截至9月30日，科德数控股东户数1.32万，较上期增加31.88%；人均流通股10015股，较上期减少 24.17%。2025年1月-9月，科德数控实现营业收入4.00亿元，同比增长5.01%；归母净利润6392.82万元， 同比减少11.53%。 分红方面，科德数控A股上市后累计派现5047.35万元。 机构持仓方面，截止2025年9月30日，科德数控十大流通股东中，华夏中证机器人ETF（562500）位居 第九大流通股东，持股220.35万股，相比上期增加41.05万股。 责任编辑：小浪快报 11月14日，科德数控跌1.71%，成交额8066.83万元。两融数据显示，当日科德数控获融资买入额 1176.80万元，融资偿还1594.73万元，融资净买入-417.93万元。截至11月14日，科德数控融资融券余额 合计4.09亿元。 融资方面，科德数控当日融资买入1176.80万元。当前融资余额4.09亿元，占流通市值的5.17%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，科德数控11月14日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量8562.00股 ...

Core Viewpoint - The company, Kede CNC, has reported a decline in revenue and net profit for Q3 2025, but has shown significant improvement in operating cash flow, indicating a potential recovery in financial health and market demand [1][2]. Financial Performance - In Q3 2025, Kede CNC achieved revenue of 106 million yuan, a year-on-year decrease of 15.79%, and a net profit of 14.87 million yuan, down 37.56% [1]. - For the first three quarters of 2025, the company reported total revenue of 400 million yuan, a year-on-year increase of 5.01%, while net profit decreased by 11.53% to 63.93 million yuan [1]. - The operating cash flow for the year-to-date period was 218 million yuan, a significant improvement from a negative cash flow of 19.74 million yuan in the same period last year [1]. Market Demand and Orders - Kede CNC has experienced a noticeable increase in orders in Q3 compared to Q2, driven by heightened market interest and increased inquiries from potential clients [2]. - The company has secured new collaborations in sectors such as medical, semiconductor, and low-altitude economy, alongside repeat purchases from existing customers [2]. - The new five-axis blade processing center, KTurboM1500, has attracted significant interest from new clients in the domestic large aircraft sector [2]. Product Development and Innovation - Kede CNC has successfully launched several new products this year, including the five-axis milling and grinding composite processing center, KTFMS200, which has been purchased by clients in the aerospace sector [2]. - The company has established a joint innovation center with AVIC to enhance domestic civil aircraft manufacturing technology and high-end CNC equipment [2]. - The development of axial flux motors is underway, with plans to release a prototype by early 2026, targeting applications in low-altitude economy, new energy vehicles, and humanoid robots [3].

Core Viewpoint - The establishment of the "Aviation Manufacturing - Kede CNC Excellence Innovation Center" marks a significant collaboration between Kede CNC and Shanghai Aircraft Manufacturing Company, focusing on advanced processing technologies and high-end equipment in the aerospace sector [1] Group 1: Partnership Details - Kede CNC's Chairman Yu Benhong and Shanghai Aircraft Manufacturing's Deputy General Manager Hu Xueying signed a cooperation agreement for the establishment of the Excellence Innovation Center [1] - This center is the first of its kind in China dedicated to metal cutting machine tools, indicating a strategic move to enhance domestic capabilities in aerospace manufacturing [1] Group 2: Focus Areas of Collaboration - The partnership will focus on advanced processing techniques for complex core components of large aircraft, high-end five-axis machine tools, advanced CNC systems, and flexible intelligent production lines [1] - The collaboration aims to drive research and transformation of new technologies, processes, and equipment, contributing to the upgrade of China's civil aircraft manufacturing technology and high-end CNC equipment [1]

Core Insights - The company reported a decline in revenue and net profit for Q3 2025, with revenue at 106 million yuan, down 15.79% year-on-year, and net profit at 14.87 million yuan, down 37.56% [1] - For the first three quarters of 2025, the company achieved revenue of 400 million yuan, a year-on-year increase of 5.01%, while net profit decreased by 11.53% to 63.93 million yuan [1] - The decline in Q3 net profit is attributed to reduced sales revenue and increased share-based payment expenses [1] Financial Performance - The company reported a significant improvement in operating cash flow, with a net cash flow of 218 million yuan for the year-to-date, compared to a negative 19.74 million yuan in the same period last year [2] - The improvement in cash flow is mainly due to increased cash receipts from sales and government research funding, along with reduced cash payments for goods and services [2] Product Development and Innovation - The company is focused on technological breakthroughs in five-axis CNC machine tools, high-end CNC systems, and key functional components, with a complete talent, technology, and industry chain [1] - The company is actively innovating in the development of axial flux motor products, which offer advantages such as compact structure and higher power output compared to traditional radial flux motors [2][3] - The five-axis machine tools are being utilized for precision components in humanoid robots, new energy vehicles, and aerospace applications, showcasing the company's adaptability to emerging industries [2][3] Market Position and Strategy - The company has established a dual R&D system for high-end CNC systems and machine tools, making it the only listed company in China with such capabilities [1] - The company has a broad application range for its products, enhancing its resilience and core competitiveness in various downstream industries [3] - Future plans include expanding the market share of high-end CNC systems and key functional components, leveraging the release of overall production capacity [3]

Core Points - Kede CNC Co., Ltd. received government subsidies totaling RMB 56.826 million [2] - The actual subsidy amount received by Kede CNC and its wholly-owned subsidiary, Ningxia Kede CNC Technology Co., Ltd., is RMB 45.3939 million, all related to assets [2] - Kede CNC is primarily engaged in the production of five-axis CNC machine tools, high-end CNC systems, key functional components, and flexible automation production lines [2] Financial Summary - Total government subsidies received: RMB 56.826 million [2] - Actual subsidies received (Kede CNC and Ningxia Kede): RMB 45.3939 million [2] Business Overview - Main products include high-end CNC machine tools and high-end CNC systems, servo drive devices, series motors, series sensor products, electric spindles, milling heads, and rotary tables [2]

Core Viewpoint - Kede CNC experienced a 5.79% increase in stock price on October 9, with a trading volume of 382 million yuan, indicating strong market interest and activity [1]. Financing Summary - On October 9, Kede CNC had a financing buy-in amount of 65.67 million yuan and a financing repayment of 41.61 million yuan, resulting in a net financing buy-in of 24.06 million yuan [1]. - As of October 9, the total financing and securities lending balance for Kede CNC was 371 million yuan, with the financing balance accounting for 4.03% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, Kede CNC had a repayment of 200 shares and a sell-out of 2,200 shares on October 9, with a sell-out amount of 152,900 yuan, and a remaining securities lending volume of 8,362 shares, which is above the 80th percentile of the past year [1]. Business Performance - As of June 30, Kede CNC reported a total of 10,000 shareholders, an increase of 7.08% from the previous period, with an average of 13,208 circulating shares per person, up by 21.40% [2]. - For the first half of 2025, Kede CNC achieved an operating income of 295 million yuan, representing a year-on-year growth of 15.24%, and a net profit attributable to shareholders of 49.06 million yuan, reflecting a growth of 1.27% [2]. Dividend and Shareholding - Kede CNC has distributed a total of 50.47 million yuan in dividends since its A-share listing [3]. - As of June 30, 2025, the top ten circulating shareholders included Huaxia CSI Robot ETF (562500) as the tenth largest shareholder, holding 1.793 million shares as a new shareholder [3].

Core Viewpoint - The National Standardization Administration and the Ministry of Industry and Information Technology of China have jointly issued a plan to establish a high-quality standard system for industrial mother machines by 2026, aiming to enhance product quality and promote equipment upgrades in the industry [4][5]. Group 1: Standard System Development - The plan requires the establishment of a high-quality standard system for industrial mother machines by 2026, with at least 300 standards to be formulated or revised, including at least 5 international standards, and a 90% conversion rate of international standards [4]. - The standard system will consist of six levels: basic general, design support, manufacturing equipment, manufacturing processes, inspection and testing, and industry applications, comprising 34 major categories and 17 subcategories [5]. - By 2030, a comprehensive standard system that adapts to the high-quality development of the industrial mother machine industry is expected to be fully formed, with technical levels and internationalization continuously improving [4][5]. Group 2: Current Industry Status in Jiangsu - Jiangsu province is a leading area in China's industrial mother machine industry, with significant achievements in industry scale, number of enterprises, and technological innovation [5][6]. - The province has the highest number of machine tool enterprises in China, covering six major upstream and downstream segments of the industrial chain, including cutting machine tools and additive manufacturing equipment [5][6]. - Key cities such as Nanjing, Suzhou, Wuxi, and Changzhou are central to the industrial cluster, with Suzhou housing over 500 supporting enterprises and Changzhou having more than 270 industrial enterprises in the sector [6].

Core Viewpoint - The industrial mother machine sector experienced a significant surge in stock prices following the announcement of a new high-quality standard system aimed at enhancing product quality and driving industry development by 2026 [1] Group 1: Stock Performance - Hengjin Induction surged over 20% - Kaiteng Precision Engineering rose over 19% - Huadong CNC and Bojie shares hit the daily limit - Huazhong CNC and Boya Precision increased by over 8% [1] Group 2: Policy Announcement - On September 1, the National Standardization Administration and the Ministry of Industry and Information Technology issued the "High-Quality Standard System Construction Plan for Industrial Mother Machines" - By 2026, a high-quality standard system for industrial mother machines is expected to be established, promoting product quality improvement and equipment upgrades [1] Group 3: Standard Development Goals - The plan includes the revision of no less than 300 standards and leading the revision of at least 5 international standards - The target is to achieve a 90% conversion rate of international standards and optimize the structure of standard supply [1] Group 4: Innovation and Technology - The initiative aims to accelerate the development of standards for high-end industrial mother machines, advanced CNC systems, and key components - It emphasizes the need for a close linkage between standards and technological innovation in the industry [1] Group 5: Long-term Vision - By 2030, a comprehensive standard system that supports the high-quality development of the industrial mother machine industry is expected to be fully formed - The technical level and internationalization of standards are projected to significantly improve, with manufacturing standards reaching world-leading levels [1]

Group 1 - The National Standardization Administration and the Ministry of Industry and Information Technology have issued a plan to establish a high-quality standard system for industrial mother machines by 2026, aiming to enhance the resilience and safety of the industrial mother machine supply chain [1][2] - The plan includes the development of at least 300 standards, with a target of leading the revision of at least 5 international standards and achieving a 90% conversion rate of international standards [1][2] - By 2030, the standard system is expected to fully adapt to the high-quality development of the industrial mother machine industry, with overall standards reaching advanced global levels [1][2] Group 2 - The high-quality standard system for industrial mother machines consists of six levels, including basic general standards, design support, manufacturing equipment, manufacturing processes, inspection and testing, and industry application, with a total of 34 categories and 17 subcategories [2] - Key tasks outlined in the plan include accelerating the development of urgently needed standards, promoting the revision of series standards, strengthening standards in cross-disciplinary fields, and enhancing the internationalization of standards [2] - The machine tool industry is currently undergoing a critical transformation and upgrade, with the industry scale ranking first globally for over a decade and entering the second tier of global technology levels [2][3] Group 3 - In the first half of 2025, China's machine tool industry achieved a revenue of 493.3 billion yuan, a year-on-year decrease of 1.7%, with a narrowing decline compared to the first quarter [3] - The production of metal cutting machine tools increased by 13.5% year-on-year, while the production of metal forming machine tools rose by 10.4% [3] - Investment in equipment and tools increased by 17.3% year-on-year, significantly higher than the overall investment growth, indicating a recovery in market demand for machine tools [3]

Core Viewpoint - The National Standardization Administration and the Ministry of Industry and Information Technology of China have issued a plan to establish a high-quality standard system for industrial mother machines by 2026, aiming to enhance the resilience and safety of the industrial mother machine supply chain and promote product quality improvement and equipment upgrades [1][2]. Group 1: Development Goals - By 2030, a comprehensive standard system for high-quality development of industrial mother machines is expected to be fully formed, with standards achieving advanced international levels in material reduction and additive manufacturing [2]. - The high-quality standard system will consist of six levels, 34 categories, and 17 subcategories, dynamically adjusted according to the development of the industrial mother machine industry [2]. Group 2: Key Tasks - The plan outlines four key tasks: accelerating the development of urgently needed standards, promoting the revision of series standards, strengthening the development of standards in cross-cutting fields, and enhancing the internationalization of standards [3]. - Focus areas for urgently needed standards include high-end composite CNC machine tools, integrated die-casting, precision forging, and high-performance functional components [3]. Group 3: Industry Status - The industrial mother machine sector, crucial for national security and development, has established a complete industrial system and has ranked first globally in scale for over a decade [4]. - In the first half of 2025, the machine tool industry generated revenue of 493.3 billion yuan, a year-on-year decrease of 1.7%, with metal cutting machine tool production increasing by 13.5% [4]. - The industry is undergoing a critical transformation, with significant growth in equipment investment and demand driven by emerging markets and high-end sectors such as new energy vehicles and aerospace [4].