证券代码：600499 证券简称：科达制造 公告编号：2025-022 二、持有人及份额分配调整 为扩大本员工持股计划的激励覆盖面，强化人才梯队建设，推动公司长期可 持续发展，本次公司对本员工持股计划的参与总人数进行调整，调整后初始设立 1 科达制造股份有限公司 第九届监事会第八次会议决议公告 本公司监事会及全体监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"）第九届监事会第八次会议通知 于 2025 年 5 月 24 日以通讯方式发出，并于 2025 年 5 月 30 日在公司总部大楼会 议室以现场结合通讯方式召开。会议由监事会主席彭衡湘主持，会议应到监事 3 人，实到监事 3 人，授权代表 0 人，董事会秘书列席了会议，符合《公司法》和 《公司章程》的有关规定。会议通过记名投票的方式，审议通过了《关于调整 2025 年员工持股计划相关事项的议案》，同意公司就 2025 年员工持股计划（以 下简称"本员工持股计划"）的认购价格、参与人数作出以下调整： 一、认购价格调整 公司 2024 年年度权益分派已于 ...

证券代码：600499 证券简称：科达制造 公告编号：2025-021 科达制造股份有限公司 关于公司收到再审裁定结果的公告 一、前期诉讼的基本情况 司"）子公司江苏科行收到江苏省南京市中级人民法院（以下简称"南京中院"） 寄送的《传票》、 《应诉通知书》 （（2019）苏 01 民初 2893 号）等法律文书，江苏 新世纪江南环保股份有限公司（以下简称"江南环保"，现更名为江苏江南生态 碳科技（集团）股份有限公司）以江苏科行、安徽科达洁能、科达制造及刘怀平 侵害技术秘密为由向法院提起诉讼。 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： ? 案件所处的诉讼阶段：再审裁定驳回双方的再审申请。 ? 上市公司所处的当事人地位：公司子公司江苏科行环保股份有限公司 （以下简称"江苏科行"）为再审申请人（一审被告、二审上诉人），公司及子公 司安徽科达洁能股份有限公司（以下简称"安徽科达洁能"）为再审被申请人（一 审被告、二审上诉人）。 ? 是否会对上市公司损益产生负面影响：本次裁定结果对公司本期利润或 期后利润无负面影响 ...

证券代码：600499 证券简称：科达制造 公告编号：2025-021 科达制造股份有限公司 关于公司收到再审裁定结果的公告 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。 重要内容提示： 案件所处的诉讼阶段：再审裁定驳回双方的再审申请。 上市公司所处的当事人地位：公司子公司江苏科行环保股份有限公司 （以下简称"江苏科行"）为再审申请人（一审被告、二审上诉人），公司及子公 司安徽科达洁能股份有限公司（以下简称"安徽科达洁能"）为再审被申请人（一 审被告、二审上诉人）。 是否会对上市公司损益产生负面影响：本次裁定结果对公司本期利润或 期后利润无负面影响。 1 / 2 2023 年 12 月 14 日，公司收到最高人民法院出具的《民事判决书》（（2021） 最高法知民终 1031 号）（以下简称"二审判决"），最高人民法院判决撤销南京中 院作出的一审判决，江苏科行立即停止侵害江南环保技术秘密的行为并赔偿江南 环保经济损失 2,228.52 万元和为制止侵权支出的合理费用 100 万元，以及驳回了 其他诉讼请求和上诉请求。江苏科行已 ...

重要内容提示： 每股分配比例 A 股每股现金红利0.20元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/23 | － | 2025/5/26 | 2025/5/26 | 差异化分红送转： 是 证券代码：600499 证券简称：科达制造 公告编号：2025-020 科达制造股份有限公司2024年年度权益分派实施公告 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。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经科达制造股份有限公司（以下简称"公司"）2025 年 4 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。根据《上海证券交易所上市公司自律监管指引第 7 号——回 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于 科达制造股份有限公司 差异化分红事项 的 法律意见书 康达法意字【2025】第 0159 号 二〇二五年四月 法律意见书 北京市康达律师事务所 关于科达制造股份有限公司 差异化分红事项的法律意见书 康达法意字【2025】第 0159 号 致：科达制造股份有限公司 法律意见书 本所律师仅对于法律相关的业务事项履行法律专业人士特别的注意义务， 对其他业务事项仅履行普通人一般的注意义务。本所律师对于会计、审计、资 产评估等非法律专业事项不具 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The monetary policy has been intensified, with simultaneous reductions in reserve requirements and interest rates, which is expected to support the real estate market and stabilize housing demand [5][21] - Cement prices continue to decline, while glass inventory has increased on a month-on-month basis [6][40] - Recommendations include focusing on the African supply chain and domestic substitution chain, with leading companies being the main investment focus for the year [8][9] Summary by Sections Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [5] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4% [5][21] - The personal housing provident fund loan interest rate was reduced by 0.25 percentage points, with the rate for first-time homebuyers over five years dropping from 2.85% to 2.6% [5] Cement Market - The average shipment rate for cement companies in key regions was 48%, down approximately 1.4 percentage points month-on-month and 6.3 percentage points year-on-year [6] - National cement prices decreased by 1.2% month-on-month, with regional production issues contributing to the price decline [6][25] - The national average cement price was 387.42 yuan/ton, a decrease of 4.52 yuan/ton month-on-month, but an increase of 25.16 yuan/ton year-on-year [26] Glass Market - The overall price of float glass has seen more declines than increases, with a slight downward shift in price levels [7][40] - The production capacity of float glass decreased, with 220 out of 286 production lines operational, and daily melting capacity reduced to 156,505 tons [7] - The total inventory of glass in monitored provinces increased by 191 million weight boxes, a rise of 3.39% [7][40] Recommended Companies - For the African supply chain, Keda Manufacturing is recommended as a leading local player with advantages in production, channels, and brand [8] - For domestic substitution, companies such as China National Materials, Puyang Huicheng, and Meijiaxin Color are highlighted due to their strong market positions and growth potential [8] - The report emphasizes the importance of existing leading companies as a stable investment focus for 2025 [9]

锂价持续下跌至6.3万元/吨 锂价跌破7万元/吨，锂矿股上市公司一季度整体承压业绩出现分化。 据Wind统计，2025年一季度，A股锂矿板块21家上市公司中有14家盈利，7家亏损。5月9日，碳酸锂期 货主力合约再创新低，最低价跌至6.3万元/吨，已经接近"一体化"矿石提锂企业的成本线。 混沌天成期货分析认为，碳酸锂产能扩张周期延长、资源成本下移、需求增速受限等是导致碳酸锂供需 预期长期过剩，价格不断下跌的直接原因。 在这样的市场环境下，部分企业经营面临困境。一位矿业公司人士向第一财经记者透露，公司加工碳酸 锂所用的锂辉石为外购，目前成本抬升至高于现货售价，但生产却不能停，陷入了"卖一吨亏一吨"的局 面。 锂价跌破成本线，行业业绩分化 总体来看，Wind锂矿指数相关上市公司第一季度合计营收439.65亿元，同比增长16.03%；合计净利润 33.43亿元，同比增1340.4%。 同比2024年一季度业绩已有所好转，去年同期这些上市公司合计营收370.74亿元，同比下降39.93%；合 计净利润为亏损2.69亿元，同比降101.69%。 从企业营收情况来看，一季度仅1家公司营收超100亿元，为西部矿业（60116 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 3.8 billion yuan in Q1 2025, representing a year-on-year growth of 47%. The net profit attributable to shareholders was approximately 350 million yuan, up 11% year-on-year, while the net profit excluding non-recurring items was about 320 million yuan, reflecting a 17% increase [2][4]. Summary by Sections Business Performance - The company experienced a significant operational turning point, with Q1 revenue growth primarily driven by high increases in overseas building materials revenue, while machinery equipment revenue remained relatively stable. The gross margin for Q1 was approximately 29.7%, an increase of 2.8 percentage points year-on-year, mainly due to significant improvements in the gross margin of overseas building materials [9]. - The company’s net profit for Q1 was 350 million yuan, an 11% increase year-on-year. After adjusting for exchange losses, the net profit would be 410 million yuan, representing a growth of over 30% [9]. Overseas Building Materials - The overseas building materials segment exceeded expectations, with revenue growth driven by increases in both volume and price of tiles, as well as the expansion of glass business. The company holds a leading position in the African building materials market, benefiting from production, distribution, and brand advantages [9]. - The company’s previous large-scale capital expenditures have laid the foundation for capacity increases over the next two years, with new projects expected to contribute to revenue growth [9]. Building Machinery - The building machinery segment saw a decline in revenue due to cyclical industry demand slowdown and adjustments in client investment rhythms. However, the company is positioned as a global duopoly in ceramic machinery, with expected stable revenue in 2025 [9]. Investment in Lithium Industry - The investment in Blueco Lithium maintained stable returns, with Q1 production of lithium carbonate at approximately 8,500 tons and sales of about 8,100 tons. Despite a 33% year-on-year decline in average price, the segment still achieved significant profitability [9]. Market Position and Growth Potential - The company is recognized as a rare leading player in the African market, combining low valuation with certain growth prospects. The company is expected to benefit from urbanization trends in Africa, with projected net profits of approximately 1.58 billion yuan and 1.73 billion yuan for 2025 and 2026, respectively, corresponding to valuations of 10 and 9 times [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has achieved significant revenue growth in 2024, with operating income reaching 12.6 billion yuan, a year-on-year increase of 30% [5][6] - The net profit attributable to the parent company for 2024 was 1.01 billion yuan, reflecting a decline of 51.9% year-on-year, primarily due to the drop in lithium carbonate prices impacting profitability [5][6] - In Q1 2025, the company reported operating income of 3.77 billion yuan, up 47% year-on-year, with net profit attributable to the parent company increasing by 11.4% to 350 million yuan [5][7] Revenue Performance - In 2024, the company’s revenue from major business segments showed strong growth: machinery equipment, overseas building materials, and lithium battery materials generated revenues of 6.72 billion, 4.72 billion, and 880 million yuan, respectively, with year-on-year increases of 35.1%, 29.0%, and 19.2% [6] - The company’s domestic and overseas revenues were 4.57 billion and 8.02 billion yuan, respectively, with year-on-year growth of 18% and 38%, indicating that overseas business accounted for over 63% of total revenue [6] Profitability Analysis - The company’s gross margin and net margin for 2024 were 26.0% and 10.2%, down 3.29 and 16.68 percentage points year-on-year, respectively, due to the significant decline in profits from its associate, Blue Lithium Industry [8] - In Q1 2025, the gross margin improved slightly to 29.7%, while the net margin was 13.8%, reflecting a year-on-year increase of 2.83 percentage points [9] Cash Flow and Expenses - The company’s operating cash flow for 2024 was 557 million yuan, a decrease of 174 million yuan compared to the previous year [8] - The financial expense ratio increased significantly to 5.1% in Q1 2025 due to substantial exchange losses, while other expense ratios were well-controlled [9] Future Outlook - The company is expected to see gradual profit recovery in 2025, with revised net profit forecasts of 1.52 billion and 1.68 billion yuan for 2025 and 2026, respectively [11] - The company is actively expanding its overseas building materials business, with production bases established in multiple African countries and plans for further capacity increases [11]

分业务看，1）建材机械业务：受到行业需求周期性放缓及客户投资节奏调整等多重因素影响，该业务 整体业绩出现小幅下滑，但公司持续优化海外基地布局，设立巴西子公司并筹划越南子公司，我们判断 后续配件耗材业务有望加速拓展；2）海外建材销售：受益于玻璃业务的拓展及建筑陶瓷产品价格策略 的优化，海外建材业务营业收入同比实现大幅增长，毛利率同比亦有较好提升，但汇兑损失影响了净利 率，剔除汇兑影响后，该业务净利率有所提升，整体盈利能力增强。新产能方面，公司非洲科特迪瓦陶 瓷项目预计于25 年内投产，南美秘鲁玻璃项目正在稳步推进建设，预计于2026 年投产，投产后有望进 一步支撑收入增长；3）蓝科锂业：25Q1 蓝科锂业生产碳酸锂0.85 万吨，销售碳酸锂0.81 万吨，期末库 存0.15 万吨，实现营业收入5.28 亿元、净利润2.07 亿元，给科达贡献投资收益0.90 亿元，同比-10.4%， 占25Q1 科达制造整体归母净利润的比例较24Q1 同比下降6.3pct 至26.0%（22-24 年利润占比分别为 81.2%、61.8%、23.2%）。 毛利率有所提升，汇兑损失侵蚀了部分利润 25Q1 公司毛利率29.68%， ...