Core Viewpoint - The article highlights the 30-year development journey of Shenzhen's lithium battery materials "Four Swordsmen," showcasing China's transition from a technology void to a global leader in the lithium battery materials industry, contributing to the growth of the "New Three Items" in China [1] Group 1: Industry Overview - Shenzhen continues to be the "first city" in foreign trade in China, with new energy vehicles, lithium batteries, and photovoltaic products leading the growth [2] - In the first half of this year, Shenzhen's private enterprises exported lithium batteries worth 30.44 billion RMB, marking a year-on-year increase of 30.4% [3] Group 2: Key Players - The "Four Swordsmen" of Shenzhen's lithium battery materials industry include KedaLi, BetterRay, New Zobon, and Xingyuan Materials, each leading in critical material sectors such as structural components, anode materials, electrolytes, and separators [5] - These companies have successfully broken the monopoly of Japanese and Korean firms in the lithium battery materials market, establishing themselves as leaders in their respective fields [12] Group 3: Historical Context - At the end of the 20th century, Japanese companies held 93% of the global lithium battery market share, creating a significant barrier for Chinese companies [8] - The emergence of Shenzhen's "Four Swordsmen" was driven by entrepreneurs who sought to overcome the high costs and technological barriers imposed by foreign firms [9][11] Group 4: Company Developments - KedaLi has grown from a small startup to a leading manufacturer of battery precision structural components, with a market value exceeding 30 billion RMB [14] - New Zobon has maintained its position as a top domestic electrolyte supplier, focusing on high-energy, high-safety, and wide-temperature range technologies [16] - Xingyuan Materials has become a global leader in lithium-ion battery separators, with a market share increase from 11.0% in 2020 to 14.4% in 2024 [19] - BetterRay has been the global leader in anode material shipments for 15 consecutive years, with a comprehensive industrial layout in natural and artificial graphite anode materials [19] Group 5: Strategic Expansion - The "Four Swordsmen" are actively expanding their global presence, with KedaLi investing in production bases in Germany, Sweden, and Hungary to meet overseas demand [20] - New Zobon has established over 20 production bases worldwide, including a profitable facility in Poland, and is expanding into South Korea and Malaysia [22] - Xingyuan Materials has built a major production base in Malaysia, while BetterRay is advancing projects in Indonesia and Morocco to enhance its global competitiveness [23][26]

证券代码：002850 证券简称：科达利 公告编号：2025-059 债券代码：127066 债券简称：科利转债 深圳市科达利实业股份有限公司 公司股东云南大业盛德企业管理有限公司保证向本公司提供的信息内容真实 、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市科达利实业股份有限公司（以下简称"公司"）于 2025 年 7 月 1 日在 （公告编号：2025-042）， 巨潮资讯网披露了《公司关于股东减持股份预披露公告》 原持公司股份 3,824,933 股（占公司当时总股本比例 1.3985%）的股东云南大业 盛德企业管理有限公司（以下简称"大业盛德"）计划自公告披露之日起 15 个交 易日后的 3 个月内（即从 2025 年 7 月 23 日起至 2025 年 10 月 22 日止，根据法 律法规禁止减持的期间除外）以大宗交易的方式减持公司股份不超过 3,824,933 股（占公司当时总股本比例 1.3985%）。 公司于 2025 年 8 月 21 日披露了《公司关于控股股东及一致行动人被动稀释 暨股东减持权益变动触及 1%刻度 ...

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 深圳市科达利实业股份有限公司 关于股东减持计划实施完毕的公告 公司股东云南大业盛德企业管理有限公司保证向本公司提供的信息内容真实 、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市科达利实业股份有限公司（以下简称"公司"）于 2025 年 7 月 1 日在 巨潮资讯网披露了《公司关于股东减持股份预披露公告》（公告编号：2025-042）， 原持公司股份 3,824,933 股（占公司当时总股本比例 1.3985%）的股东云南大业 盛德企业管理有限公司（以下简称"大业盛德"）计划自公告披露之日起 15 个交 易日后的 3 个月内（即从 2025 年 7 月 23 日起至 2025 年 10 月 22 日止，根据法 律法规禁止减持的期间除外）以大宗交易的方式减持公司股份不超过 3,824,933 股（占公司当时总股本比例 1.3985%）。 公司于 202 ...

Core Viewpoint - Shenzhen continues to lead as China's "foreign trade capital," with significant growth in exports of new energy vehicles, lithium batteries, and photovoltaic products, particularly driven by private enterprises in the lithium battery sector [2] Group 1: Industry Overview - The lithium battery industry is crucial for applications in consumer electronics, new energy vehicles, and energy storage, with four main materials: cathode, anode, electrolyte, and separator [3] - Historically, Japanese companies dominated the global lithium battery market, holding 93% market share in 2000, but Chinese companies have begun to break this monopoly [3][4] Group 2: Key Players in Shenzhen - Shenzhen has produced a group of leading companies in lithium battery materials, referred to as the "Four Swordsmen": Keda Li, Better Ray, New Zobon, and Xingyuan Material, each excelling in critical material sectors [2][6] - Keda Li has grown from a small startup to a leading manufacturer of battery precision structural components, achieving a market value exceeding 30 billion RMB, with a revenue of 6.645 billion RMB in the first half of 2023, up 22.01% year-on-year [7] - New Zobon, a top electrolyte supplier, reported a revenue of 2.002 billion RMB in Q1 2025, a 32.14% increase year-on-year, and holds over 10% market share in China [8][9] Group 3: Market Dynamics and Challenges - The "Four Swordsmen" have faced challenges from international competition and market fluctuations but have maintained strong positions in their respective fields [12] - Xingyuan Material and Better Ray experienced revenue fluctuations in Q1 2025, with Xingyuan's revenue at 0.889 billion RMB, a 24.44% increase, while Better Ray's revenue decreased by 3.88% to 3.392 billion RMB [9] Group 4: Strategic Expansion - The "Four Swordsmen" are actively expanding their global presence, with Keda Li investing in production bases in Europe and New Zobon establishing multiple international facilities [10][11] - Better Ray is also pursuing international projects in Indonesia and Morocco to enhance its global competitiveness in the lithium battery materials market [11]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市科达利实业股份有限公司（以下简称"公司"）于2025年6月30日召开的第五届董事会第二十次 （临时）会议、第五届监事会第十一次（临时）会议审议通过了《关于将部分募集资金借款转为对全资 子公司江西科达利等增资的议案》，同意公司将2023年向特定对象发行股票募集资金前期向全资子公司 江西科达利精密工业有限公司（以下简称"江西科达利"）、江门科达利精密工业有限公司（以下简 称"江门科达利"）提供的部分借款及后续拟投入的部分募集资金转为对其增资，增资金额均为40,000万 元。本次增资完成后，江西科达利、江门科达利的注册资本均由30,000万元增加至70,000万元，仍为公 司的全资子公司。 近日，江西科达利、江门科达利分别完成了相关工商变更登记手续，变更后的登记信息如下： 一、江西科达利精密工业有限公司 名称：江西科达利精密工业有限公司 统一社会信用代码：91360100MA7KRJ8G9J 类型：有限责任公司（非自然人投资或控股的法人独资） 二、江门科达利精密工 ...

Core Insights - The report highlights the strong growth potential of Industrial Fulian (601138) driven by AI demand, with projected revenues of 843.4 billion, 1,320.3 billion, and 1,715.6 billion yuan for 2025-2027, reflecting growth rates of 38.5%, 56.5%, and 29.9% respectively, and net profits of 30.5 billion, 50.5 billion, and 59.4 billion yuan, with corresponding growth rates of 31.5%, 65.5%, and 17.6% [2][11] - Xiaomi Group (01810) reported record high revenues and profits in Q2 2025, with revenues of 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profits of 10.8 billion yuan, up 75% year-on-year, driven by IoT and EV segments [10][12] - Nine Dragons Paper (2689.HK) expects significant profit growth for FY25, with net profits projected between 2.1 billion and 2.3 billion yuan, representing a year-on-year increase of 165%-190%, attributed to increased sales and cost reductions [13][15] Industrial Fulian (601138) - The company’s main business includes cloud computing, communication, and industrial internet, with a notable increase in cloud computing revenue expected to reach 319.38 billion yuan in 2024, a 64.4% year-on-year growth [11] - AI server demand is surging, with global cloud providers' capital expenditures increasing by 64% year-on-year, indicating strong market demand [11] - The company is expected to maintain a leading position in the high-speed switch market, with revenues from 800G switches projected to triple compared to 2024 [11] Xiaomi Group (01810) - The company’s IoT segment saw a revenue increase of 45% in Q2, with smart home appliances achieving record sales, particularly in air conditioning and washing machines [12][14] - The electric vehicle segment reported a revenue of 21.3 billion yuan with a significant improvement in gross margin, indicating a positive trend towards profitability [12][14] - Xiaomi plans to expand its global footprint in the home appliance sector, marking 2025 as a pivotal year for international sales [12][14] Nine Dragons Paper (2689.HK) - The company is focusing on a diversified product strategy and integrated pulp-paper operations, which are expected to enhance profitability significantly [15][16] - The anticipated increase in paper prices due to improved supply-demand dynamics is expected to further boost profits [15][16] - The company’s production capacity is set to expand, with new lines expected to come online, reinforcing its market position [15][16] Electric Heavy Trucks Industry - The electric heavy truck market in China is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [18] - The European market is also seeing a rise in electric heavy truck adoption, with projections indicating significant growth in sales and market penetration by 2026 [18] - The industry is becoming increasingly collaborative, with a focus on developing specialized products across the supply chain, enhancing profitability potential [18] Other Companies - Keda Li (002850) reported strong revenue growth in Q2, driven by its structural components business and advancements in robotics [19] - China Hongqiao (01378) is set to benefit from increased production capacity and a favorable pricing environment for aluminum products, with projected net profits significantly increasing [20][21] - Blue Sky Technology (300487) continues to show growth potential, with a focus on expanding its product offerings and market presence [22]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 深圳市科达利实业股份有限公司 励建立先生、励建炬先生及其一致行动人云南大业盛德企业管理有限公司保 证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： （一）本次权益变动的原因： 1、深圳市科达利实业股份有限公司（以下简称"公司"）控股股东及实际控 制人励建立先生、励建炬先生及其一致行动人云南大业盛德企业管理有限公司 （以下简称"大业盛德"）在本次权益变动期间，因公司 2021 年及 2022 年股票 期权激励计划激励对象自主行权，以及公司可转换公司债券"科利转债"（债券 代码：127066）转股，导致公司总股本增加，从而导致励建立先生、励建炬先 生、大业盛德在持股数量不变的情况下，合计持股比例由 39.20%被动稀释至 38.75%，被动稀释比例为 0.45%。 其中，励建炬先生及大业盛德的权益变动时段为 2023 年 ...

证券日报网讯8月20日晚间，科达利（002850）发布公告称，公司于2025年6月30日召开的第五届董事会 第二十次(临时)会议、第五届监事会第十一次(临时)会议审议通过了《关于将部分募集资金借款转为对 全资子公司江西科达利等增资的议案》，同意公司将2023年向特定对象发行股票募集资金前期向全资子 公司江西科达利精密工业有限公司(简称"江西科达利")、江门科达利精密工业有限公司(简称"江门科达 利")提供的部分借款及后续拟投入的部分募集资金转为对其增资，增资金额均为40，000万元。近日， 江西科达利、江门科达利分别完成了相关工商变更登记手续。 ...

Investment Rating - The report assigns an "Accumulate" investment rating to the company for the first time, predicting a price-to-earnings ratio (PE) of 19.48 and 15.66 for the years 2025 and 2026 respectively based on the closing price of 128.43 yuan on August 19, 2025 [6][11][33] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit of 769 million yuan, up 18.72% year-on-year. The growth is primarily driven by the increasing orders for precision structural components for power batteries due to industry growth [6][7][11] - The company is actively expanding into the humanoid robot sector, focusing on the development and production of key components such as precision reducers and joint modules, which is expected to create a second growth engine for the company [6][11][30] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 6.645 billion yuan, with a net profit of 769 million yuan, reflecting a year-on-year growth of 22.01% and 18.72% respectively. The operating cash flow decreased by 25.42% to 1.432 billion yuan [6][7][11] - The gross margin for the first half of 2025 was 22.87%, slightly down by 0.19 percentage points year-on-year, while the net profit margin was 11.53% [6][9][11] Market Position and Growth - The company specializes in precision structural components for lithium batteries, with a significant market share in the electric vehicle sector. The sales volume of lithium battery structural components has grown from 1.237 billion units in 2020 to 4.625 billion units in 2024, with a compound annual growth rate of 39.06% [6][7][11] - The global market for new energy vehicles is expected to continue its double-digit growth, with China's power battery market share increasing significantly, indicating a favorable environment for the company's growth [6][7][11] Strategic Initiatives - The company is investing in humanoid robotics, establishing partnerships to develop key components for this emerging market. This strategic move is anticipated to diversify revenue streams and enhance growth potential [6][11][30] - The company has established 16 production bases globally, with plans for further international expansion, including a new project in Hungary aimed at increasing production capacity for precision structural components [6][11][30]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 深圳市科达利实业股份有限公司 关于全资子公司完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市科达利实业股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日召开的第五届董事会第二十次（临时）会议、第五届监事会第十一次（临时） 会议审议通过了《关于将部分募集资金借款转为对全资子公司江西科达利等增资 的议案》，同意公司将 2023 年向特定对象发行股票募集资金前期向全资子公司 江西科达利精密工业有限公司（以下简称"江西科达利"）、江门科达利精密工 业有限公司（以下简称"江门科达利"）提供的部分借款及后续拟投入的部分募 集资金转为对其增资，增资金额均为 40,000 万元。本次增资完成后，江西科达 利、江门科达利的注册资本均由 30,000 万元增加至 70,000 万元，仍为公司的全 资子公司。 近日，江西科达利、江门科达利分别完成了相关工 ...