Core Viewpoint - Company Keda Li (002850) is actively advancing its product development in the robotics sector, showcasing a diverse range of products at recent industry exhibitions and focusing on aligning technology with market trends [1] Group 1: Product Development - Keda Li's subsidiary, Kemon Innovation, has presented various robotics-related products to the market [1] - The company is committed to a dual development model of "technology-driven + demand-driven," aiming to enhance power transmission efficiency and structural design [1] - Multiple new products targeting different application scenarios are currently in the research and development phase [1] Group 2: Customer Expansion - Keda Li's high-precision reducer has entered the testing phase with several domestic and international high-quality clients [1] - The joint assembly is in the technical development stage, with some samples sent for performance evaluation and ongoing optimization based on client feedback [1] - The company expresses confidence in its preparations regarding product line layout, technical standards, and cost control to penetrate high-end customer supply chains [1]

证券日报网讯科达利（002850）8月18日发布公告，在公司回答调研者提问时表示，随着国际客户量产 计划和国内客户海外项目的稳步推进，以及公司在全球化战略的持续深化布局，海外基地预计将为公司 带来较大的增长空间。 ...

证券日报网讯科达利（002850）8月18日发布公告，在公司回答调研者提问时表示，公司与研究所建立 战略合作，重点开展未来5-8年技术周期的前瞻性研发布局，共同攻关下一代机器人核心技术。这种长 周期的研发投入，体现了公司在技术创新上的战略定力和技术引领决心。 ...

Core Viewpoint - Keda Li (002850) is recognized as one of the largest suppliers of precision structural components for power batteries in China, with a strong focus on R&D and manufacturing capabilities in this sector [1] Group 1: Company Positioning - The company has established itself as a core strategic supplier for leading global manufacturers by leveraging its deep technical expertise and manufacturing capabilities in precision structural components [1] - Keda Li has been involved in the R&D and production of precision structural components for power batteries since the early stages of the industry in China [1] Group 2: Future Outlook - The company plans to deepen strategic cooperation with high-quality leading customers, focusing on technological innovation and capacity expansion [1] - Keda Li aims to provide superior precision structural component solutions for the global new energy industry, contributing to its sustainable high-quality development [1]

Core Viewpoint - Keda Li (002850) announced on August 18 that it is accelerating the market introduction of standardized products while continuing to deepen technical development for customized solutions tailored to specific application scenarios [1] Group 1 - The company recognizes the differentiated performance demands across various application fields [1] - The company is focusing on both general standardized products and customized solutions [1]

证券日报网讯科达利（002850）8月18日发布公告，在公司回答调研者提问时表示，目前全固态方案有 不同材料、不同设计结构的产品，公司已与多家主流固态电池制造商建立了合作，正积极推动下一代固 态电池解决方案的进程。 ...

Core Insights - The company, Keda Li (002850), announced on August 18 that lightweight design has become a new focus in the market according to current technological trends [1] - The company emphasized the need to achieve a balance between lightweight design and key performance indicators such as torque and service life [1] - Keda Li aims to continuously enhance the lightweight level of its products while ensuring transmission efficiency and durability, providing more competitive solutions for customers [1]

Core Viewpoint - Keda Li (002850.SZ) reported a steady growth in its performance for the first half of 2025, with a revenue of 6.645 billion yuan and a net profit of 769 million yuan, driven by the increasing sales of new energy vehicles and effective cost reduction measures [2][3][5]. Financial Performance - The company achieved a revenue of 6.645 billion yuan, representing a year-on-year growth of 22.01% [2]. - The net profit attributable to shareholders was 769 million yuan, up 18.72% year-on-year, while the net profit excluding non-recurring items was 720 million yuan, reflecting a growth of 14.61% [2]. - The gross margin for the precision structural components business was 23.26%, showing a slight decline of 0.35% year-on-year [5]. Market Position and Strategy - Keda Li maintains a market share of approximately 40% in the precision structural components sector, with over 50% in the domestic power battery structural components market and over 30% globally [3][5]. - The company has established long-term strategic partnerships with leading domestic manufacturers such as CATL and international clients like Tesla [6]. Research and Development - Keda Li invested 355 million yuan in R&D during the first half of the year, marking a 21.11% increase, focusing on enhancing safety, reliability, lightweight design, and high capacity of power battery precision structural components [5]. - The company has developed key technologies in explosion-proof design and leak-proof handling, establishing a competitive edge in the industry [5]. New Business Ventures - Keda Li is actively exploring the humanoid robot sector, having co-founded Shenzhen Kema Innovation Robot Technology Co., Ltd. with a registered capital of 100 million yuan, where Keda Li holds a 40% stake [7]. - The company is developing core components for humanoid robots, including harmonic reducers and rotary joints, with a focus on lightweight materials [7][8]. - Keda Li has also established partnerships to expand its robot industry chain, including investments in Suzhou Yizhi Smart Drive Technology Co., Ltd. to focus on advanced dexterous hand development [9].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a strong revenue growth in Q2, with total revenue reaching 6.645 billion yuan in the first half of 2025, representing a year-on-year increase of 22%. The net profit attributable to the parent company was 769 million yuan, up 19% year-on-year, with a net profit margin of 11.6% [7] - The company has established a solid customer base for its structural components, securing long-term supply agreements with major clients such as Inpai Battery and Honeycomb Energy, which are expected to drive revenue growth [7] - The company is actively expanding its product offerings in the robotics sector, focusing on key components such as reducers and robotic hands, with new products successfully shipped for various applications [7] - The report slightly adjusts the profit forecast for 2025-2027, estimating net profits of 1.770 billion yuan, 2.171 billion yuan, and 2.608 billion yuan respectively, with corresponding price-to-earnings ratios of 19, 16, and 13 [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 14.734 billion yuan, with a year-on-year growth rate of 22.5%. The net profit for 2025 is expected to be 1.770 billion yuan, reflecting a growth rate of 20.3% [6] - The gross margin for Q2 2025 reached 23.4%, showing a quarter-on-quarter increase of 1.2 percentage points, indicating potential for further cost reduction in the upcoming peak season [7] - The company's return on equity (ROE) is projected to improve from 6.3% in 2025 to 15.4% by 2027, demonstrating strong profitability potential [6]

Market Overview - The battery sector increased by 1.27% compared to the previous trading day, with Yuanhang Precision leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Gainers in Battery Sector - Yuanhang Precision (833914) closed at 42.32, up 11.93% with a trading volume of 88,400 shares and a transaction value of 344 million [1] - Chongjian Electronics (301121) closed at 50.27, up 11.81% with a trading volume of 143,300 shares and a transaction value of 692 million [1] - Xiamen Tungsten New Energy (688778) closed at 56.95, up 10.73% with a trading volume of 135,700 shares and a transaction value of 753 million [1] - Daoshi Technology (300409) closed at 20.87, up 10.66% with a trading volume of 1,169,200 shares and a transaction value of 2.342 billion [1] - Nord Shares (600110) closed at 7.70, up 10.00% with a trading volume of 1,072,000 shares and a transaction value of 819 million [1] Market Capital Flow - The battery sector experienced a net outflow of 1.176 billion from institutional investors, while retail investors saw a net inflow of 1.203 billion [2][3] - The top stocks with significant net inflows from retail investors include Ningde Times (300750) with a net inflow of 1.98 billion [3] - Notable outflows from retail investors were observed in Yongtao Shares (002733) with a net outflow of 923.478 million [3] Summary of Stock Performance - The overall performance of the battery sector shows a mix of gains and losses among individual stocks, with significant volatility in trading volumes and transaction values [1][2][3] - The data indicates a strong interest from retail investors, contrasting with the outflows from institutional investors, suggesting a potential shift in market dynamics [2][3]