Keda Manufacturing: Net profit attributable to parent company expected to increase by 30.07% to 1.309 billion yuan by 2025

On March 27, Keda Industrial (600499) released its 2025 annual report. During the reporting period, revenue was RMB 17.389 billion, up 38.01% year over year. Net profit attributable to shareholders was RMB 1.309 billion, up 30.07% year over year. Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1.199 billion, up 30.2% year over year. Net operating cash flow was RMB 1.819 billion, up 226.47% year over year. EPS (fully diluted) was RMB 0.696.

Of this, in the fourth quarter, revenue was RMB 4.78 billion, up 18.5% year over year. Net profit attributable to shareholders was RMB 0.16 billion, down 47.4% year over year. Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 0.137 billion, down 51.8% year over year. EPS was RMB 0.0833.

As of the end of the fourth quarter, total assets were RMB 29.362 billion, up 8.95% from the end of the prior year. Net assets attributable to shareholders were RMB 12.593 billion, up 9.7% from the end of the prior year.

The company mentioned in its 2025 annual report that during the reporting period, there were no significant changes to its main business and operating model. Its principal businesses include the production and sales of building-ceramics machinery and overseas building materials products, and it strategically invests in lithium-salt businesses with Lan Ke Lithium Industry as the main focus. It also has培育 businesses such as lithium battery materials and equipment, hydraulic pumps, and smart energy.

In the building-ceramics machinery business, the company continues to use ceramic presses, kilns, polishing and grinding equipment, and other products as its core offerings to serve downstream building-ceramics manufacturers. The company also strengthens its market position by providing services such as sales of spare parts and consumables, as well as equipment maintenance and upgrades.

In addition, the company continuously explores core technologies, enriches its product lineup, applies press equipment to other fields, and further extends its business scope.

In the overseas building materials business, the company advances capacity construction for local building-material projects in the Africa market, and has been operating building-ceramics production lines, glass production lines, and sanitary-ware production lines in multiple countries.

During the reporting period, the company’s overseas building materials business achieved significant growth, with both building-ceramics output and export volume increasing. The company plans to continue expanding its layout in overseas markets to support future growth potential.

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