Core Viewpoint - Kandi Technologies (KNDI.US) is undergoing a significant transformation, shifting from traditional manufacturing to a technology-driven platform, focusing on the intersection of new energy and embodied intelligence, which has led to a notable increase in stock price despite a decline in revenue [4][6][18]. Financial Performance - In the first half of 2025, Kandi reported revenue of $36.3 million, a decrease of 39.3% compared to the same period in 2024, with a gross profit of $16.4 million and a gross margin of 45.2%, up 13.5% year-over-year [5][18]. - The company experienced a net profit of $1.7 million, down 28.7% from the previous year [4]. - Kandi's cash reserves stand at $257 million, which is approximately 300% of its market capitalization, providing a strong financial foundation for its strategic upgrades [18][20]. Strategic Transformation - Kandi has undergone three major transformations since its inception, with the latest shift in 2025 under new CEO Chen Feng, focusing on becoming a technology holding company [10][13]. - The company is implementing a "dual-line breakthrough" strategy, emphasizing product development, marketing partnerships, and refined operations to navigate a competitive market [6][18]. - Kandi's strategic pivot includes entering the embodied robotics sector and collaborating with Yunshen Technology to develop innovative products for the North American market [16][22]. Market Position and Opportunities - Kandi's non-road vehicle business has seen significant growth, contributing $117 million in revenue in 2024, accounting for 91% of total revenue, driven by a strategic focus on the U.S. market [20][26]. - The company has established a partnership with CATL for battery swap stations, marking its entry into the global supplier system and enhancing its operational capabilities [16][22]. - Kandi's approach to localizing production in the U.S. allows it to bypass tariffs and leverage subsidies, positioning it favorably in the market [24][26]. Future Outlook - Kandi's "Three Seas Breakthrough" strategy aims to enhance its global presence by focusing on manufacturing, intelligent manufacturing, and ecological output [23][29]. - The company is poised to capitalize on the growing demand for electric vehicles and robotics in North America, with a focus on reducing operational costs and enhancing product offerings [22][30]. - Analysts suggest that as new business revenue surpasses 30%, Kandi's valuation could shift from traditional manufacturing metrics to technology-driven metrics, indicating potential for significant market appreciation [22][30].

（文/刘媛媛 编辑/周远方） 不久前，康迪科技宣布与云深处科技达成两项合作，双方将深度协同，整合制造、技术与渠道优势，共 同开发面向北美市场的智能高尔夫装备及安防巡检四足机器狗，推进产品本地化落地与商业化扩张，加 速智能机器人技术的多元化应用与全球化布局。 为更深入了解康迪科技在四足机器人领域的技术突破与商业化布局，观察者网独家对话了康迪机器人技 术总监崔广章。在对话过程中，这位拥有多年人工智能研发经验的专家，向我们揭示了更多技术细节与 战略思考。 以下为对话实录： 观察者网：康迪科技此前是一家新能源汽车制造商，后来拓展了"智能机器人"业务，这种业务转型背 后，是基于怎样的行业洞察和公司战略考量？ 崔广章：康迪科技跨界进入智能机器人领域是跟行业发展趋势密切相关的。现在，大模型能力越来越 强，软件企业和硬件企业都在往软硬协同的方向发展。过去，互联网企业通常通过智能体集成硬件，而 传统硬件厂商也开始集成软件，尤其是AI能力。 在四足机器人赛道，娱乐化应用的投资回报率正遭受质疑。当基础行走和简单互动功能已趋成熟，市场 更期待看到的是：这些造价不菲的智能体，究竟能在哪些商用场景创造实际价值？ 在2025世界人工智能大 ...