Core Viewpoint - Keda Li (002850.SZ) has announced an increase in registered capital for its Thai subsidiary, reflecting the company's investment needs for construction and operational funds in Thailand [1] Group 1: Capital Increase Details - The company held the 26th (temporary) meeting of the fifth board of directors on January 13, 2026, to approve the proposal for increasing the registered capital of its Thai subsidiary [1] - The registered capital of Thai Keda Li will increase from 5 million Thai Baht to 50 million Thai Baht, equivalent to approximately 111.28 million RMB at the current exchange rate [1]

Core Viewpoint - Keda Li (002850.SZ) has announced an increase in registered capital for its Thai subsidiary, reflecting the company's investment in construction and operational funding needs [1] Group 1: Capital Increase - The company convened the 26th (temporary) meeting of the fifth board of directors on January 13, 2026, to review and approve the proposal for increasing the registered capital of its Thai subsidiary [1] - The capital increase will be executed through a proportional investment from the company and its Hungarian subsidiary, Keda Li [1] - Following the completion of this capital increase, the registered capital of the Thai subsidiary will rise from 5 million Thai Baht to 50 million Thai Baht, equivalent to approximately 111.28 million RMB at the current exchange rate [1]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 关于泰国子公司增加注册资本的公告 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。 一、本次增资情况概述 深圳市科达利实业股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日 召开第五届董事会第二十二次（临时）会议，审议通过了《关于将马来西亚项目 变更为泰国新能源锂电池精密结构件项目的议案》。该议案同意将原计划投资建 设的马来西亚锂电池精密结构件项目，变更为在泰国投资建设新能源锂电池精密 结构件项目（以下简称"泰国项目"）。泰国项目投资总额不超过 2.1 亿元人民币 （最终投资总额以实际投资为准），资金来源全部为公司自有资金。公司与全资 子公司 Kedali Hungary Kft.（科达利匈牙利有限责任公司，以下简称"匈牙利科 达利"）共同出资，在泰国设立 KEDALI (THAILAND) CO., LTD.（科达利[泰国] 责任有限公司，以下简称"泰国科达利" ...

二、董事会会议审议情况 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2026-002 | | --- | --- | --- | | 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 第五届董事会第二十六次（临时）会议决议公告 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。 一、董事会会议召开情况 深圳市科达利实业股份有限公司（以下简称"公司"）第五届董事会第二十 六次（临时）会议通知于 2026 年 1 月 7 日以电子邮件、书面形式送达全体董事 和高级管理人员；会议于 2026 年 1 月 13 日在会议室以现场与通讯表决相结合的 方式举行。会议由董事长励建立先生主持，应到董事七名，实到董事七名，其中， 董事励建炬先生、胡殿君先生、张玉箱女士、赖向东先生、张文魁先生通讯表决； 公司高级管理人员列席了会议。会议召开、审议及表决程序符合《中华人民共和 国公司法》和《公司章程》的有关规定。 （一）审议通过了《关于泰国子公司增加注册资本的议案》。 同意公司与全资子公司 Kedali Hungary Kft.（ ...

Group 1: Lithium Battery Market Insights - As of December 26, lithium carbonate prices reached 107,000 yuan/ton, an increase of 16% from the previous month, while lithium hydroxide prices were at 89,000 yuan/ton, up 11% month-on-month [1][2] - The lithium battery sector has shown strong performance since December 2025, with most segments outperforming the CSI 300 and SSE 50 indices [2] - The lithium battery electrolyte segment led the gains with an 8% increase, followed by positive growth in cathodes, lithium mines, and lithium battery separators [2] Group 2: Electric Vehicle Sales - In November, domestic wholesale sales of new energy passenger vehicles reached 1.57 million units, reflecting a year-on-year increase of 19% and a month-on-month increase of 5% [4] - Cumulative wholesale sales from January to November totaled 12.8 million units, representing a year-on-year growth of 30% [4] Group 3: Sodium Battery Development - The sodium-ion battery industry is entering a phase characterized by significant commercial growth, with applications in energy storage, two-wheeled vehicles, and passenger cars [3] - The sodium battery is evolving from a strategic supplement to lithium batteries to a competitive energy solution in its own right, particularly in energy storage and light-duty applications [3] Group 4: Energy Storage Market Trends - In November, domestic energy storage installations rebounded strongly to 11.6 GWh, marking a year-on-year increase of 31% and a month-on-month increase of 213% [4] - Cumulative installations from January to November reached 83.4 GWh, with a year-on-year growth of 28% [4] Group 5: Production and Pricing Trends - In January 2026, pre-production for batteries, cathodes, anodes, separators, and electrolytes is expected to increase by 29% to 52% year-on-year, despite a slight month-on-month decrease due to the Spring Festival [5] - Prices for lithium battery materials are rising, with cathode materials and electrolytes experiencing widespread increases, while lithium hexafluorophosphate saw a 15% decline [5] Group 6: Investment Recommendations - The lithium battery sector is anticipated to experience a significant price and volume increase in 2026, driven by breakthroughs in solid-state technology [7] - Companies recommended for investment include Ningde Times, Yiwei Lithium Energy, and Keda Li, particularly in segments like lithium carbonate and solid-state technology [7]

Group 1 - The company issued convertible bonds totaling RMB 153,437.05 million, with a net amount of RMB 151,510.44 million after deducting issuance costs [1][2] - The initial conversion price of the convertible bonds was set at RMB 159.35 per share, which has been adjusted multiple times due to stock options and dividend distributions [4][5][6] - The conversion period for the bonds started on January 16, 2023, and will end on July 7, 2028 [3] Group 2 - The conversion price was adjusted to RMB 159.22 per share on January 18, 2023, and further adjusted to RMB 158.92 on May 19, 2023, following a cash dividend distribution [4][5] - A significant adjustment occurred on August 15, 2023, reducing the conversion price to RMB 152.20 per share due to a stock issuance of 33,471,626 shares [6] - The conversion price will be further adjusted to RMB 150.70 per share on May 24, 2024, and to RMB 148.70 per share on May 30, 2025, following additional dividend distributions [7][8] Group 3 - As of the fourth quarter of 2025, the company completed a total of 1,193 shares in bond conversions, with a remaining convertible bond amount of RMB 1,534,180,000 [9] - The total share capital increased by 1,170,695 shares during the same period, primarily due to stock option exercises and bond conversions [10]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2026-001 | | --- | --- | --- | | 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 2025 年第四季度可转债转股情况的公告 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。 特别提示： | 股票代码：002850 | | | | 股票简称：科达利 | | --- | --- | --- | --- | --- | | 债券代码：127066 | | | | 债券简称：科利转债 | | 当前转股价格：人民币 | 148.70 | | 元/股 | | | 转股起始时间：2023 年 | 1 | 月 16 | 日 | | | 年 转股截止时间：2028 | 7 | 月 7 | 日 | | | 转股股份来源：新增股份 | | | | | 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，深圳市科达利实业股份有限公 司（以下简称"公司"）就 2025 年第四季度可转换 ...

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Views - The lithium battery prices are rapidly linked, and there is significant long-term potential in space photovoltaic technology [1] - The energy storage sector is expected to see substantial growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][7] - The electric vehicle market is anticipated to grow by 15% in 2026, supported by continued subsidies and a strong export contribution [26] Industry Trends - The electric power equipment sector experienced a decline of 2.18%, underperforming the market, with specific segments like wind power and new energy vehicles showing slight increases [3] - The report highlights the release of independent energy storage capacity compensation in Hubei Province at 165 RMB/kW·year, indicating government support for energy storage development [3] - The report notes that the global energy storage market is expected to grow significantly, with the U.S. projected to see a 60% increase in energy storage installations in 2025 [7] Market Prices and Changes - Lithium carbonate prices are reported at 112,500 RMB/ton, showing a slight decrease of 0.9% [3] - The average price of polysilicon is reported at 53.00 RMB/kg, with no change, while N-type silicon wafers have seen a price increase of 20% [3] - The report indicates that the average bidding price for onshore wind power is 1,800 RMB/kW, reflecting a competitive market environment [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong performance, with Ningde Times expected to see a net profit of 11-16 billion RMB in 2025, representing a year-on-year increase of 127%-230% [3] - Tianqi Lithium and Ganfeng Lithium are noted for their strategic partnerships and production capacity expansions, positioning them well in the lithium supply chain [3] - The report emphasizes the strong growth potential for companies involved in energy storage and lithium battery production, recommending investments in leading firms such as Ningde Times and Yiwei Lithium Energy [3][6]

Core Viewpoint - KedaLi's stock price has shown significant growth this year, with a year-to-date increase of 69.46% and a recent uptick of 7.24% over the last five trading days, indicating strong market performance and investor interest [1]. Financial Performance - For the period from January to September 2025, KedaLi reported a revenue of 10.603 billion yuan, representing a year-on-year growth of 23.41%. The net profit attributable to shareholders was 1.185 billion yuan, reflecting a 16.55% increase compared to the previous year [2]. - Cumulatively, KedaLi has distributed 1.312 billion yuan in dividends since its A-share listing, with 1.022 billion yuan distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, KedaLi had 21,400 shareholders, a decrease of 4.91% from the previous period. The average number of tradable shares per shareholder increased by 5.31% to 9,210 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 7.7715 million shares, an increase of 1.128 million shares from the previous period. Other notable shareholders include QuanGuo XuYuan and HuaXia Energy Innovation [3]. Market Activity - On December 30, KedaLi's stock price reached 162.14 yuan per share, with a trading volume of 648 million yuan and a turnover rate of 2.07%. The total market capitalization stood at 44.389 billion yuan [1]. - The net inflow of main funds was 5.5065 million yuan, with significant buying activity from large orders, indicating robust investor confidence [1]. Business Overview - KedaLi, established on September 20, 1996, and listed on March 2, 2017, specializes in the research and manufacturing of precision structural components. The main revenue sources are lithium battery structural components (96.52%) and automotive structural components (3.26%) [1]. - The company operates within the electric equipment industry, specifically in the battery and lithium battery sectors, and is associated with concepts such as energy storage, solid-state batteries, and smart vehicles [1].

Group 1 - The core viewpoint of the news is that Keda Li's stock has shown a positive performance, with a 1.37% increase, reaching a price of 161.00 yuan per share, and a total market capitalization of 44.077 billion yuan [1] - Keda Li's main business involves the research and manufacturing of precision structural components, with lithium battery structural components accounting for 96.52% of its revenue, automotive structural components 3.26%, and other components making up the remaining 0.22% [1] Group 2 - The fund "China Europe Carbon Neutral Mixed Initiation A" has increased its holdings in Keda Li by 50,000 shares, bringing its total to 350,000 shares, which represents 5.88% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 39.23%, ranking 2085 out of 8087 in its category, and a one-year return of 38.38%, ranking 1909 out of 8085 [2]