Core Viewpoint - Haokang Intelligent, established in July 2017 and listed on the Shenzhen Stock Exchange in June 2023, is a well-known developer and manufacturer of intelligent linear drive products, with significant technological advantages and a diverse application range [1] Group 1: Business Performance - In Q3 2025, Haokang Intelligent reported revenue of 682 million yuan, ranking 18th among 30 companies in the industry, significantly lower than the top company, Huichuan Technology, which had 31.66 billion yuan [2] - The main business segments include intelligent home linear drive systems (303 million yuan, 65.83%), smart medical care linear drive systems (74.64 million yuan, 16.24%), and others [2] - The net profit for the same period was 18.05 million yuan, ranking 25th in the industry, again significantly lower than the top companies [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Haokang Intelligent was 30.07%, lower than the industry average of 34.21%, indicating relatively good debt repayment capability [3] - The gross profit margin was 23.70%, below the industry average of 33.30%, suggesting that the company's profitability needs improvement [3] Group 3: Management and Shareholder Information - The chairman, Gong Zhiqiang, saw his salary increase from 672,400 yuan in 2023 to 861,900 yuan in 2024 [4] - The total manager, Yu Tinghua, also received a salary increase from 662,800 yuan to 837,900 yuan for the same period [4] Group 4: Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 3.76% to 13,500, while the average number of circulating A-shares held per shareholder increased by 4.70% to 5,050.09 [5] - The company is expanding its overseas operations, investing 20 million USD in a production base in Thailand, expected to commence production in the second half of 2025 [5]

Group 1 - The core viewpoint of the news is that Haokang Intelligent experienced a decline in stock price and had significant financing activities on September 23, indicating high market activity and investor interest [1] - On September 23, Haokang Intelligent's stock fell by 1.35%, with a trading volume of 75.37 million yuan. The financing buy-in amount was 7.94 million yuan, while the financing repayment was 8.77 million yuan, resulting in a net financing buy of -0.83 million yuan [1] - As of September 23, the total balance of margin trading for Haokang Intelligent was 89.78 million yuan, accounting for 7.26% of its market capitalization, which is above the 80th percentile level over the past year, indicating a high level of financing [1] Group 2 - As of June 30, Haokang Intelligent had 14,000 shareholders, an increase of 2.17% from the previous period, while the average circulating shares per person decreased by 2.12% to 4,823 shares [2] - For the first half of 2025, Haokang Intelligent reported a revenue of 459 million yuan, representing a year-on-year growth of 18.64%. However, the net profit attributable to shareholders decreased by 22.46% to 19.54 million yuan [2] Group 3 - Since its A-share listing, Haokang Intelligent has distributed a total of 72.29 million yuan in dividends [3]

Core Viewpoint - The stock price of Kaidi Co., Ltd. (605288.SH) has surged significantly, driven by increased market interest in its robotics-related business, despite the company indicating that this segment is still in the development phase and will not contribute significantly to revenue in the short term [1][2]. Group 1: Stock Performance - Kaidi Co., Ltd. experienced a stock price increase of over 200% since the beginning of the year, with a notable rise of more than 60% since August 19 [1][2]. - The stock price reached a high of 102.97 CNY per share on September 3, following a series of trading days with price increases [1]. Group 2: Fund Holdings - As of June 30, 2025, 32 funds collectively held 432.38 million shares of Kaidi Co., Ltd., a significant change from March 2025 when no funds held shares [2]. Group 3: Business Overview - Kaidi Co., Ltd. is a leading provider of intelligent linear drive system solutions, with a comprehensive service system encompassing R&D, production, and global marketing [2]. - The company’s products are utilized in five core areas: smart home, smart office, automotive parts, medical care, and industrial transmission [2]. - Approximately 60% of the components for Kaidi's products are self-developed, allowing for independent sales of motors, controls, injection molding, and precision processing products [2]. Group 4: Client Base - The company has established partnerships with well-known domestic and international clients, including Gujia Home, Huadali, Teknion Limited, and ESI, as well as collaborations with automotive manufacturers like NIO, Xpeng, and Chery [2]. Group 5: Financial Performance - Kaidi Co., Ltd. has faced challenges in profitability, with a decline in net profit since its IPO in 2020, despite fluctuations in revenue [3]. - In 2023, the company reported revenue of 1.234 billion CNY and a net profit of 108 million CNY, with projections for 2024 showing revenue growth to 1.336 billion CNY but a decrease in net profit to 86.72 million CNY [3]. - For the first half of 2025, the company reported revenue of 608 million CNY, a year-on-year increase of 5.64%, but a net profit decline of 43.69% to 31.15 million CNY [3]. Group 6: Industry Challenges - The home furnishing industry, in which Kaidi operates, is currently facing significant operational pressures [4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company has achieved revenue growth in multiple application scenarios, with a focus on smart home and smart medical care sectors, which together accounted for 83.59% of total revenue in 2024 [6][8]. - The company is recognized for its expertise in smart linear drive products, which are essential components in various applications including smart homes, medical devices, and industrial automation [5][9]. - The company is expanding its global footprint by investing in a production base in Thailand, which is expected to enhance its competitive advantage in the global market [9]. Summary by Sections Company Overview - The company specializes in the research and production of smart linear drive products, with applications in smart homes, smart medical care, smart offices, and industrial transmission [5]. Financial Performance - In 2024, the company reported total revenue of 828 million yuan, a year-on-year increase of 15.74%, while net profit slightly decreased by 0.58% to 47 million yuan [6]. - For Q1 2025, revenue reached 211 million yuan, reflecting a 6.7% year-on-year growth, and net profit increased by 28.98% to 16 million yuan [6]. Market Position - The company has established strong technical advantages in the smart home sector, integrating its products with various smart home systems to enhance user experience and product stickiness [7]. - In the smart medical care sector, the company's products are crucial for the automation and intelligence of medical devices, improving the quality of life for patients and efficiency for healthcare workers [8]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.006 billion yuan, 1.190 billion yuan, and 1.369 billion yuan respectively, with corresponding EPS estimates of 0.60 yuan, 0.73 yuan, and 0.86 yuan [10][12]. - The company is expected to maintain a strong growth trajectory, particularly in the smart home and industrial transmission sectors [10].

Core Viewpoint - The company, Kaidi Electric Co., Ltd., has released its 2024 annual report, highlighting its financial performance, business operations, and future development plans, with a focus on the growth potential in the smart home and office furniture markets, as well as the automotive components sector [1][5][9]. Company Overview - Kaidi Electric is a well-known provider of integrated solutions centered around smart linear drive systems, with a comprehensive service system that includes technology research and development, manufacturing, and global marketing [9]. - The company operates in various sectors, including smart home products, smart office furniture, automotive components, and medical care, indicating a diversified business model [9]. Financial Performance - As of December 31, 2024, the company's total assets reached CNY 2,841,523,646.24, representing a year-on-year increase of 6.02% [12]. - The net assets attributable to shareholders amounted to CNY 2,222,490,505.24, up by 2.51% year-on-year [12]. - The company reported operating revenue of CNY 1,335,738,641.09, reflecting an 8.25% increase compared to the previous year [12]. - However, the net profit attributable to shareholders decreased by 19.42% to CNY 86,721,095.79, while the net profit after deducting non-recurring gains and losses fell by 21.53% to CNY 79,423,957.65 [12]. Profit Distribution Plan - The board of directors proposed a cash dividend of CNY 3.75 per 10 shares (including tax), with a total cash dividend distribution of CNY 26,324,592.00 based on a total share capital of 70,198,912 shares [4][24]. - The cash dividend ratio for the year is set at 30.36% [4]. Market Trends - The smart home market is experiencing significant growth, driven by increasing consumer demand for intelligent, comfortable, and environmentally friendly products, particularly in the U.S. market [5]. - The electric sofa industry is transitioning from functionality to intelligent scenarios, facing challenges but also benefiting from aging populations and consumption upgrades [5]. - The smart office desk market is projected to grow at a compound annual growth rate of 12-15%, reaching USD 10-12 billion by 2030, fueled by remote work trends and health awareness [5][7]. - The medical care sector is seeing increased demand for electric medical beds and related products due to an aging population and chronic disease management needs [8]. Business Strategy - The company is expanding its global footprint, with some enterprises establishing overseas production bases to enhance their global layout [7]. - The automotive components market is also growing, with the production and sales of vehicles in China expected to increase by 3.7% and 4.5% respectively in 2024, highlighting the importance of smart features in vehicles [8].

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 二零二三年六月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责 ...

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 二零二三年五月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股意向书 声明及承诺 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责 ...

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 二零二三年三月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也 ...

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 公告的招股说明书作为投资决定的依据。 二零二三年三月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也 ...

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 公告的招股说明书作为投资决定的依据。 二零二三年三月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也 ...