Core Viewpoint - Kedali is accelerating its overseas expansion by investing up to €50 million in Hungary for a new precision component project, aiming for an annual output value of approximately €100 million upon completion [1][2]. Group 1: Overseas Expansion - The company is establishing production bases in Germany, Sweden, and Hungary to meet the demands of international clients [1]. - The investment in Hungary is part of Kedali's strategy to enhance production capacity and accelerate overseas business development [2]. - Kedali plans to invest up to $49 million to establish a subsidiary in the U.S. and build a production base for battery components, marking its entry into the American market [3]. Group 2: Financial Performance - Kedali's revenue grew from ¥1.985 billion in 2020 to ¥12.03 billion in 2024, representing a more than fivefold increase over four years [6]. - The net profit increased from ¥179 million to ¥1.472 billion during the same period, showing a growth of over seven times [6]. - In Q1 2025, the company's revenue rose by 20.46% year-on-year to ¥3.022 billion, with net profit increasing by 25.51% to ¥387 million [6]. Group 3: Research and Development - From 2021 to 2024, Kedali invested approximately ¥2.1 billion in R&D, with a steady increase in annual R&D expenses [6]. - As of the end of 2024, the company holds a total of 522 patents, including 37 invention patents [6].

Group 1 - The U.S. military conducted a significant airstrike on Iranian nuclear facilities using seven B-2 bombers, marking the largest deployment of B-2s in history [2] - The operation, named "Midnight Hammer," was executed with minimal knowledge among U.S. officials regarding its timing and details [2] - The B-2 bombers flew for 18 hours to reach Iranian airspace while maintaining radio silence and conducting multiple aerial refuels [2] Group 2 - The Iranian parliament has expressed support for closing the Strait of Hormuz, a critical oil shipping route, which could lead to oil prices soaring to $130 per barrel [3] - Approximately one-third of global oil trade passes through the Strait of Hormuz, making its closure a significant concern for international oil supply [3] - Brent crude oil futures have risen by 18% since June 10, reaching a five-month high of $79 per barrel [3] Group 3 - The European Commission has decided to restrict Chinese companies from participating in medical device tenders exceeding €5 million, citing retaliatory measures against China [4] - The Chinese government has criticized the EU's actions as a form of protectionism and double standards, despite the EU's claims of being an open market [4] Group 4 - The launch of the Cross-Border Payment System allows for real-time remittances between mainland China and Hong Kong, with banks offering fee waivers and cash incentives to attract customers [5] - This initiative is seen as a strategic move by banks to capture the growing cross-border business market, with the potential to tap into a multi-trillion yuan consumer market [5] Group 5 - A new regulation from the Shanghai Stock Exchange mandates that brokerage firms must process investor requests to change designated trading accounts on the same day, enhancing customer service [6] - This regulation aims to reduce barriers for investors wishing to switch brokers, potentially increasing competition among brokerage firms [6] Group 6 - The Central Commission for Discipline Inspection has issued guidelines on recognizing violations related to public officials' dining practices, emphasizing adherence to anti-corruption regulations [7] - The guidelines define various forms of improper dining, including accepting or providing meals that could influence official duties [7] Group 7 - More than ten provinces in China are encouraging a 2.5-day weekend policy to boost consumer spending and economic activity [8][9] - This initiative aligns with previous government recommendations aimed at optimizing holiday arrangements to promote tourism and consumption [8][9] Group 8 - Platinum prices have surged over 36% this year, surpassing gold's price increase, driven by rising consumer demand in China [10] - The demand for platinum bars and coins in China has increased by 140% year-on-year, making it the largest retail investment market for platinum globally [10] Group 9 - Vipshop's marketing vice president has been detained for alleged corruption, with the company affirming its commitment to zero tolerance for such behavior [11] - The company stated that its business operations remain normal despite the ongoing investigation [11] Group 10 - NIO faces customer complaints regarding "freezing" issues in their vehicles, with the company rejecting requests for vehicle replacements based on warranty limitations [12] - NIO has offered compensation in the form of loyalty points to affected customers, but negotiations for a satisfactory resolution are ongoing [12] Group 11 - The lithium battery industry is experiencing increased overseas expansion, with potential benefits from capacity releases expected in the near future [13] - A surge in research reports on stablecoins indicates growing interest and investment in this area [13] Group 12 - Several companies are pursuing significant investments and acquisitions, including Keda Li's plan to invest €5 million in Hungary for battery components and Jiemite's acquisition of control over Siteng Helix [16][17] - Other notable investments include a proposed 49.2 billion yuan project by Jidian Co. for a green methanol innovation demonstration [20]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others, indicating a positive outlook for their performance [4]. Core Insights - The inverter export value has shown continuous improvement, with a year-on-year increase of 9.25% in the first five months of 2025, reaching 24 billion RMB [3][21]. - The total electricity consumption in May 2025 was 809.6 billion kWh, reflecting a year-on-year growth of 4.4%, with significant increases in the first and third industries [4][34]. - The report highlights the ongoing decline in silicon material prices, which is expected to impact the photovoltaic industry positively [22][26]. Summary by Sections New Energy Vehicles - Leap Motor launched the 2026 C16 SUV, featuring a spacious interior and advanced safety and intelligent driving systems [2][8]. - The vehicle incorporates high-strength materials and a comprehensive safety structure, achieving a top safety rating [9]. Photovoltaics - Inverter exports reached 24 billion RMB in the first five months of 2025, with May exports at 5.975 billion RMB, marking a 7.96% year-on-year increase [21]. - The domestic component export value was 79.559 billion RMB, down 24.07% year-on-year, but May saw a 7.18% increase compared to the previous month [21]. - Silicon prices have decreased, with multi-crystalline silicon prices dropping by 6.27% [22]. Electric Power Equipment - The total electricity consumption for the first five months of 2025 was 39,665 billion kWh, up 3.4% year-on-year, with significant growth in the agricultural and residential sectors [34][35]. - The report emphasizes the trend of electric power equipment companies expanding overseas, leveraging China's complete manufacturing supply chain [45]. - Key recommendations include companies involved in transformers and smart grid investments, indicating a shift towards digitalization in the power sector [45].

Group 1 - The company held its 19th (temporary) meeting of the 5th Board of Directors on June 20, 2025, with all seven directors present, and the meeting complied with relevant regulations [1] - The Board decided not to adjust the conversion price of the "Keli Convertible Bond" downwards, despite it triggering the downward adjustment clause as of June 20, 2025 [2] - The decision was made considering the company's fundamentals, stock price trends, and market environment, aiming to protect the interests of all investors [2] Group 2 - The company plans to invest up to €50 million in the construction of the third phase of the precision structural components project for power batteries in Hungary [2][3] - The investment proposal was approved unanimously by the Board, with all seven votes in favor [3]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-035 | | --- | --- | --- | | 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 关于不向下修正"科利转债"转股价格的公告 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。 重要内容提示 1、截至 2025 年 6 月 20 日，深圳市科达利实业股份有限公司（以下简称"公 司"）股票价格已出现连续三十个交易日中至少有十五个交易日的收盘价不高于 当期转股价格（即人民币 148.70 元/股）的 85%的情形，已触发《公司公开发行 可转换公司债券募集说明书》（以下简称"《募集说明书》"）中规定的转股价 格向下修正条款。 2、经公司第五届董事会第十九次（临时）会议审议通过，公司董事会决定 本次不向下修正"科利转债"转股价格，且未来 6 个月内（即 2025 年 6 月 23 日至 2025 年 12 月 22 日），如再次触发"科利转债"转股价格向下修正条款的， 亦不提出向下修正方案。在此之后若再次触发"科利转债"转股价格向下修正条 款 ...

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-036 | | --- | --- | --- | | 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 （二）项目投资总额及资金来源：项目投资总额不超过 5,000 万欧元（最终 项目投资总额以实际投资为准），资金来源全部为公司自有资金。 关于投资建设匈牙利动力电池精密结构件三期项目的公告 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、 对外投资概述 （一）对外投资基本情况 为有效拓展海外市场，进一步提升国际竞争力，促进深圳市科达利实业股份 有限公司（以下简称"公司"）长远战略规划逐步落地，公司拟使用自有资金不 超过 5,000 万欧元在匈牙利投资建设动力电池精密结构件三期项目。前述投资金 额包括厂房工程建设、机器设备购置以及补充流动资金等（实际投资金额以中国 及当地相关主管部门批准的金额为准）。公司将根据市场需求及业务发展等具体 情况实施建设匈牙利动力电池精密结构件三期项目。 （二）审议情况 公司于 2025 年 6 月 20 日召开的第五届 ...

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-034 | | --- | --- | --- | | 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 第五届董事会第十九次（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"）第五届董事会第十九 次（临时）会议通知于 2025 年 6 月 13 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 20 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《关于不向下修正科利转债转股价格的议案》； 截至 2025 年 6 月 20 日，"科利转债"已触发转股 ...

Core Viewpoint - The company, Keda Li (002850), plans to invest up to 50 million euros in Hungary for the construction of a precision structural component project for power batteries, with an expected annual output value of approximately 100 million euros upon full production [1] Investment Details - The investment will be funded through the company's own resources, covering aspects such as factory construction, machinery procurement, and working capital [1] - The project is expected to take about 24 months to complete, depending on market demand and business development [1] Production Capacity - The project will focus on the production of precision structural components for lithium batteries [1] - Once fully operational, the project is projected to achieve an annual output value of around 100 million euros [1]

Group 1: Electric Vehicles - The report anticipates a 22% year-on-year increase in domestic new energy vehicle sales in 2025, driven by policies such as trade-in incentives, new model releases, and price reductions [2][16][22] - In Europe, the electric vehicle market is expected to grow by 22% in 2025, supported by carbon emission regulations and ongoing subsidies [2][18][22] - The global demand for power batteries is projected to grow at a rate of 25% in 2025, with a significant increase in battery capacity requirements due to enhanced vehicle range [22][24] Group 2: Wind Power - The domestic wind power market is expected to see a significant increase in installed capacity, with new installations projected at 100 GW for land-based and 12 GW for offshore wind in 2025, representing year-on-year growth of 23% and 114% respectively [3][4] - Internationally, the wind power market is forecasted to grow at a CAGR of 16.7% from 2025 to 2030, driven by increased policy support [3] - The report highlights opportunities in offshore wind and related supply chains, including wind turbines, piles, and submarine cables [3] Group 3: Photovoltaics - The report expects global photovoltaic installations to reach 530-560 GW in 2025, with a year-on-year growth of 0-6%, influenced by domestic demand and emerging markets [4] - Supply-side reforms are anticipated to play a crucial role in reshaping the industry, with a key window for these reforms expected between the second half of 2025 and the first quarter of 2026 [4] - New technologies such as bifacial cells and metallization processes are highlighted as areas of interest for future growth [4] Group 4: Energy Storage - The domestic energy storage market is projected to grow by 17% year-on-year in 2025, supported by strong bidding data and the advancement of market-oriented electricity pricing [5] - In the U.S., energy storage installations are expected to increase by 23% in 2025, despite concerns over subsidy reductions [5] - The European market is forecasted to see a 36% increase in energy storage installations in 2025, with significant contributions from large-scale commercial storage [5] Group 5: Industrial Control - The industrial control sector is experiencing a recovery, with growth expected in 2025 due to increased demand from traditional and new energy industries [9] - The report emphasizes the potential of humanoid robots and AIDC (Automatic Identification and Data Capture) technologies as key areas for investment [9] - Companies involved in high-value components and new technologies, such as PEEK materials and disc motors, are recommended for attention [9]

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of Rmb175.00, while the stock price as of June 12, 2025, was Rmb111.13 [4][20]. Core Insights - The company, Keda Li, is focusing on the humanoid robotics sector by collaborating with a humanoid robot industry chain company to establish a joint venture for dexterous hands, which is expected to inject new growth momentum into the company [2][3]. - The company's current product layout in humanoid robotics includes harmonic reducers, joint components, and dexterous hands, indicating a strategic move towards innovation in this emerging field [3]. Financial Summary - The projected revenue growth from Rmb8.65 billion in 2022 to Rmb27.12 billion by 2029, reflecting a compound annual growth rate (CAGR) of approximately 17.5% [6]. - The expected net profit is projected to increase from Rmb901 million in 2022 to Rmb3.47 billion by 2029, indicating strong profitability growth [6]. - The earnings per share (EPS) is forecasted to rise from Rmb3.84 in 2022 to Rmb12.79 by 2029, showcasing significant growth potential [6]. Valuation Metrics - The company is expected to have a price-to-earnings (P/E) ratio of 16.4x in 2025, decreasing to 8.7x by 2029, suggesting an attractive valuation as earnings grow [6]. - The projected return on invested capital (ROIC) is expected to improve from 18.9% in 2025 to 24.6% by 2029, indicating efficient capital utilization [6]. Market Outlook - The forecasted stock price increase of 57.5% and a dividend yield of 2.2% contribute to an overall expected return of 59.7%, significantly above the market return assumption of 6.7% [9].