Dividend Distribution - The company plans to distribute a cash dividend of 20 yuan (including tax) for every 10 shares based on a total of 271,361,808 shares[5]. - The company plans to distribute a cash dividend of RMB 542,723,616.00, which represents 36.88% of the net profit attributable to shareholders for the year 2024[165]. - The total distributable profit for the company is RMB 2,369,135,831.51, with the cash dividend amounting to 100% of the profit distribution[165]. Financial Performance - The company's operating revenue for 2024 reached ¥12,029,676,315.84, representing a 14.44% increase compared to ¥10,511,360,117.23 in 2023[16]. - Net profit attributable to shareholders for 2024 was ¥1,471,628,215.48, a 22.55% increase from ¥1,200,845,519.70 in 2023[16]. - The net cash flow from operating activities surged to ¥2,148,190,938.03, marking a significant increase of 187.35% from ¥747,597,823.54 in 2023[16]. - Basic earnings per share for 2024 were ¥5.44, up 12.86% from ¥4.82 in 2023[16]. - Total assets at the end of 2024 amounted to ¥19,050,522,318.15, a 10.62% increase from ¥17,222,355,388.09 at the end of 2023[16]. - The company achieved cumulative operating revenue of RMB 236.32 billion from 2021 to 2023, meeting the performance assessment requirements for the stock option incentive plan[166]. Market and Industry Trends - In 2024, global sales of new energy vehicles are expected to reach 18.236 million units, a year-on-year increase of 24.4%, with China's market leading at 12.866 million units, capturing 70.5% market share[27]. - The global installed capacity of power batteries is projected to reach 894.4 GWh in 2024, representing a year-on-year growth of 27.2%[28]. - The market for battery precision structural components is expected to see significant growth due to the rising demand from the new energy vehicle and energy storage sectors[30]. - The global humanoid robot market is expected to exceed $2 billion by 2026 and is projected to surpass $20 billion by 2030, with a CAGR of 77.83%[32]. Research and Development - The company is actively involved in the research and development of large lithium batteries for electric vehicles and energy storage systems[10]. - The company has established significant influence in the precision structural components industry for power batteries, with clients including CATL, LG, and Tesla, leading to an increase in order volume and market share[34]. - The company has accumulated a series of mature general technologies and specialized product technologies, forming a technical platform for rapid design and production[39]. - The company aims to enhance its technological innovation and core competitiveness by increasing R&D investment in lithium battery structural components, focusing on safety, consistency, reliability, applicability, high capacity, and lightweight design[107]. Strategic Partnerships and Collaborations - The company has established partnerships with major players in the battery industry, including CATL and Tesla[10]. - The company has established long-term strategic partnerships with leading domestic manufacturers such as CATL and international companies like Tesla and Panasonic[38]. - The company signed a strategic cooperation agreement with Inpai Battery, securing 100% supply share of power and energy storage battery structural components for the next five years[55]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[5]. - The company has a comprehensive risk management strategy detailed in the section on future development outlook[5]. - The company faces risks related to raw material price fluctuations, particularly for aluminum and copper, which could impact gross margins if prices rise significantly[110]. Corporate Governance - The company adheres to strict governance practices in compliance with relevant laws and regulations, ensuring transparency and accountability[118]. - The company guarantees the rights of minority shareholders by following established rules for shareholder meetings and decision-making processes[119]. - The company has established a robust legal framework for shareholder meetings, ensuring the rights of minority shareholders are respected and upheld[174]. Production and Operations - The company is focusing on expanding its production capabilities and sales scale in the precision structural components market, aiming to maintain a leading position as market size rapidly increases[34]. - The production process follows lean manufacturing principles, utilizing advanced equipment certified by leading manufacturers like Panasonic and Tesla, ensuring high-quality standards[43]. - The company is currently in the small batch production stage for high-pressure fast charging battery structures, enhancing its technological capabilities in this area[72]. Employee Management - The total number of employees at the end of the reporting period is 9,275, with 476 in the parent company and 8,701 in major subsidiaries[159]. - The company has implemented a comprehensive salary management system and incentive mechanism to enhance employee performance and retention[161]. - The training program includes internal and external training, focusing on improving employees' skills and professional knowledge[162]. Investment and Capital Management - The company has raised a total of 1,385.00 million CNY through specific object issuance in 2020, with a cumulative usage of 1,316.36 million CNY by the end of 2024, leaving a balance of 44.00 million CNY[91]. - The company has committed to ensuring that the stock incentive plan's exercise conditions are linked to the implementation of compensation measures[191]. - The company has a lock-up period for newly issued shares, which cannot be transferred within six months from the listing date[192]. Future Outlook - The company is planning to launch new products in the lithium battery sector, targeting a market expansion by 2025[96]. - The company is exploring potential mergers and acquisitions to enhance its market position in the lithium battery industry[96]. - The company aims to improve its robotics business and overall market share through new technology advancements[114].

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-008 | | --- | --- | --- | | 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 2024 年度利润分配方案的公告 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。 542,723,616.00 元。2024 年度公司未进行股份回购事宜，因此公司 2024 年度现 金分红和股份回购总额为 542,723,616.00 元，占本年度归属于公司股东净利润的 比例为 36.88%。 若利润分配方案披露至实施期间，公司总股本由于可转债转股、股权激励行 权等原因而发生变化，将按照分配比例不变的原则对分配总额进行调整。 三、现金分红方案的具体情况 （一）现金分红方案指标 | 项目 | 本年度 | 上年度 | 上上年度 | | --- | --- | --- | --- | | 现金分红总额（元） | 542,723,616.00 | 405,015,915.00 | 70,352,371.20 | | 回购注销总额（元） | 0.00 ...

Group 1: Keda Li - Keda Li focuses on core transmission systems for robots and aims to be a technology leader in key components for global robotics [1] - The company has developed a complete technology system from material research to intelligent manufacturing, including high-precision reducers and smart joint modules [1] - Keda Li provides financial and technical support to its partner, Kemei Innovation, which has made breakthroughs in humanoid robot core joint drive technology [1] Group 2: Aohua Endoscopy - Aohua Endoscopy will implement new accounting standards in 2024, leading to a decrease in gross margin [2] - The company reported overseas revenue of 161 million, indicating a growing focus on international markets [2] - Aohua Endoscopy is increasing R&D investment to enhance product performance and clinical recognition, particularly in the soft endoscope sector [2] Group 3: XJ Electric - XJ Electric achieved operating revenue of 17.089 billion and net profit of 1.117 billion in 2024, marking a year-on-year growth of 11.09% [3] - The company is optimizing its revenue structure, with a decline in low-margin new energy and system integration segments, while high-margin DC transmission revenue is increasing [3] - XJ Electric is expanding its international market presence, particularly in South America, the Middle East, Southeast Asia, Africa, and Europe, in line with the Belt and Road Initiative [3]

Core Insights - KedaLi (002850) recently hosted a research meeting with 22 institutions, showcasing its subsidiary Kema Innovation's new series of robotic core transmission technologies [1][2] - Kema Innovation focuses on core transmission systems for robots, emphasizing high performance, specialized development support, and cost reduction capabilities [1][4] - The humanoid robot industry is still in its early stages, with Kema Innovation planning to develop products based on customer needs and gradually improve product performance [1][3] Company Overview - Kema Innovation launched new robotic core transmission technologies at the Second High-Performance Humanoid Robot Technology Application Summit in Shanghai, providing efficient solutions for industrial automation, smart manufacturing, and healthcare [2] - The company aims to become a global leader in key robotic components, integrating domestic resources with Taiwanese precision manufacturing technology [4] Product Strategy and Development - Kema Innovation's product strategy focuses on refining product performance and collaborating with customers for customized development, transitioning from customization to standardization as market demand becomes clearer [7] - The company has released seven new robotic core transmission products, targeting lightweight, high integration, high torque, and intelligent safety [5] Material and Technology - PEEK materials are utilized in high-precision gears and components, offering advantages such as lightweight, low noise, and long lifespan, although they face challenges in processing and cost [9] - Kema Innovation currently uses domestically sourced PEEK materials, which allows for optimization in performance and weight reduction while mitigating supply chain risks [9][10] Competitive Advantages - Kema Innovation's new involute gear differential gearbox addresses the shortcomings of traditional harmonic reducers, enhancing load capacity and rigidity while reducing weight [10] - The company benefits from KedaLi's strong financial backing and market network, facilitating rapid market entry and supporting R&D investments [6] Market Position and Future Outlook - KedaLi's overseas business constitutes less than 5% of total revenue, with minimal impact from U.S. tariffs, allowing the company to focus on high-end manufacturing and emerging industries [11][12] - The company plans to optimize global capacity, enhance technological innovation, and diversify its product line to improve competitiveness [12]

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 Q：科达利如何赋能科盟创新？ A：科达利依托在精密结构件领域多年的技术积累和智能化制造优 势，构建了具有显著成本优势的量产体系，公司主营业务持续保持 稳健发展态势，良好的盈利能力和现金流为人形机器人相关业务的 研发投入及产能建设提供了坚实的资金保障。不仅如此，科达利通 过与合作方深度整合客户资源，构建了一个优势互补、覆盖广泛的 市场网络，这将为科盟创新提供快速打开市场的战略通道。 深圳市科达利实业股份有限公司投资者关系活动记录表 编号：2025-004 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（2025 高工机器人峰会交流） 参与单位名称 及人员姓名 博时基金、财通资管、东方红、淡水泉、汇添富、工银安盛、国泰 基金、海富通、华夏基金、东吴证券、南方基金、泉果基金、太平 养老、兴证全球、野村资管、银华基金、长江资管、中信资管、中 银基金、富安达等 51 家现场参加 2025 高工人形机器人技术应用峰 会交流的机构和个人投资者。 时间 2025 年 ...

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-005 | | --- | --- | --- | | 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 关于归还暂时补充流动资金的闲置募集资金的公告 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。 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（以下简称"公司"）于 2024 年 6 月 11 日 召开第五届董事会第九次（临时）会议、第五届监事会第五次（临时）会议，审 议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司及 子公司使用不超过人民币10亿元（含10亿元）闲置募集资金暂时补充流动资金， 用于公司与主营业务相关的生产经营，使用期限自董事会审议通过之日起不超过 12 个月，到期将归还至募集资金专户。具体内容详见公司于 2024 年 6 月 12 日 在《证券时报》《中国证券报》《上海证券报》和《证券日报》及巨潮资讯网 （http://www.cninfo.com.cn）披露的《公司关于使用部分闲置募集资金暂时补充 ...

Group 1 - The company issued 15,343,705 convertible bonds with a total fundraising amount of RMB 153,437.05 million, netting 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 equity distributions [2][4][5] - As of the end of the first quarter of 2025, a total of 835 shares have been converted from the convertible bonds, leaving a remaining convertible bond amount of RMB 1,534,235,200.00 [6][7] Group 2 - The conversion period for the bonds started on January 16, 2023, and will end on July 7, 2028 [1][2] - The conversion price was adjusted to RMB 152.20 per share effective from August 15, 2023, following a specific stock issuance [5][6] - The total share capital increased from 271,361,808 shares to 273,470,812 shares due to various factors including stock options and bond conversions [6][7]

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： | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-004 | | --- | --- | --- | | 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 年第一季度可转债转股情况的公告 | 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 | | 150.70 | | 元/股 | | | 转股起始时间：2023 | 年 | 月 1 | 16 | 日 | | | 转股截止时间：2028 | 年 | 月 7 | 日 7 | | | | 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》《深圳证券交易所可转换公司债券业 务实施细则》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 年第一 ...

Group 1 - The report emphasizes the focus on "April Decision" under the economic context, indicating a shift from expectation-driven trading to fundamental pricing, with economic data, performance realization, and policy changes forming a "stress test" framework for stock prices [4][6][9] - The report highlights a selection of "golden stocks" across various sectors, including mechanical, electronic, environmental, coal and steel, computing, electric new energy, media internet, and pharmaceuticals, with detailed financial metrics provided for each [2][6][72] - The report suggests that the "April Decision" may lead to increased volatility in high-odds growth stocks, while larger, value-oriented stocks tend to perform better historically during this period [4][6] Group 2 - For the mechanical sector, the report recommends Niuwei Co., which is positioned as a global leader in industrial valves, benefiting from strong demand in LNG and marine industries, with expected overseas order growth of over 30% in the first half of 2024 [9][10][11] - In the electronic sector, Tianyue Advanced is highlighted for its core role in AR glasses components, with anticipated demand growth driven by major tech companies' product launches [15][16][17] - The environmental sector's Huanlan Environment is noted for its strong dividend growth and improved cash flow from debt resolution, with significant operational scale expansion through acquisitions [20][21][24] - In the coal and steel sector, Shanjin International is expected to benefit from rising gold prices amid economic stagnation risks, with a strong production outlook and low cost per gram of gold [27][29][30] - Dongtu Technology in the computing sector is recognized for its advanced operating system and AI-driven robotics, positioning it well for future growth in industrial automation [33][34][35] - Keda Li in the electric new energy sector is projected to maintain strong profit growth driven by high lithium battery demand, with a favorable valuation outlook [38][39][41] - XGIMI Technology in the media internet sector is expected to see revenue growth from domestic recovery and international expansion, particularly in the automotive sector [44][45][48] - In the pharmaceutical sector, Sanofi Pharmaceutical is noted for its solid fundamentals and multiple new product launches, contributing to revenue diversification [50][51][53] - Innovent Biologics is highlighted for its robust pipeline and international expansion potential, with several new drugs expected to drive revenue growth [55][56][61] - Zoli Pharmaceutical is recognized for its steady growth in traditional Chinese medicine products and successful new product launches, with ambitious profit targets [65][66][68]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sector, including CATL, Keda, and others [5]. Core Insights - BYD launched the Super e-platform, featuring a new fast-charging battery that reduces internal resistance by 50%, achieving a maximum charging power of 1000kW and a charging speed of 2 km per second [2][12]. - The new platform also includes the world's first mass-produced 30,000 RPM motor, enhancing power density and performance [2][16]. - In the first two months of 2025, solar power installations reached 39.47GW, a year-on-year increase of 7.5% [3][32]. - The inverter exports in January-February 2025 totaled 7.669 billion yuan, a year-on-year increase of 6.24% [3][33]. - The total investment in power grid projects in January-February 2025 was 43.6 billion yuan, a year-on-year increase of 33.5% [4]. Summary by Sections New Energy Vehicles - BYD's Super e-platform features a fast-charging battery and a high-speed motor, significantly improving charging efficiency and vehicle performance [11][19]. - The platform's charging capability allows for a range of 400 km with just 5 minutes of charging [11][19]. New Energy Generation - The solar power sector saw a total of 39.47GW of new installations in the first two months of 2025, with a year-on-year growth of 7.5% [3][32]. - Inverter exports showed steady growth, with a total of 7.669 billion yuan in exports during the same period [3][33]. Power Equipment and Automation - The investment in power grid projects reached 43.6 billion yuan in January-February 2025, marking a 33.5% increase compared to the previous year [4]. - The overall electricity consumption in February 2025 was 743.4 billion kWh, reflecting an 8.6% year-on-year growth [4]. Market Performance - The electric power equipment and new energy sector experienced a decline of 1.72% in the week of March 17-21, 2025, underperforming compared to the Shanghai Composite Index [1].