No. 259 | Mar. 2025

KEDA Industrial Group Exceeds 2024 Targets with RMB 12.6 Billion Operating Revenue

Today, KEDA Industrial Group (600499.SH) released its 2024 annual report, reporting an operating revenue of RMB 12.6 billion, a year-on-year increase of 29.96%. The company achieved a net profit attributable to shareholders of the listed company of RMB 1.006 billion, and the net profit attributable to shareholders of the listed company excl. non-recurring profit or loss stood at RMB 921 million.

KEDA Industrial Group continues to implement its globalization strategy, deepening its efforts in market expansion, product innovation, and cost optimization, showcasing solid business capabilities.

Meanwhile, in line with its tradition of high dividend payouts. The company has proposed a cash dividend of RMB 2 per 10 shares (tax-inclusive), totaling RMB 372 million. The dividend payout ratio for 2024 stands at 36.92%, combined with share repurchases accounting for 61.99% of the annual net profit.

Additionally, KEDA Industrial Group launched a new employee stock ownership plan, establishing performance evaluation criteria for 2025-2027 with the ultimate objective of achieving a cumulative year-on-year operating revenue or net profit growth of 340%, based on the 2024 performance.

As one of KEDA Industrial Group's core business segments, the Building Materials Machinery division saw strong performance, benefiting from international expansion and servitization, generalized business extension.

The company achieved an operating revenue of RMB 5.605 billion in 2024, marking a year-on-year increase of 25.20%.

During the reporting period, KEDA Industrial Group focused on emerging markets in Southeast Asia, the Middle East, and South Asia, while also expanding into high-end markets such as Europe, resulting in steady growth in international orders.

In spare parts & consumables, the company also saw significant growth in order value, with this segment accounting for 20% of orders in the ceramic machinery business. During the reporting period, KEDA Industrial Group continued to advance its Turkish production base, having set up a local laboratory and ink technology team.

Furthermore, the annual production lines for 100,000-ton glaze materials and 15,000-ton pigment & glaze of Sinocera Create-Tide have been successfully launched and upgraded. In the area of generalized business, KEDA Industrial Group has continued to expand its product offerings, including aluminum wheel hub forging hydraulic presses and aluminum extrusion machines, achieving breakthroughs in international markets. In 2024, the total order value reached approximately RMB 500 million.

▲KEDA Turkey production base

With years of sustained development, KEDA Industrial Group has continuously expanded its building materials production capacity. The company now operates 10 factories across 6 African countries, running 19 building ceramic production lines, 2 sanitaryware lines, and 2 float glass lines.

In 2024, the production of building ceramic products reached approximately 176 million square meters, a year-on-year increase of 17.62%. The Building Materials generated total operating revenue of RMB 4.715 billion, up by 28.99% compared to the previous year.

▲Twyford International launches the first sanitary ware factory in East Africa

During the reporting period, new capacity in Africa was gradually released, with the Kenya Kisumu Sanitaryware Factory, Cameroon Building Ceramic Project, and Tanzania Building Glass Project starting production within the year. Meanwhile, the company further enhanced its capacity through strategic mergers and acquisitions expansion, completing the purchase of building ceramic and building glass projects in Kenya and Tanzania respectively.

Additionally, the company has been implementing production upgrades at multiple building ceramic projects in various regions, with steady progress on the Côte d'Ivoire Building Ceramic Project in Africa and the Peru Float Glass Project in South America.

In 2024, amid prolonged bottom consolidation of lithium prices, Lanke Lithium Industry leveraged its resource endowment, process optimization, and cost control measures to maintain counter-cyclical resilience. Data shows that Lanke Lithium Industry achieved a lithium carbonate production of about 40,000 tons and sales of approximately 41,600 tons, contributing RMB 233 million to KEDA Industrial Group's net profit attributable to shareholders of the listed company.

(Securities Times)

Highlights of KEDA Industrial Group 2024 Annual Report

KDXN: Latest Transformation of Lithium Battery Materials Kilns?

01 Lithium Battery Materials Market Shifts: Supply and Demand Reverse Urgent Need for Machinery Upgrades

Currently, China's lithium battery materials industry is undergoing a deep adjustment. Structural overcapacity has led to significant delays and even halts in many projects that were planned or under construction. As a result, newly installed machinery is severely underutilized.

Furthermore, with intensified market competition, the acceleration of technology, process, and machinery upgrades is forcing a shift. Many of the lithium battery materials kilns that were deployed earlier have lost their advantages in terms of fixed asset depreciation, production costs, product quality, and environmental safety. These kilns have become outdated and idle capacity.

Reducing costs and increasing efficiency for old production lines, as well as building new high-output, energy-efficient production lines, are now the main focus for materials companies.

02 KEDA Industrial Group Expands into High-Output, Low-Energy Lithium Battery Materials Kilns

KEDA Industrial Group Co., Ltd. (A-Shares Stock Code: 600499, GDR Listing Code: KEDA) leverages its 30+ years of experience as a global leading manufacturer of ceramic machinery to forecast future trends in lithium battery materials kiln development. The company has established a Lithium Equipment Research Institute and founded Guangdong KEDA New Energy Equipment Co., Ltd. (KDXN) to invest heavily in the development of next-generation new energy machinery.

KDXN boasts a team of experts and engineers with deep expertise in thermal engineering, material science, and automation control. This team works closely with the group's own materials division to develop cutting-edge technologies, enabling them to accurately grasp the technical trends and market demands of lithium battery materials machinery.

To date, KDXN has formed close collaborations with several leading companies in the anode and cathode materials sectors, showing strong growth momentum in 2024, positioning itself at the forefront of the industry.

In addition, the company's newly developed new-generation energy-efficient smart roller hearth kiln for lithium batteries have been recognized as internationally advanced by a panel of experts. Additionally, the company has been awarded the "High-Tech Enterprise" title in Guangdong Province.

03 KEDA Leads the Way in Energy Saving & Efficiency

KDXN has achieved key breakthroughs in high-output, low-energy lithium battery kiln technology. Its next-generation lithium battery roller hearth kilns offer significant energy-saving advantages in the following areas:

1. Wide-Body Long Kiln Design Approach

KDXN pioneered a 6-row, 360mm large sagger wide-body kiln design, providing an effective solution for cost reduction and efficiency improvement. This design has been successfully applied in high-temperature carbonization processes for anode materials, and it currently stands as one of the widest lithium battery materials roller hearth kilns in the industry.

2. Modular Outer Frame Enclosure Structure

The integrated outer frame construction and modular automatic welding effectively control deformation during welding, greatly enhancing manufacturing precision. This establishes a solid foundation for building wide-body long kilns, making it feasible to achieve kiln lengths exceeding 100 meters.

3. Furnace Body Temperature Rise Controlled Within 30°C

Minimizing surface heat loss is key to reducing energy consumption. The furnace incorporates premium nano-insulation and aerogel materials, significantly lowering the surface temperature. The added insulation costs can typically be recouped within one year through electricity savings.

4. Development of 5th-Generation Ultra-Efficient Cooling System

Addressing the challenge of slow cooling in multi-layer loaded lithium iron phosphate products, KDXN has developed a high-efficiency cooling system. This system not only accelerates cooling but also eliminates pressure fluctuations in the furnace, ensuring a stable atmosphere and consistent product quality.

5. Waste Heat Utilization from Incinerators

By using waste heat from incinerator exhaust gases to directly heat the kiln chamber, this design reduces the kiln's heating power output while improving overall energy efficiency. Furthermore, multiple higher-efficiency waste heat utilization solutions are currently being transferred from simulation labs to testing labs.

6. Superior Kiln Airtightness

To meet strict oxygen control requirements in atmosphere roller hearth kiln production, KDXN has developed a rigorous airtight design and testing process, covering everything from design and manufacturing to on-site installation and commissioning.

It is the first in the industry to achieve full kiln (including the replacement chamber) sealing and pressure retention, ensuring stable lithium battery materials quality while saving nitrogen and reducing power consumption.

7. Intelligent Sintering Control System

KDXN's self-developed embedded intelligent control system features multiple smart production modules, including empty kiln management, sagger tracking, automatic temperature control, operation record tracking, multi-screen data monitoring, and synchronized tracking of materials inside the kiln.

The system adopts distributed data storage for easy access and management, supports multi-protocol data integration, and enables seamless connection with external systems. This allows one operator to manage multiple kilns, significantly reducing labor costs in kiln production management.

04 Bold Breakthroughs: New Applications for Traditional Products

Tunnel kilns, a mature and widely used technology in the ceramics industry, have seen innovative new applications under KEDA's leadership.

In2003, KEDA successfully exported sanitary ware tunnel kilns.

In 2016, KEDA pioneered the use of tunnel kilns in the lithium ore roasting segment, securing a market share of over 80% at its peak.

In 2024, KEDA achieved zero gas consumption in the production of graphite anode materials using pre-carbonization tunnel kilns, surpassing competitors in both production capacity and overall cost efficiency.

KEDA remains committed to expanding and refining the application of tunnel kilns. The company is now exploring their industrialization in LFP, NCM, and other new materials, with some projects already entering the pilot testing phase.

05 Thriving by Scientific and Technological Innovation: Committed to Independent R&D

Guided by the principle that "Technological Innovation Brings Prosperity to the Businesses", KDXN has independently developed a range of thermal processing solutions, including roller hearth kilns, tunnel kilns, box furnaces, graphitization furnaces, rotary kilns, and drying ovens. These products cover key battery materials segments such as graphite, lithium iron phosphate, ternary materials, layered oxides, polyanions, hard carbon, solid electrolytes, lithium battery recycling, and lithium carbonate ore roasting.

Moving forward, KDXN will continue to pursue technological breakthroughs and share the latest industry insights, driving progress across the sector. Stay tuned for more updates!

(Guangdong KEDA New Energy Equipment)

Highlights: KEDA Industrial Group@the 19th Indian Ceramics Asia

On March 5, the 19th Indian Ceramics Asia (ICA2025) opened grandly at the Helipad Exhibition & Convention Centre in Gandhinagar, Gujarat, India. As a global leader in ceramic machinery, KEDA Ceramic Machinery and HLT&DLT showcased their comprehensive solutions for ceramic production & services at the event, highlighting China's innovative manufacturing strength and efficient solutions to Indian and global customers. Once again, KEDA Industrial Group became a focal point of the exhibition.

KEDA Ceramic Machinery: Empowering the Production Line with Innovation

At ICA2025, KEDA Ceramic Machinery focused on exhibiting its intelligent after-kiln complete line, newly upgraded 18-series presses, and energy-efficient wide-body kilns.

In addition to complete production line machinery, KEDA Ceramic Machinery also showcased high-quality original spare parts, rollers, alumina balls, ceramic inks, and the latest ceramic glaze products. These cost-effective spare parts & consumables and professional technical services help customers "Save Time, Effort, and Costs", creating greater value for them.

2024 has been a year of remarkable success for KEDA Ceramic Machinery in the Indian market. Through deep market penetration and innovation, KEDA Ceramic Machinery has achieved breakthroughs across multiple product categories. Notably, KEDA's intelligent after-kiln complete line has perfectly aligned with the growing demand for greater automation in large-format, high-output production among Indian ceramic manufacturers.

Meanwhile, KEDA's continuous ball mills, high-efficiency energy-saving spray dryers, large-tonnage presses, energy-efficient wide-body kilns, and intelligent after-kiln complete lines have gained increasing recognition and trust from leading Indian companies, accelerating the digital and intelligent transformation of India's ceramic industry.

KEDA India and KAMI India made a joint appearance at ICA2025. At the exhibition, KAMI India introduced high-quality inks and functional inks with outstanding cost performance, showcasing a range of exquisite samples that attracted significant customer attention. After years of dedicated effort, KAMI India has become one of the leading ink suppliers for Indian ceramic manufacturers, relied on the strong supply chain of Botao Ink from China.

Since the establishment of KEDA India in 2017, KEDA has provided uninterrupted localized services to Indian customers. Its polishing line repair and refurbishment services, along with its timely supply of spare parts & consumables, continue to create greater value for Indian ceramic manufacturers. KEDA Ceramic Machinery's exploration and achievements in the Indian market have become a model for its transformation into a global building ceramic comprehensive service provider.

HLT&DLT: Leading the Future with Smart and Green Solutions

At the ICA2025, HLT&DLT showcased cutting-edge green solution technologies & comprehensive solutions, focusing on the industry's key trends of high-end intelligence and green energy.

HLT&DLT's exhibit covered the entire production chain, from raw material processing to forming and firing. Highlights included the intelligent eco-friendly spray pulverizing system, high-efficiency energy-saving ball mill system, YP7890 and YP5200 fully automatic hydraulic presses, "4.0 Energy Efficiency Benchmark Smart Era" firing kilns, zero-carbon combustion technology firing kilns, and high-end whiteware complete production lines.

HLT&DLT also presented original spare parts, consumables, and technical support services — meeting the Indian market's demand for cost efficiency, short delivery cycles, and fast service response. The booth attracted significant interest and inquiries from visitors.

As the world's second-largest tile producer and consumer, India's ceramic industry continues to grow, driven by both India's demand and exports. However, rising market competition and increasing energy costs have made Indian ceramic manufacturers more focused on low-carbon, high-end, and smart production solutions.

Leveraging its deep technical expertise and innovative strength, HLT&DLT provides efficient, cost-effective, and complete production line services to local ceramic manufacturers through its localized operations team in India. This supports their transition to green & intelligent manufacturing while enhancing both production capacity & product quality.

In 2024, HLT&DLT successfully delivered several major projects in India, including multiple sanitaryware projects for the KAJARIA Group, the JOHNSON Group and DELTA's continuous ball mill projects, the LUXGRES Group, the SIMPOLO Group, the PECASA tableware ceramics project, and the LAND CRAFT tile complete production line — setting a new record for the longest roller kiln in India.

2025 marks KEDA Industrial Group's 25th year in the Indian market. Continuous innovation and the introduction of new products by KEDA Ceramic Machinery and HLT&DLT have significantly contributed to the rapid development of India's ceramic industry.

ICA2025 serves not only as a platform to showcase the 2 brands' technical strengths but also as a key opportunity to deepen international cooperation. Over the three-day exhibition, their diverse range of products promises to deliver an impressive experience for customers.

Looking ahead, Both KEDA Ceramic Machinery and HLT&DLT will continue to align with India's evolving ceramic market, driving innovation to further elevate India's ceramic industry and create greater value for local manufacturers.

(KEDA Industrial Group)

KEDA Stone Machinery Shines at Xiamen International Stone Fair 2025

From March 16th to 19th, the 25th China Xiamen International Stone Fair, one of the significant expo for the global stone industry, was grandly held. KEDA Stone Machinery made a remarkable appearance with its self-developed Super Slim-Wire Saw and Multi-Section Smart Swing Polishing Machine, attracting considerable attention from all over the world. With international merchants accounting for 60% of the visitors, they are from nearly 30 countries and regions, including India, Brazil, Turkey, Italy, Portugal, Vietnam, etc.

Innovative Products

1.Super Slim-Wire Saw

Advantages:

• High efficiency and stability, precise cutting

• Low loss, high utilization rate

• Low noise, low power consumption, environmentally friendly

Customers are impressed by the Super Slim-Wire Saw not only at the expo but also at the workshop.

2.Multi-section Smart Swing Polishing Machine

Advantages:

• Human-machine interface with a touchscreen operation

• Equipped with a high-performance motion control PLC

• Features multi-section beams, with beam swinging driven by an AC servo motor

• Can be integrated into a centralized control system for remote operation

More Highlights: Panels

During the exhibition, Zhinian Zhang, the Domestic Marketing Director of KEDA Stone Machinery, participated in the "Global New Product Launch in Xiamen—— Wire Saw Special Session" and the "Stone Lecture Hall" series of lectures. He shared and introduced KEDA Stone Machinery's two innovative tools, the Super Slim-Wire Saw and Multi-Section Smart Swing Polishing Machine, which gained much attention and stimulated a few discussion from the attendees.

(KEDA Stone Machinery)

KEDA Stone Machinery Fuels Further Capacity Upgrades for a Southwest Customer

Recently, KEDA Stone Machinery successfully launched the second production line of the Chongqing XB0918 artificial quartz slab project. The first production line had already been operating smoothly.

Compared to the previous production line, the 2nd line of the Chongqing XB0918 artificial quartz slab project has doubled its capacity, meeting the growing market demand for artificial quartz slabs and delivering greater economic benefits to the customer.

According to customer feedback, the new line has not only improved production efficiency but also enhanced product quality. Throughout the project, KEDA Stone Machinery's professional team provided comprehensive technical support and expert services, ensuring smooth project execution and stable equipment operation.

(KEDA Stone Machinery)

KEDA AAC Machinery Attended the 1st AAC conference in Nepal

On March 21, 2025, the 1st AAC conference in Nepal was successfully held in Kathmandu, with KEDA making a remarkable appearance as a Gold Sponsor.

During the conference, KEDA AAC Machinery delivered a themed speech at the request of the organizers, showcasing its advanced KEDA SUREMAKER AAC Plant Solution.

The AAC industry in Nepal holds significant potential for development. After the earthquake, AAC gained traction locally due to its unique advantages. This conference served as a platform for the AAC industry in Nepal, and KEDA AAC Machinery looks forward to collaborating with local industry representatives to jointly promote the growth of the AAC industry in Nepal.

(KEDA SUREMAKER)

HLT Unveils New Metal Powder Press at China International Exhibition for Powder Metallurgy

The 17th China International Exhibition for Powder Metallurgy and Cemented Carbides (PM CHINA) was held at the Shanghai World Expo Exhibition & Convention Center from March 10 to 12. As a premier event in the global powder metallurgy industry, this exhibition covered 50,000 square meters, attracting 900+ leading companies and 70,000+ industry professionals from around the world to explore cutting-edge technologies and future trends.

HLT made a remarkable debut with its latest soft magnetic material pressing machinery, showcasing its technical strength and innovations in powder metallurgy. The second-generation metal powder presses, YPM1500 and YPM630, stood out with their wide applicability, precise control, and stable operation, attracting numerous industry experts and customers for consultations.

HLT's second-generation metal powder press efficiently forms various materials, including ferrous and non-ferrous metal powders, ceramic powders, rare earth permanent magnets, and corundum,among others. It significantly enhances powder forming quality and ensures greater uniformity in unit pressure.

(HLT&DLT)

Minister of Investment of Tanzania and Members of Parliament Visit Twyford Tanzania Float Glass

On March 3, 2025, Hon. Prof. Kitila Alexander Mkumbo, the Minister of Planning and Investment of Tanzania, accompanied by 14 members of parliament and the Managing Director of the Tanzania Investment Center, visited the Twyford Float Glass Factory in Tanzania.

Mr. Wu Zhifan, the Managing Director of Twyford Tanzania Float Glass Factory, welcomed the delegation and guided them through the production line, finished product warehouse, and other key areas of the facility.

During the visit, Hon. Prof. Kitila Alexander Mkumbo commended the Twyford Float Glass Factory for its significant contribution to local employment and its role in generating foreign exchange through the export of high-quality industrial products. The Minister emphasized that the factory stands as a flagship project of foreign investment and a prime example of how such investments can drive economic growth in Tanzania.

The visit was covered by 10 Tanzanian official media outlets, with both government and news agencies publishing reports on the event across their social media platforms, further amplifying the significance of this milestone.

About Twyford Tanzania Float Glass Factory

The Twyford Tanzania Float Glass Factory commenced operations in 2024, boasting a daily production capacity of 600 tons. As the sole float glass manufacturer in East Africa, the factory sources raw materials locally, thereby stimulating the growth of Tanzania's mining and logistics sectors. By employing a substantial local workforce and localizing the entire supply chain, the factory has made remarkable contributions to the nation's development.

(Twyford Tanzania Float Glass)

Twyford Kenya Ceramic Factory's 8.57MW Ground-Mounted Solar Power Project Officially Breaks Ground

The project, undertaken by KEDA Smart Energy, follows a "self-generation and self-use" model, aiming to reduce the factory's reliance on traditional energy sources through photovoltaic power generation and promote sustainable production.

Upon completion, the project is expected to generate an average of approximately 13.1 million kWh of electricity per year, totaling around 327.61 million kWh in 25 years. This will result in an estimated annual electricity cost savings of about USD 1.77 million, with total expected savings reaching around USD 44.22 million over the total 25-year period.

(KEDA Smart Energy)