Group 1: Tianfu Communication - In the first half of 2025, Tianfu Communication achieved revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% year-on-year [1] - The growth in active business is primarily driven by the increased delivery of high-speed active products, with strong demand for these products [1] - The company's Thailand factory has commenced production, with phase two in the R&D and customer verification stage, expecting large-scale production next year [1] - The decline in gross margin is attributed to changes in product structure, with an increased revenue share from active products [1] - The company maintains high R&D investment and collaborates with customers to develop new products [1] Group 2: Liyuanheng - Liyuanheng anticipates that the domestic power battery equipment market will experience structured growth over the next 1-2 years, driven by equipment updates and new production equipment demands from leading battery manufacturers [2] - The company aims to enhance competitiveness through R&D, global operations, and the establishment of a service network, along with the synergy between consumer and power battery businesses [2] - A major client strategy has improved the company's operational quality and financial performance, including enhanced gross margins and reduced expense ratios [2] - The focus is on next-generation continuous production isostatic equipment, collaborating with battery material companies and cell manufacturers to tackle technical challenges [2] - The reduction in period expenses is attributed to improved operational efficiency and organizational optimization [2]

Core Viewpoint - The company has announced a change in its sponsor representatives for ongoing supervision of its IPO and convertible bond issuance projects, ensuring continuity in oversight [1][2]. Group 1 - The company received a letter from CITIC Securities regarding the replacement of the sponsor representative due to the work change of Mr. Wang Guowei [1]. - Mr. Wang Rongxin has been appointed as the new sponsor representative, taking over from Mr. Wang Guowei, while Mr. Zheng Xiaoming remains as a sponsor representative [1]. - The change in representatives does not affect the ongoing supervision work by CITIC Securities [1]. Group 2 - The company expressed gratitude to Mr. Wang Guowei for his contributions during his tenure as the sponsor representative [2]. - Mr. Wang Rongxin is currently a member of the Investment Banking Management Committee at CITIC Securities and has a strong background in handling various IPO and bond issuance projects [3]. - His experience includes participation in projects for companies such as Guangzhou Tongda Electric and Xinjiang Haoyuan, demonstrating a solid track record in the field [3].

Group 1 - The company, Liyuanheng, announced a change in the representatives for the continuous supervision of its initial public offering and convertible bond issuance projects [2] - The new representatives for the continuous supervision are Mr. Zheng Xiaoming and Mr. Wang Rongxin [2] - This change does not affect the ongoing supervisory work of CITIC Securities for the company [2]

Core Viewpoint - 联芸科技 (688499.SH) reported a strong financial performance for the first half of 2025, indicating growth in both revenue and net profit [1] Financial Performance - The company achieved an operating revenue of 610 million yuan, representing a year-on-year increase of 15.68% [1] - The net profit attributable to shareholders reached 56.135 million yuan, showing a year-on-year growth of 36.38% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 35.0934 million yuan, reflecting a significant year-on-year increase of 99.18% [1] - Basic earnings per share were reported at 0.12 yuan [1]

Core Viewpoint - The announcement details the change of the continuous supervision sponsor representative for Guangdong Liyuanheng Intelligent Equipment Co., Ltd. from Wang Guowei to Wang Rongxin, ensuring the orderly continuation of supervision work by CITIC Securities [1] Group 1: Change of Sponsor Representative - The company received a letter from CITIC Securities regarding the replacement of the continuous supervision sponsor representative [1] - Wang Guowei is no longer the representative due to job changes, and Wang Rongxin has been appointed to take over his responsibilities [1] - The new continuous supervision sponsor representatives are Zheng Xiaoming and Wang Rongxin, and this change does not affect the ongoing supervision work by CITIC Securities [1] Group 2: Background of New Representative - Wang Rongxin is currently employed at CITIC Securities and has a master's degree [2] - He has experience in leading and participating in various IPO projects and other financing projects, demonstrating a solid track record in the sponsorship business [2] - Wang Rongxin has adhered to relevant regulations during his practice, indicating a good professional record [2]

证券代码：688499 证券简称：利元亨 公告编号：2025-051 广东利元亨智能装备股份有限公司 关于变更持续督导保荐代表人的公告 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。 附件： 王荣鑫先生简历 王荣鑫先生，现任职于中信证券股份有限公司投资银行管理委员会，保荐代 表人、硕士研究生。曾主持及参与了广州通达电气、新疆浩源、创尔生物等 IPO 项目，昆药集团公开增发项目、昆药集团公司债，兰太实业、湖南黄金、长春燃 气及宁波华翔等非公开发行项目，以及佛山公控收购智慧松德等项目。王荣鑫先 生在保荐业务执业过程中严格遵守《证券发行上市保荐业务管理办法》等相关规 定，执业记录良好。 广东利元亨智能装备股份有限公司（以下简称"公司"）于近日收到中信证 券股份有限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的函》。 中信证券为公司首次公开发行股票、向不特定对象发行可转换公司债券项目的保 荐人，原委派持续督导的保荐代表人为王国威先生和郑晓明先生。 王国威先生因工作变动，不再担任公司的持续督导保荐代表人。为保证持续 督导工作 ...

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [2][54]. Core Insights - The lithium battery index has shown strong performance, with a 5.91% increase over the past two weeks, outperforming the CSI 300 index by 1.66 percentage points. Year-to-date, the lithium battery index has risen by 11.38%, also surpassing the CSI 300 index by 2.41 percentage points [4][14]. - Recent price movements in the lithium battery supply chain indicate a significant increase in lithium carbonate prices, which rose by 17.08% to 83,300 CNY/ton, and lithium hydroxide prices increased by 4.33% to 72,300 CNY/ton [6][27]. - The demand for lithium batteries is expected to rise as the traditional peak season for new energy vehicles approaches, driven by the growth in renewable energy and new data center storage needs [7][48]. Summary by Sections Market Review - As of August 21, 2025, the lithium battery index has outperformed the CSI 300 index over various time frames, including a 6.46% increase this month and an 11.38% increase year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Key price changes include: - Lithium carbonate: 83,300 CNY/ton, up 17.08% in two weeks - Lithium hydroxide: 72,300 CNY/ton, up 4.33% - Phosphate lithium: 34,300 CNY/ton, up 5.05% - Electrolyte lithium hexafluorophosphate: 55,800 CNY/ton, up 10.93% [6][25][33]. Industry News - In July 2025, new energy vehicle production and sales reached 1.243 million and 1.262 million units, respectively, marking a year-on-year growth of 26.3% and 27.4% [7][44]. - The report highlights the ongoing industrialization of solid-state batteries, which is expected to create structural demand for materials and equipment in the supply chain [7][48]. Recommended Companies - Key companies to watch include: - CATL (300750): Achieved revenue of 178.886 billion CNY in H1 2025, a 7.27% increase year-on-year - Kodali (002850): Revenue of 6.645 billion CNY in H1 2025, up 22.01% - Enjie (002812): Focused on semi-solid battery separator production [49][50].

Core Viewpoint - The company has shown signs of performance improvement, with a positive operating cash flow and a strategic shift towards higher-margin projects, indicating a potential turning point in its financial performance [1][2][4]. Financial Performance - For the first half of 2025, the company reported operating revenue of 1.529 billion yuan, a decrease compared to the same period last year, attributed to a strategic decision to reduce low-margin customer orders [1]. - In Q2 2025, the company achieved revenue of 814 million yuan, a 13.93% increase from Q1, marking two consecutive quarters of growth [1]. - The net profit attributable to the parent company for Q2 2025 reached 20.59 million yuan, a 60.62% increase from Q1, continuing the growth trend since turning profitable in Q1 2025 [1]. Cash Flow Management - The company reported a net operating cash flow of 224 million yuan, a significant improvement from a negative position in the previous year, supported by effective cost control and revenue management [2]. - Enhanced communication with clients has improved the collection of long-term receivables, while strict control over capital expenditures and supplier payment terms has reduced cash outflows [2]. Technological Advancements - The company has established a strong position in the solid-state battery equipment sector, having developed key manufacturing processes and products, including equipment for solid-state battery assembly lines [2]. - The company is actively collaborating with over 20 clients on solid-state battery technology, indicating a robust pipeline for future orders [2]. Business Expansion - The company has seen significant growth in its smart warehousing and mobile robotics business, with orders reaching 652 million yuan, nearly a tenfold increase from the previous year [3]. - The company is expanding its international presence, signing a global strategic cooperation agreement with a leading Polish commercial vehicle battery manufacturer and securing orders in the Czech Republic [3]. Industry Outlook - The lithium battery industry is experiencing growth, with emerging sectors like solid-state batteries gaining momentum, positioning the company for continued success [4]. - The company is expected to benefit from ongoing cost control measures and the gradual realization of new orders, particularly as the lithium battery expansion cycle resumes [4].

Group 1 - The stock of Liyuanheng fell by 5.37%, trading at 58.51 yuan per share, with a total market capitalization of 9.872 billion yuan [1] - Liyuanheng is primarily engaged in the research, development, and production of intelligent manufacturing equipment, established on November 19, 2014, and listed on July 1, 2021 [1] - The top holding fund for Liyuanheng is the Jin Ying Strategy Allocation Mixed Fund, which held 266,600 shares, accounting for 3.51% of the fund's net value, ranking as the eighth largest holding [1] Group 2 - The Jin Ying Strategy Allocation Mixed Fund has a current scale of 316 million yuan and has experienced a loss of 1.19% this year, ranking 8092 out of 8192 in its category [1] - Over the past year, the fund has achieved a return of 8.63%, ranking 6763 out of 7956 in its category [1] - The fund manager, Han Guangzhe, has been in position for 12 years and 279 days, with the best return during his tenure being 47.44% and the worst being -56.49% [1]

Core Viewpoint - The stock price of Liyuanheng has decreased significantly, reflecting challenges in the smart manufacturing sector and the company's recent financial performance [1] Financial Performance - In the first half of 2025, Liyuanheng achieved operating revenue of 1.529 billion yuan, a year-on-year decrease of 17.48% [1] - The net profit attributable to shareholders was 33.41 million yuan, a turnaround from a loss of 173 million yuan in the same period last year [1] - The company's overall gross margin reached 29.22%, an increase of 2.64 percentage points year-on-year [1] - The net cash flow from operating activities was 224 million yuan [1] Stock Market Activity - As of August 21, 2025, Liyuanheng's stock price was 61.83 yuan, down 4.97 yuan or 7.44% from the previous trading day [1] - The stock opened at 64.04 yuan, with a high of 65.40 yuan and a low of 61.61 yuan, with a trading volume of 121,253 hands and a transaction amount of 773 million yuan [1] - The net outflow of main funds on that day was 125.60 million yuan, accounting for 1.2% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 174.72 million yuan, representing 1.67% of the circulating market value [1] Company Overview - Liyuanheng is primarily engaged in the research, development, production, and sales of smart manufacturing equipment, with applications in new energy, smart logistics, and ICT sectors [1] - The company provides digital and intelligent solutions for the new energy industry, covering various sub-sectors including power lithium batteries, solid-state batteries, and energy storage [1]