Core Insights - Keda Manufacturing's subsidiary, Litai Ceramics, has achieved significant success in 2025, showcasing its leadership in the building materials machinery sector through a focus on "diversification of presses and series of ceramic machines" and leveraging technological innovation as a core strategy [1][2] - The company has received multiple major orders both domestically and internationally, with its core products being included in national promotion directories, indicating strong market recognition and contributing to the parent company's performance growth [1] Technological Innovation - Technological innovation is identified as a key factor for Keda Manufacturing to navigate industry cycles and build core competitive advantages [1] - In 2025, Litai Ceramics has focused on integrating "digital intelligence" trends, aiming for high-end, intelligent, and green transformation, ensuring that its equipment meets 5A standards for efficient production of high-end ceramic products [1] - The company's high-efficiency digital double-layer roller kiln and high-efficiency large-capacity foamed ceramic tunnel kiln have been recognized by national authorities, further solidifying its technological leadership [1] Global Expansion - Keda Manufacturing's global layout has accelerated, creating new growth opportunities, with Litai Ceramics achieving significant project breakthroughs in major markets across Asia, Africa, Europe, and South America in 2025 [2] - The company has deepened its presence in the Indian market with multiple projects, including LUMBINI and KEROVIT, and has successfully launched high-end production lines [2] - In Vietnam, the company secured its tenth project with TAKAO Group and signed a high-end glazed tile project with FATA, setting new local production capacity and kiln length records [2] - Projects in Egypt, Morocco, Kenya, and Colombia are also underway, establishing a comprehensive market network covering major ceramic production bases globally [2] Future Outlook - Looking ahead to 2026, Keda Manufacturing and its subsidiaries are expected to continue leveraging their technological expertise and global layout, focusing on high-end, intelligent, and green transformation while expanding their presence in both domestic and international markets [2]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Keda Manufacturing announced a major asset restructuring plan, intending to acquire minority stakes in its subsidiary, Tefu International, which could enhance its parent company's performance and strengthen long-term development interests [2][13] - Resonac plans to increase the price of its carrier boards by 30% due to rising costs in electronic fabrics and copper foil, indicating strong demand driven by AI chips and consumer electronics [3][14] - The report highlights the importance of UTG glass and TCO glass in the aerospace sector, emphasizing their advantages in terms of lightweight and flexibility, which are critical for space applications [4][15] Summary by Sections Weekly Discussion - Keda Manufacturing is planning to acquire minority stakes in Tefu International, which will consolidate its market position in overseas building materials, particularly in Africa [2][13] Industry Trends - Resonac's price increase for carrier boards reflects the competitive landscape driven by AI and consumer electronics, with significant implications for upstream materials like low-CTE electronic fabrics and carrier copper foil [3][14] - The aerospace industry is expected to increasingly rely on UTG glass due to its superior properties, with significant growth anticipated as commercial space ventures expand [4][15] Market Performance - The cement market shows a national average price of 348 RMB/ton, down 56 RMB/ton year-on-year, with an average shipment rate of 39.9% [5][16] - The float glass market has seen an average price of 1138.27 RMB/ton, with a slight increase of 1.46% week-on-week, indicating a mixed demand across regions [5][16] - The report notes a stable performance in the fiberglass market, with prices remaining steady and demand primarily driven by wind energy applications [18][20] Price Changes - The report details price fluctuations in various materials, including a decrease in cement prices and stable prices in the float glass market, reflecting regional demand variations [29][36] - The average price for 2.0mm coated panels remains stable at 10.5-11 RMB/square meter, indicating a steady market for photovoltaic glass [51][52]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Short-term lithium salt prices are under pressure for a phase adjustment, particularly due to limited acceptance of high prices by downstream sectors, while the long-term price center for lithium has significantly shifted upward [4] - Cobalt prices remain relatively stable due to tight supply of intermediate products and support from smelting costs, despite weak terminal demand [4] - The lithium and cobalt sectors are seen as having clear investment value, with recommendations for active positioning [9] Summary by Sections 1. Cycle Assessment: Emotional Catalysts for Price Fluctuations - Lithium carbonate prices experienced a peak and subsequent decline, with lithium concentrate prices rising to $1980 per ton, up $100 from the previous week [14] - The market for cobalt salts is subdued, with production pressures evident and smelting plant prices increasing [14] 2. Core Data on New Energy Materials: Mixed Production Changes and Price Increases - December lithium carbonate production increased by 4% month-on-month and 42% year-on-year, while hydroxide production rose by 2% month-on-month and 30% year-on-year [25][24] - Cobalt intermediate products saw a 21.20% decrease in inventory in December, while cobalt metal inventories showed no significant reduction [62][68] 3. Lithium Salt Import and Export Data - In November, lithium carbonate exports surged by 209% month-on-month and 249% year-on-year, while imports fell by 8% month-on-month but rose by 15% year-on-year [40][41] 4. Weekly Data on Lithium Salts: Slight Production Increase and Inventory Decrease - Weekly production of lithium carbonate rose by 0.31%, and inventory decreased by 0.24% [52][53] 5. Downstream Material Inventory: Decrease in Phosphate Iron Lithium and Ternary Material Inventory - Phosphate iron lithium inventory decreased by 0.21%, and ternary material inventory decreased by 0.95% [59][60] 6. Price Trends of New Energy Metal Materials: Most Prices Increased - The average price of battery-grade lithium carbonate rose by 20.11%, while industrial-grade lithium carbonate increased by 20.42% [71][72]

Core Insights - The ceramic industry faces dual challenges of declining domestic demand and global volatility in 2025, yet Keda Machinery's subsidiary Keda Tile Machine demonstrates resilience by achieving record highs in overseas orders and shipments [1] Group 1: Globalization and Market Expansion - Keda Tile Machine has entered a new phase of deep operational globalization, establishing subsidiaries in Vietnam, Brazil, and Egypt to create localized service systems that quickly respond to regional market demands [2] - The company has signed comprehensive line project agreements with major international partners, including LAMOSA Group and RAK Group, setting benchmarks for global operations [2] - Keda Tile Machine has made historic inroads into developed markets, marking its first entry into Japan and exporting pressing equipment to Europe, while successfully implementing multiple production lines in Indonesia, Tajikistan, and Egypt [2] Group 2: Technological Innovation - Keda Tile Machine addresses urgent domestic industry upgrade needs through technological innovation, with its dual-layer kiln products helping clients achieve 5A certification, resulting in strong market feedback [3] - The company has celebrated the production of its 20,000th ceramic edge grinding machine, showcasing its deep expertise and market recognition in the deep processing sector [3] - Continuous product upgrades have enabled Keda Tile Machine to penetrate the high-end European market, while innovative technologies like the flexible forming system for rock slabs support clients in producing industry-leading products [3] Group 3: Strategic Direction - In the challenging environment of 2025, Keda Tile Machine drives growth through a dual engine of globalization and innovation, achieving breakthroughs in overseas high-end markets and supporting domestic industry development towards sustainability and quality [3] - The company remains committed to a strategy centered on technology and global operations, aiming to empower high-quality industry development in the future [3]

Group 1 - The company is planning a major asset restructuring involving the acquisition of minority equity in its subsidiary, Guangdong Tefu International Holdings Co., Ltd., through a combination of issuing shares and cash payment [2][3] - The restructuring is expected to constitute a related party transaction and a major asset restructuring, but it will not result in a reverse listing [2][3] - The company's A-shares will be suspended from trading starting January 15, 2026, for a period not exceeding 10 trading days to prevent abnormal stock price fluctuations during the planning phase of the transaction [2][3] Group 2 - The company has signed a letter of intent with the main transaction party, Sendai Group Co., Ltd., on January 14, 2026, to outline preliminary terms for the acquisition [4] - The specific transaction methods, pricing, and arrangements will be determined through further negotiations among the parties involved [4] - The transaction is still in the planning stage, and no formal agreements have been signed yet, meaning the implementation of the transaction remains uncertain [4]

Core Viewpoint - Keda Manufacturing (stock code: 600499) is planning to acquire minority stakes in its subsidiary Guangdong Tefu International Holdings Co., Ltd. through a combination of share issuance and cash payment, which is expected to constitute a related party transaction and a major asset restructuring, but will not result in a restructuring listing [2][5]. Group 1: Acquisition Details - Keda Manufacturing currently holds a 48.45% stake in Guangdong Tefu, which is a key subsidiary in the company's overseas building materials business [2][6]. - The acquisition is still in the planning stage, and the company is in discussions with potential transaction parties, including 15 individuals and 9 corporate entities [5][6]. - A letter of intent for the acquisition was signed with the main transaction partner, Sendai Group Co., Ltd., on January 14 [6]. Group 2: Business Strategy - Keda Manufacturing's primary business includes the production and sales of building ceramic machinery and overseas building materials, with strategic investments in lithium salt businesses and other sectors [6]. - The company aims to enhance the management and independence of its overseas building materials business, which has been extended from its core ceramic machinery operations [7]. - In April 2024, Keda Manufacturing approved a capital increase for Guangdong Tefu, allowing key management and employees to invest in the subsidiary through an employee stock ownership platform [7][10]. Group 3: Financial Aspects - The capital increase for Guangdong Tefu amounts to approximately 54.29 million yuan, with a registered capital price of 20.63 yuan per share [7][10]. - Following the capital increase, Guangdong Tefu's registered capital will change from 50 million yuan to 52.63 million yuan, and Keda Manufacturing's stake will decrease from 51% to 48.45% [10].

Core Viewpoint - Keda Manufacturing is planning a significant asset restructuring by acquiring minority stakes in its subsidiary, Guangdong Tefu International Holdings, through a combination of share issuance and cash payment, while also raising matching funds [2][3]. Group 1: Transaction Details - The transaction is expected to constitute a related party transaction and a major asset restructuring, with Keda's A-shares set to be suspended from trading starting January 15, 2026 [2]. - Keda currently holds 48.45% of Tefu International and is in discussions with various potential transaction parties, including individuals and corporate entities [3][6]. - The specific terms of the transaction, including share price and valuation, will be determined through further negotiations and will require internal decision-making and regulatory approval [3]. Group 2: Financial Performance of Tefu International - Tefu International reported revenues of 20.4 million in 2024 and a net loss of 32.14 million [5]. - For the first three quarters of 2025, Tefu's revenue was 64.80 million, with a net loss of 63.49 million, indicating it has not yet achieved profitability [5]. - As of September 30, 2025, Tefu's total assets were approximately 166.35 million, with total liabilities of about 20.31 million, resulting in net assets of around 146.04 million [4]. Group 3: Shareholding Changes - Recently, Keda's director, Li Yujin, acquired a direct stake of 1.5% in Tefu International for approximately 57 million, transitioning from indirect to direct ownership [6][10]. - The acquisition of shares by Li Yujin was part of a strategy to enhance management stability and incentivize key personnel within the overseas building materials business [10]. - Keda previously waived its right of first refusal on certain shares to support Tefu's long-term incentive mechanisms [10].

Core Viewpoint - Keda Manufacturing plans to acquire minority equity in its subsidiary, Guangdong Tefu International Holdings, through a combination of share issuance and cash payment, while also raising supporting funds [2][3]. Group 1: Transaction Details - The transaction is expected to constitute a related party transaction and a major asset restructuring, with Keda's A-share stock suspended from trading starting January 15, 2026, for a period not exceeding 10 trading days [3]. - The target company, Tefu International, was established on November 10, 2023, and its business scope includes corporate headquarters management, brand management, import and export of goods, and manufacturing and sales of building ceramic products [6][7]. Group 2: Business Overview - Keda Manufacturing, founded in 1992 and listed on the Shanghai Stock Exchange in 2002, specializes in building materials machinery, overseas building materials, new materials, and new energy equipment, with strategic investments in lithium salt business through Blueco Lithium [5]. - Tefu International serves as the core platform for Keda's overseas building materials business, with existing ceramic manufacturing bases in several African countries, including Cameroon, Côte d'Ivoire, Ghana, and Kenya, creating a comprehensive overseas production and sales network [8]. Group 3: Financial Performance - For the first three quarters of 2025, Keda Manufacturing reported revenue of 12.605 billion yuan, a year-on-year increase of 47.19%, and a net profit attributable to shareholders of 1.149 billion yuan, up 63.49% year-on-year, driven primarily by the overseas building materials business and lithium material segment [8]. - As of January 14, the closing price of Keda Manufacturing's stock was 14.78 yuan per share, with a market capitalization of 28.35 billion yuan [11]. Group 4: Regulatory Issues - In October 2025, Keda Manufacturing received an administrative regulatory decision from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission due to multiple violations, including inaccurate disclosures in periodic reports and failure to disclose related party non-operating fund occupation [10]. Group 5: Future Expansion Plans - Keda Manufacturing has indicated that it will continue to focus on expanding its overseas building materials business in countries and regions south of the Sahara Desert, with plans to gradually extend into South America [9].

Core Viewpoint - Keda Manufacturing plans to acquire minority equity in its subsidiary, Guangdong Tefu International Holdings Co., Ltd., through a combination of share issuance and cash payment, marking a significant asset restructuring [2] Group 1: Acquisition Details - The acquisition is expected to constitute a related party transaction and a major asset restructuring, with Keda's A-shares suspended from trading starting January 15, 2026, for a period not exceeding 10 trading days [2] - The transaction is currently in the planning stage, with preliminary discussions involving 15 individuals and 9 corporate entities as potential counterparties [3] Group 2: Company Background - Keda Manufacturing, established in 1992 and listed on the Shanghai Stock Exchange in 2002, specializes in building materials machinery, overseas building materials, new materials, and new energy equipment [2] - Tefu International, founded on November 10, 2023, focuses on corporate management, brand management, import and export of goods, and manufacturing and sales of building ceramic products [3] Group 3: Business Performance - For the first three quarters of 2025, Keda Manufacturing reported a revenue of 12.605 billion yuan, a year-on-year increase of 47.19%, and a net profit attributable to shareholders of 1.149 billion yuan, up 63.49% year-on-year [4] - The growth in performance is primarily driven by the overseas building materials business and the lithium battery materials segment [4] Group 4: Strategic Expansion - Keda Manufacturing aims to expand its overseas building materials business, focusing on countries and regions south of the Sahara Desert, with plans to gradually extend into South America [6] - The company has established ceramic manufacturing bases in several African countries, including Cameroon, Côte d'Ivoire, Ghana, and Kenya, creating a comprehensive overseas production and sales network [4] Group 5: Regulatory Issues - Keda Manufacturing received an administrative regulatory decision from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission in October 2025 due to multiple violations, including inaccurate disclosures and improper financial assistance to related parties [6] Group 6: Market Position - As of January 14, Keda Manufacturing's stock closed at 14.78 yuan per share, with a market capitalization of 28.35 billion yuan [6]

Core Viewpoint - Keda Manufacturing plans to acquire minority stakes in its subsidiary, Guangdong Tefu International Holdings, and will suspend trading of its A-shares starting January 15, 2026, for up to 10 trading days [1][9]. Group 1: Acquisition Details - The acquisition will involve issuing shares and cash payments, and is expected to constitute a related party transaction and a major asset restructuring [1][9]. - The transaction is still in the planning stage, with initial discussions involving 15 individuals and 9 corporate entities as potential counterparties [2][10]. Group 2: Company Background - Keda Manufacturing, known as the "King of Ceramic Machines," was established in 1992 and listed on the Shanghai Stock Exchange in 2002, focusing on building materials machinery, overseas building materials, new materials, and new energy equipment [1][9]. - Guangdong Tefu International, established on November 10, 2023, operates in areas such as corporate management, brand management, import and export of goods, and manufacturing of building ceramic products [2][10]. Group 3: Business Performance - For the first three quarters of 2025, Keda Manufacturing reported revenue of 12.605 billion yuan, a year-on-year increase of 47.19%, and a net profit attributable to shareholders of 1.149 billion yuan, up 63.49% [3][11]. - The growth in performance is attributed to the overseas building materials business and the lithium battery materials sector [3][11]. Group 4: Strategic Expansion - Keda Manufacturing aims to continue expanding its overseas building materials business, focusing on countries south of the Sahara Desert and gradually extending into South America [5][13]. Group 5: Regulatory Issues - In October 2025, Keda Manufacturing received a regulatory warning from the Guangdong Securities Regulatory Bureau due to multiple violations, including inaccurate disclosures and failure to report related party transactions [5][14]. - As of January 14, 2026, Keda Manufacturing's stock closed at 14.78 yuan per share, with a market capitalization of 28.35 billion yuan [6][14].