特此公告。 深圳市科达利实业股份有限公司 董 事 会 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"）全资子公司江苏科达 利精密工业有限公司（以下简称"江苏科达利"）于近日收到江苏省科学技术厅、 江苏省财政厅、国家税务总局江苏省税务局联合颁发的《高新技术企业证书》， 证书编号：GR202532007796，发证时间：2025 年 12 月 19 日，有效期三年。 本次系江苏科达利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》等相关规定，江苏科达利自本次通过高新 技术企业认定后，连续三年（即 2025 年、2026 年、2027 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。 江苏科达利 2025 年度已根据相关规定按照 15%的企业所得税税率进行财务 核算，上述税收优惠政策不会对公司 2025 年度经营业绩产生重大影响。 | 证券代码：002850 | 证券简称：科达利 | 公告编号：2026-004 | | --- | --- ...

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In January 2026, the production and sales of new energy vehicles (NEVs) showed stable year-on-year growth but significant month-on-month declines due to seasonal factors and policy changes regarding purchase tax and subsidies [4]. - The penetration rate of NEVs reached 40.3% in January, a year-on-year increase of 1.3 percentage points, but a month-on-month decrease of 12 percentage points [4]. - The production of power and energy storage batteries in January was 168 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [4]. - The sales of power and energy storage batteries were 148.8 GWh, with a month-on-month decline of 25.4% and a year-on-year increase of 85.1% [4]. - Energy storage battery sales accounted for 31% of total sales in January, with a year-on-year growth of 164% [4]. - The report anticipates a rebound in demand for lithium batteries post the Spring Festival, with a significant recovery in production expected in March [4]. Summary by Sections New Energy Vehicle Market - In January 2026, NEV production and sales were 1.041 million and 945,000 units, respectively, with year-on-year growth of 2.5% and 0.1%, but month-on-month declines of 39.4% and 44.7% [4]. - Domestic NEV sales were 643,000 units, down 18.9% year-on-year and 54.4% month-on-month [4]. - Exports of NEVs reached 302,000 units, doubling year-on-year and increasing by 0.5% month-on-month [4]. Battery Production and Sales - The total production of power and energy storage batteries was 168 GWh, with power batteries accounting for 102.7 GWh (69% of total sales) and energy storage batteries 46.1 GWh (31% of total sales) [4]. - The export volume of batteries was 24.1 GWh, with power batteries making up 17.7 GWh and energy storage batteries 6.4 GWh [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly in the solid-state battery sector, which is expected to drive demand for materials and equipment upgrades [4]. - Key companies to watch include CATL, Yiwei Lithium Energy, Keda Industrial, and others [4].

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]

Summary of Conference Call Notes Company and Industry - The discussion revolves around **Kedali**, a company in the **robotics** and **machinery** industry, specifically focusing on its performance and market perception [1][3]. Core Points and Arguments - **Market Volatility**: Despite being a strong company with real progress, Kedali has experienced significant stock price fluctuations. This is attributed to a mix of good company fundamentals and a new market logic that some investors do not fully understand [1][3]. - **Investor Understanding**: There is a notable divide among investors, where some are focused on the core business while lacking comprehension of the robotics sector. This has led to volatility as funds exit the stock [1][6]. - **Comparison with Hengli**: The situation is likened to **Hengli**, which also faced similar volatility during its transition into robotics. It took time for the market to recognize the value in this new direction, suggesting that Kedali is on a similar path [5]. - **Transition Phase**: Kedali is currently in a transitional phase, where old funds are exiting, which is seen as a positive sign for future growth. The company is believed to be at the starting point of a significant upward trend, akin to Hengli's trajectory towards the end of 2024 [6]. Other Important Content - **Investor Sentiment**: The exit of certain funds is viewed as a necessary step for aligning the company with more suitable investors who understand the new logic of the business [6]. - **Future Outlook**: The expectation is that once the transition is complete, Kedali will experience a substantial upward movement in stock price, similar to the historical performance of Hengli [5][6].

Summary of Key Points from the Conference Call Company Overview - The company discussed is **Kedali**, which operates in the **harmonic drive** segment of the machinery industry, specifically focusing on aggressive market strategies and growth potential [1][3]. Core Insights and Arguments - **Market Positioning**: Kedali is positioned as a strong offensive player in the harmonic segment, emphasizing that being proactive in the market is crucial for success [1][2]. - **Current Valuation**: The current stock price reflects low expectations for Kedali, but the outlook suggests that positive developments are likely to occur, supported by industry endorsements and continuous positive feedback from the company [1][3]. - **Future Growth**: The company is expected to experience ongoing breakthroughs and surprises, indicating a strong potential for future growth [1][3]. - **Comparative Analysis**: Kedali is compared to **Hengli**, suggesting that both companies share a strong core business and possess the "king" gene, which is indicative of their strategic vision and execution capabilities [4]. - **Operational Strengths**: Kedali has the necessary technology, production experience, financial resources, and talent to succeed in the market, which positions them well for future endeavors [4]. - **Market Potential**: The current stock price is likened to that of Hengli at the end of 2024, with the potential for Kedali's stock to double, similar to Hengli's past performance [4]. Additional Important Points - **Order and Capacity**: There are indications of surprises in both orders and production capacity, suggesting a robust operational outlook for the company [4]. - **Continuous Development**: The company is expected to have a steady stream of developments and innovations in the future, reinforcing its competitive position in the market [5].

Summary of Conference Call Notes Company Overview - The company discussed is 科达利 (KODALI), which is involved in the production of harmonic products. Key Points - The company has secured orders for harmonic products, indicating a positive demand trend in this segment [1] - The company is preparing to establish overseas production capacity for harmonic products, specifically in North America and Thailand, which suggests a strategic expansion into international markets [2]

Industry and Company Summary Industry: Robotics - The focus is currently on the V4 version of the robot, which is emphasized as a key product by Elon Musk, aiming to become a blockbuster in both B2B and B2C markets [1] - The V3 version has been established for in-house use in North American factories, and its production is now stable [1] - Expected shipments for the V4 this year are projected to exceed 50,000 units, highlighting the importance of scaling up production [1] Core Insights and Arguments - The V3 version's production has stabilized, and the stock logic is primarily driven by orders [1] - The V4 is viewed as a mature product with significant potential for market impact, particularly in the motor and reducer segments [1] - There is a need to explore the expected differences in the V4's performance and market reception [1] Key Companies to Watch 1. **Hengshuai Co., Ltd.**: - Set to become the sole first-tier supplier of motors for the V4, covering hand and body motors across at least seven positions [1] - The company presents strong certainty, expected differences, and significant growth potential, making it a key focus [1] 2. **Kedali**: - Involved in the development of reducers and lightweight screw rods, with progress reported as smooth, indicating potential for incremental growth [1] 3. **Shuanghuan Transmission**: - The cycloidal pinwheel reducer is confirmed to be used in two positions of the V4's hip for the B2C robot [1]

Summary of Conference Call Records Industry Overview: Humanoid Robotics Key Companies and Developments - **Hengshuai Co., Ltd.** - The North American robotics team has completed factory audits, confirming that the hand motors are on the direct supply list, with body motors expected to follow, potentially becoming the only tier-one supplier in the motor segment [1] - Estimated value of body and hand motors per unit exceeds 10,000 yuan [1] - Set to become the fifth core supplier to sign a framework cooperation agreement with major North American clients, following companies like Sanhua, Topband, Rongtai, and Changying Precision [1] - **Minshi Group and Lide Harmony** - Minshi Group announced a joint venture with Lide Harmony to design, manufacture, and commercialize humanoid robot joint modules in the U.S., with Minshi holding a 60% stake and Lide Harmony 40% [1] - **Changyuan Donggu** - Core supplier for quadruped robots, capable of large-scale supply; the biped robot subsidiary is expected to launch prototypes in Q1, with leg joint testing ongoing [2] - **Kedali** - Secured North American clients for harmonic reducers, rotary modules, and customized screw drawings, with positive feedback on sample tests leading to potential bulk procurement agreements [2] - **Wankai New Materials** - Participated in a technology innovation showcase in Beijing, receiving significant attention for its dexterous hand product capable of complex tasks [2] - **Shuanghuan Transmission** - The cycloidal pinwheel reducer is confirmed for use in the V4 C-end robot at two hip positions [2] - **Fule New Materials** - Signed a comprehensive strategic cooperation agreement with Lingxin Qiaoshou for the procurement of 100,000 tactile sensors [2] - **Hua Yi Technology** - IMU has been sent for testing, with no domestic competitors and a high probability of passing tests; the value per humanoid unit is several thousand yuan, with usage ranging from 3 to 10 units [3] - **Anpeilong** - Achieved breakthrough progress with North American clients, with positive feedback on single-dimensional sensors valued at 10,000 yuan per unit; discussions on expanding production in Thailand are ongoing [4] - **Siling Zhichui** - Confirmed harmonic agreements with a production capacity of 1 million harmonic drives, with significant progress in bearing products and a 70%+ increase in average selling price (ASP) [4] Industry Insights - The conference highlighted the rapid advancements and collaborations within the humanoid robotics sector, indicating a strong market potential and increasing demand for components and systems [4] - The emphasis on joint ventures and strategic partnerships suggests a trend towards consolidation and resource sharing among key players in the industry [1][2][4] Additional Notes - All information presented is based on market rumors and should be considered with caution, as it does not represent personal opinions or investment advice [5]

Core Viewpoint - The lithium battery supply chain has experienced significant price increases from 2020 to 2022, driven by strong demand and a smooth transmission of price hikes across the industry [2][3]. Group 1: Price Trends - Electrolyte prices started at 70,000 CNY/ton in September 2020, rising to 100,000 CNY/ton by the end of the year, and reaching a peak of 580,000 CNY/ton in February 2022, with long-term contract prices stabilizing between 200,000 to 300,000 CNY/ton [2][3]. - Iron lithium cathode prices, including phosphoric acid iron and processing fees, doubled in 2021, peaking at over 40,000 CNY/ton by the end of that year [2][3]. - Anode prices began to rise in Q3 2021 due to graphite production constraints, increasing from 12,000 CNY/ton to a high of 25,000 to 28,000 CNY/ton by Q2 2022 [2][3]. Group 2: Supply Chain Dynamics - Lithium carbonate prices rebounded from a low of 40,000 CNY/ton at the end of 2020 to 50,000 CNY/ton in early 2021, and surged to 300,000 CNY/ton by the end of 2021, eventually reaching 520,000 CNY/ton by February 2022 [2][3]. - The battery sector has effectively transmitted raw material price increases, with battery prices rising by 1 cent/wh in Q1 2021 and accelerating to 2-3 cents/wh in Q1 and Q2 of 2022, reaching over 1 CNY/wh [2][3]. Group 3: Future Outlook - Current market conditions resemble Q4 2020, with expectations for continued price increases due to strong demand and low profitability levels compared to previous years [3]. - The industry's expansion willingness is significantly lower than in 2021, with limited new supply expected by 2026, suggesting a more stable price environment [3]. - The anticipated price increases are not expected to be as dramatic as in 2021, with supply-demand tightness projected to be lower, particularly for hexafluorophosphate and lithium carbonate [3]. Group 4: Investment Recommendations - The current valuation of leading companies is considered reasonable, with expected industry growth of 20% in 2027, suggesting potential for investment in the battery sector, including companies like CATL, Yiwei Lithium Energy, and others [4]. - Material leaders such as Keda Lithium and others are also highlighted as strong investment opportunities, alongside companies in the lithium carbonate sector [4]. - The solid-state battery sector is recommended for investment, particularly with catalysts expected to materialize in Q4 2025 [4].

Group 1 - The core stock price of Keda Li increased by 5.04% to 177.99 yuan per share, with a trading volume of 1.125 billion yuan and a turnover rate of 3.30%, resulting in a total market capitalization of 48.937 billion yuan [1] - Keda Li, established on September 20, 1996, and listed on March 2, 2017, is primarily engaged in the research and manufacturing of precision structural components, with lithium battery structural components accounting for 96.52% of its main business revenue [1] - The revenue composition of Keda Li includes automotive structural components at 3.26%, other components at 0.13%, and additional structural components at 0.09% [1] Group 2 - According to data, one fund under China Merchants Asset Management holds Keda Li as a significant investment, with the "China Merchants Core Advantage Mixed D" fund reducing its holdings by 1,500 shares to 2,800 shares, representing 1.89% of the fund's net value, ranking as the seventh largest holding [2] - The "China Merchants Core Advantage Mixed D" fund, established on January 23, 2025, has a latest scale of 14.2534 million yuan, with a year-to-date return of 6.4% and a one-year return of 34.54% [2] - The fund manager, Cai Lin, has been in position for 3 years and 257 days, with the fund's total asset scale at 14 million yuan, achieving a best return of 35.49% and a worst return of -10.38% during the tenure [3]