公募基金方面，本期较上一期持股增加的公募基金共计14个，主要包括华泰柏瑞积极优选股票A、长盛 同智优势混合(LOF)、安信灵活配置混合A、广发东财大数据混合A、华泰柏瑞成长智选混合A等，持股 增加占比达0.17%。本期较上一季度持股减少的公募基金共计9个，主要包括安信远见成长混合A、安信 远见稳进一年持有混合A、国联消费精选混合A、国联竞争优势、国联新经济混合A等，持股减少占比 达0.14%。本期较上一季度新披露的公募基金共计11个，主要包括广发资管平衡精选一年持有混合A、 长信先进装备三个月持有混合A、万家互联互通中国优势量化策略混合A、兴合先进制造混合发起式 A、上银中证500指数增强型A等。本期较上一季未再披露的公募基金共计441个，主要包括南方中证 500ETF、国联策略优选混合A、兴全社会责任混合、广发多因子混合、华夏中证500指数增强A等。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.40%。 2025年10月31日，科达制造(600499.SH)发布2025年第三季报。截至2025年10月30日，共有40个机构投 资者披露持有科达制造A股股份 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by various factors in its overseas building materials and lithium battery materials businesses [7][8]. Financial Performance - The company achieved operating revenue of 12.605 billion yuan, representing a year-on-year increase of 47.19% [7]. - The net profit attributable to shareholders reached 1.149 billion yuan, with a year-on-year growth of 63.49% [7]. - The lithium battery materials segment saw a production capacity of 150,000 tons/year for artificial graphite, with sales volume nearing 70,000 tons, reflecting a year-on-year increase of over 300% [7]. Business Segments - The overseas building materials business experienced substantial revenue growth due to the release of new capacities from projects in Kenya, Côte d'Ivoire, and Tanzania, along with optimized pricing strategies for ceramic tiles [7]. - The company decided to terminate its investment in the Honduras ceramic project due to increased investment risks stemming from macroeconomic policies and market conditions [7]. - The company is actively enhancing local operations and service efficiency in its ceramic machinery business amid industry challenges [7]. Investment in Subsidiaries - The company's associate, Qinghai Salt Lake Blue Science Lithium Industry Co., Ltd., produced approximately 31,600 tons of lithium carbonate and achieved sales of about 31,500 tons, with a net profit attributable to the company of 271 million yuan [8].

Core Insights - Keda Manufacturing reported significant growth in revenue and profit for the first three quarters of 2025, with revenue reaching 12.605 billion yuan, a year-on-year increase of 47.19%, and net profit attributable to shareholders at 1.149 billion yuan, up 63.49% [1][2] Financial Performance - For Q3 2025, the company achieved revenue of 4.417 billion yuan, marking a 43.89% year-on-year increase, and net profit attributable to shareholders of 404 million yuan, which is a 62.65% increase compared to the same period last year [1] - The company's net profit excluding non-recurring items for Q3 was 362 million yuan, reflecting a 53.25% year-on-year growth [1] Business Expansion - Keda Manufacturing is advancing its global strategy by establishing a subsidiary in Egypt and adding eight operational sites in India and Egypt to enhance its overseas service network [1] - The company is also focusing on service-oriented and general-purpose ceramic machine strategies, with notable growth in its ink business and the construction of the KAMI ink factory in Turkey [1] Overseas Operations - The company’s ceramic project in Côte d'Ivoire began mass production in July 2025, contributing to its operations in seven African countries with a total of 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines, achieving an annual capacity of over 200 million square meters of ceramic tiles, 400,000 tons of glass, and 2.6 million sanitary ware products [1] Lithium Battery Materials - In the lithium battery materials sector, Keda Manufacturing's artificial graphite product sales reached nearly 70,000 tons in the first three quarters, with both sales and production increasing by over 300% year-on-year, enhancing profitability [2] - The company’s joint venture, Lanke Lithium, produced approximately 31,600 tons of lithium carbonate and sold about 31,500 tons, contributing 271 million yuan to Keda's net profit [2] Future Outlook - The company plans to continue leveraging its strategic planning, global layout, and technological innovation capabilities to achieve its annual operational goals in the fourth quarter [2]

Core Insights - Keda Manufacturing reported significant growth in its Q3 2025 financial results, with a revenue increase of 47.19% year-on-year and a net profit growth of 63.49% for the first nine months of the year [1] - The company's overseas building materials business and lithium battery materials segment were the primary drivers of this growth [1] Group 1: Financial Performance - For the first nine months of 2025, Keda Manufacturing achieved a revenue of 12.605 billion yuan and a net profit of 1.149 billion yuan, with operating cash flow increasing by 65 times to 1.560 billion yuan [1] - In Q3 alone, the company generated revenue of 4.417 billion yuan, reflecting a year-on-year growth of 43.89%, and a net profit of 404 million yuan, up 62.65% [1] Group 2: Business Segments - The overseas building materials segment saw substantial revenue growth due to the release of new capacities from projects in Kenya, Côte d'Ivoire, and Tanzania, along with optimized pricing strategies for ceramic tiles [1] - The lithium battery materials segment has reached a production capacity of 150,000 tons per year for artificial graphite, with sales volume increasing over 300% year-on-year, totaling nearly 70,000 tons during the reporting period [2] Group 3: Strategic Initiatives - Keda Manufacturing plans to continue its expansion in the overseas building materials sector, focusing on regions south of the Sahara and gradually extending to South America [3] - The company aims to enhance local operations and service efficiency in key markets through initiatives such as the construction of a factory in Turkey and the development of local teams [2]

Core Insights - Keda Manufacturing is a leading enterprise in the domestic building materials machinery and ceramic industry, established in December 1996 and listed on the Shanghai Stock Exchange in October 2002, with a full industry chain layout that highlights its investment value [1] Financial Performance - In Q3 2025, Keda Manufacturing achieved a revenue of 12.605 billion yuan, ranking first among 89 companies in the industry, significantly surpassing the second-ranked Haomai Technology's revenue of 8.076 billion yuan, with the industry average at 1.21 billion yuan and the median at 596 million yuan [2] - The company's net profit for the same period was 1.832 billion yuan, also leading the industry, slightly higher than Haomai Technology's 1.789 billion yuan, with the industry average at 111 million yuan and the median at 34.371 million yuan [2] Financial Ratios - As of Q3 2025, Keda Manufacturing's debt-to-asset ratio was 47.58%, an increase from 45.85% in the previous year and above the industry average of 42.80% [3] - The gross profit margin for Q3 2025 was 28.57%, up from 26.90% year-on-year and slightly above the industry average of 28.52% [3] Executive Compensation - The chairman, Bian Cheng, received a salary of 2.98 million yuan in 2024, a decrease of 820,000 yuan from 2023, while the general manager, Yang Xuexian, saw an increase in salary from 2.3 million yuan in 2023 to 2.6 million yuan in 2024 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Keda Manufacturing decreased by 5.51% to 56,400, while the average number of circulating A-shares held per account increased by 5.83% to 34,000 [5]

Core Insights - Keda Manufacturing reported a revenue of 12.605 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 47.19%, with net profit attributable to shareholders reaching 1.149 billion yuan, up 63.49% [1] - In Q3 alone, the company achieved a revenue of 4.417 billion yuan, a year-on-year growth of over 43.89%, setting a historical record for the same period [1] Group 1: Business Expansion - Keda Manufacturing's ceramic machinery business saw an increase in order volume compared to the previous year, with steady growth in regions like Southeast Asia [2] - The company established a subsidiary in Egypt and added eight operational points in India and Egypt, enhancing its overseas service network [2] - The company is also advancing its service-oriented and general-purpose ceramic machinery strategies, with ink business maintaining good growth [2] Group 2: Overseas Building Materials - Keda Manufacturing's overseas building materials segment is a significant growth area, with the Ivory Coast ceramic project starting mass production in July [3] - The company operates 21 building ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines across seven African countries, with a total annual capacity exceeding 200 million square meters of building ceramics, 400,000 tons of glass, and 2.6 million pieces of sanitary ware [3] - Continuous improvements in production lines and processes are being made, with glass business sales and production increasing quarterly [3] Group 3: Lithium Battery Materials - The lithium battery industry is showing positive trends with stable volume and price, leading to Keda Manufacturing's artificial graphite product sales reaching nearly 70,000 tons, with both production and sales increasing over 300% year-on-year [4] - The company is also advancing technology and production line setups in the energy storage cell sector, achieving scale production of large cell materials during the reporting period [4] - Keda Manufacturing's associate company, Lanke Lithium Industry, reported a stable recovery in profitability, with approximately 31,600 tons of lithium carbonate produced and 31,500 tons sold in the first three quarters, contributing 271 million yuan to Keda's net profit [4]

Core Viewpoint - Keda Manufacturing (600499.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential in the industry [1] Financial Performance - The company achieved total operating revenue of 12.605 billion yuan, representing a year-on-year growth of 47.19% [1] - The net profit attributable to shareholders reached 1.149 billion yuan, with a year-on-year increase of 63.49% [1] - Basic earnings per share were reported at 0.613 yuan [1]

Core Insights - Keda Manufacturing (600499.SH) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 4.417 billion yuan, a year-on-year growth of 43.89% [1] - The net profit attributable to shareholders was 404 million yuan, reflecting a year-on-year increase of 62.65% [1] - For the first three quarters of 2025, the company achieved a total revenue of 12.605 billion yuan, up 47.19% year-on-year, and a net profit of 1.149 billion yuan, which is a 63.49% increase compared to the previous year [1] Revenue Growth - The growth in revenue is primarily attributed to increased sales in the overseas building materials and lithium battery materials segments [1] Profitability - The substantial rise in profit is linked to the enhanced performance in the aforementioned segments, indicating strong operational efficiency and market demand [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥441,691.85 million, an increase of 43.89% compared to the same period last year[4] - Total profit for the quarter was ¥79,851.37 million, reflecting a significant increase of 139.53% year-over-year[4] - Net profit attributable to shareholders was ¥40,407.61 million, up 62.65% from the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥36,161.16 million, representing a 53.25% increase year-over-year[4] - Basic earnings per share for the quarter were ¥0.212, a rise of 60.61% compared to the same period last year[4] - For the first three quarters of 2025, the company achieved operating revenue of RMB 12.605 billion, a year-on-year increase of 47.19%, and a net profit attributable to shareholders of RMB 1.149 billion, up 63.49% year-on-year[12] - Total operating revenue for the first three quarters of 2025 reached CNY 1,260,533.74 million, a significant increase of 47.2% compared to CNY 856,379.59 million in the same period of 2024[20] - Net profit for the first three quarters of 2025 was CNY 183,222.05 million, up 119.5% from CNY 83,692.42 million in the first three quarters of 2024[21] - Operating profit for the first three quarters of 2025 was CNY 209,336.47 million, an increase of 120.2% compared to CNY 95,028.60 million in the same period of 2024[21] - The total comprehensive income for the first three quarters of 2025 was CNY 200,361.91 million, significantly higher than CNY 75,277.97 million in the same period of 2024[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,991,358.35 million, an increase of 11.00% from the end of the previous year[4] - As of September 30, 2025, the total assets of the company amounted to RMB 299.14 billion, compared to RMB 269.50 billion at the end of 2024[16] - The company’s current liabilities totaled RMB 980.80 million, an increase from RMB 896.44 million at the end of 2024[17] - The company’s cash and cash equivalents stood at RMB 3.87 billion, up from RMB 2.95 billion at the end of 2024[15] - The fixed assets of the company increased to RMB 7.22 billion from RMB 6.40 billion at the end of 2024[16] - The total assets and equity of the company reached CNY 2,991,358.35 million and CNY 1,568,137.01 million respectively, showing a year-on-year increase[18] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥156,040.51 million, a substantial increase compared to the previous year[4] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 156,040.51 million, a substantial increase from CNY 2,353.06 million in the first three quarters of 2024[25] - The cash and cash equivalents at the end of the third quarter of 2025 were CNY 283,891.38 million, up from CNY 255,458.02 million at the end of the third quarter of 2024[25] Business Segments - The significant growth in revenue and profit was primarily driven by the overseas building materials and lithium battery materials segments[6] - The overseas building materials business saw significant revenue growth due to the release of new capacities from projects in Kenya, Côte d'Ivoire, and Tanzania, along with optimized pricing strategies for tile products[12] - The lithium material business has reached a total production capacity of 150,000 tons/year for artificial graphite, with sales volume nearing 70,000 tons, representing a year-on-year increase of over 300%[13] Investments and Projects - The company decided to terminate its investment in the Honduras ceramic project due to increased investment risks and declining expected returns caused by macro policies and market conditions[13] - The company is progressing steadily with the Peru glass project, which is expected to be completed and put into production in 2026[12] Research and Development - Research and development expenses for the first three quarters of 2025 amounted to CNY 27,175.48 million, compared to CNY 24,468.36 million in the same period of 2024, reflecting a growth of 11.1%[20] Shareholder Information - The equity attributable to shareholders was ¥1,257,555.45 million, reflecting a growth of 9.55% year-over-year[4] - The company reported a weighted average return on equity of 3.41%, an increase of 1.22 percentage points from the previous year[4] - The company’s share of net profit from Qinghai Salt Lake Blue Science and Technology Co., Ltd. was RMB 271 million, based on an indirect holding ratio of 43.58%[13] Accounting Changes - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of that year[26] - The announcement was made by the board of directors of Keda Manufacturing Co., Ltd. on October 30, 2025[27]

Core Viewpoint - Keda Manufacturing has shown significant stock performance with a year-to-date increase of 72.89%, reflecting strong financial growth and market interest [1][2]. Financial Performance - For the first half of 2025, Keda Manufacturing achieved a revenue of 8.188 billion yuan, representing a year-on-year growth of 49.04% [2]. - The net profit attributable to shareholders for the same period was 745 million yuan, marking a year-on-year increase of 63.95% [2]. Stock Market Activity - As of October 29, Keda Manufacturing's stock price was 13.15 yuan per share, with a market capitalization of 25.22 billion yuan [1]. - The stock experienced a trading volume of 1.06 billion yuan, with a turnover rate of 0.43% [1]. - The stock has seen a net inflow of 872,200 yuan from main funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 19.87% to 59,700, while the average circulating shares per person increased by 24.80% to 32,144 shares [2][3]. - The total cash dividends distributed by Keda Manufacturing since its A-share listing amount to 3.864 billion yuan, with 2.299 billion yuan distributed in the last three years [3]. Business Segments - Keda Manufacturing's main business revenue composition includes overseas building materials (46.06%), building machinery (31.38%), lithium battery materials (11.33%), new energy equipment (8.68%), and others (2.55%) [1].