Group 1 - The core viewpoint of the article is that Keda Control (920932.SH) has been given an "overweight" rating by Open Source Securities due to its advancements in intelligent mining robots and the expected growth of the smart mining market [1] - Keda Control has signed agreements for joint research and development of intelligent mining robots, with multiple projects meeting acceptance standards [1] - The smart mining market is projected to reach a scale of 67 billion yuan by 2025, alongside the acceleration of electrification in the domestic heavy truck industry [1]

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]