会议预告 会议时间： 2025年7月8日-9日 会议地点： 中国 成都 邛崃 "在液态与固态之间，有一道制造鸿沟"，利元亨研究院院长杜义贤博士在2025高工固态电池技术 与应用峰会上如是说。 在全固态电池的产业化过程中，"界面问题"被公认为最大的工艺难点。杜义贤将其细分为两类： 其一是 同种材料之间的界面致密度不足 ，电极或电解质内部孔隙率高，导致离子传输受阻；其二 是 不同材料层之间的结合性差 ，如电极与电解质膜贴合不牢，容易在循环中剥离。 不仅有前段材料成膜和复合的界面问题。往后的 中段 ，叠片环节又引发新的结构风险。全固态电 池取消隔膜，材料在高压下易在边缘变形，导致短路。再到 后段 ，全固态电池化成分容的压力需 求激增，需施加10-30MPa压力，液态电池仅需0.1-1MPa。 第十八届高工锂电产业峰会 ——产业链格局重整 全场景应用共振 2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 利元亨基于对全固态电池工艺的研究， 明确了四大关键工艺节点：高压致密化、电解质与电极片 的复合、极片封装与绝缘、高压 ...

Core Viewpoint - Liyuanheng (688499.SH) reported a significant increase in losses for 2024, with a net profit loss of 1.044 billion yuan, a 455% increase from the previous year's loss of 188 million yuan, and a revenue decline of 50.30% to 2.482 billion yuan, primarily due to reduced demand in the domestic new energy market and extended delivery cycles [2][3]. Financial Performance - In 2024, Liyuanheng achieved a revenue of 2.482 billion yuan, a decrease of 50.30% year-on-year, and a net profit loss of 1.044 billion yuan compared to a loss of 188 million yuan in the previous year [3]. - The company's gross profit margin for 2024 was 7.77%, down 18.67 percentage points from the previous year [3]. - In Q1 2025, Liyuanheng showed signs of recovery with a revenue of 715 million yuan, a 6% decline year-on-year, and a net profit of 12.82 million yuan, reversing the loss from Q1 2024 [4]. Market Conditions - The decline in performance is attributed to a slowdown in the domestic new energy market, a decrease in order volume, and extended delivery and acceptance cycles [3][7]. - Increased competition in the power lithium battery equipment market has led to price concessions during bidding, further impacting revenue and gross margin [3]. Order and Client Dynamics - As of May 31, 2025, Liyuanheng had an order backlog of 4.921 billion yuan, with a significant portion coming from well-known domestic and international lithium battery manufacturers [4]. - The proportion of consumer lithium equipment orders increased to 32.21%, reflecting a recovery in demand in the consumer electronics market [4][5]. Accounts Receivable Issues - As of December 31, 2024, Liyuanheng's accounts receivable amounted to 1.602 billion yuan, with the top five clients accounting for 71.53% of this total [6]. - The aging of accounts receivable is concerning, with 54.93% of the balance being overdue by 1-2 years, leading to a higher bad debt provision of 3.65 billion yuan [6][8]. Financial Strategy and Measures - To address liquidity issues, Liyuanheng increased bank borrowings, resulting in financial expenses of 99.58 million yuan in 2024, a 50.62% increase from 2023 [8]. - The company has implemented measures to improve cash flow, including establishing a communication mechanism with clients to expedite payment processes [8].

Core Viewpoint - The perovskite battery concept has shown a positive performance with a 1.06% increase, ranking fourth among concept sectors, indicating growing investor interest and potential in this technology [1][2]. Market Performance - As of June 20, the perovskite battery sector saw 35 stocks rise, with notable performers including: - Keheng Co., Ltd. (科恒股份) reaching a 20% limit up - Saiwu Technology (赛伍技术) and GCL-Poly Energy (协鑫集成) also hitting the limit up - Jin Xin Nuo (金信诺) and Woge Optoelectronics (沃格光电) increasing by 6.43% and 4.18% respectively [1][2]. - The sector experienced a net inflow of 566 million yuan, with 31 stocks receiving net inflows, and 7 stocks exceeding 30 million yuan in net inflow [2]. Key Stocks and Their Performance - The top stocks in the perovskite battery sector based on net inflow and performance include: - Keheng Co., Ltd. (科恒股份): 20% increase, 2.51 billion yuan net inflow - GCL-Poly Energy (协鑫集成): 9.91% increase, 2.50 billion yuan net inflow - Saiwu Technology (赛伍技术): 10.04% increase, 963.47 million yuan net inflow - Jin Xin Nuo (金信诺): 6.43% increase, 581.85 million yuan net inflow [3][4]. Sector Comparison - The perovskite battery sector's performance is compared to other sectors, with notable increases in: - PET Copper Foil: 2.09% - Lithography Glue: 1.45% - BC Battery: 1.13% - Conversely, sectors like Combustible Ice and Brain-Machine Interface saw declines of -4.14% and -3.34% respectively [2].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7][16]. Core Viewpoints - The lithium battery equipment industry is expected to recover, with solid-state batteries creating growth opportunities [7]. - The company is positioned to benefit from the domestic lithium battery production expansion, as major manufacturers restart capacity [8]. - The company is accelerating its overseas expansion, with multiple equipment deliveries to clients in North America, Asia, and Europe [9]. - The company has seen a significant increase in high-margin consumer lithium battery equipment orders, which is expected to improve its operational performance [10]. - The company is advancing its solid-state battery initiatives, having successfully bid for its first complete line of sulfide solid-state battery equipment [11]. - The company reported a turnaround to profitability in Q1 2025, with cost reduction and efficiency measures showing initial results [12][14]. Financial Projections - The company is projected to achieve a net profit of 0.6 billion, 1.3 billion, and 1.6 billion yuan for the years 2025 to 2027, respectively, with corresponding P/E ratios of 96, 43, and 33 [16]. - Revenue forecasts indicate a total revenue of 2.48 billion yuan in 2024, with a significant recovery expected in subsequent years [18]. - The gross margin is anticipated to improve significantly, with consumer lithium battery equipment expected to have a gross margin of approximately 26% in 2024 [10].

截至本公告披露日，公司已将上述用于暂时补充流动资金的募集资金 1,300 万元提前归还至募集资金专用账户，并及时将募集资金归还情况通知保荐机构和 保荐代表人。剩余用于暂时补充流动资金的募集资金尚在董事会审议通过的使用 期限之内，公司将在规定到期日之前归还至募集资金专用账户，届时公司将及时 履行信息披露义务。 证券代码：688499 证券简称：利元亨 公告编号：2025-041 广东利元亨智能装备股份有限公司 关于提前归还部分暂时补充流动资金的募集资金的公告 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、准确性和完整性依法承担法律责任。 广东利元亨智能装备股份有限公司（以下简称"公司"）于 2024 年 10 月 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用部分闲置募 集资金不超过人民币 45,000 万元（含本数）暂时补充流动资金，使用期限自公 司董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 10 月 25 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 有限公司关于使用 ...

证券代码：688499 证券简称：利元亨 公告编号：2025-041 广东利元亨智能装备股份有限公司 关于提前归还部分暂时补充流动资金的募集资金的公告 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、准确性和完整性依法承担法律责任。 广东利元亨智能装备股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开第三届董事会第七次会议、第三届监事会第六次会议，审议通过《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用部分闲置募 集资金不超过人民币 45,000 万元（含本数）暂时补充流动资金，使用期限自公 司董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 10 月 25 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 有限公司关于使用部分闲置募集资金暂时补充流动资金的公告》（公告编号： 2024-098）。 截至本公告披露日，公司已将上述用于暂时补充流动资金的募集资金 1,300 万元提前归还至募集资金专用账户，并及时将募集资金归还情况通知保荐机构和 保荐代表人。剩余 ...

Core Viewpoint - The company, Guangdong Liyuanheng Intelligent Equipment Co., Ltd., reported a significant decline in revenue and net profit for the year 2024, primarily due to intensified competition in the lithium battery equipment market and increased operational costs [1][2]. Financial Performance - The company achieved operating revenue of 2.482 billion yuan in 2024, a year-on-year decrease of 50.30% [1] - The net profit attributable to shareholders was -1.044 billion yuan, compared to -188 million yuan in the previous year [1] - The gross profit margin was 7.77%, down 18.67 percentage points year-on-year [1] Business Segment Analysis - Revenue from the power lithium battery manufacturing equipment segment decreased by 63.01%, attributed to reduced demand in the domestic new energy market and longer project cycles [1] - Revenue from consumer lithium battery equipment increased by 82.79%, driven by technological changes and increased demand in the consumer electronics sector [1] - The gross profit margin for power lithium battery equipment declined significantly due to a higher proportion of lower-margin products and increased installation costs [2] Cost Structure - Total sales expenses decreased by 22.92% to 157.75 million yuan, primarily due to a reduction in sales personnel and lower travel expenses [5][6] - Management expenses also decreased by 25.06% to 488.79 million yuan, reflecting a significant reduction in management personnel [7] - R&D expenses accounted for 13.55% of operating revenue, an increase of 3.19 percentage points, indicating a commitment to future technology development despite revenue decline [9] Industry Context - The lithium battery industry is experiencing structural oversupply, but demand is expected to rebound due to policy support for new energy vehicles [11] - The company has a robust order backlog of approximately 492 million yuan as of May 31, 2025, primarily from well-known lithium battery manufacturers [12][13] - The company anticipates gradual recovery in operating performance as the industry stabilizes and operational efficiencies improve [14]

中信证券股份有限公司 关于广东利元亨智能装备股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所科创板公司管理部： 根据贵所《关于广东利元亨智能装备股份有限公司 2024 年年度报告的信息 披露监管问询函》（上证科创公函【2025】0154 号，以下简称"《问询函》"） 的要求，中信证券股份有限公司（以下简称"中信证券"或"持续督导券商"） 作为广东利元亨智能装备股份有限公司（以下简称"利元亨"或"公司"）的持 续督导券商，会同公司及相关中介机构，对问询函所提及的事项进行了认真核查 落实，现将问询函所涉及问题回复如下： 在本问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上存 在差异，均为四舍五入所致。 问题一：关于经营业绩 公司主要从事锂电池制造装备的研发、生产及销售，2024 年公司实现营业 收入 24.82 亿元，同比减少 50.30%；归母净利润-10.44 亿元，上年同期为-1.88 亿元；扣非净利润-10.42 亿元，上年同期为-1.95 亿元，连续两年亏损且亏损规 模显著加剧。2024 年公司综合毛利率为 7.77%，同比减少 18.67 个百分点。年报 ...

Ernst & Young Hua Ming LLP Level 17, Ernst & Young Tower Oriental Plaza, 1 East Chang An Avenue Dongcheng District Beijing, China 100738 问题一：关于经营业绩 安永华明会计师事务所（特殊普通合伙） 中国北京巿东城区东长安街 1 号 东方广场安永大楼 17 层 邮政编码: 100738 Tel 电话·: +86 10 5815 3000 Fax 传真·: +86 10 8518 8298 ey.com 就上海证券交易所科创板公司管理部《关于对广东利元亨智能装备股份有 限公司 2024 年年度报告的信息披露监管问询函》涉及财务报表项目问询意 见的专项说明 上海证券交易所科创板公司管理部： 安永华明会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托，审计了广 东利元亨智能装备股份有限公司（以下简称"利元亨"或"公司"）2024 年度按照企业会计准 则编制的财务报表，并于 2025 年 4 月 29 日出具了编号为安永华明（2025）审字第 70071306_G01 号的无保留 ...

证券代码：688499 证券简称：利元亨 公告编号：2025-040 广东利元亨智能装备股份有限公司 关于2024年年度报告的信息披露监管问询函回复公告 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、准确性和完整性依法承担法律责任。 广东利元亨智能装备股份有限公司（以下简称"公司"或"利元亨"）于 2025 年 5 月 23 日收到上海证券交易所科创板公司管理部下发的上证科创公函 【2025】0154 号《关于广东利元亨智能装备股份有限公司 2024 年年度报告的信 息披露监管问询函》（以下简称"《问询函》"）。公司会同持续督导机构中信 证券股份有限公司、年审会计师安永华明会计师事务所（特殊普通合伙）就《问 询函》有关问题逐项进行认真核查落实，现将有关问题回复如下： 在本问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上存 在差异，均为四舍五入所致。 问题一：关于经营业绩 公司主要从事锂电池制造装备的研发、生产及销售，2024 年公司实现营业 收入 24.82 亿元，同比减少 50.30%；归母净利润-10.44 亿元，上年同期为-1.88 亿 ...