Group 1 - The core viewpoint of the news is that Liyuanheng's stock has shown significant performance this year, with a year-to-date increase of 146.76% and a recent market capitalization of 9.314 billion yuan [1] - As of December 22, Liyuanheng's stock price was 55.20 yuan per share, with a trading volume of 1.44 billion yuan and a turnover rate of 1.56% [1] - The company has experienced net outflows of 660,000 yuan from major funds, while large orders showed a buy-sell ratio of 25.61% to 25.46% [1] Group 2 - Liyuanheng, established on November 19, 2014, specializes in the research, production, and sales of intelligent manufacturing equipment, primarily serving industries such as lithium batteries and automotive components [2] - The company's revenue composition includes 80.56% from lithium battery manufacturing equipment, 12.23% from value-added parts and services, and smaller percentages from other sectors [2] - As of September 30, 2025, Liyuanheng reported a revenue of 2.424 billion yuan, a year-on-year increase of 4.37%, and a net profit of 47.4929 million yuan, reflecting a growth of 109.14% [2] Group 3 - Since its A-share listing, Liyuanheng has distributed a total of 87.2418 million yuan in dividends, with 35.3218 million yuan paid out in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 9.92% to 24,600, while the average circulating shares per person decreased by 9.02% to 6,861 shares [2][3] - Notable institutional shareholders include E Fund National Robot Industry ETF and Dongfang Alpha Industry Pioneer Mixed A, both of which are new entrants among the top ten circulating shareholders [3]

证券代码：688499 证券简称：利元亨 公告编号：2025-066 广东利元亨智能装备股份有限公司关于核心技术人员职务调整的公告 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。 重要内容提示： ● 根据广东利元亨智能装备股份有限公司（以下简称"公司"）战略发展与项目深化管理的需要，经公司 管理层研究决定，事业一部副事业长暨原核心技术人员熊雪飞先生主要负责事业一部相关项目交付工 作，因其工作职责调整不再参与公司具体研发项目，不再被认定为核心技术人员。本次核心技术人员调 整后，熊雪飞先生仍在公司任职。 ● 熊雪飞先生与公司签有《保密及知识产权协议》，负有相应的保密义务，工作职责调整不影响其相关 义务的履行，目前公司的技术研发工作均正常开展，本次核心技术人员调整不会影响公司所拥有的核心 技术及知识产权权属的完整性，不会对公司的研发实力、核心竞争力和持续经营能力产生不利影响。 一、核心技术人员调整的具体情况 原核心技术人员熊雪飞先生因工作职责调整，不再参与公司具体研发项目，现主要负责事业一部相关项 目交付工作。因其不再参与具体研 ...

证券代码：688499 证券简称：利元亨 公告编号：2025-066 广东利元亨智能装备股份有限公司 关于核心技术人员职务调整的公告 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。 熊雪飞先生与公司签有《保密及知识产权协议》，负有相应的保密义务，工 作职责调整不影响其相关义务的履行，目前公司的技术研发工作均正常开展，本次 核心技术人员调整不会影响公司所拥有的核心技术及知识产权权属的完整性，不会 对公司的研发实力、核心竞争力和持续经营能力产生不利影响。 重要内容提示： 根据广东利元亨智能装备股份有限公司（以下简称"公司"）战略发展与项 目深化管理的需要，经公司管理层研究决定，事业一部副事业长暨原核心技术人员 熊雪飞先生主要负责事业一部相关项目交付工作，因其工作职责调整不再参与公司 具体研发项目，不再被认定为核心技术人员。本次核心技术人员调整后，熊雪飞先 生仍在公司任职。 一、核心技术人员调整的具体情况 原核心技术人员熊雪飞先生因工作职责调整，不再参与公司具体研发项目，现 主要负责事业一部相关项目交付工作。因其不再参与具体研发 ...

Core Viewpoint - As of December 18, a total of 87 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Longest Net Inflows - The stocks with the longest consecutive net inflows are AVIC Jonhon Optronic Technology and Liyuan Heng, both achieving net inflows for 11 consecutive trading days [1] - Other notable stocks with significant net inflows include China Ping An, Shengmei Shanghai, Chuangzhong Technology, Changchun High-tech, Trina Solar, Aerospace Electric, Nocera Health, and China Shipbuilding Special Gas [1]

Core Insights - The report highlights a recovery in the lithium battery equipment sector driven by traditional lithium battery expansion and the surge in energy storage demand, with expectations for a new cycle of prosperity in 2026 as solid-state battery technology approaches commercialization [1][2]. Group 1: 2025 Review - The lithium battery equipment sector saw a significant stock price increase of 98.60% from January 1, 2025, to December 15, 2025, outperforming the CSI 300 and ChiNext indices [11]. - The recovery in the lithium battery sector is attributed to a surge in energy storage demand, driven by supportive policies, overseas market growth, and new application scenarios [14][19]. - The sector's performance is expected to continue improving as downstream battery manufacturers resume operations and expand production [19][23]. Group 2: 2026 Outlook - The solid-state battery industry is nearing a critical commercialization point, with equipment and material breakthroughs anticipated to create new demand for production equipment [3][28]. - The solid-state battery equipment market is projected to reach 59.216 billion yuan by 2030, with a compound annual growth rate (CAGR) of 103% from 2024 to 2030 [46][49]. - Key players in the lithium battery equipment sector include leading companies such as XianDiao Intelligent, Winbond Technology, and others, focusing on various segments of the production process [3][48]. Group 3: Investment Recommendations - The report suggests focusing on companies that are well-positioned in the equipment supply chain, particularly those involved in solid-state battery production and related technologies [3][48]. - The investment strategy emphasizes the "shovel seller" logic, where companies providing essential equipment for the solid-state battery industry are expected to benefit significantly as the market expands [3][48].

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In November 2025, the production and sales of new energy vehicles reached new highs, with production and sales of 1.88 million and 1.823 million units respectively, representing year-on-year growth of 20% and 20.6% [3]. - The penetration rate of new energy vehicles in November was 53.2%, up 1.6 percentage points month-on-month, while the cumulative penetration rate from January to November was 47.5% [3]. - The demand for lithium batteries remains robust, with a significant increase in battery production and sales in November, achieving a year-on-year growth of 49.2% and 52.2% respectively [3]. - The report maintains an optimistic outlook for lithium battery demand in the coming year, driven by strong storage demand and the ongoing industrialization of solid-state batteries [3]. Summary by Sections New Energy Vehicle Market - In November 2025, new energy vehicle production and sales reached 1.88 million and 1.823 million units, with year-on-year growth of 20% and 20.6% respectively [3]. - Cumulative production and sales from January to November were 14.907 million and 14.78 million units, with year-on-year growth of 31.4% and 31.2% [3]. - Exports of new energy vehicles in November reached 300,000 units, a year-on-year increase of 2.6 times [3]. Battery Production and Sales - In November, the production of power and other batteries was 176.3 GWh, with a year-on-year increase of 49.2% [3]. - Battery sales in November were 179.4 GWh, with a year-on-year increase of 52.2% [3]. - The sales of power batteries accounted for 74.7% of total sales, with a year-on-year growth of 52.7% [3]. Industry Outlook - The report suggests that the lithium battery industry will continue to see demand growth, particularly in the context of strong storage needs and the advancement of solid-state battery technology [3]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others involved in the solid-state battery supply chain [3].

Investment Rating - Industry rating is "Recommended," indicating that the industry is expected to perform better than the benchmark index over the next 12 months [41]. Core Insights - Isostatic pressing technology is crucial for solid-state battery production, allowing precise control over key parameters such as electrode density and thickness, which enhances ionic conductivity and mechanical strength while reducing production costs [2][16]. - The report highlights the advantages of warm isostatic pressing (WIP) over cold and hot methods, particularly in terms of cost-effectiveness and higher achievable pressure, making it more suitable for solid-state battery applications [2][17]. - The report identifies key players in the isostatic pressing equipment market, with overseas companies like Quintus Technologies and Hana Technology leading, while domestic companies such as Xian Dao Intelligent and Rongqi Technology are accelerating their R&D efforts [2][36][37]. Summary by Sections 1. Isostatic Pressing Equipment - Isostatic pressing relies on Pascal's principle, ensuring uniform pressure distribution in high-pressure containers, which is essential for solid-state battery applications [2][8]. - The equipment is categorized into hot isostatic pressing (HIP), warm isostatic pressing (WIP), and cold isostatic pressing (CIP), with WIP being more suitable for solid-state batteries due to its ability to enhance ionic conductivity at lower costs [17][18]. 2. Application in Solid-State Batteries - Isostatic pressing significantly improves electrode density and reduces internal resistance, leading to enhanced battery performance [20][29]. - The technology is positioned in the middle of the solid-state battery production line, connecting the stacking machine and high-pressure formation equipment [30]. 3. Key Challenges - The report outlines challenges such as the non-continuous production cycle of isostatic pressing, which can take several minutes for pressure cycles, hindering automation in battery production lines [33]. - Cost control remains a critical issue, with the current investment per GWh for solid-state batteries being significantly higher than for liquid batteries, necessitating cost reduction strategies [33]. 4. Relevant Companies - Key international players include Quintus Technologies and Hana Technology, while domestic firms like Sichuan Lieneng and Zhonghang Jikong are making strides in the isostatic pressing equipment sector [36][37].

Group 1: Core Viewpoints - The article aims to introduce isostatic pressing equipment, a key device in the production of solid-state batteries, highlighting its importance in addressing production challenges and enhancing material density [2][3][6]. Group 2: Isostatic Pressing Equipment Overview - Isostatic pressing equipment operates based on Pascal's law, allowing uniform pressure application in all directions, which significantly improves material densification compared to traditional unidirectional pressing methods [2]. - The process involves five steps: filling the powder material into a mold, placing it in a high-pressure container filled with a pressure medium, applying pressure, maintaining pressure for a period, and finally releasing pressure to obtain the formed component [2]. - The technology has a history of several decades and is traditionally used in powder metallurgy, ceramics, plastics, and permanent magnets, with new applications emerging in lithium battery production due to the rise of solid-state batteries [2]. Group 3: Relationship with Solid-State Battery Production - The core pain point in solid-state battery mass production is the solid-solid interface contact issue, which can lead to increased internal resistance and safety hazards [2]. - Isostatic pressing equipment plays a crucial role in eliminating gaps and voids at the solid-solid interface, ensuring a stable battery matrix for subsequent packaging and formation processes [2][6]. - The equipment is estimated to account for approximately 13% of the total value of solid-state battery equipment, making it a critical component in the industry [3][6]. Group 4: Key Manufacturers - Notable overseas manufacturers include Quintus Technologies from Sweden, which offers a full range of isostatic pressing equipment, and Hanna from South Korea, which specializes in equipment for sulfide solid-state battery production [6]. - Domestic companies include Liyuanheng, which has partnered with Quintus for joint development, Naconor, and Xiandai Intelligent, all of which are actively involved in the development of isostatic pressing technology [6].

Core Insights - The rapid development of the electric vehicle industry in China has significantly increased the demand for lithium battery intelligent equipment, with the market size growing from 27.5 billion yuan in 2020 to 72.2 billion yuan in 2022. However, a slowdown in downstream market demand is expected to reduce the market size to 20.2 billion yuan in 2024, before recovering to 26 billion yuan in 2025 due to increased production rates from leading battery companies [1][7]. Industry Overview - Lithium battery intelligent equipment integrates advanced technologies such as AI, IoT, big data, and automation to enhance the efficiency and digitalization of the entire lithium battery production process [2]. - The production process is divided into three stages: front-end (electrode preparation), mid-stage (cell assembly), and back-end (testing and packaging), with intelligent equipment corresponding to each critical stage [4]. Industry Policies - The Chinese government has implemented various policies to promote the transformation and high-quality development of the lithium battery intelligent equipment industry, including the "Action Plan for Promoting Large-Scale Equipment Updates" and the "High-Quality Development Action Plan for New Energy Storage Manufacturing" [2]. Market Dynamics - The global lithium battery intelligent equipment market grew from $6.524 billion in 2020 to $17.811 billion in 2022. However, it is projected to decline in 2023-2024 due to changes in terminal market demand. Recovery is expected in 2025, with the market size reaching $10.882 billion [5][6]. - In 2024, China is expected to account for 34.1% of the global market, with significant contributions from the Asia-Pacific region, Europe, and North America [5]. Application Segments - In 2024, the application of lithium battery intelligent equipment is primarily in the electric vehicle sector (68%), followed by consumer electronics (17%) and energy storage (13%) [7]. Competitive Landscape - The competitive landscape of the lithium battery intelligent equipment industry in China is characterized by a leading player, XianDao Intelligent, followed by strong competitors like YingHe Technology and HuaZi Technology. The market is also populated by numerous small and medium-sized enterprises [8][10]. - XianDao Intelligent holds a significant market share due to its comprehensive product line and strong R&D capabilities, while other companies focus on specific segments and maintain competitive advantages through technology and customer service [8]. Development Trends - Future trends in the lithium battery intelligent equipment industry include the evolution towards integrated "turnkey" solutions, deep integration with AI and industrial big data, and the adoption of flexible and modular designs to adapt to rapid technological changes and market fluctuations [11][12][13].

Company and Industry Summary Company Overview - The company is focused on providing complete solutions for solid-state battery equipment, including hardware and software, to enhance competitiveness in the rapidly evolving solid-state battery industry [2][6][11]. Key Collaborations - The company has partnered with Zhongyuan Special Steel and Kuntai to promote solid-state battery production lines, offering comprehensive solutions that include market promotion, process optimization, and after-sales service [2][3]. - A strategic cooperation agreement was signed with Printers, a leader in high-pressure technology, to develop and promote solid-state battery production lines [3][9]. Financial Performance - In 2025, the company has secured new orders exceeding 4 billion yuan, nearly doubling year-on-year, primarily from major clients in the consumer sector (Company A) and leading players in the power sector such as BYD and Guoxuan [2][11]. - The company anticipates new orders in 2026 to approach 10 billion yuan, driven by expanding consumer concepts, collaborations with leading power battery clients, and the implementation of solid-state battery production lines [2][13]. Market Dynamics - The company is actively expanding into markets in South Asia, Japan, India, South Korea, and Europe, with significant orders already signed in Poland and other European countries [13]. - The solid-state battery industry is experiencing a revival, with major investments from leading clients in both consumer and power lithium battery sectors [11][12]. Product Development and Technology - The company is not abandoning any of the four main solid-state battery technology routes (sulfide, halide, oxide, and polymer) but is developing a common technology platform in collaboration with electronics companies and universities [2][8]. - The company is also exploring new business directions, including robotics and AR glasses, leveraging automation capabilities to create automated production lines [4][23]. Order and Revenue Projections - The company aims for a stock incentive target of at least 3 billion yuan in 2025, 3.6 billion yuan in 2026, and 4.4 billion yuan in 2027, maintaining a growth rate of 20% annually [4][14]. - The gross margin for consumer lithium batteries is expected to remain above 30%, while the power lithium battery sector faces lower margins due to competition but has shown improvement through operational adjustments [12]. Strategic Goals - The company is focused on enhancing customer and order quality to ensure profitability and mitigate project risks [4][14]. - Plans for localizing production and establishing subsidiaries are in consideration, contingent on market feedback and performance [31]. Challenges and Considerations - The company acknowledges the need for time to stabilize profitability and address issues from previous expansion phases, with a gradual improvement in net profit expected [12]. - There are ongoing discussions about potential joint ventures with Quinters, but these are contingent on market performance and initial project outcomes [28]. Conclusion - The company is well-positioned in the solid-state battery equipment market, with strong partnerships, a robust order pipeline, and a clear strategy for growth and technological advancement. The focus on customer quality and market expansion will be critical for achieving its ambitious financial targets in the coming years [2][13][30].