（文章来源：证券日报） 证券日报网讯 2月26日，凯尔达发布公告称，公司2025年实现营业收入649836214.83元，同比增长 16.64%；归属于上市公司股东的净利润为26386205.78元，同比下降15.54%。 ...

证券代码：688255 证券简称：凯尔达 公告编号：2026-002 杭州凯尔达焊接机器人股份有限公司 2025 年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以杭州凯尔达焊接机器人股份有限公司（以下简称"公司"或"凯 尔达"）2025年年度报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：人民币元 3.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司 2025 年年 度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、经营情况：报告期内公司实现营业收入 64,983.62 万元，较上年同期增长 16.64%；实现营业利润 2,551.93 万元，较上年同期减少 19.07%；实现归属于母 公司所有者的净利润 2,638.62 万元，较上年同期减少 15.54%；实现归属于母公 司所有者的扣除非经常性损益的净利润 1,69 ...

凯尔达发布业绩快报，2025年度公司实现营业总收入6.5亿元，同比增长16.64%；净利润2638.62万元， 同比下降15.54%。2025年度为应对市场竞争加剧的影响，公司持续加大投入，提高公司产品的市场竞 争力，研发费用、销售费用同比增长，工业机器人销量持续提升，但综合毛利率同比下降和财务费用同 比增加等因素，使公司净利润同比下降。 ...

Group 1 - The National Robot Industry Index fell by 2.1%, the China Securities Intelligent Electric Vehicle Index decreased by 2.0%, the China Securities Consumer Electronics Theme Index dropped by 2.2%, and the China Securities Internet of Things Theme Index declined by 1.3% [1] - The robot ETF E Fund (159530) saw a net subscription of over 60 million units in half a day [1] - Zhejiang University Hangzhou International Science and Technology Innovation Center, in collaboration with Jingzhi Technology and Kairda Group, launched the first full-size humanoid robot "Bolt" with a peak speed of 10 meters per second, marking a breakthrough in high-speed movement and control of humanoid robots in China [1]

Group 1: Agricultural and Rural Development - The 2026 Central Document emphasizes modernizing agriculture and rural areas, aiming for comprehensive rural revitalization as a primary focus [2] - It highlights the importance of enhancing agricultural policies, ensuring food security, and improving rural living conditions to support China's modernization [2] Group 2: State-Owned Enterprises and Innovation - The State-owned Assets Supervision and Administration Commission (SASAC) is pushing for the development of strategic emerging industries and the transformation of traditional industries [3] - There is a focus on fostering technology-driven enterprises and enhancing collaboration between state-owned enterprises and research institutions to drive innovation [3] Group 3: Energy and Fuel Prices - Starting February 3, domestic gasoline and diesel retail prices will increase by 205 yuan and 195 yuan per ton, respectively, leading to an increase of 0.16 yuan per liter for 92-octane gasoline [4] Group 4: Technological Advancements and Investments - Shanghai is prioritizing the development of future industries such as brain-computer interfaces and fourth-generation semiconductors [5] - The Beijing Humanoid Robot Innovation Center has secured over 700 million yuan in market financing, marking a significant step towards market operation and industrialization [5] Group 5: Robotics and AI Innovations - Zhejiang University has launched the Bolt humanoid robot, which is currently the fastest in the world, capable of running at 10 meters per second [6] - A new AI-assisted puncture navigation robot has received approval for market entry, showcasing advancements in AI technology for clinical applications [6] Group 6: Market Movements and Stock Performance - The South Korean stock market experienced significant volatility, with the composite index dropping over 5% before rebounding and triggering a trading halt [9] - Major indices in the US and A-shares showed positive performance, with the Dow Jones increasing by 1.05% and the Shanghai Composite Index rising by 1.29% [14][15] Group 7: Semiconductor Industry Developments - Samsung and SK Hynix are planning to expand their advanced NAND flash memory production capacity, with Samsung discussing a monthly investment of 40,000 to 50,000 wafers [10] - Samsung Electro-Mechanics is advancing its semiconductor glass substrate project, aiming for commercialization by 2027 [11] Group 8: Corporate Mergers and Strategic Moves - Elon Musk announced the merger of SpaceX and xAI to create a space-based data center, emphasizing the need for AI infrastructure in space to meet growing energy demands [12]

Group 1 - The Zhejiang University Hangzhou International Science and Technology Innovation Center, in collaboration with Jingzhi Technology and Kaierda Group, has officially launched the world's first full-size humanoid robot "Bolt," which achieves a peak speed of 10 meters per second, marking a breakthrough in high-speed movement and control in humanoid robotics [1] - "Bolt," named after the famous sprinter Usain Bolt, stands 175 centimeters tall and weighs 75 kilograms, showcasing the team's exploration of the "ideal form" for future humanoid robots. Innovations in joint design and a multidimensional power system have systematically enhanced the robot's explosive movement, dynamic balance, and agility, laying the technical foundation to approach or even surpass human athletic capabilities [1] - The development team envisions "Bolt" as an "intelligent training partner" for Chinese athletes, providing realistic speed competition to help athletes break training bottlenecks, while promoting the deep integration of technology and sports, injecting new momentum into China's sports industry [1] Group 2 - The humanoid robot innovation research institute at the Science and Technology Innovation Center, co-established by Jingzhi Technology and Kaierda Group, exemplifies effective resource allocation under the dual drive of technological and industrial innovation. This collaborative model accelerates breakthroughs and transformations in key humanoid robot technologies, providing a replicable paradigm for the development of intelligent manufacturing and high-end equipment in China [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market over the next six months [6]. Core Insights - The company, Jingzhi Technology, has launched the Apollo industrial robotic dog, targeting industrial applications, with a closer collaboration with its partner, Kaierda, in manufacturing [4][7]. - The company has introduced various robotic products, including industrial four-legged robots and consumer-grade robots, with the latter aimed at emotional companionship and smart interaction [7]. - The report highlights the company's competitive advantages, including high power density drivers, optimized design software, and customized solutions, which create a dual competitive edge of "technical barriers and rapid deployment" [7]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 557 million - 2025: 625 million - 2026: 754 million - 2027: 904 million - The year-on-year growth rates for total revenue are projected at 15.7% for 2024, 11.7% for 2025, 20.6% for 2026, and 19.9% for 2027 [6][8]. - The net profit attributable to the parent company is forecasted to be: - 2025: 25 million - 2026: 45 million - 2027: 63 million - The corresponding price-to-earnings ratios (PE) are expected to be 159 for 2025, 88 for 2026, and 62 for 2027, indicating a lower valuation compared to comparable companies in the robotics sector [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is involved in the production of industrial robots, specifically through its partnership with JingShi Technology, which has launched the Apollo robotic dog aimed at industrial applications [4] - The company has a strong focus on automation and has established a smart factory to support the assembly of JingShi's products, enhancing production capabilities [7] - The report highlights the competitive advantages of JingShi, including high power density drivers, optimized design software, and customized solutions, which create a dual competitive edge of "technical barriers + rapid implementation" [7] Financial Summary - Projected total revenue for 2024 is 557 million, with a year-on-year growth rate of 15.7%, and expected to reach 904 million by 2027 [6] - The net profit attributable to the parent company is forecasted to be 31 million in 2024, with a significant increase to 63 million by 2027, reflecting a growth rate of 41.9% [6] - The company's gross margin is expected to improve from 20.4% in 2024 to 22.7% in 2027, indicating enhanced profitability [6] Sales and Market Position - The company experienced a decline in industrial robot sales in the first half of 2025, but a recovery is anticipated in the third quarter, with a year-on-year sales increase of 16.52% for the first three quarters [7] - The company is positioned in the mid-to-high-end market for welding robots, with leading technical specifications and pricing, contributing to an increase in market share [7] Profitability Forecast - The report adjusts the profit forecast for 2025-2027, estimating net profits of 0.25 billion, 0.45 billion, and 0.63 billion respectively, with corresponding price-to-earnings ratios of 159, 88, and 62 [7] - The company's PE level is noted to be below the average of comparable companies in the robotics sector, which is projected at 162 [7]

Core Insights - The collaboration between Jingzhi Technology and Kaierda marks a significant step in the industrial application of embodied intelligence technology, showcasing the Apollo quadruped robot as a result of academic and industrial integration [1][2] Group 1: Product and Technology Highlights - The Apollo robot features three core breakthroughs: a multi-modal fusion system for perception, a modular architecture for motion control, and support for various application scenarios, establishing a complete intelligent closed-loop from perception to execution [2] - The robot can climb 20 cm steps, traverse rocky terrains, and has an IP67 waterproof rating, with a load capacity of 70 kg and an empty load endurance of over 6 hours [2] Group 2: Manufacturing and Industry Support - Kaierda emphasizes its manufacturing capabilities, including a lean production system and full-process quality control, to address the industrial demands of the Apollo robot [3] - The partnership aims to overcome challenges in mass production of industrial robots, leveraging Kaierda's expertise in welding technology and supply chain management [3] Group 3: Future Collaboration and Industry Impact - The two companies plan to deepen their collaboration in embodied intelligent equipment, focusing on customized solutions and promoting domestic substitution of core technologies [4] - This partnership aims to enhance the global competitiveness of "Made in China" in the field of embodied intelligence, contributing to the intelligent transformation of the real economy [4]

Core Insights - The collaboration between Jingzhi Technology and Kaierda Welding Robot Co., Ltd. aims to address the disconnection between technology and manufacturing in the embodied intelligence industry, enhancing resource complementarity and efficiency maximization [1] Group 1: Product Features - The newly launched industrial-grade quadruped robot "Apollo" features a multi-modal perception system, integrating various sensors like LiDAR and thermal imaging to improve operational precision in complex environments [2] - "Apollo" has an IP67 waterproof rating, can climb stairs up to 20 cm, and traverse rugged terrain, with a load capacity of 70 kg and an empty battery life exceeding 6 hours [2] - The robot's modular architecture allows for quick component replacement and supports various operational modules, including robotic arms and gas detectors, while incorporating AI capabilities for autonomous navigation and obstacle avoidance [2] Group 2: Collaboration and Development - The partnership between Jingzhi Technology and Kaierda began in 2023 with a joint project under the Ministry of Industry and Information Technology, leading to strategic investment by Kaierda in Jingzhi Technology by June 2024 [3] - The collaboration focuses on creating a closed-loop ecosystem of "technology iteration - manufacturing validation - market feedback - product optimization," leveraging Jingzhi's intelligent control technology and Kaierda's high-end manufacturing capacity [3] - Jingzhi Technology has developed a product lineup that includes high-mobility quadruped and humanoid robots, with the industrial-grade Apollo series set for differentiated pricing based on configurations [3] Group 3: Financial Performance - Kaierda reported a revenue of 189 million yuan for Q3 2025, representing a year-on-year growth of 45.19%, with a net profit of 10.39 million yuan, up 80.47% year-on-year, attributed to improved product competitiveness and recovering market demand [4]