智能机器人业务方面，公司为电网企业及大型工业客户提供工业机械手、堆垛机及巡检机器人等产品。 2020-2024年，公司的工业机械手累计收入位列全国第一。 值得注意的是，科大智能的研发投入正呈现下滑趋势，这一变化与公司所处的科技行业属性形成了鲜明 对比。 数据显示，公司的研发费用率从2023年的8.6%下降至2025年前9个月的6.8%。研发费用绝对额从2023年 的2.60亿元降至2025年前9个月的1.29亿元。 近日，科大智能向港交所递交招股书，寻求A+H双重上市。这家在2011年就登陆创业板的老牌上市公 司，希望借助港股平台拓展国际视野。 科大智能的业务版图覆盖了数字能源与智能机器人两大领域，这两个领域都被视为当下科技发展的热点 赛道。 数字能源业务是公司的传统强项和主要收入来源。该业务主要为国家电网、南方电网等国有电网公司以 及钢铁、石油等高耗能企业提供智能配用电产品及解决方案。 2023年、2024年及2025年前九个月，科大智能的营收分别为30.25亿元、26.87亿元和19.04亿元。按2024 年全国收入计，公司在FTU市场排名第一，在一二次融合断路器市场排名第二。 来源：新浪财经 注：本文创 ...

"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].

Core Viewpoint - The recent IPO application by Keda Intelligent reflects the structural challenges faced by AI companies in their commercialization process, amidst a backdrop of declining stock performance and profitability issues [1][5][23]. Financial Performance - Keda Intelligent's net profit margin has consistently remained below 6%, with a reported loss of 171 million RMB in 2023. Although revenue is expected to rebound to 2.687 billion RMB in 2024, it is projected to decline to 1.881 billion RMB in 2025, with an adjusted net profit margin of only 4.5% [5][12]. - The company's revenue heavily relies on a few major clients, with the largest client contributing 36% of total revenue, indicating a high risk of revenue volatility if these clients change their strategies [9][20]. R&D and Investment - There has been a noticeable reduction in R&D investment, dropping from 259 million RMB in 2023 to 194 million RMB in 2024, and further to 129 million RMB in the first three quarters of 2025, leading to a decline in R&D intensity [13][18]. - Despite having a substantial R&D team of 758 employees, which constitutes 44.2% of the total workforce, the high labor costs have not translated into improved financial performance, with Keda Intelligent experiencing losses in five out of the last six years [18][20]. Market Position and Strategy - Keda Intelligent aims to maintain its leadership in traditional business sectors, focusing on "digital energy and intelligent robotics" as dual growth drivers. The company ranks among the top ten in commercial energy storage systems and holds leading positions in industrial robotics [22]. - However, the ongoing losses in the AI sector raise concerns about whether profits from traditional hardware can offset the financial challenges faced in AI development [23]. Industry Context - The IPO application of Keda Intelligent symbolizes a shift in the AI industry from hype to a more rational approach, as companies seek sustainable business models in a challenging market environment [23].

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].

Core Viewpoint - Keda Intelligent has submitted its prospectus to the Hong Kong Stock Exchange, aiming to leverage its dual-driven model of digital energy and intelligent robotics to enhance China's energy system and industrial manufacturing transformation [2][4]. Financial Performance - For the first nine months of 2023, 2024, and 2025, Keda Intelligent reported revenues of 30.25 billion RMB, 26.87 billion RMB, and 19.03 billion RMB, respectively. The gross profits were 28 billion RMB, 6.40 billion RMB, and 4.57 billion RMB, with gross margins of 20.8%, 23.8%, and 24% [7]. - The net profits for the same periods were 1.70 billion RMB, 615.7 million RMB, and 734.8 million RMB [7]. - R&D expenses for the first nine months were 2.60 billion RMB, 1.94 billion RMB, and 1.29 billion RMB [9]. Business Segments - Keda Intelligent operates in two main segments: Digital Energy and Intelligent Robotics. - **Digital Energy**: Revenue from this segment for the first nine months of 2023, 2024, and 2025 was 20 billion RMB, 21.01 billion RMB, and 14.60 billion RMB, accounting for 66.1%, 78.2%, and 78.7% of total revenue [13]. - **Intelligent Robotics**: Revenue from this segment was 10.24 billion RMB, 5.86 billion RMB, and 4.44 billion RMB, representing 33.9%, 21.8%, and 23.3% of total revenue [16]. Geographic Revenue Distribution - Over 90% of Keda Intelligent's revenue comes from mainland China, with contributions of 30.14 billion RMB, 26.58 billion RMB, and 18.79 billion RMB for the respective years, accounting for 99.6%, 98.9%, and 98.7% of total revenue [18]. Customer Concentration - Revenue from the top five customers was 12.38 billion RMB, 11.91 billion RMB, and 9.84 billion RMB, making up 40.8%, 44.4%, and 51.6% of total revenue [20]. The largest single customer contributed 23.5%, 32.3%, and 36.0% of total revenue in the respective years [20]. Shareholding Structure - The chairman, Huang Mingsong, holds 21.96% of the shares, making him the largest single shareholder, while other A-share shareholders hold 78.04% [24]. Industry Outlook - The industrial intelligent robotics market is expected to grow significantly, with the domestic market size projected to increase from 45 billion RMB to 84 billion RMB from 2020 to 2024, reflecting a compound annual growth rate of 16.9% [27]. The global market is also anticipated to grow from 94.3 billion RMB to 172.6 billion RMB during the same period, with a CAGR of 16.5% [27].

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 ...