Core Viewpoint - The company has completed the deregistration of its wholly-owned subsidiary, Xiamen Keda Li Precision Industry Co., Ltd., to optimize resource allocation and reduce management costs, thereby enhancing overall competitiveness [1][2]. Summary by Sections Company Actions - Keda Li announced the completion of the deregistration of Xiamen Keda Li, which was officially recognized by the Xiamen Municipal Market Supervision Administration [1]. - The decision to deregister was made during the fifth board meeting on April 16, 2025, and the related business will be integrated into another wholly-owned subsidiary, Fujian Keda Li Precision Industry Co., Ltd. [1]. Strategic Implications - The deregistration is part of the company's strategic development needs, aimed at business integration and resource optimization, which will help reduce management costs and improve operational efficiency [2]. - The company emphasizes that this action will not harm the interests of the listed company or its shareholders, and it aims to consolidate its competitive advantage and protect shareholder rights [2]. - With the completion of the deregistration, the company's business structure will become more concentrated, potentially enhancing resource allocation efficiency and laying a foundation for continued development in core business areas such as automotive components for new energy vehicles [2].

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：127066 | 债券简称：科利转债 | | 近日，厦门科达利取得了厦门市市场监督管理局下发的《登记通知书》，完 成了工商注销登记手续。 本次注销厦门科达利是为了优化资源配置、降低管理成本，并进一步增强公 司的整体竞争力，实现公司的长远发展目标，同时维护上市公司及其全体股东的 利益，不存在损害公司及股东利益的情形。 特此公告。 深圳市科达利实业股份有限公司 董 事 会 2025 年 11 月 17 日 深圳市科达利实业股份有限公司 关于全资子公司厦门科达利完成工商注销登记的公告 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 4 月 16 日召开了第五届董事会第十六次会议，审议通过了《关于注销全资子公司厦门科 达利的议案》，同意注销公司全资子公司厦门科达利精密工业有限公司（以下简 称"厦门科达利"），其相关业务将并入公司全资子公司福建科达利精密工业有限 公司 ...

Core Viewpoint - The recent performance of the CSI 500 Quality Growth Index shows a decline, with specific stocks leading gains and losses, indicating market volatility and sector-specific movements [1][2]. Group 1: Market Performance - As of November 17, 2025, the CSI 500 Quality Growth Index (930939) decreased by 1.26%, with Jiuli Special Materials (002318) leading the gainers and Shanghai Electric (600021) leading the decliners [1]. - The CSI 500 Quality Growth ETF (560500) experienced a turnover rate of 0.46%, with a trading volume of 2.1469 million yuan [1]. Group 2: Sector Analysis - CITIC Securities noted increased volatility in the computing power sector, emphasizing the ongoing AI industrial revolution and the need for a long-term perspective on its impact [2]. - Quantum technology is highlighted as a key future industry, with recent advancements such as the joint development of a superconducting quantum computer by China Telecom Quantum Group and Guoshield Quantum [2]. Group 3: Fund and Index Composition - The CSI 500 Quality Growth Index selects 100 companies from the CSI 500 Index based on profitability, sustainability, and cash flow, providing diverse investment options [2]. - As of October 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 21.64% of the index, with Huagong Technology (000988) having the highest weight at 3.37% [3][5].

Summary of Conference Call Notes Industry Overview - The focus of the conference call is on the **Energy Storage Systems (ESS)** sector within the **battery value chain** in China, highlighting the demand outlook for 2025 and 2026 [1][2]. Key Points and Arguments 1. **Demand Growth for ESS**: - The demand for ESS is projected to grow significantly, with various players in the battery value chain confirming a bullish outlook for 2025 and 2026. Capchem (electrolytes) anticipates approximately **50% year-over-year (YoY) sales volume growth** in 2026, while Nuode (copper foil producer) expects around **80% YoY growth** [2][3]. - Shenzhen Senior forecasts a **50% YoY industry demand growth** in 2026, although it expects only **20% YoY sales volume growth** for itself [2]. 2. **Investment Returns**: - The Internal Rate of Return (IRR) for ESS projects is attractive, averaging over **10%**, with some regions reaching as high as **20%**. This is supported by subsidies and power trading strategies [3]. 3. **Material Demand and Supply**: - A significant increase in metal demand is expected, with projections of over **300 GWh** increase in demand for metals in 2026, indicating a potential supply-demand deficit [5]. - Specific metal consumption estimates include: - **40-60 kt of copper** for every **100 GWh** of ESS capacity, depending on the type of copper foil used. - **160 kt of aluminum** for the same capacity, used in various components [9]. 4. **Price Trends**: - There are ongoing but mild price hikes for battery materials, with separators and copper foil prices expected to rise, particularly among second-tier battery makers. Top-tier makers will experience price increases last due to their stronger bargaining power [10]. - The price of lithium carbonate impacts battery cell costs, with a **Rmb 0.02/Wh** increase for every **Rmb 10,000/ton** rise in lithium carbonate prices [3]. 5. **Capacity Expansion and Market Dynamics**: - Battery materials companies are cautious about capacity expansion due to lessons learned from previous cycles, leading to slower growth in production capacity [11]. - There is a notable concern among battery producers regarding tight materials supply, prompting the establishment of supply guarantee contracts, which were rare in the past [12]. 6. **Company-Specific Insights**: - **GEM Co Ltd** aims to increase nickel shipments from **120 kt** this year to **150 kt** by 2026, with plans to further expand capacity to **300 kt** by 2030 [13]. - **Kedali** is guiding for **30% YoY revenue growth** in 2026, reflecting a conservative estimate compared to broader market expectations [14]. - **BYD** anticipates delivering over **1.5 million units** overseas in 2026, with a focus on Europe, APAC, and Latin America [15]. Additional Important Insights - The overall sentiment in the battery materials sector is optimistic, with all players in the value chain reporting high demand growth expectations for 2026 [2][5]. - The current market dynamics suggest a potential shift in pricing strategies and supply agreements as companies navigate the anticipated demand surge [10][12]. This summary encapsulates the critical insights from the conference call, focusing on the ESS sector's growth prospects, investment returns, material demand, and market dynamics.

Summary of Key Points from Conference Call Records Industry Overview - **Solid-State Battery Sector**: Focus on solid-state battery equipment, particularly dry electrode, constant insulation, and isostatic equipment. GWh-level production line bidding expected to start by the end of 2025, with mass production anticipated in 2027. Isostatic equipment is crucial for addressing solid-state interface issues [1][2][9] - **AIDC Data Center Power Supply Systems**: Chinese manufacturers are positioned to leverage cost advantages in the U.S. due to electricity shortages. SST technology provides new opportunities for domestic firms to expand internationally. The penetration rate of 800V HVDC is increasing, leading to higher demand for components. Energy storage systems are essential for ensuring the stability of AI data centers [2][3][8] - **Energy Storage Market**: Significant growth expected in the energy storage market by 2026, increasing demand for lithium batteries, components, and upstream raw materials. The long-term outlook for energy storage remains positive [4][15] - **Photovoltaic Industry**: After three years of adjustment, the photovoltaic industry is expected to see price and profitability recovery by 2026. The end of low-price competition and the formation of joint ventures among leading silicon material companies will drive value reconstruction for quality firms [5] - **Humanoid Robotics Sector**: The humanoid robotics sector is gaining attention, with Yuzhu Technology planning to submit an IPO application in Q4 2025, potentially attracting more investor interest [6][12] Core Insights and Arguments - **Investment Opportunities**: Current investment opportunities in the new energy sector include solid-state batteries and AIDC data center power supply systems. The solid-state battery sector is particularly promising due to anticipated positive impacts from government evaluations on energy density and cycle life [2][9] - **Challenges in AIDC Data Centers**: Local grid expansion delays are hindering the operation of AIDC data centers, with specific projects affected by insufficient power supply. Light-storage solutions are proposed as a viable alternative to ensure power supply stability [7][8] - **Wind Power Industry**: Wind turbine prices are recovering, with average bidding prices for projects in October 2025 at 2,110 RMB/kW (excluding tower costs). The European offshore wind demand is rapidly growing, presenting opportunities for the wind turbine supply chain [3][16] Additional Important Insights - **Recommended Companies**: In the energy storage sector, companies such as Sungrow Power Supply and Shenhong Co. are recommended. For solid-state circuit breakers, attention is drawn to Liangxin Co. [10] - **Solid-State Battery Equipment Companies**: Key companies to watch in the solid-state battery equipment sector include Nacknor, Soft Control, and Honggong Technology. For complete line leaders, Xian Dao Intelligent and Galaxy Technology are recommended [14] - **Future Trends in Energy Storage**: The energy storage market is expected to maintain good investment returns, driven by domestic and international demand, particularly from AIDC data centers [15] - **Electric Grid Construction**: The number of bidding projects for substations has increased, indicating a growth cycle for domestic electric grid investment driven by policy support and the need for renewable energy integration [17][18]

Core Viewpoint - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18 to 20 in Shenzhen, focusing on new opportunities and challenges in the lithium battery industry [2][3]. Group 1: Conference Overview - The conference will gather leaders from upstream and downstream lithium battery enterprises to discuss the new dynamics and opportunities in the industry cycle [3]. - The opening ceremony will feature the theme "Stirring for Fifteen Years, Looking Ahead to a New Journey" [3]. - Key topics include the "Comprehensive Electrification Battle," "Future of Battery Diversification Innovation," and "Solid-State Battery Applications Driven by New Scenarios" [3]. Group 2: Event Logistics - The conference will take place at the JW Marriott Hotel in Qianhai, Shenzhen, starting at 8:40 AM on November 18 and at 9:00 AM on November 19 and 20 [5]. - Registration will be open on November 17 from 4:30 PM to 8:30 PM, and from 7:30 AM on November 18, with peak registration expected at 8:15 AM [5][6]. - Attendees are advised to prepare their business cards and registration information for a smooth check-in process [6]. Group 3: Dining and Transportation - Lunch will be provided at the hotel from November 18 to 20, requiring meal vouchers for access [8]. - The hotel is accessible via various transportation methods, including high-speed rail and airport transfers, with specific travel times provided [8].

Group 1 - The company, Shenzhen Keda Li Industrial Co., Ltd., will participate in the "2025 Annual Online Collective Reception Day for Listed Companies in Shenzhen" to enhance interaction with investors [1] - The event will be held online on November 20, 2025, from 14:30 to 17:00, with a specific interactive session between the company and investors from 15:40 to 17:00 [1] - Company executives will address various topics of interest to investors, including company performance, governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [1]

Core Points - The company, Keda Li, announced its participation in the "2025 Annual Online Collective Reception Day for Investors" organized by the Shenzhen Securities Regulatory Bureau and other entities [2] Group 1 - The event is scheduled for November 20, 2025, aimed at enhancing interaction and communication with investors [2]

Key Points - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18 to 20 in Shenzhen [1] - The conference will feature a comprehensive view of industry trends with 12 specialized sessions covering core topics across the entire industry chain [2] - Over 1,500 executives from more than 1,000 mainstream enterprises in the industry will gather to discuss the achievements and challenges of the past 15 years and look forward to new opportunities [2] - GGII will release authoritative annual reports, including the "2025 China Solid-State Lithium Battery Industry Chain Development Blue Book," providing critical insights for industry decision-making [2] - The event will also include the 2025 High-tech Golden Ball Award ceremony, honoring companies and products that have driven innovation and progress in the past year [2] - More than 130 outstanding enterprises in the lithium battery industry chain have sponsored the event, showcasing their latest advancements in technology, capacity layout, product innovation, and market expansion [2]

| 证券代码：002850 | 证券简称：科达利 | 公告编号：2025-080 | | --- | --- | --- | | 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 关于参加 2025 年度深圳辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，深圳市科达利实业股份有限公司（以下 简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市 公司协会与深圳市全景网络有限公司联合举办的"2025年度深圳辖区上市公司投 资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP,参与 本次互动交流，活动时间为2025年11月20日（周四）14:30-17:00，其中公司与投 资者线上互动交流时间为15:40-17:00。届时公司高管将在线就公司业绩、公司治 理、发展战略、经营状况、融资计划、 ...