科德数控(688305)12月26日在互动平台表示，展望2026年，公司将继续深化在航空航天、能源等重要领 域的全面自主化，基于在航天领域深厚的技术和应用积累，扩大在商用航天领域的覆盖面；并积极把握 国产大飞机等国家重大战略带来的产业链机遇，加速推进中试基地和创新中心项目，推动五轴数控装备 在机身结构件、机翼、发动机关键部件等环节的工艺解决方案和规模化应用。同时，公司也积极拓展产 品在医疗、半导体、低空经济、人形机器人等新兴领域的应用。未来随着整机产能的释放，公司会进一 步推进高档数控系统、关键功能部件以及售后服务等业务的拓展，不断扩大市场份额。 ...

格隆汇12月26日丨科德数控(688305.SH)在互动平台表示，展望2026年，公司将继续深化在航空航天、 能源等重要领域的全面自主化，基于在航天领域深厚的技术和应用积累，扩大在商用航天领域的覆盖 面；并积极把握国产大飞机等国家重大战略带来的产业链机遇，加速推进中试基地和创新中心项目，推 动五轴数控装备在机身结构件、机翼、发动机关键部件等环节的工艺解决方案和规模化应用。同时，公 司也积极拓展产品在医疗、半导体、低空经济、人形机器人等新兴领域的应用。未来随着整机产能的释 放，公司会进一步推进高档数控系统、关键功能部件以及售后服务等业务的拓展，不断扩大市场份额。 ...

科德数控在互动平台表示，科德数控是国内极少数建立"高档数控系统及五轴高端数控机床"双研发体系 的企业，在航天制造领域拥有深厚的技术积淀，产品已在航天科工、航天科技集团项下数十家用户单位 获得广泛应用，参与了运载火箭、卫星等各类航天器及其配套系统的制造。 ...

Core Viewpoint - Kede CNC experienced a decline of 1.71% on November 14, with a trading volume of 80.67 million yuan, indicating a potential shift in investor sentiment and market dynamics [1]. Financing Summary - On November 14, Kede CNC had a financing buy-in amount of 11.78 million yuan, while the financing repayment was 15.95 million yuan, resulting in a net financing buy of -4.18 million yuan [1]. - As of November 14, the total financing and securities lending balance for Kede CNC was 409 million yuan, which accounts for 5.17% of its circulating market value, indicating a high level of financing activity compared to the past year [1]. - The company had no securities lending repayment or sales on November 14, with a securities lending balance of 51,800 yuan and a remaining quantity of 8,562 shares, also reflecting a high level of activity [1]. Business Performance - As of September 30, Kede CNC reported a total revenue of 400 million yuan for the first nine months of 2025, representing a year-on-year growth of 5.01% [2]. - The net profit attributable to the parent company was 63.93 million yuan, showing a year-on-year decrease of 11.53% [2]. - The company's main business revenue composition includes 53.66% from automated production lines, 40.41% from high-end CNC machine tools, 3.58% from other sales, 2.15% from key functional components, and 0.20% from high-end CNC systems [1]. Shareholder Information - As of September 30, Kede CNC had 13,200 shareholders, an increase of 31.88% from the previous period, while the average circulating shares per person decreased by 24.17% to 10,015 shares [2]. - The cumulative cash distribution since the company's A-share listing amounts to 50.47 million yuan [3]. - Among the top ten circulating shareholders, Huaxia CSI Robotics ETF (562500) ranked as the ninth largest, holding 2.2035 million shares, an increase of 410,500 shares compared to the previous period [3].

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].