科马材料：2025年净利增27.61%，核心技术壁垒构筑国产替代新标杆

Core Viewpoint - Zhejiang Kema Materials Co., Ltd. reported a revenue of 276 million yuan for 2025, marking a year-on-year growth of 10.93%, and a net profit attributable to shareholders of 91.281 million yuan, up 27.61%, demonstrating strong performance amid fierce competition in the automotive industry [1] Group 1: Revenue and Profit Growth - The company achieved a net profit margin of 33.05% in 2025, significantly higher than in 2024, attributed to improvements in both quantity and quality of sales [1] - The recovery of the commercial vehicle market and accelerated domestic substitution contributed to the company's robust performance [1] Group 2: Market Expansion - The company benefited from a recovery in the commercial vehicle market, with significant revenue growth from domestic customers, supported by increased demand for heavy trucks due to domestic infrastructure recovery [2] - Kema Materials has successfully entered the supply chains of international giants like ZF and Eaton, becoming the sole supplier of dry friction plates for ZF in China and a key supplier for Eaton's AMT transmission products [2] Group 3: Product Structure Optimization - The sales proportion of high-margin high-end material products has increased, driven by the scale benefits of the T2 dry immersion process, which is more environmentally friendly and performs better than the traditional T1 wet immersion process [3] - Manufacturing costs, which were high in 2024 due to relocation and equipment installation, have decreased in 2025, further boosting profit margins [3] Group 4: Industry Position and Trends - Kema Materials has transformed from a follower to a leader in the domestic high-end dry friction plate market, previously dominated by international giants, now holding a significant market share [4] - The company has broken the long-standing monopoly of foreign brands in the high-barrier wet paper-based friction plate sector, supplying high-end diesel engines for marine and data center applications [4] - The company is well-positioned within the national industrial development strategy, benefiting from supportive policies aimed at domestic enterprises with core technologies [3][4]