Core Viewpoint - The hydraulic motor industry in China is experiencing structural changes, characterized by differentiated import growth and simultaneous increases in export volume and value, reflecting the demand for high-precision and high-reliability products driven by domestic industrial upgrades [1][11]. Industry Overview - Hydraulic motors are key components in hydraulic systems, converting hydraulic pressure into mechanical energy, widely used in various industrial applications such as construction machinery, shipbuilding, and mining [2]. Industry Development History - The hydraulic motor industry in China has evolved through three main stages: the initial phase from 1952 to 1978, the rapid development phase from 1979 to 2000, and the mature and transformative phase from 2000 to present, with significant advancements in technology and production capabilities [4][5]. Industry Status - In the first five months of 2025, China imported 104,400 hydraulic motors, a year-on-year increase of 2.09%, with an import value of 629 million yuan, up 11.84%. Exports reached 929,900 units, growing 12.76%, with an export value of 810 million yuan, up 9.20% [1][11]. - The demand for high-end hydraulic motors is particularly strong in sectors like construction machinery electrification and industrial automation, with local companies making technological breakthroughs in high-end markets [1][11]. Industry Supply Chain - The upstream of the hydraulic motor industry includes raw materials such as steel, castings, and hydraulic oil, while the downstream applications span across various industrial sectors, with construction machinery being the largest application area [7]. Key Enterprises' Performance - The competitive landscape of the hydraulic motor industry features international giants dominating the high-end market, while domestic companies like Hengli Hydraulic and Aidi Precision are gaining market share through cost-effective strategies [15][19]. Industry Development Trends - The industry is undergoing a transformation towards high-end and intelligent products, with advancements in materials and electronic control technologies enhancing performance [21]. - Green manufacturing is becoming a standard, driven by environmental regulations and energy efficiency standards, pushing companies to adopt energy-saving technologies [22][23]. - The globalization of the hydraulic motor industry is shifting from an export-oriented approach to localized development, with companies establishing production bases in countries along the Belt and Road Initiative [24].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The glass fiber industry is expected to perform well, with strong earnings forecasts for companies like China National Materials and China Jushi, driven by wind power demand and AI applications [6][10] - The cement prices continue to decline, while glass inventory has decreased month-on-month, indicating a potential recovery in demand [8][9] - The report emphasizes the importance of focusing on special glass fibers and the African supply chain, with leading companies being the main investment focus for the year [10] Summary by Sections Glass Fiber - The mid-year earnings forecast for glass fiber is optimistic, with China National Materials expected to achieve a net profit of approximately 670-830 million yuan, a year-on-year increase of 186-254% [6] - China Jushi's net profit is projected to be around 1.65-1.70 billion yuan, reflecting a year-on-year growth of 163-171% [6] - The demand for ordinary glass fiber remains under pressure, while special electronic fabrics are experiencing accelerated growth due to the AI wave [6][10] Cement - Cement prices have continued to decline, with average prices at 352.74 yuan per ton, down 0.65 yuan month-on-month and 45.32 yuan year-on-year [27] - The average shipment rate for cement companies in key regions is 43%, remaining stable month-on-month but down 3 percentage points year-on-year [27] - There are plans for price increases in certain regions as prices approach bottom levels [27] Glass - The domestic float glass market prices are stable, with slight increases in some areas, and overall demand remains cautious [9][41] - The production capacity utilization rate for the float glass industry is at 82.09%, with a total of 283 production lines [9] - Inventory levels have decreased, with a total of 5.734 million weight boxes, down 97,000 weight boxes month-on-month [9][41] Recommendations - The report recommends focusing on special glass fibers and the African supply chain, highlighting companies like China National Materials and Keda Manufacturing as key players [10] - It also suggests that the demand for building materials is expected to rise, particularly in the renovation sector, benefiting companies with strong business models [10]

证券代码：600499 证券简称：科达制造 公告编号：2025-029 在本次员工持股计划的认购过程中，基于员工实际认购情况及核心人才激励 需求，本员工持股计划管理委员会第一次会议审议通过《关于调整公司 2025 年 员工持股计划首次及预留份额的议案》，同意将本员工持股计划首次授予标的股 票数量由 4,800 万股调整为 4,803 万股，预留部分标的股票数量相应由 1,199.9862 万股调减至 1,196.9862 万股。本次调整后，本员工持股计划标的股票总规模保持 董事、监事及高级管理人员持有份额的变动。 科达制造股份有限公司 关于 2025 年员工持股计划首次授予部分 一、首次授予部分实际出资情况 完成股票非交易过户的公告 根据本员工持股计划首次授予部分份额实际认购和最终缴款的审验结果，本 员工持股计划参与认购首次授予部分份额的员工为 387 人（不含预留份额人数）， 认购份额为 18,971.85 万份，每份份额 1 元，缴纳的认购资金为 18,971.85 万元， 认购份额对应科达制造股票 4,803 万股，股票来源为公司回购专用证券账户回购 的科达制造 A 股普通股股票。 本公司董事会及全体董 ...

证券代码：600499 证券简称：科达制造 公告编号：2025-029 科达制造股份有限公司 关于 2025 年员工持股计划首次授予部分 完成股票非交易过户的公告 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、准确性和完整性承担法律责任。 科达制造股份有限公司（以下简称"公司"、"科达制造"）分别于 2025 年 3 月 26 日、2025 年 4 月 16 日召开第九届董事会第六次会议、2024 年年度股东 大会，审议通过《2025 年员工持股计划（草案）及摘要》《关于提请公司股东大 会授权董事会办理员工持股计划相关事宜的议案》；并于 2025 年 5 月 30 日召开 第九届董事会第八次会议，审议通过《关于调整 2025 年员工持股计划相关事项 的议案》，具体内容详见公司于 2025 年 3 月 27 日、2025 年 4 月 17 日、2025 年 5 月 31 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等相 ...

Investment Rating - The report maintains a recommendation for the construction materials sector, indicating a positive outlook for performance recovery in categories such as cement and fiberglass [2]. Core Insights - The ongoing "anti-involution" campaign is expected to improve the profitability of leading companies in the construction materials sector, particularly in the consumer segment [6][13]. - Cement prices are experiencing a slight downward trend due to high temperatures and rainy seasons affecting demand, with a recent average price drop of 0.4% [10][21]. - The fiberglass market shows stable pricing for non-alkali roving, while electronic yarn prices are expected to rise for high-end products [12][14]. Summary by Sections Industry Scale - The construction materials sector comprises 96 listed companies with a total market capitalization of 817.2 billion [2]. Industry Dynamics - Cement: The national average cement price has decreased by 0.4%, with significant drops in regions like Anhui and Hubei [10][21]. - Float Glass: The average price is 1173 yuan/ton, reflecting a slight decrease of 0.24% [11]. - Fiberglass: The market for non-alkali roving remains stable, while electronic yarn prices are expected to increase [12]. Consumer Construction Materials - The consumer market is showing signs of recovery, with a 3.0% year-on-year increase in retail sales of construction and decoration materials from January to May 2025 [13]. - The report highlights the importance of leading companies with strong distribution channels and healthy cash flow [13]. Recommended Stocks - The report recommends several companies, including Weixing New Materials, Keda Manufacturing, and Mona Lisa, for their strong market positions and growth strategies [14][15][16].

证券代码：600499 证券简称：科达制造 公告编号：2025-028 科达制造股份有限公司 关于为控股子公司提供担保的进展公告 累计担保情况 | 对外担保逾期的累计金额（亿元） | | | 0 | | --- | --- | --- | --- | | 截至 年 月 日，公司及其控股子公 2025 7 | 14 | | | | 司对外担保总额（含担保预计额度及本次担 | | | 106.36 | | 保，共同担保不再重复计算，亿元） | | | | | 对外担保总额占 年度经审计净资产的 | 2024 | | 92.66% | | 比例 | | | | | 特别风险提示 | | | □对外担保总额超过最近一期经审计净资产 | | | | 100% | | | | | | 担保金额超过上市公司最近一期经审计净 | | | | 资产 | 50% | | | | | □对合并报表外单位担保金额达到或超过最 | | | | | 近一期经审计净资产 30%的情况下 | | | | | 对资产负债率超过 70%的单位提供担保 | 一、担保情况概述 （一）担保的基本情况 为满足子公司业务发展需求，公司于 2025 年 ...

| 证券代码：600499 证券简称：科达制造 | | | 公告编号：2025-028 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 科达制造股份有限公司 | | | | | | | | | | | 关于为控股子公司提供担保的进展公告 | | | | | | | | | | | 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、准确性和完整性承担法律责任。 | | | | | | | | | | | 重要内容提示： | | | | | | | | | | | ? 担保对象及基本情况 | | | | | | | | | | | 科裕国际（香港）有限公司（以下简称"科 | | | | | | | | | | | 被担保人名称 | | | | | | | | | | | 裕国际"） | | | | | | | | | | | 本次担保金额 | | | | | | | | | | | 28,613.60 的汇率中间 ...

[Performance Forecast Summary](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company expects net profit attributable to shareholders for H1 2025 to be between **700 million yuan and 790 million yuan**, a year-on-year increase of **54.03% to 73.83%**, with non-GAAP net profit expected between **650 million yuan and 740 million yuan**, growing **62.58% to 85.09%**, based on unaudited preliminary figures 2025 Semi-Annual Performance Forecast | Indicator | 2025 H1 Estimated | 2024 H1 Actual | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent | 700 - 790 million yuan | 454 million yuan | +54.03% to +73.83% | | Non-GAAP Net Profit Attributable to Parent | 650 - 740 million yuan | 400 million yuan | +62.58% to +85.09% | - This performance forecast data has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Performance) In H1 2024, the company reported **454 million yuan** in net profit attributable to parent, **400 million yuan** in non-GAAP net profit attributable to parent, and **0.241 yuan** in basic earnings per share, serving as the benchmark for the current forecast 2024 Semi-Annual Performance Data | Indicator | Amount | | :--- | :--- | | Total Profit | 627.06 million yuan | | Net Profit Attributable to Shareholders | 454.46 million yuan | | Non-GAAP Net Profit Attributable to Parent | 399.81 million yuan | | Earnings Per Share | 0.241 yuan | [Analysis of Performance Growth Drivers](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Change) Current period performance growth is primarily driven by the strong performance of overseas building materials business, benefiting from new capacity release, optimized pricing strategies, and expansion into glass business, alongside ongoing global expansion, while ceramic machinery business performance declined due to slowing industry demand - Core growth drivers stem from the overseas building materials business, which achieved significant revenue and net profit growth due to new architectural ceramic capacity release, optimized pricing, and glass business expansion[6](index=6&type=chunk) - Globalization efforts continue with ceramic projects in Kenya and Côte d'Ivoire, Africa, commencing production in June, and a glass project in Peru, South America, under construction, expected to start production in 2026[6](index=6&type=chunk) - Ceramic machinery business saw an overall performance decline due to slowing industry demand and adjusted client investment plans, but the company is strengthening its global marketing network, such as activating the spare parts and consumables workshop at its Turkey factory[6](index=6&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast data is preliminary and unaudited, with no significant uncertainties affecting its accuracy, and final accurate financial data will be based on the officially disclosed 2025 semi-annual report, reminding investors of investment risks - The company states that this period's performance forecast data is unaudited and there are no significant uncertainties affecting the accuracy of this forecast[7](index=7&type=chunk) - Final financial data will be based on the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[8](index=8&type=chunk)

Investment Rating - The report maintains a positive outlook on the African building materials sector and local manufacturing leader Keda Manufacturing, particularly following the ignition of Keda's base in Côte d'Ivoire in June [1][13]. Core Insights - The Kenyan government has implemented a tiered tax on imported building materials, including a 3% export promotion tax on ceramic tiles and sanitary ware, aimed at reducing import dependency and fostering local manufacturing [1][13]. - The report emphasizes the importance of local production and consumption integration, highlighting Keda Manufacturing's efforts to establish local production in multiple African countries [1][13]. - The report identifies potential investment opportunities in the PCB upstream new materials sector, particularly in electronic cloth and copper foil, driven by high demand in AI applications [2][14]. - The waterproofing industry is experiencing frequent price increases, indicating a consensus among leading companies to curb malicious competition and stabilize prices [3][15]. - The cement sector is undergoing capacity reduction efforts, with the China Cement Association advocating for a unified approach to actual and registered production capacities [3][15]. Summary by Sections Weekly Discussion - Keda Manufacturing is recognized as a leader in local production within Africa, with recent developments in Côte d'Ivoire and supportive government policies in Kenya [1][13]. Cycle Interaction - Cement prices have shown a slight decline, with an average price of 347 RMB/t, down 46 RMB year-on-year, while glass prices have increased slightly to 1204.97 RMB/t [4][16]. - The report notes a stable demand for glass and fiberglass, with the latter maintaining a price of 3669 RMB/t [4][16][61]. National Subsidy Tracking - The report highlights government initiatives to boost consumption, including subsidies for building materials, which may benefit companies like Sangor and North New Materials [5][17]. Important Changes - Several companies, including Zhongcai Technology and China Jushi, have announced significant profit increases for the first half of 2025, indicating strong performance in the building materials sector [6][21].

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The report discusses three potential paths for the construction materials industry to counteract "involution," aiming to alleviate deflation and stabilize employment. These paths include limiting capital expenditure, clearing existing production capacity, and constraining current output [6][7] - The report highlights the ongoing decline in cement prices and a decrease in glass inventory, indicating a weak demand environment [8] - Recommendations include focusing on special glass fiber and the African supply chain, with leading companies in existing markets being the main investment focus for the year [9] Summary by Sections Industry Overview - The report emphasizes the need for the construction materials industry to adapt to economic pressures through various strategies to manage supply and demand effectively [6][7] Market Performance - Cement prices have continued to decline, with the national average price dropping by 1.2% due to weak market demand and production issues [8][25] - The average cement price is reported at 353.39 yuan per ton, reflecting a year-on-year decrease of 41.13% [25] Recommendations - Special glass fiber is highlighted as a key area for investment, particularly in companies like China National Materials Technology, which is positioned to benefit from domestic substitution trends [9] - The African supply chain is also recommended, with companies like Keda Manufacturing showing strong performance in niche markets [9] Demand Trends - The report notes a significant decline in real estate transaction volumes, with a 17% year-on-year decrease in new home sales across 30 major cities [8] - The construction materials sector is expected to see a shift towards existing inventory products, driven by improved demand in the second-hand housing market and urban renovation policies [9]