关于举办 2025 年半年度业绩说明会的公告 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任。 证券代码：605060 证券简称：联德股份 公告编号：2025-035 杭州联德精密机械股份有限公司 重要内容提示： 一、说明会类型 杭州联德精密机械股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日在上海证券交易所网站（www.sse.com.cn）披露了《联德股份 2025 年半年度 报告》及《联德股份 2025 年半年度报告摘要》。为便于广大投资者更加全面深 会议召开时间：2025 年 09 月 16 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 09 月 16 日 前 访 问 网 址 https://eseb.cn/1rdtRTSiiFq 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍 关注的问题进行回答。 入地了解公 ...

Market Performance - The general equipment sector increased by 1.13% on September 1, with Rongyi Precision leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers - Rongyi Precision (code: 873223) closed at 28.31, up 29.98% with a trading volume of 289,900 shares [1] - Lio Co., Ltd. (code: 002131) closed at 5.79, up 10.08% with a trading volume of 11,722,900 shares [1] - Lande Co., Ltd. (code: 605060) closed at 28.22, up 10.02% with a trading volume of 49,700 shares [1] Top Losers - Huaguang New Materials (code: 688379) closed at 56.50, down 10.60% with a trading volume of 94,700 shares [2] - Weilon Co., Ltd. (code: 002871) closed at 17.90, down 9.91% with a trading volume of 3,377,000 shares [2] - Tongfei Co., Ltd. (code: 300990) closed at 77.96, down 5.08% with a trading volume of 113,800 shares [2] Capital Flow - The general equipment sector saw a net inflow of 315 million yuan from institutional investors, while retail investors contributed a net inflow of 465 million yuan [2][3] - The sector experienced a net outflow of 781 million yuan from speculative funds [2][3] Individual Stock Capital Flow - Lio Co., Ltd. had a net inflow of 1.851 billion yuan from institutional investors, while it faced a net outflow of 845 million yuan from speculative funds [3] - Hanzhong Precision (code: 002158) had a net inflow of 254 million yuan from institutional investors, with a net outflow of 94.35 million yuan from speculative funds [3]

Summary of Key Points from Conference Call Records Industry Overview - The mechanical industry is experiencing a comprehensive upward trend, with various segments at different stages of growth [1] - The AI-related industry chain, including AIDC, PCB, 3C equipment, and smart logistics, is a focus for the Huatai Securities mechanical team for the second half of this year and next year [2] Company-Specific Insights Ice Wheel Environment - Ice Wheel Environment is expected to achieve over 700 million yuan in profit this year, with approximately 30%-35% coming from AI-related business [3] - The overall growth rate for the company may reach 25%-30% next year, with AI business expected to account for 45% [3] - Current valuation is around 15 times next year's profit, with a potential market cap increase to 19-20 billion yuan, indicating about 40% growth potential [3] Lian De Co., Ltd. - Lian De Co., Ltd. is benefiting from AI performance, with projected revenue of 1.6-1.7 billion yuan and profit of about 320 million yuan next year [4] - The current valuation is below 20 times, with potential to rise above 30 times as AI revenue share becomes clearer [4] - Recent stock performance has been affected by a share reduction announcement and market doubts about capacity realization [5] - Despite recent stock performance, the long-term investment opportunity remains strong due to high industry barriers and demand from the U.S. and domestic construction orders [6][7] New Flag Micro-Assembly - New Flag Micro-Assembly's expansion plan is expected to bring significant performance elasticity, with high profit margins and substantial valuation flexibility [9] Dazhu CNC - Dazhu CNC is expected to benefit from the AI PCB trend, with anticipated order volume reaching 10 billion yuan and a profit margin of about 40% [10] Quick Intelligent - Quick Intelligent operates in high-value-added businesses in the semiconductor and 3C fields, with a valuation corresponding to 22-23 times by 2026, indicating significant space and valuation elasticity [10] Industry Challenges and Risks New Energy Equipment - The new energy equipment sector is in a downward cycle, with declining contract liabilities and inventory indicators signaling reduced orders [12] - The photovoltaic equipment industry is currently profitable, but cash flow may deteriorate in the second half of 2025, with no signs of order recovery [13] Lithium Battery Equipment - The lithium battery equipment sector is performing strongly, with leading companies like CATL driving industry expansion [15] - The solid-state battery sector is impacting the lithium battery equipment landscape, providing opportunities for smaller equipment companies [16] Industrial Automation - The industrial automation sector has shown mixed results, with leading companies performing well while second-tier companies face challenges [18] - A recovery is anticipated in the fourth quarter of this year and into 2026 [18] Investment Recommendations - The Huatai Securities mechanical team recommends focusing on AI-related companies, including Ice Wheel Environment, Lian De Co., Ltd., and others in the mechanical sector [2] - Attention should also be given to the engineering machinery sector, which is expected to see a recovery driven by domestic and international demand [24][26] - The textile equipment sector is facing challenges due to tariffs, but companies like Jack and Huashu Technology are showing resilience [27][28] - The X-ray equipment sector is showing signs of recovery, with companies like Meiya Optoelectronics and Yirui Technology performing well [29] Conclusion - Overall, the mechanical industry and its related sectors present various investment opportunities, particularly in AI and engineering machinery, while also facing challenges in new energy and textile equipment sectors.

Core Viewpoint - The company, LianDe Co., Ltd. (605060.SH), announced a share reduction plan by its controlling shareholders due to employee funding needs, which may impact the stock's market performance [1][2]. Group 1: Share Reduction Plan - The controlling shareholders, including Huzhou Xuteng, Hangzhou Jiayang, Huzhou Shuoyi, and Huzhou Xunjia, plan to reduce their holdings within three months after the disclosure of the plan, excluding a 15-day window period [1]. - The total number of shares to be reduced is up to 5,688,000 shares, representing a maximum of 2.37% of the company's total share capital [1]. - The reduction will occur through centralized bidding and block trading, with specific limits on the number of shares for each method [1]. Group 2: Shareholding Structure - As of the disclosure date, Huzhou Xuteng holds 3,042,000 shares (1.26% of total shares), Hangzhou Jiayang holds 2,916,000 shares (1.21%), Huzhou Shuoyi holds 2,772,000 shares (1.15%), and Huzhou Xunjia holds 2,646,000 shares (1.10%) [2]. - All these entities are controlled by the actual controllers, Sun Yuan and Zhu Qinghua, and are considered acting in concert [2]. Group 3: Financial Performance - In the first half of 2025, the company reported revenue of 587 million yuan, a year-on-year increase of 1.53%, and a net profit attributable to shareholders of 109 million yuan, up 11.66% [2]. - For the year 2024, the company experienced a decline in revenue to 1.098 billion yuan, down 9.32%, and a net profit of 187 million yuan, down 25.41% [3]. - The net cash flow from operating activities for 2024 was 298 million yuan, a decrease of 8.43% compared to the previous year [3].

Summary of Conference Call Records Company and Industry Overview - The company is a leading player in the compressor casting segment, focusing on components for compressors and engineering machinery. The company is expected to experience a turnaround in performance after a short-term fluctuation, with a trend towards restoring profitability to historical highs [2][5]. Key Points and Arguments 1. **Financial Performance**: - For the first half of the year, the company reported revenue of 587 million yuan and net profit of 109 million yuan, representing year-on-year increases of 1.5% and 11.7% respectively. This indicates a potential recovery from previous challenges [2][5]. 2. **Manufacturing Capabilities**: - Unlike traditional casting companies, the company possesses a full-chain manufacturing capability from casting to precision machining, primarily focusing on machined finished products. This results in a higher average selling price (ASP), with the average price of engineering machinery components from 2017 to 2019 being 26.53 yuan per kilogram, significantly higher than peers [2][5]. - The company operates 13 CNC machining workshops and 159 large machining centers, utilizing top global brands such as DMG Mori and Okuma, showcasing its strong machining capabilities [2][5]. 3. **Client Relationships**: - The company has established deep ties with major global clients such as Johnson Controls and Caterpillar, with partnerships lasting over ten years. In 2024, the revenue contribution from the top five clients is expected to be 67.9% [2][5]. - The historical gross margin of the company has consistently been between 35-40%, indicating a clear competitive advantage in the casting sector [2][5]. 4. **New Business Opportunities**: - The company is actively expanding into new business areas, including agricultural machinery and energy equipment (covering wind power, oil and gas, large-capacity diesel generators, and gas turbine components). It has already achieved mass production of internal combustion engine components, and gas turbine components are expected to be rapidly supplied in bulk, which will help meet increasing demand and enhance growth potential [3][5]. Additional Important Information - The company is positioned to benefit from the global data center construction boom, which may further drive demand for its products [1]. - The report emphasizes the importance of the company's strategic partnerships and its ability to innovate within its manufacturing processes to maintain a competitive edge in the market [2][3]. This summary encapsulates the critical insights from the conference call records, highlighting the company's strengths, financial performance, and growth prospects in the compressor casting industry.

Key Points - The article highlights significant corporate announcements and performance metrics from various companies in the industry [1][2][3][4] Group 1: Corporate Announcements - Sente Co., Ltd. (森特股份) clarified that it does not engage in "data center" related businesses [1] - Inke Recycling (英科再生) plans to invest approximately $40 million in the construction of the Vietnam Inke Qinghua (Phase III) project [1] - Daikin Heavy Industries (大金重工) signed its first overseas contract for the construction of a heavy deck transport vessel [1] - Zancaiya (咱菜雅) is planning to issue H-shares [1] - Biyimi (必易微) intends to acquire 100% equity of Xingan Semiconductor for 295 million yuan [1] - Zhongheng Group (中恒集团) has repurchased 3.5649% of its shares [1] - Nanjing New Pharmaceutical (南新制药) signed a letter of intent for acquisition with Future Pharmaceutical [3] - Pan-Asia Microelectronics (泛亚微透) plans to raise no more than 699 million yuan through a private placement [1][4] Group 2: Financial Performance - Shenghong Technology (胜宏科技) reported a net profit of 2.143 billion yuan for the first half of the year, a year-on-year increase of 366.89% [2] - Zhongji Xuchuang (中际旭创) saw a year-on-year net profit increase of 69.4% and plans to distribute 4 yuan per 10 shares [2] - Cambrian (寒武纪) achieved a net profit of 1.038 billion yuan in the first half of the year, marking a turnaround from losses [2] - China National Petroleum Corporation (中国石油) reported a net profit of 84.01 billion yuan for the first half of the year [2] Group 3: Shareholding Changes - Several companies, including Xindong Lian Ke (芯动联科) and Shenkeda (深科达), announced plans for share reductions by major shareholders [4] - Chaoyang Technology (朝阳科技) and Zhongwei Company (中微公司) also plan to reduce their shareholdings by up to 3% and 2%, respectively [4]

Mergers and Acquisitions - Zhongqi Co., Ltd. plans to acquire 100% equity of Zhongqi Research Automotive Inspection Center (Hulunbuir) Co., Ltd. for cash consideration of 111 million yuan [1] - Biyimi intends to spend 295 million yuan to acquire 100% equity of Shanghai Xingan Semiconductor Co., Ltd. using self-owned or self-raised funds [2] - Xintian Green Energy aims to acquire 49% equity of Chongli Wind Power and Zhangbei Wind Power through public bidding, with starting prices set at 67.65 million yuan and 56.59 million yuan respectively [3] Earnings Disclosure - China Gold reported a net profit of 319 million yuan for the first half of 2025, a decrease of 46.35% year-on-year, with total revenue of 31.098 billion yuan, down 11.54% [4] - Northern Rare Earth announced a net profit of 931 million yuan for the first half of 2025, an increase of 1951.52% year-on-year, with total revenue of 18.866 billion yuan, up 45.24% [5] - Yonyou Network reported a net loss of 945 million yuan for the first half of 2025, with total revenue of 3.581 billion yuan, down 5.9% year-on-year [6] Shareholding Changes - Shenma Power's major shareholder Chen Xiaoqin plans to reduce holdings by up to 3%, equivalent to a maximum of 12.95 million shares, from September 17, 2025, to December 16, 2025 [7] - Weiming Environmental Protection's major shareholder and associated parties plan to reduce holdings by up to 1.55% within three months after a 15 trading day period [8] - Lande Co., Ltd.'s controlling shareholder's associated parties plan to reduce holdings by up to 2.37%, totaling a maximum of 5.688 million shares within the next three months [9] Risk Matters - Zhejiang Wenyi's independent director Liu Jing has been placed under detention by relevant supervisory authorities, with the matter unrelated to the company [10]

Core Viewpoint - On August 26, no A-share listed companies disclosed any increase in shareholding, while 14 companies announced share reductions, indicating a trend of shareholder divestment in the market [1]. Summary by Category Share Reduction Details - Dabo Medical: Shareholder Dabo International plans to reduce its stake by no more than 2% [2] - Sichuan Shuangma: Shareholders plan to collectively reduce their stake by no more than 2% [2] - Gaolan Co.: No specific details provided [2] - Yingpais: Specific shareholder Qingdao Qingying intends to reduce no more than 200,000 shares [2] - Chaoyang Technology: Shareholders plan to reduce no more than 3% of their shares [2] - Shenke Da: Director and Deputy General Manager Zhang Xinming plans to reduce no more than 0.88% of shares [2] - Xindong Link: Electronic Institute and Microelectronics Institute plan to collectively reduce no more than 1% of shares [2] - Guomai Culture: Some directors and senior management plan to reduce no more than 0.05% of shares [2] - Zhongwei Company: Xuexin Investment plans to reduce no more than 2% of the total share capital [2] - Shenma Power: Chen Xiaoqin plans to reduce no more than 3% of shares [2] - Hongxun Technology: Some directors and senior management plan to reduce their shares [2] - Weiming Environmental Protection: Major shareholders and concerted actors plan to reduce no more than 1.55% of shares [2] - Yicheng Material: Guoxin Shanghai plans to reduce no more than 1.46% of the total share capital [2] - Liande Co.: Shareholders plan to collectively reduce no more than 2.37% of shares [2]

Mergers and Acquisitions - Zhongqi Co., Ltd. plans to acquire 100% equity of Zhongqi Research Automotive Inspection Center (Hulunbuir) Co., Ltd. for a cash consideration of 111 million yuan [1] - Biyi Micro intends to invest 295 million yuan to acquire 100% equity of Shanghai Xingan Semiconductor Co., Ltd. [2] - Xintian Green Energy aims to acquire 49% equity of Chongli Wind Power and Zhangbei Wind Power through public bidding, with starting prices of 67.65 million yuan and 56.59 million yuan respectively [3] Earnings Disclosure - China Gold reported a net profit of 319 million yuan for the first half of 2025, a decrease of 46.35% year-on-year, with revenue of 31.098 billion yuan, down 11.54% [4] - Northern Rare Earth announced a net profit of 931 million yuan for the first half of 2025, an increase of 1951.52% year-on-year, with revenue of 18.866 billion yuan, up 45.24% [5] - Yonyou Network reported a net loss of 945 million yuan for the first half of 2025, with revenue of 3.581 billion yuan, down 5.9% year-on-year [6] Shareholding Changes - Shenma Power's major shareholder Chen Xiaoqin plans to reduce holdings by up to 3%, equivalent to 12.95 million shares, from September 17, 2025, to December 16, 2025 [7] - Weiming Environmental Protection's major shareholder and concerted actors plan to reduce holdings by up to 1.55% within three months from the announcement date [8] - Liande Co., Ltd.'s controlling shareholder's concerted actors plan to reduce holdings by up to 2.37%, totaling 5.688 million shares, within the next three months [9] Other News - Zhejiang Wen Film Industry announced that independent director Liu Jing has been detained by relevant supervisory authorities, but the matter is unrelated to the company [11]

Core Viewpoint - The company, LianDe Co., Ltd. (605060.SH), announced a planned share reduction by its controlling shareholder and associated parties due to employee funding needs, which will occur within a specified timeframe [1] Summary by Relevant Sections - **Share Reduction Plan** The controlling shareholder's associated entities, including Huzhou Xuteng, Hangzhou Jiayang, Huzhou Shuoyi, and Huzhou Xunjia, intend to reduce their holdings in the company. The reduction will take place within three months following the disclosure of the plan, excluding a 15 trading day window where no shares will be sold [1] - **Reduction Details** The planned share reduction includes: - A maximum of 2,405,800 shares through centralized bidding, representing up to 1.00% of the company's total share capital - A maximum of 3,282,200 shares through block trading, representing up to 1.37% of the company's total share capital - The total reduction will not exceed 5,688,000 shares, which is up to 2.37% of the company's total shares [1] - **Pricing Mechanism** The reduction price will be determined based on market conditions at the time of the sale [1]