深圳市科达利实业股份有限公司 第五届监事会第十一次（临时）会议决议公告 本公司及监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、监事会会议召开情况 深圳市科达利实业股份有限公司（以下简称"公司"）第五届监事会第十一 次（临时）会议通知于 2025 年 6 月 24 日以电子邮件、书面形式送达全体监事； 会议于 2025 年 6 月 30 日在公司会议室以现场与通讯表决相结合的方式举行。会 议由监事会主席黎安明先生主持，应到监事三名，实到监事三名，其中黎安明先 生通讯表决。会议符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 （一）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》； | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 监事会认为：由前期向全资子公司江苏科达利精密工业有限公司（以下简称 "江苏科达利"）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， 有利于 ...

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-038 | | --- | --- | --- | | 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 次（临时）会议通知于 2025 年 6 月 24 日以电子邮件、书面形式送达全体董事、 监事和高级管理人员；会议于 2025 年 6 月 30 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 监事和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。 二、董事会会议审议情况 （一）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 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 5.11%, outperforming the Shanghai Composite Index, with the new energy vehicle index rising by 6.53% [1]. - In the photovoltaic sector, domestic installations reached 197.85 GW from January to May 2025, a year-on-year increase of 149.97% [3][30]. - The report highlights a significant investment growth in power grid projects, with a 19.8% year-on-year increase in investment from January to May 2025 [4][44]. Summary by Sections New Energy Vehicles - Xiaomi launched its first luxury high-performance SUV, the YU7, featuring advanced design and technology, including a 22000rpm motor and a 3.23-second acceleration time [2][10]. - The vehicle's interior is designed for comfort, with high-quality materials and advanced noise reduction features [10][15]. Photovoltaic Sector - The report notes a substantial increase in photovoltaic installations, with May 2025 alone contributing 92.92 GW, marking a 388.03% year-on-year increase [3][30]. - The report anticipates a potential decline in new installations due to changes in grid connection policies and market pricing [3][30]. - The photovoltaic supply chain is experiencing price declines, particularly in silicon materials and components [33][34]. Electric Equipment and Industrial Control - National statistics indicate that the average utilization of power generation equipment was 1249 hours from January to May 2025, a decrease of 132 hours year-on-year [4][44]. - Investment in power grid projects reached 2040 billion yuan, reflecting a 19.8% increase compared to the previous year [4][44]. - The report emphasizes the importance of monitoring key companies such as CATL, Keda, and others for potential investment opportunities [4][44].

Group 1 - The lithium battery index has increased by 3.80% in the last two weeks, outperforming the CSI 300 index by 2.42 percentage points as of June 26, 2025 [1][2] - The lithium battery index has accumulated a rise of 4.25% this month, surpassing the CSI 300 index by 1.50 percentage points [1][2] - Year-to-date, the lithium battery index has grown by 1.35%, outpacing the CSI 300 index by 1.06 percentage points [1][2] Group 2 - As of June 26, 2025, the average price of battery-grade lithium carbonate is 61,600 CNY/ton, showing a decrease of 0.16% over the past two weeks [3] - The price of lithium hydroxide (LiOH 56.5%) is 63,900 CNY/ton, down by 3.62% in the same period [3] - Prices for cathode materials such as lithium iron phosphate remain stable at 30,300 CNY/ton, while NCM523, NCM622, and NCM811 are priced at 112,500 CNY/ton, 121,000 CNY/ton, and 145,500 CNY/ton respectively [3] Group 3 - Solid-state battery technology is gaining traction, with multiple companies announcing advancements in this area [4] - The industrialization of solid-state batteries is accelerating, leading to structural demand for materials and equipment upgrades [4] - The government’s policies, including the "old-for-new" subsidy program, are expected to boost demand in the electric vehicle market, contributing to rapid sales growth [4] Group 4 - The overall demand and production of lithium batteries continue to grow rapidly, with the industry supply-demand relationship gradually improving [5] - The utilization rate of quality production capacity is expected to increase, leading to marginal improvements in industry profitability [5] - Key companies to watch include CATL, Kodali, Enjie, Tena Technology, and Naconor [5]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [52]. Core Insights - The global lithium battery production in May 2025 reached 173 GWh, marking a year-on-year increase of 44.4%. Cumulative production from January to May 2025 was 812.74 GWh, up 62.44% year-on-year [45]. - The report highlights the ongoing rapid growth in lithium battery demand and production, with a gradual improvement in the supply-demand relationship within the industry. The profitability of the industry chain is expected to continue to improve marginally [49]. - Key companies to watch include CATL (300750), Keda Industrial (002850), Enjie (002812), Tianwei Technology (688116), and Naconor (832522) due to their strong fundamentals and market positions [49]. Summary by Sections Market Review - As of June 26, 2025, the lithium battery index increased by 3.80% over the past two weeks, outperforming the CSI 300 index by 2.42 percentage points. Year-to-date, the lithium battery index has risen by 1.35%, also outperforming the CSI 300 index by 1.06 percentage points [15][4]. Price Changes in the Lithium Battery Supply Chain - As of June 26, 2025, the average price of battery-grade lithium carbonate was 61,600 CNY/ton, down 0.16% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) was 63,900 CNY/ton, down 3.62% [28][6]. - The price of electrolytic cobalt increased to 256,000 CNY/ton, up 9.87% over the past two weeks, while electrolytic nickel decreased to 119,900 CNY/ton, down 1.80% [29][6]. - Prices for cathode materials such as lithium iron phosphate remained stable at 30,300 CNY/ton [30]. Industry News - The solid-state battery sector is experiencing accelerated industrialization, creating structural demand for materials and equipment upgrades. Companies with technological and production advantages in solid-state battery core materials are highlighted as potential investment opportunities [49]. - The report notes that the "old-for-new" subsidy policy is effectively boosting demand in the electric vehicle market, with expectations for continued rapid growth in sales [49]. Company Announcements - Notable developments include CATL's plans for solid-state battery production and Keda Industrial's expansion into humanoid robot structural components, which may enhance overall operational efficiency [46][49].

Core Viewpoint - Shenzhen Kedali Industry Co., Ltd. has issued convertible bonds with a total scale of approximately 15.34 billion RMB, aimed at funding precision structural components for new energy vehicle batteries and other projects [4][6]. Group 1: Company Overview - Shenzhen Kedali Industry Co., Ltd. specializes in the research and manufacturing of precision structural components for batteries and automotive parts, having established itself as a leading player in the domestic market over 28 years [6]. - The company has formed long-term strategic partnerships with major domestic and international clients, including CATL, LG, Panasonic, and Tesla [6]. Group 2: Financial Performance - The company's total assets reached approximately 190.51 billion RMB, with total liabilities of about 73.66 billion RMB, resulting in a net asset value of approximately 116.85 billion RMB [7]. - The operating income for the years 2022, 2023, and 2024 was approximately 86.54 billion RMB, 105.11 billion RMB, and 120.30 billion RMB, respectively, indicating a growth rate of 14.44% [11]. - The net profit for the same years was not specified, but the operating cash flow showed a significant increase, reaching approximately 21.48 billion RMB in 2024 [11]. Group 3: Bond Issuance and Management - The convertible bonds, known as "Keli Convertible Bonds," have a term of 6 years, with an issuance scale of 153,437.05 million RMB [4][5]. - The bond's interest rates are set at 0.30% for the first year, 0.50% for the second year, and 1.00% for the third year, with annual interest payments [5]. - The bond's conversion price was adjusted from 152.20 RMB to 150.70 RMB per share, effective from May 24, 2024, due to market conditions [5][6]. Group 4: Use of Proceeds - The net proceeds from the bond issuance will be allocated to projects including the precision structural components for new energy vehicle batteries, with a total of 60 million RMB for the second phase of the project and 21.51 million RMB for working capital [7][8].

Core Viewpoint - The credit rating of Shenzhen Keda Li Industrial Co., Ltd. remains stable at AA, reflecting its leading position in the lithium battery precision structural components industry and strong financial performance despite facing pricing pressures and high customer concentration risks [4][9][10]. Financial Performance - Total assets increased from 172.22 billion in 2022 to 199.53 billion in 2025, while total liabilities rose from 42.61 billion to 50.76 billion during the same period [4][5]. - Operating revenue grew from 86.54 billion in 2022 to 120.30 billion in 2024, with net profit increasing from 9.13 billion to 14.68 billion [4][5]. - The company reported a significant net cash inflow from operating activities, contributing to a strong cash position and low leverage ratios [7][8]. Market Position and Competitive Advantage - The company benefits from a high demand for lithium battery precision structural components driven by the growth of the new energy vehicle market, with a projected revenue increase of 14.44% in 2024 [6][15]. - Keda Li has established stable relationships with leading clients in the battery manufacturing sector, including CATL and Tesla, enhancing customer loyalty [6][20]. - The company maintains a strong R&D capability, with a focus on innovation in safety, reliability, and lightweight materials, holding 522 patents as of 2024 [11][17]. Risks and Challenges - The company faces pricing pressure on its products due to the strong cost-cutting demands from automotive manufacturers and a slowdown in global battery installation growth [8][15]. - High customer concentration remains a risk, with the top client accounting for over 30% of sales, which could impact financial performance if their situation changes [8][20]. - The company is expanding its production capacity significantly, with over 28 billion in investments planned, raising concerns about the ability to fully utilize this capacity amid a competitive market [8][17]. Industry Outlook - The lithium battery precision structural components market is expected to continue growing, supported by government policies and increasing penetration of new energy vehicles [12][15]. - The global battery installation volume is projected to reach 894.4 GWh in 2024, indicating a 27.2% year-on-year growth, although the growth rate is slowing [12][14]. - The industry is characterized by a high concentration of leading manufacturers, with the top ten companies holding a market share of 67.1% [12][14].

证券代码：002850 证券简称：科达利 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 深圳市科达利实业股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （住所：深圳市龙华区大浪街道同胜社区中建科技厂区厂房一 1 层） （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、证券交 易所公司债券上市规则（以下简称"上市规则"）、发行人与中国国际金融股份 有限公司（以下简称"中金公司"或"受托管理人"）签订的债券受托管理协议 （以下简称"受托管理协议"）及其它相关信息披露文件以及深圳市科达利实业 股份有限公司（以下简称"发行人"或"公司"）出具的相关说明文件和提供的 相关资料等，由受托管理人中金公司编制。中金公司编制本报告的内容及信息均 来源于深圳市科达利实业股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜 ...

深圳市科达利实业股份有限公司 相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【277】号 02 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...

Core Viewpoint - The company plans to invest up to 50 million euros (approximately 410 million RMB) in Hungary to enhance its production capacity for precision components in power batteries, which aligns with its strategic goals for international market expansion [2][3]. Investment Details - The investment will be funded entirely by the company's own resources and will be executed by its wholly-owned subsidiary, Kedali Hungary Kft. The construction period for the project is approximately 24 months [2]. - Once fully operational, the project is expected to generate an annual output value of around 100 million euros [2]. Strategic Implications - This investment aims to meet the increasing capacity demands from customers and is expected to solidify the company's foundation for expanding its overseas business [3]. - The initiative is anticipated to enhance the company's collaboration and technological exchange with international markets, aligning with its development strategy and actual needs [3].