登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：科达制造三季报业绩高增，究竟是否值得投资者投资？需要指出的是，公司无实控人公司治 理结构疑遭内部人掏空。一方面，公司出现违规账外收付及核算、发放董监高薪酬等问题；另一方面， 公司关联交易被监管质疑是否存利益输送，需要强调的是，该关联交易毛利率显著低于第三方。 科达制造三季报业绩高增。 三季报显示，公司实现营业收入126.05亿元，同比增长47.19%；归母净利润为11.49亿元，同比增长 63.49%；经营现金流净额为15.60亿元，同比增长65倍。其中，第三季度实现营业收入44.17亿元，同比 增长43.89%；归母净利润4.04亿元，同比增长62.65%。 如此高增的业绩下，公司却遭内部人掏空。与此同时，公司关联交易再次遭监管质疑是否存在利益输 送。 遭内部人掏空？关联交易被质疑利益输送 近期，经中国证券监督管理委员会广东监管局（以下简称"广东监管局"）对科达制造现场检查以及公司 自查，发现公司存在违规账外收付及核算、发放董监高薪酬等问题。 一是，账外收付资金、核算收入费用。 三是，关联方通过供应商短 ...

Group 1 - The core point of the news is that shareholder Liang Tongcan has pledged a total of 36 million shares of Keda Manufacturing, accounting for 1.88% of the total share capital, to Guangzhou Rural Commercial Bank, Foshan Branch [1] - As of the announcement date, Liang Tongcan has pledged a total of 263 million shares, which represents 70.1% of his total holdings, while Guangdong Hongyu Group has pledged 64.34 million shares, representing 100% of its holdings [1] - The cumulative pledged shares of the top ten shareholders of Keda Manufacturing after this pledge are detailed in the accompanying chart [1] Group 2 - Keda Manufacturing's financial data for the first half of 2025 shows a main revenue of 8.188 billion yuan, an increase of 49.04% year-on-year, and a net profit attributable to shareholders of 745 million yuan, up 63.95% year-on-year [3] - In Q2 2025, the company reported a single-quarter main revenue of 4.422 billion yuan, a year-on-year increase of 50.78%, and a net profit attributable to shareholders of 398 million yuan, up 178.45% year-on-year [3] - The company has a debt ratio of 48.42%, investment income of 241 million yuan, financial expenses of 242 million yuan, and a gross profit margin of 29.34% [3] Group 3 - Keda Manufacturing's main business includes the production and sales of building ceramic machinery and overseas building materials, with strategic investments focused on lithium salt business led by Blueco Lithium, as well as lithium battery materials and equipment, hydraulic pumps, and smart energy as nurturing businesses [4]