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].

【导读】科达制造拟收购控股子公司少数股权，自1月15日起停牌 有着"陶机大王"之称的科达制造拟筹划重大资产重组！ 1月14日，科达制造公告称，公司正在筹划以发行股份及支付现金的方式收购控股子公司广东特福国际控股有限公司（以下简称特福国际）少数股权，同 时募集配套资金。 本次交易预计将构成关联交易和重大资产重组。公司A股股票自2026年1月15日起停牌，预计停牌时间不超过10个交易日。 针对海外建材业务扩张规划，科达制造曾表示，仍会聚焦于非洲撒哈拉沙漠以南的国家及地区，并逐步向南美等区域延伸。 值得一提的是，2025年10月，科达制造曾收到中国证券监督管理委员会广东监管局出具的《行政监管措施决定书》。 因公司存在多期定期报告披露不真实、不准确，未按规定审议并披露董监高薪酬，未披露关联方非经营性资金占用事项，违规向关联方提供财务资助且未 披露等多项违规行为，广东监管局决定对公司10名责任人予以监管警示。 公司官网显示，科达制造股份有限公司创建于1992年，于2002年在上海证券交易所上市，公司主营业务为建材机械、海外建材、新材料及新能源装备，战 略投资以蓝科锂业为载体的锂盐业务。 交易标的特福国际成立于2023年 ...

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].

Group 1 - CITIC Securities is projected to achieve revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan in 2025, reflecting a year-on-year growth of 28.75% and 38.46% respectively [4] - Yipin Hong expects a net loss of 313 million to 442 million yuan in 2025, an improvement from a loss of 540 million yuan in the previous year, due to a decline in product sales and gross margin [2] - Jiamai Packaging anticipates a net profit of 85.44 million to 104 million yuan in 2025, a decrease of 43.02% to 53.38% compared to the previous year, attributed to fewer days in the peak season for the beverage industry [3] Group 2 - Jin Haitong forecasts a net profit of 160 million to 210 million yuan in 2025, representing a significant increase of 103.87% to 167.58% year-on-year, driven by growing demand in the semiconductor packaging and testing equipment sector [3] - Jinyu Group expects a net loss of 900 million to 1.2 billion yuan in 2025, widening from a loss of 555 million yuan in the previous year, as both its building materials and real estate businesses are in a downturn [3] - Beichen Real Estate anticipates a net loss of 2.68 billion to 3.31 billion yuan in 2025, primarily due to underperformance in real estate project sales [4]

中国经济网北京1月14日讯科达制造（600499）(600499.SH)今日晚间发布关于筹划重大资产重组的停牌 公告。公司正在筹划以发行股份及支付现金的方式收购公司控股子公司广东特福国际控股有限公司的少 数股权，同时募集配套资金。 因本次交易尚处于筹划阶段，有关事项存在不确定性，为了维护投资者利益，避免造成股价异常波动， 根据上海证券交易所相关规定，经公司申请，公司A股股票(证券简称：科达制造，证券代码： 600499.SH)自2026年1月15日(星期四)开市起开始停牌，预计停牌时间不超过10个交易日。 | 证券代码 | 证券简称 停复牌类型 停牌起始日 停牌期间 | | 停牌终止日 复牌日 | | --- | --- | --- | --- | | 600499 | 科达制造 A 股 停牌 | 2026/1/15 | | 停牌期间，公司将根据事项进展情况，严格按照有关法律法规的规定和要求履行信息披露义务。待上述 事项确定后，公司将及时发布相关公告并申请公司股票复牌。 本次交易事项尚处于筹划阶段，公司目前正与交易意向方接洽，初步拟定的交易对方包括罗继超、王大 江、李跃进等15名自然人，以及森大集团有限公司等 ...

Group 1 - The core point of the article is that Keda Manufacturing Co., Ltd. is planning to acquire minority shares of its subsidiary, Guangdong Tefu International Holdings Co., Ltd., through a combination of issuing shares and cash payments, while also raising matching funds [1][2]. - Guangdong Tefu International Holdings Co., Ltd. was established on November 10, 2023, with a registered capital of 526.31579 million yuan. It serves as the core platform for Keda Manufacturing's overseas building materials business, with manufacturing bases in several African countries, including Cameroon, Côte d'Ivoire, Ghana, and Kenya, forming a comprehensive overseas production and sales network [2]. - The transaction is expected to be classified as a related party transaction and a major asset restructuring, but it will not constitute a restructuring listing. Keda Manufacturing's stock will be suspended from trading starting January 15, 2026, for a period not exceeding 10 trading days [2]. Group 2 - The transaction is still in the planning stage, with the company currently in discussions with potential transaction parties, including 15 individuals and 9 legal entities or partnerships. The transaction is intended to be executed through the issuance of shares and cash payments, with specific plans to be announced later [3]. - A preliminary acquisition intention agreement has been signed with the main transaction party, Sen Da Group Co., Ltd. This agreement is an initial intention, and the specific terms will be determined by formal documents signed by the final transaction parties [3]. - In October 2025, Keda Manufacturing was criticized by the Shanghai Stock Exchange for multiple instances of inaccurate information disclosure and violations of fund operation regulations, leading to regulatory warnings for the company and responsible executives [3].

（文章来源：北京商报） 北京商报讯1月14日晚间，科达制造（600499）披露公告称，公司正在筹划以发行股份及支付现金的方 式收购公司控股子公司广东特福国际控股有限公司的少数股权，同时募集配套资金。本次交易预计将构 成关联交易，构成重大资产重组，但不构成重组上市。经公司申请，公司A股股票自1月15日起开始停 牌，预计停牌时间不超过10个交易日。 科达制造表示，本次交易事项尚处于筹划阶段，公司目前正与交易意向方接洽，初步拟定的交易对方包 括罗继超、王大江、李跃进等15名自然人，以及森大集团有限公司等9名法人及合伙企业，最终确定的 交易对方以公司后续公告的重组预案或重组报告书披露的信息为准。 ...

科达制造（600499）(600499.SH)发布公告，公司正在筹划以发行股份及支付现金的方式收购公司控股 子公司广东特福国际控股有限公司的少数股权，同时募集配套资金。本次交易预计将构成关联交易，构 成重大资产重组，但不构成重组上市。公司A股股票自2026年1月15日起停牌，预计停牌时间不超过10 个交易日。 ...