"A+H" 上市热潮仍在延续。1月19日，数字能源与智能机器人双赛道龙头——科大智能向港交所递交上 市申请，拟香港主板上市。 该公司创立于2002年，由中科大等发起创立，专注配用电自动化与中压电力线载波通信技术。2014年， 其通过收购永干机电正式切入工业智能，并于 2019年确立"数字能源+数字工业"战略。至2024年，公司 在数字能源与机器人业务已实现双龙头地位巩固。 拆分业务结构来看，科大智能主营业务为数字能源和智能机器人，其中数字能源主要产品包括一二次融 合断路器、环网柜、馈线终端单元(FTU)、配电终端单元(DTU」、低压台区及用电信息采集系统以及储 能系统及解决方案等;智能机器人主要为电网企业及大型工业客户提供包括工业机械手、堆垛机及巡检 机器人在内的产品及解决方案。 2011年，科大智能(300222.SZ)在深交所创业板完成上市，或由于业务增长乏力缘故，公司在创业板并 未受到二级市场投资者的热烈追捧，截止1月22日收盘，其股价报于12.23元，总市值为95.18亿元。 据招股书披露，2023年至2025年前9月，该公司实现营收分别为30.25亿、26.87亿元(同比下滑11.17%)、 19. ...

Core Viewpoint - Beijing Sanqing Huilian Technology Co., Ltd. (Sanqing Huilian), a leading company in the domestic power IoT sector, successfully completed a C-round financing of several hundred million yuan, led by Fosun Chuangfu and October Capital [2] Company Overview - Sanqing Huilian was established in 2011 and focuses on the research, design, production, and sales of key technologies and core products in the domestic power IoT field [2] - The company has a high-quality R&D team and has developed major products including DTUs, FTUs, smart integrated terminals for distribution areas, fault indicators, and other low-voltage electrical equipment [2] Product Application - The products developed by Sanqing Huilian, such as DTUs, FTUs, and smart integrated terminals, have been widely applied in nearly thirty provinces and cities across the country [2] - These smart terminals and sensors deployed at critical nodes of the power grid enable precise collection and intelligent analysis of the operational status of the distribution network [2] - The company's integrated smart devices effectively address the issue of data fragmentation in traditional equipment, facilitating the transition from "passive maintenance" to "active intelligence" in the distribution segment, receiving widespread recognition from users [2] IPO Attempt - It is noteworthy that Sanqing Huilian applied for an IPO on the ChiNext board in September 2023 but withdrew the application in June 2024 [2]

Core Viewpoint - Keda Intelligent has initiated its dual listing process on the Hong Kong Stock Exchange after 15 years on the A-share market, aiming to leverage its position in the digital energy and intelligent robotics sectors, despite facing challenges in business adjustments and industry competition [2]. Group 1: Business Overview - Keda Intelligent operates in two key sectors: digital energy and intelligent robotics, aligning with the trends of "new infrastructure" and "industrial intelligence" [3]. - The digital energy segment is the company's foundational business, with a product matrix that includes core devices such as integrated circuit breakers and distribution terminal units. The company ranks first in the FTU market and second in the integrated circuit breaker market in China [3]. - In the intelligent robotics sector, Keda Intelligent provides products like industrial robots and inspection robots, achieving the highest cumulative revenue in the industrial robot market from 2020 to 2024 [5]. Group 2: Financial Performance - Keda Intelligent's revenue has shown significant volatility, with 2023 revenue at 3.025 billion RMB, dropping to 2.687 billion RMB in 2024, and recovering to 1.904 billion RMB in the first three quarters of 2025 [6][7]. - The company recorded a net loss of 171 million RMB in 2023, turning profitable in 2024 with a net profit of 61.57 million RMB, and further increasing to 73.48 million RMB in the first three quarters of 2025 [6]. - The digital energy business accounted for 78.2% of total revenue in 2024, while the intelligent robotics segment saw a significant decline, with a 42.8% drop in revenue in 2024 [6][7]. Group 3: Market Challenges - The decline in the intelligent robotics business is attributed to both industry cycles and strategic adjustments, with a 21.3% actual revenue drop when excluding the impact of divested subsidiaries [8]. - Increased competition from companies like Siasun Robot and Estun in the AI-enabled and high-end customization sectors is further squeezing market space for Keda Intelligent [8]. Group 4: Future Prospects - The upcoming IPO in Hong Kong presents both opportunities and challenges for Keda Intelligent, with the potential to benefit from the 4 trillion RMB investment plan by the State Grid, which is expected to drive demand for digital energy solutions [9]. - The international capital platform of the Hong Kong market may help the company expand its overseas market presence, which currently accounts for less than 2% of its revenue [10]. - The company views the Hong Kong listing as a new starting point for strategic upgrades, focusing on enhancing R&D, optimizing business structure, and expanding market space to achieve a dual-driven growth model [10].

Group 1 - Keda Intelligent Technology Co., Ltd. (referred to as "Keda Intelligent") submitted its listing application to the Hong Kong Stock Exchange on January 19, with Huatai International and Guoyuan International as joint sponsors [2] - Keda Intelligent, established in 2002 and listed on the Shenzhen Stock Exchange in May 2011, has a market capitalization of nearly 10 billion [2] - According to Frost & Sullivan, Keda Intelligent ranks second in the national revenue for the integrated circuit breaker market, fifth in the ring network cabinet market, first in the FTU market, and third in the DTU market for 2024 [2] Group 2 - As of the last feasible date, Dr. Huang Mingsong, the Executive Director and Chairman, directly holds 170,875,862 A-shares, accounting for approximately 21.96% of the company's issued share capital [5] - Dr. Huang, aged 54, has been serving as the Chairman since November 2002 and is responsible for convening and presiding over board and shareholder meetings, participating in strategic planning, and overseeing overall management and operations [5] - Keda Intelligent's revenue for the first nine months of 2023, 2024, and 2025 were 3.025 billion, 2.687 billion, and 1.904 billion respectively, with profits of -171 million, 62 million, and 73 million during the same periods [5] Group 3 - Dr. Huang has accumulated over 20 years of experience in smart technology and industrial automation, having held various key management positions since joining the group in November 2002 [6] - Dr. Huang holds a Master's degree in Industrial Economics from Hefei University of Technology, an Executive MBA from Cheung Kong Graduate School of Business, and a Ph.D. in Economic Management from the University of Minnesota [6] Group 4 - In 2024, Dr. Huang's compensation is 1.693 million RMB, a 12.79% increase from 1.501 million RMB in 2023, while CEO Wang Tingting's compensation is 1.741 million RMB, up 20.82% from the previous year [7]

Company Overview - Keda Intelligent Technology Co., Ltd. is a leading Chinese technology enterprise driven by digital energy and intelligent robotics, focusing on the integration of AI technology to promote the digital and intelligent upgrade of China's energy system [4] - The company has deployed its products and solutions in the power grid across 31 provincial administrative regions in China, being one of the earliest entrants in the distribution automation field [4] - Keda Intelligent ranks second in the market for integrated circuit breakers, fifth for ring main units, first for feeder terminal units (FTU), and third for distribution terminal units (DTU) based on projected revenue for 2024 [4] Product and Market Position - In 2024, Keda Intelligent's commercial and industrial energy storage system shipment volume is expected to rank among the top ten in China, and within high-energy-consuming sectors, it is projected to be in the top three [5] - The company has developed grid-friendly energy storage systems and AI-integrated power trading and smart microgrid management systems for high-energy users in industries such as steel, non-ferrous metals, and petroleum [5] - Keda Intelligent is recognized as one of the few industrial robot manufacturers with advanced technology and large-scale, multi-scenario implementation capabilities [5] Financial Performance - Keda Intelligent reported revenues of approximately RMB 3.025 billion for 2023, RMB 2.687 billion for 2024, RMB 1.882 billion for the nine months ending September 30, 2024, and RMB 1.904 billion for the nine months ending September 30, 2025 [8][10] - The company experienced a loss of approximately RMB 1.71 billion in 2024, with profits of RMB 615.68 million and RMB 223.87 million for the nine months ending September 30, 2024, and 2025, respectively [9] Industry Overview - The global digital energy market is projected to grow from RMB 733.2 billion in 2020 to RMB 993.5 billion in 2024, with a compound annual growth rate (CAGR) of 7.9% [11] - The Chinese digital energy industry is expected to expand from RMB 292.6 billion in 2020 to RMB 408.7 billion in 2024, with a CAGR of 8.7% [14] - The industrial robotics market in China is anticipated to grow from RMB 45 billion in 2020 to RMB 84 billion in 2024, with a CAGR of 16.9% [17]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of CSG Smart Science & Technology Co., Ltd. 科大智能科技股份有限公司 (the "Company") WARNING The publication of this Application P ...

Group 1 - The company, Keda Intelligent (300222.SZ), primarily focuses on power distribution business products, which include DTU, FTU, fault indicators, distribution terminal products, smart medium-voltage circuit breakers, and smart ring network cabinets [1] - The company's power distribution business clients mainly consist of State Grid and Southern Power Grid, and it does not currently involve the consumer electronics industry [1] Group 2 - An investor inquired on the interactive platform about the company's products related to consumer electronics, specifically for powering server data centers, and whether its subsidiary Jiangsu Hongda Switch has applications in the data center power industry [3]