Summary of Conference Call Notes on China Industrial Tech: Battery Equipment Industry Overview - The conference call discusses the battery equipment industry in China, particularly focusing on companies Lead Intelligent and Hangke, which have seen significant share price increases of +121% and +68% respectively over the past 19 trading days, outperforming the CSI300 index which increased by +2% [1][2]. Key Points and Arguments Market Trends - A strong recovery in domestic battery equipment orders has been observed year-to-date, following a three-year downcycle in battery capital expenditures (capex) from 2022 to 2024 [1]. - Despite the recent surge in orders, the sustainability of this improvement is questioned due to anticipated deceleration in China’s New Energy Vehicle (NEV) sales starting from 2026E [1][6]. Company Performance - Lead Intelligent reported better-than-expected progress in solid-state battery (SSB) research and development, with initial SSB-related equipment orders amounting to Rmb400-500 million, which is a significant increase from Rmb100 million in FY24, although it still represents only 4% of total orders [1][2]. - Hangke's asset impairment loss to net income ratio improved to 22% in 1H25 from 37% in the previous downcycle, leading to a revision of target price-to-earnings (P/E) ratios for both companies [2][39]. Financial Projections - Target prices for Lead Intelligent and Hangke have been revised to Rmb42.2 and Rmb22.9 respectively, reflecting a potential upside of +100% and +34% from previous estimates [2]. - Earnings forecasts for both companies remain unchanged, but Hangke has been downgraded from Neutral to Sell due to lower Tier-1 customer exposure and weaker order sustainability [2][39]. Capacity and Utilization - Battery manufacturing capacity expansion is expected to improve in 2025, but a sustained capex upcycle is not anticipated beyond that year [6]. - The overall battery industry utilization level is projected to be 72%-74% in 2025E-2026E, which is deemed insufficient to drive further capacity expansion [6]. Solid-State Battery (SSB) Insights - SSB technology is still in early stages, with significant challenges in scaling up production. Current orders for SSB equipment are primarily driven by R&D and testing rather than mass production [26][27]. - Lead Intelligent's SSB orders account for 4% of total orders, while Hangke's contribution is only 2% [34][35]. Competitive Landscape - Lead Intelligent has a higher Tier-1 customer exposure (78%) compared to Hangke (29%), which is expected to provide better market share in the solid-state battery equipment market [10][22]. - Hangke's focus on back-end equipment limits its exposure to the growing solid-state battery market, which may hinder its competitive position [45][60]. Additional Important Insights - The NEV industry in China is expected to experience growth moderation, which could impact battery demand forecasts [11][58]. - Upside risks for Hangke include potential increases in Tier-1 customer exposure and better-than-expected SSB R&D progress [58][62]. - The current share prices of both companies reflect optimistic market share expectations in the global battery equipment replacement market, with Lead Intelligent priced for a 50% market share by 2030E [33][37]. Conclusion - The battery equipment industry in China is experiencing a temporary recovery, but long-term sustainability is uncertain due to anticipated market changes and competitive dynamics. Lead Intelligent is positioned more favorably than Hangke, which faces challenges in maintaining order sustainability and market competitiveness.

Market Overview - The battery sector experienced a decline of 2.31% on the previous trading day, with Naconor leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the battery sector included: - Fangyuan Co., Ltd. (688148) with a closing price of 6.71, up 20.04% [1] - Huazi Technology (300490) at 12.56, up 15.44% [1] - Tianji Co., Ltd. (002759) at 16.30, up 9.99% [1] - Conversely, Naconor (832522) saw a significant decline of 7.66%, closing at 65.71 [2] - Other notable decliners included Honggong Technology (301662) down 7.47% and Kuoguli (301487) down 6.91% [2] Trading Volume and Capital Flow - The battery sector saw a net outflow of 4.296 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.169 billion yuan [2][3] - The trading volume for Fangyuan Co., Ltd. reached 326,400 shares, with a transaction value of 214 million yuan [1] - Huazi Technology had a trading volume of 1,035,900 shares, with a transaction value of 1.273 billion yuan [1] Capital Inflow Analysis - Tianji Co., Ltd. (002759) had a net inflow of 478 million yuan from institutional investors, representing 30.17% of its total trading [3] - Shanshan Co., Ltd. (600884) saw a net inflow of 256 million yuan, accounting for 12.87% [3] - Conversely, Naconor experienced a net outflow of 740 million yuan from institutional investors [3]

Group 1 - The core point of the news is that Hangke Technology's stock price dropped by 5.43% to 36.08 CNY per share, with a trading volume of 554 million CNY and a turnover rate of 2.43%, resulting in a total market capitalization of 21.78 billion CNY [1] - Hangke Technology, established on November 21, 2011, and listed on July 22, 2019, specializes in the design, research and development, production, and sales of various rechargeable batteries, particularly lithium-ion battery production line post-processing systems [1] - The company's main business revenue composition includes 70.17% from charging and discharging equipment, 28.54% from other equipment, 0.83% from accessories, and 0.47% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China Europe Fund has a significant position in Hangke Technology, with the China Europe Small Cap Growth Mixed A Fund holding 149,900 shares, accounting for 0.57% of the fund's net value, ranking as the sixth-largest holding [2] - The China Europe Small Cap Growth Mixed A Fund has a current scale of 199 million CNY and has achieved a year-to-date return of 53.64%, ranking 992 out of 8171 in its category, and a one-year return of 106.93%, ranking 418 out of 8004 [2] - The fund manager, Qian Yating, has a tenure of 3 years and 329 days, with the fund's total asset scale at 2.377 billion CNY, achieving a best return of 58.45% during the tenure [3]

Core Points - The company announced a cash dividend of CNY 0.066 per share for the first half of 2025, totaling CNY 39,842,362.03 to be distributed among shareholders [2][4][6] Distribution Plan - The profit distribution plan was approved at the second extraordinary general meeting of shareholders held on September 18, 2025 [2][4] - The total share capital before the distribution is 603,672,152 shares [4] - The distribution will be made to all shareholders registered with China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3] Implementation Method - Cash dividends for unrestricted circulating shares will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited [5] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [5] Taxation Details - For individual shareholders holding unrestricted circulating shares, no personal income tax will be withheld at the time of dividend distribution; tax will be calculated based on the holding period upon actual transfer of shares [8] - The effective tax burden for individual shareholders is 20% for holding periods of one month or less, 10% for holding periods between one month and one year, and exempt for holding periods over one year [8] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of CNY 0.0594 per share [9][10] Investor Communication - The company will hold a performance briefing on October 14, 2025, from 15:00 to 16:00 at the Shanghai Stock Exchange Roadshow Center [14][15] - Investors can submit questions for the briefing from September 29 to October 13, 2025 [16]

Group 1 - The company, Hangke Technology, announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.066 yuan per share (including tax) [2] - The record date for the dividend is set for October 10, 2025, and the ex-dividend date is October 13, 2025 [2]

浙江杭可科技股份有限公司 证券代码：688006 证券简称：杭可科技 公告编号：2025-045 关于召开 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 29 日（星期一）至 2025 年 10 月 13 日（星期一） 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 2025 年 8 月 29 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 10 月 14 日（星期二）15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类 ...

证券代码：688006 证券简称：杭可科技 公告编号：2025-044 浙江杭可科技股份有限公司 2025年半年度权益分派实施公告 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： 每股现金红利0.066元 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本603,672,152股为基数，每股派发现 金红利0.066元（含税），共计派发现金红利39,842,362.03元。 是否涉及差异化分红送转：否 每股分配比例 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/10/10 | 2025/10/13 | 2025/10/13 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 9 月 18 日的2025年第二次临时股东大会审议 通过。 二、 分配方 ...

New Stock Listings - YouSheng Co., Ltd. (Stock Code: 603418) listed at an issue price of 46.36 RMB on September 23, 2025[1] - ZhiTianTui (Stock Code: 300280) is in the delisting preparation period with 8 trading days remaining[1] - ZhongHuanHaiLu (Stock Code: 301040) and JiShiChuanMei (Stock Code: 601929) have recent announcements regarding trading activities[1] Trading Alerts - XianDaoZhiNeng (Stock Code: 300450) reported severe abnormal fluctuations in trading[1] - HangKeKeJi (Stock Code: 688006) and YuanLinCo (Stock Code: 605303) have recent trading alerts[1] - Multiple stocks including YunNanLvYou (Stock Code: 002059) and *STMuBang (Stock Code: 603398) have recent announcements related to trading activities[1] Market Trends - A total of 30 stocks have been flagged for abnormal trading activities in the past week, indicating increased market volatility[1] - The recent trading patterns suggest a potential shift in investor sentiment, particularly in the technology and media sectors[1]

Investment Rating - The report maintains a "Recommendation" rating for the lithium battery equipment industry [2] Core Viewpoints - The lithium battery equipment sector is experiencing a recovery in demand, driven by both traditional lithium battery needs and new solid-state battery technologies, leading to a significant rebound in stock prices [5][10] - The overall revenue for the lithium battery equipment sector in Q2 2025 reached 12.347 billion, marking a year-on-year increase of 9.93%, while net profit attributable to shareholders was 434 million, a decrease of 12.76% [14][19] - The report highlights a fundamental turning point in the industry, with new orders beginning to recover after a downturn [9][14] Summary by Sections 1. Overview of Lithium Battery Equipment Mid-Year Report 2025 - The report analyzes the operational performance of 13 key listed companies in the lithium battery equipment sector, confirming a turning point in the fundamentals and a recovery in new orders [9] 2. Market Performance - The lithium battery equipment index has outperformed the broader market, with a year-to-date increase of 130.14% compared to a 17.84% rise in the CSI 300 index [10] - The sector's performance is attributed to fundamental changes, advancements in solid-state battery technology, and favorable policy expectations [10] 3. Mid-Year Report Summary - The lithium battery equipment sector achieved a total revenue of 21.476 billion in H1 2025, a slight decrease of 0.35% year-on-year, while net profit was 920 million, down 37.20% [14][16] - The report notes that the revenue growth in Q2 2025 ended a four-quarter decline, indicating a recovery in the revenue stream [14][19] 4. Future Outlook - The solid-state battery industry is approaching commercialization, with significant implications for equipment demand and value [5][43] - The report anticipates that the global market for semi-solid battery equipment could reach 62.44 billion by 2030, with a CAGR of 59% from 2024 to 2030 [5] - The solid-state battery market is projected to reach 45.50 billion by 2030, with a CAGR of 159% from 2024 to 2030 [5] 5. Investment Recommendations - The report suggests focusing on companies involved in the "selling shovel" logic, particularly those engaged in the upstream dry process equipment [5] - Key companies to watch include Naconoer, Xinyuren, Honggong Technology, and Mannester for their potential in the new technology segment [5] - The report also highlights leading companies with established relationships with major battery manufacturers, such as Xian Dao Intelligent, Yinghe Technology, Liyuanheng, and Hangke Technology [5]

New Stock Issuance - New stock issuance for Aomeisen (证券代码: 920080) is priced at 8.25 RMB per share[1] - The last trading day for Zitian (证券代码: 300280) is in 9 trading days[1] - Zhonghuan Hailu (证券代码: 301040) and Jishi Media (证券代码: 601929) have recent announcements regarding their stock status[1] Market Alerts - Significant abnormal fluctuations reported for Xian Dao Intelligent (证券代码: 300450) and Hangke Technology (证券代码: 688006)[2] - ST Green Kang (证券代码: 002868) and ST Gao Hong (证券代码: 000851) are under scrutiny due to recent trading activities[1] - ST Xin Tong (证券代码: 600289) and ST Ya Zhen (证券代码: 603389) have also been flagged for unusual market behavior[1] Trading Insights - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring and regulatory compliance[1] - The document highlights the importance of tracking stock performance and regulatory updates for informed investment decisions[1]