Investment Rating - The report maintains an "Accumulate" rating for the solid-state battery equipment industry [4]. Core Insights - Solid-state batteries, utilizing solid electrolytes, are recognized as the most promising new battery technology, addressing the low energy density and safety concerns of current lithium-ion batteries. The industry is expected to exceed 100 billion yuan for all-solid-state batteries and 180 billion yuan for the solid-state battery industry by 2030 [1][33]. - The production processes for solid-state batteries will undergo significant changes, leading to new equipment demands. Key processes include dry electrode preparation, electrolyte transfer coating, and isostatic pressing technology, which will require new production equipment compared to traditional liquid lithium batteries [1][2][38]. Summary by Sections 1. Solid-State Battery: Future Battery Technology Direction - Solid-state batteries replace liquid electrolytes with solid electrolytes, significantly enhancing performance and safety, making them the future direction for power batteries [15][19]. - Solid-state batteries offer high energy density, safety, long cycle life, and a wide operating temperature range, addressing critical issues in current power batteries [20][30]. 2. Technology Iteration and Equipment Development Opportunities - The manufacturing processes for all-solid-state batteries will change, creating new equipment needs. The introduction of new processes and equipment upgrades will significantly increase investment in solid-state battery production lines [2][38]. - The front-end processes will see the introduction of dry electrode and solid electrolyte film preparation equipment, which is more compatible with solid-state batteries [2][41]. - Stacking technology will become mainstream in the mid-process, with isostatic pressing introduced to solve issues related to porosity and insufficient contact [2][54]. - High-pressure formation equipment will be necessary in the later stages to optimize battery performance by enhancing contact area and reducing interface resistance [2][63]. - Soft-pack packaging is highly compatible with solid-state batteries, providing advantages in thermal management and structural stability [2][66]. 3. Investment Recommendations - The report suggests focusing on companies involved in solid-state battery equipment, including Naconor, Honggong Technology, Mannester, Liyuanheng, Xianhui Technology, Xinyuren, Xiandai Intelligent, Hangke Technology, Yinghe Technology, Lianying Laser, and Haimeixing [3].

（文章来源：每日经济新闻） 每经AI快讯，8月12日，固态电池概念股探底回升，江特电机午后涨停，利元亨涨超10%，骄成超声、 回天新材、天齐锂业、杉杉股份等涨幅居前。 ...

Group 1 - The stock price of Liyuanheng (688499) closed at 53.9 yuan on August 6, 2025, with an increase of 4.99% and a turnover rate of 9.26% [1] - The trading volume was 156,300 lots, with a total transaction amount of 836 million yuan [1] - The net inflow of main funds was 70.94 million yuan, accounting for 8.49% of the transaction amount, with large orders contributing 39.80 million yuan [1] Group 2 - For the first quarter of 2025, Liyuanheng reported total operating revenue of 715 million yuan, a year-on-year decrease of 6.00%, while net profit attributable to shareholders was 12.82 million yuan, a year-on-year increase of 106.82% [1] - The company's current ratio is 0.990, quick ratio is 0.518, and debt-to-asset ratio is 73.42% [1] - Liyuanheng was established in 2014 and is primarily engaged in the manufacturing of specialized equipment, with a registered capital of 1.687 billion yuan [1] Group 3 - Liyuanheng has made investments in 17 companies and participated in 246 bidding projects [2] - The company holds 238 trademark registrations and 2,939 patents, along with 259 administrative licenses [2]

Core Viewpoint - The company, Guangdong Liyuanheng Intelligent Equipment Co., Ltd., has announced the progress of its share repurchase plan, which aims to buy back shares for employee stock ownership plans or equity incentives, with a total expected repurchase amount between RMB 30 million and RMB 40 million [1][2]. Summary by Sections Share Repurchase Plan - The repurchase plan was first disclosed on February 27, 2025, and is set to be implemented from February 27, 2025, to February 26, 2026 [1]. - The total expected repurchase amount is between RMB 30 million and RMB 40 million [1]. - The repurchased shares will not be used for capital reduction or conversion of convertible bonds, but specifically for employee stock ownership plans or equity incentives [1]. Progress of Share Repurchase - As of July 31, 2025, the company has repurchased a total of 1,413,421 shares, which accounts for 0.8377% of the total share capital [2]. - The total amount spent on the repurchase is RMB 38,585,686.77, with the highest repurchase price being RMB 28.50 per share and the lowest being RMB 21.97 per share [2]. Compliance and Future Actions - The company will continue to comply with relevant laws and regulations regarding share repurchase and will make decisions based on market conditions during the repurchase period [2]. - The company is committed to timely information disclosure regarding the progress of the share repurchase [2].

Group 1 - The company, Liyuanheng, announced a share buyback program, indicating a strategic move to enhance shareholder value [1] - As of July 31, 2025, the company has repurchased a total of 1,413,421 shares, which represents 0.8377% of its total share capital [1]

（文章来源：每日经济新闻） 2024年1至12月份，利元亨的营业收入构成为：专用设备制造占比98.99%，其他业务占比1.01%。 利元亨（SH 688499，收盘价：51.66元）8月4日晚间发布公告称，截至2025年7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约141万股，占公司总股本的比例为 0.8377%，回购成交的最高价为28.5元/股，最低价为21.97元/股，支付的资金总额为人民币约3859万 元。 ...

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： | 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 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 先生提议 | | | | | | | 回购方案实施期限 | 年 月 月 日 2025 2 | 2 | 27 | 日~2026 | 年 | 26 | | 预计回购金额 | 3,000万元~4,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 1,413,421股 | | | | | | | 累计已回购股数占总股本比例 | 0.8377% | | | | | | | 累计已回购金额 | 38,585,686.77元 | | | | | | | 实际回购价格区间 | 21.97元/股~28.50 ...

格隆汇8月4日丨利元亨(688499.SH)公布，截至2025年7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）。 ...

金融界消息 截至2025年8月4日收盘，利元亨（688499）报收于51.66元，上涨2.26%，换手率6.55%，成 交量11.06万手，成交金额5.63亿元。 资金流向方面，今日主力资金净流入3011.83万元，占比成交额5.35%。其中，超大单净流入576.85万 元、占成交额1.03%，大单净流入2434.98万元、占成交额4.33%，中单净流出流入1466.50万元、占成交 额2.61%，小单净流出4478.33万元、占成交额7.96%。 天眼查商业履历信息显示，广东利元亨智能装备股份有限公司，成立于2014年，位于惠州市，是一家以 从事专用设备制造业为主的企业。企业注册资本16872.851万人民币，实缴资本6000万人民币。公司法 定代表人为周俊雄。 通过天眼查大数据分析，广东利元亨智能装备股份有限公司共对外投资了17家企业，参与招投标项目 246次，知识产权方面有商标信息238条，专利信息2939条，此外企业还拥有行政许可259个。 来源：金融界 利元亨最新一期业绩显示，截至2025一季报，公司营业总收入7.15亿元、同比减少6.00%，归属净利润 1281.97万元，同比增长106.82%， ...

Investment Rating - The report gives a "Buy" rating for the solid-state battery industry, indicating a positive outlook for growth and investment opportunities [1][7][25]. Core Insights - The demand for gel frame printing technology is driven by safety requirements in solid-state batteries, with material compatibility and manufacturing precision being critical factors [3][6][8]. - Various manufacturers are actively developing gel frame printing solutions, with notable advancements from companies like Liyuanheng and Delong Laser, which have secured orders from leading industry clients [4][16][19]. - The gel frame printing process involves multiple techniques, including screen printing, pre-fabricated gel frame transfer, dispensing, and UV printing, each with unique characteristics affecting yield, production efficiency, and precision [12][14]. Summary by Sections Gel Frame Printing Overview - Solid-state batteries are becoming a key development direction due to their high energy density and safety, with isostatic pressing technology enhancing overall battery performance [6][9]. - Safety concerns related to short-circuit risks in solid-state batteries have led to increased demand for gel frame printing technology, which provides insulation and moisture barrier properties [9][10]. Current Status of Gel Frame Printing Manufacturers - Manufacturers like Liyuanheng and High Energy Digital have introduced distinctive solutions, while Delong Laser has received significant orders for its UV printing equipment [16][19]. - Platform companies like Songji Co. have demonstrated strong capabilities in both equipment and materials, successfully implementing the world's first mass production of insulated UV printing for battery cells [4][16]. Investment Recommendations - The report suggests focusing on companies specializing in lithium battery equipment, such as Liyuanheng, Delong Laser, and Songji Co., which have developed integrated solutions and secured key client orders [25][24].