Group 1: Company Overview and Market Strategy - The company, Keda Technology Co., Ltd., emphasizes its strategic focus on expanding overseas markets, with overseas business now surpassing domestic operations [2] - The company is actively updating its product line, including high-power UPS products, to meet the growing demands of the overseas data center market [2] - Keda is penetrating new markets such as North America and Australia while continuing to strengthen its presence in Europe and Southeast Asia [2] Group 2: Renewable Energy Storage Business - The renewable energy storage segment has returned to a growth trajectory, driven by the recovery of the European storage market and increasing orders from major customers [3] - This segment is currently the fastest-growing area for the company, supported by emerging markets in Southeast Asia, the Middle East, and Africa [3] - A partnership has been established with OSW, a leading Australian solar storage distributor, to optimize products and enhance energy solutions for global customers [3] Group 3: Production Capacity and Flexibility - The company's production capacity is sufficient to meet current order demands, with a reserve of industrial park facilities [3] - There is a high degree of commonality in production processes and technologies between data center and renewable energy products, allowing for flexible capacity allocation [3] - The production capacity is viewed as a competitive advantage that will support continued growth in both core business areas [3] Group 4: Investor Relations and Compliance - The company conducted the investor relations activity in compliance with disclosure regulations, ensuring the accuracy and completeness of information shared [2] - There were no incidents of undisclosed significant information leaks during the investor communication process [3]

证券代码：002518 证券简称：科士达 公告编号：2025-040 深圳科士达科技股份有限公司 关于 2025 年股票期权激励计划首次授予登记完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、股票期权简称：科士JLC1 2、股票期权代码：037931 3、首次授予登记完成日：2025年10月29日 4、首次授予行权价格：30.26元/份 5、首次授予登记数量：645.92万份 2、首次授予数量：645.92万份 6、首次授予登记人数：474人 经深圳证券交易所、中国证券登记结算有限责任公司深圳分公司 审核确认，深圳科士达科技股份有限公司（以下简称"公司"）已于 2025年10月29日完成了公司2025年股票期权激励计划首次授予的登 记工作，现将相关情况公告如下： 一、已履行的决策程序和信息披露情况 1、2025年9月23日，公司召开第六届董事会第二十三次会议和第 六届监事会第十九次会议，审议通过了《关于公司<2025年股票期权 激励计划（草案）>及其摘要的议案》等股权激励计划相关议案。公 司薪酬与考核委员会对激励对象名单进行了核 ...

Group 1 - The A-share market's energy storage sector is experiencing significant growth, with notable stock price increases for several companies [1] - HaiBo SiChuang's stock rose over 13%, followed by AiLuo Energy with over 9%, and KeLu Electronics with over 7% [2] - The growth is driven by policy support and increasing global demand for grid stability equipment and AI-driven data center power supply systems [1] Group 2 - The battery industry, along with solar energy and electric vehicles, is a core component of China's industrial growth strategy [1] - The total market capitalization of HaiBo SiChuang is 50.6 billion, while AiLuo Energy stands at 12.2 billion [2] - Year-to-date, KeLu Electronics has seen a remarkable increase of 105.52% in its stock price [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 3.61 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 23.9%. The net profit attributable to shareholders was 450 million yuan, up 24.9% year-on-year, and the net profit after deducting non-recurring gains and losses was 420 million yuan, an increase of 27.7% year-on-year. The gross margin was 28.6%, down 3.1 percentage points year-on-year [8] - The data center business is experiencing steady growth, with significant demand recovery in the energy storage sector. The company has established ODM cooperation with overseas and leading UPS customers, achieving substantial breakthroughs in the North American market. New products, including the 800V-HVDC, are expected to enhance market share [8] - The company is expected to benefit from the rapid growth in the charging pile and energy storage industries, with profit elasticity anticipated due to its product, research, and channel advantages. The net profit forecasts for 2025-2027 have been adjusted to 590 million, 870 million, and 1.25 billion yuan, respectively, with corresponding P/E ratios of 42, 28, and 20 times [8] Financial Summary - Total revenue is projected to reach 5.53 billion yuan in 2025, with a year-on-year growth of 32.97%. The net profit attributable to shareholders is expected to be 589 million yuan, reflecting a growth of 49.48% [1][9] - The company’s operating cash flow for the first three quarters of 2025 was 490 million yuan, a significant increase of 195.9% year-on-year, indicating improved cash flow management [8] - The company’s total assets are projected to grow to 10.85 billion yuan by 2026, with a debt-to-asset ratio of 41.70% [9]

证券日报网讯 科士达10月28日发布公告，在公司回答调研者提问时表示，近年，AI技术的迅猛发展扩 大了对算力基础的需求，互联网及通信等行业率先加大基建布局，公司数据中心板块的增长点也是来自 互联网及通信等行业客户。国内市场，公司逐步攻破各大互联网厂商，与字节跳动、阿里巴巴、京东、 万国数据、世纪互联等知名客户开展合作；海外市场，公司持续合作海外电力设备大客户，开拓核心代 理商、运营商及EPC总包方等客户，为公司业务发展夯实基础。当前公司在AIDC产品研发方面及全球 范围内市场开拓方面都在积极准备，争取能有更大突破。 （编辑 袁冠琳） ...

Core Insights - The company Keda announced on October 28 that it has a complete range of data center products, including UPS power supplies, high-voltage direct current (HVDC) power supplies, temperature control equipment, lead-acid/lithium batteries, micro-modules, power modules, and dynamic environment monitoring systems [1] Product Development - The company is focusing on power enhancement and optimization of single-machine power density in response to the growing demand for medium to large high-power data centers [1] - In terms of temperature control, the company has developed multiple solutions, including liquid cooling CDU and natural cooling with fluorine pumps [1] - The company has production lines for both lead-acid and lithium battery systems [1] New Technology Initiatives - The company is actively developing several AIDC-related products, including new HVDC and SST models, while maintaining close communication with customers regarding product needs and scenario adaptations during the development process [1]

证券日报网讯 科士达10月28日发布公告，在公司回答调研者提问时表示，新能源业务是公司业绩的弹 性点。2025年以来，欧洲储能市场需求持续恢复，公司户储大客户订单持续交付，东南亚、中东、非 洲、南美等新兴市场需求增长提速，公司储能业务发展重回高增态势，成为公司今年增速最高的业务板 块。中长期来看，公司依然看好全球范围内储能市场的发展，该板块依然是近几年公司重点开拓的业务 方向。 （编辑 袁冠琳） ...

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter, indicating strong business growth [1] - The company's dual focus on "data center + new energy" is contributing positively to its performance [1] - Cumulative revenue and net profit for the first three quarters also show substantial year-on-year growth [1] Financial Performance - Third quarter revenue reached 1.446 billion yuan, a year-on-year increase of 41.71% [1] - Net profit attributable to the parent company for the third quarter was 190 million yuan, up 38.36% year-on-year [1] - Cumulative revenue for the first three quarters was 3.609 billion yuan, reflecting a year-on-year growth of 23.93% [1] - Cumulative net profit for the first three quarters was 446 million yuan, representing a year-on-year increase of 24.93% [1] Business Strategy - The company is actively pursuing opportunities in the new round of industry development [1] - Both segments of the business, data center and new energy, are experiencing growth [1] - The net profit for the first three quarters has already surpassed the total for the previous year, indicating robust performance [1]

Core Insights - Company reported strong growth in Q3 2025, with revenue of 1.446 billion and net profit of 190 million, representing year-on-year increases of 41.71% and 38.36% respectively [1][5] - Cumulative revenue for the first three quarters reached 3.609 billion, up 23.93%, while net profit increased by 24.93% to 446 million [1][5] - The company is focusing on the dual sectors of "data center + new energy," both of which are experiencing growth [1][4] Data Center Business - The growth in the data center segment is driven by the increasing demand for computing power, particularly from the internet and telecommunications sectors [2] - The company has established partnerships with major internet firms such as ByteDance, Alibaba, and JD.com, and is also expanding its presence in overseas markets [2] - The company is actively preparing for product development in IDC and global market expansion [2] AIDC Product Layout - The company offers a comprehensive range of data center products, including UPS power supplies, high-voltage direct current power supplies, temperature control equipment, and batteries [3] - There is a focus on enhancing power capacity and optimizing power density in power supply products, alongside the development of new technologies [3] New Energy Storage Business - The new energy storage segment is identified as a key growth area, with increasing demand in Europe and emerging markets [4] - The company is optimistic about the long-term growth of the global energy storage market and is prioritizing this sector for development [4] Financial Performance - The company reported a gross profit margin of 28.57% and a debt ratio of 35.05% [5] - The net profit for Q3 2025 was 190 million, with a non-recurring net profit of 183 million, reflecting increases of 38.36% and 50.45% respectively [5] - Recent institutional ratings indicate a positive outlook, with 6 buy ratings and 1 hold rating over the past 90 days [5]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.446 billion CNY, a year-on-year increase of 41.71% [2] - The net profit attributable to shareholders in Q3 was 190 million CNY, up 38.36% year-on-year [2] - Cumulatively, for the first three quarters, the company reported a revenue of 3.609 billion CNY, a growth of 23.93% [2] - The net profit attributable to shareholders for the first three quarters was 446 million CNY, reflecting a year-on-year increase of 24.93% [2] Business Growth Areas - The company's data center and renewable energy sectors are both experiencing growth [2] - The data center business is driven by increased demand from the internet and communication sectors, with collaborations established with major clients like ByteDance, Alibaba, and JD [3] - The company is actively preparing for advancements in AIDC product development and global market expansion [3] AIDC Product Development - The company offers a comprehensive range of data center products, including UPS power supplies, HVDC, temperature control equipment, and batteries [3] - There is a focus on enhancing power capacity and optimizing single-machine power density in power products [3] - The company is developing new AIDC-related products, including new HVDC and SST models, while maintaining close communication with clients regarding product needs [3] Renewable Energy Storage - The renewable energy storage business is identified as a key growth area, with significant demand recovery in the European market since 2025 [4] - The company has seen a surge in orders from major clients in the household storage segment and is experiencing rapid growth in emerging markets [4] - The renewable energy storage sector is expected to remain a primary focus for the company in the coming years [4]