Core Points - The company Keda Li (002850) announced that as of June 13, 2025, its stock has closed below 85% of the current conversion price on ten out of the last thirty trading days [1] - The current conversion price is set at RMB 148.7 per share, with the conversion period running from January 16, 2023, to July 7, 2028 [1] - The period for potential adjustment of the conversion price will start from May 30, 2025, if the conditions for price adjustment are triggered [1] - The company will fulfill subsequent review procedures and information disclosure obligations if the conversion price adjustment conditions are met [1]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-033 | | --- | --- | --- | | 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"科利转债"预计触发转股价格向下修正条件的提示性公告 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： | 1、股票代码：002850 | 股票简称：科达利 | | --- | --- | | 2、债券代码：127066 | 债券简称：科利转债 | 5、本次触发转股价格修正条件的期间从 2025 年 5 月 30 日起算，截至 2025 年 6 月 13 日，公司股票在连续三十个交易日中已有十个交易日的收盘价低于当 前转股价格的 85%（即 126.40 元/股），预计后续可能触发转股价格向下修正条 件。若触发转股价格修正条件，深圳市科达利实业股份有限公司（以下简称"公 司"）将按照深圳证券交易所（以下简称"深交所"）相关规定及《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募集说明书》（以下简称《募集说 明书》）的约定及时履行 ...

Core Viewpoint - KedaLi is expanding into the field of embodied intelligent robotics by establishing a joint venture named Suzhou Yizhi Lingqiao Drive Technology Co., Ltd. with several partners, aiming to capitalize on the market potential of dexterous robotic hands [1][2]. Company Overview - KedaLi is a leading supplier of precision structural components for lithium batteries and has been involved in the research and production of these components for many years [2]. - The company has established long-term strategic partnerships with major domestic and international clients, including CATL, LG, Panasonic, and Tesla [4]. Financial Performance - KedaLi's revenue has increased over five times in the past four years, from 44.68 billion yuan in 2021 to 120.3 billion yuan in 2024, while net profit has grown over seven times from 5.42 billion yuan to 14.72 billion yuan [5]. - The company's operating cash flow has also improved significantly, reaching 21.48 billion yuan in 2024 [5]. - As of the first quarter of this year, KedaLi reported a year-on-year revenue growth of 20.46% to 30.22 billion yuan and a net profit increase of 25.51% to 3.87 billion yuan [5]. Investment and Joint Ventures - The registered capital for the new joint venture, Yizhi Lingqiao, is set at 50 million yuan, with KedaLi contributing 15 million yuan for a 30% stake [2]. - KedaLi has previously announced other joint ventures focused on robotics, including partnerships with Taiwanese companies to develop core components like harmonic reducers [3]. Market Outlook - The investment in the joint venture is based on the anticipated growth of the embodied intelligent robotics sector, particularly in the market for dexterous robotic hands [2].

Summary of Key Points from Conference Call Records Company: Guoli Co., Ltd. (国力股份) Industry Focus - Guoli Co., Ltd. is involved in several emerging fields including controlled nuclear fusion, solid-state batteries, fourth-generation semiconductors, and military applications [1][2][3]. Core Insights and Arguments - The company has established a strategic partnership with a leading domestic solid-state battery manufacturer to collaborate on technology development, market expansion, and brand cooperation [2]. - Guoli has developed key products for the controlled nuclear fusion sector, including cold cathode discharge tubes and vacuum capacitors, which enhance the stability of fusion devices [2]. - In the semiconductor equipment manufacturing sector, Guoli is recognized as one of the early suppliers of semiconductor electronic devices in China, with successful product launches including high-voltage RF relays and vacuum capacitors [3]. - The company has made significant advancements in the new energy sector, with the development of high-voltage DC contactors for electric vehicles and energy storage systems, which have been successfully delivered to clients [4]. - In the military sector, Guoli has expanded its product offerings in military vacuum relays and DC contactors, with steady revenue growth and successful project completions [5]. Additional Important Information - Guoli's products are widely used across various applications including new energy vehicles, aerospace, photovoltaic energy, semiconductor manufacturing, and military technology [1]. - The company has a strong focus on R&D and has achieved recognition from high-end semiconductor clients for its innovative products [3]. - Guoli's strategic initiatives in the eVTOL (electric Vertical Take-Off and Landing) market are expected to provide substantial performance support in the future [4]. Company: Guangdian Yuntong (广电运通) Industry Focus - Guangdian Yuntong is a leader in artificial intelligence and digital economy sectors, focusing on financial technology, smart cities, and intelligent transportation [6]. Core Insights and Arguments - The company is enhancing its capabilities in the computing power sector, with significant investments in AI public computing centers and partnerships with major tech firms like Huawei [7]. - Guangdian Yuntong is actively participating in the digital RMB pilot program, providing comprehensive services for banks and clients in foreign currency exchange solutions [8]. Additional Important Information - The company has developed a digital RMB foreign currency exchange machine that supports multiple currencies, significantly improving convenience for users [8]. - Guangdian Yuntong's technological advancements include smart robots for security and navigation, showcasing its commitment to integrating AI into practical applications [9]. Company: Keda Li (科达利) Industry Focus - Keda Li specializes in precision structural components for lithium batteries and automotive parts, with a strong market presence in the electric vehicle sector [10][11]. Core Insights and Arguments - The company is forming a joint venture to invest in intelligent drive technology, indicating a strategic move towards advanced robotics and automation [10]. - Keda Li has established a strong foothold in the lithium battery structural component market, maintaining over 50% market share domestically and 30% globally [10]. Additional Important Information - The company is also venturing into the harmonic reducer market, with expectations of significant growth in this sector by 2030 [11]. - Keda Li's ongoing R&D efforts and partnerships are expected to drive future growth and profitability in the rapidly evolving electric vehicle market [11].

Group 1 - The first meeting of the China-U.S. economic and trade consultation mechanism was held in London, where both sides reached a consensus on key economic issues and measures to implement the important consensus from the June 5 call between the two heads of state [1][2] - The Chinese side expressed hope that the progress made in the London talks would enhance trust between China and the U.S. and promote stable and healthy development of bilateral economic relations, contributing positively to global economic growth [2] - The Shenzhen Municipal Committee emphasized the need to deepen reforms and expand openness, focusing on integrating education, technology, and talent systems to drive high-quality development of the real economy [2] Group 2 - The Shanghai Stock Exchange held a meeting to discuss the "Science and Technology Innovation Board" one year after its launch, aiming to enhance the market mechanisms and attract more social capital into key national support areas [2] - The China Association of Automobile Manufacturers reported that from January to May, automobile production and sales reached 12.826 million and 12.748 million units, respectively, with year-on-year growth of 12.7% and 10.9% [2] - New energy vehicles accounted for 44% of total new car sales, with production and sales of 5.699 million and 5.608 million units, reflecting a year-on-year increase of 45.2% and 44% [2] Group 3 - The Ministry of Ecology and Environment emphasized the need for a special rectification action against illegal dumping of solid waste, aiming to comprehensively investigate and rectify issues related to illegal waste disposal [3] - Beijing Yizhuang announced the world's first embodiment intelligent robot 4S store, set to debut during the 2025 World Robot Conference, with over 100 companies expressing interest in joining the robot industry park [3] - The Yunnan Provincial Government issued a three-year action plan to cultivate specialized and innovative enterprises, focusing on developing new products and industries in key areas such as non-ferrous metals and digital information [3] Group 4 - The Zhejiang Provincial Department of Commerce and 17 other departments issued measures to support the overseas expansion of the gaming industry, including increased financial support for game exports [4] Group 5 - The U.S. Department of Labor reported that the Consumer Price Index (CPI) increased by 2.4% year-on-year in May, while the core CPI, excluding food and energy, rose by 2.8% [5] Group 6 - Investment firms are focusing on sectors with improving conditions, particularly in resource products and information technology, with recommendations for sectors like semiconductors, integrated circuits, and automotive [7] - The integration of AI and finance is expected to enhance efficiency and customer engagement in the financial sector, leading to growth in both existing and new business areas [8]

Investment Overview - Zhejiang Yinlun Machinery Co., Ltd. has signed a joint venture agreement with Suzhou Weichuang Electric Technology Co., Ltd., Shenzhen Keda Li Industrial Co., Ltd., Shanghai Kepler Robotics Co., Ltd., and Shenzhen Weili Growth Enterprise Management Consulting Partnership to establish Suzhou Yizhi Smart Drive Technology Co., Ltd. [2][19] - The company will invest 10 million RMB, holding a 20% stake, funded by its own resources [2][22]. Counterparty Information - Suzhou Weichuang Electric Technology Co., Ltd. has a registered capital of 2,113.75 million RMB and specializes in the research, production, and sales of electrical equipment and industrial automation devices [3][4]. - Shenzhen Keda Li Industrial Co., Ltd. has a registered capital of 273.47 million RMB and focuses on the production and sales of hardware products and automotive parts [5][6]. - Shanghai Kepler Robotics Co., Ltd. was established in August 2023 with a registered capital of 3.5625 million RMB, focusing on intelligent robotics and AI applications [8][9]. - Shenzhen Weili Growth Enterprise Management Consulting Partnership is a limited partnership established in October 2024, focusing on enterprise management consulting [10][11]. Investment Target Information - The joint venture, Suzhou Yizhi Smart Drive Technology Co., Ltd., will have a registered capital of 50 million RMB and will focus on the development and sales of intelligent robots and AI hardware [12][19]. Agreement Details - The registered capital contributions are as follows: Weichuang Electric will contribute 20 million RMB (40%), Keda Li will contribute 15 million RMB (30%), Yinlun will contribute 10 million RMB (20%), Kepler will contribute 1.5 million RMB (3%), and Weili Growth will contribute 3.5 million RMB (7%) [14][19]. - The governance structure includes a board of directors with representatives from each party, and significant decisions require a two-thirds majority vote [15][16]. Purpose and Impact of Investment - The investment aims to leverage the growing market for embodied intelligent robots, enhancing technological development and manufacturing capabilities through collaboration [19][20]. - The company anticipates that this joint venture will create a comprehensive product ecosystem in the intelligent robotics sector, improving overall competitiveness [20].

Core Viewpoint - Three listed companies, Keda Li (科达利), Yinlun (银轮股份), and Weichuang Electric (伟创电气), are collaborating to establish a joint venture named Suzhou Yizhi Lingqiao Drive Technology Co., Ltd. (依智灵巧), focusing on the research and production of core components for humanoid robots [2][4]. Group 1: Joint Venture Details - The registered capital of Yizhi Lingqiao is 50 million yuan, with Weichuang Electric contributing 20 million yuan (40%), Keda Li 15 million yuan (30%), and Yinlun 10 million yuan (20%) [1]. - The joint venture aims to leverage the strengths of each partner in the field of embodied intelligent robots, enhancing technological research and manufacturing capabilities [4]. Group 2: Company Profiles - Weichuang Electric specializes in electrical transmission and industrial control, with significant experience in key components for robots, providing complete actuator solutions [3]. - Yinlun focuses on heat exchangers and automotive air conditioning products, and is expanding into the humanoid robot sector, developing key components like joint assemblies [3]. - Keda Li is involved in the production and sales of hardware products, aluminum caps, plastic products, and die-casting products, and is entering the humanoid robot market [3]. Group 3: Market Outlook - The partners expect a broad market potential for the dexterous hands being developed, as the industry is at a critical stage of development [4]. - The humanoid robot sector is experiencing a surge of new entrants, particularly from automotive component manufacturers [4]. - Keda Li plans to focus on high-precision reducers and joint modules as part of its humanoid robot business strategy [5].

Group 1 - The first meeting of the China-US economic and trade consultation mechanism took place in London, with both sides achieving a principled consensus on addressing economic concerns and enhancing cooperation [2][3] - China emphasized the mutual benefits of the economic relationship, stating that trade wars yield no winners and expressing a willingness to engage in dialogue to resolve differences [2] - The US side reported positive outcomes from the meeting, aiming to stabilize bilateral economic relations and implement the consensus reached [3] Group 2 - The China Automobile Industry Association reported that from January to May, automobile production and sales reached 12.826 million and 12.748 million units, respectively, marking year-on-year increases of 12.7% and 10.9% [4] - New energy vehicle production and sales during the same period were 5.699 million and 5.608 million units, reflecting year-on-year growth of 45.2% and 44%, with new energy vehicles accounting for 44% of total new car sales [4] Group 3 - The Zhejiang Provincial Department of Commerce and 17 other departments issued measures to support the overseas expansion of the gaming industry, including increased financial support [5] - Companies such as Silver Wheel Co. plan to establish joint ventures to enter the intelligent robot parts market, while Tian Ci Materials intends to build an integrated production base for electrolytes and raw materials in Morocco [7]

Group 1 - Xinyu Securities clarified that it has not received any written or verbal information regarding a merger with Huafu Securities, and there are no significant undisclosed matters related to the merger [2] - Keda Li plans to jointly invest with Weichuang Electric and others to establish Suzhou Yizhi Intelligent Drive Technology Co., Ltd. with a registered capital of 50 million yuan, where Keda Li will contribute 15 million yuan for a 30% stake [2] - Shuangliang Energy signed a sales contract worth 450 million yuan for a green hydrogen production system, which is expected to positively impact the company's assets and net profit [3] Group 2 - Hesheng New Materials intends to invest 250 million yuan in Yizhi Electronics, acquiring a 10% stake in a company specializing in ARM server processor chips [4] - Junshi Biosciences received acceptance for a clinical trial application for JT118 injection, a vaccine aimed at preventing monkeypox virus infection [5] - Tinci Materials plans to invest approximately 2.8 million USD to build an integrated production base for electrolytes and raw materials in Morocco, with an annual production capacity of 150,000 tons [6] Group 3 - Beikong Technology's static and rolling P/E ratios are higher than the industry average, indicating potential overvaluation [7] - Qingdao Bank announced that Qingdao Guoxin Group intends to increase its stake in the bank to a maximum of 19.99% through its subsidiaries, pending regulatory approval [8] - Xiamen Airport reported an 8.34% year-on-year increase in passenger throughput for May, while Hubei Energy's power generation increased by 2.27% [9]

Suspension and Resumption of Trading - *ST Yazhen has repeatedly triggered abnormal stock trading fluctuations and will be suspended for verification starting tomorrow [1] Investment Cooperation and Operating Conditions - Hesheng New Materials plans to invest 250 million yuan to increase its stake in Yizhi Electronics, expecting to hold 10% of the company post-investment. Yizhi Electronics specializes in the R&D, design, and sales of high-end processors for servers and workstations, providing chip product solutions [2] - Xingye Securities has not received any information regarding a merger with Huafu Securities [2] - Keda Li intends to jointly invest with Weichuang Electric to establish Suzhou Yizhi Intelligent Drive Technology Co., focusing on the market potential of embodied intelligent robots [2] - Tianfu Communication's 1.6T optical engine product is in a stable delivery phase, with smooth progress on related CPO products [2] - Shuangliang Energy has signed a sales contract for a 450 million yuan green hydrogen production system [2] - Junshi Biosciences' subsidiary JT118 injection clinical trial application has been accepted, aimed at preventing monkeypox virus infection [3] - Xingsen Technology plans to participate in the purchase of a 24% stake in its subsidiary Xinke Semiconductor [4] - Tianci Materials intends to invest approximately 280 million USD to build an integrated production base for electrolytes and raw materials in Morocco [5] - Shaanxi Construction has won a bid for a melamine project in Indonesia worth 2.137 billion yuan, with an annual production capacity of 120,000 tons [6] - Changyuan Donggu has received a notification from a well-known domestic automaker, confirming it as a designated supplier for a series of engine cylinder block semi-finished products, with total sales expected to be between 450 million and 500 million yuan [6]