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].

二、问答环节： Q：一季度的生产经营情况？产能利用率？ A：公司正在按照客户的订单需求有序生产，目前产能利用率较前 期持续提升。具体经营情况可以留意后续披露的相关定期报告。 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投资者关系活动记录表 编号：2025-003 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（券商策略会） 参与单位名称 及人员姓名 长江证券、盈峰资本、诺安基金、红土创新、浩成资管、天辰元信、 3W Fund、Perpetual、Alphinity、Tyndall、Arrow Capital、麦格理、 恒立基金、同创佳业、东方红、北方亚事资产、时代伯乐、上海银 行、中国国银资本、创华投资、深圳华夏复利私募基金、山西证券、 第一创业证券、景顺长城基金、华西证券、深圳弘扬投资等 37 家 机构和个人投资者及参加华泰证券策略会。 时间 2025 年 3 月 12 日至 3 月 14 日 地点 公司会议室及策略会会场 上市公司接待 人员姓名 董事会秘书罗丽娇 ...

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-003 | | --- | --- | --- | | 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 关于公司通过高新技术企业复审的公告 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 深圳市科达利实业股份有限公司（以下简称"公司"） 于近日收到深圳市 工业和信息化局、深圳市财政局、国家税务总局深圳市税务局联合颁发的《高新 技术企业证书》，证书编号：GR202444202923，发证时间：2024 年 12 月 26 日， 有效期三年。 董 事 会 2025 年 3 月 11 日 本次系公司持有的原高新技术企业证书有效期满后进行的重新认定，根据 《中华人民共和国企业所得税法》等有关规定，公司自本次通过高新技术企业认 定后，连续三年（即 2024 年、2025 年、2026 年）可继续享受国家关于高新技术 企业的相关税收优惠政策，即按 15%的税率缴纳企业所得税。 公司 2024 年度已根据相关规定按照 15 ...