Group 1 - The core viewpoint is that Keda Manufacturing (600499.SH) has stated that its anode materials do not currently involve the solid-state battery sector [1] Group 2 - The company has communicated this information through an investor interaction platform [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][6][11]. Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 8.19 billion yuan, a year-on-year increase of 49%, and net profit attributable to shareholders of 750 million yuan, up 64% year-on-year [1][2]. - The gross profit margin for the first half of 2025 was 29.3%, an increase of 3.4 percentage points compared to the full year of 2024, while the net profit margin was 13.9%, up 3.7 percentage points year-on-year [2]. - The overseas building materials business saw a revenue increase of 90% year-on-year, reaching 3.77 billion yuan, with a gross margin of 36.8%, up 5.9 percentage points year-on-year [2]. - The company has established 11 production bases in seven African countries and is expanding its operations in South America, with a glass project in Peru expected to commence production in 2026 [2]. - The building materials machinery business generated 2.57 billion yuan in revenue, a decrease of 5% year-on-year, but maintained a gross margin of 26.2%, an increase of 1.3 percentage points [3]. - The report highlights a significant improvement in the profitability of the company's associate, Blueco Lithium, with a net profit margin of 31%, up 14 percentage points from the previous year [3]. Financial Summary - For the first half of 2025, the company achieved a net profit of 400 million yuan in Q2, a year-on-year increase of 179% and a quarter-on-quarter increase of 15% [2]. - The projected revenue for 2025 to 2027 is estimated at 14.74 billion yuan, 16.29 billion yuan, and 18.29 billion yuan, representing year-on-year growth rates of 17%, 11%, and 12% respectively [3]. - The net profit attributable to shareholders is projected to be 1.43 billion yuan, 1.63 billion yuan, and 1.90 billion yuan for the same period, with growth rates of 42%, 14%, and 17% respectively [3]. - The report provides a price-to-earnings (P/E) ratio forecast of 16, 14, and 12 for the years 2025, 2026, and 2027 respectively [3].

Core Viewpoint - The expansion of high-level opening-up is crucial for achieving positive interaction between domestic and international economies, accelerating the construction of a new development pattern. In the first half of the year, Foshan's exports reached 183.56 billion yuan, with a year-on-year growth of 22.1% [1] Group 1: Company Performance - Foshan's A-share listed companies achieved total operating revenue of 414.20 billion yuan in the first half of the year, an increase of 11.7% compared to 370.80 billion yuan in the same period last year [2] - Among the 55 A-share listed companies, 37 disclosed overseas sales revenue totaling 148.49 billion yuan, accounting for 35.85% of total revenue [2][4] - The overseas sales revenue of Foshan A-share listed companies increased by 17% year-on-year, with net profit from overseas operations rising by 14.2% to 36.92 billion yuan [4] Group 2: Key Contributors - Leading companies such as Midea Group, Hisense Home Appliances, and Keda Manufacturing reported significant overseas sales growth, with Keda Manufacturing achieving the highest growth rate of 58.46% [5] - Five companies, including Xidiwei and Ruide Intelligent, saw their overseas sales revenue more than double, driven by strong demand in international markets [5][6] Group 3: Market Dynamics - The overseas market demand has been robust, with companies like Xidiwei and Keda Manufacturing benefiting from favorable conditions in the air conditioning and semiconductor sectors [6] - However, some companies faced challenges due to global economic uncertainties and tariff impacts, leading to a decline in overseas sales for firms like Fuxin Technology and Arrow Home [7] Group 4: Strategic Responses - Companies are adopting strategies to mitigate tariff impacts, including establishing overseas manufacturing bases and exploring emerging markets [7][8] - Midea Group has the most overseas factories among Foshan companies, with plans for further expansion in multiple countries [7][8] Group 5: Future Outlook - Foshan's manufacturing sector is characterized by strong technical advantages and brand resilience, but challenges remain due to global trade fluctuations [9] - Recommendations for Foshan include encouraging digital marketing, supporting leading companies in international standard-setting, and enhancing legal and talent services to reduce risks [9]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

证券代码：600499 证券简称：科达制造 公告编号：2025-047 科达制造股份有限公司 关于第一大股东部分股份解除质押的公告 | 股东名称 | 梁桐灿 | | | | --- | --- | --- | --- | | 本次解除质押股份 | 44,900,000 | | 股 | | 占其所持股份比例 | 11.99% | | | | 占公司总股本比例 | 2.34% | | | | 解除质押时间 | 年 月 | 2025 8 | 日 29 | 1 | 持股数量 | 股 374,456,779 | | --- | --- | | 持股比例 | 19.52% | | 本次相关质押变更后，剩余被质押股份数量 | 股 217,610,000 | | 剩余被质押股份数量占其所持股份比例 | 58.11% | | 剩余被质押股份数量占公司总股本比例 | 11.35% | 本次相关债务人提前清偿上述股权质押项下的融资债务，梁桐灿先生提前解 除相应股权质押，旨在优化其公司的融资成本。 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、准确性和完整性承担法律责任。 重要 ...

Company Overview - Keda Manufacturing's stock price decreased by 2.03% on September 1, closing at 11.58 CNY per share, with a trading volume of 1.41 billion CNY and a market capitalization of 22.209 billion CNY [1] - The company has seen a year-to-date stock price increase of 52.25%, with a 2.28% decline over the last five trading days, a 5.46% increase over the last 20 days, and a 12.65% increase over the last 60 days [1] - Keda Manufacturing, established on December 11, 1996, and listed on October 10, 2002, is located in Shunde District, Foshan City, Guangdong Province [1] Business Segments - The company's main business segments include overseas building materials (46.06%), building machinery (31.38%), lithium battery materials (11.33%), new energy equipment (8.68%), and others (2.55%) [1] - Keda Manufacturing is classified under the machinery equipment industry, specifically in specialized equipment [1] Financial Performance - For the first half of 2025, Keda Manufacturing reported a revenue of 8.188 billion CNY, representing a year-on-year growth of 49.04%, and a net profit attributable to shareholders of 745 million CNY, reflecting a 63.95% increase [2] - Cumulatively, the company has distributed 3.864 billion CNY in dividends since its A-share listing, with 2.299 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, Keda Manufacturing had 59,700 shareholders, a decrease of 19.87% from the previous period, with an average of 32,144 circulating shares per shareholder, an increase of 24.80% [2] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 139 million shares, an increase of 24.308 million shares compared to the previous period [3]

Group 1 - The core viewpoint emphasizes optimism towards AI electronic cloth and AI copper foil, suggesting that the market potential may exceed expectations [1][3] - The report highlights the increasing competition in the AI new materials industry, with many leading companies entering the market, leading to divergent opinions among market participants [2] - The analysis suggests focusing on two types of companies: "grand slam" leaders like Zhongcai for electronic cloth and Tongguan for copper foil, and those with survival space that can achieve widespread use, indicating rapid technological maturity and cost reduction [3] Group 2 - The report indicates a high growth forecast for Keda Manufacturing, a leading local manufacturer in Africa, as the region seeks to enhance local supply chains and manufacturing capabilities [4] - Current market data shows the national average price for cement at 344 RMB per ton, with a year-on-year decrease of 35 RMB, and an average delivery rate of 29.17%, reflecting a decline [5] - Important corporate movements include Keda Manufacturing and Huaxin Cement releasing their semi-annual reports, and Huaxin Cement completing the acquisition of assets in Nigeria [6]

Core Viewpoint - The article highlights the significant growth in revenue and net profit for Keda Manufacturing in the first half of 2025, driven by strong performance in overseas building materials, lithium battery materials, and new energy equipment sectors [3][4]. Group 1: Financial Performance - In H1 2025, Keda Manufacturing achieved operating revenue of 8.19 billion yuan, a year-on-year increase of 49.0%, and a net profit attributable to shareholders of 750 million yuan, up 63.9% [3]. - In Q2 2025, the company reported operating revenue of 4.42 billion yuan, with a net profit of 400 million yuan, reflecting a year-on-year growth of 50.8% and 178.5% respectively [3]. - The gross profit margin and net profit margin for H1 2025 were 29.3% and 13.9%, showing increases of 3.7 and 3.8 percentage points year-on-year [4]. Group 2: Overseas Business Growth - Keda's overseas building materials business saw significant growth, with revenue reaching 3.77 billion yuan in H1 2025, a 90.1% increase year-on-year [5]. - The company has expanded its production capacity in several African countries, operating 21 production lines across seven nations [5]. - The gross margin for overseas building materials improved by 5.9 percentage points to 36.8% in H1 2025, supported by price increases and capacity expansion [5]. Group 3: Building Machinery Sector - The building machinery segment generated revenue of 2.57 billion yuan in H1 2025, a decline of 5.0% year-on-year, but maintained resilience through steady performance in traditional markets and new regions [7]. - The gross margin for the building machinery business increased by 1.3 percentage points to 26.2% in H1 2025, attributed to a higher proportion of overseas business [7]. Group 4: Lithium Industry Performance - Keda's associate company, Blue Lithium Industry, produced 20,000 tons of lithium carbonate in H1 2025, with a net profit contribution of 170 million yuan, reflecting a 21.7% increase year-on-year [8]. - Despite a 26.3% decline in revenue to 1.24 billion yuan due to price impacts, the net profit margin improved from 18.8% to 31.0% [8].

Group 1 - New Steel Co. (600782.SH) reported a revenue of 17.51 billion yuan in H1 2025, a year-on-year decrease of 18.33%, but achieved a net profit attributable to shareholders of 111 million yuan, marking a turnaround from losses [5] - Keda Manufacturing (600499.SH) achieved a revenue of 8.19 billion yuan in H1 2025, with a year-on-year growth of 49.0%, and a net profit of 750 million yuan, up 63.9% [5] - Sungrow Power Supply (300274.SZ) reported a revenue of 43.53 billion yuan in H1 2025, a year-on-year increase of 40.34%, with a net profit of 7.735 billion yuan, up 55.97% [6] Group 2 - Yizumi Precision Machinery (300415.SZ) achieved a revenue of 2.75 billion yuan in H1 2025, a year-on-year increase of 15.9%, with a net profit of 340 million yuan, up 15.2% [7] - Anta Sports (2020.HK) reported a revenue of 38.54 billion yuan in H1 2025, a year-on-year increase of 14.3%, with a net profit of 7.03 billion yuan, up 14.5% [7] - Jiu Gui Jiu (000799.SZ) reported a total revenue of 561 million yuan in H1 2025, a year-on-year decline of 43.54%, with a net profit of 8.955 million yuan, down 92.6% [8] Group 3 - Rongchang Biopharmaceutical (688331.SH, 9995.HK) reported a revenue of 1.098 billion yuan in H1 2025, a year-on-year increase of 48.02%, but incurred a net loss of 450 million yuan [9]

Core Insights - The company achieved a revenue of 8.2 billion yuan in the first half of 2025, representing a year-on-year growth of 49%, with a net profit of 750 million yuan, up 64% year-on-year [1] - The overseas building materials segment is identified as the core growth driver, with a revenue increase of 90% year-on-year [2][3] - The company is positioned as a leading player in the African building materials market, with a strong growth outlook due to demographic advantages [5] Financial Performance - In Q2, the company reported a revenue of 4.4 billion yuan, a 51% increase year-on-year, and a net profit of 400 million yuan, up 178% year-on-year [1] - The gross margin for the first half of the year was approximately 29.3%, an increase of 3.7 percentage points year-on-year, while the net profit margin was about 9.1%, up 0.8 percentage points year-on-year [2] - The overseas building materials revenue for the first half was approximately 3.77 billion yuan, with a gross margin of 36.8%, reflecting a 5.9 percentage point increase year-on-year [3] Segment Analysis - The building materials machinery segment saw a revenue decline of 5% year-on-year, totaling approximately 2.57 billion yuan, primarily due to weak domestic demand [4] - The company’s ceramic machinery business maintained stable growth in Southeast Asia and South Asia, while the overseas ink business performed well [4] - Blueco Lithium achieved a sales volume of approximately 21,000 tons, generating revenue of 1.24 billion yuan, with a net profit of 19,000 yuan per ton [4] Market Positioning - The company is recognized as a leading player in the African building materials market, benefiting from production, channel, and brand advantages [5] - Future net profit projections for the company are estimated at 1.67 billion yuan, 1.93 billion yuan, and 2.21 billion yuan for 2025-2027, indicating a favorable valuation trend [5]