Core Viewpoint - The company reported a revenue of 295 million yuan for the first half of 2025, marking a year-on-year increase of 15.24%, while the net profit attributable to shareholders was 49.06 million yuan, up 1.27% year-on-year, despite a decrease in net profit excluding non-recurring gains and losses by 7.43% due to increased share-based payment expenses from the 2024 restricted stock incentive plan [1] Company Summary - The company specializes in the design, research and development, production, sales, and service of five-axis CNC machine tools and their key components, as well as high-end CNC systems, making it one of the few domestic enterprises with dual R&D capabilities in high-end CNC systems and machine tools [1] - The five-axis CNC machine tool is recognized for its high technological content and precision, essential for processing complex surfaces, and is considered a critical tool for key components in industries such as aerospace, shipbuilding, precision instruments, and power generation [1] Industry Summary - China's five-axis CNC machine tool development started relatively late, with few domestic companies capable of independent research and production, leading to a market dominated by multinational companies from Germany, Japan, and the USA [2] - Recent years have seen the emergence of several domestic five-axis CNC machine tool companies, including the subject company, which are gradually gaining market recognition and forming an import substitution trend [2] - According to a report by the China Business Industry Research Institute, the market size for China's five-axis CNC machine tools is expected to reach approximately 12 billion yuan in 2024 and exceed 13 billion yuan in 2025 [2] Product and Market Development - As of the end of the reporting period, the company's series of five-axis CNC machine tool products have been widely applied in nearly 50 user units under major groups such as Aerospace Science and Industry, Aerospace Technology, AVIC, and Aero Engine Group [3] - The company reported that over 50% of new orders for flow-type products were for five-axis vertical machining centers, with approximately 30% for new five-axis horizontal machining centers and five-axis turning-milling composite machining centers, and nearly 10% for six-axis five-linkage blade processing centers [3] - New products such as the six-axis five-linkage blade processing center KTBM1200 and the five-axis turning-milling composite processing center KMU180T received their first orders, while the DMC55 series of high-precision five-axis vertical machining centers continued to attract interest from private customers [3] Strategic Partnerships - In June 2025, the company signed a cooperation agreement with Shenyang Aerospace Industry Group Co., Ltd. and AVIC Shenyang Aircraft Company to establish the first domestic "large aircraft structural component process verification pilot base" based entirely on domestically produced high-end five-axis CNC machine tools [4] - This project aims to utilize dozens of high-end five-axis CNC machine tools to focus on the precision processing of complex structural components for domestic large aircraft such as C919/C929 and large drones, establishing specialized verification platforms for key processing capabilities [4]

Group 1: Kede CNC - Kede CNC is focusing on humanoid robot technology, particularly in motion control technology adaptation and core component manufacturing applications [1] - The company has developed proprietary five-axis machining centers and linear motors to enhance precision and acceleration in manufacturing robot parts [1] - The demand for large aircraft in China is projected to require 8,278 new passenger aircraft from 2024 to 2043, significantly boosting the aviation manufacturing supply chain [1] - Kede CNC's products are applicable in manufacturing core components for large aircraft, including engines and structural parts, and the company has established partnerships with major aviation manufacturers [1] Group 2: Jingbeifang - Jingbeifang is focusing on stablecoin technology and its advantages in cross-border payments, emphasizing improved timeliness and reduced costs [2] - The company plans to enhance communication and collaboration with clients to explore the application of stablecoin technology in various business scenarios [2] - Jingbeifang aims to strengthen partnerships with both financial and non-financial institutions to expand business opportunities while adhering to regulatory requirements [2]

Core Viewpoint - Kode CNC has demonstrated strong growth in revenue and profit, with a focus on high-end CNC machine tools and components, while expanding its presence in the humanoid robotics and large aircraft markets [1][2][3][4] Group 1: Financial Performance - In 2024, Kode CNC achieved a revenue of 605 million yuan, representing a year-on-year growth of 33.88% [1] - The net profit for 2024 was 130 million yuan, with a year-on-year increase of 27.37% [1] - The basic earnings per share were 1.31 yuan, and the gross margin for the main business was 42.87%, significantly higher than industry peers [1] Group 2: Order and Market Segmentation - The company signed new orders with a year-on-year growth rate of approximately 24% [1] - In the domestic new orders, the aerospace sector accounted for about 53%, with a year-on-year growth of approximately 10% [1] - Other sectors included higher education at 12%, machinery at 11%, energy at 10%, automotive at 6%, and a combined total of 8% for weapons, ships, and tools [1] Group 3: Humanoid Robotics Development - Kode CNC is focusing on motion control technology adaptation and core component manufacturing for humanoid robots [2] - The company has developed control algorithms and servo drives that can be applied to humanoid robot systems, enhancing motion control and precision [2] - Kode CNC's self-developed five-axis machining centers are utilized for manufacturing robot joints and components, indicating a strong position in the robotics supply chain [2] Group 4: Large Aircraft Market Potential - The large aircraft market in China is projected to require 8,278 new passenger aircraft from 2024 to 2043, with a total fleet size expected to reach 8,905 by 2043 [3] - The production of the domestically developed C919 aircraft is anticipated to significantly boost demand for five-axis machine tools in the aerospace manufacturing sector [3] - Kode CNC's products are designed to efficiently process key components for aircraft engines and structures, positioning the company well within the aerospace supply chain [3][4] Group 5: Strategic Partnerships - Kode CNC has provided equipment to nearly 30 main engine manufacturers and research institutes under the Aviation Industry Corporation of China [4] - The company is committed to deepening cooperation with major aircraft manufacturers like COMAC, enhancing its competitive edge in domestic substitution [4]

Group 1: Exhibition Overview - The 19th China International Machine Tool Exhibition was held in Beijing, covering an area of 310,000 square meters, making it the largest machine tool exhibition globally in the past decade [1] - Over 2,400 enterprises from 31 countries and regions showcased the latest technologies and products, highlighting the forefront trends in the machine tool industry [1] Group 2: AI-Driven Innovations - The exhibition featured the world's first intelligent CNC system integrated with AI chips and models, marking a significant breakthrough in high-end CNC systems in China [2] - The new system possesses autonomous learning capabilities and can make intelligent decisions equivalent to an engineer with 2-3 years of experience, continuously evolving through data training [2] Group 3: Heavy Machinery Developments - Wuhan Heavy Machine Tool Group launched the world's first intelligent heavy machine tool, enhancing performance and reliability through AI integration [3] - The intelligent heavy machine tool utilizes a dynamic digital twin platform for real-time monitoring and precision compensation, significantly improving machining accuracy [3] Group 4: Emerging Industry Demands - The growth of new industries, such as 3C electronics and new energy vehicles, has created new demands for machine tools, leading to the rise of several domestic machine tool enterprises [4] - The demand for high-strength steel plates in the automotive sector has accelerated the development of laser cutting technologies, with companies like Wuhan Huagong Laser Engineering showcasing advanced AI-integrated equipment [5] Group 5: International Market Integration - The machine tool industry is crucial for national security and development, with companies encouraged to innovate and participate in international supply chains to enhance global competitiveness [7] - The exhibition attracted over 800 foreign machine tool companies, indicating a growing trend of international collaboration and investment in China's machine tool sector [8]