KDL(SZ:002850)2026-02-11 02:00Summary of Conference Call Notes Company and Industry - The discussion revolves around Kedali, a company in the robotics and machinery industry, specifically focusing on its performance and market perception [1][3]. Core Points and Arguments - Market Volatility: Despite being a strong company with real progress, Kedali has experienced significant stock price fluctuations. This is attributed to a mix of good company fundamentals and a new market logic that some investors do not fully understand [1][3]. - Investor Understanding: There is a notable divide among investors, where some are focused on the core business while lacking comprehension of the robotics sector. This has led to volatility as funds exit the stock [1][6]. - Comparison with Hengli: The situation is likened to Hengli, which also faced similar volatility during its transition into robotics. It took time for the market to recognize the value in this new direction, suggesting that Kedali is on a similar path [5]. - Transition Phase: Kedali is currently in a transitional phase, where old funds are exiting, which is seen as a positive sign for future growth. The company is believed to be at the starting point of a significant upward trend, akin to Hengli's trajectory towards the end of 2024 [6]. Other Important Content - Investor Sentiment: The exit of certain funds is viewed as a necessary step for aligning the company with more suitable investors who understand the new logic of the business [6]. - Future Outlook: The expectation is that once the transition is complete, Kedali will experience a substantial upward movement in stock price, similar to the historical performance of Hengli [5][6].