Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by overseas construction materials and negative electrode materials production capacity release [4][6]. Financial Performance - For the first nine months of 2025, the company achieved revenue of 12.61 billion, net profit of 1.15 billion, and net profit excluding non-recurring items of 1.06 billion, representing year-on-year increases of 47.2%, 63.5%, and 67.0% respectively [4]. - In Q3 2025, the company recorded revenue of 4.42 billion, net profit of 400 million, and net profit excluding non-recurring items of 360 million, with year-on-year growth of 43.9%, 62.6%, and 53.2% respectively [4]. Profitability and Cash Flow - The gross margin and net margin for the first nine months of 2025 were 28.6% and 14.5%, reflecting increases of 1.67 and 4.76 percentage points year-on-year [5]. - In Q3 2025, the gross margin and net margin were 27.1% and 15.7%, with a decrease in gross margin of 2.02 percentage points but an increase in net margin of 6.55 percentage points year-on-year [5]. - Operating cash flow improved significantly, with a net inflow of 1.56 billion for the first nine months, an increase of 1.54 billion compared to the previous year, and a net inflow of 900 million in Q3, up by 1.14 billion year-on-year [5]. Business Segments - The release of production capacity in overseas construction materials and negative electrode materials significantly boosted revenue growth in the first nine months of 2025 [6]. - The overseas construction materials segment benefited from new projects in Kenya, Côte d'Ivoire, and Tanzania, along with price increases in ceramic products, leading to substantial revenue growth and enhanced profitability [6]. - The negative electrode materials business saw production capacity reach 150,000 tons per year, with a year-on-year sales volume increase of over 300% and improved profitability [6]. Lithium Carbonate and Equipment Business - The company is actively enhancing its localized operations and service efficiency in key markets, particularly in the ceramic machinery business, which is currently facing temporary pressure due to industry adjustments [8]. - In the lithium carbonate segment, the company's associate, Blue Lithium Industry, achieved a production and sales volume of 32,000 tons each, with a revenue of 1.92 billion, down 13.5% year-on-year [8]. - The net profit margin for the lithium carbonate business improved from 24% to 32%, contributing 270 million to the net profit for the first nine months of 2025, a year-on-year increase of 15.2% [8].

Core Points - Keda Manufacturing Co., Ltd. has been criticized by the Shanghai Stock Exchange for multiple instances of false information disclosure and illegal fund operations, revealing significant deficiencies in its internal control systems [1][2] - The violations include off-the-books fund transactions, improper salary payments to executives without board approval, and undisclosed related-party transactions [1][2] Summary by Categories - **Off-the-Books Transactions** - The company engaged in off-the-books fund transactions through employees' personal bank accounts, leading to inaccurate financial reporting. This behavior affected the accuracy of total profit for multiple reporting periods, particularly impacting the profit total by 1.09% in 2024 [1][2] - **Improper Executive Compensation** - Keda Manufacturing improperly paid salaries to certain directors and senior executives without board committee review or shareholder approval. These payments were made through off-the-books accounts and were not disclosed as required. The company has since returned the total amount of these improper payments and interest by September 2025 [1][2] - **Related-Party Transactions** - The former chairman, Bian Cheng, occupied company funds under the guise of prepayments from specific suppliers between September 2017 and September 2018, with amounts representing 0.71% and 1.20% of the company's net assets at year-end for 2017 and 2018, respectively. These transactions were not disclosed [2] - **Financial Assistance Violations** - From August 2021 to June 2024, Bian Cheng and former general manager Zhang Zhonghua borrowed a total of 8.355 million yuan and 7.2 million yuan from off-the-books accounts, which have since been repaid. The company provided financial assistance to related parties without proper disclosure [2]

Group 1: Core Issues - Keda Manufacturing has been criticized for violations in information disclosure and operational norms, including off-the-books transactions and improper accounting practices [2][4] - The company has engaged in off-the-books payments through employees' personal bank accounts, affecting reported profits in 2022, 2023, 2024, and the first half of 2025, with impacts of 0.12%, 0.81%, 1.09%, and 0.29% respectively [2] - There were unauthorized salary payments to executives that were not reviewed or disclosed as required, with these payments being returned to the company by the end of September 2025 [3] Group 2: Responsibility and Disciplinary Actions - The responsible parties, including the former chairman and general managers, failed to fulfill their duties, leading to inaccurate disclosures and violations of multiple stock exchange regulations [5][7] - The Shanghai Stock Exchange has decided to issue a public reprimand to Keda Manufacturing and the involved executives due to the clear violations and the deficiencies in the company's internal control systems [7][8] - The company is required to submit a rectification report within one month, signed by all senior management, to address the compliance issues identified [8] Group 3: Financial Overview - As of the latest report, Keda Manufacturing's market capitalization stands at 25.1 billion yuan [9] - The company's revenue composition for 2024 includes 53.32% from the machinery equipment sector, 37.42% from the overseas ceramics sector, 6.99% from lithium battery materials, and 2.19% from other equipment [8]

关于收到广东监管局行政监管措施决定书 及公司初步整改的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 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 科达制造股份有限公司（以下简称"公司""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。公司高度重视，立 即组织相关部门和人员对相关问题进行全面梳理，并根据相关法律、法规、规范 性文件、公司内部管理制度，认真进行整改。2025 年 10 月 31 日，公司收到广 东监管局对上述问题出具的《行政监管措施决定书》（[2025]122 号，以下简称"《决 定书》"）。现将《决定书》具体内容及公司整改情况公告如下： 一、《决定书》内容 证券代码：600499 证券简称：科达制造 公告编号：2025-052 科达制造股份有限公司 （四）违规向关联方提供财务资助。经查，2021 年 8 月至 2024 年 6 月，科 达制造董事长边程、时任董事张仲华分别从公司账外个人银行账户累计借款 835.5 万元、720 万元，本息均 ...

Group 1 - The domestic building materials market demand remains sluggish, with significant declines in construction activity and cement production [1][2] - In the first three quarters of 2025, Huanxin Cement and Keda Manufacturing reported impressive financial results, with Huanxin Cement achieving a net profit of 2.0 billion yuan, up 76.0%, and Keda Manufacturing achieving a net profit of 1.15 billion yuan, up 63.5% [2][3] - The successful overseas expansion of companies like Huanxin Cement and Keda Manufacturing serves as a model for other building materials firms, highlighting the potential for growth in international markets [3][4] Group 2 - Huanxin Cement has established production bases in 12 countries, with an overseas cement grinding capacity of 24.7 million tons per year, contributing 41.3 billion yuan in revenue, which accounts for 45.1% of total revenue [2] - Keda Manufacturing's overseas business, primarily in sub-Saharan Africa, has seen a significant increase in production, with ceramic products reaching approximately 100 million square meters and revenue from overseas building materials reaching 3.77 billion yuan, up 90.1% [2][3] - The focus on international markets is seen as a crucial strategy for building materials companies to navigate the challenges posed by a declining domestic market [3]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - Despite the pressure on the construction materials industry due to the real estate market, some companies are expected to perform well due to proactive strategies and effective resource integration, particularly in overseas markets [4][9] - Domestic demand for construction materials remains weak, with significant declines in housing construction metrics, leading to continued operational challenges for domestic companies [9] - Companies like Huaxin Cement and Keda Manufacturing have shown strong performance in their overseas operations, with notable increases in net profits and revenue from international markets [9] Summary by Sections - **Investment Suggestions and Targets**: The report suggests focusing on companies that have successfully expanded overseas, such as Huaxin Cement and Keda Manufacturing, despite the overall challenging domestic market conditions [4][9] - **Market Performance**: Data from the National Bureau of Statistics indicates a decline in housing construction area by 9.4% year-on-year, with new construction area down by 18.9% and completion area down by 15.3% in the first nine months of 2025 [9] - **Company Performance**: Huaxin Cement reported a net profit of 2.0 billion yuan, a 76.0% increase year-on-year, with overseas operations contributing significantly to its revenue [9] Keda Manufacturing achieved a net profit of 1.15 billion yuan, up 63.5% year-on-year, with substantial growth in its overseas business [9]

Core Viewpoint - Haomai Technology is a leading global tire mold enterprise, with strong technical and production capacity advantages, focusing on tire molds and related equipment production and sales [1] Group 1: Business Performance - In Q3 2025, Haomai Technology achieved a revenue of 8.076 billion yuan, ranking second among 89 companies in the industry, with the first being Keda Manufacturing at 12.605 billion yuan [2] - The company's net profit for the same period was 1.789 billion yuan, also ranking second in the industry, just behind Keda Manufacturing's 1.832 billion yuan [2] - The revenue composition includes mold revenue of 2.628 billion yuan (49.91%), large component machinery products at 1.947 billion yuan (36.98%), CNC machine tools at 506 million yuan (9.62%), and other revenues at 184 million yuan (3.49%) [2] Group 2: Financial Health - As of Q3 2025, Haomai Technology's debt-to-asset ratio was 17.04%, significantly lower than the industry average of 42.80% [3] - The gross profit margin for the same period was 33.99%, higher than the industry average of 28.52% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 9.88% to 18,100 [5] - The average number of circulating A-shares held per shareholder decreased by 8.99% to 43,900 [5] Group 4: Future Outlook - The company expects a revenue growth of 26.88% and a net profit growth of 26.21% year-on-year for the first three quarters of 2025 [5][6] - Business highlights include steady growth in tire mold business, large component business benefiting from global AI computing center construction and wind power industry recovery, and rapid growth in machine tool business with a 145% year-on-year increase in H1 2025 [6] - The company has launched an employee stock ownership plan to strengthen mid-level incentives and maintains profit forecasts for 2025-2027 [5][6]

公募基金方面，本期较上一期持股增加的公募基金共计14个，主要包括华泰柏瑞积极优选股票A、长盛 同智优势混合(LOF)、安信灵活配置混合A、广发东财大数据混合A、华泰柏瑞成长智选混合A等，持股 增加占比达0.17%。本期较上一季度持股减少的公募基金共计9个，主要包括安信远见成长混合A、安信 远见稳进一年持有混合A、国联消费精选混合A、国联竞争优势、国联新经济混合A等，持股减少占比 达0.14%。本期较上一季度新披露的公募基金共计11个，主要包括广发资管平衡精选一年持有混合A、 长信先进装备三个月持有混合A、万家互联互通中国优势量化策略混合A、兴合先进制造混合发起式 A、上银中证500指数增强型A等。本期较上一季未再披露的公募基金共计441个，主要包括南方中证 500ETF、国联策略优选混合A、兴全社会责任混合、广发多因子混合、华夏中证500指数增强A等。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.40%。 2025年10月31日，科达制造(600499.SH)发布2025年第三季报。截至2025年10月30日，共有40个机构投 资者披露持有科达制造A股股份 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by various factors in its overseas building materials and lithium battery materials businesses [7][8]. Financial Performance - The company achieved operating revenue of 12.605 billion yuan, representing a year-on-year increase of 47.19% [7]. - The net profit attributable to shareholders reached 1.149 billion yuan, with a year-on-year growth of 63.49% [7]. - The lithium battery materials segment saw a production capacity of 150,000 tons/year for artificial graphite, with sales volume nearing 70,000 tons, reflecting a year-on-year increase of over 300% [7]. Business Segments - The overseas building materials business experienced substantial revenue growth due to the release of new capacities from projects in Kenya, Côte d'Ivoire, and Tanzania, along with optimized pricing strategies for ceramic tiles [7]. - The company decided to terminate its investment in the Honduras ceramic project due to increased investment risks stemming from macroeconomic policies and market conditions [7]. - The company is actively enhancing local operations and service efficiency in its ceramic machinery business amid industry challenges [7]. Investment in Subsidiaries - The company's associate, Qinghai Salt Lake Blue Science Lithium Industry Co., Ltd., produced approximately 31,600 tons of lithium carbonate and achieved sales of about 31,500 tons, with a net profit attributable to the company of 271 million yuan [8].

Core Insights - Keda Manufacturing reported significant growth in revenue and profit for the first three quarters of 2025, with revenue reaching 12.605 billion yuan, a year-on-year increase of 47.19%, and net profit attributable to shareholders at 1.149 billion yuan, up 63.49% [1][2] Financial Performance - For Q3 2025, the company achieved revenue of 4.417 billion yuan, marking a 43.89% year-on-year increase, and net profit attributable to shareholders of 404 million yuan, which is a 62.65% increase compared to the same period last year [1] - The company's net profit excluding non-recurring items for Q3 was 362 million yuan, reflecting a 53.25% year-on-year growth [1] Business Expansion - Keda Manufacturing is advancing its global strategy by establishing a subsidiary in Egypt and adding eight operational sites in India and Egypt to enhance its overseas service network [1] - The company is also focusing on service-oriented and general-purpose ceramic machine strategies, with notable growth in its ink business and the construction of the KAMI ink factory in Turkey [1] Overseas Operations - The company’s ceramic project in Côte d'Ivoire began mass production in July 2025, contributing to its operations in seven African countries with a total of 21 ceramic production lines, 2 glass production lines, and 2 sanitary ware production lines, achieving an annual capacity of over 200 million square meters of ceramic tiles, 400,000 tons of glass, and 2.6 million sanitary ware products [1] Lithium Battery Materials - In the lithium battery materials sector, Keda Manufacturing's artificial graphite product sales reached nearly 70,000 tons in the first three quarters, with both sales and production increasing by over 300% year-on-year, enhancing profitability [2] - The company’s joint venture, Lanke Lithium, produced approximately 31,600 tons of lithium carbonate and sold about 31,500 tons, contributing 271 million yuan to Keda's net profit [2] Future Outlook - The company plans to continue leveraging its strategic planning, global layout, and technological innovation capabilities to achieve its annual operational goals in the fourth quarter [2]