Core Viewpoint - The recent research conducted by the well-known private equity firm Deruo focuses on Delong Laser, which is advancing in solid-state battery manufacturing and laser processing technologies [1] Group 1: Company Overview - Delong Laser provides various laser solutions for solid-state battery manufacturing and has launched a laser marking insulation solution, receiving small batch orders [1] - The company offers fully automated laser solutions for traditional lithium batteries, including laser blue film removal, laser baking, and roller cleaning, achieving mass production delivery [1] - Delong Laser's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2: Future Developments - The company is constructing a high-end equipment manufacturing project for new energy in the Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, Delong Laser is focusing on precision laser micro-processing in sectors such as semiconductors, electronics, and new energy, emphasizing the development of precision laser processing equipment and solutions [1]

Group 1 - The core viewpoint of the news is that Yihoyuan Asset Management recently conducted research on Delong Laser, which specializes in laser solutions for solid-state battery manufacturing and has received small batch orders for its laser insulation solutions [1] - Delong Laser provides fully automated laser solutions for traditional lithium batteries, including laser blue film removal, laser baking, and roller cleaning, and has achieved mass production delivery [1] - The company's core competencies lie in laser technology, laser processing technology, and high-precision motion systems, with plans to start production in 2026 for a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone [1] Group 2 - Yihoyuan Asset Management, established in January 2014 and officially operational since June 2015, focuses primarily on secondary stock market investments and aims to expand into primary market PE equity investments and comprehensive asset management [2] - The company's vision is to become a world-class investment firm that benefits society, with a mission centered on natural principles and societal enrichment [2] - The company's values emphasize client returns, mutual achievement, and societal benefit [2]

Group 1 - The core focus of Delong Laser is on providing various laser solutions for solid-state battery manufacturing processes, including a laser marking insulation solution that has received small batch orders [1] - In the traditional lithium battery sector, Delong Laser offers fully automated laser blue film removal, laser baking, and roller cleaning solutions, which have achieved mass production and delivery [1] - The company's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2 - Delong Laser is constructing a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, the company is also focusing on precision laser processing in semiconductor, electronics, and new energy industries, emphasizing the development of precision laser processing equipment and solutions [1]

Group 1 - The core viewpoint of the news is that Hongdao Investment has conducted research on Delong Laser, which specializes in laser solutions for solid-state battery manufacturing and traditional lithium battery sectors [1] - Delong Laser has launched a laser marking insulation solution and received small batch orders, indicating initial market traction [1] - The company has achieved mass production delivery for its automated laser solutions in the traditional lithium battery field, showcasing its operational capabilities [1] Group 2 - Delong Laser's core competitive advantages lie in its laser technology, laser processing technology, and high-precision motion systems, which are critical for its product offerings [1] - The company is constructing a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium batteries, Delong Laser is focusing on precision laser processing applications in semiconductor, electronics, and new energy industries, aiming to develop advanced laser processing equipment and solutions [1]

1）德龙激光 （誉辉资本管理(北京)有限责任公司参与公司特定对象调研&线上会议） 誉辉资本管理（北京）有限责任公司成立于2015年10月22日，注册资本1000万元人民币，为私募证券投 资基金管理人。 调研纪要：德龙激光在固态电池制造工艺方面提供多种激光解决方案，已推出激光制痕绝缘方案并获得 小批量订单。在传统锂电领域，公司提供全自动激光除蓝膜、激光烘烤和辊压清洗等解决方案，已实现 量产交付。公司核心竞争力在于激光器技术、激光加工工艺技术和高精度运动系统。公司正在江阴高新 技术产业开发区建设新能源高端装备制造项目，计划2026年投入生产。除锂电业务外，公司还聚焦激光 精细微加工在半导体、电子和新能源等行业的应用，重点发展精密激光加工设备和解决方案。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及8月11日披露的机构调研信息，知名私募誉辉资本近期对1家上市公司进行了调研， 相关名单如下： 机构简介： ...

调研纪要：德龙激光在固态电池制造工艺方面提供多种激光解决方案，已推出激光制痕绝缘方案并获得 小批量订单。在传统锂电领域，公司提供全自动激光除蓝膜、激光烘烤和辊压清洗等解决方案，已实现 量产交付。公司核心竞争力在于激光器技术、激光加工工艺技术和高精度运动系统。公司正在江阴高新 技术产业开发区建设新能源高端装备制造项目，计划2026年投入生产。除锂电业务外，公司还聚焦激光 精细微加工在半导体、电子和新能源等行业的应用，重点发展精密激光加工设备和解决方案。 机构简介： 根据市场公开信息及8月11日披露的机构调研信息，知名私募华杉投资近期对1家上市公司进行了调研， 相关名单如下： 1）德龙激光 （深圳前海华杉投资管理有限公司参与公司特定对象调研&线上会议） 深圳前海华杉投资管理有限公司（以下简称"华杉投资"）成立于2014年6月，是一家专注于A股与港股 权益类资产及其衍生品、大宗商品期货投资的宏观对冲型私募证券投资基金。华杉投资为中国证券投资 基金业协会会员，深圳市私募协会会员，私募证券投资基金管理人登记编号为P1007735，并于2018年 获得投资顾问资质。公司自成立以来，始终秉承"忠诚、专业、稳健、共赢"的经营 ...

Investment Rating - The industry investment rating is "Positive" due to the expected growth driven by advancements in the AI industry and its impact on PCB equipment demand [4]. Core Viewpoints - The development of the AI industry is driving demand for PCB equipment, with key products such as AI servers, 800G switches, and AI smartphones expected to see significant growth. This transformation is a crucial factor for the PCB industry's new development cycle [5]. - The penetration rate of laser applications in PCB processing is increasing, particularly in drilling, exposure, and forming processes, which enhances the efficiency and precision of PCB manufacturing [5]. - Core companies in the laser equipment sector are expected to benefit from the rising complexity of PCB technology, with a focus on high-layer HDI boards and high-value-added processing equipment [5]. Summary by Sections AI Industry Impact - The AI industry's rapid expansion is a key growth engine for the PCB sector, with "All in AI" becoming a primary strategy for leading tech companies [5]. - The demand for high-layer boards and advanced packaging substrates is expected to drive continuous investment in specialized processing equipment [5]. Laser Application in PCB Processing - Drilling: Laser technology allows for the creation of micro-holes under 100 microns, offering a clean, efficient, and precise manufacturing process compared to traditional methods [5]. - Exposure: Laser direct imaging technology eliminates multiple steps in the traditional exposure process, improving production efficiency and quality [5]. - Forming: Laser technology is preferred for high-precision processing of ultra-thin and flexible boards, enhancing the manufacturing capabilities for complex PCB designs [5]. Key Companies - The report highlights several key companies that are expected to benefit from these trends, including: - 大族激光 (Daheng Laser) - 大族数控 (Daheng CNC) - 杰普特 (Jepter) - 帝尔激光 (Dier Laser) - 德龙激光 (Delong Laser) - 英诺激光 (Inno Laser) - 锐科激光 (Raycus Laser) [5][6].

Core Viewpoint - Delong Laser (688170) has experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in its financial performance and market perception [1][3]. Financial Performance - As of the first quarter of 2025, Delong Laser reported total revenue of 99.1651 million yuan, a year-on-year decrease of 14.26% [1]. - The net profit attributable to shareholders was 16.4704 million yuan, down 126.76% year-on-year [1]. - The non-recurring net profit was 19.9177 million yuan, reflecting a decrease of 106.23% compared to the previous year [1]. - The company's liquidity ratios are as follows: current ratio at 2.557, quick ratio at 1.512, and debt-to-asset ratio at 31.66% [1]. Market Activity - On August 8, 2025, Delong Laser's stock closed at 38.0 yuan, down 1.91%, with a turnover rate of 4.06% [1]. - The trading volume was 41,900 hands, with a transaction amount of 160 million yuan [1]. - There was a net outflow of main funds amounting to 30.7313 million yuan, accounting for 19.22% of the transaction amount [1]. Company Background - Suzhou Delong Laser Co., Ltd. was established in 2005 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2]. - The company has a registered capital of 103.36 million yuan and has made investments in 11 enterprises [2]. - Delong Laser has participated in 293 bidding projects and holds 16 trademark registrations and 585 patents [2].

Core Viewpoint - The article discusses the accelerating exploration of mass production in all-solid-state battery technology, highlighting the emerging demand for new processes and equipment to address unique manufacturing challenges [2][6]. Group 1: Event Overview - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen [2]. - The event will celebrate the 15th anniversary and include the High-tech Golden Ball Award ceremony [2]. Group 2: Manufacturing Challenges and Solutions - All-solid-state batteries face unique challenges during manufacturing, such as deformation and internal short circuits due to the absence of traditional separators and the need for high-pressure preparation [2]. - The introduction of the electrode frame printing process aims to support and insulate the battery, preventing direct contact between the positive and negative electrodes [2]. Group 3: Technology Routes for Frame Printing - Various frame printing technologies are being evaluated for yield, efficiency, and precision, including: - Screen printing, which offers high precision and fast production cycles, with single-piece printing times under 2 seconds [3]. - Pre-fabricated frame transfer, which improves uniformity but faces challenges with transfer yield [3]. - Dispensing technology, which has lower equipment costs but poorer size precision and lower production efficiency due to long curing times [3]. - UV printing, a new non-contact technology, is slower and requires further validation of process stability [3]. Group 4: Equipment Manufacturers' Strategies - Equipment manufacturers are betting on different technological paths: - Liyuanheng recommends screen printing for its high throughput and precision control [4]. - High-energy Digital integrates 3D frame printing with electrolyte printing to enhance production efficiency [4]. - Delong Laser and Matsui Co. are adopting UV printing technology, with Delong's laser groove-making and Matsui's production-level UV printing project [5]. Group 5: Laser Technology Applications - Laser technology is increasingly applied in solid-state battery manufacturing, including: - Laser drying, which is more efficient than traditional oven drying, saving 80% space and 50% energy [6]. - Laser cutting as a replacement for traditional tools and online cleaning of roller presses, enhancing the value of laser equipment in production lines [6]. - The transition from material research to production processes and equipment standardization in all-solid-state batteries opens new growth opportunities for upstream equipment manufacturers, particularly in high-precision printing and advanced laser applications [6].

Group 1 - The latest stock price of Delong Laser is 40.50 yuan, an increase of 0.32 yuan from the previous trading day's closing price [1] - The company specializes in the research, production, and sales of laser processing equipment, with applications in semiconductor, display panel, and new energy sectors [1] - Delong Laser's production of electrode patterning insulation equipment has been applied in the solid-state battery field, specifically in the electrode processing stage [1] Group 2 - On August 5, the net inflow of main funds was 46.38 million yuan, accounting for 1.11% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 28.71 million yuan, representing 0.69% of the circulating market value [1]