Keda Manufacturing: Moving Away from Lithium to Africa, Restructuring Progressing, Africa's High Growth Will Become Marginal Pricing (Update 0729)

English summary

1. July has significantly outperformed lithium carbonate. January gain +27% reflected restructuring; February +1.7%; March -11.7% reflected Middle East; April reflected lithium carbonate + Q1 report +21%; May -15% reflected lithium carbonate; June -14% reflected lithium carbonate + style-drain; July to date +9.7%, significantly outperforming the lithium carbonate sector. 2. Moving away from lithium to Africa, restructuring is progressing smoothly. Yesterday announced the committee review date (normal restructuring process: replied to inquiries in mid-July, committee review in early August, quite fast). Results will be out the same day; subsequent steps are registration and approval/delivery and transfer. 3. Marginal pricing will be determined by overseas business. After consolidation, Africa accounts for 55% of profit contribution; 2027 Africa business growth forecast +25%, further expanding its share. 4. Went to Africa for research in April, as if enlightened, 'Development is the absolute principle'. In terms of GDP growth, 26Q1 performed well; 26Q2 not yet released.…