Investment Rating - The report maintains a positive outlook on the building materials industry, indicating a "Look Forward" investment rating [3][4]. Core Insights - The real estate sector has experienced a downturn for five consecutive years, but there are emerging positive signals that warrant attention. The building materials industry has faced pressures such as declining demand, credit risk expansion, cost disturbances, and intensified competition [4][5]. - Over the past five years, the industry has undergone significant capacity clearance, with a cumulative decline of 38% in waterproof materials production from 2021 to 2024. In contrast, the top three companies in this sector have seen a revenue decline of only 20.9%, indicating a rapid increase in industry concentration [4][5]. - Strategic transformations have been completed by several leading building materials companies, enhancing their competitive positions and adapting to market changes. Companies like Dongfang Yuhong and Keshun have successfully restructured their channels and expanded into new markets [6]. - There is an anticipated surge in renovation demand due to the aging housing stock, with a significant portion of homes being over 20 years old. The report predicts that by 2025, second-hand housing transactions will account for 70% of the market, which will likely stimulate renovation activities [7][9]. - Policy adjustments have been noted, with government signals indicating support for the real estate sector, including tax incentives for housing transactions. This is expected to positively influence market sentiment and investment in the building materials sector [9]. Summary by Sections Industry Overview - The building materials industry has faced five years of challenges, but recent developments suggest a potential recovery. The report emphasizes the importance of viewing the industry from a long-term perspective [4][5]. Capacity and Production - The report highlights a significant reduction in production capacity across various segments, including a 38% decline in waterproof materials and a 1.6 billion ton reduction in cement capacity, which has alleviated supply pressures [4][5]. Strategic Transformations - Notable companies have successfully navigated strategic transformations, with improvements in asset quality and revenue growth. For instance, Dongfang Yuhong has seen a substantial increase in retail business revenue [6]. Demand Dynamics - The report anticipates a shift in demand dynamics, particularly in the renovation market, driven by an aging housing stock and changing consumer preferences. This is expected to lead to increased demand for building materials [7]. Policy Environment - Recent policy changes are viewed as supportive of the real estate market, with indications of government backing for housing transactions and urban renewal initiatives [9]. Investment Recommendations - The report suggests focusing on core consumer building materials stocks, particularly those positioned to benefit from anticipated increases in construction activity and renovation demand [9].

科达制造公告，子公司TILEMASTER与森大集团于2024年11月25日签订商标转让框架协议，对价已支 付完毕。2026年1月21日，双方再次签订商标转让协议，森大集团将"TWYFORD"商标无偿转让至 TILEMASTER或其指定第三方。协议生效后，TILEMASTER或其指定第三方将享有"TWYFORD"商标 的所有权及相关权利。 ...

证券代码：600499 股票简称：科达制造 公告编号：2026-003 科达制造股份有限公司 关于子公司收购商标暨关联交易的进展公告 2026 年 1 月 21 日，广东特福国际指定其子公司 TILEMASTER 与森大集团 签订了《商标转让协议》（以下简称"本协议"），森大集团将"TWYFORD" 商标无偿转让至 TILEMASTER 或其指定第三方，主要协议内容如下： （一）合同主体 甲方（转让方）：森大集团有限公司 1 / 2 乙方（受让方）：TILEMASTER INVESTMENT LIMITED （二）交易标的 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。 一、关联交易概述 为进一步提升科达制造股份有限公司（以下简称"公司"）海外建材业务的 独立性，增强核心竞争力，公司于 2024 年 11 月 12 日召开第九届董事会第四次 会议，同意子公司广东特福国际控股有限公司（以下简称"广东特福国际"）指 定 其 全 资 子 公 司 TILEMASTER INVESTMENT LIMITED （ 以 下 简 称 "TIL ...

科达制造股份有限公司（以下简称"公司"）正在筹划以发行股份及支付现金 的方式收购公司控股子公司广东特福国际控股有限公司的少数股权，同时募集配 套资金（以下简称"本次交易"）。根据《上市公司重大资产重组管理办法》等有 关规定，本次交易预计将构成关联交易，构成重大资产重组，但不构成重组上市。 因本次交易尚处于筹划阶段，有关事项存在不确定性，为了维护投资者利益，避 免造成股价异常波动，根据上海证券交易所相关规定，经公司申请，公司 A 股股 票（证券简称：科达制造，证券代码：600499.SH）自 2026 年 1 月 15 日（星期四） 开市起开始停牌，预计停牌时间不超过 10 个交易日。具体内容详见公司于 2026 年 1 月 15 日在上海证券交易所网站（www.sse.com.cn）披露的《关于筹划重大资 产重组的停牌公告》（公告编号：2026-001）。 证券代码：600499 证券简称：科达制造 公告编号：2026-002 科达制造股份有限公司 关于筹划重大资产重组的停牌进展公告 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 ...

科达制造公告称，公司正筹划以发行股份及支付现金方式收购控股子公司广东特福国际控股有限公司少 数股权并募集配套资金，预计构成关联交易和重大资产重组，不构成重组上市。公司A股股票自2026年 1月15日开市起停牌，截至公告披露日，交易仍处筹划阶段，相关方正协商、论证和确认方案。为避免 股价异常波动，股票将继续停牌，待事项确定后申请复牌，交易最终能否实施存在不确定性。 ...

证券日报网讯1月20日，科达制造（600499）在互动平台回答投资者提问时表示，公司负极材料主要面 向储能领域，客户涵盖部分储能头部企业。2025年前三季度，随着公司相关产能的稳步释放，公司负极 材料产品产销量逐季攀升。后续，公司将根据市场情况及客户需求有序推动负极材料产能释放。具体经 营情况敬请关注公司后续披露的定期报告。 ...

证券日报网讯 1月20日，科达制造在互动平台回答投资者提问时表示，截至目前，蓝科锂业拥有约4.1万 吨/年碳酸锂产能，具体经营信息请以定期报告为准。 （文章来源：证券日报） ...

Core Viewpoint - The recent communication between investors and Keda Manufacturing regarding the lithium carbonate production capacity of Qinghai Salt Lake Blue Science and Technology indicates a discrepancy in information about production plans and capacity updates [2] Group 1: Company Information - Qinghai Salt Lake Blue Science and Technology has completed a technical transformation project that will add 0.5 million tons of lithium carbonate production capacity, currently in equipment debugging phase [2] - Keda Manufacturing reported that as of now, Blue Science and Technology has an annual production capacity of approximately 41,000 tons of lithium carbonate [2] - Keda Manufacturing emphasized that specific operational information should be referenced from periodic reports, indicating a reliance on formal disclosures for accurate data [2]

Group 1 - Five stocks, including Keda Manufacturing, Hunan Gold, and Minexplosion Optoelectronics, were suspended from trading on January 20 according to Wind data [1]

Core Insights - Keda Manufacturing's subsidiary, Litai Ceramics, has achieved significant success in 2025, showcasing its leadership in the building materials machinery sector through a focus on "diversification of presses and series of ceramic machines" and leveraging technological innovation as a core strategy [1][2] - The company has received multiple major orders both domestically and internationally, with its core products being included in national promotion directories, indicating strong market recognition and contributing to the parent company's performance growth [1] Technological Innovation - Technological innovation is identified as a key factor for Keda Manufacturing to navigate industry cycles and build core competitive advantages [1] - In 2025, Litai Ceramics has focused on the integration of "digital intelligence," aiming for high-end, intelligent, and green transformation, ensuring that its equipment meets 5A standards for efficient production of high-end ceramic products [1] - The company's high-efficiency digital double-layer roller kiln and high-efficiency large-capacity foamed ceramic tunnel kiln have been recognized by national authorities, further solidifying its technological leadership [1] Global Expansion - Keda Manufacturing's global expansion has accelerated, opening new growth opportunities in 2025, with significant project breakthroughs in Asia, Africa, Europe, and South America [2] - The company has deepened its presence in the Indian market with multiple projects, including LUMBINI and KEROVIT, and has successfully launched high-end production lines [2] - In Vietnam, the company secured its tenth project with TAKAO Group and signed a high-end glazed tile project with FATA, setting new local production capacity and kiln length records [2] - Projects in Egypt, Morocco, Kenya, and Colombia are also underway, establishing a comprehensive market network across major ceramic production bases globally [2] Future Outlook - Looking ahead to 2026, Keda Manufacturing and its subsidiaries are expected to continue leveraging their technological expertise and global layout, focusing on high-end, intelligent, and green transformation while expanding their presence in the advanced ceramics sector [2]