证券研究报告 固态电池设备专题深度系列二： 干法成膜——高性能固态电池量产的关键 证券分析师 ：周尔双 执业证书编号：S0600515110002 联系邮箱：zhoues@dwzq.com.cn 证券分析师 ：李文意 执业证书编号： S0600122080043 联系邮箱： liwenyi@dwzq.com.cn 2025年11月22日 请务必阅读正文之后的免责声明部分 投资要点 2 ⚫ 前道制片是锂电池制造流程中的承上启下环节，直接决定电池性能表现与产线稳定性。锂电池制造中，前道 制片环节主要指正负极片&电解质膜的成型过程：①传统液态通过浆料制备、涂布、烘干、压实等工艺，将 活性物质均匀涂布于金属集流体上，形成具备电化学功能的极片。②全固态电池由于固态电解质膜替代液态 电解液，前道制片除传统正负极片外，还需制备固态电解质膜。该环节是电池制造流程中的承上启下部分， 直接决定成品电芯的能量密度、倍率性能与循环寿命，也对产线运行稳定性与后段工序良率产生关键影响。 ⚫ 固态电池前道制片工艺主要分为干法和湿法。①湿法工艺：仍采用溶剂体系，将电极/电解质材料与粘结剂 混合成浆料后进行涂布，再通过烘干完成成膜。②干法工艺 ...

Core Points - Hangke Technology announced the resignation of non-independent director Cai Qingyuan due to adjustments in the company's governance structure [2] - Cai Qingyuan will continue to hold other positions within the company after resigning from the board and the audit committee [2] - On November 21, 2025, the company will hold a workers' representative conference to elect Cai Qingyuan as a representative director on the fourth board [2] - The fourth board's fourth meeting approved the proposal to supplement the audit committee with Cai Qingyuan as a member [2]

2、公司董事会收到非独立董事蔡清源先生的书面离任报告。因公司治理结 构调整，蔡清源先生申请辞去公司第四届董事会非独立董事及审计委员会委员职 务。辞去上述职务后，蔡清源先生将继续在公司担任其他职务。 证券代码：688006 证券简称：杭可科技 公告编号：2025-051 浙江杭可科技股份有限公司 关于非独立董事离任暨选举职工代表董事、 补选审计委员会委员的公告 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。 重要内容提示： 1、浙江杭可科技股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日 召开 2025 年第三次临时股东大会审议通过了《关于取消监事会并修改<公司章 程>的议案》，根据新修订的《公司章程》，公司设职工代表董事一名，由公司职 工通过职工代表大会民主选举产生。 公司于 2025 年 11 月 21 日召开职工代表大会，经与会职工代表充分讨论， 同意选举蔡清源先生（简历详见附件）为公司第四届董事会职工代表董事，任期 自本次职工代表大会审议通过之日起至公司第四届董事会任期届满之日止。 蔡清源先生原为公司 ...

Core Viewpoint - Hangke Technology's stock price has shown significant volatility, with a year-to-date increase of 77.90%, but recent trading indicates a slight decline in the short term [1][2]. Group 1: Stock Performance - As of November 18, Hangke Technology's stock price is 31.45 CNY per share, with a market capitalization of 18.985 billion CNY [1]. - The stock has experienced a net outflow of 4.8464 million CNY in principal funds, with large orders showing a buy of 14.6442 million CNY and a sell of 17.4178 million CNY [1]. - Over the past 60 days, the stock has increased by 46.66%, while it has decreased by 2.48% in the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hangke Technology reported a revenue of 2.721 billion CNY, reflecting a year-on-year growth of 1.87%, and a net profit attributable to shareholders of 386 million CNY, up 2.59% year-on-year [2]. - The company has distributed a total of 874 million CNY in dividends since its A-share listing, with 581 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders has increased by 63.94% to 23,600, while the average circulating shares per person have decreased by 39.00% to 25,630 shares [2]. - Notable institutional shareholders include HSBC Jintrust Low Carbon Pioneer Stock A, which holds 8.3515 million shares, and Hong Kong Central Clearing Limited, which has increased its holdings by 334.93 thousand shares [3].

Core Points - The company held its third extraordinary general meeting of shareholders on November 17, 2025, with no resolutions being rejected [2] - The meeting was conducted in compliance with the Company Law and the company's articles of association, with a combination of on-site and online voting [2][3] Meeting Attendance - All 7 current directors attended the meeting in person, along with all 3 supervisors and the board secretary [3] - The financial director attended as an observer, and the meeting was witnessed by legal representatives [3] Resolutions Reviewed - The proposal to abolish the supervisory board and amend the articles of association was approved [4] - Multiple governance system amendments were passed, including revisions to the rules for shareholder meetings, board meetings, independent director work systems, and various management systems [5][6] Voting Results - Special resolutions received more than two-thirds approval from shareholders present, while ordinary resolutions were passed with a simple majority [6][7] - The first proposal was specifically counted for small and medium investors [7] Legal Witnessing - The meeting was witnessed by Beijing Guantao (Hangzhou) Law Firm, confirming that all procedures and results complied with legal requirements [7]

北京观韬（杭州）律师事务所（以下简称"本所"）接受浙江杭可科技股份有限 公司（以下简称"公司"）委托，指派律师出席公司 2025 年第三次临时股东大会（以 下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督 管理委员会（以下简称"中国证监会"）发布的《上市公司股东会规则》（以下简称 "《股东会规则》"）、《上市公司治理准则》（以下简称"《治理准则》"）等法 律、行政法规、规范性文件及现行有效的《公司章程》等规定，就本次股东大会的召 集、召开程序、出席会议人员资格、召集人资格、会议的表决程序、表决结果等事宜 出具法律意见书。 为出具本法律意见书，本所律师出席了公司本次股东大会，审查了公司提供的本 次股东大会有关文件的原件及复印件，包括但不限于公司召开本次股东大会的各项议 程及相关决议等文件，同时听取了公司就有关事实的陈述和说明。 公司已向本所承诺，公司所提供的文件和所作陈述及说明是完整、真实和有效的， 有关原件及其上面的签字和印章是真实的，且一切足以影响本法律意见书的事实和文 件均已向本所披露，无任何隐瞒、疏漏之 ...

证券代码：688006 证券简称：杭可科技 公告编号：2025-050 浙江杭可科技股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 17 日 （二） 股东大会召开的地点：浙江省杭州市萧山经济技术开发区高新六路 298 号杭可科技十八楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 114 | | --- | --- | | 普通股股东人数 | 114 | | 2、出席会议的股东所持有的表决权数量 | 406,940,820 | | 普通股股东所持有表决权数量 | 406,940,820 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 67.4109 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...

Group 1 - The mechanical industry showed a strong performance in 2025, with a cumulative increase of 35.07%, outperforming the Shanghai and Shenzhen 300 index (17.94%) and the Shanghai Composite Index (17.99%) [1][17][21] - Emerging sectors such as AI equipment (140%), lithium battery equipment (96%), humanoid robots (67%), and engineering machinery (55%) led the gains in the mechanical industry, indicating significant investment opportunities [1][27][25] - The outlook for 2026 suggests continued growth in AI and technology sectors, with engineering machinery expected to maintain an upward trend and domestic demand gradually recovering from the bottom [1][30][39] Group 2 - Domestic economic conditions are currently experiencing a "weak recovery" phase, with fixed asset investment showing a differentiated pattern: manufacturing > infrastructure > real estate [2][30] - The general manufacturing sector is expected to enter a new investment cycle, driven by improved PPI and inventory levels, with a focus on high-end upgrades and stock replacement [39][46] - The export sector is benefiting from the competitive strength of leading Chinese companies, with a notable increase in orders for high-end machinery from Japan, reflecting the active investment in domestic high-end manufacturing [55][56] Group 3 - The AI-driven technology sector is expected to continue its upward trend, with hardware demand and new process iterations accelerating, particularly in AI PCB technology and humanoid robots [3][30][61] - Solid-state battery technology is at a critical juncture, with leading battery companies expanding production capacity, indicating a significant opportunity for battery equipment manufacturers [3][30][61] - Investment recommendations include focusing on technology growth assets such as AI PCB equipment, humanoid robots, and solid-state battery equipment, as well as engineering machinery and general automation sectors [4][61]

Core Viewpoint - Hangke Technology's stock price has shown significant volatility, with a year-to-date increase of 72.25%, but a recent decline over the past five and twenty trading days [1][2]. Group 1: Stock Performance - As of November 13, Hangke Technology's stock price was 30.45 CNY per share, with a market capitalization of 18.38 billion CNY [1]. - The stock has experienced a 5.58% decline over the last five trading days and a 7.25% decline over the last twenty trading days [1]. - The company has appeared on the stock market's "龙虎榜" three times this year, with the most recent appearance on September 5 [1]. Group 2: Financial Performance - For the period from January to September 2025, Hangke Technology reported a revenue of 2.721 billion CNY, representing a year-on-year growth of 1.87%, and a net profit attributable to shareholders of 386 million CNY, up 2.59% year-on-year [2]. - The company has distributed a total of 874 million CNY in dividends since its A-share listing, with 581 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 63.94% to 23,600, while the average number of circulating shares per person decreased by 39.00% to 25,630 shares [2]. - Notable institutional shareholders include HSBC Jintrust Low Carbon Pioneer Stock A, which holds 8.3515 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 3.3493 million shares [3].

证券代码：688006 证券简称：杭可科技 公告编号：2025-049 浙江杭可科技股份有限公司 关于召开 2025 年第三季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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） （一）会议召开时间：2025 年 11 月 24 日（星期一）14:00-15:00 会议召开时间：2025 年 11 月 24 日（星期一）14:00-15:00 会议召开地点：上海证券交易所上证路演中心 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 17 日（星期一）至 2025 年 11 月 21 日（星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hq@chr-group.net 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 浙江杭可科技股份有限公司（以下简称"公司"）已于 ...