利元亨工业CT采用了高功率小焦点和微焦点射线源，并配备了大尺寸面阵探测器和线阵探测器，实 现了"精准透视+无损检测"的理想组合。 这种创新的设计不仅确保了检测的高精度和高效率，还大大扩展了其应用范围。无论是微观缺陷的 识别，还是轮廓结构与壁厚均匀性的分析，利元亨工业CT都能提供详尽的数据支持，助力企业优化 工艺流程和提升质量管理水平。 摘要 精准透视+无损检测 在追求更高能量密度、更长循环寿命与极致安全的动力电池TWh时代，对电池内部质量的无损、精 准、高效检测成为提升良率、保障安全的关键。 利元亨工业CT，凭借领先的微焦点/小焦点射线源与大尺寸面阵/线阵探测器组合，为锂电企业提供 贯穿研发、生产、质控全流程的高精度透视解决方案。 智能管控与深度分析 利元亨工业CT配备了参数管控、权限管控、状态监控等功能，并支持一键换型和三维数据可视化软 件，具备高效自动化检测能力。设备可实现材料密度分析、精准尺寸测量及逆向工程等功能，检测 数据可直接反馈至工艺优化系统，提升整体生产智能化水平与质量管控效率，推动工艺优化进程。 利元亨工业CT已广泛应用于全球头部电池企业及顶尖科研机构，在 动力电池、储能电池 的研发创 新、量 ...

证券代码：688499 证券简称：利元亨 公告编号：2025-044 广东利元亨智能装备股份有限公司 2025 年 7 月 15 日 1 附件： 郑晓明先生简历 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夏晓辉先生。夏晓辉先生因 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的有序进 行，中信证券委派保荐代表人郑晓明先生（简历详见附件）接替夏晓辉先生负责 公司后续的持续督导工作，相关业务已交接完毕。 本次变更后，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 目的持续督导保荐代表人为王国威先生和郑晓明先生，本次变更不影响中信证券 对公司的持续督导工作。 公司董事会对夏晓辉先生在担任公司保荐代表人期间所做的工作表示衷心 感谢！ 特此公告。 广东利元亨智能装备股份有限公司董事会 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 ...

Investment Rating - The report maintains a "Recommended" rating for the solid-state battery equipment sector, indicating an expectation of significant growth in the coming months [1]. Core Insights - The solid-state battery industry has achieved a milestone with the delivery of full solid-state production lines by Li Yuanheng, marking a rapid development in China's solid-state battery production capacity [7]. - The electric power equipment and new energy sector saw a weekly increase of 2.68%, outperforming the CSI 300 index by 1.86 percentage points [8]. - The report highlights a positive outlook for the electric vehicle sector, driven by the end of inventory reduction and anticipated growth in both European and domestic markets [4]. Summary by Sections Solid-State Battery Progress - The first engineering samples from a GWh-level solid-state battery production line developed by Anhui Anwa New Energy have successfully rolled off the production line, with a design capacity of 1.25 GWh [7]. - The number of GWh-level solid-state battery production lines in China is expected to increase to seven, with over 30 pilot lines in development [7]. Market Performance Review - The electric new energy sector ranked 10th among 30 industry sectors, with a 2.68% increase, while the CSI 300 index rose by 0.82% during the same period [8]. - The top-performing sub-sectors included solar energy (7.95%), fuel cells (2.99%), and distribution equipment (2.58%) [8]. New Energy Vehicle Industry Tracking - Lithium battery supply chain prices showed mixed trends, with battery-grade lithium carbonate increasing by 2.26% to 63,400 CNY/ton, while nickel sulfate decreased by 2.11% [29]. - Key announcements from listed companies included performance forecasts and stock reduction disclosures, indicating ongoing activity in the sector [41]. Valuation Situation - As of July 11, 2025, the electric new energy sector's valuation stood at 62x, significantly higher than the CSI 300's 13x, with specific segments like electric motors and energy storage showing even higher valuations [19]. - Notable companies in the sector include CATL, with a market cap of 124.91 billion CNY and a projected PE ratio of 22.8x for 2023 [28].

Summary of the Conference Call Company and Industry Overview - The conference call discusses **Liheng Company**, which operates in the **lithium battery equipment** sector, particularly focusing on **solid-state batteries** and **consumer lithium battery equipment** [2][3][32]. Key Points and Arguments - **Order Growth**: As of the end of May, Liheng Company reported total orders of approximately **5 billion yuan**, with **consumer lithium battery equipment** accounting for over **30%** (around **1.5 billion yuan**) and **smart warehousing** orders at **650 million yuan**. These two segments represent nearly half of the total orders [2][3][32]. - **High Gross Margin**: The gross margin for the consumer lithium battery sector reached **34%** in the first quarter, attributed to the increased revenue share from this segment [2][3]. - **Major Clients**: Key clients include **ATL**, **BYD**, **CATL**, and **Guoxuan**, which collectively account for **80%-90%** of the orders. The support from client A's new production line is expected to lead to substantial future orders [2][3][32]. - **Solid-State Battery Equipment**: Liheng provides complete equipment for **sulfide-based solid-state batteries**, which pose challenges due to the toxic gas **hydrogen sulfide** produced when sulfides encounter water. Effective gas control is critical [2][4][5]. - **Production Challenges**: The production of solid-state batteries requires increased pressure, which can lead to the generation of toxic gases. Collaboration among equipment manufacturers, material suppliers, and end-users is essential to develop solutions [5][18]. - **Market Forecast**: The solid-state battery market is expected to begin mass production between **2025 and 2027**, with a projected market share of **1%-5%** by **2030**. Initial breakthroughs are anticipated in sectors such as **aerospace**, **humanoid robots**, and **consumer electronics** [3][31]. - **Cost Considerations**: The cost of solid-state batteries is currently **4-5 times** that of liquid batteries, primarily due to the high price of solid electrolyte materials. Equipment costs are also elevated but are not the main factor [3][16]. - **Client Segmentation**: Approximately **two-thirds** of solid-state battery clients are battery manufacturers, while **one-third** are automotive companies. There is ongoing communication with overseas clients, but no formal orders have been placed yet [6][7][8]. - **GAC Aion Project**: The GAC Aion project is the primary solid-state battery order, with expected completion of the production line by the end of Q3 and installation planned for the first half of **2025**. The project is valued at several million yuan [8][12][21][23]. - **Future Orders**: Successful operation of the GAC Aion line is anticipated to lead to more orders and increased production scale [22][24]. Additional Important Insights - **Production Techniques**: The company offers both **dry** and **wet** mixing methods for the initial material preparation, with the choice depending on client requirements. Dry methods are more environmentally friendly and energy-efficient [13][30]. - **Technical Innovations**: The company is actively researching solutions to the solid-solid interface issues in solid-state batteries, which remain a significant challenge in the industry [27][28]. - **Market Dynamics**: Larger companies like BYD and CATL prefer specialized equipment rather than complete line purchases, while newer entrants are more inclined towards full line solutions [25][26]. This summary encapsulates the critical aspects of Liheng Company's conference call, highlighting its operational performance, market positioning, and future outlook in the lithium battery equipment industry.

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.24%, closing at 984.95 points, with a total trading volume of 2.701 billion shares and a turnover of 90.146 billion yuan, resulting in a weighted average turnover rate of 1.52% [1] - Among the tradable stocks on the STAR Market, 365 stocks closed higher, with 5 stocks increasing by over 10% and 30 stocks rising between 5% and 10%. Conversely, 208 stocks closed lower [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 11 stocks had rates between 10% and 20%, 44 stocks had rates between 5% and 10%, 72 stocks had rates between 3% and 5%, 294 stocks had rates between 1% and 3%, and 165 stocks had rates below 1% [1] - The stock with the highest turnover rate was Xinyuren, which closed up by 4.80% with a turnover rate of 33.00% and a transaction amount of 594 million yuan. Huasheng Lithium Battery followed with a 15.36% increase and a turnover rate of 21.64% [1] Sector Performance - In terms of industry performance, the pharmaceutical and biotechnology sector had the most stocks with a turnover rate exceeding 5%, totaling 14 stocks. The electronics and power equipment sectors followed with 13 and 10 stocks, respectively [2] Capital Flow - Among the high turnover stocks, 34 stocks experienced net inflows of main funds, with the highest net inflows recorded for Bolite, Kexing Pharmaceutical, and Huiyu Pharmaceutical, amounting to 131 million yuan, 74.062 million yuan, and 60.026 million yuan, respectively [2] - Conversely, the stocks with the largest net outflows included Huicheng Co., Daqian Energy, and Sunshine Nuohe, with net outflows of 76.657 million yuan, 56.088 million yuan, and 45.416 million yuan, respectively [2] Leverage Fund Movements - A total of 47 stocks received net purchases from leveraged funds, with notable increases in financing balances for Tailin Micro, Daqian Energy, and Kexing Pharmaceutical, which saw increases of 108 million yuan, 6.698 million yuan, and 6.592 million yuan, respectively [2] - Stocks with significant decreases in financing balances included Rongchang Biological, Sunshine Nuohe, and Liyuanheng, with decreases of 115 million yuan, 21.505 million yuan, and 12.791 million yuan, respectively [2]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [26]. Core Insights - The humanoid robot concept index increased by 6.57% from June 22 to June 27, 2025, outperforming the CSI 300 index by 4.61 percentage points. Year-to-date, the humanoid robot index has risen by 36.88%, surpassing the CSI 300 index by 34.22 percentage points [2][11]. - Key companies in the humanoid robot sector are actively pursuing technological advancements and strategic partnerships, with significant investments being made to enhance product capabilities and market reach [4][5][22]. Weekly Market Review - The humanoid robot index saw a weekly increase of 6.57%, with notable performers including Liyuanheng, which rose by 30.89%, while Jack Co. experienced a decline of 7.67% [11][12]. - The report highlights the growth of the humanoid robot industry, with various companies announcing new product developments and strategic initiatives aimed at enhancing their market positions [3][4]. Weekly Hotspots Review Policy Developments - Shandong aims to exceed a robot manufacturing industry scale of 50 billion yuan by 2027, fostering the growth of leading enterprises [3]. - Zhengzhou's AI innovation plan targets the establishment of 100 high-growth AI companies by the end of 2025, with a core industry scale exceeding 35 billion yuan [3][17]. Product and Technology Iteration - Innovations include the development of soft gel materials for robot skin that can sense pressure and temperature, and a high-resolution tactile sensing robotic hand [3][19]. - Google DeepMind introduced the Gemini Robotics On-Device model, enabling local operation of robots without internet connectivity [20]. Investment and Financing - Galaxy General completed a new round of financing amounting to 1.1 billion yuan, with total financing exceeding 2.4 billion yuan over two years [21]. - CASBOT secured nearly 100 million yuan in angel financing, while Feixi Technology completed a C round of financing in the hundreds of millions of dollars [21]. Key Company Announcements - Haier has established a robotics division focusing on both industrial and domestic service robots, with plans to evolve towards humanoid robots [4][24]. - Aon Electric has formed a robotics subsidiary, developing products applicable to service and humanoid robots [22].

Conference Announcement - The 2025 High-Performance New Energy Materials Industry Conference will be held on July 8-9, 2025, in Chengdu, China, focusing on new materials, new dynamics, and new ecology [1] Battery Innovations - Guoxuan High-Tech has applied for a patent for a segmented fast charging method for lithium-ion batteries, aimed at reducing polarization [4] - Hai Sida Power has a full order book, with production lines operating at high capacity, and a significant portion of orders coming from overseas clients interested in sodium-ion batteries and semi-solid batteries [3] Market Insights - Ganfeng Lithium indicates that lithium prices are currently at a low point, showing signs of market bottoming, with future market recovery dependent on supply contraction and demand growth [10] - Liyuanheng reported an order backlog of 4.921 billion yuan as of the end of May 2025, with a recovery in consumer electronics driving demand for lithium battery equipment [14] Corporate Developments - Xinnengda plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [7] - Fulin Precision and Sichuan Development Longmang have signed a cooperation framework agreement to establish a joint venture for high-density lithium iron phosphate cathode materials and precursor projects, with plans for a 100,000 tons/year production capacity [9] - Zhongneng Lithium has applied for a patent related to a self-adaptive metal lithium composite electrode, which addresses issues of volume change during lithium deposition and stripping [13]

一、回购股份的基本情况 广东利元亨智能装备股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日 召开第三届董事会第十一次会议，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司使用自有资金及股票回购专项贷款通过上海证券交 易所交易系统以集中竞价交易方式回购部分公司已发行的人民币普通股 A 股，用 于员工持股计划或股权激励。公司拟用于回购的资金总额不低于人民币 3,000 万元 （含）且不超过人民币 4,000 万元（含），回购股份的价格拟不超过人民币 36.60 元/股（含），回购股份的期限自董事会审议通过本次回购股份方案之日起 12 个月 内。具体内容详见公司分别于 2025 年 2 月 28 日、2025 年 3 月 21 日在上海证券交 易所网站（www.sse.com.cn）披露的《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方案的公告》（公告编号：2025-010）、《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回购报告书》（公 告编号：2025-014）。 证券代码：688499 证券简称：利元亨 公告编号：2025- ...

Group 1 - Guangdong has steadily developed its high-end equipment manufacturing industry, supporting the construction of the Guangzhou-Shenzhen-Foshan-Dongguan intelligent equipment industry cluster, which enhances regional collaboration, enterprise innovation capabilities, and optimizes the industrial chain [1] - The province has cultivated a number of industry-leading enterprises with international influence and proprietary brand value, creating prominent high-end equipment manufacturing bases [1] - In 2024, the operating income of Guangdong's high-end equipment manufacturing industry cluster is projected to reach 390.57 billion yuan, with a total profit of 18.87 billion yuan, and an added value growth of 6.4% year-on-year [1]