格隆汇11月24日｜华鑫证券研报指出，运机集团作为中国散料输送机械设计、制造和安装领军企业，积 极推进业务优化，业务成绩稳中向好。2025年，公司积极巩固输送机装备主业领先地位，主营业务盈利 稳中向好，2025Q3公司实现营业收入3.52亿元，同比增长27.97%，实现归母净利润0.34亿元，同比增长 45.71%，实现扣非归母净利润0.30亿元，同比增长42.97%，业绩增速显著高于营收增速。公司净利润显 著增长，2025年前三季度净利润达1.11亿元，同比上升31.53%，盈利质量提升，盈利能力稳中有升。公 司积极推进国际化战略，海外订单量持续加码。另外，公司持续提高研发投入，与华为合作落地矿山机 器人。维持"买入"投资评级。 ...

Core Viewpoint - The company Meian Sen is currently in the research and development phase of its mining robots, with progress reported to be smooth [2] Group 1 - The mining robots are under development, indicating a focus on innovation within the company [2] - The company has responded positively to investor inquiries, suggesting transparency and engagement with stakeholders [2]

Group 1 - The company is currently developing mining robots, and the research and development progress is going smoothly [1] - The company's subsidiary, Zhiyuxing, is in the market promotion phase for its satellite communication business [1]

Group 1 - The deep earth economy is emerging as a new economic growth engine, focusing on the development of deep earth resources and related industries, including exploration, underground space construction, core equipment manufacturing, and technical services [2][3] - The Ministry of Natural Resources has indicated plans to accelerate the standardization of emerging industries in deep sea and deep earth, leading to increased market activity and investment interest [1][2] - The deep earth economy is projected to reach a market size of over 5 trillion yuan in China between 2026 and 2030, with an initial commercialization growth rate of 40% [2] Group 2 - Several companies in the A-share market are actively responding to the strategic opportunities presented by the deep earth economy, with firms like Yipuli and Surveying and Mapping Co. expressing their commitment to developing technologies related to deep earth resource exploration [3] - China Communications Construction Company is leading a consortium focused on deep underground space utilization, achieving significant advancements in geological exploration and construction technologies [4] - Some companies, such as Construction Industry, Chujian New Materials, and Baotailong, have clarified that they are not involved in deep earth economy-related businesses [4] Group 3 - The deep earth economy sector is characterized by varying competitive landscapes across its value chain, with high market concentration in upstream equipment manufacturing due to technical barriers, moderate concentration in midstream development, and low concentration in downstream application services [3] - The exploration of deep earth resources has significant potential, with China's deep and ultra-deep oil and gas resources estimated at 671 million tons of oil equivalent, representing about 34% of the country's total oil and gas resources [2] - Recent breakthroughs in deep earth exploration, such as the drilling of the Deep Earth Sichuan Well, have marked significant progress in the field, indicating the potential for further advancements in energy exploration [2]

Core Viewpoint - The emergence of the "deep earth economy" concept in the A-share market has led to a surge in various sectors including oil and gas, mining, engineering machinery, and infrastructure, attracting significant investor attention [1] Company Responses - 博盈特焊: The company's anti-corrosion and wear-resistant welding technology can be applied to oil pipelines and other components requiring such technology in deep earth oil and gas transportation [1] - 梅安森: The company's products and related technologies are primarily used for intelligent and safe production in various underground mining spaces. The company is actively developing mining robots for autonomous inspections in underground spaces, with steady progress in related R&D [1] - 北路智控: The company provides intelligent mining-related hardware and software products and solutions. It will continue to align with national policies in the "deep earth economy" sector and actively seize related development opportunities [1] - 中交设计: The company leads the China Communications Construction Group's deep earth future industry, forming an innovative consortium for deep underground space utilization, focusing on geological exploration, ultra-deep shaft construction, and other technical R&D, achieving significant results [1] - 地铁设计: The company is engaged in surveying, design, planning consulting, and engineering contracting in rail transit, municipal, and civil construction fields, participating in multiple urban underground space development projects [1] - 苏盐井神: The company is currently focused on key projects related to deep earth development, including the Zhangxing gas storage facility (Phase I), a joint venture with Jiangsu Guoxin Group for the 600MW gas storage project, and a salt cavern small molecule gas storage center project [1]

Core Viewpoint - The company is focused on developing intelligent safety production technologies for various types of underground mining spaces, with an emphasis on autonomous inspection through mining robots [1] Group 1 - The company's products and related technologies are primarily used for intelligent safety production in underground mining environments [1] - The company is actively developing mining robots to achieve autonomous inspections in underground spaces, with steady progress in related research and development work [1]

Core Viewpoint - The company, Meiansen (300275.SZ), is actively developing mining robots for autonomous inspection in underground spaces, focusing on intelligent safety production in various mining environments [1]. Group 1: Company Technology and Products - The company's products and related technologies are primarily used for intelligent safety production in various types of underground mining spaces [1]. - The company is making steady progress in the research and development of mining robots aimed at achieving autonomous inspections in underground environments [1].

Core Viewpoint - The company focuses on "technological innovation + scenario application" as a dual driving force to enhance its core business in intelligent mining construction [1] Group 1: Business Strategy - The company aims to solidify its coal mining business while aggressively expanding into the non-coal mining market to increase market share and profitability [1] - The company plans to increase R&D investment to improve its product chain, solidify its technological and product leadership, and enhance its comprehensive solution capabilities [1] - The company is responding to policy and market demands by prioritizing the incubation of mining robot business to support clients' intelligent and unmanned transformation and upgrades [1] Group 2: Financial Strategy - The company intends to utilize capital market tools effectively to enhance both the scale and quality of the business, achieving dual growth in enterprise and shareholder value [1]

Summary of Keda Control Conference Call Company Overview - Keda Control is a high-tech enterprise located in Taiyuan, Shanxi, specializing in smart mining, smart cities, and IoT, with smart mining accounting for over 60% of its business [4][2][3]. Core Business and Products - The company’s core products in the smart mining sector include: - Intelligent explosion-proof products - Control systems - Unmanned systems for production - Integrated management platforms - 5G communication systems - AI model analysis systems - Safety information management systems - Mining robots - Video AI analysis systems [2][4]. New Energy Charging and Swapping Business - Keda Control entered the new energy charging and swapping sector in 2022, investing approximately 400-500 million CNY in self-operated projects, focusing on community two-wheeled vehicle charging and heavy truck charging [2][6]. - The company has installed over 150,000 devices across 20 provinces, serving over 7 million regular customers and 10 million registered users, positioning itself as a leader in community charging and swapping [6]. Mining Robot Development - Keda Control collaborates with Yushu Technology to develop intelligent robots addressing challenges in complex and hazardous underground environments, aiming to enhance safety and reduce labor costs [2][9]. - The market for mining robots is substantial, with each mine requiring at least 10 inspection robots priced around 1 million CNY each, indicating a significant market capacity [11][12]. Financial Performance and Market Trends - The company’s performance is closely tied to the coal industry’s health, with coal prices having bottomed out in June 2025 and showing signs of recovery [17][18]. - Increased bidding activities and project investments are expected if coal companies recover by the end of the year, potentially improving Keda Control's performance in 2026 [3][18]. Acquisition of Haitu Technology - Keda Control is acquiring Haitu Technology to reduce costs and expand its application of intelligent technology into sectors like railways, military, and chemicals [5][19]. - This acquisition is expected to create synergies between Haitu's AI visual technology and Keda's AI solutions, enhancing both companies' market positions [19]. Challenges and Future Plans - The mining robot sector faces technical challenges, including autonomous capabilities, explosion-proof design, lightweight materials, and underground positioning and communication systems [14]. - Keda Control plans to establish a research and development base and aims to conduct underground trials by the end of next year, with a focus on overcoming these challenges [10][13]. Competitive Landscape in Charging Business - The charging station business is competitive, with declining profit margins due to regulatory changes and increased quality requirements [20]. - Keda Control is focusing on community charging, which offers more stability, and is implementing strategies to enhance operational efficiency and profitability [21]. Revenue Projections - Currently, Keda Control has four robot models generating approximately 10 million CNY in revenue, with plans to separately report robot product revenues starting in 2025 [21]. - The anticipated price for the multi-legged robot is over 1 million CNY, with an expected gross margin of around 50% [22]. Conclusion - Keda Control is strategically positioned in the smart mining and new energy sectors, with significant growth potential through technological advancements and market recovery in the coal industry. The company's focus on innovation and strategic partnerships is expected to drive future performance and market expansion [2][3][19].

Core Insights - The article highlights the rapid growth of AI applications in the energy sector, particularly in the context of zero-carbon mining robots, with Boreton (01333) positioned as a leading player in this niche market [1][2]. Group 1: Policy and Market Drivers - Recent policies from the National Energy Administration, including the "Implementation Opinions on Promoting High-Quality Development of 'AI + Energy'," are driving the integration of AI in energy applications [1][2]. - The dual carbon policy is steering the transition of mining engineering towards renewable energy, making it a key focus area for zero-carbon initiatives [2]. Group 2: Company Developments - Boreton has secured a strategic cooperation agreement with Mingyang Mining to provide at least 1,000 electric unmanned mining vehicles, indicating a growing demand for electric and intelligent mining solutions [3]. - The company has received a significant order worth 118 million yuan from China Resources Cement, showcasing its strong client relationships and order pipeline [3][4]. Group 3: Technological Innovations - Boreton is collaborating with Huawei to develop a "networked energy storage technology," aiming to transform mining operations from energy consumers to clean energy producers [5]. - The company is also advancing its energy storage projects, evidenced by a recent contract with Guoxia Technology for energy storage system equipment, marking a significant step in its development [6]. Group 4: Market Recognition and Growth Potential - Boreton's innovative approach in AI and energy applications has led to its inclusion in the Hang Seng Composite Index, reflecting strong market recognition and potential for valuation growth [7]. - The company is expected to enhance its growth trajectory through its light storage energy services, which are seen as a new growth avenue [7].