Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [5]. Core Insights - The company is recognized as the "first stock of smart mining" on the Beijing Stock Exchange, focusing on industrial internet technology for smart mining, IoT+, and smart municipal services [1][16]. - The company emphasizes R&D, with a high proportion of R&D personnel and significant investment in innovation, which is crucial for long-term growth [2][10]. - The market for mining robots is projected to be a trillion-dollar opportunity, with significant demand for inspection robots in coal mines [3][10]. - The collaboration with partners like Yushu Technology and Shanxi Coking Coal Group aims to address industry pain points and lead the transformation towards "embodied intelligence" in mining [4][10]. - The company plans to acquire a 51% stake in Haitu Technology to enhance its industrial internet capabilities and AI strategy [9][10]. Summary by Sections Company Overview - Founded in November 2000, the company is headquartered in Taiyuan, Shanxi Province, and was listed on the Beijing Stock Exchange in November 2021 [1][16]. - The company has developed a range of technologies and products for smart mining, including robots that have been recognized by national authorities [1][16]. R&D Focus - In 2024, the company has 278 R&D personnel, accounting for 43.2% of total employees, with a significant increase in patent holdings [2][10]. - The R&D expenditure for 2024 is projected at 51.24 million yuan, representing 11.81% of revenue, indicating a strong commitment to innovation [2][10]. Market Potential - The demand for inspection robots in coal mines is estimated at around 400,000 units, with a conservative market value exceeding 100 billion yuan [3][10]. - The company is positioned to capitalize on the growing trend of smart mining, supported by government policies and technological advancements [27][28]. Strategic Partnerships - The collaboration with Yushu Technology and Shanxi Coking Coal Group aims to create a comprehensive solution for mining automation, addressing the challenges of deploying multifunctional robots in complex environments [4][10]. - The partnership leverages the strengths of each company to overcome technological and operational barriers in the mining sector [4][10]. Financial Projections - The company forecasts net profits of 26.05 million yuan, 71.47 million yuan, and 101.26 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios indicating potential for value re-evaluation [10][11].

Core Insights - The collaboration aims to develop intelligent robots for mining, integrating autonomous navigation, multi-modal environmental perception, gas detection, and emergency response capabilities [1][2] - A joint research laboratory for specialized mining robots has been established by Shanxi Coking Coal Energy Group, Shanxi Keda Control Group, and Hangzhou Yushu Technology [1] - The partnership signifies the formation of an innovative consortium focused on technology research, pilot transformation, and practical application in mining [1][2] Technology Development - Hangzhou Yushu Technology will provide high-performance robotic bodies, while the Hangzhou AI Application Pilot Base will facilitate rapid technology transformation for harsh underground environments [2] - The consortium aims to address key issues of technology usability and effectiveness in mining operations [2] Application and Safety - Shanxi Coking Coal Energy Group will provide real underground application scenarios for testing and validation, ensuring the robots meet safety production standards [2] - Shanxi Keda Control Group will handle system integration and safety certification, focusing on compliance with coal mine safety regulations [2] Strategic Importance - The collaboration is seen as a direct response to the "Artificial Intelligence +" initiative, combining technological advantages with market needs in Shanxi [2]

Core Viewpoint - The "2025 Intelligent Robot Key Technology Conference" will be held in Qiqihar City from July 22-24, 2025, focusing on advancements in intelligent robotics and their applications across various industries [1]. Group 1: Embodied Intelligence Forum - The "Embodied Intelligence Forum" will take place on the afternoon of July 23, 2025, emphasizing core technological innovations and cross-industry applications in embodied intelligence [2]. - The forum will feature expert reports and PhD flash presentations aimed at promoting the full-chain development of embodied intelligence from theoretical breakthroughs to industrial implementation [2]. Group 2: Expert Reports - Key presentations include: - "Cognitive Navigation Technology for Embodied Intelligence" by Professor Yue Yufeng from Beijing Institute of Technology, addressing dynamic environment perception and autonomous decision-making [3]. - "High-Quality Development Path for Mining Embodied Intelligent Robots" by Wang Lei, focusing on intelligent solutions for specialized scenarios [3]. - "Dynamic Locomotion Control of Legged Robots" by Professor Zhang Guoteng, innovating adaptive technologies for complex terrains [3]. - "Human-Machine Collaboration Driven by Cross-Modal Embodied Intelligence" by Associate Professor Yang Kun, exploring multi-modal perception integration and operational optimization [3]. - "Fall Prediction Research Based on Transfer Learning and Attention Fusion ResNet" by Professor Wu Chuanyan, enhancing intelligent health monitoring systems [3]. - "Skill Learning for Robot Manipulation of Flexible Objects" by Fu Tianyu, tackling challenges in unstructured environments [3]. Group 3: PhD Flash Presentations - The forum will also showcase young scholars presenting cutting-edge research on the application innovations of embodied intelligence in industrial and medical fields, highlighting the youthful energy driving technological implementation [4]. Group 4: Health and Rehabilitation Robots Forum - The "Health and Rehabilitation Robots Forum" will be held on the morning of July 24, 2025, addressing technological solutions to aging challenges [6]. - Expert reports will cover topics such as: - "Robot Empowerment Paths for China's Aging Population" by Zhang Jianhua, outlining technological routes to address aging society issues [6]. - "Technological Innovation in Elderly Care Services and Applications of Care Robots" by Lan Zhi, discussing care scenarios across institutions, communities, and homes [6]. - "Key Technologies and Clinical Research of Lower Limb Rehabilitation Exoskeleton Robots" by Guo Zhao, revealing new mechanisms for gait reconstruction and neural compensation [6]. - "Intelligent Gait Analysis and Clinical Applications" by Ji Bing, driving innovations in AI-enabled rehabilitation assessment paradigms [6]. - "Design and Implementation of Acupuncture Robot Systems" by He Zhaoshui, overcoming automation challenges in traditional therapies [6]. - "Bionic Arm Systems with Multi-Modal Tactile Perception" by Zhang Ting, exploring fine manipulation challenges in human-robot interaction [6]. - "Personalized Rehabilitation Assessment and Motion Control Optimization Driven by Muscle Coordination" by Sheng Yixuan, pioneering personalized functional reconstruction solutions [6]. Group 5: Youth Innovation Reports - The forum will feature flash presentations from young scholars on topics such as: - "Minimum Impact Trajectory Planning for Lower Limb Rehabilitation Robots" by Wang Xincheng [7]. - "Cardiovascular Health Risk Perception Technology Based on Multi-Sensor Fusion" by Xie Shiqin [7]. - "Design and Analysis of Multi-Posture Lower Limb Rehabilitation Robots" by Yu Hongfei [7]. - "Development of Portable Multi-Channel fNIRS Systems" by Xiang Jiayao [7].

Group 1: Company Overview and Strategic Developments - The company has established a wholly-owned subsidiary, Hangzhou Keda Smart Technology Co., Ltd., focusing on research and application in the digital economy and artificial intelligence sectors [3][4] - The subsidiary aims to leverage local talent and resources to collaborate with influential AI companies, promoting smart mining construction nationwide [4] Group 2: Financial Performance and Projections - The company's revenue from the new energy charging and swapping business is projected to grow significantly, with a year-on-year increase of 208.65% in 2024 [6] - Revenue in this sector is expected to rise from over 3 million CNY in 2022 to 97 million CNY in 2024, establishing the company as a leader in the community charging segment [6] Group 3: Market Position and Growth Potential - The company holds approximately 40% market coverage in large-scale mines (annual output of 10 million tons) and about 15% in medium-sized mines (annual output of 5-8 million tons) [13] - The smart mining market is anticipated to grow, driven by national policies and increasing demand for intelligent construction solutions [13] Group 4: Research and Development Initiatives - The company is actively developing autonomous driving technologies for mining vehicles, with several systems already recognized as typical cases for application by the Ministry of Industry and Information Technology [9] - The company has introduced a mining operation model that integrates AI technology, enhancing operational efficiency and service capabilities [10] Group 5: Financial Challenges and Cost Management - In Q1 2025, the company faced a loss due to increased sales expenses (2.0882 million CNY), R&D expenses (1.7140 million CNY), and financial costs (4.2580 million CNY), totaling an increase of 8.0602 million CNY [15] - The company is focusing on enhancing market competitiveness and product coverage to improve profitability [15] Group 6: Product Offerings and Innovations - The company has developed standardized intelligent products for smart mining, including control, communication, sensing, and software solutions, as well as specialized mining robots [18] - The M-CPS smart mining solution is designed to enhance safety and efficiency in mining operations, focusing on various operational aspects [18]