证券代码：688499 证券简称：利元亨 公告编号：2025-052 广东利元亨智能装备股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 截至 2025 年 8 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 1,413,421 股，占公司总股本的比例为 0.8377%，回购成交 的最高价为 28.50 元/股，最低价为 21.97 元/股，支付的资金总额为人民币 38,585,686.77 元（不含印花税、交易佣金等交易费用）。 本次回购股份符合相关法律法规的规定及公司回购股份方案的要求。 三、其他事项 重要内容提示： | 回购方案首次披露日 | 2025/2/28，由实际控制人、董事长、总裁周俊雄 | | | | | ...

格隆汇9月1日丨利元亨(688499.SH)公布，截至2025年8月31日，公司通过上海证券交易所交易系统以集 中竞价交易方式累计回购公司股份1,413,421股，占公司总股本的比例为0.8377%，回购成交的最高价为 28.50元/股，最低价为21.97元/股，支付的资金总额为人民币3858.57万元（不含印花税、交易佣金等交 易费用）。 ...

Core Insights - The report highlights the challenges and advancements in the design and manufacturing of isostatic pressing equipment, particularly for solid-state batteries, emphasizing the need for high structural, material, and precision standards [1][4]. Investment Highlights - Isostatic pressing technology has a wide range of applications across various industries, initially used in metals and ceramics, and now extending to aerospace, medical, automotive, and electronics sectors. The technology is categorized into cold, warm, and hot isostatic pressing, with warm isostatic pressing offering a balance between densification performance, production efficiency, and cost [2]. - Isostatic pressing can effectively address the solid-solid interface contact issues in solid-state batteries, enhancing densification and improving component contact. Warm isostatic pressing is identified as the optimal process due to its compatibility with the densification requirements of solid-state batteries, while minimizing adverse reactions at high temperatures [3]. - The market for isostatic pressing equipment in solid-state battery production is projected to reach approximately 2.9 billion yuan by 2029, with an estimated value contribution of around 13% to the production line [3]. Challenges - Current isostatic pressing equipment faces bottlenecks in safety and production capacity, with significant challenges in chamber design, temperature/pressure control systems, and overall safety assurance. These factors hinder the scalability of isostatic pressing for solid-state battery production [4]. - Enhancements in production efficiency can be achieved through process optimizations, increasing the pressure vessel volume, and adopting horizontal chamber structures to facilitate automation in solid-state battery production lines [5]. Investment Recommendations - The report recommends focusing on solid-state battery equipment suppliers such as XianDiao Intelligent, while also suggesting attention to suppliers like LiYuanHeng, NaKonoEr, and others involved in isostatic pressing equipment [5].

Core Viewpoint - The report from Dongwu Securities highlights the industrial potential of warm isostatic pressing (WIP) technology for solid-state battery densification, indicating a significant market opportunity by 2029 with an expected value of 2.9 billion yuan [1][4]. Group 1: Isostatic Pressing Technology - Isostatic pressing technology has a wide range of applications across various industries, including aerospace, medical, automotive, and electronics, due to its advantages in densification and uniformity [2]. - The technology is categorized into cold, warm, and hot isostatic pressing, with warm isostatic pressing achieving a balance between densification performance, production efficiency, and cost [2]. Group 2: Application in Solid-State Batteries - Isostatic pressing can effectively address solid-solid interface contact issues in solid-state batteries, enhancing densification and improving component contact quality [3]. - Warm isostatic pressing is identified as the optimal process for solid-state battery densification, as it meets the temperature and pressure requirements while minimizing adverse reactions and energy costs [3]. Group 3: Industry Players and Market Dynamics - Traditional isostatic equipment manufacturers, such as Quintus and domestic firms like Chuanxi Machinery and Steel Research, are leveraging high-pressure technology to accelerate the transition to solid-state battery applications [4]. - Cross-industry players, including battery manufacturers and equipment suppliers like Xian Dao Intelligent and Liyuanheng, are redefining equipment based on downstream production line experiences, facilitating the industrialization of solid-state battery isostatic pressing [4]. Group 4: Challenges in Production - Current challenges in isostatic pressing equipment for solid-state batteries include design complexities, safety concerns, and limited production capacity, which hinder large-scale manufacturing [5]. - Enhancements in pre-treatment processes, pressure vessel volume, and automation can improve production efficiency and integration into solid-state battery production lines [5]. Group 5: Recommended Companies - Key recommendations include solid-state battery equipment suppliers like Xian Dao Intelligent (300450.SZ) and Liyuanheng (688499.SH), as well as companies involved in isostatic pressing equipment such as Nakano (832522.BJ) and Chuanxi Machinery [6].

Group 1 - The solid-state battery concept continues to gain strength, with companies such as Shanghai Xiba, Hanke Technology, Guoxuan High-Tech, Dexin Technology, Beijing Lier, and Dinglong Technology reaching their daily limit increase [1] - Other companies like Xiandai Intelligent, Haichen Pharmaceutical, Jiao Cheng Ultrasound, Naconoer, Jinlongyu, and Liyuanheng also experienced significant gains [1]

Group 1 - The solid-state battery concept stocks are experiencing a strong performance, with Shanghai Xiba reaching a new high during trading [1] - DeXin Technology has achieved two consecutive trading limits, indicating strong investor interest [1] - Other companies such as Guoxuan High-Tech, Beijing Lier, and Hangke Technology have also hit the trading limit, showcasing a broad rally in the sector [1] Group 2 - XianDao Intelligent has seen an increase of over 15%, reflecting positive market sentiment towards solid-state battery technologies [1] - Companies like JiaoCheng Ultrasonic, LiYuanHeng, and ChangYang Technology are also following the upward trend, indicating a collective movement in the industry [1]

Core Viewpoint - The lithium battery industry is urgently moving towards "lean manufacturing" to enhance efficiency and quality control through smart manufacturing solutions [4]. Group 1: Technological Innovations - Li Yuanheng focuses on "technology-driven" principles, providing diverse industry solutions that continuously inject innovation into battery manufacturing upgrades [5]. - The Laser Fly Welding technology developed by Li Yuanheng redefines efficient and precise welding in battery production, overcoming traditional point-by-point welding efficiency limitations [6]. - This technology employs a three-channel beam-splitting technique to monitor over 20 types of defects in real-time, achieving micron-level non-destructive testing [6][12]. Group 2: Applications and Benefits - The Laser Fly Welding technology is widely applied in critical processes such as battery cell and busbar connections, as well as fuel cell bipolar plate welding, significantly improving production pace and airtightness, thereby enhancing the safety and reliability of battery systems [8]. - The welding speed reaches 80-100 mm/s with a repeat positioning accuracy of ±0.05 mm, and the single-point welding cycle is only 3 seconds, representing a 17% efficiency improvement over traditional methods [12]. Group 3: Smart Software Solutions - Li Yuanheng's subsidiary, Haikui Information Technology, has four software products recognized as "Excellent Software Products and Information Technology Services in Huizhou" for 2025 [9]. - The core software system includes: 1. ICAD intelligent design assistant system, which integrates MBD design concepts and significantly enhances design efficiency and quality [10]. 2. Virtual factory management platform that utilizes digital twin and AI technologies to improve operational efficiency and reduce management costs [10]. 3. Machining MES system that supports rapid process planning and production tracking, facilitating digital production transformation [10]. 4. Assembly MES system that manages the entire production process, ensuring real-time data collection and analysis [10]. Group 4: Industry Impact - With the deepening of new energy policies and the accelerating demand for manufacturing upgrades, Li Yuanheng is providing a new manufacturing paradigm that combines efficiency, precision, and reliability for the lithium battery industry, helping clients achieve quality improvement, efficiency enhancement, and cost reduction [11].

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

Investment Rating - The report maintains an "Add" rating for the company [1] Core Insights - The company achieved profitability in the first half of 2025, with a net profit of 0.33 billion yuan, marking a significant recovery from previous losses [7] - The company's revenue for the first half of 2025 was 1.529 billion yuan, a year-on-year decrease of 17.5%, primarily due to a strategic reduction in low-margin orders [7] - The gross margin improved to 29.2%, up 2.6 percentage points year-on-year, indicating enhanced profitability [7] - The company has successfully developed a complete line of solid-state battery equipment and has begun deliveries to major clients [7] - The company is focusing on the photovoltaic equipment sector, particularly in the upstream processes, and is advancing research in perovskite technology [7] Financial Summary - Revenue projections for the company are as follows: 2,482 million yuan in 2024, 3,244 million yuan in 2025, 3,866 million yuan in 2026, and 4,437 million yuan in 2027 [1][8] - The net profit forecast for the company is adjusted to 0.74 billion yuan for 2025, 1.4 billion yuan for 2026, and 1.8 billion yuan for 2027 [7] - The earnings per share (EPS) is projected to be -6.19 yuan in 2024, 0.44 yuan in 2025, 0.86 yuan in 2026, and 1.09 yuan in 2027 [8] - The company's price-to-earnings (P/E) ratio is expected to be 132.03 for 2025, 67.16 for 2026, and 53.03 for 2027 [1][8]

Group 1: Company Insights - The company Liyuanheng anticipates that the domestic power battery equipment market will experience structured growth over the next 1-2 years, with incremental space primarily coming from the equipment upgrades and iterations demanded by leading battery manufacturers, as well as the need for new production equipment [1] - The company aims to enhance its competitiveness through research and development, global operations, and the establishment of a service network, while also focusing on the synergistic development of consumer and power battery businesses [1] - A major client strategy has improved the company's operational quality and financial performance, including an increase in gross margin and a decrease in expense ratio [1] - The company will continue to promote refined management and efficient operations, focusing on next-generation continuous production isostatic equipment and collaborating with battery material companies and cell manufacturers for technical breakthroughs [1] - The mass production of solid-state batteries faces several technical challenges that need to be addressed, including issues related to the process route, electrode and electrolyte composite technology, glue frame printing and packaging, and high-voltage formation [1] - The company's competitive advantage is based on the accumulation of technical standards, the depth of cooperation with clients, and the trust established through technical validation [1] - The decrease in period expenses is attributed to improved operational efficiency and organizational optimization, with plans to enhance client fund management, project operation, and capital turnover efficiency, while optimizing research and development strategies and focusing on core clients and flagship products [1] Group 2: Industry Overview - The overall market for power battery equipment is expected to evolve, driven by the demands of leading manufacturers for updated and innovative production technologies [1]