AI需求重获高景气。近期，又有一家智能电网公司向港交所发起了冲击。 格隆汇获悉，科大智能科技股份有限公司（简称"科大智能"）于1月19日递表港交所，寻求A+H双重上市，由华泰国 际、国元国际担任保荐人。（A+H双重上市公司列表见文末） 早在2011年，科大智能（300222.SZ）就实现创业板上市，截至2026年1月21日收盘，公司股价为12.29元/股，市值 95.65亿元。 | 今开 : 12.26 | 最高 : 12.37 | 成交量：27.11万 | 市盈率:136.57 | 52周最高 : 15.07 | | --- | --- | --- | --- | --- | | 昨收:12.42 | 最低:12. ...

算力的尽头是电力！ 中美作为AI竞赛主力，均在加速电力基建：中国大力发展光伏、风电、核电；美国科技巨头也在疯狂购电，比如 ChatGPT年电费高达2亿美元。 马斯克说，未来财富的计量单位不是货币，而是"瓦特"——即你所能掌控的能量规模。 然而，美国破烂的电力基础设施却让AI巨头们很头疼：美国80%的电力变压器都是进口的，而且大部分超龄服役，电 网升级迫在眉睫。 电网设备虽然不是新鲜的生意模式，却因AI需求重获高景气。近期，又有一家智能电网公司向港交所发起了冲击。 格隆汇获悉，科大智能科技股份有限公司（简称"科大智能"）于1月19日递表港交所，寻求A+H双重上市，由华泰国 际、国元国际担任保荐人。（A+H双重上市公司列表见文末） 早在2011年，科大智能（300222.SZ）就实现创业板上市，截至2026年1月21日收盘，公司股价为12.29元/股，市值 95.65亿元。 | 今开:12.26 | 最高 : 12.37 | 成交量 : 27.11万 | 市盈率 : 136.57 | 52周最高：15.07 | | --- | --- | --- | --- | --- | | 昨收:12.42 | 最低 : 1 ...

Core Viewpoint - Keda Intelligent has initiated its dual listing process on the Hong Kong Stock Exchange after 15 years on the A-share market, aiming to leverage its position in the digital energy and intelligent robotics sectors, despite facing challenges in business adjustments and industry competition [2]. Group 1: Business Overview - Keda Intelligent operates in two key sectors: digital energy and intelligent robotics, aligning with the trends of "new infrastructure" and "industrial intelligence" [3]. - The digital energy segment is the company's foundational business, with a product matrix that includes core devices such as integrated circuit breakers and distribution terminal units. The company ranks first in the FTU market and second in the integrated circuit breaker market in China [3]. - In the intelligent robotics sector, Keda Intelligent provides products like industrial robots and inspection robots, achieving the highest cumulative revenue in the industrial robot market from 2020 to 2024 [5]. Group 2: Financial Performance - Keda Intelligent's revenue has shown significant volatility, with 2023 revenue at 3.025 billion RMB, dropping to 2.687 billion RMB in 2024, and recovering to 1.904 billion RMB in the first three quarters of 2025 [6][7]. - The company recorded a net loss of 171 million RMB in 2023, turning profitable in 2024 with a net profit of 61.57 million RMB, and further increasing to 73.48 million RMB in the first three quarters of 2025 [6]. - The digital energy business accounted for 78.2% of total revenue in 2024, while the intelligent robotics segment saw a significant decline, with a 42.8% drop in revenue in 2024 [6][7]. Group 3: Market Challenges - The decline in the intelligent robotics business is attributed to both industry cycles and strategic adjustments, with a 21.3% actual revenue drop when excluding the impact of divested subsidiaries [8]. - Increased competition from companies like Siasun Robot and Estun in the AI-enabled and high-end customization sectors is further squeezing market space for Keda Intelligent [8]. Group 4: Future Prospects - The upcoming IPO in Hong Kong presents both opportunities and challenges for Keda Intelligent, with the potential to benefit from the 4 trillion RMB investment plan by the State Grid, which is expected to drive demand for digital energy solutions [9]. - The international capital platform of the Hong Kong market may help the company expand its overseas market presence, which currently accounts for less than 2% of its revenue [10]. - The company views the Hong Kong listing as a new starting point for strategic upgrades, focusing on enhancing R&D, optimizing business structure, and expanding market space to achieve a dual-driven growth model [10].

Group 1 - Keda Intelligent Technology Co., Ltd. (referred to as "Keda Intelligent") submitted its listing application to the Hong Kong Stock Exchange on January 19, with Huatai International and Guoyuan International as joint sponsors [2] - Keda Intelligent, established in 2002 and listed on the Shenzhen Stock Exchange in May 2011, has a market capitalization of nearly 10 billion [2] - According to Frost & Sullivan, Keda Intelligent ranks second in the national revenue for the integrated circuit breaker market, fifth in the ring network cabinet market, first in the FTU market, and third in the DTU market for 2024 [2] Group 2 - As of the last feasible date, Dr. Huang Mingsong, the Executive Director and Chairman, directly holds 170,875,862 A-shares, accounting for approximately 21.96% of the company's issued share capital [5] - Dr. Huang, aged 54, has been serving as the Chairman since November 2002 and is responsible for convening and presiding over board and shareholder meetings, participating in strategic planning, and overseeing overall management and operations [5] - Keda Intelligent's revenue for the first nine months of 2023, 2024, and 2025 were 3.025 billion, 2.687 billion, and 1.904 billion respectively, with profits of -171 million, 62 million, and 73 million during the same periods [5] Group 3 - Dr. Huang has accumulated over 20 years of experience in smart technology and industrial automation, having held various key management positions since joining the group in November 2002 [6] - Dr. Huang holds a Master's degree in Industrial Economics from Hefei University of Technology, an Executive MBA from Cheung Kong Graduate School of Business, and a Ph.D. in Economic Management from the University of Minnesota [6] Group 4 - In 2024, Dr. Huang's compensation is 1.693 million RMB, a 12.79% increase from 1.501 million RMB in 2023, while CEO Wang Tingting's compensation is 1.741 million RMB, up 20.82% from the previous year [7]

科大智能向香港交易所主板递交上市申请书，华泰国际、国元国际为联席保荐人。 公司是少数同时具备先进技术与大规模、多场景落地能力的工业机器人制造商之一。2020年至2024年， 公司工业机械手累计收入位居中国第一；同期，存储和检索堆垛机(SRM堆垛机)在中国锂电行业累计收 入位居第一。 预计全球数字能源市场规模到2029年将达到人民币1.515万亿元，2024年至2029年的年复合增长率为 8.7%。预计中国数字能源行业整体规模到2029年将增至人民币6577亿元，2024年至2029年的年复合增 长率为10.0%。预计中国工业智能机器人行业市场规模到2029年将达到人民币1663亿元，2024年至2029 年的年复合增长率为14.6%。 公司是一家由数字能源与智能机器人双轮驱动的中国龙头科技企业，旨在通过融合人工智能技术，推动 中国能源系统和工业制造的数字化、智能化升级。 公司是中国最早进入配电自动化领域的企业之一，产品和解决方案已部署在全国31个省级电网中。根据 弗若斯特沙利文资料，按2024年全国收入计，公司位居一二次融合断路器市场第二、环网柜市场第五、 馈线终端单元(FTU)市场第一及配电终端单元(DTU ...

Company Overview - Keda Intelligent Technology Co., Ltd. is a leading Chinese technology enterprise driven by digital energy and intelligent robotics, focusing on the integration of AI technology to promote the digital and intelligent upgrade of China's energy system [4] - The company is one of the earliest entrants in the distribution automation sector in China, with its products deployed in power grids across 31 provincial-level administrative regions [4] - Keda Intelligent ranks second in the market for integrated circuit breakers, fifth for ring main units, first for feeder terminal units (FTU), and third for distribution terminal units (DTU) based on projected national revenue for 2024 [4] Product and Market Position - In 2024, Keda Intelligent's commercial and industrial energy storage system shipment volume is expected to rank among the top ten in China, and within high-energy consumption sectors, it is projected to be in the top three [5] - The company has developed grid-friendly energy storage systems and AI-integrated power trading and smart microgrid management systems for high-energy users in industries such as steel, non-ferrous metals, and oil [5] - Keda Intelligent is also a leading industrial robot manufacturer, with cumulative revenue from industrial robotic arms ranking first in China from 2020 to 2024 [5] Financial Performance - Keda Intelligent reported revenues of approximately RMB 3.025 billion for the fiscal year 2023, with projected revenues of RMB 2.687 billion for 2024 and RMB 1.882 billion for the nine months ending September 30, 2024 [8] - The company experienced a loss of approximately RMB 1.71 billion in 2024, with a projected profit of RMB 615.68 million for the nine months ending September 30, 2024 [8] - The gross profit margin for 2023 was 20.8%, which is expected to increase to 23.8% in 2024 [9] Industry Overview - The global digital energy market is projected to grow from RMB 733.2 billion in 2020 to RMB 993.5 billion in 2024, with a compound annual growth rate (CAGR) of 7.9% [10] - The Chinese digital energy industry is expected to expand from RMB 292.6 billion in 2020 to RMB 408.7 billion in 2024, with a CAGR of 8.7% [13] - The industrial robotics market in China is anticipated to grow from RMB 45 billion in 2020 to RMB 84 billion in 2024, with a CAGR of 16.9% [16]

Company Overview - Keda Intelligent Technology Co., Ltd. is a leading Chinese technology enterprise driven by digital energy and intelligent robotics, focusing on the integration of AI technology to promote the digital and intelligent upgrade of China's energy system [4] - The company has deployed its products and solutions in the power grid across 31 provincial administrative regions in China, being one of the earliest entrants in the distribution automation field [4] - Keda Intelligent ranks second in the market for integrated circuit breakers, fifth for ring main units, first for feeder terminal units (FTU), and third for distribution terminal units (DTU) based on projected revenue for 2024 [4] Product and Market Position - In 2024, Keda Intelligent's commercial and industrial energy storage system shipment volume is expected to rank among the top ten in China, and within high-energy-consuming sectors, it is projected to be in the top three [5] - The company has developed grid-friendly energy storage systems and AI-integrated power trading and smart microgrid management systems for high-energy users in industries such as steel, non-ferrous metals, and petroleum [5] - Keda Intelligent is recognized as one of the few industrial robot manufacturers with advanced technology and large-scale, multi-scenario implementation capabilities [5] Financial Performance - Keda Intelligent reported revenues of approximately RMB 3.025 billion for 2023, RMB 2.687 billion for 2024, RMB 1.882 billion for the nine months ending September 30, 2024, and RMB 1.904 billion for the nine months ending September 30, 2025 [8][10] - The company experienced a loss of approximately RMB 1.71 billion in 2024, with profits of RMB 615.68 million and RMB 223.87 million for the nine months ending September 30, 2024, and 2025, respectively [9] Industry Overview - The global digital energy market is projected to grow from RMB 733.2 billion in 2020 to RMB 993.5 billion in 2024, with a compound annual growth rate (CAGR) of 7.9% [11] - The Chinese digital energy industry is expected to expand from RMB 292.6 billion in 2020 to RMB 408.7 billion in 2024, with a CAGR of 8.7% [14] - The industrial robotics market in China is anticipated to grow from RMB 45 billion in 2020 to RMB 84 billion in 2024, with a CAGR of 16.9% [17]