Financial Performance - The company's revenue for Q3 2025 reached ¥3,958,539,728.08, representing a year-on-year increase of 25.81%[5] - Net profit attributable to shareholders was ¥415,311,356.57, up 12.75% compared to the same period last year[5] - The basic earnings per share (EPS) increased to ¥1.52, reflecting an 11.76% growth year-on-year[5] - The company’s total revenue for the year-to-date reached ¥10,603,222,514.38, a 23.41% increase compared to the same period last year[9] - Operating profit for the period was ¥1,384,223,317.41, reflecting a growth of 16.8% from ¥1,185,077,921.94 in the previous period[21] - The company reported a net profit of ¥1,389,421,110.21, compared to ¥1,175,269,068.84 in the same period last year, indicating a year-over-year increase of 18.2%[21] - The net profit for the current period is approximately ¥1.18 billion, an increase of 16.0% compared to ¥1.01 billion in the previous period[22] - Basic earnings per share increased to ¥4.34 from ¥3.76, reflecting a growth of 15.4%[22] - The company reported a total comprehensive income of approximately ¥1.30 billion, compared to ¥1.01 billion in the previous period, indicating a growth of 28.8%[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥21,483,757,923.99, a 12.77% increase from the end of the previous year[5] - Total assets reached ¥21,483,757,923.99, a significant increase from ¥19,050,522,318.15, reflecting a growth of 12.8%[19] - Total liabilities increased to ¥8,749,386,291.66 from ¥7,365,953,256.83, which is a rise of 18.7%[20] - The company's equity attributable to shareholders rose to ¥12,697,956,304.09, compared to ¥11,641,302,848.28, indicating an increase of 9.1%[20] Cash Flow - Operating cash flow net amount was ¥1,928,648,069.47, showing a 7.89% increase, primarily driven by increased sales collections[10] - Cash flow from operating activities generated a net amount of approximately ¥1.93 billion, up 7.9% from ¥1.79 billion in the previous period[25] - The company’s cash outflow for operating activities was approximately ¥8.44 billion, up from ¥6.75 billion in the previous period, reflecting a rise of 25.0%[25] - The company’s financing activities resulted in a net cash outflow of approximately -¥429.81 million, an improvement from -¥845.18 million in the previous period[26] - Cash and cash equivalents increased to ¥2,437,856,486.38 from ¥2,102,446,526.30, representing a growth of 15.9%[18] - Cash and cash equivalents at the end of the period totaled approximately ¥1.51 billion, an increase from ¥1.29 billion at the end of the previous period[26] Research and Development - The company reported a 29.90% increase in R&D expenses, totaling ¥586,842,178.94, due to investments in new products and projects[9] - Research and development expenses increased to ¥586,842,178.94, up from ¥451,767,618.20, reflecting a growth of 29.8% year-over-year[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,399[12] - The largest shareholder, Li Jicheng, holds 28.20% of shares, totaling 77,198,985 shares[12] - The top 10 shareholders hold a significant portion of shares, with the top three accounting for over 40%[12] Investments and Projects - The company approved an investment of up to €50 million for the construction of a precision component project in Hungary[14] - The company plans to invest up to RMB 210 million in a new lithium battery precision component project in Thailand[15] - The company has adjusted the location of its U.S. project from Indiana to Wisconsin to optimize its North American production layout[15] - As of the end of Q3 2025, the total remaining convertible bond amount is RMB 1,534,186,800[17] - The company has completed a total of 1,152 shares in convertible bond conversions by the end of Q3 2025[17] - The company is focusing on expanding its local production capabilities to meet customer demands[14] - The company is actively pursuing strategic investments to enhance its market presence in Southeast Asia[15] Operating Costs - The company’s operating costs rose by 23.45% to ¥8,147,115,240.56, in line with the increase in revenue[9] - Total operating costs amounted to ¥9,216,296,848.32, up 23.3% from ¥7,475,251,208.38 in the prior period[21]

Economic News - The 28th ASEAN Plus China, Japan, and South Korea Leaders' Meeting emphasized the importance of open cooperation and strategic alignment to enhance economic potential through environmental improvement, deepening industrial chain collaboration, and fostering new growth drivers [1] - Canadian Prime Minister Carney announced plans for significant domestic investment and trade diversification, aiming to double exports to non-U.S. markets over the next decade, exceeding CAD 300 billion [1] - From January to September, profits of large-scale industrial enterprises in China increased by 3.2% year-on-year, marking the highest growth rate since August of the previous year [1] - The China Logistics and Purchasing Federation reported that the total demand for food cold chain logistics in the third quarter reached 117 million tons, a year-on-year increase of 4.72% [1] - The International Monetary Fund (IMF) predicts that the U.S. government's debt burden may exceed that of Italy and Greece for the first time this century, with total debt projected to rise over 20% to 143.4% of GDP by the end of the decade [1] Company Insights - Rio Tinto Group and State Power Investment Corporation launched a pilot project for pure electric battery swap mining trucks at the Oyu Tolgoi copper mine in Mongolia, marking the first use of this technology in an open-pit mine [4] - Yongmaotai reported third-quarter revenue of CNY 1.655 billion, a year-on-year increase of 59.65%, with net profit soaring by 6319.92% to CNY 30.41 million [4] - Delin Hai's third-quarter revenue reached CNY 185 million, up 94.96% year-on-year, while net profit surged by 1322.74% to CNY 48.73 million [4] - Knight Dairy's third-quarter revenue was CNY 246 million, down 6.78%, but net profit increased by 189.26% to CNY 22.73 million [4] - Porsche, a subsidiary of Volkswagen Group, reported a third-quarter loss of EUR 966 million (approximately CNY 8 billion), leading to a 99% year-on-year decline in sales profit for the first three quarters [4] Industry Analysis - The 20th Central Committee of the Communist Party of China emphasized the importance of high-quality development and technological self-reliance as core foundations for future growth, aiming to transition from a follower to a leader in the global industrial chain [6][7] - The meeting highlighted the need to build a modern industrial system and strengthen the real economy, with a focus on becoming a manufacturing, quality, aerospace, transportation, and internet power [6] - The report suggests that the technology sector, particularly those related to self-reliance, will be a key area for investment, with a positive outlook for companies in this space [7] - The food and beverage sector is experiencing a shift towards lower-alcohol products to attract younger consumers, as evidenced by the introduction of new low-alcohol products at recent trade fairs [10][11] - The logistics industry is seeing a recovery in single-ticket revenue, with major players like Shentong and Yunda reporting significant increases in revenue per ticket [22][23] Investment Recommendations - The report recommends focusing on technology sectors, particularly those with strong performance indicators, as the market shifts back to fundamentals with the release of quarterly reports [7] - In the food and beverage sector, attention is drawn to leading companies like Guizhou Moutai, which are showing signs of recovery despite short-term price fluctuations [11] - For the chemical industry, investment opportunities are identified in sectors benefiting from improved supply-demand dynamics and those driven by capital expenditure and R&D [27]

Group 1 - The core viewpoint of the news is the performance and changes in the top holdings of the Yinhua Xinyi Flexible Allocation Mixed Fund, which reported a net value growth rate of 23.93% over the past year [1] - The fund has added new top holdings including HSBC Holdings, Standard Chartered Group, Bank of China Hong Kong, Luzhou Laojiao, ZTO Express, Wuliangye, and Shenzhou International [1] - China Mobile remains the largest holding with an increase of 22.35 million shares, while other previous top holdings such as SMIC, Xiaomi Group, CATL, Tencent Holdings, and others have exited the top ten holdings [1] Group 2 - The fund's top ten holdings now include significant investments in HSBC Holdings with 2.68 billion yuan, Standard Chartered Group with 2.48 billion yuan, and Bank of China Hong Kong with 2.47 billion yuan [1] - The fund has increased its stake in China Mobile by 6.04%, holding 3.03 billion yuan worth of shares, while it has reduced its position in Focus Media by 34.09% [1] - The overall changes in the fund's portfolio reflect a strategic shift towards financial and consumer sectors, indicating potential investment opportunities in these areas [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Kodali, and others, based on their strong growth potential and market positioning [7]. Core Insights - The electric equipment and new energy sector experienced a weekly increase of 4.90%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 7.05% [3]. - The report highlights the launch of multiple strategic new products by Ruipu Lanjun, covering energy storage, commercial vehicles, and passenger vehicles, showcasing the company's commitment to innovation and market expansion [4][11]. - In September, China's inverter exports reached 5.085 billion yuan, marking a year-on-year increase of 4.96%, driven by strong demand in markets like Australia [5][29]. - The total electricity consumption in China for September was 888.6 billion kWh, reflecting a year-on-year growth of 4.5%, with significant contributions from various industrial sectors [6][42]. Summary by Sections New Energy Vehicles - Ruipu Lanjun launched several strategic products in energy storage and vehicles, including a 6.25MWh energy storage system with a high efficiency of 35.5% and a 4C fast-charging battery for passenger vehicles [4][11]. - The company aims to leverage its parent company's resources and technological innovations to enhance its market position [11]. New Energy Generation - Inverter exports in September totaled 5.085 billion yuan, with a notable increase in the Australian market, which saw a year-on-year growth of 306% [5][29]. - The report also notes a significant increase in battery component exports, indicating robust demand in the international market [29]. Electric Equipment and Industrial Control - The total electricity consumption for the first nine months of 2025 reached 77,675 billion kWh, with a year-on-year growth of 4.6%, driven by industrial and residential demand [6][42]. - The report emphasizes the importance of digitalization and smart grid investments in the electric equipment sector, recommending companies involved in these areas [50][54]. Market Performance - The report indicates that the electric equipment and new energy sector is expected to continue its upward trend, supported by favorable policies and market demand [3][6].

Investment Rating - The report recommends investment in the electric power equipment industry, highlighting specific companies for potential investment opportunities [1][3]. Core Insights - Lithium battery material prices continue to rise, with domestic lithium hexafluorophosphate averaging 95,000 yuan/ton, up 20.25% month-on-month, and export prices at 104,000 yuan/ton, up 20.93% [1]. - The average winning bid price for lithium battery energy storage systems increased to 0.4771 yuan/Wh in September 2025, reflecting a 4.33% month-on-month rise [1]. - The report emphasizes the ongoing high demand in the wind power sector, with a target of adding no less than 120GW of new installed capacity annually during the 14th Five-Year Plan period [3]. - The Indian market shows strong demand for photovoltaic installations, with 29.5GW added in the first three quarters of 2025, a 70% year-on-year increase [3]. Summary by Sections Lithium Battery Materials - Domestic lithium hexafluorophosphate prices are at 95,000 yuan/ton, a 20.25% increase month-on-month, while export prices are at 104,000 yuan/ton, up 20.93% [1]. - Recommended companies in the lithium battery sector include Zhuhai Guanyu, Shangtai Technology, and XWANDA [1]. Energy Storage Systems - The average winning bid price for lithium battery energy storage systems reached 0.4771 yuan/Wh in September 2025, marking a 4.33% increase month-on-month [1]. - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and CATL [1]. Wind Power - The "Wind Energy Beijing Declaration 2.0" sets a target of at least 120GW of new installed capacity annually during the 14th Five-Year Plan, with a cumulative target of 1,300GW by 2030 [3]. - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3]. Photovoltaic Market - India added 29.5GW of new photovoltaic capacity in the first three quarters of 2025, a 70% year-on-year increase [3]. - Recommended companies in the photovoltaic sector include Aiko Solar, LONGi Green Energy, and Mibet [3].

Core Points - Shenzhen Keda Li Industrial Co., Ltd. has completed the registration of changes to its business license following the revision of its Articles of Association, which includes the decision to abolish the supervisory board and transfer its responsibilities to the audit committee of the board of directors [1][2]. Group 1 - The company held its 21st meeting of the 5th Board of Directors on August 15, 2025, and the first extraordinary general meeting of shareholders on September 2, 2025, where the proposal to amend the Articles of Association was approved [1][2]. - The registration of the revised Articles of Association was completed on October 23, 2025, and does not involve the reissuance of a business license [2]. - The full text of the revised Articles of Association was disclosed on August 16, 2025, on the Giant Tide Information Network for investors to review [2].

Core Points - Keda Li announced the completion of the registration procedures for changes to its Articles of Association on October 23, 2025 [2] - The change registration does not involve the reissuance of a business license [2] Summary by Category - **Company Announcement** - Keda Li has completed the relevant business change registration procedures for its Articles of Association [2] - **Regulatory Compliance** - The registration change does not require a new business license to be issued [2]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 公司已于 2025 年 10 月 23 日完成了《公司章程》备案的相关工商变更（备 案）登记手续。本次变更备案不涉及换发营业执照，修订后《公司章程》全文披 露于 2025 年 8 月 16 日的巨潮资讯网，供投资者查阅。 特此公告。 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 关于完成工商变更登记的公告 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（以下简称"公司"）于 2025 年 8 月 15 日召开的第五届董事会第二十一次会议、2025 年 9 月 2 日召开的 2025 年第一次 临时股东会，审议通过了《关于修订<公司章程>的议案》， 同意公司不再设置 监事会及监事岗位，监事会职权由董事会审计委员会承接行使；同时，公司根据 相关法律、法规、规范性文件的规定及要求对《公司章程》相关条款进行修订。 具体内容详见公司于 2025 ...

Core Insights - The 2025 New Energy Battery Industry Development Conference was held in Zaozhuang, Shandong, focusing on the theme "New Energy, New Power, New Future" with over 300 high-level guests attending to explore new directions and trends in the industry [1] Group 1: Industry Development - Zaozhuang has positioned the new energy industry as a primary focus for urban transformation, leveraging the "dual carbon" strategy to enhance its development [3] - The city has attracted leading companies such as Geely, Xinwanda, and Keda Li, contributing to the growth of the new energy sector, which now includes 278 enterprises and has surpassed a total revenue of 50 billion yuan [3] - The local government aims to create a favorable business environment to support the growth of new energy battery companies, promoting green, low-carbon, and high-quality development [3] Group 2: Conference Structure - The conference featured a "1+1+3+1" structure, including an opening ceremony and main forum, a closed-door meeting, three specialized activities, and an exhibition week focused on new energy vehicles [5][6] - The event aimed to facilitate high-level exchanges on industry development, application prospects, challenges, and technological innovations [6]

Core Viewpoint - The report indicates a positive long-term outlook for the Chinese equity market, with expectations of a turning point in US dollar liquidity and a commitment to high-quality economic development in China [1][6]. Financial Performance - As of the end of Q3, the net asset value of the A-class shares of the fund was 1.1172 yuan, with a quarterly growth rate of 45.58%, significantly outperforming the benchmark return of 13.49% [1][3]. - The fund's total assets exceeded 19 billion yuan, establishing it as a representative active equity product managed by the company [1]. Investment Strategy - The fund manager emphasizes a concentrated and in-depth research approach, focusing on sectors such as new energy, electronics, machinery, military industry, and Hong Kong internet stocks [6]. - The investment strategy includes three main lines for AI-themed investments: efficiency-enhancing internet leaders, companies driven by new application scenarios, and firms related to computing power and cloud services [6]. Sector Insights - In the new energy sector, the focus is on the midstream materials of lithium batteries, with an expectation of a healthy supply-demand relationship and potential shortages in certain segments next year [6]. - The military industry is showing signs of improvement in contract liabilities, indicating an upward cycle in orders, supported by increased overseas military trade demand [7]. Market Outlook - The company maintains confidence in the Chinese economy, highlighting the gradual emergence of long-term investment value in the A-share market, particularly for high-quality companies with global competitiveness [7].