10月30日晚，科达制造（600499）发布2025年第三季度报告。数据显示，2025年前三季度，科达制造实 现营收126.05亿元，同比增长47.19%；归母净利润、扣非净利润则分别为11.49亿元、10.62亿元，同比 增长63.49%、66.96%。 另一方面，科达制造在服务化与陶机通用化的布局亦逐步深入，今年前三季度均实现稳健发展，其中墨 水业务保持较好增速。同时，科达制造土耳其生产基地建设KAMI墨水工厂，并将在后续推动模具、纳 米液生产等项目。 海外建材业务夯实长期竞争力 除了陶瓷机械业务外，海外建材亦是科达制造全球化版图中不容忽视的高潜力增长极。 产能布局方面，公司科特迪瓦陶瓷项目已于今年7月正式批量出砖。截至目前，科达制造已在非洲7国运 营21条建筑陶瓷产线、2条玻璃产线、2条洁具产线，合计形成年产超2亿平方米建筑陶瓷、40万吨玻璃 及260万件洁具的产能。 同时，科达制造亦持续推进陶瓷、玻璃及洁具项目的产线技改、工艺优化等工作，其中玻璃业务实现产 销量逐季度攀升，洁具产品成本及产品质量则持续优化。 其中，第三季度实现营收44.17亿元，同比增长超43.89%，创历史同期新高；归母净利润4.0 ...

Core Viewpoint - Keda Manufacturing reported significant growth in both revenue and profit for the first half of 2025, driven by strong performance in overseas markets and the building materials machinery sector [1][2]. Group 1: Financial Performance - In the first half of 2025, Keda Manufacturing achieved revenue of 8.188 billion yuan, a year-on-year increase of 49.04%, marking a historical high for the same period [1]. - The net profit attributable to shareholders reached 745 million yuan, reflecting a year-on-year growth of 63.95%, while the net profit after deducting non-recurring gains and losses was 700 million yuan, up 75.06% [1]. - The overseas building materials business saw a revenue increase of approximately 90% to 3.771 billion yuan, with an improvement in gross margin by about 6 percentage points [2]. Group 2: Business Segments - The building materials machinery segment maintained stable operational quality, generating revenue of 2.570 billion yuan with a gross margin of 26.23% [1]. - Keda Manufacturing is actively expanding its global ceramic machinery market, establishing subsidiaries in Brazil, Vietnam, and Egypt, enhancing its global service network [1]. - The company launched the BOZUYUK factory's parts and consumables workshop in Turkey, with plans for the KAMI ink factory to commence production in the second half of the year [1]. Group 3: Production and Capacity - The overseas building materials business achieved a ceramic tile production of over 98 million square meters, glass production exceeding 170,000 tons, and sanitary ware production of over 1.4 million pieces [2]. - The production efficiency and output have improved due to capacity construction and technological upgrades, with projects in Kenya and Côte d'Ivoire commencing production in June [2]. Group 4: Investment and Subsidiaries - Keda Manufacturing's associate company, Lanke Lithium, produced 20,000 tons of lithium carbonate and achieved sales of 20,600 tons, contributing 168 million yuan to Keda's net profit [2]. - Despite a downturn in the lithium carbonate market, Lanke Lithium maintained a net profit margin of 31%, showcasing its cost-effective lithium extraction technology [2].