消息面上，越疆发布公告，于2025年12月29日，公司董事会宣布，为推动业务发展、增强其整体竞争 力，并确保达成运营目标及长远发展策略，公司已决定启动首次公开发行人民币普通股及于深圳证券交 易所上市计划。董事会已议决及批准开始有关建议A股上市的相关工作。就建议A股上市而言，公司已 委聘上市前辅导机构，并已提交A股上市前辅导的登记申请。 分时图 日K线 周K线 月K线 37.88 -0.58 -1.51% 4.16% 2.78% 1.38% 0.00% 1.38% 2.78% 4.16% 36.86 37.39 37.93 38.46 38.99 39.53 40.06 09:30 10:30 12:00/13:00 14:00 16:10 0 25万 49万 74万 越疆(02432)再涨超4%，近5个交易日股价累计涨幅逾25%。截至发稿，涨3.12%，报39.76港元，成交额 2.45亿港元。 中国银河（601881）证券指出，越疆在具身数采、垂域模型、学习类运控、核心硬件上持续迭代，同时 在工业制造具备深厚客户基础，在商服端实现多场景智能服务，有利于具身智能产品落地部署。当前公 司已发布人形双足/轮式机器 ...

智通财经APP获悉，越疆(02432)再涨超4%，近5个交易日股价累计涨幅逾25%。截至发稿，涨3.12%， 报39.76港元，成交额2.45亿港元。 中国银河证券指出，越疆在具身数采、垂域模型、学习类运控、核心硬件上持续迭代，同时在工业制造 具备深厚客户基础，在商服端实现多场景智能服务，有利于具身智能产品落地部署。当前公司已发布人 形双足/轮式机器人和多足机器狗，是国内首批进入人形机器人量产节奏的企业，并获得蓝思科技1000 台、瑞德丰8050万元等具身机器人采购订单及与绿源集团共同推动5000台机器狗部署等战略合作，商业 化有实质性进展。 消息面上，越疆发布公告，于2025年12月29日，公司董事会宣布，为推动业务发展、增强其整体竞争 力，并确保达成运营目标及长远发展策略，公司已决定启动首次公开发行人民币普通股及于深圳证券交 易所上市计划。董事会已议决及批准开始有关建议A股上市的相关工作。就建议A股上市而言，公司已 委聘上市前辅导机构，并已提交A股上市前辅导的登记申请。 ...

越疆表示，就建议A股上市而言，公司已委聘上市前辅导机构，并已提交A股上市前辅导的登记申请。 于本公告日期，董事会尚未批准有关建议A股上市的其他计划，亦未就建议A股上市向中国或任何其他 地区的相关监管机构提出任何申请。 越疆(02432.HK)昨日盘后在港交所公告称，为推动业务发展、增强整体竞争力，确保达成运营目标及长 远发展策略，决定启动首次公开发行人民币普通股及于深交所上市计划。公司称，董事会已议决和批准 开始有关建议A股上市的相关工作。 银河证券最新发布的报告认为，公司在具身数采、垂域模型、学习类运控、核心硬件上持续迭代，同时 在工业制造具备深厚客户基础，在商服端实现多场景智能服务，有利于具身智能产品落地部署。当前公 司已发布人形双足/轮式机器人和多足机器狗，是国内首批进入人形机器人量产节奏的企业，并获得蓝 思科技（300433）1000台、瑞德丰8050万元等具身机器人采购订单及与绿源集团共同推动5000台机器狗 部署等战略合作，商业化有实质性进展。 受此影响，越疆今日大涨13.45%。越疆于2024年12月23日登陆港交所，上市以来股价一度节节攀升， 2025年下半年虽然股价有所下行，但最近4个交易日 ...

中国银河证券主要观点如下： "机械臂+人形+多足"全形态具身机器人平台企业，技术全栈自研 越疆成立于2015年，是首个构建起协作机器人0.25-30kg负载全覆盖产品矩阵的企业，已推出人形双足/ 轮式和多足机器狗等具身智能产品。公司具备全栈自研能力，技术覆盖硬件平台、软件平台、核心算 法、智能操作全链条，并在安全、AI与机器学习、自主移动作业等领域持续突破，主导了7项国家重大 专项并参与制定多项国家机器人标准，累计取得专利数量位列行业第一。 全球协作机器人25-28年销量CAGR预计超30%，"卷技术"渐成趋势 智通财经APP获悉，中国银河证券发布研报称，基于协作机器人行业渗透率提升、越疆(02432)六轴类& 商服端快速拓展、具身智能加速布局的成长性，该行预测公司25-27年将实现营收5.03亿元/6.98亿 元/9.10亿元，增速34.6%/38.7%/30.3%。当前股价对应25-27年PS为25.2/18.1/13.9x，首次覆盖给予推荐 评级。 协作机器人较传统工业机器人具备灵活部署、可适应多品种小批量生产需求等优势。但基于市场起步较 晚，当前其在工业机器人总销量渗透率尚低(24年10.7%)，伴随 ...

Core Viewpoint - The article highlights the significant growth and international expansion of AI and robotics companies, particularly in the context of the recent Canton Fair, where these companies are transitioning from simple product exports to providing comprehensive "smart solutions" for overseas markets [1][4]. Group 1: Industry Growth and Trends - The robot business of Shenzhen Zhihui Technology experienced a 300% year-on-year revenue increase in the first half of the year, driven by increased orders from European and American clients [1]. - The Chinese robotics industry is projected to exceed 800 billion yuan in total financing by the third quarter of 2025, with nearly 30% allocated for overseas market expansion [1][12]. - The export of industrial robots from China has seen a remarkable growth rate, with a 55.4% year-on-year increase in the first five months of this year [7]. Group 2: Company Innovations and Market Strategies - Companies like Magic Atom Robotics have increased their export business from less than 15% to 30% of total revenue, indicating a rapid growth trajectory [4]. - Shanghai Heitun Robotics secured over 300 million USD in orders before the Canton Fair, showcasing the demand for their products [4]. - The coffee robot from Shanghai Heitun offers highly personalized customization, catering to various market needs [5]. Group 3: Financial Institutions and Support - Financial institutions are accelerating their support for AI and robotics companies looking to expand internationally, with services like overseas listing and financing being highlighted at the Canton Fair [9][11]. - The integration of investment banking and commercial banking services is becoming crucial for supporting companies like Dipu Technology in their overseas expansion efforts [11][14]. - The trend of companies seeking to list on the Hong Kong stock exchange is increasing, with 12 companies already announcing IPOs as of August this year [12].

Core Insights - The article highlights the significant growth and international expansion of China's AI and robotics industry, particularly at the recent Canton Fair, where companies reported substantial order increases and a shift from simple product exports to comprehensive "smart solutions" [1][2][3]. Industry Growth - The robotics business of Shenzhen Zhihui Technology experienced a 300% year-on-year revenue increase in the first half of the year, driven by increased orders from European and American clients [1]. - The overall export of China's equipment manufacturing products reached 6.22 trillion yuan in the first five months of this year, with industrial robot exports growing by 55.4% [3]. - The compound annual growth rate of China's industrial robot exports is projected to be 22.2% from 2017 to 2024, increasing from 1.98 billion yuan to 8.06 billion yuan [3]. Market Trends - Companies are increasingly focusing on overseas markets, with the proportion of export business in some firms rising from less than 15% to 30% within a year [2]. - The demand for commercial robots in overseas markets is still low, indicating significant potential for growth and the need for tailored solutions [2][3]. Capital Market Activity - By the third quarter of 2025, the total financing in China's robotics industry is expected to exceed 80 billion yuan, with nearly 30% allocated for international market expansion [1][8]. - Twelve AI and robotics companies are currently awaiting IPOs in Hong Kong, indicating a trend towards leveraging international capital markets for growth [1][8]. Financial Institutions' Role - Financial institutions are accelerating their support for AI and robotics companies looking to expand internationally, with services including overseas listing and financing [5][8]. - The integration of investment banking and commercial banking services is becoming crucial for supporting these companies in their global expansion efforts [8][10]. Strategic Moves - Companies like Midea Group are acquiring foreign firms to enhance their technological capabilities and market access [4]. - The trend of forming partnerships and bundled solutions for "smart factories" is gaining traction among Chinese firms aiming to reduce costs and enhance brand recognition abroad [4].

Summary of Keda Control Conference Call Company Overview - Keda Control is a high-tech enterprise located in Taiyuan, Shanxi, specializing in smart mining, smart cities, and IoT, with smart mining accounting for over 60% of its business [4][2][3]. Core Business and Products - The company’s core products in the smart mining sector include: - Intelligent explosion-proof products - Control systems - Unmanned systems for production - Integrated management platforms - 5G communication systems - AI model analysis systems - Safety information management systems - Mining robots - Video AI analysis systems [2][4]. New Energy Charging and Swapping Business - Keda Control entered the new energy charging and swapping sector in 2022, investing approximately 400-500 million CNY in self-operated projects, focusing on community two-wheeled vehicle charging and heavy truck charging [2][6]. - The company has installed over 150,000 devices across 20 provinces, serving over 7 million regular customers and 10 million registered users, positioning itself as a leader in community charging and swapping [6]. Mining Robot Development - Keda Control collaborates with Yushu Technology to develop intelligent robots addressing challenges in complex and hazardous underground environments, aiming to enhance safety and reduce labor costs [2][9]. - The market for mining robots is substantial, with each mine requiring at least 10 inspection robots priced around 1 million CNY each, indicating a significant market capacity [11][12]. Financial Performance and Market Trends - The company’s performance is closely tied to the coal industry’s health, with coal prices having bottomed out in June 2025 and showing signs of recovery [17][18]. - Increased bidding activities and project investments are expected if coal companies recover by the end of the year, potentially improving Keda Control's performance in 2026 [3][18]. Acquisition of Haitu Technology - Keda Control is acquiring Haitu Technology to reduce costs and expand its application of intelligent technology into sectors like railways, military, and chemicals [5][19]. - This acquisition is expected to create synergies between Haitu's AI visual technology and Keda's AI solutions, enhancing both companies' market positions [19]. Challenges and Future Plans - The mining robot sector faces technical challenges, including autonomous capabilities, explosion-proof design, lightweight materials, and underground positioning and communication systems [14]. - Keda Control plans to establish a research and development base and aims to conduct underground trials by the end of next year, with a focus on overcoming these challenges [10][13]. Competitive Landscape in Charging Business - The charging station business is competitive, with declining profit margins due to regulatory changes and increased quality requirements [20]. - Keda Control is focusing on community charging, which offers more stability, and is implementing strategies to enhance operational efficiency and profitability [21]. Revenue Projections - Currently, Keda Control has four robot models generating approximately 10 million CNY in revenue, with plans to separately report robot product revenues starting in 2025 [21]. - The anticipated price for the multi-legged robot is over 1 million CNY, with an expected gross margin of around 50% [22]. Conclusion - Keda Control is strategically positioned in the smart mining and new energy sectors, with significant growth potential through technological advancements and market recovery in the coal industry. The company's focus on innovation and strategic partnerships is expected to drive future performance and market expansion [2][3][19].

Core Viewpoint - The article highlights the unveiling of the world's first multi-modal embodied intelligent "super factory" solution by the company Yuejiang at the 2025 China International Industrial Fair, showcasing its advanced capabilities in industrial automation and robotics [1][2]. Group 1: Super Factory Solution - The "super factory" solution includes various types of intelligent robots such as collaborative robots, bipedal humanoid robots, multi-legged robots, and wheeled humanoid robots, all coordinated by a central "smart hub" [1][2]. - This solution demonstrates the ability to perform a full range of operations including material handling, visual inspection, and precision assembly through collaborative efforts among different robot types [1][2]. Group 2: Technological Advancements - Yuejiang's rapid technological breakthroughs stem from its unique experience of deploying over 100,000 collaborative robotic arms globally, providing it with invaluable real-world process data and insights into industrial pain points [1][3]. - The company emphasizes the importance of a reliable engineering system, which has been validated through extensive field experience, making its humanoid robots effectively "grown from the factory" [1][3]. Group 3: System Architecture - The "super factory" employs a centralized discussion and distributed execution architecture, allowing for seamless integration of various robot forms to meet industrial demands [2][3]. - The smart hub utilizes multi-modal perception devices to create comprehensive environmental models, enhancing decision-making capabilities and task planning for the robots [3]. Group 4: Market Positioning - Yuejiang's platform compatibility allows enterprises to integrate multi-modal robots without extensive modifications to existing production lines, facilitating quick deployment and collaboration [3]. - As industrial automation shifts towards flexible production, the limitations of traditional single-function robots are becoming more apparent, positioning Yuejiang as a leader in defining future factory architectures [3].

Core Insights - The 25th Industrial Expo showcased a variety of robots, highlighting the emergence of a "super factory" concept where multiple forms of embodied intelligent robots collaborate seamlessly to perform complex tasks [2][3] - The humanoid robot DOBOT ATOM achieved a national first in industrial cross-scenario multi-task collaborative operations, demonstrating breakthroughs in key technologies such as human-robot action mapping and multi-modal perception [3] Group 1: Robot Capabilities - The humanoid robot is capable of performing tasks such as sorting, detecting, assembling, and efficient transportation with millimeter-level precision, as well as demonstrating complex commercial and household tasks like applying phone screens and making popcorn [2] - The wheeled humanoid acts as an agile logistics pioneer, rapidly connecting different areas of the factory [2] - The multi-legged robotic dog specializes in navigating unstructured environments for cross-regional transport [2] Group 2: Operational Efficiency - Under the coordination of a "super brain," these robots achieve a seamless closed-loop process from sorting to transportation, transforming collaboration from a concept into a norm [3] - The super factory's deeper capability lies in its data feedback mechanism, utilizing operational data from nearly 100,000 globally deployed collaborative robots to continuously optimize the system, making the "super factory" increasingly intelligent [3]

Core Viewpoint - The article emphasizes the evolution of robotics towards "embodied intelligence," highlighting the transition from single-function robots to multi-functional, high-precision collaborative robots that can adapt to various scenarios and collaborate across devices [1][3][5]. Group 1: Product Development and Innovation - At the 2025 China International Industry Fair, the company showcased a diverse range of robots, including humanoid robots and multi-legged robots, demonstrating a comprehensive product matrix that supports efficient collaboration and autonomous operations [3][5]. - The "embodied intelligence" concept is central to the company's strategy, leading to the development of a multi-modal robot platform that integrates various robotic forms for enhanced operational capabilities [5][7]. - The robots operate under a "distributed perception - centralized decision - dynamic execution" model, allowing for real-time task planning and execution across different robotic types [7][9]. Group 2: Technological Advancements - The company has achieved a global first in autonomous collaborative operations among multi-form robots, covering essential factory processes such as material sorting and precision assembly [9][11]. - The underlying technology architecture across all products is consistent, enabling significant technology reuse and capability extension, particularly in force control, motion planning, and visual perception [13][15]. - The integration of 2.5D/3D vision with tactile sensing has enhanced the robots' precision and adaptability, allowing them to perform complex tasks in various environments [17][19]. Group 3: Market Position and Future Outlook - The company has established itself as a leader in the collaborative robot sector, with over 90,000 units deployed globally, serving more than 80 Fortune 500 companies [30]. - With the continuous evolution of embodied intelligence technology, the company is positioned to become a significant player in the global robotics field, driving the transition from "Made in China" to "Intelligent Manufacturing in China" [30][28].