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30 Mar 2026On the evening of March 27, KEDA Industrial Group (600499.SH) released its 2025 annual report. According to the report, the company achieved revenue of RMB 17.389 billion in 2025, up 38.01% year-on-year, reaching a new record high. International revenue accounted for more than 67% of the total. Net profit attributable to shareholders of the listed company reached RMB 1.309 billion, while net profit attributable to shareholders of the listed company excl. non-recurring profit or loss stood at RMB 1.199 billion, representing year-on-year increases of 30.07% and 30.20%, respectively. Net cash flows from operating activities reached RMB 1.819 billion, surging 226.47% year-on-year. Based on this performance, KEDA Industrial Group plans to distribute a dividend of RMB 3 per 10 shares (pre-tax), with total cash dividends amounting to RMB 572 million. The dividend payout ratio for 2025 reached 43.68%.
Globalization Moves to the Next Stage, Enhancing Brand Influence with Ceramic Machinery Products and Services
As both a cornerstone of KEDA Industrial Group's business and a pioneer of its globalization strategy, the company continued to expand its global footprint during the reporting period. It established new subsidiaries in key ceramic production regions, including Brazil, Vietnam, and Egypt, while further optimizing the layout of its international offices and spare parts & consumables warehouses in Algeria, the UAE, and Mexico. Benefiting from these global initiatives, international orders for its ceramic machinery accounted for over 60% of total orders in 2025. Specifically, KEDA Industrial Group maintained a solid business scale in Southeast Asia, the Middle East, and South Asia, while achieving strong order growth in East Asia and the Americas.
▲ BOZUYUK factory in Turkey
In the spare parts & consumables segment, order value accounted for 25% of total ceramic machinery orders, with international orders increasing by more than 30% year-on-year. During the reporting period, KEDA Industrial Group also advanced the construction of its BOZUYUK factory in Turkey, where workshops for spare parts & consumables and inks have now been completed. In the area of generalized business, KEDA Industrial Group launched upgraded products such as hydraulic presses for pressing soft magnetic materials and forging aluminum-alloy wheel hubs during the reporting period. Orders in this segment exceeded RMB 500 million in 2025.
Dual Expansion in Capacity and Product Portfolio, Strengthening Market Positioning in Building Materials
Driven by the steady release of production capacity and continuous optimization of pricing strategies, KEDA Industrial Group achieved revenue of RMB 8.185 billion in its building materials business, under the subbrand Twyford International, in 2025, up 73.61% year-on-year. Gross margin reached 35.26%, an increase of 4 percentage points. During the reporting period, KEDA Industrial Group's ceramic projects Twyford Kenya Ceramic Factory in Isinya and Twyford Côte d'Ivoire Ceramic Factory were put into operation. At the same time, new projects were launched, including Phase II of the Côte d'Ivoire ceramic project and Phase II of the Kisumu ceramic project in Kenya. Its glass project, Twyford Peru, is also progressing as planned.
▲ The President of Côte d'Ivoire attended the ribbon-cutting ceremony for
the Twyford Côte d'Ivoire Ceramic Factory
the Twyford Côte d'Ivoire Ceramic Factory
To date, Twyford International has established production capacity across 7 African countries, including an annual output of approximately 200 million square meters of architectural ceramics, 2.6 million sanitaryware units, and 400,000 tons of float glass. As these capacities are gradually ramped up, the company is expected to further expand its growth boundaries, with even more promising long-term prospects.
Entering 2026, KEDA Industrial Group is accelerating the implementation of its "Large-scale Building Materials" strategy. According to relevant announcements, KEDA plans to acquire the remaining 51.55% equity of Twyford International through a combination of share issuance and cash payment, aiming to achieve full ownership of its building materials segment and further expand its global market presence. In addition, Twyford International announced plans earlier this year to build a new float glass production line in Ghana, further strengthening its building materials capacity layout in West Africa.
Improving Quality and Efficiency, Lithium Battery Materials Business Gains Momentum and Releases Operational Vitality
KEDA Industrial Group has further deepened strategic cooperation with leading companies in the new energy storage sector. Coupled with the capacity ramp-up at its artificial graphite production lines in Fujian and Chongqing, the company achieved sales of 114,400 tons of artificial graphite. Operating revenue surged 170% YoY to RMB 2.384 billion, making the segment profitable overall.
Meanwhile, its associate Lanke Lithium Industry also delivered strong growth in both capacity and performance during the reporting period. In 2025, it produced 41,000 tons and sold 41,200 tons of lithium carbonate, contributing RMB 318 million to KEDA's net profit attributable to shareholders, up 36.56% year-on-year.
(KEDA Industrial Group)
