Investment Rating - The report maintains a rating of "Accumulate" for the company [2][6]. Core Insights - The company reported a net profit attributable to shareholders of RMB 1.185 billion for the first three quarters of 2025, representing a year-on-year growth of 16.55%. The main business profitability remains stable, and capacity construction is progressing steadily, with a strong market position being reinforced. The humanoid robot market is expected to gradually open up [4][9]. - The company has adjusted its earnings forecast for 2025-2027, estimating earnings per share (EPS) of RMB 6.25, 8.13, and 9.87 respectively, with corresponding price-to-earnings ratios of 26.7, 20.5, and 16.9 times [6][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 10.603 billion, a year-on-year increase of 23.41%. The gross profit margin was 11.11%, remaining stable compared to the previous year [9][10]. - The company’s operating cash flow for the first three quarters was RMB 1.929 billion, up 7.89% year-on-year, indicating strong cash flow performance [9]. Business Development - The company is actively expanding its overseas production capacity, with projects in Hungary, the United States, and Thailand progressing as planned. This is expected to contribute to revenue growth in the future [9]. - The company is focusing on the humanoid robot sector, with R&D expenses reaching RMB 587 million, a 29.90% increase year-on-year, reflecting its commitment to technological development [9]. Valuation Metrics - The report provides updated financial projections, with expected revenues of RMB 14.816 billion, 17.832 billion, and 20.962 billion for 2025, 2026, and 2027 respectively, indicating a growth rate of 23.2%, 20.4%, and 17.6% [8][11]. - The estimated price-to-earnings ratios for the next three years are projected to decrease, indicating a potentially attractive valuation for investors [6][8].

Core Points - The company has announced the third exercise period of its 2022 stock option incentive plan, allowing 630 eligible participants to exercise a total of 2,271,000 options at a price of 107.91 yuan per share [2][4][5] - The exercise period is set from November 17, 2025, to October 16, 2026, with specific conditions for exercising the options [3][7] - The company confirms that the exercise of these options will not significantly impact its shareholding structure or listing conditions [12] Summary by Sections Stock Option Plan Details - The stock option plan is referred to as "科达JLC2" with the code 037307 [2][4] - The total number of options available for exercise is 2,271,000, with a set exercise price of 107.91 yuan per share [5] - The options can be exercised autonomously by the eligible participants [3][4] Exercise Conditions - The exercise period is defined as November 17, 2025, to October 16, 2026, with specific trading day restrictions [7][8] - The options are subject to adjustments in case of corporate actions such as dividends or stock splits [5][8] Impact on Company - The exercise of options will not lead to significant changes in the company's shareholding structure or control [12] - The financial impact on the company's earnings per share and return on equity is expected to be minimal, pending audit confirmation [13] - The company uses the Black-Scholes model for option valuation, and the choice of autonomous exercise mode does not affect accounting treatment [13]

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、深圳市科达利实业股份有限公司（以下简称"公司"）2022 年股票期权 激励计划期权简称：科达 JLC2，期权代码：037307。 2、公司 2022 年股票期权激励计划第三个行权期可行权的激励对象为 630 名，合计可行权期权数量为 2,271,000 份，行权价格为 107.91 元/股。 3、本次行权采用自主行权模式。 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-079 | | --- | --- | --- | | 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 2022 年股票期权激励计划第三个行权期采用自主行权 模式的提示性公告 4、公司 2022 年股票期权激励计划共分为 3 个行权期，根据业务办理的实际 情况，第三个行权期实际可行权期限为 2025 年 11 月 17 日至 2026 年 10 月 16 日。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 2025 年 10 月 28 日，公司召开 ...

Core Viewpoint - KedaLi's stock price has shown significant volatility, with a year-to-date increase of 78.05%, but a recent decline over the past few trading days, indicating potential market fluctuations and investor sentiment shifts [1][2]. 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% [2]. - The net profit attributable to shareholders for the same period was 1.185 billion yuan, reflecting a year-on-year increase of 16.55% [2]. Shareholder Information - As of September 30, 2025, KedaLi had 21,400 shareholders, a decrease of 4.91% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.31% to 9,210 shares [2]. Dividend Distribution - Since its A-share listing, KedaLi has distributed a total of 1.312 billion yuan in dividends, with 1.022 billion yuan distributed over the past three years [3]. Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.7715 million shares, an increase of 1.128 million shares from the previous period [3]. - The third-largest shareholder, QuanGuo XuYuan Mixed A, reduced its holdings by 401.38 thousand shares to 6.6846 million shares [3]. - New entrants and changes among the top ten circulating shareholders indicate shifts in institutional investment [3].

Group 1 - The battery ETF (561910) has seen a rise of 1.14% as of November 6, with significant gains from constituent stocks such as Keda, Funeng Technology, and others [1] - The ETF has attracted over 60 million in net inflows over the past two days, indicating strong investor interest [1] - China's new energy storage capacity is projected to exceed 100 million kilowatts by September 2025, reflecting rapid growth and technological advancements in the sector [1] Group 2 - The European large-scale energy storage market is experiencing accelerated growth, with project returns increasing to 10%-15% due to frequent negative electricity prices [2] - By 2030, Europe is expected to add 165 GWh of new storage capacity, with a compound annual growth rate of 40% from 2024 to 2030, representing a market opportunity of 170 billion [2] - The U.S. energy storage capacity is forecasted to reach 76 GWh by 2026, with a year-on-year increase of nearly 44%, driven by data center contributions [2] Group 3 - Companies like Sungrow and Keda are actively expanding their presence in the AI Data Center (AIDC) industry chain [3] - The battery ETF (561910) tracks the CSI Battery Index, covering the entire industry chain from materials to equipment recycling, with top constituents including Ningde Times and Yiwei Lithium Energy [4] Group 4 - Keda has announced that the rapid development of AI technology has increased the demand for computing power, leading to growth in its data center segment [5] - Sungrow has established a dedicated AIDC division to enhance its strategic positioning, aiming to transition from a "device supplier" to an "energy system service provider" [5]

Core Insights - The battery theme index in China has shown a slight increase of 0.14% as of November 6, 2025, with notable gains from companies like Keda and Aters, indicating a positive trend in the battery sector [1][4] - The battery ETF managed by Jiashi has a current scale of 1.409 billion yuan, reflecting a robust trading volume and a net value increase of 3.80% over the past three years [4] - The solid-state battery technology is emerging as a significant development direction, with advancements in technology and commercial orders expected to drive growth in various applications [4] Market Performance - The top ten weighted stocks in the battery theme index account for 56.8% of the index, with major players including Sunshine Power and CATL [4] - The performance of individual stocks varies, with CATL showing a 1.11% increase, while others like EVE Energy and Tianqi Lithium experienced declines [6] - The Jiashi battery ETF has recorded a maximum monthly return of 39.76% since its inception, highlighting its potential for high returns [4] Industry Outlook - The energy transition and domestic energy storage policies are expected to drive a new cycle of lithium battery demand from 2025 to 2027, with a projected 50% growth in energy storage demand by 2026 [4] - The industry is witnessing continuous progress in solid-state battery technology, which is anticipated to play a crucial role in future applications such as humanoid robots and eVTOLs [4]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [5]. Core Insights - The company reported a revenue of 10.603 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.41%. The net profit attributable to shareholders reached 1.185 billion yuan, up 16.55% year-on-year, with a non-recurring net profit of 1.129 billion yuan, increasing by 14.53% year-on-year [1][2]. - The company's Q3 performance showed a revenue of 3.959 billion yuan, a year-on-year increase of 25.81%, and a net profit of 415 million yuan, up 12.75% year-on-year. The gross margin for Q3 was 23.65%, slightly up by 0.22 percentage points year-on-year [1][2]. - The company has demonstrated strong profitability resilience, driven by the growth in electric vehicle sales and the increasing demand for precision structural components for power batteries. Internal management improvements have also contributed to cost reduction and operational efficiency [2][3]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 15.304 billion yuan, with a growth rate of 27.2%. The net profit attributable to shareholders is expected to be 1.800 billion yuan, reflecting a growth rate of 22.3% [4][8]. - The forecast for 2026 and 2027 shows continued growth, with revenues of 19.184 billion yuan and 23.322 billion yuan, respectively, and net profits of 2.240 billion yuan and 2.723 billion yuan [4][8]. - The company's PE ratios are projected to decrease from 31 in 2024 to 17 in 2027, indicating an improving valuation as earnings grow [4][8]. Strategic Developments - The company is expanding its global footprint, optimizing its overseas operations. Adjustments in project locations in North America and Southeast Asia aim to enhance local service capabilities and operational efficiency [3]. - The company has significantly increased its patent portfolio, with 162 new patents granted this year, marking an 800% increase year-on-year, which strengthens its technological advantage in the power battery structural component sector [2][3].

Core Viewpoint - The 中证500成长ETF (159606) experienced a decline of 1.30% as of the midday close on November 4, with a trading volume of 3.783 million yuan [1] Group 1: ETF Performance - The 中证500成长ETF (159606) closed at 1.135 yuan, with a year-to-date return of 14.93% since its inception on December 17, 2021 [1] - The ETF's performance benchmark is the 中证500质量成长指数收益率, managed by 易方达基金管理有限公司, with a recent one-month return of -1.01% [1] Group 2: Major Holdings - Major stocks in the 中证500成长ETF include: - 华工科技, down 1.33% - 恺英网络, down 3.59% - 东吴证券, down 1.36% - 科达利, down 2.91% - 恒玄科技, down 1.21% - 水晶光电, down 2.74% - 天山铝业, down 0.95% - 春风动力, down 1.26% - 杰瑞股份, up 4.44% - 金诚信, down 1.87% [1]

Group 1 - The company has completed the cancellation of 189,160 stock options related to its 2022 stock option incentive plan, affecting 48 individuals due to reasons such as resignation or death [2] - The cancellation of stock options will not impact the company's share capital as the options had not been exercised prior to cancellation [2] - The cancellation complies with relevant regulations and does not harm the interests of the company or its shareholders, particularly minority shareholders [2] Group 2 - The company has established a wholly-owned subsidiary in Hong Kong, with an investment not exceeding 3 million HKD (approximately 2.75 million RMB) [4] - The subsidiary has completed its business registration and obtained a registration certificate, named KEDALI (HONG KONG) LIMITED [5] - The registration certificate was issued on October 30, 2025, and the subsidiary is located at 16/F, Unit 04-05,博汇大厦, 54-62 Lockhart Road, Wanchai, Hong Kong [6]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-077 | | --- | --- | --- | | 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 2022 年股票期权激励计划部分股票期权注销完成的公告 深圳市科达利实业股份有限公司 董 事 会 2025 年 11 月 4 日 年股票期权激励计划注销部分股票期权的公告》（公告编号：2025-074）。 公司本次注销股票期权数量为189,160份，涉及人数为48人。经公司申请， 中国证券登记结算有限责任公司深圳分公司审核确认，2025年11月3日，公司已 完成前述股票期权的注销事宜。 本次注销的部分股票期权尚未行权，注销后不会对公司股本造成影响，注销 事项符合《上市公司股权激励管理办法》、《公司2022年股票期权激励计划（草 案）》等相关规定，不存在损害公司及其他股东特别是中小股东利益的情形。 特此公告。 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（以下简称"公司"）第五届董事会第二十 四次（临时）会议审议 ...